Posts Tagged ‘San Diego

12
Aug
10

Recovery still distant as GM turns a corner

NEWS
Recovery still distant as GM turns a corner
General Motors profits move past $1 billion

Thursday, August 12, 2010

••• General Motors said on Thursday its profits hit $1.3 billion in the second quarter, as the car company prepared to break free of U.S. government ownership by relisting on the stock exchange.

‘I am pleased with our progress on achieving our business objectives,’ said chief financial officer Chris Liddell, announcing the second consecutive quarter of growth.

The company erased a loss of $13 billion in the same period last year, as sales and revenues increased.

The firm saw stronger sales in North America in the quarter, even as sales in Europe floundered and market share around the world sank.

GM captured 15.4 percent of the U.S. market for cars versus 17.5 percent in the second quarter of last year, but elsewhere faired poorly.

GM’s executives have said that a public offering will come soon, a process that will help the U.S. government unwind its majority stake in the firm.

The U.S. Treasury Department still owns 61 percent of GM, which received $50 billion of U.S. government financing for its bankruptcy restructuring that led to mass layoffs, plant closures and billions of dollars in debt wiped out.

GM’s drive for an IPO will be boosted by news that the firm’s revenues swelled to $33 billion in the second quarter, a third more than the same period last year.

GM as well as its U.S. competitors Ford and Chrysler were hard hit by the recession which struck the United States in December 2007, caused by a home mortgage meltdown.

Of the so-called Detroit Three car makers, Ford was the only one to avoid bankruptcy, managing to stay afloat thanks to massive loans it had obtained prior to the credit crunch and because it moved more quickly to revitalise its product portfolio.
• Latest News & Headlines » Home «
Share

Advertisements
08
Jul
10

Toyota Recalling 138,874 Lexus Vehicles

NEWS
Toyota Recalling 138,874 Lexus Vehicles

Thursday, July 8, 2010

••• Toyota Motor Corp on Tuesday filed a recall of 138,874 luxury Lexus vehicles sold in the United States to fix faulty engines in the latest quality problem to afflict the world’s No. 1 automaker. The move follows a recall of over 90,000 Lexus and other vehicles in Japan over the same problem, which was filed with the Japanese transport ministry on Monday.

The Japanese automaker said flaws in valve springs, a crucial engine component, could make the vehicle stall while in motion. Toyota confirmed in a statement it plans to file paperwork with the government on the recall next week.

The recall affects certain GS, IS and LS vehicles from the 2006-2008 model years powered by 4.6 and 5.0 liter V8 engines and 3.5 liter V6 engines. No accidents or injuries have been reported. Vehicles from the 2009 and 2010 model years are not affected.

Toyota had announced in Japan that it would recall 270,000 Lexus vehicles around the world to address the engine stalling problems. The global recall affects seven luxury Lexus sedan models as well as the popular Crown sedan, sold primarily in Japan. Of the 270,000 recalled cars, some 180,000 were sold overseas, including the United States, and 90,000 in Japan.

The company has received about 200 complaints in Japan but no accidents were reported there or abroad, said Toyota spokesman Hideaki Homma. Some drivers told Toyota that engines made a strange noise.

The automaker was already scrambling to repair its reputation after 8.5 million vehicles were recalled beginning in October because of problems with sticking accelerator pedals and other issues. Toyota was slapped with a record $16.4 million fine in the United States for acting too slowly to recall vehicles with defects.

Japan’s major daily Asahi said Friday the latest recall of 270,000 vehicles could cost Toyota around $227 million. Toyota could not confirm the report, which gave no sources.

Subject to the recall in the United States, filed with the Department of Transportation, are 2006-2008 Lexus models, including the top-of-the-line LS460 sedan, IS350, GS460, GS450h and the LS600hL models. Toyota plans to recall 270,000 vehicles worldwide due to the defective engine valve springs.

Toyota said owners will be notified of the recall by mail and dealers will repair the engine’s valve springs at no charge. The company said owners can continue to drive their vehicles. If they notice vibration, unusual engine sounds or rough idling, they should bring the car to a dealer for service.

Lexus general manager Mark Templin told dealers in an e-mail that “we understand the frustration and embarrassment these recalls cause and appreciate your reassuring Lexus owners that there is nothing more important to us than their safety, satisfaction with our products and confidence in you and the brand.”

Toyota dealers have repaired millions of vehicles following the massive global recalls, but the automaker still faces more than 200 lawsuits tied to accidents, the lower resale value of Toyota vehicles, and the drop in the company’s stock.

Toyota said last week it will recall 17,000 Lexus luxury hybrids after testing showed that fuel can spill during a rear-end crash.

U.S. regulators were working with scientists from NASA to investigate what caused some of Toyota’s vehicles to suddenly accelerate. That review is expected to be completed by late August.

