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  • Ripple lawsuit ends, company to pay $125 million fine

    Ripple lawsuit ends, company to pay $125 million fine

    NEW YORK, August 8: The US Securities and Exchange Commission said it ended its case accusing Ripple Labs of selling unregistered securities, leaving a $125 million fine intact and ending one of the cryptocurrency industry’s highest-profile lawsuits.

    Ripple and the SEC agreed on Thursday to dismiss their appeals of the fine imposed by U.S. District Judge Analisa Torres in Manhattan and her injunction against the sale of Ripple’s XRP token to institutional investors.

    Ripple to Pakistani Rupee Rate Today- August 08, 2025

    XRP is the third-largest cryptocurrency by market value, trailing bitcoin and Ethereum, according to the market service CoinMarketCap.

    The SEC sued Ripple in December 2020, near the end of U.S. President Donald Trump’s first White House term, accusing it of selling XRP tokens without registering them as securities.

    In a mixed ruling in July 2023, Torres said XRP was covered by securities laws when sold to institutional investors, while XRP that Ripple sold on public exchanges was not. She imposed the fine in August 2024.

    Following Trump’s reelection, a more crypto-friendly SEC began retreating from some enforcement cases, and together with Ripple asked Torres to lift the injunction and reduce the fine to $50 million.

    She refused, saying neither side came close to showing “exceptional circumstances” that outweighed the public interest in enforcing the injunction and $125 million fine.

    The SEC said the dismissal of the appeals means the injunction and fine remain in effect.
    Stuart Alderoty, Ripple’s chief legal officer, in a post on X referred to the SEC’s actions and said the dismissals mark “the end” of the case.

    Since Trump reentered the White House, the SEC has also ended civil lawsuits against crypto exchanges Binance, Coinbase and Kraken.

    The case is SEC v Ripple Labs Inc, U.S. District Court, Southern District of New York, No. 20-10832.

  • Kellogg reports downbeat quarterly results on demand decline

    Kellogg reports downbeat quarterly results on demand decline

    August 8, 2025: WK Kellogg reported second-quarter results below estimates on Thursday, hurt by soft demand for its packaged breakfast cereal amid macroeconomic uncertainty.

    Customers have cut back spending on branded packaged food and are seeking cheaper alternatives at private-label brands amid pressures on consumer spending driven by U.S. President Donald Trump’s fluctuating tariff policies.

    The cereal maker agreed to be bought by the Italian owner of Ferrero Rocher in a deal worth around $3.1 billion in July, and the Battle Creek, Michigan-based company continues to expect the deal to close in the second half of 2025.

    Net sales for the quarter ended June 28 fell 8.8% to $613 million, missing estimates of $622.1 million, according to data compiled by LSEG.

    The company reported earnings per share of 9 cents, below estimates of 24 cents.

    WK Kellogg Co is a leading American food manufacturing company that specializes in ready-to-eat cereals. Headquartered in Battle Creek, Michigan, the company was spun off from Kellogg’s (now named Kellanova) in October 2023.

    With a rich history dating back to 1894, WK Kellogg Co has been a pioneer in the cereal industry, starting with the creation of Corn Flakes by its founder, W.K. Kellogg. Today, the company operates primarily in North America, manufacturing and distributing iconic brands across the United States, Canada, and the Caribbean.

    In the US, WK Kellogg focuses on producing high-quality cereals, leveraging its trusted brands to meet the evolving needs of consumers. With a strong commitment to helping people be healthier and happier, the company prioritizes innovation and community support. As a standalone entity, WK Kellogg Co has greater strategic flexibility to direct resources toward growth opportunities, regaining category share, and expanding profit margins. With a legacy spanning over a century, WK Kellogg Co remains dedicated to bringing its best to everyone, every day, through its trusted foods and brands.

  • Best Buy to boost India tech hub staff by over 40%,

    Best Buy to boost India tech hub staff by over 40%,

    CHENNAI, Aug 8, 2025: US electronics chain Best Buy plans to expand the headcount at its Indian tech centre by over 40% in the next few months, a senior executive told Reuters, as more global corporations set up offices in the country to tap its growing talent pool.

    The company, which opened its first tech centre, or global capability centre, in Bengaluru city last year, currently employs around 350 people in functions including data and artificial intelligence (AI) and is expected to grow to 500-550.

