INSIGHT-After bruising safety crisis, US car watchdog shows its bite Having taken the helm of the National Highway Traffic Safety Administration in January, Mark Rosekind has wasted no time in forcing reluctant companies into recalling millions of defective vehicles. In the past week alone, the agency announced the biggest recall in history, involving nearly 34 million vehicles with potentially deadly Takata Corp air bags.
| By: David Morgan
Automakers to reveal models covered by wider air bag recall DETROIT- Eleven automakers are expected next week to reveal which models are being added to a massive recall of air bags made by Takata Corp.. On Tuesday, the U.S. National Highway Traffic Safety Administration announced a deal with Takata to declare millions of its air bag inflators defective and expand the recall from 17 million to 33.8 million.
Source: The Associated Press
| By: By TOM KRISHER, AP Auto Writer
UPDATE 1-Japan stock market cap hits record, exceeds 1989 peak TOKYO, May 22- The market capitalisation of shares listed on the Tokyo Stock Exchange's main board hit a record high on Friday, topping a 26- year peak and marking one victory in Prime Minister Shinzo Abe's campaign to jolt the economy out of a long phase of deflation and stagnation. The total market capitalisation of the TSE's first section rose to 591.30...
| By: Hideyuki Sano
Toyota promises to help find cause of Takata airbag defects TOKYO- Toyota President Akio Toyoda vowed to help get to the bottom of the problems with Takata air bags, the recalls for which have ballooned to nearly 34 million vehicles, stressing that regaining consumer trust is an industry-wide concern. Doubts are growing about whether Japanese supplier Takata Corp. has the financial muscle to deal with all the defects, a...
Source: The Associated Press
| By: By YURI KAGEYAMA, AP Business Writer
Nikkei snaps 5-day winning streak; Market awaits BOJ outcome *Seibu tumbles after Cerberus launched selldown. *Skylark dives after news Bain Capital to sell stake. TOKYO, May 22- Japan's Nikkei share average edged down on Friday morning, snapping a five-day winning streak as investors carefully await for the outcome of the Bank Of Japan's two-day policy meeting.
| By: Ayai Tomisawa
Current, former NGK Spark Plug executives indicted for price fixing WASHINGTON, May 21- A current and a former executive of Japan's NGK Spark Plug Co Ltd were indicted on Thursday on charges of fixing the prices of spark plugs and oxygen sensors, the U.S. Justice Department said. Norio Teranishi, a former executive, and Hisashi Nakanishi, a current employee of NGK Spark Plug, were accused of conspiring to fix the prices of parts sold to...
UPDATE 4-Takata air bag recall could take years to complete *Some automakers explore Takata's rivals for replacement parts. *Takata shares fall 10 pct in Tokyo. DETROIT, May 20- Takata Corp's record U.S. recall of potentially deadly air bag inflators could take years to complete, industry experts and safety advocates said, as automakers scrambled to line up replacement parts, some not from Takata.
| By: Ben Klayman
TIMELINE-Takata air bag recalls since 2008 Honda and Takata deny fault and settle for an undisclosed sum. Her family sues Honda and Takata for more than $75 million in April 2011, claiming they knew of the air bag problems as early as 2004. Honda and Takata settle in January 2013 for $3 million, according to court documents. 2011: April 27- Honda recalls 896,000 Honda and Acura 2001-03 cars in order to find...
What do Toyota and Madoff have in common? Civil asset forfeitures have gone up in recent years, and in this report we break down how many asset seizures were valued over $1 million.
| By: Mark Fahey