Toyota makes $1 billion ride-hailing bet in Singapore's Grab stake

Toyota Motor Corp. is making its largest bet to date on ride hailing with a $1 billion investment in Singapore’s Grab Holdings Inc. The Japanese auto manufacturer’s investment values Grab, Southeast Asia’s largest car-hailing service, at just over $10 billion, according to a person familiar with the transaction. A Toyota executive will be appointed to Grab’s board, and another Toyota employee will be seconded to Grab to as an executive officer, the carmaker said Wednesday. Automakers are taking steps toward a future where mobility services will make individual car-ownership less necessary, while trying to fend off technology giants targeting the same market. General Motors Co., Daimler AG and Honda Motor Co. are among manufacturers that are investing in ride-hailing applications and developing self-driving vehicles. “This is a good decision -- Toyota should not be late in this area,” said Tatsuo Yoshida, an equities analyst at Sawakami Asset Management Inc. in Tokyo. “Ride sharing is coming. For car companies, this is a painful reality, but it can be a business opportunity if they understand it correctly.”

It took 8 yrs, Trump's tariff war for China, Japan to hold economic summit

China and Japan have resumed high-level economic talks after a hiatus of nearly eight years in a sign of improving ties in their often-frosty relationship.

The Japan-China High-Level Economic Dialogue was being held Monday in Tokyo for the first time since August 2010.

The Chinese side was led by Foreign Minister Wang Yi, the first visit by a Chinese foreign minister for bilateral talks since 2009.

Asia's two largest economies have reason to cooperate in the face of President Donald Trump's moves to impose tariffs on imports from their countries and his demands that they open their markets more to American exports.

Japanese Prime Minister Shinzo Abe is headed to the United States this week to meet Trump.

Kobe Steel copper product plant loses remaining industrial quality badge

The Kobe Steel plant at the centre of a data-falsification scandal that has shaken supply chains around the world has been stripped of all its industrial quality certifications, the Japanese government said on Wednesday.

In another blow to the embattled steelmaker, the government-sanctioned seal on insulated copper tubing from Kobe's Hatano plant, one of its main copper product plants, was revoked after an investigation by a certification firm into its quality controls, the Ministry of Economy, Trade and Industry said in a statement.

The plant southwest of Tokyo has also lost its ISO 9001 quality certification from the International Standards Organization (ISO), Japan Quality Assurance Organization said.

Earlier, the plant was stripped of its Japan Industrial Standards (JIS) seal for seamless copper pipe products used for air conditioning and refrigerators, as part of the fallout of one of Japan's biggest industrial scandals.

Having the quality seals revoked means the company can no longer sell the products with the JIS label, potentially restricting the number of customers that want to buy them and reducing its sales.

"We aim to regain the JIS certification and recover trust from our customers as soon as possible by implementing measures to prevent future misconduct," Kobe Steel said in a statement.
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Toshiba to sell chip unit to Bain Capital for around $18 bn

Japan's Toshiba Corp said on Wednesday it has agreed to sell its prized semiconductor business to a group led by US private equity firm Bain Capital LP, a key step in keeping the struggling Japanese conglomerate listed on the Tokyo exchange.

Toshiba said in a nighttime announcement through the exchange it had signed a contract for the deal worth about 2 trillion yen ($18 billion), the latest and perhaps final twist in a deal that only hours earlier had seen the company leading toward an agreement with its US joint venture partner Western Digital Corp.

The decision to sell the world's No. 2 producer of NAND memory chips, first reported by Reuters on Wednesday, was made at a board meeting earlier in the day.

Toshiba said the agreement assumed the deal would weather legal challenges raised by Western Digital. A Western Digital spokeswoman said the company did not have an immediate comment.
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