Author: Press Room

Toyota is on course for an unprecedented showdown with investors next month after proxy advisers backed a shareholder challenge on climate policy and recommended a vote against Japan’s most powerful business executive.The challenge to the country’s largest company by market capitalisation epitomises what many investors believe are big shifts under way in the Japanese stock market as shareholders and the Tokyo exchange seek higher governance standards.In a report sent to investors last week, the US proxy adviser Glass Lewis recommended that shareholders vote against the reappointment as Toyota chair of Akio Toyoda, the grandson of the company’s founder and a…

© Reuters. FILE PHOTO: President Joe Biden shakes hands with House Speaker Kevin McCarthy of Calif., after the State of the Union address to a joint session of Congress at the Capitol, Tuesday, Feb. 7, 2023, in Washington. Jacquelyn Martin/Pool via REUTERS/File Ph By Steve Holland WASHINGTON (Reuters) – When Kevin McCarthy was struggling early this year to get enough votes from his own Republicans to become Speaker of the House of Representatives, Democratic President Joe Biden called the prolonged saga a national embarrassment, then had a little fun. “I’ve got good news for you,” Biden said, pointing playfully at…

© Reuters. FILE PHOTO: The logo of Price Waterhouse Coopers is seen at its Berlin office in Berlin, Germany, September 20, 2019. REUTERS/Wolfgang Rattay/File Photo By Lewis Jackson SYDNEY (Reuters) – PricewaterhouseCoopers (PwC) Australia on Monday ordered nine partners to take leave and overhauled its governance board, as it battles a national scandal over the misuse of confidential government tax plans. The “big four” firm is reeling after a former tax partner consulting on new anti-tax avoidance laws shared confidential drafts with colleagues that were then used to drum up business. In an open letter, acting chief executive Kristin Stubbins…

Source: AdobeStock / Alexey NovikovJP Morgan Chase has filed a trademark application with the US Patent and Trademark Office for a finance-themed AI chatbot named “IndexGPT.”According to the application filed earlier this month, the tool is intended to assist investors in selecting financial securities and financial assets. The application suggests the AI chatbot will provide investment advice in “financial investment in the field of securities” and “funds investment”, as well as in “advertising” and “marketing services”. The new application comes after a February survey by JP Morgan revealed that more than half of the institutional traders believed artificial intelligence and machine learning would be…

Gov. Ron DeSantis of Florida officially entered the presidential race last week, but he appears farther than ever from the one-on-one matchup that his allies believe he needs to wrest the nomination from former President Donald J. Trump.Former Vice President Mike Pence is burrowing deeper into Iowa, crucial to his effort to dislodge the Republican front-runners, even before he has announced his bid. Former Gov. Chris Christie of New Jersey is intensifying preparations for another campaign, with an expected focus on New Hampshire. And Republican donors and leadership on Capitol Hill are showing fresh interest in Senator Tim Scott of…

Maksim Safaniuk/iStock via Getty Images The new debt ceiling deal includes a provision that would accelerate the completion of the Mountain Valley Pipeline, according to multiple reports, an unexpected development that is sure to upset some D.C. legislators who oppose new fossil fuel infrastructure. According to the deal text, “the timely completion of construction and operation of the Mountain Valley Pipeline is required in the national interest,” and it calls for the U.S. Army to “issue all permits or verifications necessary to complete the construction of [MVP] across the waters of the United States, and to allow for the operation…

Ukraine’s defense ministry tweeted that its Storm Shadow missiles have hit “100%” of their targets. Britain gave Ukraine the missiles in May after Ukraine asked for longer-range weapons.  However, Russia also claims it’s intercepted two of the Storm Shadow missiles, per Reuters.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Ukraine’s defense ministry said that its long-range Storm Shadow missiles, given by Britain, have successfully hit all their Russian targets.  “Storm Shadow long-range missiles have hit 100% of the targets identified by the General Staff,”…

First Guaranty Mortgage Corp. said Thursday that it has filed for Chapter 11 bankruptcy protection, due to “significant operating losses and cash flow challenges” resulting from adverse market conditions for the mortgage lending industry. The mortgage company said its bankruptcy has not impact on closed mortgages, as they are already serviced by third parties, and said it has retained “a portion of its workforce” to manage the day-to-day business. “The sharp and unexpected decline in performance reflects the intense pressure on mortgage originations due to the dramatic collapse of the mortgage refinance market and the weakening mortgage purchase market, which…

Japan, declares tourist after tourist, investor after investor, is red hot. The yen is tumbling, the shopping is amazing, the stock market is flying, the sushi is cheap. It is also, perhaps, the only place in the world right now where you can buy a globally successful $20bn company for free.And glorious though that notionally knockdown pricing sounds, it may yet spoil an important element of the party.Like all good tricks, this so-far-hypothetical $20bn great gratis grab takes a bit of setting-up. For a start, to be the lucky buyer you have to be Toyota Motor — global carmaker supreme,…

© Reuters. FILE PHOTO: Chinese Commerce Minister Wang Wentao speaks at a news conference in Beijing, China March 2, 2023. REUTERS/Florence Lo BEIJING (Reuters) -Chinese Commerce Minister Wang Wentao urged Japan to correct its “wrongdoing” of imposing chip export controls, according to a statement from the Chinese commerce ministry on Monday. Wang made the comments during talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference. Wang was quoted as saying that Japan had ignored China’s strong opposition and opinion within the industry and that its actions “seriously violated” international economic and trade…