Officials were also investigating whether Toyota waited nearly a year in 2005 to recall trucks and SUVs in the U.S. with defective steering rods, a case that could lead to additional fines.

Customers who have any questions or concerns should contact their local Lexus dealer or Lexus Customer Satisfaction at 1-800-25LEXUS or 1-800-255-3987 or at www.lexus.com/recall.
• Customers who have any further questions are asked to visit www.lexus.ca or contact Lexus Canada at 1-800-265-3987.
• Latest News & Headlines » Home «
• Source(s): Toyota Motor Corporation
Share

05
Jul
10

2010 Macy’s 4th of July Fireworks Spectacular

NEWS
2010 Macy’s 4th of July Fireworks Spectacular

Macy’s Fourth of July Fireworks in New York City

Monday, July 5, 2010

Macy’s Fourth of July Fireworks 2010 turned out to be a spectacular and star studded event. On Sunday night as the whole of the United States joined hands to celebrate the Independence Day,Macy’s Fireworks only made the occasion all the more special. The community took care to bring some of the most well known singers on board as the fireworks lit up the sky above the Hudson River. Live on the deck of the Norwegian Epic cruise liner were teen singing sensation Justin Bieber who headlined this year’s Macy’s 4th of July Fireworks spectacle. Along with him were other singing sensations like Enrique Iglesias and LeAnn Rimes. Some of the star-casts of the “Twilight Saga: Eclipse” also made it to the deck.
If people jived to the singing of Justin Bieber and Enrique Iglesias along the Manhattan West Side then, there were millions more who enjoyed the Macy’s 4th of July Fireworks 2010 on television as it was aired live by the NBC Networks on Sunday night. Although there were many who celebrated the occasion at home with family members and friends many came out witness the spectacle with their own eyes with hope that it would be “even better” to see it live.
There is no doubt about the fact that the Macy’s 4th of July Fireworks 2010 lived up to the expectation of the thousands who came up all the way to the bank of the Hudson river to mark the occasion. The red, blue yellow and white fireworks with each different from the other and gigantic in size made it a thing of beauty.
• Latest News & Headlines » Home «
Share

25
Jun
10

Toyota recalls Lexus HS250h hybrid for fuel spills

NEWS
Toyota recalls Lexus HS250h hybrid for fuel spills

Friday, June 25, 2010

••• Toyota said on Friday it will recall 17,000 Lexus luxury hybrids after testing showed that fuel can spill during a rear end crash.

The Japanese automaker said tests conducted for the National Traffic Highway Safety Administration found that fuel leaked during a rear impact crash at 50 miles per hour on a 2010 HS250h sedan. The test, conducted by a NHTSA contractor, showed that fuel spilled as the vehicle spun around after impact. (NHTSA CAMPAIGN ID Number: 10V285000)

Toyota’s own testing has not shown any spillage, but a spokesman said the company plans to issue a voluntary recall as it continues to try to replicate the government’s results. It is notifying dealers to stop selling the car.

Toyota, the world’s largest automaker, has attempted to rebound from a series of recalls tied to reports of unintended acceleration and other defects. The U.S. administration penalized Toyota with a record $16.4 million fine for acting too slowly on the recalls.

Dealers have repaired millions of vehicles, but the auto giant faces more than 200 lawsuits connected to accidents and the lower resale value of vehicles.

Earlier this week, Toyota Motor Corp president Akio Toyoda, the grandson of the automaker’s founder, apologized to shareholders for the trouble caused by the recalls. He said the company was doing its best to improve quality control.

Toyota said it has not identified a fix for the reported problems of fuel spillage.

Detailed information about this recall is available through Lexus Customer Satisfaction at 1-800-25 LEXUS or 1-800-255-3987 or at www.lexus.com/recall.
• Latest News & Headlines » Home «
Share

15
Jun
10

5.7 earthquake rattles U.S. – Mexico border region

NEWS
5.7 earthquake rattles U.S. – Mexico border region

Tuesday, June 15, 2010

Earth••• An earthquake has rocked Southern California, shaking the Los Angeles area and forcing a halt to the Toronto Blue Jays-San Diego Padres baseball game in San Diego.

The U.S. Geological Survey says the magnitude-5.7 quake was 5 miles southeast of Ocotill, near the U.S. – Mexico border.

It struck on Monday at about 9:26 pm PDT.

The quake was initially reported as a magnitude-5.9 temblor.

It was felt as a gentle rolling motion in Los Angeles, Long Beach and Orange County.

San Diego’s Petco Park swayed during the earthquake, and the public address announcer asked that everyone at the ball game remain calm. The crowd cheered.

The Padres’ David Eckstein had just grounded out in the bottom of the inning when the stadium began shaking.

The next batter, Chase Headley, stayed out of the batter’s box for a few seconds, then stepped in.

