THE NEWS WRAP: Toyota commits to Australian cars after local subsidiary reports a profit

Toyota has committed to continue building cars in Australia after its local subsidiary reported an after-tax profit of $149 million, marking a turnaround from three consecutive years of losses.

 

“Our business is being radically changed to counter both internal and external pressures,” Toyota’s local chief, Max Yasuda, says.

 

“Our locally built Camry, Camry Hybrid and Aurion vehicles continue to sell well in both domestic and export markets.”

 

ASX shocks the market with a $553 million rights issue

 

The ASX has surprised the market by announcing a $553 million rights issue in a bid to clear outstanding debt.

 

The move makes the market a more attractive takeover target, while also placing it in a better position to launch acquisitions of its own.

 

“We have a beautiful balance sheet. People might find that attractive,” chief executive Elmer Funke Kupper says.

 

NSW Premier Barry O’Farrell tells Crown and Echo casinos are “not a campaign issue”

 

New South Wales Premier Barry O’Farrell has warned casino giants Crown and Echo Entertainment the issue of a second casino licence for Sydney will not be influenced by public campaigning.

 

“The Star and Echo groups need to understand that this issue being considered by David Murray and his committee is not a campaign issue. This is not going to be determined by popular support,” O’Farrell says.

 

“Whether or not any or either of these proposals proceeds depends on whether there is value for money; whether there’s a real benefit to the state. I just think that Crown and Echo ought to take a cold shower, calm down and allow the Murray committee to do their work.”

 

Overnight

 

The Dow Jones Industrial Average is down 0.76% to 15,122.10. The Aussie dollar is up to US94.39 cents.

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