Archive for the ‘Politicians’ Category

Ghosn’s Lawyer Blasts Japanese Prosecutors, Nissan

“This should have been dealt with as an internal matter,” says lawyer known as “The Razor.”

by on Feb.20, 2019

Former Nissan Renault CEO Carlos Ghosn's new lawyer is ready to shake up his defense efforts.

Ousted Nissan Chairman Carlos Ghosn’s new lawyer hasn’t wasted any time going on the offensive, calling out not only the automaker that has accused the former exec of financial misdeeds, but also the prosecutors who have refused to release Ghosn on bail after three months in detention.

The 64-year-old Ghosn was arrested on Nov. 19, shortly after his corporate jet landed at Tokyo’s Haneda Airport. He has been charged with several crimes, including the concealment of about $88 million in income. The allegations arose out of an internal investigation Nissan said was triggered by a whistleblower.

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“This should been dealt with as an internal matter,” Junichiro Hironaka said at a Wednesday media briefing in Tokyo. Hironaka is known as “the Razor” for his ability to help high-profile clients win acquittal in a country where prosecutors routinely win convictions in over 90% of their cases. (more…)

Japan Waiting on US for Signal on Trade Talks

Abe believes Trump won't raise tariffs before two sides talk.

by on Feb.20, 2019

Trump and Abe discussed the trade imbalance between the U.S. and Japan during Trump's visit.

Japanese officials believe the Trump administration will avoid slapping higher tariffs on Japanese cars and auto parts that are imported into the United States as it faces off with China and the European Union on various trade issues.

While the majority of vehicles that Toyota, Honda and Nissan sell in the United Sates are built at factories in the U.S., they also import large number of finished vehicles as well as key components, such as engines and transmissions.

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In total, Japan’s auto industry would suffer a value-added loss of about 8 billion euros or $9 billion and Germany would lose 7 billion euros, according to a new study by the German research institute Ifo. South Korea’s auto industry would suffer a loss of more than 3 billion euros. The Ifo study looked at long-run effects, about 90% of which typically occur in five years and 99% in 10 years. (more…)

Honda Shutting Down Lone UK Auto Plant

Maker says Brexit not the reason, but move highlights problems.

by on Feb.19, 2019

Honda announced plans to close its manufacturing plant in Swindon. It means the loss of 3,500 jobs.

Honda will close its only auto plant in Great Britain in 2021 becoming the latest automaker to say it was leaving and turning what was once a trickle into a torrent of closures due to Brexit. The facility makes the Civic.

The Swindon plant closure means the loss of 3,500 jobs and a tenth of all vehicles produced in Britain. However, despite early reports, Honda officials claim Brexit had little to do with the move. Honda officials said the company was focusing manufacturing in the areas where it has the largest sales, and Europe isn’t one of those.

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“We had to consider the rise of electrified vehicles, and the different speeds at which electric vehicles will be taken up in North America and Europe,” said Honda Chief Executive Takahiro Hachigo. “This decision was not informed by Brexit.”  (more…)

Commerce Dept. Report Could Trigger Tariffs on Auto Imports

Auto industry worries, waits – and raises strong opposition.

by on Feb.18, 2019

Commerce Secretary Wilbur Ross submitted the department's report determining if automotive imports could be declared a threat to national security.

Just hours before the deadline, the U.S. Commerce Dept. delivered a long-awaited report to the White House that could lead President Donald Trump to enact stiff new tariffs on imported autos and auto parts.

The administration has not revealed what the report recommends, but Commerce was widely expected to support the president’s position that auto imports posed a threat to national security, a view that Trump has suggested could lead to the imposition of tariffs of as much as 25%.

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Criticism was swift and broad, the Motor and Equipment Manufacturers Association noting, ““Not a single company in the domestic auto industry requested this investigation.” Like other critics, the group has warned that new tariffs could backfire and not only result in the imposition of tariffs on U.S. auto exports but also slam consumers with substantially higher prices, even on vehicles assembled in the U.S. (more…)

Commerce’s Report on Auto Imports Affecting National Security Comes Sunday

Trump expected to do little with report right away.

by on Feb.15, 2019

President Donald Trump will soon have to decide if using punitive tariffs makes sense in negotiations.

Just days after proclaiming a national emergency that would take $8 billion from the U.S. budget to construct additional border wall between the U.S. and Mexico, President Donald Trump will be faced with another massive decision involving foreign countries.

The U.S. Commerce Department is expected to tell Trump on Sunday whether or not foreign vehicle imports constitute a national safety risk and offer suggestions on how to deal with the situation.