    GCCs, once low-cost outsourcing hubs, have evolved in the last few years and now support their parent organisations in multiple functions such as daily operations, finance, and research and development.

    “We will be hiring across the functions … We will be doing a lot of digital and tech (hiring),” Nithya Subramanian, senior director data & AI COE, said on the sidelines of an event in the southern city of Chennai.

    The firm, known for selling electronics such as laptops, kitchen appliances and cameras, is hiring for roles including AI engineer, software engineer and product manager in India, according to its LinkedIn page.

    “Even if you look at the global strength, I think we are growing leaps and bounds in India,” Subramanian said, noting that the Bengaluru office is Best Buy’s largest tech hub and bigger than its three in the United States.

    Best Buy operates more than 1,000 stores in the United States and Canada, where it employs over 85,000 people. It does not have retail operations in India.

    The India expansion comes at a time when many global corporations are ramping up their operations in India. Reuters reported last month that Best Buy’s peer Costco Wholesale plans to open its first India GCC.

    Trump 50 percent tariff on India: Impact on Modi and economy?

    The domestic GCC market is likely to grow as much as $105 billion by 2030, up from $64.6 billion in fiscal 2024, an industry report showed.

  • Trump demands ‘highly conflicted’ Intel CEO resign

    Trump demands ‘highly conflicted’ Intel CEO resign

    US President Donald Trump on Thursday demanded the immediate resignation of new Intel CEO Lip-Bu Tan, calling him “highly conflicted” due to his ties to Chinese firms and raising doubts about plans to turn around the struggling American chip icon.

    Reuters reported exclusively in April that Tan invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms, some of which were linked to the Chinese military.

    Donald Trump’s comments came a day after Reuters was first to report that Republican Senator Tom Cotton had sent a letter to Intel’s board chair with questions about Tan’s ties to Chinese firms and a recent criminal case involving his former firm Cadence Design.

    “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,” Donald Trump said in a post on his Truth Social platform. Intel shares (INTC.O), closed down 3% on Thursday.

    A leadership change could pile pressure on Intel, which is a pillar of US efforts to boost domestic chipmaking. Last year, it secured $8 billion in subsidies, the largest outlay under the 2022 CHIPS Act, to build new factories in Ohio and other states.

    Trump’s intervention marked a rare instance of a US president publicly calling for a CEO’s ouster and sparked debate among investors.

    “It would be setting a very unfortunate precedent. You don’t want American presidents dictating who runs companies, but certainly his opinion has merit and weight,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

    David Wagner, head of equity and portfolio manager at Intel shareholder Aptus Capital Advisors, said while “many investors likely believe that President Trump has his hand in too many cookie jars, it’s just another signal that he’s very serious about trying to bring business back to the US.”

    “Intel, The Board of Directors, and Lip-Bu Tan are deeply committed to advancing US national and economic security interests and are making significant investments aligned with the President’s America First agenda,” the company said in a statement on Thursday.

    “We look forward to our continued engagement with the Administration.”
    Tan, who took over as CEO in March, did not immediately respond to Reuters requests for comment.

    Read more: Trump: Important that Middle Eastern countries join Abraham Accords

    Reuters reported in April that Tan himself, and through venture funds he has founded or operates, invested in Chinese firms including contractors and suppliers for the People’s Liberation Army between March 2012 and December 2024.

    The reporting was based on a review of Chinese corporate databases cross-referenced with US and analyst lists of firms with connections to the Chinese military.

    Reuters identified 20 investment funds and companies where his venture capital firm Walden is currently a joint owner along with Chinese government funds or state-owned enterprises, according to Chinese corporate records.

    The government funds were mostly from municipal governments of Chinese tech hubs like Hangzhou, Hefei and Wuxi.

    A source familiar with the matter had at the time told Reuters that Tan had divested his positions in entities in China, without providing further details.

    Tan, a Malaysian-born Chinese American business executive, was also the CEO of Cadence Design (CDNS.O), from 2008 through December 2021 during which the chip design software maker sold products to a Chinese military university believed to be involved in simulating nuclear explosions.

    Cadence last month agreed to plead guilty and pay more than $140 million to resolve the US charges over the sales, which Reuters first reported.

