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Sunday, June 27, 2010

Toyota announced on Friday that it will recall around 17,000 Lexus vehicles in response to risks of the fuel tank in the cars leaking after a collision.

The Lexus HS 250h model was subjected to the recall following a US National Highway Traffic Safety Administration (NHTSA) investigation. Despite previously passing Toyota safety inspections, the conclusions of an NHTSA sub-contracted investigator were that; when the vehicles in question collided with an object at more than fifty-miles-per hour, more than 142 grams of fuel, the maximum allowed by US law, leaked from the crashed car.

According to Toyota, further tests did not show any additional failure of the fuel tank.

In response to the findings, Toyota issued a recall of all affected vehicles, since the company had no solution immediately available. The recall includes 13,000 cars already sold, as well as another 4,000 still at dealerships.

Toyota says it plans to conduct further tests to determine the cause of the leak. A Toyota spokesman, Brian Lyons, said that the company was “still working to determine what the root cause of the condition is.” It’s still unclear when exactly the recall will take place, or when dealerships will be allowed to sell this model again. Lyons said that Toyota is “working feverishly to get this resolved as soon as possible.”

Toyota isn’t aware of any accidents stemming from the leaking fuel tank in the affected vehicles, first introduced in the summer of 2009.

Tuesday, August 16, 2011

A new law which seeks to utilise reusable energy and minimise cost impact on consumers is under development in Japan. The new law, which would be effective from July 1 next year, would seek to reduce Japan’s dependency on nuclear power.

The new legislation would urge power utilities to cut costs by purchasing renewable energy from outside companies and private businesses. Japan’s decision has been referred to as opening the door on renewable energy, which currently only contributes to six percent of Japan’s energy sources.

Politicians have amended the bill, allowing the revised bill to pass through parliament later this month. Prime Minister Naoto Kan who is pushing for the bill to be passed in return for his resignation, has stated that the ‘feed-in-tariff on renewable energy will be set at a fixed price so that utilities are limited to purchasing electricity from renewable power generators. Kan hopes that this will encourage more business and private corporate partners to enter into the renewable energy market.

“As a medium-term revolutionary energy and environmental strategy, we have decided to start a thorough review of nuclear power policy and draw a roadmap for a reduction of the dependence on nuclear power” Mr Kan said.

Large companies are concerned about the new legislation as it will continue to affect profit margins which are low due to power shortages and high priced exports. The bill was changed to reduce the surcharge for large power companies after complaints from the Japanese steel industry. If the scheme is launched then consumers will face an increase on electricity bills as utilities can pass their costs onto end-users. Despite the governments promise to cap the surcharge for the next ten years, there is no reference to it in the revised bill.

Lawmakers hope that by adding a provision requiring utilities to streamline their operations, the impact on consumers will be minimized.

A third party group will be set up within the under the Agency for National Resources and Energy to ensure that the setting of fixed prices are fair and just.

Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Sunday, November 19, 2006

Deputy to the Iraq Health Minister, Ammar al-Saffar, who lives with his sister in Baghdad’s Sunni neighbourhood of Adhamiya, was kidnapped today.

It is reported that six uniformed men and others wearing suits, arrived at Mr Saffer’s home in police cars and pickup trucks and took him off.

As one of the deputies to the Health Minister, Mr Saffer called earlier this year for as much as $8 Billion to restore Iraq’s health services.

On August 9, 2006, Mr Saffar discussed the health situation in Iraq with the BBC. He said that the insurgents were killing doctors and trying to create a brain drain. 100 doctors had been killed “because they were trying to help people and because they were Shia”. He said that there are about 18,000 doctors in Iraq but many have left, while others practice at home rather than at hospitals where they could be better protected. Under Saddam they were not permitted to leave, now there is no restriction. But now there are cash incentives: under Saddam they earned $2-3 a month, now they can earn up to $500 a month. On security, he said that the people blamed the US for the violence because, although they were responsible for security, they left the borders poorly guarded.

Mr Saffer survived an assassination attempt in June, 2004 when he was fired upon as he left his home. He was uninjured.

A compilation of brief news reports for Saturday, December 20, 2008.

The United States government has announced that it will give US$17.4 billion in loans to help three of the nation’s automobile makers – Chrysler, General Motors, and Ford – avoid bankruptcy.

The money will be taken from the $700 billion bailout package originally intended to rescue US banks. General Motors will get $9.4 billion and Chrysler $4 billion before next year. Ford stated that it wants to get by without government aid.

President George Bush said that it would not be “a responsible course of action” to allow the companies to collapse.

Sources

• “Bush unveils $17.4bn car bail-out” — BBC News, December 19, 2008
• “U.S. Throws Lifeline to Detroit” — WSJ.com, December 20, 2008

Telephone and Internet communications between Asia and Europe have been disrupted after some submarine cables were severed.

