Author: rameshnanda

Honda recalls 437,763 vehicles worldwide over airbag problem.

<http://economictimes.indiatimes.com/articleshow/5554500.cms>

I just read this article in ET.
Link to the article – Kirit Parikh panel for freeing petrol, diesel prices- Oil & Gas-Energy-News By Industry-News-The Economic Times

NEW DELHI: Kirit Parikh on Wednesday presented the report on fuel pricing to Petroleum Minister Murli Deora. The panel in its report advocated total decontrol of oil prices, while recommending an immediate increase in prices of kerosene by Rs 6 per litre.
The committee headed by economist Kirit Parikh also pegged the losses of state-run oil marketing companies at Rs 40,000 crore on account of having to sell transport fuels at below cost.
"The fuel pricing policy will address government’s fiscal problems," said Parekh at a press conference. In its report tha panel suggested to free petrol prices at refinery and at retail level. PSU oil companies at present lose Rs 3/litre of petrol. It also recommended retail diesel prices be market driven.
"There is no way we can continue with the current pricing policy," said Parikh while discussing the recommendations here.
The government may take a decision on freeing petrol and diesel prices after the report. Price of petrol may go up by Rs 4.70 a litre and diesel by Rs 2.30 a litre if the government gives the pricing freedom to state-owned oil marketing companies – IndianOil Corporation (IOC) Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL).
A price hike of petrol and diesel is imminent unless finance ministry pays full cash compensation to state-owned oil companies for kerosene and cooking gas, an oil ministry official said requesting anonymity. The finance ministry has decided to pay a compensation of only Rs 12,000 crore in 2009-10 to public sector oilcos for selling kerosene and cooking gas below cost as against total estimated revenue loss of Rs 31,000 crore in the fiscal year.
In July last year, the cabinet had taken a decision to meet the entire revenue loss of public sector OMCs on cooking gas and kerosene either through oil bonds or cash.
Losses on petrol and diesel were to be compensated by state-owned upstream companies – ONGC, Oil India and Gail India, he said. The upstream companies have already paid about Rs 8,364 crore to the three public sector oil companies for their losses on auto fuels in the first three quarters of 2009-10 .
The finance minister, however, wants to reduce fuel subsidy burden. He is in favour of deregulation , as mounting subsidy burden is a major concern for the public exchequer. The government had to pay over Rs 71,000 crore in 2008-09 as fuel subsidy though oil bonds.

I happened to see this article today.

TOKYO/JOHANNESBURG, Jan 29 (Reuters) – Honda Motor Co recalled 646,000 of its Fit/Jazz and City automobiles globally over a faulty window switch after a child died when fire broke out in a car last year.

The recall includes 140,000 vehicles in the United States and covers the models sold in North America, South America, Europe, South Africa and Asia, but not Japan, a spokeswoman said.

The Fit is Honda’s best-selling model in Japan. Earlier this week, Toyota Motor Corp’s announced it would extend to Europe and China a recall of millions of vehicles due to faulty accelerator pedals and floor mats.
Honda said the recall was to fix a defective master switch, which could cause water to enter the power window switch and in some cases cause a fire.

There were three reported cases of fires due to the defect, two in the United States and one in South Africa, the spokeswoman said.
A spokesman for Honda in Britain said the company had recalled all 2002-2008 year model Jazz units in South Africa and will recall 172,000 units in Britain after a fire broke out in one last year, killing a toddler.

Honda said on its website www.honda.co.za it would "inspect and modify driver door power-window switches that may, in some cases, short circuit as a result of water intrusion".

Vanilla Nurse was killed on her second birthday in Cape Town in September last year when the car she was sleeping in caught fire.

"There has been a recall to do with a window switch and 172,000 cars will be affected by the recall in the UK," a Honda UK spokesman told Reuters on Friday.

"The recall will start towards the end of February. Now we will start talking to customers and dealers as to how we set up that recall."

Honda UK said that water was entering the drivers’ window of its Jazz model and reaching a master power switch, potentially causing the switch to over heat and "potentially cause fire".

"At the recall a waterproof skirt will be fitted to the window to avoid any damage," the spokesman added.

Honda’s Jazz was its best-selling brand in December, selling 352 units during the month.