Asia-Pacific
The Straits Times

Toyota monthly sales fall as China slump enters eighth month

Toyota Motor’s car sales fell in September, dragged down by a months-long drop in China where higher gas prices are weighing on demand for non-electric vehicles. Global sales, including those of subsidiary Daihatsu Motor, fell 2.9% from a year earlier to 921,847 units, the company said in a statement on Oct 29. China, the global auto industry’s leading market, has proven difficult for the world’s biggest carmaker. Strong demand for new or hybrid models let Toyota maintain or even grow its sales in Japan, Europe and the US. But sales in China have fallen for eight straight months, fuelling the same stretch of declines in broader sales. Legacy manufacturers have been struggling to compete with Chinese brands churning out battery-powered cars that cater to the demands of customers who want the latest in features and onboard software. Sales edged up 1.8% in Japan and 8.6% in North America, thanks in large part to a rebound in the popularity of gas-electric hybrid vehicles – a technology pioneered by the Japanese carmaker. In August, Toyota raised its profit outlook for the fiscal year ending March 2027 to ¥3.4 trillion (S$27.59 billion), emboldened by US demand for hybrids and a cushion provided by currency tailwinds. The manufacturer had forecast a rare drop earlier in 2026 as it braced for higher raw material costs stemming from the conflict in the Middle East. Toyota also said hybrid sales are on track to exceed 5 million units for the first time in 2026. Meanwhile, Honda Motor’s sales fell 6.5% in September to 271,402 units, including a sharp 53% drop in China.

Toyota monthly sales fall as China slump enters eighth month
North America
CNBC Finance

Procter & Gamble earnings beat as sales rise 4%, boosted by laundry and home products

Procter & Gamble on Thursday reported quarterly earnings and revenue that beat analysts' expectations, fueled by growing demand for its laundry detergent and home care products. P&G reported fiscal first-quarter net income attributable to the company of $4.73 billion, or $1.97 per share, down from $4.75 billion, or $1.95 per share, a year earlier. P&G reported volume growth of 2.4%, a strong start for its new fiscal year. Like many consumer companies, P&G has seen demand for its products weaken as shoppers have become more value conscious. Executives have previously said that consumers are now using every last drop of shampoo or laundry detergent, and value packs have become more popular. In fiscal 2026, P&G reported just one quarter of volume growth. P&G's top performing division was fabric and home care, which includes brands like Tide and Febreze. The segment's volume rose 4.3% in the quarter. The company's baby, feminine and family care segment and its beauty business both reported volume growth of more than 2%. P&G's grooming division saw volume shrink 0.4% in the quarter. The segment includes Gillette and Venus razors. The company's health care business was the laggard of the portfolio this quarter. Its volume fell 2.9% as demand for oral health care products, like Crest toothpaste, and personal health care items, like Pepto-Bismol, shrank. The company is expecting continued "geopolitical and economic challenges," but P&G is on track to meet its guidance, CEO Shailesh Jejurikar said in a statement. For fiscal 2027, P&G reiterated its forecast for core earnings per share in a range of $6.89 to $7.11. The company is now projecting all-in sales growth in the range of 2% to 4% compared with the prior year, up from its prior outlook of 1% to 3%. The change reflects its acquisition of vitamin company Thorne, which closed on Oct. 1. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Procter & Gamble earnings beat as sales rise 4%, boosted by laundry and home products
Asia-Pacific
Channel NewsAsia

