DUBAI // Hundreds of Toyota and Lexus cars are being recalled from the UAE’s roads due to faults related to airbags and fuel tanks.
The vehicles are part of a worldwide recall of 3.37 million cars.
In the UAE, 430 Toyota Zelas models from 2010, 2011, 2013 and 2014 as well as 190 Lexus CT 200h models from 2010 to 2014 are involved.
These models are equipped with a fuel vapour canister assembled to the fuel tank, which may result in a crack and fuel leakage.
“There is a possibility that a crack could develop on the edge of the resin channel for the emission gas flow due to an improper shape of the channel edge at that location,” said a statement from Al Futtaim Motors, which is the exclusive distributor of the brands in the UAE.
“Over time, the crack could expand and may eventually cause fuel leakage when the vehicle’s fuel tank is full.”
A further 130 Lexus CT200h models from 2010 to 2012 are also being recalled due to a potential fault in the airbag system, which could result in it deploying by accident.
“The subject vehicles are equipped with curtain shield air bags located in the left and right side roof rails, which use an inflator that contains compressed gas in one chamber and propellant in another; these chambers are welded together,” said Al Futtaim Motors.
“Some inflators could have a small crack in the weld area, which could propagate over time especially if the vehicle is parked and unoccupied for a period of time causing the inflator to separate.
“If this happens, the curtain shield air bag could partially deploy and, in exceptional circumstances, one or both sections of the inflator could be ejected from the roof rail into the interior of the vehicle.”
Al Futtaim Motors is contacting customers with the affected models and advising them to bring their cars in for servicing.
“We regret any inconvenience this may cause and thank our customers for their patience and understanding,” added the statement.
For more details, customers are urged to contact the Al-Futtaim Motors Customer Care Centre on 800-Toyota (800-869682) and 800-Lexus (800-53987) from 8.00am to 6.00pm, Saturday to Thursday (Ramadan timing).
nhanif@thenational.ae
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
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