The cables FLAG FEA, SMW4 and SMW3 near Alexandria, Egypt, were damaged, and the GO cable 130 kilometres off the coast of Sicily has also been reported as broken. France Telecom will repair the damage, and the company announced that it was dispatching a ship to repair the line between Egypt and Italy.

Experts warn that it could be several days before the problems are fixed.

Sources

• “Severed cable disrupts web access” — BBC News, December 19, 2008
• “New undersea cable cuts lead to Internet outages” — ars technica, December 20, 2008

Yann Elies, a French yachtsman participating in the Vendee Globe round-the-world solo yacht race, was rescued on Saturday by the Australian navy after the former was paralysed by a wave that struck his boat in the Southern Ocean.

Elies broke his left thighbone and perhaps several ribs after the wave slammed into his boat 200 kilometres southwest of Perth.

The Australian frigate dispatched the HMAS Arunta to rescue Elies. The ship left Fremantle early on Friday morning and reached Elies by evening.

Sources

• “Injured yachtsman rescued by navy” — BBC News, December 20, 2008
• “Navy reaches stricken solo sailor Yann Elies” — news.com.au, December 20, 2008

Tuesday, May 24, 2011

An officer with London’s Metropolitan Police has been charged with causing the death of a man caught up in the G20 protests in 2009. PC Simon Harwood is accused of the manslaughter of Ian Tomlinson, who died after Harwood hit him with a baton before pushing him to the ground.

Homeless paper-seller Tomlinson was pushed from behind outside the Bank of England as he walked back from work. He died within minutes. The death was filmed and attracted international media attention.

Last year, Keir Starmer, Director of Public Prosecutions for England and Wales, announced that no charges would be brought due to conflicting medical evidence. That decision was placed under review after an inquest jury ruled last month that Tomlinson had been unlawfully killed.

Starmer met with the Tomlinson family today, informing them of his changed decision before the Crown Prosecution Service released a statement by him. In it, he explained that the inquest evidence had changed his position.

He named two areas in which the inquest has had an impact: One is extra medical evidence and the other is questioning in court to assess conflicting medical evidence from different sources. “But for the inquest, the significant conflicts in the evidence that had previously existed could not have been addressed; and the inquest process, which is less confined than a criminal trial, has allowed a degree of clarity to emerge,” said Starmer.

He adds that “the position in relation to the medical evidence about the cause of death has clearly changed,” although he cautioned that the prosecution will remain difficult owing to conflicting medical evidence. Starmer continued, saying that “it is clearly in the public interest that criminal proceedings be brought. Accordingly, a summons charging PC Harwood with the manslaughter of Mr Tomlinson has been obtained …. He will appear before [City of Westminster Magistrates’ Court] on 20 June 2011.”

Wednesday, December 21, 2011

Yesterday, the United States House of Representatives voted to effectively reject the Senate version of a bill, passed with bipartisan support, to extend a payroll tax cut two months past its year-end expiration date. The House voted instead to create a conference committee to settle differences between members of both bodies.

Although the tax cut extension itself has support among Republicans and Democrats, lawmakers disagree on how Congress should go about compensating for the cost of extending the cut and the policy changes it would entail.

During an appearance yesterday, President Obama condemned opposition to the Senate-passed version of the bill, accusing Republicans in the House of trying to negotiate on matters unrelated to the bill. Republicans, in response, say there is still time to negotiate the bill, insisting that lawmakers ought to concentrate on a year-long plan rather than a two-month extension. Senate Democratic leader Harry Reid, however, says he will not agree to negotiate the tax cut extension until the Senate-approved bill is passed by the House.

If the tax cut is not extended and instead expires on December 31, approximately 160 million Americans will be affected by the tax increase; President Obama insists the only way to prevent the tax hike beginning January 1 is for the House to pass the Senate bill. In response, House Speaker and Republican John Boehner wants Obama to “call on the Senate to return” to negotiate. The Senate, shortly after passing the bill, adjourned for the Holiday break.

Also included in the bill is a provision that would require President Obama to make a decision regarding the construction of the Keystone XL pipeline, a pipeline that would transport oil from Canada to Texas.

House Democratic leader Nancy Pelosi blamed the congressional year-end impasse on “Tea Party Republicans.” In a letter to President Obama, Speaker Boehner requested he galvanize the Senate to negotiate on the bill’s provisions, writing “The differences between the two different bills can be quickly reconciled to provide the American people the certainty of a full-year bill. There are still 11 days before the end of the year, and with so many Americans struggling, there is no reason they should be wasted. You have said many times that Congress must do its work before taking vacation”.