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File photo: A pedestrian walks past an electronic board displaying share prices on the Tokyo Stock Exchange in Tokyo on November 4, 2020. Behrouz MEHRI / AFP Tokyo stocks slumped Tuesday as surging oil prices and the Russia-Ukraine crisis continued to drag down global markets. The benchmark Nikkei 225 index dropped 1.71 percent, or 430.46 points, to 24,790.95, while the broader Topix index gave up 1.90 percent, or 34.17 points, to 1,759.86. The dollar fetched 115.52 yen, up from 115.27 yen in New York Monday. The Tokyo market opened in negative territory, tracking falls on Wall Street, although bargain-hunters temporarily lifted the Nikkei above water by mid-morning. But Russia’s intensifying assault on Ukraine continued to weigh on the market, with many investors already jittery about taking risks as they braced for possible further losses on Wall Street later in the day. “Particularly in the afternoon session, investors increased their wariness about rising oil prices, and the Nikkei again extended its losses,” Okasan Online Securities said. “Near the closing bell, the index was hovering near the intra-day low,” the brokerage added.

A growing number of Western businesses are either halting operations in Russia or exiting altogether over that country’s military incursion of neighboring Ukraine. The major hit to Russia’s economy will likely come from the crucial oil and gas industry. British-based BP announced Sunday that it is divesting its $14 billion stake in Russian state-owned oil and gas company Rosneft. Meanwhile, Chief Executive Officer Ben van Beurden of Britain-based Shell Oil Company issued an apology Tuesday for buying Russian crude oil last week, and said it would end all of its operations in Russia, including pipeline gas and liquid natural gas. Shell previously announced it was abandoning its joint venture with state-owned Gazprom and the now-suspended Nord Stream 2 pipeline, built to carry natural gas from Russia to western Europe. Japanese automakers Toyota and Nissan have announced plans to suspend production at their plants in the western port city of St. Petersburg and end all vehicle exports to Russia.

Futures Rebound On "Massive" EU Bond Stimulus Plan; Nickel Halted After Record Surge, Gold Over $2000 Futures rebounded from yesterday huge loss, and after touching a session low of 4,138, S&P futures bounced shortly after the European when Bloomberg reported that the European Union was set to reveal a quasi "Marshall Plan" this week to issue issue "potentially massive” joint bonds to fund energy and defense and help counter the fiscal fallout from Russia’s invasion of Ukraine (how Europe will do that at a time when QE is ending and buyers for global debt are shrinking fast amid surging rates remains unclear). S&P 500 futures gained 0.7% following the benchmark index’s biggest loss since October 2020, while Dow futures rose 0.6%. Contracts on the Nasdaq 100 were up 0.6% at 7:15 a.m. Bonds and the dollar dropped, and the euro strengthened. The commodity melt up continued: nickel was halted on the LME after soaring 250%, oil traded just shy of $130 and gold was above $2000. The EU''s bond-sale proposal may be presented as soon as next week, according to Bloomberg.

Group 1 (GPI) Takes Over Toyota's Heavy Volume Texas Dealership and looks to add $435 million to annual revenues.

The Russia-Ukraine conflict has already started to create ripple effects in the automotive supply chain and is likely to exacerbate the chip deficit as raw materials procurement gets difficult.

Group 1 Automotive <> announced the acquisition of Charles Maund Toyota in Austin, Texas; dealership will be renamed Toyota of North Austin.This adds to the company''s strong…

PwC And KPMG Cut Business Ties To Russia And Belarus Even America''s "Big Four" consulting giants are cutting business ties with Russia. According to the FT , the decision by both PwC and KPMG to exit their Russian business marks "the most significant departure by global professional services groups since the start of the invasion of Ukraine. The decision will likely inspire rivals Deloitte and EY to follow suit. "Everyone knows the game is up in terms of being able to retain a network firm in Russia," said an insider at one Big Four firm. As a reminder, PwC operates a global network of locally owned firms. So, it''s technically cutting ties with the Russian member of this network, which has some 3,700 partners and staff across 11 locations in the country (along with an office of 25 in Belarus). Fortunately for the employees, the network members will continue to operate as standalone businesses with no ties to the mothership. Technically, the local network firms in each country are owned collectively by the partners using the (some might call it old fashioned) partnership structure.

PwC and KPMG have severed ties with their businesses in Russia and Belarus, thus becoming the first Big Four accounting firms to exit the countries since the invasion of Ukraine. The moves are the most significant departures from Russia by global professional services groups since the war in Ukraine started last month and are likely to increase pressure on their peers, Deloitte and EY, to follow suit. PriceWaterhouseCoopers (PwC), which operates a global network of locally owned firms, said it was cutting ties with its Russian member, which has 3,700 partners and staff across 11 locations in the country, as well as its 25-strong office in Belarus. They indicated that businesses will continue to operate as standalone entities with no official link to the global brand. PwC’s newly independent Russian and Belarusian operations will be renamed and be free to continue working for local clients as well as serving international companies with operations in the countries, the company revealed in it’s statement.

Japan has the world's third-largest economy, which has started to rebound from the pandemic. The Japanese economy expanded at a 5.4% annualized rate in the fourth quarter of 2021.

NAGOYA - Japanese carmakers, including Toyota Motor Corp., have ordered their employees based in Russia to re…

China- and U.S.-based Pony.ai said Monday its valuation has surged to $8.5 billion after the first close of its Series D funding round, a sign that investors continue to chase a space where mass deployment of autonomous fleets are still years away. Founded in 2016 and backed by Toyota, Pony is among a group of […]

China- and U.S.-based Pony.ai said Monday its valuation has surged to $8.5 billion after the first close of its Series D funding round, a sign that investors continue to chase a space where mass deployment of autonomous fleets are still years away. Founded in 2016 and backed by Toyota, Pony is among a group of […]

Toyota’s truck and bus maker Hino Motors has confirmed that it found major problems with its way of testing and verifying emissions since 2016. The Japanese subsidiary stopped sales and deliveries and will begin the recalls as soon as possible. Here’s what you need to know.

MOSCOW, Russia: As the economic fallout from Moscow''s invasion of Ukraine intensified, ten major car and motorcycle manufacturers announced the closures of their factories or the suspension of sales in Russia. Toyota, Mercedes-Benz and Hyundai said they would cease manufacturing in Russia, and Porsche and BMW closed their plants due to a lack of parts from Ukraine. Ford, Renault, and BMW have already closed thei

The Russia-Ukraine war has emphasized that modern warfare is cyber warfare. And that means cybersecurity stocks are set for huge gains.