Some older Ford cars and SUVs pose “unreasonable” ​safety risks, according to federal regulators, warning that the timing belt may fail, causing them to lose ‌power or engines to seize.

The National Highway Traffic Safety Administration announced on Monday that it has upgraded a defect investigation into 135,551 Ford vehicles from model years between 2014 and 2021 that are powered by the small 1.0L turbocharged three-cylinder engine due to an “unreasonable risk to motor vehicle safety.”

The three affected models, the Fiesta, Focus and EcoSport, have all been discontinued by Ford.

The NHTSA said it ​was aware of 355 incidents alleging a low engine oil pressure warning light ​appeared just before a complete loss or reduction of motive power while driving.

FORD RECALLS NEARLY 388,000 VEHICLES OVER SECOND-ROW SEAT INJURY HAZARD

Some older Ford cars and SUVs pose “unreasonable” ​safety risks. (Photo by National Motor Museum/Heritage Images via Getty Images / Getty Images)

NHTSA said its initial investigation revealed timing belt material may degrade and create debris that clogs the mesh oil pump pick-up screen, causing reduced engine oil pressure.

The probe suggests failures can happen without sufficient warning and loss of power or engine seizure is imminent. Failures have been reported despite proper and routine oil maintenance, the NHTSA said.

“Based on NHTSA’s analysis ​of the data, failure rates, information provided by Ford, preliminary engine teardown analysis, and precedent recalls ​regarding loss of engine oil pressure with the presence of driver facing warnings, (the agency) believes there is an ‌unreasonable ⁠risk to motor vehicle safety,” the NHTSA said.

FORD RECALLS MORE THAN 110,000 MUSTANG VEHICLES OVER WINDSHIELD WIPER, DRIVETRAIN DEFECTS

The National Highway Traffic Safety Administration said it has upgraded a defect investigation into 135,551 Ford vehicles. (Getty Images / Getty Images)

NHTSA’s decision to upgrade the probe to an engineering analysis is a required step before it could force the automaker to issue a recall.

Some drivers reported engine failures that cost thousands of dollars to fix.

One 2017 Ford Focus driver reported being on a highway in Wilmington, Delaware, when the oil pressure light illuminated and within an eighth of a mile, ​the vehicle “lost ​all power and the ⁠engine began to sound like a tank.”

Data showed an average failure mileage of roughly ​70,000 miles, and 98% of the failures happened before ​the 150,000-mile suggested ⁠timing belt replacement, the NHTSA said.

The three affected models, the Fiesta, Focus and EcoSport, have all been discontinued by Ford. (Jeff Kowalsky/Bloomberg via Getty Images  / Getty Images)

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In June, Ford told the safety regulator it was adopting a non-safety customer satisfaction program for global vehicles with a 1.0L Fox Classic Timing Belt, cutting the maintenance interval to 100,000 ⁠miles or ​six years.

Ford is offering reimbursement to eligible customers who ​previously purchased engine repairs or replacements due to a timing belt-related issue, the NHTSA said, although it was not immediately clear which ​vehicles are covered by the customer satisfaction program.

Reuters contributed to this report.

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The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

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President Donald Trump lashed out at the U.S. oil industry on Monday, arguing that the country’s largest companies should give some of their sharply higher profits to the American public.

“I don’t like it,” Trump told reporters in the Oval Office when asked about the huge earnings reported by ExxonMobil and Chevron last week during the war with Iran.

“They’re making too much money, okay, based on a shortage,” he continued. 

“I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy,” he said before adding: “Nobody bigger.” 

ExxonMobil had reported earning $14.5 billion in the second quarter of 2026 — double what it made during the same period last year.

FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY

Oil tanker at a port in the Strait of Hormuz. (Giuseppe Cacace/AFP via Getty Images / Getty Images)

Chevron pulled in $12 billion, posting its highest quarterly earnings in at least six years, according to Reuters.

“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump continued.

“When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price,” Trump added.

“I’ll say it loud and clear. I’m not happy about it,” Trump said before stating that gasoline prices would “drop through the floor” when the war with Iran ended.

AAA NATIONAL GAS PRICE TOPS $4 AMID RENEWED US STRIKES ON IRAN

Chevron pulled in $12 billion, posting its highest quarterly earnings in at least six years, according to Reuters. (Brandon Bell/Getty Images / Getty Images)

The two sets of earnings came as the Iran war pushed oil prices above $100 a barrel at times.

Oil prices fell again Monday as signs emerged that U.S.-Iran tensions were easing, Reuters reported.

