Lexus GX series cars sit in the lot at a Lexus dealer in Los Angeles. Embattled Japanese automaker Toyota announced Tuesday it was temporarily suspending sales of the 2010 Lexus GX 460 after a respected US consumer magazine warned readers not to buy the SUV model.?(Xinhua/AFP Photo)

TOKYO, April 15 (Xinhua) — Toyota Motor Corp. will reportedly repair possible defects in approximately 6,000 models of their high-end Lexus GX 460 sport utility vehicles (SUV), sources with knowledge of the matter said Thursday.

The world\’s largest automaker halted global sales of the model following the U.S. Consumer Reports magazine calling the GX 460 SUV a \”safety risk,\” citing the potential for the vehicle to roll over when cornering at high speeds. The magazine assigned a \”don\’t buy\” recommendation to the vehicle.

Toyota said they have not discovered any problems in the SUV that could be in possible violation of regulations but opted to take swift action to prioritize the safety of drivers in the wake of a massive global recall that has shaken consumer confidence in the automaker, sources said.

Consumer Reports, a nonprofit New York-based publication said April 13 that emergency driving tests indicated the 2010 GX 460 model may be prone to rolling over.

\”The GX\’s rear end slid out until the vehicle was almost sideways before the electronic stability control system was able to regain control, at a Connecticut test track,\” the magazine said.

\”In real-world driving, that situation could lead to a rollover accident, which could cause serious injury or death,\” it added.

Toyota is expected to look at the electronic control system of the SUV responsible for stabilizing the vehicle when it is running and also determine whether to take emergency measures for another of its SUVs, the Land Cruiser Prado, the structure of which is similar to that of the GX 460.

Related:

Toyota to temporarily stop selling Lexus GX460

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Toyota to change production structure to boost profitability

Toyota holds 1st special committee meeting for global quality

Toyota holds 1st global committee meeting in Japan to shore up quality control

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Toyota recalls 12,500 cars in Romania over faulty accelerator pedals

http://www.ceshq.com

WELLINGTON, April 15 (Xinhua) — Haier, the world\’s largest manufacturer and marketer of whiteware, is now one of three foundation sponsors of the New Zealand pavilion at Shanghai World Expo, which officially opens on May 1.

Haier is one of China\’s largest companies, with 29 manufacturing centers and 60,000 employees.

Phillip Gibson, New Zealand\’s Commission-General for the Expo, on Thursday described Haier\’s decision to join Zespri and Solid Energy as a Foundation Partner for the New Zealand pavilion as a \” tremendous boost\”.

\”Haier, because of its status both in China and on the global stage and its strong interest in New Zealand, will be a prestigious major sponsor for the New Zealand pavilion,\” Gibson said in a media statement.

He said that it was important that there was strong private sector support for the New Zealand participation at the Shanghai World Expo.

Other major sponsors include Fonterra, Air New Zealand, ANZ and Ngoi Tahu, along with foundation sponsors Solid Energy and Zespri.

The New Zealand pavilion at the Expo Park in Shanghai is close to completion, with finishing touches now being added. It is expected that some 40,000 people will visit the New Zealand pavilion each day.

http://www.lersus.com

BEIJING, April 14 (Xinhua) — Agricultural Bank of China (ABC), a leading Chinese lender, said Wednesday it had signed an agreement with the Ministry of Agriculture (MOA) to provide credit support for leading agricultural firms.

Under the agreement, ABC would extend a credit line of intent worth 120 billion yuan (17.58 billion U.S. dollars) to large-sized enterprises in the agricultural sector and model areas for industrializing the agricultural sector.

ABC and MOA were confirmed as key strategic partners.

The agreement was designed to ease financing difficulties faced by major agricultural firms and push them to make more scientific and technologic innovations, said ABC chairman Xiang Junbo.

Minister of Agriculture Han Changfu urged government at all levels to recommend good programs in a timely fashion for agricultural development and cooperate with ABC in financing and management.

