Word: problems
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Meanwhile, Japan's central bank has finally conceded that deflation is a critical problem and signaled that Japanese interest rates will remain at historically low levels for at least the balance of 2010 as the government prepares to devalue its currency...
...been piling up. Literally. According to a report from Massachusetts-based Safety Research & Strategies (SRS), a consumer-advocacy group, there was a spike in the number of unintended-acceleration incidents in some Toyota vehicles in 2002, about the same time that Toyota introduced its electronic throttle control. The problem was initially blamed on a floor mat or vehicle trim that, if it came loose, could jam the accelerator pedal in an open-throttle position. That was followed by the first of several National Highway Traffic Safety Administration (NHTSA) investigations, in 2003, and two small recalls...
...Modifying the floor mats, though, didn't fix things. Toyota at first refused to believe that there was a mechanical problem with its pedals, blaming customers for improperly installing the floor mats. But by the time Toyota got around to a second recall, on Jan. 21, this one of 2.3 million vehicles, its reputation was in tatters. (See the top 10 product recalls...
...What won't be so simple is restoring the faith and confidence in Toyota, which has allowed what might have been a containable problem to explode into a full-blown crisis by continually being a step behind in the management process. "I've never regarded Toyota as invincible, a company which never makes mistakes," Toyoda said on Tuesday. "However, when we do find something wrong, or when our customers point out problems, we have always made the adjustments to manufacture improved future products. And I'm very confident that we can continue to deliver the way we have...
...Europe's less profligate members are realizing, the problem with family is that a good name can be tarnished by a single member's bad behavior. Concern over Greece's public deficit - which now exceeds 12.7% of GDP, well over the E.U. limit of 3% - has sent the euro tumbling and caused stock markets across the continent to fall. And with the finances of eurozone countries now under a market microscope, questions are now being asked about Spain and Portugal, which are also battling high deficits. (See pictures of the global financial crisis...