“The sharp drop in oil prices, due to Trump’s cancellation of severe attacks against Iran and hopes of a diplomatic resolution, set the ball rolling this morning,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York, told Reuters.

Earlier Monday, Trump also criticized Chevron CEO Mike Wirth for not crediting Washington’s efforts to help the oil industry.

WHITE HOUSE, GAS STATIONS POINT FINGERS OVER STUBBORN PRICES WHILE LOCATIONS THAT SLASHED PRICES SEE BOOM

ExxonMobil had reported earning $14.5 billion in the second quarter of 2026 — double what it made during the same period last year. (Sheldon Cooper/SOPA Images/LightRocket via Getty Images / Getty Images)

The comments came after Wirth’s appearance on “Sunday Morning Futures with Maria Bartiromo.”

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump said in a post on Truth Social.

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“As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!” he added.

Homeowners associations (HOAs) across the nation are reportedly taking a tougher stance on unpaid dues, pursuing foreclosure against more homeowners as communities grapple with mounting financial pressures.

Real estate experts say the aggressive collection efforts are being driven by rising operating costs, shrinking reserve funds and concerns that unpaid assessments could leave associations unable to cover essential expenses. 

According to real estate analytics firm ATTOM, HOA-related foreclosures jumped nearly 40% compared with two years earlier, The Wall Street Journal reported. The report also found HOA foreclosures are rising faster than overall mortgage foreclosure rates.

“HOAs are being forced into more aggressive collections to avoid their own financial collapse,” Brian Fox, co-founder of real estate technology firm Benutech, which tracks HOA delinquency trends and foreclosures, told WSJ.

AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVER

An aerial view of large Victorian houses in Friendship, a neighborhood in the East End of Pittsburgh, Pennsylvania, on a sunny morning in the fall. (Getty Images / Getty Images)

HOAs typically rely on monthly or annual dues from residents to fund maintenance, repairs, insurance, landscaping and other community services. But as some homeowners struggle with higher living costs and mounting expenses, more associations are facing a rise in delinquent accounts. 

Rather than offering extended grace periods, some associations are moving delinquent accounts to attorneys more quickly or filing liens against homeowners who fall behind on assessments. 

The crackdown is affecting communities ranging from suburban condominium complexes to luxury neighborhoods, according to the report. 

CALIFORNIA BUILT MORE HOMES THAN PEOPLE OVER SIX YEARS – SO WHY IS HOUSING STILL SO TIGHT?

Some Georgia residents are speaking out after facing the wrath of their local homeowner associations (HOA), with some people having their homes foreclosed on them. (Getty Images / Getty Images)

Benutech Data Insights found that homeowner associations have filed a sharp increase in liens, which are legal claims placed on a property when a homeowner falls behind on assessments, fees or fines. In many states, unpaid liens can eventually lead to foreclosure.

In 2025, HOAs reportedly filed 284,933 liens against homeowners, roughly one every 90 seconds. That figure represents an 8.6% increase from 2024, according to property records compiled by Benutech Data Insights. 

Financial strain has also intensified within homeowner associations themselves. 

A late-2025 report by Reserve Study found that nearly three-quarters of association-governed communities are underfunded. Specifically, 74% of associations were less than 70% funded, meaning they may not have sufficient reserve savings to pay for expected repairs and capital projects. 

At the same time, HOAs have been hit with rising costs for staffing, landscaping, maintenance and building materials. 

Residential homes in suburban sprawl development in North Port, Florida. Low-density private houses in rural suburbs. Housing market in the USA.  (Bilanol / Getty Images)

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Insurance has become one of the biggest cost drivers. 

According to the Foundation for Community Association Research, 93% of surveyed associations reported increases in property and casualty insurance premiums. 

More than half those premiums rose between 11% and 25%, while about 10% reported increases exceeding 100%, adding further pressure on HOA budgets and increasing the need to collect assessments from homeowners on time.

SYDNEY — Australian shares surged Tuesday morning, with the S&P/ASX 200 climbing 92.6 points, or 1.03%, to 9,111.9 by 11:39 a.m. AEST, putting the benchmark index within striking distance of the all-time high it set earlier this year.

The rally extended gains from Monday’s session, when the index rose 0.5% to close at 9,019.30 points, and builds on what was already the market’s strongest monthly performance in five months during July. Tuesday’s advance was broad-based, tracking a powerful overnight session on Wall Street and a retreat in oil prices that lifted sentiment across nearly every corner of the local market.

Wall Street sets the tone

The move higher followed a strong close in the United States, where the S&P 500 gained 1.48% to finish within 0.1% of its record high, the Nasdaq Composite jumped 2.13% on broad strength across megacap technology and semiconductor stocks, and the Dow Jones Industrial Average rose 1.32% to close at a record level.

