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Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.

2013 Pikes Peak Hill Climb, Practice Day 3

The third practice day of the 91st Pikes Peak International Hill Climb is done. While the other classes got running time on the middle and top sections of the course, qualifying times were set on the bottom section of the course for the Open, Open Wheel, Electric, Exhibition and Vintage classes.
Everyone managed to keep it on the black stuff today, Greg Tracy setting the fastest time ahead of Hiroshi Masuoka, both men driving the Mitsubishi MiEV Evolution II four-wheel-drive prototype. Not even half a second behind Masuoka came Nobuhiro "Monster" Tajima in his Monster Sport E-Runner, who has taken about 18 seconds off his time since the first practice day. Rod Millen was the fourth fastest on the day in his Toyota TMG EV POO2.
Topping the Open Wheel class was Clint Vahsholtz, followed by Donner Billingsley, Andy Figueroa and Rodney O'Maley. The only driver in that class not to be given a time today was Dan Novembre. Kenshiro Gushi took the Exhibition class today as his Lexus IS F CCS-R made it up the mountain in 4:27.248, followed by Sage Marie in the Honda CR-Z at 5:19.591. Simon Pagenaud and his Honda Odyssey weren't classified.

Toyota's refreshed Sai is a Lexus HS by any other name

Toyota first launched Lexus in the United States back in 1989, but it wasn't until 2005 that it brought the luxury marque home to roost. But don't think that Toyota didn't find a way of selling many of its premium models in the Japanese Domestic Market in the meantime. The Lexus LS was sold as the Toyota Celsion, the ES as the Vista and Camry Prominent, and the SC as the Soarer. (We could go on, but you get the point.)
These days Lexus sells in markets around the world, including Japan, but Toyota still spins off its own versions of Lexus models to sell domestically as well. Like the new Sai, for example. Sharing its platform, hybrid propulsion and much more with the Lexus HS (which you may remember as the world's first dedicated luxury hybrid until it was pulled from the market early last year), the Sai was introduced to Japan at the same time as the HS was rolled out around the world. Now nearly four years on the market, Toyota has given it a bit of a refresh.
Boasting a far more aggressive front end and a restyled rear, the revised Sai features LED headlights, 16-inch alloys and a higher-quality interior in which JDM buyers will find a new center console and trim, along with an optional 10-speaker infotainment system. Toyota also boasts that the new Sai is made of 20-percent Ecological Plastic and recycled resin.