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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.

119K Toyota Avalon sedans recalled over airbag woes

Toyota has issued a voluntary safety recall for 119,000 2003-2004 Avalon models because in some cases the airbags could inadvertently deploy.
The automaker says that circuits within the airbag control module could be damaged by electrical noise, which could cause the front airbags and seatbelt pre-tensioners to activate. Dealers are going to repair cars by adding an electrical noise filter to the module. Owners will be notified by first class mail.
Toyota Public Affairs Manager Cindy Knight told Autoblog that there was one reported injury caused by the sudden deployment, but there have been no accidents or crashes. The company is currently preparing the parts for dealers now, and the component takes 90 minutes to two hours to install. "We don't believe there are any other affected models," said Knight.

Cosworth teases upgrades for Subaru BRZ

Subaru may or may not produce an STI version of the BRZ. Things seem to go back and forth on the subject. But Subaru Tecnica International isn't the only company with a history of tuning Subies. So does Cosworth, and now the British racing firm appears to be turning its attention to the BRZ and its Toyota- and Scion-badged siblings.
For those unacquainted, Cosworth is more than your average tuning company. It's a racing firm first and foremost, having made F1 engines under its own name as well as Ford's (chief among them the all-conquering DFV 3.0-liter V8 of 1960s and 70s fame), not to mention engines for Indy, rally and even high-performance, road-going versions of the Ford Sierra, Chevy Vega and Mercedes 190E. The list goes on and on, but you get the point.
Now withdrawing from Formula One, Cosworth is focusing its attention on tuning road cars again with the launch of the Cosworth Power Package line, the first of which will focus on the Toyota GT86 (aka Scion FR-S) and Subaru BRZ. We don't know just yet what will be included in the packaged dubbed FA-20, but from the video teaser below, it seems there'll be upgrades to the exhaust, suspension, aero and - if we're lucky - maybe a super- or turbocharger for the 2.0-liter flat-four engine. We'll have to wait and see, but we get the feeling that with Cosworth on the job, it'll be worth the wait. Check out the minute-long video below in the meantime.