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TechnologyDaimler Cuts Outlook Again, Blaming Takata Airbag, Diesel Issues

10:55  12 july  2019
10:55  12 july  2019 Source:   msn.com

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

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, Sees significant drop in profit on airbag , diesel issues . Pressure is on for new management to deliver turnaround. But on Friday, the Mercedes-Benz maker cut its earnings outlook again -- the fourth It blamed provisions for vehicle recalls to fix defective airbags and a need to set aside more money to

Luxury carmaker Daimler said it would intensify cost cuts after legal risks for diesel -related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros (.74 billion) loss before Daimler pledged to cut costs in response but provided few details under new Chief Executive Ola Kaellenius

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.

Doug Ford reverses retroactive funding cuts amid fierce pressure from Toronto

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Luxury carmaker Daimler cut its profit forecast for the fourth time in 13 months on Friday, as it set aside more money to cover a regulatory crackdown on diesel It also said provisions related to an extended recall connected to Takata airbags would increase by around 1 billion euros, and a review of its

FRANKFURT (Reuters) - Luxury carmaker Daimler (DE:DAIGn) cut its profit forecast for the fourth time in 13 months on Friday, as it set aside more money to cover a regulatory crackdown on diesel emissions and vehicle recalls related to Takata airbags . The German automaker is among a raft of

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 ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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More than 100 Toronto emergency room doctors urge province to reverse public health cuts.
More than 100 Toronto emergency room doctors urge province to reverse public health cuts

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