Business
Toyota Apologizes For Cheating On Vehicle Testing And Halts Production Of Three Models
TOKYO — Toyota Chairman Akio Toyoda apologized on Monday for widespread cheating on certification tests for seven vehicle models, as the firm halted manufacturing of three of them.
The extensive flawed testing at Japan’s largest manufacturer included insufficient or obsolete data in collision tests, as well as improper testing of airbag inflation and rear-seat damage in collisions. Engine power testing was also discovered to have been manipulated.
Toyota Apologizes For Cheating On Vehicle Testing And Halts Production Of Three Models
Toyota Motor Corp., headquartered in Toyota City, central Japan, has halted the manufacture of the Corolla Fielder, Axio, and Yaris Cross in Japan. Defective tests were also discovered on discontinued models.
The business stated that the infraction has no bearing on the safety of current automobiles on the road, including the Corolla subcompact and Lexus luxury vehicles.
“We sincerely apologize,” Toyoda added, bowing deeply during a Tokyo press conference.
Toyota was the subject of a Japanese government inquiry, which began in January. Toyota’s international production has been unaffected by recent issues.
On Monday, Japanese rival Mazda Motor Corp. announced similar inconsistent certification testing and halted manufacture of two vehicles, the Roadster and Mazda 2. It stated that inappropriate engine control software was employed in the tests.
In the southwestern city of Hiroshima, Mazda also admitted to failing crash tests on three defunct models. The breaches do not affect vehicle safety.
Honda Motor Co., based in Tokyo, also apologized late Monday for faulty noise levels and torque tests on several models, including the Accord, Odyssey, and Fit, whose impacted earlier versions are no longer in production. The automobiles’ safety is unaffected, according to the statement.
About two years ago, certification issues arose at Toyota group companies, including truck producer Hino Motors and Daihatsu Motor Co., specializing in small models, and Toyota Industries Corp., manufacturing machinery and car parts.
Toyota Apologizes For Cheating On Vehicle Testing And Halts Production Of Three Models
Shinji Miyamoto, a Toyota executive in charge of customer satisfaction, stated that in response to the difficulties at the group firms, Toyota began looking into its tests.
The apparent breakdown of Toyota and its group companies’ testing systems is an embarrassment for an automaker that has prided itself for decades on production efficiency and a corporate culture focused on empowering employees to build “ever-better cars.”
Toyoda stated that the corporation may have been too eager to complete the testing, which was truncated when model variants were expanding.
Toyota sells more than 10 million vehicles worldwide.
Toyota Apologizes For Cheating On Vehicle Testing And Halts Production Of Three Models
Toyoda, the grandson of the company’s founder, suggested that some certification criteria were unnecessarily severe, noting that such examinations varied worldwide. However, he consistently stated that he does not condone the infractions.
“We are not a perfect company.” But if we find anything incorrect, we will take a step back and try to fix it,” Toyota stated.
SOURCE – (AP)
Business
Chewy Slides After Filing Shows 3rd-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake
Washington — Chewy shares fell about 2% overnight Wednesday after a regulatory filing showed that Roaring Kitty, a meme stock trader, sold his interest in the online pet retailer.
According to a beneficial ownership document filed with the Securities and Exchange Commission on Tuesday, Roaring Kitty, whose legal name is Keith Gill, sold all his Chewy shares, totaling 6.6% of the company.
Chewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake
Plantation, Florida-based Chewy dropped 1.9% after hours to $26.19 per share.
Gill, an investor at the core of the meme stock craze, bought more than 9 million shares of Chewy in July, making him the company’s third-largest stakeholder.
Gill built a name for himself in 2021 by rallying ordinary investors around GameStop. At the time, the video game shop was fighting to stay in business, and major Wall Street hedge funds and investors were betting against it or shorting the stock. But Gill and those who agreed with him altered GameStop’s direction by purchasing thousands of shares despite practically all acknowledged criteria indicating that the firm was in deep peril.
Chewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake
That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.
Gill has expressed confidence in GameStop Chairman and CEO Ryan Cohen’s ability to revamp the company following his success at Chewy. Cohen cofounded Chewy in 2011 and stepped down as CEO in 2018.
SOURCE | AP
Business
Canada CBC News CEO Catherine Tait Recalled to Parliamentary Committee
Canada CBC News reports that MPs have voted to recall CBC CEO Catherine Tait to a Commons committee for questioning, only a week after her last appearance, over the awarding of $18 million in bonuses to Canada CBC news executives.
The Conservatives, the Bloc Québécois, and the NDP joined forces to re-invite Ms. Tait, her successor Marie-Philippe Bouchard, and Heritage Minister Pascale St-Onge to appear before the Commons Heritage Committee.
Ms. Tait, who will relinquish her position as CEO and president of CBC/Radio Canada in January, addressed the committee last week. The House of Commons has passed a motion recalling her before the conclusion of her term, and she is now subject to an additional two hours of interrogation, which includes inquiries regarding bonuses.
MPs also resolved to summon Quebec broadcasting executive Marie-Philippe Bouchard, appointed as the new chief of CBC/Radio-Canada last week, to appear before she begins her new job following a House of Commons chamber debate.
