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’Japan: The markets react
The initial equity reaction to Japan’s tri-catastrophe crisis (earthquake, tsunami, nuclear disaster fears).
In Japan the Nikkei is down over 6 per cent:
As might be expected Tokyo Electric Power company – operator of the troubled Fukushima nuclear power plants – was among the top losers on Monday,
Nomura goes all gaikokujin
Just a small setback along the glittering path to globalisation for Japan’s number one broker Nomura, but nothing to get in the way of its bold internationalisation push.
As Reuters reported at the weekend:
Very good reasons to buy Toyota (cars and stocks)
In the volumes about “Toyota terror” cascading forth from the media, the FT’s Philip Stephens’ keenly counter-intuitive take stands out as a beacon of provocative — and we think persuasive — reasoning.
The cost of sticky accelerator pedals
That’s the share price chart of Toyota, which overnight said it expected costs and lost sales from its sticky accelerator pedals to total $2bn.
Surprisingly, the recall of 8m vehicles did not stop the company increasing its guidance for the year to March after a forecast busting third quarter – which was largely due to various cash for clunkers schemes.
Toyota to exit F1 sponsorship
Toyota is to follow Honda and BMW out of Formula One as Japan’s top carmaker battles slumping car sales. Akio Toyoda, chief executive, apologised to fans on Wednesday and said Toyota had “tried everything”
Toyota to slash global production
Toyota is poised to slash production by as much as 580,000 vehicles – nearly 6% of global capacity – in an effort to stem losses amid sliding vehicle sales. The world’s largest carmaker, which forecasts its second consecutive net loss this year,
‘Cash-for-clunkers’ boosts US car sales
Car sales in the US surged by about 16% last month compared with June thanks to demand generated by car scrappage incentives. But year-on-year sales remained lower for most carmakers. GM and Chrysler, which have emerged from court-supervised restructurings,
Toyota plans top-level overhaul
Toyota Motor is planning one of the most drastic management overhauls in its 70-year history next month when Akio Toyoda, grandson of its founder, takes over as chief executive. After an unprecedented Y437bn ($4.5bn) net loss in its most recent financial year,
Weekend catch-up
In case you missed these stories:
- Hedge funds have their best month in years
Hedge funds posted their best monthly returns in nine years in April as they took advantage of rallying stock markets and opportunities in the energy and fixed income markets.
Chart du jour: April car sales
EconomPic Data provides some useful visual perspective on the awful US vehicles sales numbers released on Friday (click for full version):
Related links:
Uncertainty drives down Toyota sales – FT
A counter-intuitive view of automaker despair
Can the auto sector get much gloomier?
General Motors is now warning that billions of dollars in government aid may not prevent it from running out of cash if vehicle sales do not improve soon. Meanwhile,
Toyota seeks $2bn crisis loan
Toyota, the world’s biggest carmaker by sales, is seeking up to $2bn in Japanese government-backed emergency loans as it struggles to obtain funding. The company, facing its first net loss in six decades,
Toyota’s (truly horrible) day
It was as inevitable as the violent ending to a traditional samurai movie – ever since Fitch cut its assessment in November, S&P lowered its outlook to negative in December and Moody’s launched its ratings review.
Toyota loses AAA rating
Toyota, the world’s largest carmaker, lost its top credit rating from Moody’s on Friday as plunging car demand in the US and Japan propel the company to its first operating loss in 71 years, reports Bloomberg.
Toyota warns of first ever operating loss
Toyota Motor warned Monday it would suffer its first loss since it began reporting results 68 years ago, amid the global deterioration in vehicle demand. Katsuaki Watanabe, chief executive, said the Japanese carmaker would slash business investment,
Lex on Toyota: Survival is not enough
Investors “can hardly be shocked” about Toyota’s profits warning, says Lex. Automakers everywhere are selling fewer cars, and Toyota has clipped its annual forecast to 7.5m vehicles – 15 fewer than it sold last fiscal year.
Toyota’s first loss, Japan’s muted outlook
It’s a sad day when even the makers of the world’s most famous hybrid – the Prius – reveal they are suffering because of the global downturn. Indeed, Japan’s Toyota has forecast its first ever operating loss in 71 years.
Toyota’s credit rating cut
Toyota’s debt rating was cut by Fitch Ratings, the automaker’s first downgrade in 10 years, as the slump in US car sales drags down earnings at the company with the industry’s best credit, reports Bloomberg.
US automakers press case for aid
The heads of Detroit’s three auto makers and the United Auto Workers union pleaded Thursday with Democratic congressional leaders to rush more government aid to their foundering companies, offering to accept conditions such as granting stock warrants to the government in return for capital,
US car sales sink to lowest level for 25 years
Sales of light vehicles in the US sank to their lowest level in a quarter of a century last month, with generous discounts failing to offset evaporating consumer confidence and scarce credit. GM and Chrysler were among the heaviest casualties,
Toyota to launch Islamic bonds in Malaysia
Interesting move by Toyota Motor Corp to sell Islamic sukuk bonds worth as much as 1bn ringgit ($311m) in Malaysia to raise funds for its automobile leasing and loan business there, as reported in Monday’s edition of the Nihon Keizai Shinbun [via Nikkei Net].