    “We don’t believe Lip-Bu is ‘conflicted,’ though given the nature of this administration the China ties are seemingly creating an increasingly bad look,” Bernstein analyst Stacy Rasgon said.

    “And unfortunately, unlike other tech CEOs Lip-Bu does not appear to have cultivated the kind of personal relationship with Trump that would help to assuage his ire.”

    A White House official said, “President Trump remains fully committed to safeguarding our country’s national and economic security. This includes ensuring iconic American companies in cutting-edge sectors are led by men and women who Americans can trust.”

  • Israel approves plan to take control of Gaza

    Israel approves plan to take control of Gaza

    Israel’s political-security cabinet approved a plan to take control of Gaza City early on Friday, hours after Prime Minister Benjamin Netanyahu said Israel intended to take military control of the entire strip despite intensifying criticism at home and abroad over the devastating almost two-year-old war.

    “The IDF will prepare to take control of Gaza City while providing humanitarian aid to the civilian population outside the combat zones,” Netanyahu’s office said in a statement, referring to the Israeli Defence Forces.

    Gaza City, in the north of the strip, is the largest city in the enclave.

    Axios reporter Barak Ravid, citing an Israeli official, said on X the plan involved evacuating Palestinian civilians from Gaza City and launching a ground offensive there.

    Netanyahu on Thursday told Fox News Channel’s Bill Hemmer in an interview “we intend to” when asked if Israel would take over the entire coastal territory.

    “We don’t want to keep it. We want to have a security perimeter. We don’t want to govern it. We don’t want to be there as a governing body.”

    He said Israel wanted to hand over the territory to Arab forces that would govern it. He did not elaborate on the governance arrangements or which Arab countries could be involved.

    Netanyahu made the comments to Fox News ahead of a meeting with a small group of senior ministers to discuss plans for the military to take control of more territory in Gaza.

    Israeli officials described a previous meeting this week with the head of the military as tense, saying military chief Eyal Zamir had pushed back on expanding Israel’s campaign.

    In its Friday statement, Netanyahu’s office said the vast majority of the political-security cabinet members believed that “the alternative plan presented in the cabinet would not achieve the defeat of Hamas nor the return of the hostages.”

    Two government sources said any resolution by the security cabinet would need to be approved by the full cabinet, which may not meet until Sunday.

    Among the scenarios being considered ahead of the security meeting was a phased takeover of areas in Gaza not yet under military control, one of the sources said, speaking on condition of anonymity.

    Evacuation warnings could be issued to Palestinians in specific areas of Gaza, potentially giving them several weeks before the military moves in, the person added.

    Total control of the territory would reverse a 2005 decision by Israel by which it withdrew Israeli citizens and soldiers from Gaza, while retaining control over its borders, airspace and utilities.

    Right-wing parties blame that withdrawal decision for the Palestinian group Hamas gaining power there in a 2006 election.

    It was unclear whether Netanyahu was foreseeing a prolonged takeover or a short-term operation. Israel has repeatedly said it aims to dismantle Hamas and free Israeli hostages.

    Hamas in a statement called Netanyahu’s comments “a blatant coup” against the negotiation process.

    “Netanyahu’s plans to expand the aggression confirm beyond any doubt that he seeks to get rid of his captives and sacrifice them,” the statement said.

    Read more: Israel kills an average of 28 Palestinian children daily in Gaza: UNICEF

    Arab countries would “only support what Palestinians agree and decide on,” a Jordanian official source told Reuters, adding that security in Gaza should be handled through “legitimate Palestinian institutions.”

    Hamas official Osama Hamdan told Al Jazeera the group would treat any force formed to govern Gaza as an “occupying” force linked to Israel.

    Earlier this year Israel and the United States rejected an Egyptian proposal, backed by Arab leaders, that envisaged the creation of an administrative committee of independent, professional Palestinian technocrats entrusted with the governance of Gaza after the war.

    Opinion polls show most Israelis want the war to end in a deal that would see the release of the remaining hostages.

    The White House had no immediate comment. President Donald Trump has declined to say whether he supported or opposed a potential full military takeover of Gaza by Israel.

    Netanyahu’s government has insisted on total victory over Hamas, which ignited the war when it staged a deadly October 2023 attack on Israel from Gaza.
    The U.N. has called reports about a possible expansion of Israel’s military operations in Gaza “deeply alarming” if true.

