Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Google announced Google Glass Enterprise Edition 2 on Monday, a new set of smart glasses that's catered toward businesses and costs $999. Google has focused on business use...Technologyread more
From hiring parties to improved training, restaurants are thinking outside the box to attract and retain talent. A recent report from TDn2K, a restaurant analytics firm, found...Restaurantsread more
More than 170 shoe retailers, including Nike, Under Armour, Adidas, Foot Locker, Ugg and Off Broadway Shoe Warehouse, have penned a letter to the White House asking President...Retailread more
Microsoft on Monday announced new moderation for its Xbox platform in an effort to cut down on toxic content and to make gaming safer for everyone.Technologyread more
The finalists from the Council for Economic Education's National Economics Challenge will put their problem-solving skills to the test Monday in a high school economics...US Economyread more
* MMC sees operating profit slide following 14 pct growth last yr
* Automaker will accept slower sales growth, seeks stable profits
* CEO: Mitsubishi, Nissan, Renault have not discussed integrating management
TOKYO, May 9 (Reuters) - Mitsubishi Motors Corp forecast on Thursday a 19 percent fall in operating profit this year as it reins in aggressive growth amid slowing global car demand and charts a new course after the ouster of former chairman Carlos Ghosn.
Japan's sixth-largest automaker, in which Nissan Motor Co holds a controlling stake, expects profit to fall to 90.0 billion yen ($821.02 million) in the year to March, after a 14 percent rise to 111.8 billion yen in the year just ended.
Mitsubishi said the need to invest heavily to develop and market new, on-demand transportation services and lower-emissions vehicles to comply with tighter regulations would put pressure on the automaker's growth prospects in the coming years.
It expects global sales to rise 4.9 percent to 1.31 million vehicles in the current year, slowing from the 13 percent growth seen in the year ended March as it sees sales growth slowing in Southeast Asia, a key market which has more than doubled in the past decade.
Mitsubishi CEO Osamu Masuko said that the automaker would accept slower sales growth by easing the pace of expansion in ASEAN countries and growth markets of China and the United States in the coming years to ensure sustained profitability.
"We need to drastically revise our strategy even if we experience a temporary stall in performance," Masuko told reporters at a briefing.
"It's not realistic to adopt a strategy based only on expansion. We need to prioritise healthy growth."
Masuko said that he would resist relying on discounting and fleet sales to grow overall sales, a strategy which has stung partner Nissan in the United States.
Mitsubishi is contending with slowing demand for cars, ongoing global trade frictions and the need to develop new technologies just as it and its partners Nissan and France's Renault SA grapple with the fallout from the arrest of Ghosn, the group's former chairman who is facing charges of financial misconduct in Japan.
Ghosn has been accused of enriching himself at a cost of $5 million to Nissan. Since his initial arrest in November, he has also been charged with temporarily transferring personal financial losses to his employer's books and understating his salary during his time at the helm of Japan's No. 2 automaker.
He has denied all charges against him.
Masuko said he was unaware of plans by Renault to propose the creation of a joint holding company that would give the French automaker and Nissan equal footing, as media had reported late last month.
He added that the three companies had not discussed management integration, an idea which Nissan has long opposed. ($1 = 109.6200 yen) (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)