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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Toyota profits double on weak yen

Category : Business

Toyota’s profits more than double in the three months to March as a weakening yen and improving sales boost the carmakers comeback.

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Toyota reclaims number one title

Category : World News

Japanese carmaker Toyota regains its slot as the world’s biggest vehicle maker, capping a year of a dramatic turnaround in its fortunes.

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Toyota settles fatal crash case

Category : World News

Toyota settles a wrongful death lawsuit following a fatal crash involving sudden acceleration, in what could be the first of hundreds of such cases.

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Toyota pays more than $1bn over car faults

Category : Business

Largest settlement in US history involving car defects must now be approved by a judge

The Toyota car company has agreed to pay over $1bn to settle claims that its cars could unintentionally accelerate out of control. A judge must approve Toyota’s offer of $1.1bn (£683m) which was filed in a Californian court on Wednesday.

Toyota was taken to court by owners of its cars who claimed there was an electronic fault in the acceleration system. Toyota said any accelerator problems were caused by driver error, pedals sticking or badly fitted mats. The settlement means Toyota does not admit blame and avoids a lengthy trial.

The deal includes payments to customers as well as installation of a brake override system which prevents unintentional acceleration in about 3.25m vehicles. The terms include a $250m fund for former Toyota owners who sold vehicles at reduced prices because of adverse publicity, and a separate $250m fund for owners not eligible for the brake override system. Lawyers will receive $200m in fees and $27m in costs.

Steve Berman, representing the car owners, said the settlement is the largest in American history involving car defects.

Toyota has recalled more than 14m vehicles worldwide due to acceleration problems in several models and brake defects with the Prius hybrid.

Toyota agrees $1bn US recall deal

Category : World News

Japanese carmaker Toyota agrees to pay more than $1bn in a settlement of US lawsuits dating back to the recall of millions of cars in 2009 and 2010.

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Toyota hit with $17.4m US fine

Category : Business

Toyota is fined $17.4m – the maximum allowed under US law – for taking too long to report safety issues to authorities.

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On the road: Toyota Prius Plug-in

Category : Business

‘It’s an expensive business, this environmental responsibility’

You’ll be familiar with

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Toyota’s Grand Theft Auto-style ad banned online

Category : Business

Commercial, featuring high-speed chase through city, glamorises dangerous driving, advertising watchdog rules

Toyota’s Grand Theft Auto-style car commercial has been banned by the advertising watchdog after it ruled that it glamorises reckless and dangerous driving.

The multimillion pound ad campaign stars a computer-animated character who lives in a world clearly inspired by games such as Grand Theft Auto and Need for Speed.

In the ad, the hero jumps in a Toyota GT86 sports car and races at high speed through city streets, startling pedestrians, weaving through traffic, evading police in pursuit and crashing through gates.

The big-budget campaign includes a 60-second TV commercial, 90-second cinema ads which launched to coincide with the release of the latest James Bond movie Skyfall, and print ads.

The Advertising Standards Authority received two complaints about the campaign, which was created by Saatchi & Saatchi, from viewers who saw it on YouTube and felt it was irresponsible and condoned dangerous driving.

The ASA’s ruling relates solely to the ad appearing online, even though it is the same as appears on TV and in cinema.

Toyota said it did not condone or encourage unsafe driving and that they had “paid particular attention to the Highway Code”, despite the ad being “clearly set in an animated, artificial and fantasy environment”.

The Japanese car maker said the ads did not show normal driving circumstances on public roads and the scenes were “impossible to emulate”.

The ASA disagreed and said that despite the ad being set in a fantasy world, the roads, public spaces and the car featured in the ad were “not significantly different from those in the real world”.

“We therefore considered that the driving featured, and in particular the speeds shown, could be emulated on real roads,” the watchdog said.

The ASA also said that the “highly stylised nature” of the ad actually “glamorised the reckless manner in which the car was driven”.

