Car owners sue Ford over problem engine

THREE Ohio drivers are suing Ford Motor Co., claiming the company's six-cylinder EcoBoost engine is defective.

The lawsuit says the 3.5-litre V6 EcoBoost engine can shudder, shake and then rapidly lose power while drivers are accelerating.

Two of the plaintiffs, a married couple, say their 2010 Ford Taurus SHO has lost power and stalled on multiple occasions. The third says he has lost power when he was accelerating in his F-150 pickup.

The lawsuit says more than 100 drivers have complained to the National Highway Traffic Safety Administration (NHTSA) about the V6 EcoBoost rattling or losing power.

Ford hasn't recalled any vehicles for the alleged defect, and NHTSA hasn't opened an investigation, which is often the first step in the recall process.

The lawsuit claims Ford has acknowledged the problem in messages to dealers, but hasn't informed owners.

Ford declined to comment on Tuesday, saying it hasn't seen the lawsuit.

The company wouldn't say how many vehicles it has sold with the V6 EcoBoost engine.

Ford has been selling vehicles equipped with the V6 EcoBoost since late 2009. It's an option on the Ford Flex, Taurus SHO, Lincoln MKT and Lincoln MKS sedans from the 2010-2013 model years; the F-150 pickup from the 2011-2013 model years; and the Ford Explorer Sport from the 2013 model year.

Ford also makes four-cylinder and three-cylinder EcoBoost engines, but those aren't cited in the lawsuit.

All three engines use turbocharging and direct injection to give them the power of a larger engine with the fuel economy of a smaller one.

The lawsuit was filed late last week in US District Court in Columbus.

A similar lawsuit involving different drivers was filed last month in US District Court in Louisiana.

View the original article here

BHP Billiton to slash capital spending

BHP Billiton's new chief executive Andrew Mackenzie has outlined plans to slash capital spending by almost a fifth.

In his first major address as head of the world's biggest resources company, Mr Mackenzie said capital and exploration expenditure would be cut to $US18 billion ($A18.28 billion) in 2013/14, from a peak of $US22 billion during this financial year.

"The rate of spend is expected to decline substantially thereafter," he told a mining conference in Barcelona on Tuesday night (AEST).

"By reducing our annual spend and increasing internal competition for capital, we expect to maximise returns from incremental investment, while delivering a substantial increase in the group's free cash flow."

Controllable cash savings of $US1.9 billion ($A1.93 billion), for the first half of 2012/13, were identified in his presentation, with controllable cash costs estimated at $US944 million ($A958.72 million).

Mr Mackenzie, a Scotsman who took over from Marius Kloppers last week, presides over a resources giant that last year endured a 58 per cent fall in first-half profit and a $US3 billion writedown on US shale assets.

But the new chief executive was confident the resources giant would enjoy better days, as it focused more on iron ore, coal, petroleum and copper.

"This is a wonderful time to be at the helm of the world's largest natural resources company," he said.

"We believe our strategy, when combined with our great ore bodies, will deliver stronger margins throughout the economic cycle, a simpler and more capital-efficient structure, a substantial increase in free cash flow and growth in shareholder value."

His speech was made after the Australian market closed on Tuesday. BHP Billiton shares gained 12 cents to $34.67 during the session.

View the original article here

Dollar weaker as Wall St helps greenback

Domestic economics under the microscope as the US maintains record highs. Commsec report

Source: AFP

THE Australian dollar has opened below 99 cents as another rally on Wall Street boosted the greenback.

At 7am AEST, the local currency was trading at 98.92 US cents, down from yesterday's close of 99.80 US cents, marking the weakest start to a session in 11 months.

HiFX senior dealer Dan Bell said a jump in the Dow Jones Industrial Average, to a record 15,215.25, buoyed the greenback, even though stronger risk sentiment has traditionally been a boon for the Australian dollar.

"The correlation between the US stock market and the Australian dollar has been breaking down over the last few months," he said.

"Investors are treating positive news in the US as ultimately positive for the US economy, which is actually supporting the US dollar and pushing up US bond yields."

US shares rose after Appaloosa Management hedge fund group boss David Tepper told CNBC the market could still soar higher.

With the greenback gaining strength, Mr Bell said, the Australian dollar was likely to hit 95 US cents in coming months, before falling to 85 US cents from next year.

"In the big scheme of things, the Australian dollar is still overvalued."

Traders did not appear phased by Treasurer Wayne Swan's Budget for 2013/14, which delivered a deficit of $18 billion for 2013/14, with a surplus forecast for 2016/17.

"That was pretty much as expected. I don't think it's given anyone too much of a surprise."

View the original article here

How to get the best out of a trip to Cairns

The Australian Butterfly Sanctuary in Cairns is the biggest in the country. Picture: Chris Scott Source: Supplied

Immerse yourself in the tropical surrounds of the Cairns Botanic Gardens. Source: Supplied

OUR readers tell us where to stay and eat and what to do in the tropical city of Cairns. Compiled by Chanel Parratt.

