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...start of the year, the 16 European nations that make up the euro zone have watched their currency plunge to an eight-month low as a result of sovereign-debt panic. Greece, which is perhaps the weakest link in the European Union, was first to hit the wall on news that its deficit has ballooned to nearly 13% of GDP. Then last week, worry about debt default spread from Greece to Spain, Portugal and Ireland, where spending is similarly out of control. (See the best business deals...
...Kingston puts his finger on one failing in modern Japanese corporations like Toyota: those lower in the organization find it difficult to deliver bad news to managers. Nearly every company faces this issue from time to time. "But this is a brand-threatening, life-endangering crisis," he says. Changing the way Toyota works won't be easy, says Grossberg. "Management cannot turn on a dime. They have so much invested in doing things the Toyota way," he says...
...news comes on the back of over 1,300 complaints filed about the Prius models on the U.S. National Highway Traffic Safety Administration website as of Monday. Toyota's North American president Yoshi Inaba is scheduled to testify in Washington on Wednesday over the company's safety record at a House Oversight and Government Reform Committee hearing...
...Toyoda - who unconvincingly insisted that he made the second public appearance not because he has come under fire, but because it was his "own way of improving the situation" - delivered the bad news at the Ministry of Land, Infrastructure, Transport and Tourism, where minister Seiji Maehara also learned the chief of the world's largest automobile maker is headed to the U.S. on an apology tour. Maehara has condemned Toyota for being insensitive and slow in responding to domestic consumer complaints - the first report of the brake problems in Japan goes back to July, and 84 had been filed...
...Back in Greece, the economic news is being followed with obsessive intensity. Widows in black are chattering about "the spread" - the premium investors demand to buy Greek debt - while the country's unions are mustering their strength, hoping to show the government they will not accept pay and benefit cuts quietly. Thousands of public sector workers and their supporters took to the drizzly streets of Athens on Wednesday to protest the government's proposed austerity measures, which include a 10% cut on bonuses, which make up a large percentage of many state employees' total wages, and increases in the retirement...