Technology: Daimler Cuts Outlook Again, Blaming Takata Airbag, Diesel Issues - PressFrom - Canada

TechnologyDaimler Cuts Outlook Again, Blaming Takata Airbag, Diesel Issues

10:55  12 july  2019
10:55  12 july  2019 Source:

City manager says Toronto homeowners could get ‘second tax bill’ due to Ford government cuts

City manager says Toronto homeowners could get ‘second tax bill’ due to Ford government cuts It won’t be possible to cut nearly $180 million from the city budget in 2019 without affecting services, the city’s manager told Toronto council on Tuesday. “It will not be achieved through efficiencies without scaling back services,” said Chris Murray. “You can’t rule out there being a second tax bill.” Council is meeting today and Wednesday and at the top of the agenda is a report on provincial cuts to funding that city staff have calculated will cost a total of $177.65 million in 2019, including a $65 million reduction to Toronto Public Health; an $84.

Takata has added an additional 2.7 million airbags to the nation’s largest automobile industry recall after a new hazard was detected in testing. The company told the National Highway Traffic Safety Administration on Monday that a subset of its airbag inflaters — ones that rely on calcium sulfate to

Unless Takata can prove that the airbag inflaters in question are safe, millions of additional vehicles could eventually be recalled . Consumers who are in the market for a new or used car, or who are wondering what type of inflater is buried within their steering wheel, have their work cut out for them.

Daimler Cuts Outlook Again, Blaming Takata Airbag, Diesel Issues© 2019 Getty Images BERLIN, GERMANY - MAY 22: Dieter Zetsche (R), Chairman of Daimler AG, and Ola Källenius, who will succeed Zetsche, pose for photographers at the annual Daimler AG shareholders meeting on May 22, 2019 in Berlin, Germany. Daimler has struggled with falling sales in its Mercedes-Benz unit and recently halted sales of its electric Smart car in the USA. (Photo by Sean Gallup/Getty Images) (Bloomberg) -- Daimler AG issued its fourth profit warning in just over a year, forecasting earnings before some items to be significantly below last year’s level. The shares fell about 4% in premarket trading.

The world’s biggest luxury carmaker blamed a 1 billion euro ($1.1 billion) rise in provisions for a recall to address faulty Takata airbags as well as higher expenses to deal with legal and governmental proceedings on diesel vehicles, Daimler said in a statement. As a result, second-quarter result has swung to a loss of 1.6 billion euros, before interest and taxes.

NewsAlert: Ontario's Tory government cancels retroactive cuts to municipalities

NewsAlert: Ontario's Tory government cancels retroactive cuts to municipalities TORONTO — Premier Doug Ford says his government has cancelled retroactive funding cuts to municipalities. The Progressive Conservative government has announced funding cuts to public health, child care, tourism and conservation authorities, as it tackles an $11.7-billion deficit. The cuts combined with the cancellation of an increase to municipalities' share of the gas tax mean local governments would be out well over half a billion dollars annually. Municipalities have been pushing back hard against the funding cuts, which were announced after they already passed this year's budgets.

Deployed Takata airbags in a 2007 Dodge Charger. Credit Rebecca Cook/Reuters. Last month, Takata , the Japanese airbag maker, bowed to pressure from the National Highway Traffic Safety Administration and declared many of its products defective

At issue is Takata ’s use of a compound called ammonium nitrate, which can become unstable over “Finally, there’s enough scientific evidence to point to the humidity issue as affecting the propellant “For a long period of time, they denied that ammonium nitrate was to blame . But this does validate

The manufacturer had cut guidance most recently last month, when it reduced the group’s annual earnings outlook to be level with last year. This time, a slower-than-expected rollout of new models and tepid growth in automotive markets also played a role.

Daimler’s New Leaders Confront Old Issues as Diesel Bites

Return on sales in the main Mercedes-Benz cars division is now expected to decline to between 3% and 5%, down from 6% to 8%.

The second outlook cut since Chief Executive Officer Ola Kallenius took over in May will put pressure on the new CEO to succeed in implementing proposed cost reductions and restore profitability.

To contact the reporter on this story: Elisabeth Behrmann in Munich at [email protected]

To contact the editor responsible for this story: Anthony Palazzo at [email protected]

For more articles like this, please visit us at

©2019 Bloomberg L.P.

Ontario’s new attorney general should reverse cuts to legal aid.
Ontario has a new attorney general, Doug Downey, who is no doubt facing a massive to-do list. But before he starts on any new projects, Downey should revisit a decision made in April by his predecessor, Caroline Mulroney, to slash the province’s legal aid budget by 30 per cent. At the time, Mulroney claimed the move would ensure “lower-income Ontarians continue to have access to the justice that they need.” That didn’t make sense then, and it doesn’t make sense now. The fact is, cutting funding for legal aid will further erode any hope the poor and vulnerable have of receiving justice in a system that’s already stacked against them.

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