SEE

Australian Butterfly Sanctuary

As a local, one of my favourite places to visit is the Australian Butterfly Sanctuary in Kuranda. It's the biggest in the country. You get to wander through an enclosed greenhouse filled with many different species of butterfly, some even land on you. There's also a lab with larvae and a small museum. Take the Skyrail from Cairns up to Kuranda and make a day of it.

- Alicia

Muddy's playground

On the Esplanade, about 10 minutes' walk from the free lagoon pool is Muddy's playground, which has free family entertainment. There's a wonderful wet area that squirts water, tips buckets and generally adds a lot of excitement, especially on warm days. My children love coming here and the fish and chip shop onsite is fantastic.

- Elly

Cairns Harbour cruise

We did a Cairns Harbour cruise and found it a relaxing way to spend a couple of hours while learning a little bit about the natural environment surrounding the area. We weren't lucky enough to catch sight of a crocodile on the mud flats but still had a great time. The crew are very knowledgeable and gave us some good ideas on other things to do while we were there. The price was very reasonable too.

- Judy

Cairns Botanic Gardens

Boardwalks wind past the lush tropical rainforest plants at the Cairns Botanic Gardens. There's an onsite cafe to stop for a coffee and the Mount Whitfield National Park sits just behind the gardens. If you're feeling energetic there are a couple of really good walks through the park (red arrow is easy, blue arrow is hard) to get the heart pumping and keep you fit while you're on holidays.

- Jodi

EAT

Perrotta's at the Gallery

Creative heads in the kitchen deliver a beautifully crafted Mediterranean-style menu at Perrotta's. I'm often in Cairns for work and find myself here for at least one meal each time. For breakfast I can't go past their granola trifle with local buffalo yoghurt or the seasonal fruit salad with candied pistachios. At dinner, I love the grilled Tasmanian octopus, watermelon and avocado salad.

- Mikala

Salt House

A great place to watch the sunset and enjoy a cold drink is Salt House.

I like to go here for the ambience before moving on to have dinner somewhere else. There's a big deck, chilled music and great outdoor lounge area but the food, although good, is a bit pricey for what it is.

- Courtney

Water Bar & Grill Steakhouse

The pier is the place to go for the best restaurants in Cairns.

My pick is Water Bar & Grill Steakhouse for a big serve of their half rack of ribs.

Book a table to avoid a wait, especially on weekends.

- Todd

Fetta's Greek Taverna

If you're eating out with a group of friends, it doesn't get better than Fetta's Greek Taverna. The plate smashing, belly dancing, Greek music and wholesome food are fun.

- Ryan

STAY

Shangri-la Hotel Cairns

The location of the Shangri-la Hotel is fantastic right on the marina. We enjoyed views of the water and boats below and the pier, where all the buzzy restaurants and bars are, is just a few minutes' walk away. The hotel is modern, the staff friendly and the rooms fantastic.

- Adrian

Cairns Coconut Holiday Resort

If you're travelling with children the best place to stay is the Cairns Coconut Holiday Resort. The resort's facilities are the best I've seen a waterpark play area, playground, several pools, barbecue, volleyball nets, jumping pillows and more. It's a short drive to the city centre and there's a free courtesy bus. We stayed in one of the Sun Lagoon Condos, which had everything we needed for a one-week stay.

- Karen

Mantra Esplanade Cairns

The Mantra Esplanade is the perfect spot to stay while in Cairns. It's right on the Esplanade near plenty of shops and restaurants and it's lovely to do a morning walk beside the water.

We paid extra for an ocean view room and made the most of the balcony, soaking up the humidity with a glass of wine each afternoon. There's free secure parking onsite and a great kitchenette if you enjoy doing a little self-catering while you're away.

- Judy

SHOP

Night markets

The night markets are a lively place to grab a bite to eat or pick up souvenirs.

There are a lot of cheap massage places if you want to treat yourself after a big day of diving.

The markets are undercover so rain isn't a problem.

- Adrian

Rusty's Markets

I love the hustle and bustle of Rusty's Markets. There's a great variety of fresh, local produce.

It's much cheaper than the supermarkets, with lots of weird and wonderful tropical fruits and Asian vegetables.

Stop for a coconut water and some prawns or hunt down the guy who makes wonderful hand-cut chips right in front of you, they're delicious.

- Tara

"Like" Escape.com.au on Facebook

Follow @Escape_team on Twitter

View the original article here

The huge cost of tiny problems

Source: The Australian

IT'S happened to everyone. Closing a document the split second before you press save, or opening a printer to find a rat's nest of paper jamming the machine.

A new survey has revealed Australian office workers waste an average of two weeks a year, or 71 million hours, dealing with IT issues, at a whopping $1 billion cost to businesses.

