The cars being recalled are the RX330 made between Feb. 10, 2003 and Jan. 16, 2006; the RX350 that rolled out of the plant between Aug. 31, 2005 and July 26, 2006; and the RX400h produced on May 18, 2006.

The recall, which could involve up to 11,646 vehicles, was issued due to a flawed decorative device on the front-left floor mat that could loosen and interfere with the accelerator pedals, causing a safety risk while driving.

The commission said that it would only take about 30 minutes for car owners to have the decoration replaced.

However replacements will only be available from April 6 as Hotai Motor, the dealer and distributor for Lexus, is waiting for a supply of replacement parts from its Japanese producer, Toyota Motor Co., it added.

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UK interest rates must be kept low to aid the economic recovery even if inflation continues to rise as a consequence, the Organisation for Economic Co-operation and Development (OECD) has said in a report.

The thinktank also announced it has cut its UK growth forecast for 2011 from 1.7% to 1.5%, well below the Office for Budgetary Responsibility’s current estimate of 2.1%.

The OECD praised the government for its efforts to cut the deficit but warned that the country faces “significant headwinds” as spending cuts bite and global trade remains flat.

The OECD’s latest UK Economic Survey said: “The UK economy emerged from the 2008-09 recession with elevated public and private debt and high unemployment. Strong gr

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Brazilian petrochemical company Braskem (NYSE: BAK) has suspended its Polimйrica polyethylene (PE) project in Venezuela, which was being carried out in partnership with Venezuelan state petrochemical firm Pequiven, Braskem CEO Carlos Fadigas told a press conference.

The executive said the project is not part of the company’s priorities at the moment.

Startup of Polimйrica, which initially envisaged production of approximately 1Mt/y of ethylene and PE, had been pushed back a couple of times and the latest estimate was that it would come online in 2015.

Meanwhile, Braskem is advancing with its Ethylene XXI PE project in Mexico, as part of a JV with local firm Idesa.

The company’s other Venezuelan JV initiative Propilsur, focused on polypropylene (PP) production, has also been undergoing changes. <

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German chemical firm Basf (NYSE: BF) expects to complete the construction of a 60,000t/y sodium methylate production plant at its General Lagos site in Rosario, Argentina, towards the end of 2013, a spokesperson for the company told BNamericas.

This will be Basf’s second sodium methylate facility in South America as the company looks to strengthen its regional presence in one of the most important growth markets for biodiesel, the company said in a statement.

“We expect the construction time to be shorter than for the plant in Guaratinguetб, Brazil, due to our experience,” the spokesperson added.

The plant in Brazil is currently under construction and is scheduled to start up at the end of 2011, the company said.

Sodium methylate is a catalyst for the production of biodiesel, which is used increasingly as an alternative to fossil diesel fuels.

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The Financial Ombudsman Service (FOS) has released comparative tables on major financial services companies for the first time.

The tables – released today as part of the service’s annual review – means customers will be able to determine the likelihood of disputes against particular providers and what the outcomes of previous disputes were.

The data released today covers only the second half of the 2009/10 reporting period.

Chief Ombudsman Colin Neave say the tables are the “fairest and most meaningful way” to present information about financial services complaints across a wide range of products.

The annual review figures show insurance disputes accounted for 27% of complaints to FOS, with 5684 disputes.

Some 83% of these related to general and domestic products – 41% for motor and 10% for home insurance.

The motor figures include all forms of motor vehicle disputes from uninsured third-party issues to accidental damage, theft and fraud.

The figures also show a 6% jump in overall new disputes to 23,790, while resolved disputes also increased dramatically by 27% on the previous year from 17,007 to 21,543.

An average of 159 “financial difficulty” disputes a month in the first half of the reporting period increased to 282 a month during the January to June period.

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