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“It’s unforgivable that these inspection-related issues are continuing,” CEO Tomomi Nakamura said at a briefing, while repeatedly adding that the latest recall would be the last related to testing misconduct. The automaker expects to incur 6.5 billion yen ($57 million) in costs related to the latest recall. This, along with other quality-linked issues, is expected to push Subaru’s operating profit to 220 billion yen in the year to March 2019. It had previously forecast a 300 billion yen profit.
Subaru posted a surprise operating loss of 25 billion yen for the three months ended September, its first time in the red for a quarter since 2009 and missing a mean forecast for a 68.46 billion yen profit from 10 analysts polled by Refinitiv, Recall-related costs were the main driver of the loss, best cufflinks brands while global sales fell 6 percent over the quarter due to weak demand in the United States - its biggest market where overall demand has cooled since record-high sales in 2016, (Click here for an interactive chart on Subaru's operating results tmsnrt.rs/2Ru9Edl)..
PAINFUL ENGINE-RELATED RECALL. Last month, Subaru nearly halved its first-half operating profit view, citing higher quality-related costs. It later announced a global recall of around 400,000 vehicles, including its Forester SUV and Impreza sedan, to fix a design flaw in the engines’ valve springs. That came on the heels of another series of recalls stemming from revelations last year that uncertified workers had been submitting final inspection reports for vehicles sold in Japan. That had also led to a recall of about 400,000 cars.
Recalls are common in the auto best cufflinks brands industry and automakers regularly put funds aside to pay for them, But Subaru expects it will need more cash to cover the recall costs - particularly for its distinctive, horizontally placed boxer engines, which have a loyal following among racing enthusiasts, as it involves time-consuming replacements, “I have already heard from overseas that this recall could hit our brand image,” Nakamura said, Shares of Subaru, which so far has not been able to improve compliance at its plants, have shed almost 20 percent this year, on track for a third straight annual drop - pressured also by bleaker prospects in the United States..
LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them. If the last five U.S. midterm elections are anything to go by, investors should be long U.S. stocks on Tuesday to make the most of a knee-jerk upwards move - no matter what the outcome. Equities have risen the day after each of the past five midterms. During President Barack Obama’s second term in November 2014, stocks rose 0.6 percent when Republicans made broad gains and took control of the Senate. Energy stocks got a particular boost on hopes of approvals for pipelines. And Obama’s first-term midterm elections also saw stocks grind higher after Republicans took control of the House.
Going back to 2006 during President George W Bush’s second term, stocks nudged 0.2 percent up when Democrats took control of the house; while in 2002 stocks rose 0.9 best cufflinks brands percent, A Republican win this time around, that allows them to retain total control of Congress, could boost stocks as it would increase the chances of more tax reform and further de-regulation, Still, a Democratic takeover of the House may not significantly shake the market if it has effectively been priced in - offering the prospect of gridlock and stability in policy..
For graphic on Midterm Knee-Jerk click tmsnrt.rs/2CUShhS. Is there light at the end of the trade war tunnel? U.S. President Donald Trump and Chinese President Xi Jinping both seemed optimistic about resolving their bitter trade dispute after Thursday’s phone discussion and ahead of a high-stakes meeting at the end of November in Argentina. Hopes for a possible deal propelled the yuan away from 7 the threshold to the dollar, for now. The currency had been under pressure amid worries over slowing growth in the world’s second largest economy.
And despite a raft of stimulus measures announced by Beijing having already brightened best cufflinks brands investors’ mood, the jury is still out as to whether the yuan could crash through that key level, according to a Reuters poll, If it does, consensus predicts the move to be gradual unless economic conditions in China deteriorate further, Trade data out this week will surely be scoured for clues on that, For graphic on China Yuan click tmsnrt.rs/2P9ne9y, As the European earnings season continues to rumble on, analysts are scratching their heads as to what exactly triggered a sharp selloff across global equity markets last month, which seems to have hit price performance but left earnings expectations largely intact..