The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
* Sees FY oper profit 2.55 trln yen vs 2.61 trln view of analysts
* Sees retail vehicle sales at 10.74 mln this yr vs 10.6 mln last year
* To buy back 300 bln yen worth of shares through Sept (Recasts, adds CFO quote, industry context)
TOKYO, May 8 (Reuters) - Toyota Motor forecast lower growth in operating profit for the current year on an expected drop in revenue and weaker vehicle sales in Japan and North America, underscoring the hard task ahead as it gears up to face a rapidly shifting industry.
Japan's largest automaker said it expects profit to rise 3.3 percent to 2.55 trillion yen ($23.20 billion) in the year to March 2020, slightly lower than the 2.61 trillion yen average of 23 analyst estimates compiled by Refinitiv and compared to last year's 20 percent jump.
While it forecast global group retail sales at a record 10.74 million vehicles for the current year, compared with 10.6 million in the previous year, Japan sales were seen down 1.2 percent and North American sales down 1.6 percent.
Net revenue was forecast to slip to 30 trillion yen from 30.2 trillion yen.
Toyota, like its rivals, is facing stiff competition as ride-sharing technology and the race to develop self-driving cars has caused rapid - and costly - disruption to the auto industry.
"We still weren't able to improve our costs enough last year," CFO Koji Kobayashi told reporters. "We need to work to find new ways to cut costs this year."
Toyota has recently outlined plans to offer automakers and auto suppliers royalty-free access to nearly 24,000 electrified vehicle technologies patented by it.
In the last 20 years, Toyota has managed to dominate the global market for hybrid cars by constantly improving and lowering the cost of the technology it pioneered in its Prius model - and keeping this expertise a closely guarded secret.
Now, it says it aims to use partnerships to cut by as much as half the outlays for expanded electric and hybrid vehicle components production in the United States, China and Japan.
Toyota's operating profit forecast is based on the assumption that the yen will trade around 110 to the U.S. dollar in the current financial year, compared with 111 yen in the year just ended.
The company also said it would buy back 300 billion yen worth of its shares through September. ($1 = 109.9300 yen) (Reporting by Naomi Tajitsu; Editing by David Dolan and Muralikumar Anantharaman)