Toyota Industries to accept Toyota group's planned tender offer, Kyodo says
Bloomberg News reported last month Toyota Motor Chairman Toyoda has proposed acquiring supplier Toyota Industries in a possible 6 trillion yen ($41 billion) deal.
Following the report, Toyota said it was considering a potential buyout of the key parts supplier. If realised, that would be a landmark deal for Japan Inc that transforms its most influential corporate group.
Toyota and Toyota Industries did not immediately respond to requests for comment on the Kyodo report.
($1 = 144.8700 yen)
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Reuters
3 hours ago
- Reuters
Modi's tax overhaul to strain finances but boost image amid US trade tensions
NEW DELHI, Aug 17 (Reuters) - Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. "GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies," said Kidwai. "The move will also help the stock market, which is now politically important as it has a lot of retail investors." India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%. Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged foods. Government data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal year. Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. "Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. "It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation." Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian." Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off. ($1 = 87.5080 Indian rupees)
Daily Mail
15 hours ago
- Daily Mail
Veteran 'Superman' Li Ka-Shing could save Thames Water
The fate of crisis-torn Thames Water is set to be decided within weeks as Ministers prepare to effectively nationalise the troubled utilities firm before getting it ready for a sale. And the front-runner in any bidding war for the debt-laden supplier to 16 million customers in London and the Thames Valley is likely to be a business conglomerate controlled by one of Asia's richest men. Last week, reports emerged that CK Infrastructure (CKI), which also owns Northumbrian Water, had told the Government it was prepared to take over Thames imminently if it were to fall into special administration, buckling under the weight of £17 billion of debt. A successful takeover of Britain's largest water group would add another asset to the burgeoning portfolio of CKI's parent firm, CK Hutchison (CKH), which controls a globe-spanning empire encompassing pub chains, container ports and High Street stores. Behind it all is Li Ka-Shing, CKH's founder, considered the most successful tycoon in Hong Kong's history after amassing a fortune worth nearly £30 billion. The 97-year-old, who arrived in the British colony in 1940 aged 12 as a refugee from the Sino-Japanese war, is called 'Superman' by locals for his business acumen. Li is the firm's 'senior advisor' after stepping down as chairman in 2018 after 46 years at the helm. Despite his advanced years, the tycoon remains involved in the business and still goes into the office twice a week. He can also be spotted at the Tsz Shan Monastery, a ten-year-old Buddhist temple that Li financed to the tune of £142 million. CKH remains a family concern, with Li's son Victor serving as chairman. His UK empire includes the 226-year-old Greene King pub chain, bought for £4.6 billion in 2019 through one of the family's other businesses, CK Asset Holdings. Other assets include retailer Superdrug and UK Power Networks, the electricity grid operator for London and the South-East. CKH also owned mobile network Three before its merger with rival Vodafone earlier this year. It now controls just under half of the new business, which leapfrogged BT's EE to become Britain's biggest mobile phone provider. CKH's eyeing up of Thames Water comes as the conglomerate's British operations become increasingly profitable. Last week, CKH's half-year results saw underlying profits rise 11 per cent to £1.1 billion as sales rose to £22.6 billion from £21.8 billion in 2024. But overall profits fell 92 per cent to £80.3 million due to a one-off £983 million loss from the Vodafone-Three merger. Included in the figures were results from CKI, which is listed on the Hong Kong Stock Exchange but is controlled by CKH. CKI reported that its profits from the UK had jumped 19 per cent since last year thanks to 'higher contributions' from Northumbrian Water as well as its electricity grid arm and three British gas networks it also controls. Despite the firm's success in Britain, a swoop on Thames Water has sparked fear among those who are wary of handing over control of vital infrastructure to a Chinese company. On Thursday, former Tory leader Iain Duncan Smith said a takeover by Li's firm risked handing 'a country that is a threat, greater power over national infrastructure'. It has also caused consternation in the US Congress. But Li's history is not all kowtowing to Beijing, with the tycoon having butted heads with China's communist authorities in the past. When Hong Kong saw a wave of pro-democracy protests in 2019, the government of the People's Republic accused Li of 'harbouring criminality' and allowing the city to 'slip into the abyss' when he called for police to show 'humanity' dealing with demonstrators. More recently, CKH has found itself caught in Donald Trump's trade war with China. Earlier this year, the company was forced to delay the sale of 43 ports, including two in the crucial Panama Canal, to a consortium backed by US asset manager BlackRock after Beijing criticised the deal. In its results, Victor Li said the firm expected global trade to 'remain volatile' as Trump's tariffs reverberated through the market. But despite the headwinds, CKH raised its half-year dividend by 3.2 per cent, landing the elder Li, who controls just over 28 per cent of the business, a £72 million payday. With Thames Water sinking under its own debt, Ministers may overlook CKH's Chinese ties in the absence of a better offer. Lower-ranking holders of Thames Water's debt are also understood to be keen on a long-term infrastructure owner such as CKH. The firm has reportedly said it would agree to new rules imposing tougher fines for breaking environmental regulations, which the water group's senior hedge fund creditors have said is financially unviable. Ministers will be hoping Hong Kong's 'Superman' can save the day.