By the end of 2009, ABC had provided financial services to 598 large-sized agricultural enterprises, accounting 67 percent of the country\’s total.

http://www.zokn.com

SAN FRANCISCO, April 14 (Xinhua) — Citing unexpected demand in the United States, Apple Inc. on Wednesday announced that it will delay international release of its iPad tablet computer by one month to the end of May.

Apple first rolled out iPad in the U.S. market on April 3 with models that only have Wi-Fi links to the Internet.

The company had originally planned to sell the iPad in other nine countries as well as shipping models with both Wi-Fi and 3G connectivity in the U.S. in late April.

Though over 500,000 iPads were delivered during the first week since the product\’s debut in the U.S., Apple said demand is far higher than predicted and will likely continue to exceed the company\’s supply over the next several weeks.

\”Faced with this surprisingly strong U.S. demand, we have made the difficult decision to postpone the international launch of iPad by one month, until the end of May,\” Apple said in a statement.

According to Apple, international customers can begin to take online pre-orders of iPad on May 10 for delivery in late May.

\”We know that many international customers waiting to buy an iPad will be disappointed by this news, but we hope they will be pleased to learn the reason — the iPad is a runaway success in the U.S. thus far,\” Apple noted in the statement.

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BEIJING, April 15 (Xinhua) — Wuhan Iron and Steel Group, China\’s third-largest steel maker, said it would raise prices on key steel products by 500 yuan (73 U.S. dollars) per ton from May on rising raw materials costs.

Other major steel makers including Baosteel and Anshan Iron and Steel Group are also set to raise steel prices to pass costs to consumers as iron-ore prices nearly doubled last year, Thursday\’s China Daily reported.

Prices for hot-rolled steel coil, tinplate, electrical steel, pre-painted steel and wire rod will surge by 500 yuan per ton and cold-rolled plates will rise by 100 yuan.

Steel producers had no choice but to transfer the higher production costs to consumers to prevent a decline in margins, the newspaper cited Xu Xiangchun, an analyst with industry watcher Mysteel.com as saying.

BHP Billiton, the world\’s largest miner, sold its ores over 130 U.S. dollars per ton under April-June contracts, more than twice last year\’s fixed price.

Steel prices would continue to rise in the short term, with increasing demand for steel products and raw materials including coke and iron ore, the newspaper quoted Xu as saying.

Average steel prices in China are at their highest point since August 2009, according to Mysteel\’s composite steel price index, rising by 15 percent over the last month.

Related:

China to impose anti-dumping duties on U.S., Russian steel

European steel makers urge EU to examine iron ore pricing

Xining Special Steel Co. 2009 net profit jumps 315%

China reschedules Zimbabwe steel maker debt: minister

http://www.zokn.com

LAGOS, April 14 (Xinhua) — Royal Dutch Shell in Nigeria, the Shell Petroleum Development Company of Nigeria Limited (SPDC) said on Wednesday that it has temporarily shut down it EA field offshore in Western Niger Delta as a precaution to enable repairs.

\”The SPDC Joint Venture-operated EA field offshore Western Niger Delta has been temporarily shut down as a precaution to enable repairs to equipment which connects the Floating, Production, Storage and Offloading (FPSO) facility, Sea Eagle with the mooring platform,\” the company said in a statement reaching here.

\”The equipment in question was scheduled to be overhauled in May this year, but bad weather – including a storm on March 26 has forced the schedule to be brought forward,\” it added.

According to the statement, production of some 100,000 barrels of oil equivalent per day has been deferred.

http://www.gemuhope.com

BEIJING, April 14 (Xinhua) — China UnionPay (CUP), the largest bank card organization in China, launched Wednesday an automatic teller machine (ATM) service in South Africa in alliance with the Standard Bank of South Africa.

The cooperation would allow CUP cards to be accepted at 5,100 ATMs under the Standard Bank, which would benefit cardholders while in South Africa to watch the 2010 FIFA World Cup, said Cai Jianbo, first executive vice president of China UnionPay.

The service would gradually expand to airports, souvenirs shops restaurants, and shopping malls in South Africa, Cai said.