    The idea, pushed especially by far-right ministers in Netanyahu’s coalition, of Israeli forces moving into areas they do not already hold in the enclave has also generated alarm in Israel.

    PROTESTERS DEMAND END TO WAR

    Outside the prime minister’s office in Jerusalem on Thursday evening, hundreds of demonstrators protested against an expanded war, demanding an immediate end to the military campaign in return for the release of all the hostages.

    Protesters held signs bearing the faces of hostages still held in Gaza and voiced deep frustration with the government’s handling of the crisis.

    “I’m here because I am sick and tired of this government. It’s ruined our life,” said 55-year-old Noa Starkman, a Jerusalem resident who was born in a southern Israeli community close to where Hamas attacked in October 2023.

    The Hostages Families Forum, which represents captives held in Gaza, urged military Chief of Staff Eyal Zamir to oppose widening the war. Defence Minister Israel Katz said on Wednesday that the military would carry out the government’s decisions until all war objectives were achieved.

  • Drugmakers racing to launch the first weight-loss pill

    Drugmakers racing to launch the first weight-loss pill

    Weight-loss drugs are expected to pull in more than $150 billion in industry-wide revenue by the early 2030s, thanks to the ever-growing popularity of Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy.

    Both the GLP-1 weight loss drugs are weekly injections, although several drugmakers are racing to develop an oral medicine or pill that might prove to be as effective as the injectables.

    Pills are easier to manufacture and could also avoid some of the supply issues that were initially seen with Novo and Lilly’s drugs.

    Here are some companies developing oral obesity drugs in the hopes of making their mark in a lucrative market:

    ELI LILLY

    Orforglipron, the company’s once-daily oral non-peptide GLP-1 agonist, helped patients shed 12.4% of body weight over 72 weeks at the highest dose in a late-stage trial. Lilly plans to file for regulatory approval by the end of 2025 and is preparing for global submissions and manufacturing scale-up.

    NOVO NORDISK

    Oral semaglutide, a pill version of the company’s injectable GLP-1 active ingredient, demonstrated about 15% weight loss in a late-stage trial.

    The drug is currently under regulatory review, with a U.S. FDA decision expected in late 2025. Novo is also exploring next-generation oral combinations.

    STRUCTURE THERAPEUTICS

    Structure Therapeutics is developing GSBR-1290, a non-peptide oral GLP-1 agonist. Last year, the drug helped reduce weight by 6.2% on average at the end of 12 weeks in a mid-stage study. It is expected to report results from another mid-stage trial in the fourth quarter.

    MERCK

    The company, in partnership with Hansoh Pharma, is preparing to test HS-10535, an oral small-molecule GLP-1 agonist, in early-stage trials. The drug is currently being tested in lab studies.

    ASTRAZENECA

    AstraZeneca and Eccogene are advancing ECC5004, a once-daily GLP-1 receptor agonist pill. Early stage trial showed a promising weight-loss signal and a favorable safety profile, with mid stage trials planned under AstraZeneca’s lead.

    ROCHE

    Roche, following its acquisition of Carmot Therapeutics, is working on CT-966, an oral GLP-1 agonist. CT-966 resulted in a placebo-adjusted average weight loss of 6.1% within four weeks in obese patients without diabetes in an early-stage trial last year.

    VIKING THERAPEUTICS

    The company is developing an oral formulation of VK2735, a dual GLP-1/GIP receptor agonist. Nine patients who received the highest 100 milligram dose lost an average of 8.2% of their body weight after 28 days, compared with 1.4% for a placebo, in an early stage trial. A mid-stage trail was started this year, with results expected in second half.

    PFIZER

    Pfizer was developing danuglipron, initially as a twice-daily oral GLP-1 agonist, but scrapped development after data from a mid-stage trial showed poor tolerability. A once-daily extended-release version was later tested in about 1,400 patients but liver safety concerns remained, dampening the company’s plans to enter the obesity drug market.

    Zepbound: Weight loss from drug reversed after stopping treatment

  • Trump: Important that Middle Eastern countries join Abraham Accords

    Trump: Important that Middle Eastern countries join Abraham Accords

    WASHINGTON, August 7: US President Donald Trump said on Thursday it was important that Middle Eastern countries join the Abraham Accords, which aim to normalize diplomatic ties with Israel, saying it will ensure peace in the region.