“Because we considered the ad portrayed speed, and the way the car could be handled in a manner that might encourage motorists to drive irresponsibly, we concluded that the ad was irresponsible and condoned dangerous driving,” it said.

The ASA said that the ad must not appear again without major changes so as not to “portray speed or driving behaviour in a way that might encourage motorists to drive irresponsibly in future”.

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Toyota to recall 2.7 million cars

Category : World News

Toyota says it will recall 2.7 million cars worldwide due to problems with their steering wheel and the water pump system.

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Territorial dispute with China dents Nissan’s profit forecasts

Category : Business

Nissan joined Honda and Toyota in suffering plummeting demand in China due to a boycott by consumers – and German rivals like BMW reap the benefits

A territorial dispute between Japan and China over a group of uninhabited islands is wreaking havoc with Japanese car makers while benefiting German competitors, as Nissan was forced to slash its profit forecast and BMW posted a 40% surge in Chinese sales.

Nissan joined Honda and Toyota in suffering plummeting demand in the world’s largest car market due to a boycott by consumers angry about Japanese ownership of the the Senkaku Islands, which are known as Diaoyu in China. Nissan cut its full-year net profit forecast by a fifth to $4bn (£2.5bn), reflecting its dependence on a market that accounts for more than a quarter of sales. The scale of the boycott was revealed by October sales figures, which showed that Nissan and its Chinese joint venture sold 64,300 vehicles – a decline of 41% on the same month last year. Toyota and Honda reported Chinese sales slumps of 49% and 41% respectively in September.

As well as cutting its full-year profit forecast, Nissan trimmed annual sales forecasts as it estimated that sales in China will come in at 1.175m vehicles in 2012, 175,000 fewer than it thought previously. That helped to put a dent in global forecasts, with Nissan predicting sales of 5.08m vehicles in the year to March 2013, down from its former forecast of 5.35m. Nissan said, however, that there had been signs of a revival in China.

“We are gradually seeing signs of recovery [in China],” said Nissan’s chief operating officer, Toshiyuki Shiga. “Customers are gradually coming back to dealerships.”

Germany’s BMW said ongoing Chinese demand for luxury vehicles – also a boon for UK carmakers such as Bentley – helped to overcome a weak European performance in the third quarter from July to September. Overall sales rose by 13.7% to a record €18.8bn (£15bn), while net profit rose 16% to €1.3bn. Chinese sales rose by 40% to nearly 80,000 units, overshadowing an anaemic European performance that saw a 2.6% increase in sales, with southern Europe dragging down performance. Even BMW’s home market disappointed, as German sales fell by 0.5%.

Mark Fulthorpe, analyst at IHS Automotive, said non-Japanese car makers were benefiting from the Senkaku dispute. “Who is likely to win if people are walking away from Nissan, Toyota and Honda? It will have significant benefits for German manufacturers and [Korean car makers] Hyundai and Kia.”

China aside, BMW warned of an “increasingly uncertain market environment” with the final three months of the year posing difficulties for an industry “likely to be confronted with adverse business conditions”. With the eurozone area expected to post flat economic growth next year, hopes of a concerted revival in the European car market are slim. In September, European car sales fell for the 12th consecutive month, with Spain posting a 36.8% fall in sales, exceeded only by Greece, with a fall of 48.5%.

UK car sales in October, published on Tuesday, showed that the domestic market was outperforming the continent. The Society of Motor Manufacturers and Traders said new car registrations rose 12% compared with October last year to more than 151,000 units. So far this year, the UK car market has grown 5%. The top three sellers in October were the Ford Fiesta, followed by the Vauxhall Corsa in second place and the Ford Focus.

However, a manufacturing expert at Deloitte, David Raistrick, said car makers were preregistering cars – a practice that can flatter monthly sales figures – and 2013 is likely to be a tougher year for the UK market. “Can the UK defy gravity? The answer is no. Manufacturers are helping support sales,” said Raistrick.