The Star Online: Business
The Star Online: Business |
- Hyundai, Kia face $775m lawsuit over false fuel economy claims
- M’sia 3rd in FutureBrand index
- Biotech investment target revised
| Hyundai, Kia face $775m lawsuit over false fuel economy claims Posted: 07 Nov 2012 07:08 PM PST SEOUL: A U.S. lawsuit has been filed against Hyundai Motor Co and affiliate Kia Motors Corp, seeking $775 million in damages in one of the biggest known actions against the automakers since they admitted overstating the fuel economy of some their vehicles. The South Korea carmakers conceded on Friday that they had overstated the fuel efficiency ratings on more than 1 million recently sold vehicles in the United States and Canada, and agreed to compensate owners for the additional fuel costs. The lawsuit, which seeks class-action status, was filed in the U.S. District Court for Central California on behalf of 23 Hyundai and Kia car owners and challenges the automakers' compensation plan. Under the plan, customers will receive a debit card that will reimburse them for the difference in fuel economy, and an extra 15 percent to the amount will be added to acknowledge the inconvenience. The lawsuit, which like a separate one filed in the Southern District of Ohio this week, is seeking further compensation for the reduced value of their vehicles. Hyundai Motor was also sued in July by public interest group Consumer Watchdog for allegedly misleading consumers sensitive to high gas prices that its popular 2011 and 2012 Elantra model is more fuel efficient than it actually is. A Hyundai Motor spokesman declined to comment on the lawsuits. Moody's Investors Service has estimated that the automakers' compensation plan for fuel costs will cost them $100 million a year until the cars are scrapped but has not estimated potential legal costs. Hyundai shares were down 1 percent on Thursday morning, and have lost 7 percent since rumors of lawsuits first emerged late last week. Kia's stock fell 2.4 percent and has lost 5 percent since late last week. The broader market was down 1.5 percent on Thursday. - Reuters |
| M’sia 3rd in FutureBrand index Posted: 07 Nov 2012 07:07 PM PST PETALING JAYA: Malaysia has jumped seven rungs to third placing in the FutureBrand's Country Brand Index's (CBI) projected top 15 powerhouse country brands of the future. According to FutureBrand's South-East Asia CEO Sarah Reiter, the country's successful rise in the 2012-2013 CBI rankings was contributed by attribute areas of authenticity, political freedom, environmental friendliness, history and in attractions, among others. "As it stands today, Malaysia as a country brand is clearly moving in the right direction up by seven places. It not only continues to improve its individual CBI attribute rankings across the board, being in the top 25 worldwide for environmental friendliness, job opportunities and advanced technology, but the key measure of tourism' is forging ahead, leaping five places to 16th place," Reiter said. |
| Biotech investment target revised Posted: 07 Nov 2012 07:05 PM PST KUALA LUMPUR: Malaysian Biotechnology Corp Sdn Bhd (BiotechCorp) has revised upward its 2015 investment target for the biotechnology sector to RM26bil from RM9bil, given the growth rate in Asia. CEO Datuk Mohd Nazlee Kamal said the RM9bil target, comprising both foreign direct investment (FDI) and domestic direct investment (DDI), has been surpassed this year. "For this year, we have clinched RM12.7bil worth of investments, of which 70% is FDI," he told a press conference on the last day of the BioMalaysia 2012 Conference and Exhibition, one of the programmes under the the World Innovation Forum Kuala Lumpur. Mohd Nazlee said next year, BiotechCorp hopes to clinch between RM4bil and RM5bil worth of investments. - Bernama |
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