    “Now that the nuclear arsenal being ‘created’ by Iran has been totally OBLITERATED, it is very important to me that all Middle Eastern Countries join the Abraham Accords,” Trump wrote in a social media post.

    As part of the Abraham Accords, signed during Trump’s first term in office, four Muslim-majority countries agreed to normalize diplomatic relations with Israel after U.S. mediation. Efforts to expand the accords have been complicated by a soaring death toll and starvation in Gaza.

    The war in Gaza, where local authorities say more than 60,000 people have died, has provoked global anger. Canada, France and the United Kingdom have announced plans in recent days to recognize an independent Palestinian state.

    Trump’s administration is actively discussing with Azerbaijan the possibility of bringing that nation and some Central Asian allies into the Abraham Accords, hoping to deepen their existing ties with Israel, according to five sources with knowledge of the matter.

    The Abraham Accords are historic agreements signed in 2020, brokered by the United States, aimed at normalizing diplomatic relations between Israel and several Arab countries. These agreements marked a significant shift in the Middle Eastern geopolitical landscape, promoting peace, economic cooperation, and security dynamics in the region. By establishing formal ties between Israel and Arab states, the Accords broke with decades of policy in the Arab world.

  • US plan sees Hezbollah disarmed by year-end, Israeli withdrawal

    US plan sees Hezbollah disarmed by year-end, Israeli withdrawal

    BEIRUT, Aug 7, 2025: The United States has presented Lebanon with a proposal for disarming Hezbollah by the end of the year, along with ending Israel’s military operations in the country and the withdrawal of its troops from five positions in south Lebanon, according to copy of a Lebanese cabinet agenda reviewed by Reuters.

    The plan, submitted by U.S. President Donald Trump’s envoy to the region, Tom Barrack, and being discussed at a Lebanese cabinet meeting on Thursday, sets out the most detailed steps yet for disarming the Iran-backed Hezbollah, which has rejected mounting calls to disarm since last year’s devastating war with Israel.

    The U.S. State Department did not immediately respond to a request for comment.
    Lebanese government ministers could not immediately be reached for comment.

    Hezbollah had no immediate comment on the proposal.

    Israel dealt major blows to Hezbollah in an offensive last year, the climax of a conflict that began in October 2023 when the Lebanese group opened fire at Israeli positions at the frontier, declaring support for its militant Palestinian ally Hamas at the start of the Gaza war.

    Trump: Middle East countries should normalize ties with Israel

    The U.S. proposal aims to “extend and stabilise” a ceasefire agreement between Lebanon and Israel brokered in November.

    “The urgency of this proposal is underscored by the increasing number of complaints regarding Israeli violations of the current ceasefire, including airstrikes and cross-border operations, which risk triggering a collapse of the fragile status quo,” it said.

    Phase 1 of the plan requires the Beirut government to issue a decree within 15 days committing to Hezbollah’s full disarmament by December 31, 2025. In this phase, Israel would also cease ground, air and sea military operations.

    Phase 2 requires Lebanon to begin implementing the disarmament plan within 60 days, with the government approving “a detailed (Lebanese army) deployment plan to support the plan to bring all arms under the authority of the state”. This plan will specify disarmament targets.

    During Phase 2, Israel would begin withdrawing from positions it holds in south Lebanon and Lebanese prisoners held by Israel would be released in coordination with the International Committee of the Red Cross (ICRC).

    During Phase 3, within 90 days, Israel will withdraw from the final two of the five points it holds, and funding will be secured to initiate rubble removal in Lebanon and infrastructure rehabilitation in preparation for reconstruction.

    In Phase 4, within 120 days, Hezbollah’s remaining heavy weapons must be dismantled, including missiles and drones.

    In Phase 4, the United States, Saudi Arabia, France, Qatar and other friendly states will organise an economic conference to support the Lebanese economy and reconstruction and to “implement President Trump’s vision for the return of Lebanon as a prosperous and viable country”.

  • Trump calls on ‘highly conflicted’ Intel CEO to resign over China ties

    Trump calls on ‘highly conflicted’ Intel CEO to resign over China ties

    U.S. President Donald Trump on Thursday demanded the immediate resignation of new Intel CEO Lip-Bu Tan, calling him “highly conflicted” due to his ties to Chinese firms and raising questions about plans to turn around the struggling American chip icon.