Catherine Tait Exit Package
Catherine Tait rejected the Conservatives’ requests to deny an exit package, including bonuses, when she departed the position in January during last week’s committee hearing.
She also defended the award of $18.4 million in incentives to 1,194 staff members for the 2023-2024 fiscal year, which concluded in March, following the broadcaster’s achievement of performance indicators.
Kevin Waugh, a Conservative committee member who introduced the motion, stated that his party aimed to ensure Ms. Tait was “accountable to taxpayers” before her departure in January.
He informed The Globe and Mail that “Canadians are dissatisfied with the bonuses” and that Catherine Tait‘s exit package, which will not be disclosed, is a cause for concern.
“I am apprehensive that she has not received her bonuses in over two years, and that the Minister of Heritage or Privy Council will lavish her with bonuses when she departs in January,” he stated.
The Liberals opposed a portion of the motion that claimed that “the Liberal threat to cut funding” had resulted in the elimination of hundreds of jobs at CBC/Radio-Canada.
Defunding CBC News Canada
The Heritage Minister informed The Globe that the claim was “hypocritical,” as the Conservatives intended to completely defund CBC.
“The Conservatives’ actions today are a clear example of hypocrisy.” Ms. St-Onge stated that performance bonuses increased by 65% during the Harper Conservatives’ tenure, while CBC News Atlantic Canada experienced substantial budget cutbacks.
“As a government, we do not require any lessons from a party that has pledged to reduce the funding of CBC/Radio-Canada and the 8,000 jobs associated with it during its campaign.”
During the Tuesday debate, NDP MP Niki Ashton stated that her party endorses the “banning of executive bonuses” at CBC News Atlantic Canada but is opposed to “the Conservatives’ full frontal attack” on the broadcaster.
She stated, “We require a robust public broadcaster, but not one that distributes executive bonuses and eliminates positions.”
If the Conservatives establish the next government, they intend to deprive the CBC of public funding while maintaining French services.
Catherine Tait defended CBC and rebuffed MPs’ assaults during last week’s committee hearing. “It is evident that the members of this committee are making a concerted effort to discredit the organization and vilify me,” she stated.
Related News:
Canada’s Income Inequality Rises to its Highest Level Ever Under Trudeau
Canada’s Income Inequality Rises to its Highest Level Ever Under Trudeau
Business
Boeing, In Need Of Cash, Looking To Raise Up To Approximately $19B In Offering
Boeing plans to raise $19 billion in stock offering as the aerospace giant deals with a controversial strike, confronts liquidity concerns, and seeks to raise funds.
Boeing Co. announced Monday that it will issue 90 million ordinary stock and $5 billion in depositary shares. The company’s stock finished at $155.01 on Friday.
The business stated that the net proceeds will be used for general corporate purposes, such as debt repayment, working capital expansion, capital expenditures, and finance and investments in its subsidiaries.
Boeing, In Need Of Cash, Looking To Raise Up To Approximately $19B In Offering
Fitch Ratings said on Monday that the sale promotes debt repayment and increases financial flexibility, lowering the likelihood of a downgrade. The agency continued to assess Boeing’s capacity to resolve labor disputes and regain operational momentum. It gives Boeing a “BBB-,” the lowest investment-grade rating.
Last week, Boeing plant workers rejected the company’s latest contract offer and extended a six-week strike that halted production of its best-selling jetliners.
According to local union leaders in Seattle, 64% of members of the International Association of Machinists and Aerospace Workers voted opposed to accepting the proposal.
The labor impasse comes amid an already difficult year for Boeing, which was the subject of various federal probes when a door panel blew off a 737 Max plane during an Alaska Airlines flight in January.
Boeing, In Need Of Cash, Looking To Raise Up To Approximately $19B In Offering
The walkout has deprived the corporation of much-needed revenue from delivering new planes to airlines. On Wednesday, the business announced a third-quarter loss of more than $6 billion. Boeing has not had a profitable year since 2018, and Wednesday’s results were the second-worst quarter in the company’s history.
The corporation burnt roughly $2 billion in cash in the quarter, weakening its balance sheet, burdened with $58 billion in debt. Chief Financial Officer Brian West stated that the company will not achieve positive cash flow until the second part of next year.
Boeing shares fell marginally in noon trade. They’ve lost 40% of their worth so far this year.
SOURCE | AP
-
Election News4 weeks ago
Chief Operating Officer Of Truth Social’s Parent Company Resigns
-
World4 weeks ago
Analyzing the US Election: Kamala Harris Versus Donald Trump
-
World4 weeks ago
Austrian Activist Schrems Wins Privacy Case Against Meta Over Personal Data On Sexual Orientation
-
Business4 weeks ago
OpenAI Just Secured A Ton Of New Cash. Now It Needs To Wow Us
-
World4 weeks ago
Tropical Storms in the Gulf do not Threaten Texas. Another Hurricane is Coming to Florida.
-
World4 weeks ago
The Supreme Court Weighs in on Nuclear Waste Storage Proposals in Rural Texas and New Mexico.