Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Weaker yen boosts Toyota as stocks rise 2.76%  Join our daily free Newsletter

MENAFN - Arab News - 19/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Toyota shares have finished at their highest level this year, boosted by a weaker yen and a report that said the firm was on track to be the world's biggest automaker in 2012.

The stock closed up 2.76 percent at 3,720 yen after the unit plunged to its lowest level for months against the dollar and euro on Monday following recent elections which were won by Japan's conservative opposition.
The change in government is likely to see Tokyo heap pressure on the Bank of Japan for more aggressive monetary easing.

Easing measures tend to weigh on the unit, and a weaker yen helps Japan's exporters, like Toyota, by making their products more competitive overseas.
Separately, Japan's Asahi Shimbun newspaper reported Tuesday that Toyota was on track to be the biggest carmaker in the world this year, selling about 9.7 million vehicles.

This was despite a territorial spat with China that has weighed on Japan-brand sales in the lucrative Chinese market.

Company figures showed Toyota, whose brands include Lexus, Daihatsu and Hino, topped the global carmakers' table in the first half of 2012, accelerating past General Motors and Volkswagen.

Toyota lost the title last year - a spot it had held between 2008 and 2010 - following a slump in production and sales owing to Japan's March 11 quake-tsunami disaster, floods in Thailand and the strong yen.

US-based GM, which sold about nine million vehicles last year, was the world's biggest carmaker followed by Germany's Volkswagen with more than eight million vehicles sold. Toyota sold 7.95 million vehicles.

Shares rose as the US government has hit Toyota Motor Corp. with a record 17.4 million fine for failing once again to quickly report problems to federal regulators and for delaying a safety recall.

The fine against the world's biggest automaker from the National Highway Traffic Safety Administration, the agency that monitors vehicle safety, is the maximum allowed by law. It's the fourth fine levied against Toyota in the past two years for similar infractions, and it's the largest single fine ever assessed against a car company over safety defects. In 2010, Toyota paid a total of 48.8 million in fines for three violations.

The latest infraction raises questions about whether the fines are big enough to deter automakers that withhold information from NHTSA, and whether the government agency can do enough to stop repeat offenses.

The fine is a tiny fraction of Toyota's earnings. The company posted a 3.2 billion profit in the third quarter alone.

Toyota said it agreed to pay the penalty without admitting any violation of the law. It also pledged to strengthen data collection and evaluation to make sure it takes action more quickly.

"We agreed to this settlement in order to avoid a time-consuming dispute and to focus fully on our shared commitment with NHTSA to keep drivers safe," Ray Tanguay, the company's chief quality officer, said in a statement. A spokesman at the Toyota's US offices did not answer further questions.

The latest fine stems from a June recall of SUVs from Toyota's Lexus luxury brand.

About 154,000 of the 2010 Lexus Rx 350s and RX 450h models were recalled because the driver's-side floor mats can trap the gas pedal and cause the vehicles to speed up without warning.

The problem was similar to troubles from 2010 that prompted a series of embarrassing safety recalls by the company.

Toyota has recalled more than 14 million vehicles globally to fix sticky gas pedals and floor mats. The recalls tarnished the company's sterling reputation for reliability and cut into sales.

Recently its sales have rebounded as it appeared to put the safety problems in the rear-view mirror.

But NHTSA said Toyota failed to report acceleration problems in the Lexus SUVs within five business days of discovering them, as required by US law.
The agency said it began investigating the SUVs early this year after receiving complaints from consumers.

In May, the agency contacted Toyota about the problem, and it took the company a month to report 63 incidents of floor mats trapping gas pedals, NHTSA said.

"With today's announcement, I expect Toyota to rigorously reinforce its commitment to adhering to United States safety regulations," US Transportation Secretary Ray LaHood said in the statement.
Next year, the maximum fine NHTSA can assess will double to 35 million
Toyota, NHTSA said, agreed in a settlement to make internal changes to comply with US laws.

In an August interview, Jim Lentz, Toyota's highest-ranking US executive, told The Associated Press that the company was obeying the law in giving information to NHTSA.

In 2010, Toyota paid two 16.4 million fines and one 16 million fine, all for reporting violations. NHTSA said at the time that the company didn't report problems with sticking gas pedals in a timely manner, nor did it report problems with floor mats trapping gas pedals.

Toyota also told NHTSA that a recall of commercial trucks in Japan for a steering problem did not affect US vehicles. But a year later, the company recalled similar vehicles in the US.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014QBA strengthens economic ties with Kenya ,MENAFN
(MENAFN) Members of the elite Qatar Businessmen's Association (QBA) stated their willingness to cooperate with their Kenyan peers, strengthening economic ties between Qatar and Kenya, The Peninsula ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 2014Alcatel-Lucent Enterprise to address the network application challenge with new access switch, added analytics and SDN capabilities ,MENAFN Press
(MENAFN Press) The Enterprise division of Alcatel-Lucent recently unveiled new technology to address the challenges created by pervasive mobility and the explosion of new applications being ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help