Has China’s AI bubble burst? What this means for the global tech boom

While the downturn has raised concerns over valuations and profitability, analysts say it does not necessarily spell trouble for China’s broader AI ambitions and the global market. A sharp sell-off in Chinese AI and technology stocks has raised questions over lofty valuations and the sector's ability to deliver sustainable profits. Pictured is a visitor at the World Artificial Intelligence Conference in Shanghai, China, on Jul 26, 2025. (Photo: Reuters/Go Nakamura) New: You can now listen to articles. This audio is generated by an AI tool. Lee Gim Siong 29 Oct 2026 05:53PM Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Read a summary of this article on FAST. Get bite-sized news via a newcards interface. Give it a try. Click here to return to FAST Tap here to return to FAST FAST BEIJING: Has China’s artificial intelligence bubble finally burst? A once-soaring rally in Chinese AI stocks has lost much of its momentum, with a sharp sell-off raising questions about whether enthusiasm for the technology has pushed share prices beyond what companies' earnings could justify. But while the decline has fuelled debate over whether an AI investment bubble is deflating, analysts told CNA that falling share prices do not necessarily signal a setback for China’s broader AI ambitions - or suggest that other markets are headed for a similar correction. As of Thursday (Oct 29), China’s STAR 50 Index, which tracks 50 major tech and innovation companies on the Shanghai Stock Exchange, had fallen more than 40 per cent over four months, wiping out some US$480 billion in market value. The scale of the decline has brought renewed scrutiny as to whether heavy spending on AI can translate into higher profits, and what the reversal means for China’s tech ambitions and the wider global AI investment boom. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less “The sell-off appears to be primarily a repricing of expectations, but it is also prompting more scrutiny of monetisation, profitability and capital efficiency,” said Stephen Wong, an executive committee member of the Greater China Chapter of the Chartered Alternative Investment Analyst (CAIA) Association, a US-based global professional body for the alternative investment industry. While falling share prices could make it harder for some Chinese firms to raise funds, the downturn is unlikely to derail Beijing's broader AI ambitions, analysts said - which continue to benefit from government support. The sell-off follows a roughly two-year rally in Chinese equities, fuelled in part by enthusiasm for AI that sent technology shares soaring, particularly in sectors such as semiconductors and robotics. As of Oct 26, the STAR 50 was still trading at around 100 times the combined earnings of its constituent companies over the past 12 months - down from a peak of nearly 250 times, according to Reuters. That suggests that investors are still paying a substantial premium for future growth - leaving shares vulnerable if earnings fail to meet expectations. Kelvin Wong, senior market analyst at online trading platform OANDA, said Chinese equities have been particularly exposed to a reversal in investor sentiment.

Has China’s AI bubble burst? What this means for the global tech boom
Asia-Pacific
Channel NewsAsia

Ambani's Jio to make Mumbai trading debut after record US$3.2 billion India IPO

The listing furthers Asia's richest man Mukesh Ambani's plan to turn Jio's parent Reliance Industries from an oil-and-chemicals conglomerate into an "everything company" spanning consumer and technology. Traffic moves past Jio advertisement boards in Mumbai, India, Oct 21, 2026. (Photo: Reuters/Francis Mascarenhas) MUMBAI: Asia's richest man Mukesh Ambani's telecoms and digital unit Jio Platforms is set to list in Mumbai on Wednesday (Oct 28), after its US$3.2 billion IPO drew US$77 billion in bids in India's most-subscribed offering ever. Valued at up to US$108.3 billion, Jio, backed by Meta and Alphabet's Google, serves more than 530 million customers and will potentially become one of India's biggest companies by market capitalisation when trading starts. The listing furthers Ambani's plan to turn Jio's parent Reliance Industries from an oil-and-chemicals conglomerate into an "everything company" spanning consumer and technology. The listing ceremony for Jio is expected to be attended by Akash Ambani, Ambani's eldest son, who is managing director, an industry source with direct knowledge said. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Reliance did not respond to a Reuters request for comment. Ahead of the listing, the premium for Jio shares in the grey market - an unregulated market that allows investors to trade in unlisted shares - indicates gains of about 22 per cent. India has become the world's busiest IPO market this year by number of deals, with 246 listings so far, but ranks fourth by money raised at US$13.5 billion, behind the United States, mainland China and Hong Kong, LSEG data showed. Several brokerages called the US$108.3 billion valuation attractive, with some pointing to potential upside, though they flagged competition, heavy capital spending and changes in India's telecom rules, including on spectrum, licensing and fees, as risks. Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Ambani's Jio to make Mumbai trading debut after record US$3.2 billion India IPO
Asia-Pacific
The Straits Times

