Rupee settles 2 paise higher at 71.19 against USD on easing crude prices

Toyota recalls 2.9M vehicles; air bags may not inflate

Toyota North America SVP: The passenger car business is still good

FBN’s Jeff Flock interviewed Ford Global Operations President Joe Hinrichs and Toyota North America SVP Bill Fay at the 2019 Chicago Auto Show.

Toyota is recalling about 2.9 million cars in the U.S. because the air bags may not inflate in a crash.

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The recall covers certain 2011-2019 Corollas, the 2011 to 2013 Matrix, the 2012 through 2018 Avalon and the 2013 to 2018 Avalon Hybrid.

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Toyota says the air bag control computer may not be properly protected against electrical interference. That can lead to incomplete air bag deployment or failure to inflate in a crash.

HONDA RECALLS 2.7M NORTH AMERICAN VEHICLES FOR NEW AIR BAG INFLATOR DEFECT

In most cases Toyota dealers will install a noise filter between the air bag control computer and a wiring harness. In some cases dealers will inspect the computer to determine if it needs the filter.

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Owners will be notified by mid-March.

ProLogis Q4 adjusted earnings Beat Estimates

ProLogis (PLD) released earnings for fourth quarter that declined from the same period last year.

The company’s earnings came in at $385.48 million, or $0.61 per share. This compares with $596.57 million, or $0.94 per share, in last year’s fourth quarter.

Excluding items, ProLogis reported adjusted earnings of $551.19 million or $0.84 per share for the period.

Analysts had expected the company to earn $0.38 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.3% to $826.02 million from $807.09 million last year.

ProLogis earnings at a glance:

-Earnings (Q4): $551.19 Mln. vs. $526.32 Mln. last year.
-EPS (Q4): $0.84 vs. $0.80 last year.
-Analysts Estimate: $0.38
-Revenue (Q4): $826.02 Mln vs. $807.09 Mln last year.

Ex-Ethics Chief Gives Republicans A Much-Needed Lesson In Democracy

Walter Shaub on Tuesday night used a lengthy Twitter thread to attempt to make sense of the GOP-controlled Senate’s impeachment trial of President Donald Trump over the Ukraine scandal.

The former head of the U.S. Office of Government Ethics used 16 posts to imagine “trying to explain democracy to someone who showed up at today’s trial with no knowledge of democracy except for (President Abraham) Lincoln’s quote about a ‘government of the people, by the people, for the people.’”

Shaub served under former President Barack Obama and resigned six months into Trump’s presidency. He has since become a vocal critic of the Trump administration.

“What they witnessed might raise a few questions,” he said.

Check out the full thread here:

Senate approves Trump impeachment trial rules

WASHINGTON (Reuters) – The U.S. Senate voted early on Wednesday to approve rules governing the impeachment trial of President Donald Trump, including delaying a debate over whether to call witnesses until the middle of the trial.

With Republicans banding together, the Senate voted 53-47 to adopt the trial plan, which allows opening arguments from House lawmakers prosecuting the case to begin later on Wednesday.

Jake Tapper Hits Saudi Embassy With Scathing Reminder About Jamal Khashoggi

Saudi Arabia’s U.S. embassy incurred the wrath of CNN’s Jake Tapper after it called for a probe into media reports that the kingdom’s crown prince was behind the 2018 hacking of a cellphone belonging to Amazon CEO Jeff Bezos.

The embassy denied the story and demanded an investigation “so that we can have all the facts out.”

“Great idea,” Tapper fired back on Twitter.

“There was a respected Washington Post columnist who I would love to have investigate the matter, but you killed him,” Tapper added.

Tapper was referencing the October 2018 killing of Saudi journalist Jamal Khashoggi, which U.S. intelligence officials believe was ordered by Saudi Crown Prince Mohammed bin Salman.

Saudi officials have repeatedly denied the link. Five people in December were sentenced to death for the killing and three more were jailed. Human rights experts have questioned the legitimacy of the trial.

Tapper’s scathing comment earned him praise on Twitter:

McDonald’s launches employee education app, Archways to Careers

McDonald’s Corp. MCD, -0.39% said Wednesday that it has launched an app that will help its employees take full advantage of the education benefits the fast-food giant offers. Archways to Careers will serve as a career advising tool that will connect workers with professionals at InsideTrack, a McDonald’s partner and coaching organization. The app builds on the Archways to Opportunity program that helps workers learn English language skills, get a high school diploma and provides financial aid for college tuition. McDonald’s stock has gained 14.4% over the past year while the Dow Jones Industrial Average DJIA, -0.52% is up 19.6% for the period.

Rupee settles 2 paise higher at 71.19 against USD on easing crude prices

The next trigger for the domestic currency will be the Union Budget and RBI Monetary policy.

The rupee strengthened by 2 paise to settle at 71.19 against the US dollar on Wednesday amid easing crude oil prices.

Forex traders said strengthening of the American currency and weak domestic equities dragged the local unit, however easing crude prices supported the rupee and restricted the fall.

The next trigger for the domestic currency will be the Union Budget and RBI Monetary policy, they said.

At the interbank foreign exchange market, the local currency opened on a positive note at 71.17. During the day, it saw a high of 71.16 and a low of 71.24.

The Indian currency finally settled at 71.19, higher by 2 paise against its previous close. The domestic unit had settled at 71.21 against the American currency on Tuesday.

“Rupee got support from the lower crude oil prices and foreign fund inflows. Foreign fund inflows heads for the fifth month in trot to USD 1.698 billion,” said V.K. Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Mr. Sharma further added that “We expect USDINR to trade between 70.80-71.60 levels till month end and the further course of action will depend on upcoming budget and RBI monetary policy”.