Financial Freedom. Best business news.

Government regulators said Tuesday they have demanded documents from Toyota to determine if the automaker conducted its recent recalls in a timely manner.

The National Highway Traffic Safety Administration said it has ordered Toyota to provide documents showing when and how it learned of the defects affecting approximately 6 million vehicles in the United States.

Federal regulations require all automakers to notify NHTSA within five days of determining that a safety defect exists and promptly conduct a recall, the agency said.

"Safety recalls are very serious matters and automakers are required to quickly report defects," said U.S. Transportation Secretary Ray LaHood.

The move comes amid a spike in customer complaints lodged against Toyota in the NHTSA database, including some that allege fatal crashes were caused by sudden acceleration in Toyota cars since Jan. 27.

The probe will examine how Toyota learned of the defects. For example, regulators want to know if Toyota discovered the problems through consumer complaints or factory testing.

The investigation will also focus on whether the company found the problems before the vehicles in question were produced or after they had already been built.

In addition, regulators will check whether Toyota has covered all affected models in its recent recalls to make sure the automaker didn’t miss any problems.

NHTSA said it has demanded documents from Toyota on customer complaints, production data, dates of meetings and other pertinent details.

Toyota will have 30 days to provide the documents pertaining to the timeliness of the recalls and 60 days to submit information related to the adequacy of its ongoing recall efforts, according to a Department of Transportation official.

Cindy Knight, a Toyota spokeswoman, said the company is reviewing NHTSA’s request and will provide all the information they have requested.

"Toyota takes its responsibility to advance vehicle safety seriously and to alert government officials of any safety issue in a timely manner," she said.

Toyota has recalled more than 8.1 million vehicles worldwide for problems related to sudden acceleration and unresponsive brake pedals, among other things. The company has apologized for the safety lapses and pledged to repair the recalled vehicles quickly.

The recalls under investigation include two related to the entrapment of gas pedals by floor mats. Those recalls were announced last fall and expanded early this year. The third, announced in January, involved sticking gas pedals.

If the investigation determines that Toyota violated its statutory obligations, NHTSA said the manufacturer could be liable for a fine of up to $16.4 million.

That’s the maximum penalty under a 2000 law that established stiffer civil, and even criminal, penalties for automakers that fail to promptly report safety defects to federal regulators in a timely way.

The Transportation Recall Enhancement, Accountability and Documentation Act, or TRED, was passed in response to dozens of deadly Ford Explorer rollover crashes caused by faulty Firestone tires. No fines were ever levied in that case.

The biggest fine that’s ever been levied was just $1 million taken from General Motors in 2004 for failing to deal promptly with a windshield wiper issue, an amount that was negotiated down from the $3 million NHTSA originally asked for. 

Source

Looking for health insurance? Find a variety of affordable medical insurance plans.

FirstEnergy announced plans Thursday to acquire electric utility company Allegheny Energy in an all-stock deal valued at $4.7 billion.

The proposed merger, which is subject to shareholder and regulatory approval, would create one of the largest U.S. electricity providers with an estimated $16 billion in annual revenue and $1.4 billion in annual net income.

Under the terms of the agreement, Allegheny shareholders would receive 0.667 of a share of FirstEnergy common stock in exchange for each share of Allegheny they own. Based on Wednesday’s closing stock prices for both companies, Allegheny shareholders would receive a value of $27.65 per share, a 31.6% premium, the companies said.

FirstEnergy will also assume roughly $3.8 billion in Allegheny net debt. The deal is expected to close in about 12 to 14 months business card.

"This combination supports our strategy of being a leading regional energy provider, focused on both regulated utility operations and our competitive generation business," said Anthony Alexander, chief executive officer of FirstEnergy, in a statement.

Akron, Ohio-based FirstEnergy (FE, Fortune 500) owns seven electric utility operating companies that serve 4.5 million customers in Ohio, Pennsylvania, New Jersey and New York.

Allegheny (AYE) is an electric utility based in Greensburg, Pa., servicing 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia. 