Billionaire Ambani’s Jio to debut after record India IPO

A Reliance Industries’ Jio Digital Life store on a street in Kolkata, India, on June 19. Jio Platforms raised about US$3.2 billion (S$4.1 billion) at 1,119 rupees (S$15.08) per share in the initial public offering. MUMBAI – India’s Jio Platforms makes its stock market debut on Oct 28 after a record-breaking IPO, capping billionaire owner Mukesh Ambani’s years-long drive to diversify his conglomerate beyond oil refining. Jio Platforms, which houses the country’s biggest wireless operator and is the digital services arm of Ambani’s Reliance Industries, raised about US$3.2 billion (S$4.1 billion) at 1,119 rupees (S$15.08) per share in India’s biggest-ever initial public offering. The listing, one of the year’s most anticipated, attracted robust demand last week, with investors applying for more than 22 times the shares on offer. In the run-up to its Mumbai debut, grey market platforms showed a premium of around 22% for Jio shares, although experts caution that such unofficial indicators can be unreliable predictors of early trading. Nevertheless, most analysts expect decent listing gains despite a weak year for Indian equities. Jio has a “proven execution record” and will see its cash generation “strengthening as the 5G investment cycle winds down”, analysts at financial services firm Emkay Global said in a note, calling the company “the digital engine of India”. Launched a decade ago, Jio’s wireless service disrupted the market with steep discounts, rapidly winning customers from rivals Bharti Airtel and Vodafone. With over 530 million subscribers, the firm currently makes most of its money from telecommunications, but has expanded in recent years into digital services and artificial intelligence. Experts say Jio is key to Reliance’s strategy to move beyond oil and underpins its future technology ambitions. Local media have reported how it is considering a low Earth orbit satellite constellation to provide internet services from space – a venture that would see it compete with Musk’s Starlink, which has been trying for years to launch in India. Musk accused unnamed Indian “oligarchs” in October of preventing Starlink’s roll-out in the country, and referred to the Reliance chairman as “Prime Minister Ambani” and the “real boss of India”.

Billionaire Ambani’s Jio to debut after record India IPO
Asia-Pacific
The Straits Times

Anthropic’s record IPO faces some big questions

In five years, Anthropic has become an AI giant valued at US$1 trillion (S$1.3 trillion). SAN FRANCISCO – No start-up has ever grown so fast. In five years, Anthropic has become an artificial-intelligence giant valued at US$1 trillion (S$1.3 trillion), and it is now aiming for a record-breaking stock market debut. But it faces three threats: rivals that are catching up, prices that are collapsing and bills that keep climbing. Anthropic spells out the risks in its Wall Street prospectus, published on Oct 26. The first is commoditisation. “The degree of differentiation among advanced AI models may narrow,” the company warns. The San Francisco-based firm also says “substantially all of our revenue” comes from its AI tools. Unlike Google or Meta, it has no advertising empire to fall back on if business takes a hit, and no cloud business like Microsoft’s or SpaceX’s. Investors have already grown nervous. In mid-August, shareholders were floating a valuation of US$2 trillion. But quarter-on-quarter growth slowed from 145% in the second quarter to 45% in the third, cooling expectations to around US$1.5 trillion. So-called open AI models, which anyone can download and modify, are close behind closed models such as Claude or ChatGPT, which are available only through their owners’ paid services. The performance of open models trails by only about four months on average, according to research institute Epoch AI. They include Kimi K3.1 Pro from Chinese company Moonshot, which costs half as much as Claude Opus 5.5, Anthropic’s current flagship.

Anthropic’s record IPO faces some big questions
Europe
BBC Business

White House lifts tariffs on some Canadian goods as midterm elections loom

The Trump administration is lifting some of its 50% tariffs on Canadian goods two weeks before the midterm elections, after a Republican candidate in a key Senate race said she had lobbied for the change. Starting on 30 October, tariffs will be eased on products including "plywood sheets, some paper products, certain machinery and refrigeration equipment," the White House said on Friday. Republican Senator Susan Collins, who is in a tight race to keep her seat in Maine, first announced the exemptions, saying they would help her state's agriculture industry. The US imposed a 50% levy on $20bn (£15bn) of Canadian goods after trade talks between the two countries collapsed in August. Canada has imposed a series of countermeasures against US tariffs, which Prime Minister Mark Carney said were "necessary to protect our workers". Last month, Carney matched the US tariffs "dollar for dollar" after the breakdown in talks. Trump had imposed them for what he called "unequal treatment" of US cars, dairy and alcohol. The White House said while tariffs would be lifted from some items, including some packing crates and boxes, they would be introduced on other items such as carpets and "waste products". It said the action reflected President Trump's "continued efforts to defend American workers and ensure fair trade". "President Trump continues to address Canada's discriminatory treatment of US commerce," White House spokesman Matthew Middleton said. In a statement to the BBC, Canada's internal trade minister Dominic LeBlanc said: "While we assess these latest steps, Canada stands ready to work constructively and in good faith towards a more mutually beneficial trading relationship that respects Canada's interests." The White House's announcement comes less than a fortnight before the US midterm elections, which will determine whether Trump's Republican Party or Democrats will control Congress, impacting the remaining two years of his term. Collins said she had repeatedly asked senior Trump officials for tariff relief and that she would "continue working directly with administration officials to seek additional relief and encourage a broader trade agreement with Canada, our neighbour, ally, and largest trading partner".