Amazon shares climbed more than 4.5%, pushing the company’s market capitalization above $3 trillion for the first time, as investors responded to strong cloud growth. SpaceX also rallied ahead of its first quarterly results since listing, while Apple slipped as some investors continued trimming exposure to the tech giant.

Communication services was the strongest performer among the S&P 500’s 11 major sectors overnight, climbing 4.3% on the back of gains in Meta Platforms and Alphabet. Energy was the lone laggard, falling 1.2% as crude prices tumbled.

Oil slide and Iran diplomacy in focus

Much of the optimism flowing into Tuesday’s session traced back to easing tensions between the United States and Iran. Brent crude slid nearly 8% to $83.76 a barrel after President Donald Trump said he had called off what he described as the biggest planned military action against Iran since World War II. Trump has also said Iran and other Middle Eastern nations had asked for more time to finalize a deal aimed at fully reopening the Strait of Hormuz, one of the world’s most critical oil shipping routes.

Signals on the diplomatic front remained mixed Tuesday, with Trump indicating renewed talks were underway while Iranian officials said none were currently planned. Still, the broader direction — falling oil prices and reduced geopolitical risk premium — has been enough to keep buyers engaged in equity markets across the past several sessions.

Falling oil also weighed on the U.S. dollar, which in turn helped support gold. Bullion futures edged higher to around $4,107.30 an ounce, keeping Australian gold miners in focus. Genesis Minerals and Capricorn Metals were among the local names investors were watching closely as the sector continued to benefit from the combination of a softer dollar and lower energy costs.

Banks, healthcare and miners lead gains

Banking and healthcare stocks led Monday’s advance and appeared to be extending that leadership into Tuesday’s session, according to market commentary, as investors rotated back into sectors that had lagged during earlier bouts of Middle East-driven volatility. Mining stocks also found support from the broader risk-on mood and firmer commodity prices tied to the weaker U.S. dollar.

Energy stocks were something of an exception. While the sector had been a major beneficiary of the Iran conflict earlier this year, the sharp pullback in crude prices has begun to weigh on producers, a dynamic that played out repeatedly through past de-escalation episodes in 2026.

A different story in Asia

The rally in Australian equities stood in contrast to steep losses elsewhere in the region. South Korea’s Kospi index tumbled more than 5% to 6,257.45, dragged lower by the country’s two heavyweight chipmakers, SK Hynix and Samsung Electronics, which fell 8.79% and 8.76% respectively. Japanese equities also gave back gains from the prior week.

The selloff in Korean chip stocks tracked a mixed session for U.S. semiconductor names, with Micron falling more than 5% and AMD and Qualcomm also lower. Even so, Morgan Stanley upgraded Korean equities to “overweight” from “neutral,” setting a Kospi target of roughly 9,000, implying about 36% upside, and pointing to industrials, defense and financials as preferred sectors going forward.

Separately, Goldman Sachs refreshed its August U.S. Conviction List, swapping out four names for six new additions, a move the bank framed as a bet on a broadening equity market rally beyond the small group of megacap technology stocks that have driven much of this year’s gains.

Earnings season looms

Attention in Australia is increasingly turning to the domestic corporate reporting season, which ramps up in the coming weeks. Credit Corp Group was due to release its full-year results Tuesday, with the debt collector guiding toward gross lending of $420 million to $430 million for the 2026 financial year — growth of about 15% at the midpoint — underpinning an expected net profit after tax of $100 million to $110 million, up from $94 million a year earlier.

Other companies expected to report in the near term include AMP, Nick Scali, James Hardie and REA Group, results that investors will scrutinize for signs of how corporate Australia is weathering a stretch marked by geopolitical volatility tied to the five-month conflict involving Iran.

Locally, July factory activity data was revised higher, supported by easing inflation pressures, while in China — Australia’s largest trading partner — policymakers have pledged to maintain monetary support through the second half of 2026, vowing to keep liquidity ample and adjust policy tools as needed.

Outlook

Historically, August has been a modestly positive month for Australian equities, with the index averaging a gain of just under 1% and finishing higher in roughly seven of every ten years since 2001. Analysts caution, however, that reporting season typically brings a pickup in volatility, and this year’s backdrop — an unresolved Iran conflict, a still-cautious Reserve Bank of Australia, and cross-currents from Wall Street and Asia — leaves plenty of room for the index to swing in either direction as the month progresses.

For now, the S&P/ASX 200 remains just below its record closing levels, with Tuesday’s move putting the benchmark firmly back in sight of the highs it touched earlier this year.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.