Source

The team at Payday Loan Company is ready to tell anyone yes for a payday loans or cash advance for up to $1000 cash.

Cyanotech Corp. of Kona made $605,000 on revenues of $3.9 million for the three months ended Dec. 31, 2009.

That compared with a $514,000 profit on revenues of $3.5 million in the same period in the previous fiscal year.

The Big Island biotech company (Nasdaq: CYAN), which develops and sells microalgae products, attributed the gains to the launch of new products during the quarter, including a multivitamin ay day loans.

“Despite economic challenges, our focus on business fundamentals remains robust,” President and CEO Andrew Jacobson said in a prepared statement.

Shares of Cyanotech were at $3.19 on Thursday, down 12 percent for the day.

Source

I was born in 1938 in Germany, but I was very fortunate. My father was the managing director of a Swiss machinery company, and during the war I spent time in Switzerland.

After the war I became active in efforts to bring French and German youth together. In 1969, after two Ph.D.s and a year at Harvard’s Kennedy School, I started writing a book about American management.

I said that in order to achieve long-term growth and prosperity, management must serve all stakeholders. The idea of the first Davos symposium was to create a platform that would allow stakeholders to exchange concerns and knowledge.

How I got started

Bet big. [In order to fund Davos] in 1970 I took a 50,000 Swiss franc ($11,434) loan from a German industrialist. The condition was either to pay him back or join his company, so I was nervous.

We sent out invitations with response cards. Every morning the mail came, and I didn’t want to spend time opening it so I put it under a very strong desk lamp where I could immediately see the response. Some 440 people came from 31 countries to the first meeting in 1971, including John Kenneth Galbraith.

The success of the conference let me repay the debt and gave me a surplus, which I used to create the European Management Forum (now the WEF) as a not-for-profit foundation.

Expand your vision but control the brand. In the beginning [Davos] was a two-week course focused on Europe and management. In the 1970s the oil crisis triggered a more global approach. There are now 2,500 participants.

Some years ago we invited Hollywood celebrities who were involved in the issues we were addressing, believing that they might contribute. The media focused on them. This provided the wrong impression. We have not invited them since; we are afraid the brand would be hijacked.

Secrets of my success

Break the rules. I wanted to spend only one year studying business, so I went to Harvard’s Kennedy School and cross-registered for courses in the business school.

One day I was invited by dean George Baker to have tea; he wanted to meet the person who circumvented the rules. We developed a close relationship, and I invited him to be the chairman of the first Davos meeting. This helped guarantee its success

Maintain exclusivity. We have a strict philosophy: If someone retires, he is no longer invited. We want to make sure everyone who comes is really an active decision-maker.

Keep it simple. You can manage today’s complex world best by keeping your life as simple as possible. I do sports every day and have been happily married for nearly 40 years. People feel I’m the biggest networker, but I don’t go unnecessarily to parties. If I have to, I go for five to 10 minutes to show respect.

Klaus Schwab’s guide to Davos

Schedule your days, but leave time for chance meetings. They’re the most interesting. Don’t miss the opening session, for overall context. And if you go to only one party, go to the one on the last night co-hosted by the Forum and a government. This is the one party I always attend; this year it’s with South Africa, in its international kickoff to the 2010 World Cup. 

Source

The Cleveland Indians’ annual press tour will take the team to Columbus this month for an event set to benefit the cancer research fund started by the late Stefanie Spielman.

The Indians’ tour runs from Jan. 26-28 and consists of three buses visiting sites in Ohio and Pennsylvania with players, Manager Manny Acta, coaching staff and broadcasters.

The team’s Lou Doby bus is arriving at the Gameworks at Easton Town Center Jan. 26 for a press conference at 4:30 p.m. with the main event set for 6 p.m. Tickets are $5 and available only at the door, the team said. For details on scheduled appearances along with other stops and dates, click here http://cleveland small personal loans.indians.mlb.com/cle/fan_forum/presstour.jsp.