CUP began to tap into the South Africa market in 2008.

http://www.znnw.com

BEIJING, April 14 (Xinhua) — China\’s property market continued to hot up in March with home prices in major cities growing at a double-digit pace, even as the government tries to rein in prices, official data released Wednesday showed.

Home prices in China\’s 70 large and medium-sized cities including Beijing, Shanghai and Guangzhou increased 11.7 percent in March from a year earlier, the National Bureau of Statistics (NBS) said in a statement on its website.

The March year-on-year growth rate is 1 percentage points higher than that in February.

Prices of new homes nationwide rose 14.2 percent in March year on year, the NBS said.

Of major cities, prices of new homes in Haikou, capital city of Hainan Province, jumped the most with a surge of 64.8 percent year on year last month. Haikou home prices were boosted by a government decision taken last December to make the island an international tourist resort.

Prices of existing homes in the major cities advanced 9.5 percent year on year in March, the statement said.

Sanya, the second largest city in Hainan, saw its existing home sale prices rise 50.4 percent year on year, the most for any city, the statement added.

http://www.nmgmzbwg.com.cn

BEIJING, April 14 (Xinhua) — China\’s land transfer revenue jumped 43.2 percent year on year in 2009 to hit 1.42 trillion yuan (208.49 billion U.S. dollars), as the nation\’s property market boomed.

Land transfer fees fell 19.7 percent in the first half of last year as the global financial crisis dampened property developers\’ confidence before rising 110.9 percent in the second half, after the worst of the financial crisis had past, the Ministry of Finance said Wednesday.

Nearly two thirds of the revenue came from coastal provinces, the Ministry said.

China spent 1.23 trillion yuan of the land transfer revenue, a rise of 28.9 percent from a year earlier.

Land acquisition and compensation for demolition accounted for 40.4 percent of the total expenditure, while urban construction and land development was 27.1 percent and 10.7 percent, respectively.

Land transfer fees are local governments\’ main source of income, and they are major beneficiaries of the country\’s overheated real estate market.

House prices almost doubled in big cities like Beijing in 2009.

Separately, a total of 20,556 apartments were sold in the first three months of 2010 in Beijing, up 15 percent from a year earlier, with 13,268 apartments sold in March, up 40 percent year on year, the China Land Surveying and Planning Institute said Tuesday.

http://www.marconimedical.com

BEIJING, April 20 — Zhejiang Geely Holding Co is likely to set up its Chinese headquarters and a Volvo vehicle factory in Shanghai, according to a city district official.

\”Geely has already signed a framework agreement with the related department in Jiading District about a proposed headquarters and plant,\” he said Monday.

The Jiading Industrial Zone official requested anonymity during a telephone interview.

\”It\’s still under discussion and no final decision has been made yet,\” he said.

Zhejiang Province-based Geely, which acquired Volvo from Ford for US$1.8 billion at the end of March, wants to localize Volvo production in China to help revive the brand domestically and globally.

Geely has reportedly also sounded out Beijing, Chengdu and Tianjin for the headquarters-Volvo initiative.

Industry analysts said Jiading, China\’s major vehicle industrial hub and home to many of the world\’s leading auto parts companies, had advantages in sourcing and management expertise.

A Geely spokesman declined to comment Monday.

Geely already has factories in Shanghai, which produce its Maple brand cars and London black cabs.

According to a report by the Economic Observer, Geely\’s plans in Shanghai include the formation of a company named Shanghai Geely Zhaoyuan International Investment, with a registered capital of 20 million yuan (US$2.92 million).

The investment would eventually be lifted to 8.1 billion yuan, the report said.

The Jiading Industrial Zone and Asset Management Committee would jointly hold 12.35 percent in the company, while another Geely affiliate and a state-asset management firm of Daqing City would hold the remaining 87.65 percent, it said.

Li Shufu, chairman of Geely, admitted the establishment of the investment company in Jiading during a media interview on Sunday.

But he said it did not necessarily mean the headquarters and plant would be set up in the Shanghai district.

\”Volvo will certainly have its production facilities in China but we will make the formal announcement only after all documents are signed,\” Li said.

?(Source: Shanghai Daily)

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