The study, conducted by electronics retailer Dick Smith, shows nearly one quarter of respondents in businesses around Australia have spent a whole day trying to solve IT problems, with around one in five late for a meeting because of an IT issue.

Dick Smith's office merchandise manager Greg Hirsch said people are placing more demands on their technology as they use it for both work and personal reasons.

"There is also a lack of understanding on how best use technological devices," he said.

"For example, many people put pressure on their hardware to store data, when a more efficient'cloud' storage system will get better results and prevent computer crashes and delays."

Small business owner Adrian Raftery said the results were "insane" and show some office managers are misguided when it comes to increasing staff productivity.

"We have all these management tools saying stop office gossip, don't have Facebook, Twitter, no personal phone calls and they've got two extra weeks of productivity they're missing out on," he said.

"Not to mention stress levels. There's all that frustration out there as well. There have been days I've wanted to kick the office stuff in the backside."

The solution could be simple, with nine in ten office workers saying new technology would save time. However their bosses seemed unlikely to agree, with half of workers claiming their boss was too stingy to invest in new equipment.

What do you do when you find a printer jam at work? Try and fix it or back away slowly? Tell us in the comments below.

View the original article here

Dollar below parity with US greenback

Wall Street is falling back from record highs overnight as retail markets pose a slight gain. Commsec report

Australian Money Source: Supplied

THE Australian dollar has remained below parity with the greenback as healthy American retail data underpinned strength in the US currency.

At 12pm AEST today, the Australian dollar was trading at 99.77 cents, down almost a quarter of a US cent from yesterday's close of 100 US cents.

The local unit fell last night, and continued to struggle this morning, after US Commerce Department data showed a retail sales jump of 0.1 per cent during April. While the rise was unspectacular, it was more upbeat than market forecasts of a 0.3 per cent drop, boosting the US dollar against most major currencies.

"At the moment, the market's quite sensitive to any sort of positive US news," OzForex chief currency strategist Jim Vrondas said. "We've seen them get long buying US dollars."

Still, Mr Vrondas said, the Australian dollar could briefly rise above parity with the US currency, to 101 US cents tonight, if Treasurer Wayne Swan's sixth budget is less draconian than financial markets expect.

"The expectations are it's going to be relatively tough, but maybe not as tough," he said, adding that traders would "sell on a rally" if the Australian dollar rose above 100 US cents.

The market has overlooked lending finance data for March, showing a 5.8 per cent rise in owner-occupier home loans.

Meanwhile, the Australian bond market was firmer at noon. At 12pm AEST today, the June 10-year bond futures contract was trading at 96.775 (implying a yield of 3.225 per cent), up from 96.750 (3.250 per cent) yesterday. The June three-year bond futures contract was at 97.440 (2.560 per cent), up from 97.410 (2.590 per cent) previously.

View the original article here

Mighty River Power drags down NZX

NEW Zealand shares fell on Tuesday as recently listed Mighty River Power continued to dominate trading, dropping to within 1 cent of last week's offering price. P

The NZX 50 Index declined 25.78 points, or 0.6 per cent, to 4645.85. Within the index, 29 stocks fell, nine rose and 12 were unchanged. Turnover was $163 million.

MightyRiverPower fell 3.8 per cent to $2.51 as 19.9 million of its 1.4 billion shares changed hands, valued at $51m. Fletcher Building gained 0.7 per cent to $8.61 and was the second-most most traded at about $44m of stock.

Greg Easton, an adviser at Craigs Investment Partners, said some retail investors had picked up more stock that they'd expected in the IPO, after the company mostly confined its scaling to fund manager allocations.

"Initially there was talk that allocations would be scaled a little and they were not," he said.

"A bit of the gloss is coming off today," Mr Easton said of trading across the NZX.

Telecom declined 1.1 per cent to $2.675. Sky Network Television, the pay-TV operator, fell 2.2 per cent to $5.47

Air New Zealand, the government controlled airline slated for further selldown, rose 2 per cent to $1.53, leading stocks higher after announcing ex-Foodstuffs boss Tony Carter as chairman.

Infratil rose 0.4 per cent to $2.44 after posting results showing writedowns on its UK airports, which it is trying to sell in a difficult market, eroded net profit.

Wrightson, the nation's largest rural services company, fell 10 per cent to 35 cents after it said earnings before interest, tax, depreciation and amortisation will be between $40m and $48m in the 12 months ended June 30, down from $55m in 2012. It blamed dry conditions in New Zealand and Australia.

Warehouse Group fell 1.6 per cent to $4.30 after government figures showed retail sales rose a smaller-than-expected 0.5 per cent, seasonally adjusted, to $17.62 billion in the three months ended March 31, from a revised quarterly pace of 1.9 per cent in the December quarter.

View the original article here