Auto Blog
18 hours ago
- Auto Blog
2026 Toyota Camry Trim Matchup: Base LE Vs. Flagship XSE
You have to build these Bronco and Bronco Sport projects yourself if you really want one. Good news is, Ford's selling the parts for you to do just that. The Fenomeno is the latest model to join Lambo's Few Off lineup, limited to just under 30 units worldwide. Ford cut 2026 Explorer prices, but heavy discounts on 2025 models may offer even better deals for buyers willing to skip the newest model year. View post: 2026 Ford Explorer Is Less Expensive — But Should You Get a 2025 Model Instead? Base Camry offers unbeatable value, while top model threatens some premium models Although still early in its life, it's safe to say that the all-new Toyota Camry has been a success. Not only is this hybrid-only sedan highly efficient and good to drive, but it has been performing well on the sales charts, too. If you're considering a new Camry, you may wonder which of the four trims is best. We've already compared the lower two trims, but how different is the entry-level LE to the top-spec XSE, and is the latter worth its $6,200 price premium? Let's find out. Camry LE Vs. XSE Pricing We'll start by looking at the pricing of the 2026 Toyota Camry. It starts at $29,000 for the base LE and goes all the way up to $36,725 for the XSE AWD. Between these trims, there is the SE ($31,300), Nightshade Edition ($32,300), XLE ($34,000), and XSE ($35,200). All these trims are available with AWD. Even after its 2026 price increase, the base Camry LE is tremendous value, but the range-topping XSE adds a number of desirable amenities, aesthetic upgrades, and tech features. Surprisingly, the driving experience is also markedly improved. Design: Rental Car Vibes Vs. Near-Premium Appeal Toyota Camry LE Toyota Camry XSE Sitting on rather small 16-inch wheels and with white paint (other colors are available), the base Camry LE does look a little plain. The XSE immediately makes a better first impression with its 19-inch wheels, a color-keyed sport mesh front grille, gloss-black air curtains, a black rear spoiler, and a color-keyed rear sport lower diffuser. Bi-LED projector headlights are standard on the LE, while the range-topping XSE gets dual LED headlights, premium LED taillights, and a sportier exhaust with dual chrome tips. Although not visible to the naked eye, acoustic noise-reducing front side glass helps to keep noise levels lower in the XSE. Toyota Camry XSE — Source: Toyota The LE is available with a few more interesting colors than the white pictured above, but only the XSE gets access to a color palette with a black contrast roof. These changes don't necessarily make the XSE a better car, but it looks a lot better than the basic LE. Interior: It's Easy To See Where The Extra Cash Goes Toyota Camry LE Toyota Camry XSE All new Camrys get a smartly designed and practical cabin, but there are substantial differences between the base LE and the range-topping XSE. The LE is the only Camry trim with fabric-trimmed seats and manual adjustment for the driver's seat, whereas the XSE gets genuine leather upholstery, eight-way powered front seats, and standard heated seats. Touchpoints like the steering wheel and shift knob have a leather covering in the XSE. In the XSE, you also get the option of a Cockpit Red interior, a much more expressive look than the LE's black or grey interior colors. Toyota Camry XSE — Source: Toyota Other features you get as standard on the XSE but which are not available for the LE include the following: Aluminum sport pedals Paddle shifters White LED ambient interior lighting 12.3-inch touchscreen 12.3-inch digital gauge cluster The LE has a smaller eight-inch touchscreen and seven-inch digital gauge cluster. On the options list, the LE can't be equipped with features like ventilated front seats, a head-up display, a panoramic glass roof, or the upgraded nine-speaker JBL sound system, all of which are available on the XSE. It's inside where one can most tell the difference between the base Camry and the top-of-the-range model. Safety Equipment Source: Toyota The LE matches the XSE in terms of the standard specification. Both trims come standard with eight airbags, blind-spot monitoring, pedestrian detection, radar-based cruise control, lane departure alert, road sign assist, and more. The main difference exists on the options list. Here, you can upgrade the XSE with advanced features such as traffic jam assist, a surround-view monitor, lane change assist, front/rear parking assistance, and front cross-traffic alert. None of these are available on the XSE. Performance: Same Performance, But LE Is More Efficient Than XSE Both the Camry LE and Camry XSE are equipped with the same 2.5-liter four-cylinder hybrid engine. It produces 225 horsepower with front-wheel drive or 232 hp with all-wheel drive, so straight-line performance is comparable regardless of whether you go for the base model or the top one. All models have an electronically controlled continuously variable transmission. In our review, we found the Camry to be an excellent drive. The powertrain is quiet and the gas engine kicks in more smoothly than before. There is more of a difference between the LE and XSE when the road begins to twist, though, as only the latter gets sport-tuned shocks and springs. 2026 Toyota Camry — Source: Toyota Whereas the LE prioritizes comfort, the XSE remains tolerable on rough roads but exhibits much tauter steering. Turn-in is more responsive and its body stays flatter through corners, so the XSE is the easy pick for more enthusiastic drivers. Due to its lower weight and smaller wheels, the LE is more efficient, though. With FWD, the base trim gets 53/50/51 mpg city/highway/combined, a superb effort for a spacious sedan. AWD drops that to 51/49/50 mpg. In the sportier XSE, expect 48/47/47 mpg with FWD and 44/43/44 mpg with AWD. When both are equipped with FWD, the LE will get an extra 52 miles per tank, which isn't insignificant. Final Thoughts Toyota Camry XSE — Source: Toyota You can easily make a case for the base Camry or its fully loaded sibling. The LE is incredibly efficient, yet has the same outputs as the pricier XSE. Toyota has also done a good job of equipping the LE with all the essential tech features, whereas the nice-to-haves are reserved for the XSE. The range-topping Camry looks and feels like a much more premium product, and even though it has the same power, we were surprised at how much more engaging it was to drive than the LE. Many top-spec trims come across as superfluous, but that's not the case with the Camry XSE. If you can afford the price bump, it's still a bargain when compared to base midsize sedans from luxury brands. About the Author Karl Furlong View Profile