San Diego Sheriff’s dispatch supervisor, Becky Strahm, said some of her colleagues reported things falling off their shelves, but there were no immediate reports of significant damage or injury.

The quake follows a series of temblors that struck Southern California over the weekend, including a pair of moderate earthquakes that rattled a desert area east of San Diego.

Residents in downtown San Diego could feel the ground rumbling during at least one of the Saturday quakes.

There are no immediate reports of damage or injuries from Monday night’s earthquake.
• Latest News & Headlines » Home «
• Source(s): USGS
Share

20
May
10

Scientists create artificial life in laboratory

NEWS
Scientists create artificial life in laboratory

Thursday, May 20, 2010

Science

••• U.S. scientists have developed the first cell controlled by a synthetic genome, in a breakthrough which may lead to creating bacteria to clean up environmental problems, a new study shows.
‘This is the first synthetic cell that’s been made,’ said lead researcher Craig Venter on Thursday.

‘We call it synthetic because the cell is totally derived from a synthetic chromosome, made with four bottles of chemicals on a chemical synthesiser, starting with information in a computer.’

Now the method could be used to design bacteria specifically to help produce biofuels or to clean up environmental hazards, said the study carried out by the J. Craig Venter Institute, and published in the journal Science.
‘This becomes a very powerful tool for trying to design what we want biology to do. We have a wide range of applications (in mind),’ said Venter, co-author of the first sequencing of the human genome in 2000.

Venter’s team announced in 2008 that it had chemically synthesised a bacterial genome, and transplanted the genome of one bacterium to another to recreate the complete genome of the bacterium Mycoplasma genitalium.

Thursday’s announcement builds on the team’s earlier work.

Potential applications include producing algae to clean up carbon dioxide, one of the main greenhouse gases blamed for global warming, or making new clean energy hydrocarbons for refineries.

Researchers also hope to work on techniques to speed up the production of vaccines and to make new food ingredients and chemical substances.
Related: Venter team creates first synthetic living cell
• Latest News & Headlines » Home «
• Source(s): John Craig Venter Institute (JCVI) and Sky News / British Sky Broadcasting Ltd. (BSkyB) / News Corp.
Share

11
May
10

Toyota logs $1.60 billion 2009 profit despite recall woes

NEWS
Toyota logs $1.60 billion 2009 profit despite recall woes

Tuesday, May 11, 2010

••• Despite massive recalls that dented its safety image, Toyota Motor Corp. said Tuesday it logged a $1.60 billion group operating profit for the business year that ended in March, reversing the $4.99 billion loss recorded a year earlier.

It posted $2.27 billion in group net profit, compared with a loss of $4.73 billion in the 2008 business year, when the global financial crisis hit and car sales in the United States and Europe tanked. Group sales slipped 7.7 percent to $205.56 billion from $221.79 billion.

The steep rebound in profit – the first in two years – comes mostly as a result of cost-cutting efforts.

The safety woes mainly affected sales in the United States and Europe, but incentives in some regions helped shore up sales, limiting the fall in revenue.

“It was a year of being constantly on alert due to the series of recall matters, which caused concerns,” President Akio Toyoda said. “The severe conditions will likely continue, but I believe there is light far away amid the storm.”

Toyota now expects profits to grow in the current business year to next March. It forecasts a $3.03 billion group operating profit and $3.35 billion net profit on $205.56 billion in sales.

The company said it will focus on next-generation environmentally friendly cars by improving technology for hybrids and expanding its lineup. Also, it will gear up sales in fast-growing economies, particularly China and India.

Profit for the last business year mainly came from production cost cuts amounting to $5.63 billion, as well as $5.08 billion worth of reductions in fixed daily costs, including for labor, research and development, the company said.

Toyota said costs linked to its spate of worldwide recalls – $1.84 billion to $1.95 billion for the business year – were within expectations.

But concerns about potential massive recalls over accelerator defects continue.

The earnings results came a day after U.S. Transportation Secretary Ray LaHood hinted at a news conference at Toyota’s headquarters in Aichi Prefecture that more fines could be imposed if needed.

Last month, Toyota agreed to pay a record $16.4 million U.S. government fine for delaying a January recall over defective accelerator pedals.

Meanwhile, the U.S. Department of Transportation’s National Highway Traffic Safety Administration said in a statement issued Monday in Washington that it has opened an investigation into whether Toyota in 2005 notified the agency of a steering relay rod safety defect within five business days of learning of the defect’s existence, as required by law.

“We will fully cooperate with the investigation,” Toyoda said at the news conference.
• Source(s): Toyota Motor Corp.
Share




Calendar

November 2017
M T W T F S S
« Aug    
 12345
6789101112
13141516171819
20212223242526
27282930  

Archives

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 2 other followers

© Copyright 2010 Dominic Stoughton. All Rights reserved.

Dominic Stoughton's Blog