InfoAnda - Toyota to shelve capital spending plans, cut bonuses: reports

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Toyota to shelve capital spending plans, cut bonuses: reports AFP - Monday, December 15 TOKYO (AFP) - - Toyota Motor Corp. will postpone large capital investments and eliminate executive bonuses due to the worldwide slump in auto sales and the yen's continued appreciation, according to Japanese media reports. The moves by Japan's top automaker come amid speculation that it will report a 1.1-billion-dollar loss for the second half of the year to March, its first interim operating loss since introducing US accounting standards in 1999. Japan's Nikkei business daily reported the company will freeze its plan to boost annual production capacity at one of its factories in China by 50 percent to 150,000 units by the end of 2009. Toyota will also suspend a plan to increase production capacity in Brazil and India as well as in the Japanese city of Takaoka, the Nikkei said, without naming sources. It will delay the opening of a plant under construction in the southern US state of Mississippi until 2011 or later, the report said. The postponements by Toyota are likely to hurt parts suppliers and car materials makers, and other automakers could follow its lead in cutting capital spending, the Nikkei said. The auto giant's plan to eliminate bonuses for its executives this fiscal year will save about one billion yen, the Mainichi Shimbun daily and Kyodo News reported. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Indonesian president announces cuts in fuel pricesReuters - 25 minutes ago New Zealand recession to last to mid-2009 - reportReuters - 1 hour 1 minute ago Bangladesh central bank takes repos, reverse reposReuters - 1 hour 2 minutes ago China's premier says stimulus moves not over-mediaReuters - 1 hour 3 minutes ago Iran proposes up to 2 million bpd OPEC cutAP - 1 hour 36 minutes ago Enlarge Photo Toyota to shelve capital spending plans, cut bonuses: reports Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed US carmakers mull options as White House vows aid Actress Jennifer Aniston appears naked in GQ magazine Russia crowned Miss World 2008 in African event Fortis bank, saved from collapse, again on shaky ground Rich and powerful top Madoff's fraud victims: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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