DUBAI // Honda is recalling more than 2,000 of some of its Accord coupe models due to a fault in the automatic transmission that could stall the engine during gear changes.
The move allows for a software update to the transmission that would resolve the issue.
The recall affects owners of the Accord model sold from 2008 to 2010, and is part of a worldwide recall involving 2.5 million cars in the United States and China.
Honda said no injuries or deaths have been reported related to this issue.
"We have about 2,097 vehicles in the UAE affected by this," said Arijit Basu, the general manager of sales for Honda Middle East.
"The models affected are the coupes, and they are the ones that require the software update."
He said Honda in the UAE had not received any complaints from customers, but decided to implement the recall as a precaution following complaints in Japan and the US.
"It is a simple change that once done will update the [automatic] transmission unit," he said. "We will contact the owners immediately through our database, and the work will be done free of charge."
The problem relates to a bearing that was not built with enough strength. As a result, it may create an "abnormal noise" or cause the engine to stall when changing gears quickly in some circumstances, the company said.
"Without the updated software, the automatic transmission secondary shaft bearing in the affected vehicles can be damaged if the transmission is quickly shifted between each of the reverse, neutral and drive positions, as may be done in an attempt to dislodge a vehicle stuck in mud or snow," said a statement on Honda's US website. "If the bearing is damaged in this unusual scenario, it can cause the engine to stall or lead to difficulty engaging the parking gear."
The update to the automatic transmission control module software will ease the transition between gears to reduce the possibility of damage, said the statement.
In the United States, certain 2005-2010, 4-cylinder Accord, 2007-2010 CR-V, and 2005-2008 Element vehicles will be included in the voluntary recall, said the company.
It was Honda's second recall of the summer.
In July, Honda recalled almost 7,000 Civics sold in the UAE between 2009 and 2010 because of a fault in the water cooling system that could shut down the car's engine.
In May 2010, Honda recalled 245 cars due to faulty brakes, affecting the Odyssey and Element models made in 2007 and 2008.
In February of this year, UAE Honda owners were unaffected by a global recall of almost one million 2001 and 2002 Accord, Civic, Odyssey and CR-V models due to faulty driver-side air bags.
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Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs: 2018 Nissan Altima
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