Air India says no issues in locking mechanism of fuel control switches in Boeing fleet
The announcement came days after a preliminary investigation into last month's Air India plane crash stated that the switches shifted and flipped within seconds, starving both engines of fuel.
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CNN
7 minutes ago
- CNN
Toyota, world's biggest carmaker, warns of unprecedented $9.5 billion profit hit from tariffs
Japan's Toyota Motor said Thursday that it expected a profit hit of nearly $10 billion from President Donald Trump's tariffs on cars imported into the United States, the highest such estimate yet by any company. The world's top-selling car maker also cut by 16% its forecast for full-year operating profit, reflecting challenges for global manufacturers grappling with rising costs from US levies on cars, parts, steel and aluminum. 'It's honestly very difficult for us to predict what will happen regarding the market environment,' Takanori Azuma, Toyota's head of finance, said at a briefing, vowing to keep making cars for US customers, regardless of tariff impact. Azuma said the 1.4 trillion yen ($9.5 billion) estimate also includes the fallout suppliers are facing, particularly those in the US importing parts from Japan, though he declined to say how much of the total was attributable to that. Rivals have reported smaller tariff hits so far: GM (GM) has projected one of $4 billion to $5 billion for the year, while Ford (F) expects a $3 billion hit to full-year gross revenues. Jeep maker Stellantis (STLA) said tariffs were expected to add $1.7 billion in expenses for the year. Toyota (TM) cut its operating profit forecast for the financial year to end-March 2026 to 3.2 trillion yen ($21.7 billion), down from a previous outlook of 3.8 trillion yen. It had previously estimated a tariff hit of 180 billion yen for April and May, but that was solely for the impact from tariffs on Toyota's vehicles. It had not issued a full-year projection until now. Toyota's North American business swung to an operating loss of 63.6 billion yen in the first quarter, from profit of 100.7 billion a year earlier, as it took a hit of 450 billion from the tariffs. Its broad production operations, which include US, Canadian, Mexican and Japanese plants, expose it to tariffs not only on direct exports but also on vehicles and parts shipped across borders within North America. Last week, the automaker said it turned out some 1.1 million Toyota and Lexus brand vehicles in North America in the first six months of 2025, including more than 700,000 in the United States. The first-quarter results highlight the pressure US import tariffs are putting on Japanese automakers, even as a trade pact between Tokyo and Washington offers potential relief. Under the deal agreed last month, Japanese auto exports into the US would face a 15% tariff, down from levies totaling 27.5% previously. But a timeframe for the change has yet to be unveiled. Last week, Toyota reported record global output and sales for the year's first half, driven by strong demand in North America, Japan and China, including that for hybrid vehicles. Toyota also announced Thursday a plan to build a new vehicle factory in Japan, where car sales have been falling due to a shrinking population and declining ownership. Toyota said it planned to start operations early next decade at the new plant, but has yet to decide production models. The company's shares ended down 1.5% after the earnings release.
Yahoo
an hour ago
- Yahoo
Huawei's joint EV brand with Chery pledges $1.4 billion new investment
BEIJING (Reuters) -Huawei's joint electric vehicle brand with Chery said on Thursday that it will invest more than 10 billion yuan ($1.39 billion) and expand its research and development team to 5,000 people. It did not give a timeline for the move, which it said aims to strengthen the brand's lead in technology terms, according to a WeChat post. A new company was also created to integrate production, sales and services. ($1 = 7.1774 Chinese yuan renminbi)
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Associated Press
an hour ago
- Associated Press
MUFG Bank, Ltd. announces Consolidated Summary Report for the three months ended June 30, 2025 [under Japanese GAAP]
TOKYO--(BUSINESS WIRE)--Aug 7, 2025-- Mitsubishi UFJ Financial Group, Inc. today announced the completion of an interim review of the Japanese-language original version of its quarterly consolidated financial statements for the three months ended June 30, 2025 under Japanese GAAP conducted by a Japanese audit firm in accordance with the interim review standards for interim financial statements generally accepted in Japan. There have been no changes to the Japanese GAAP quarterly consolidated financial statements for the same period originally announced on August 4, 2025. This announcement as well as the original announcement have been made in Japan in accordance with applicable rules of the Tokyo Stock Exchange and the Nagoya Stock Exchange. - End - 1. This financial summary report contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the company and/or the group as a whole (the 'forward-looking statements'). The forward-looking statements are made based upon, among other things, the company's current estimations, perceptions and evaluations. In addition, in order for the company to adopt such estimations, forecasts, targets and plans regarding future events, certain assumptions have been made. Accordingly, due to various risks and uncertainties, the statements and assumptions are inherently not guarantees of future performance, may be considered differently from alternative perspectives and may result in material differences from the actual result. For the main factors that may affect the current forecasts, please see Consolidated Summary Report, Annual Securities Report, Disclosure Book, Annual Report, and other current disclosures that the company has announced. 2. The financial information included in this financial summary report is prepared and presented in accordance with accounting principles generally accepted in Japan ('Japanese GAAP'). Differences exist between Japanese GAAP and the accounting principles generally accepted in the United States ('U.S. GAAP') in certain material respects. Such differences have resulted in the past, and are expected to continue to result for this period and future periods, in amounts for certain financial statement line items under U.S. GAAP to differ significantly from the amounts under Japanese GAAP. For example, differences in consolidation basis or accounting for business combinations, including but not limited to amortization and impairment of goodwill, could result in significant differences in our reported financial results between Japanese GAAP and U.S. GAAP. Readers should consult their own professional advisors for an understanding of the differences between Japanese GAAP and U.S. GAAP and how those differences might affect our reported financial results. To date, we have published U.S. GAAP financial results only on a semiannual and annual basis, and currently do not expect to publish U.S. GAAP financial results for the period reported in this financial summary report. Above is part of the Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. under Japanese GAAP for the fiscal year ended June 30, 2025. Mitsubishi UFJ Financial Group (MUFG) makes available financial reports and highlights of MUFG group companies including those of MUFG Bank, Ltd. Please refer to MUFG's website for full information. View source version on CONTACT: MUFG Bank, Ltd. Yoshitaka Sekine, +81-3-3240-1111 Managing Director, Head of Documentation & Corporate Secretary Department Corporate Administration Division KEYWORD: JAPAN ASIA PACIFIC INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: MUFG Bank, Ltd. Copyright Business Wire 2025. PUB: 08/07/2025 05:50 AM/DISC: 08/07/2025 05:49 AM
