Business

November 26, 2009

Business News brief

Toyota to replace pedals

Toyota Motor Corp. said Wednesday it will replace accelerator pedals on about 4 million recalled vehicles in the United States because the pedals can get stuck in the floor mats.

Toyota said dealers will offer to shorten the length of the gas pedals by about 3/4 inch beginning in January, as a stopgap measure while the company develops replacement pedals for their vehicles. New pedals will be installed by dealers on a rolling basis beginning in April, and some vehicles will have brake override systems installed as a precaution.

Popular vehicles such as the Toyota Camry, the top-selling passenger car in America, and the Toyota Prius, the best-selling gas-electric hybrid, are among those getting fixed.

Bankruptcy more frequent

Bankruptcy filings in federal courts jumped by more than one-third this year, as businesses and individuals struggled to regain their footing in a weakened economy.

New numbers from the Administrative Office of the U.S. Courts show about 1.4 million bankruptcy cases were filed this fiscal year. That’s up 34.5 percent compared to last fiscal year. The bankruptcy figures cover a period from Oct. 1, 2008, to Sept. 30.

Filings under Chapters 7, 11, 12 and 13 all rose — particularly filings for Chapter 11 protection, which increased 68 percent. Overall, business filings were up 52 percent, while nonbusiness filings rose by 34 percent.

EU fears weak yuan

European businesses called Wednesday on EU economy officials to push China to allow their currency rise against the euro, saying the strong euro could hurt Europe’s economic recovery.

BusinessEurope, which represents most European companies, called for an “open and frank” debate on how China should consider allowing the renminbi, also known as the yuan, to appreciate against the euro.

It said China’s fixed exchange rates and the weak U.S. dollar “risks shifting the burden of future exchange rate adjustments on to the EU’s shoulders.”

Buick to be built in Canada

General Motors Co. says it will build a new Buick midsize car at its assembly plant in Oshawa, Ontario.

Production of the 2011 Buick Regal will begin in the first quarter of 2011 at the plant, which has been working overtime to keep up with high demand for the Chevrolet Camaro muscle car. Oshawa is along Lake Ontario just east of Toronto.

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