Honda to use Facebook to find owners with defective Takata airbags

Honda to use Facebook to find owners with defective Takata airbags
Takata’s air bag inflators have been linked to at least 18 deaths and 180 injuries around the world. (Reuters)
Updated 20 November 2017

Honda to use Facebook to find owners with defective Takata airbags

Honda to use Facebook to find owners with defective Takata airbags

BENGALURU: Honda said on Monday it will use Facebook’s custom audiences tool to find car owners with defective Takata airbags.
The tool, which allows advertisers to reach a specified list of users, will match encrypted email addresses associated with recalled vehicle identification numbers to Facebook users.
Japan’s Takata’s air bag inflators have been linked to at least 18 deaths and 180 injuries around the world because they can rupture and shoot metal fragments into vehicles.
Honda, whose vehicles account for 17 of the 18 deaths worldwide, has been by far the most aggressive in reaching out to affected customers.
A report issued on Friday by an independent monitor of the Takata recalls said more than 10 million US vehicles and 18.5 million faulty Takata air bag inflators remain unrepaired in the largest ever auto recall.
Automakers have recalled or expect to recall by 2019 about 125 million vehicles worldwide to replace air bag inflators, including more than 60 million in the US.


Saudi PIF seeks investment flexibility with $5 billion-plus loan

Updated 04 December 2020

Saudi PIF seeks investment flexibility with $5 billion-plus loan

Saudi PIF seeks investment flexibility with $5 billion-plus loan
  • The loan finances are for use if and when the fund identifies investment opportunities 
  • PIF  is at the heart of the Kingdom’s strategy of economic diversification under its Vision 2030 reform plan

DUBAI: The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is in talks with bankers to raise a loan of between $5 billion (SR18.75 billion) and $7 billion to provide flexibility in its investment strategy.

The PIF has declined to comment on reports of the loan, said to be in the form of a revolving facility from a number of international banks, but sources said it was part of the fund’s regular financing arrangements, which have seen it take out and repay facilities for the past two years.

The loan finances are for use if and when the fund identifies investment opportunities and may not necessarily be used.

The PIF has been opportunistic during the coronavirus pandemic in identifying what it saw as undervalued assets on global stock markets and has been an active trader in securities on international markets.

The fund invested $7 billion in mainly US stocks in the first quarter of the year, when markets were first impacted by pandemic lockdowns, and increased and diversified that in the second quarter. It scaled back its commitments in the third quarter when asset values were near all-time highs. In the summer, it spent $1.5 billion to acquire a stake in the Indian digital business Jio Platforms.

PIF, under governor Yasir Al-Rumayyan, is at the heart of the Kingdom’s strategy of economic diversification under its Vision 2030 reform plan, while simultaneously building an international portfolio of assets.

Earlier this year, PIF repaid a $10 billion syndicated loan ahead of schedule after it completed the sale of its stake in SABIC to Saudi Aramco, and in 2018 it raised an $11 billion term-loan facility from international banks.

Previous fundraisings were done in partnership with a group of 10 banks from the US, Europe, and Asia that form part of the fund’s “core banking relationships.”