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He’ll have 90 days to act on the Commerce Department’s recommendation. However, President Trump already has a plan in place for the issue: a 25% tariff on vehicles imported into the country. (more…)

Ford Warns Britain No-Deal Brexit Could Mean UK Departure

Automaker tells British PM it could pull up stakes if Brexit goes poorly.

by on Feb.14, 2019

Ford may pull operations from the UK if the Brexit goes poorly, the company warned.

New speculation about Ford Motor Co.’s post-Brexit plans for its operations in the United Kingdom have led to reports that the automaker is preparing to exit the British Isles once the UK leaves the European Union next month.

Ford executives told British Prime Minister Theresa May during a conference call this week that the automaker, which is facing $1 billion in extra costs, may have to move some production out of Britain because of Brexit, a source on the call told the BBC.

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Ford told May it might have to use alternatives sites outside Britain, the BBC’s source – who spoke on condition of anonymity – said.  “They were just making clear that they have other options. This isn’t the only one,” the source said. (more…)

Ford Recalling 1.48M F-150 Pickups Due to Transmission Issue

Sometimes the transmission will downshift to first gear unexpectedly.

by on Feb.13, 2019

Ford is recalling 1.48 million F-150 trucks from model years 2011–13 due to a transmission downshift problem.

Ford Motor Co is recalling 1.48 million F-150 pickup trucks because of a transmission issue that could, in certain circumstances, lead to a crash.

The company said that select 2011–13 model year trucks with six-speed automatic transmissions could downshift into first gear without warning. This downshift could cause the axle to lock up, causing the truck to skid and the driver to lose control.

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As of now, there have been five accidents and one injury – whiplash – reported tied to the problem. The recall covers 1.26 million trucks in the U.S. The rest are in Canada. Affected 2011-13 F-150 vehicles were built at Dearborn Assembly Plant, April 28, 2010 to Oct. 28, 2013, and Kansas City Assembly Plant, May 18, 2010 to Nov. 18, 2013. (more…)

Auto Loan Delinquency Rate Higher than Great Recession

Young buyers finding it tough to make car and student loan payments.

by on Feb.13, 2019

Auto loan delinquencies are on the rise, and are higher than during the Great Recession.

The Federal Reserve Bank of New York reports that more than 7 million Americans are delinquent on auto loans, even more than during the Great Recession.

The figures, which were part of New York Fed’s quarterly report on household credit, suggest that many consumers are having a difficult paying their bills. Rising prices for both new and used vehicles also are factor, economists said.

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“Although rising overall delinquency rates remain below 2010 peak levels, there were over 7 million Americans with auto loans that were 90 or more days delinquent at the end of 2018. That is more than a million more troubled borrowers than there had been at the end of 2010 when the overall delinquency rates were at their worst since auto loans are now more prevalent.  (more…)

Shake-Up and Setback for Ghosn

Former Nissan chief cuts legal team; likely to lose Renault payout.

by on Feb.13, 2019

Carlos Ghosn fired his legal team, replacing them with a lawyer known as "the razor."

Carlos Ghosn, the former Nissan chairman facing charges of financial corruption, has shaken up his legal team in an effort to reverse a series of setbacks that have resulted in his being held in solitary confinement in a Tokyo prison since last November.

Ghosn is replacing his lawyers with a new team led by a high-profile defense attorney known in Japan as “the razor,” for his ability to win acquittals in a number of high-profile cases. That’s relatively rare in Japan where prosecutors claim conviction rates of more than 90%.

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Separately, Renault is ready to scrap about $34 million in deferred pay and severance Ghosn stood to collect after tendering his resignation last month. Nissan’s French alliance partner is also expected to drop a two-year non-compete clause, which would free up Ghosn to join another automaker once released from Japanese prison, Reuters news service reported. (more…)

GM Offering $25K Reward to Catch Noose Hangers

Company ups effort to end racist acts in Ohio plant.

by on Feb.12, 2019

Several employees have reported incidents of racial intimidation at GM's powertrain plant in Toledo, Ohio.

General Motors’ battle against racist acts in an Ohio plant is getting more serious as the automaker is now offering a $25,000 reward to anyone who has information about nooses and other racist symbols appearing at the site.

The company began offering the $25,000 reward in January at the GM Powertrain plant in Toledo, after a string of complaints from employees about the behavior of other employees starting in early 2017 and symbols evolved into a lawsuit against the company in the fall of 2018.

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“We have zero tolerance for discrimination, and we’re doing everything we can to identify the culprit. This is another step we’ve taken, working with police to intensify the investigation,” GM said in a statement to the Free Press. “We’re outraged that anyone would face threats, and our hearts go out to anyone affected by this bigotry.” (more…)

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