The charity set to benefit from proceeds is the Stefanie Spielman Fund at the James Cancer Hospital and Solove Research Institute. Spielman, wife of former National Football League and Ohio State University star Chris Spielman, died in November at the age of 42 following a years-long battle with breast cancer.

The regular season for the Indians, the parent club of the AAA Columbus Clippers, begins April 5 against the Chicago White Sox at Wrigley Field.

Source

Miami developer Asi Cymbal is buying property in Miami’s Design District with immediate plans for more restaurants and retail.

Cymbal is managing partner of the Michelle Bernstein restaurant Sra. Martinez and head of his own construction company.

At a steep discount, Cymbal scooped up the former site of a planned town home project – a little more than one acre (49,500 square feet) at the corner of Northeast First Avenue and 41st Street.

Cymbal paid $2 million for the $10.5 million mortgage with Compass Bank on the property on Dec. 30.

The prior owner was Jeremy Green of Nexus Development Group, who once had a slate of residential proposals for the area.

Cymbal, president of Miami-based Cymbal Development, said in an interview the project would involve retail and restaurants, but he declined to be more specific. He also said he might develop retail at some point in the future.

Cymbal owns the 25,000 square foot Midtown Center at North Miami Avenue and 34th Street. He did new construction at Midtown Center and rehabbed an existing warehouse, which is now home to Bardot bar and EQ3 furniture.

Cymbal also has plans to build a 100,000-square-foot structure at 112-130 NE 41st Street. About half of the building will serve as parking, with retail on the bottom and another use on the top of the building.

One of Cymbal’s partners on the future development projects is Amir Ben-Zion, who is a partner in Miss Yip Chinese Café and the Townhouse Hotel, both on Miami Beach.

Cymbal and Ben-Zion are familiar names in local real estate development circles fast payday loans. In March 2005, the pair were part of a partnership that paid $14 million for the flat-iron parcel one block west of Brickell Avenue.

The site was slated for a mixed-use office building, but the project never got off the ground. In July 2007, it was on the market for $32.5 million.

The pair sold their interest in the project and are no longer associated with it, Cymbal said.

In July of the same year, the pair were part of a partnership that paid $18 million for about an acre of land on Biscayne Boulevard near the Arsht Center for the Performing Arts, where it considered building condominiums. The project never started and the pair also sold their interest in that project, Cymbal said.

At the time, the area around the arts center was inspiring real estate dreams, with Terra Group planning a massive mixed-use development next door.

Cymbal was a vice president and general counsel for the Manhattan projects of Leviev Boymelgreen. He had no connection to the Boymelgreen’s Miami projects, most of which stalled.

As for the Design District, Cymbal said there is great demand for mixed-use projects in the growing Design District, which has become a focal point of activity for the annual Art Basel art event.

“Our intent is to bring the Design District to the next level,” Cymbal said.

Source

Arizona Public Service Co. has spent $8.5 million in the past four years on a program to help lower the cost of energy saving compact fluorescent lightbulbs.

Since 2005, the company has provided a discount of about $1 per bulb to retailers to help keep the cost low. Under the program, there have been more than 8.8 million lights sold through participating retailers.

The program is funded by fees charged to customers and approved by the Arizona Corporation Commission paperless payday loans.

APS officials estimate its customers will save about $350 million over the lifetime of the bulbs, which can last five years or more.

To further encourage people to switch their lighting habits, APS has rolled out an online calculator that can estimate the savings at homes that switch to CFLs.

For info: www.aps.com/MyCFL

Source

Delinquencies among small and medium-sized U.S. business borrowers fell in October for a third straight month, according to PayNet Inc, which provides risk-management tools to the commercial lending industry.

The improved snapshot of accounts in moderate and severe delinquency is consistent with indications that business conditions bottomed out earlier in the year.

“The financial health of these millions of companies is stabilizing and the ability to repay loans on time is improving,” said Bill Phelan, president and founder of Skokie, Illinois-based PayNet.

Accounts in moderate delinquency, or behind by 30 days or more, fell to 4.07 percent in November from 4.25 percent in October, according to PayNet.