White House lifts tariffs on some Canadian goods as midterm elections loom
Asia-Pacific
Channel NewsAsia

China’s Lao Gan Ma denies mass layoffs linked to AI amid public backlash

The iconic chilli oil maker faced online criticism after an executive reportedly said AI-powered technology had drastically reduced staffing on a production line. BEIJING: Iconic Chinese chilli oil maker Lao Gan Ma has denied allegations that it replaced hundreds of factory jobs by adopting artificial intelligence-driven production, after reports of large-scale job cuts sparked outrage on social media. Controversy erupted online after the company’s executive vice-president and chief quality officer Li Xin commented on the technology at a provincial government conference held in late September. Li highlighted how AI had significantly reduced product defect rates and helped the company achieve a record-high revenue of 5.4 billion yuan (US$810 million) in 2025, according to state media reports. He also reportedly said that the number of workers on one production line fell from over 600 to just 48 after the introduction of an AI-powered pepper inspection system last year. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less This triggered a wave of criticism online, with Chinese social media users accusing the company - which has long cultivated an image rooted in working-class origins - of prioritising profits and efficiency over workers’ livelihoods. Speaking to Chinese media outlets on Monday (Oct 26), a representative said that claims of mass layoffs were false. The spokesperson confirmed the use of AI inspection technology but said that the production line had "never employed that many workers" to begin with.

China’s Lao Gan Ma denies mass layoffs linked to AI amid public backlash
Europe
The Guardian

Trump drops some Canada tariffs in bid to boost embattled Susan Collins in Maine

The Republican senator Susan Collins at a campaign stop in Lewiston earlier this week. Photograph: Robert F Bukaty/APView image in fullscreenThe Republican senator Susan Collins at a campaign stop in Lewiston earlier this week. Photograph: Robert F Bukaty/APUS politicsTrump drops some Canada tariffs in bid to boost embattled Susan Collins in MaineRepublican senator faces critical re-election battle in state where president’s trade war has outraged voters Donald Trump dropped some of the US’s tariffs on Canada on Friday to “better serve the public interest” the White House said, handing a win to Susan Collins, the embattled Republican senator for Maine, as she faces a tight re-election campaign that will help determine whether Democrats can flip control of Congress. Collins announced that the exemptions would apply to nine agricultural products, including blueberries, potatoes, apples and seaweed. She added that many of the state’s farmers rely on specialized equipment and materials from across the border that are “unavailable from American suppliers or cannot be replaced without incurring significant expense”. “In my repeated conversations with Ambassador Greer, Secretary Lutnick, and other senior administration officials, I have asked for tariff relief for these important products, and I will continue working directly with administration officials to seek additional relief and encourage a broader trade agreement with Canada, our neighbor, ally, and largest trading partner,” she wrote. The White House also specified that certain processing equipment – such as plywood sheets, packing boxes, paper products, and certain machinery – would be removed from its tariffs. These materials can be crucial for Maine businesses operating close to the border. “President Trump is further refining the scope of the July 20 and September 8 actions to better serve the public interest, and to ensure these measures continue to effectively offset the burden or disadvantage to US commerce from Canada’s discriminatory measures,” the White House said in a news release. Collins, who has served in the Senate for nearly 30 years, is running for re-election against Troy Jackson, a Democrat who has served in the Maine state senate and is a former logger. The race is crucial for the Democratic party’s hopes of flipping control of the chamber, and is so far considered a toss-up. The trade war between Canada and Maine has touched a nerve in the state, which relies heavily on commerce with Canada. Many of the industries most entrenched in the state’s history – such as logging, lobstering and fishing – were expected to take a hit after Trump’s tariff announcements this year. Earlier this week, the Canadian prime minister, Mark Carney, said American tariffs hurt both American and Canadian households. He added that auto exports to the US had so far fallen 10%, and US exports to Canada have fallen by more than 20%. “US tariffs have upended a trade bargain that’s existed for decades,” Carney said. “They’ve raised costs for American families while putting Ontario workers and businesses at a disadvantage and under a cloud of uncertainty.” After Trump placed a 50% tariff on certain Canadian goods, which began on 22 August, Canada announced its own retaliatory tariffs in response, ranging from 15% to 50% on $20bn worth of American goods. Canada later withdrew its tariffs on American seafood, which helped Maine’s fisheries in particular. Maine is considered a purple state, and many within the state – including Collins – consider themselves to have an independent streak. Collins has frequently sought to distance herself from Trump, particularly when it comes to his trade policies, and has broken with her party more than any other Republican senator since Trump took office, according to a New York Times analysis of her voting record.

Trump drops some Canada tariffs in bid to boost embattled Susan Collins in Maine