Toyota's Q2 operating profit falls 43%
TOKYO • Toyota Motor yesterday said operating profit almost halved in its second quarter as the world's top-selling automaker smarted from a strong yen that has made its Japan-built cars less competitive and crimped the value of overseas earnings.
Operating profit fell 43 per cent to 474.6 billion yen (S$6.31 billion) in the July-September period compared with a year ago. Sales in North America, one the world's biggest car markets, slowed after record sales last year.
Japanese lender to start Manila back-office centre
TOKYO • Mitsubishi UFJ Financial Group is planning to set up a back-office centre in Manila to handle operations for Asia outside Japan, sources said.
The move is part of its efforts to improve the efficiency of its global operations, as the banking industry faces weak revenue growth in an ultra-low interest rate environment.
The centre in Manila will start operating in its next financial year beginning April, taking over some back-office operations at branches in Singapore and Australia.