That marked the greatest improvement in the measure since June 2004. Delinquencies were running at the lowest rate since December 2008.

Accounts 90 days or more behind in payment, or in severe delinquency, fell to 1.43 percent from 1.45 percent, a third straight monthly improvement.

Still, accounts behind 180 days or more, or in default, rose to 0.87 percent in October from 0.84 percent in September, yet another new high for the current business cycle.

PayNet’s Small Business Lending Index, which measures the overall volume of financing, fell 18 percent year-over-year in October.

In recent months the level of decline has started to flatten out, but Phelan said many companies don’t see a pressing need for new business investment.

“Demand from the consumer doesn’t exist like it’s done in the past,” he said. “Business owners are not yet comfortable in expanding their companies.”

PayNet collects real-time loan information, such as originations and delinquencies, from more than 225 leading U.S. capital equipment lenders.

The company’s proprietary database encompasses more than 16 million current and historic contracts, worth $700 billion.

More than half the money invested in plants, equipment and software in the United States in any given year is financed with loans, leases and lines of credit.

(Editing by Leslie Adler)

Read more

The euro zone does not risk the sort of debt problems plaguing Dubai, senior European Union officials said on Sunday.

Dubai was forced to seek a debt standstill last week, rocking global markets and reviving concerns about the fiscal health of some euro zone members, notably Greece.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, said he saw no risk of such a default in the euro area.

European Central Bank Governor Jean-Claude Trichet “entirely” confirmed what Juncker said.

The two were speaking at a news conference after a day of talks with Premier Wen Jiabao and other senior Chinese officials.

(Reporting by Simon Rabinovitch and Chris Buckley; Writing by Alan Wheatley; Editing by Mike Nesbit)

Read more

Dubai’s debt troubles have exposed the fallacy of its once much-vaunted “model” of raising shining cities in the desert with foreign residents, finance and labor.

They have also set in train a power shift toward Abu Dhabi.

On Wednesday, Dubai’s government said it will ask creditors of two of its flagship firms, Dubai World and property group Nakheel, for a debt standstill as it restructures the Dubai World group.

Questions are now being raised by investors about whether Abu Dhabi will bail out Dubai and at what price?

Though Abu Dhabi is the United Arab Emirates capital, the seat of most of its oil wealth and the largest of the seven self-governing emirates by size, it took a back seat in recent years as Dubai undertook spectacular real estate projects as a tourism and finance hub.

Dubai’s population rocketed to 1.5 million, as white-collar professionals from around the world took plum jobs in a country marketed as a liberal enclave in the Gulf sun.

An army of Asian workers was hired to construct the glitzy projects, drawing accusations of slave labor from rights groups, while Dubai’s own citizens dwindled to a small minority, bringing strains as cultural values mixed warily.

Since the financial crisis, the credit-driven boom has ground to a halt, many of the more affluent foreigners have left and the freewheeling emirate — a dynastic autocracy under the Al Maktoum family — is left with up to $80 billion in debts.

Abu Dhabi has stepped in to help, but avoided a direct bail-out of its neighbor — but it could be drawn into more direct backing if its own prestige is affected by Dubai’s woes.

“In exchange for Abu Dhabi providing cash, it wants Dubai to eliminate or reform a lot of the tangled web of competing of Dubai-based companies,” Eurasia Group said on Wednesday.

“Dubai has been resistant to some of Abu Dhabi’s demands, and its leaders have seen their political power and prestige dissipate in wake of the financial crisis.”

The federal central bank — effectively under Abu Dhabi control — took up $10 billion of a $20 bond issue by Dubai government earlier this year, and this week two Abu Dhabi banks took up $5 billion.

POWER SHIFT

The fiasco is playing into Abu Dhabi’s ambition to unify UAE policies, clean up the Gulf state’s image and project the country as a political power in the region.

The power shift is a sensitive issue — Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said this month the UAE was one big family and detractors who talk of division should “shut up.” 

Read more