    Reuters reported exclusively in April that Tan – himself or through venture funds he has founded or operates – invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms, some of which are linked to the Chinese military.

    Trump’s comments came a day after Reuters was first to report that Republican Senator Tom Cotton had sent a letter to Intel’s board chair with questions about Tan’s ties to Chinese firms and a recent criminal case involving his former firm Cadence Design.

    “There is no other solution to this problem,” Trump said in a post on his Truth Social platform, knocking shares of Intel down around 2% in early U.S. trading.

    A change in leadership at Intel could pile pressure on the company, which is also a pillar of U.S. efforts to boost domestic chipmaking. Last year it secured $8 billion in subsidies, the largest outlay under the 2022 CHIPS and Science Act, to build new fabs in Ohio and other states.

    Analysts debated whether Trump should be making calls on corporate leadership.

    “It would be setting a very unfortunate precedent. You don’t want American presidents dictating who runs companies, but certainly his opinion has merit and weight,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management, which does not own Intel shares.

    David Wagner, head of equity and portfolio manager at Intel shareholder Aptus Capital Advisors, responded that while “many investors likely believe that President Trump has his hand in too many cookie jars, it’s just another signal that he’s very serious about trying to bring business back to the U.S.”

    Intel and Tan, who took over as Intel CEO in March, did not immediately respond to Reuters requests for comment. An Intel spokesperson said in a statement on Wednesday that “Intel and Tan are deeply committed to the national security of the U.S. and the integrity of our role in the U.S. defense ecosystem.”

    Reuters in April reported that Tan between March 2012 and December 2024 invested in Chinese firms, including in contractors and suppliers for the People’s Liberation Army, according to a review of Chinese corporate databases cross-referenced with U.S. and analyst lists of companies with connections to the Chinese military.

    Read more: Nvidia set to become world’s most valuable company

    Reuters identified 20 investment funds and companies where the Intel CEO’s venture capital firm Walden is currently a joint owner along with Chinese government funds or state-owned enterprises, according to Chinese corporate records. The government funds are mostly from municipal governments of Chinese tech hubs like Hangzhou, Hefei, and Wuxi.

    A source familiar with the matter had at the time told Reuters that the Intel CEO had divested his positions in entities in China, without providing further details. Chinese databases reviewed by Reuters at the time had listed many of his investments as current, and Reuters was at the time unable to establish the extent of his divestitures.

    Tan, a Malaysian-born Chinese American business executive, was also the CEO of Cadence Design from 2008 through December 2021 during which the chip design software maker sold products to a Chinese military university believed to be involved in simulating nuclear explosions.

    Cadence last month agreed to plead guilty and pay more than $140 million to resolve the U.S. charges over the sales, a deal Reuters first reported.

    BUSINESS TURMOIL

    “This all boils down to Lip Bu’s past involvement and investment in Chinese semiconductors, which is also what makes him so valuable as CEO,” said Anshel Sag, principal analyst at Moor Insights & Strategy.

    Once the dominant force in chip-making, Intel has in recent years lost its manufacturing edge to Taiwanese rival TSMC. It also has virtually no presence in the booming market for artificial intelligence chips dominated by Nvidia .

    Its shares are little changed so far in 2025, after dropping more than 60% last year. The company’s market value has fallen below $100 billion, with profit margins – once the envy of the industry – running at about half their historical highs.

    To revive Intel’s fortunes, the Intel CEO has set a goal of slashing the chipmaker’s workforce by around 22% to 75,000 people by year-end. Intel has also warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move.

  • Toyota warns of $9.5 billion tariff hit

    Toyota warns of $9.5 billion tariff hit

    TOKYO, Aug 7: Japan’s Toyota Motor said on Thursday it expected a hit of nearly $10 billion from President Donald Trump’s tariffs on cars imported into the United States, the highest such estimate yet by any company, underscoring growing margin pressures.

    The world’s top-selling car maker also cut by 16% its forecast for full-year operating profit, reflecting challenges for global manufacturers grappling with rising costs from U.S. levies on cars, parts, steel and aluminium.

    “It’s honestly very difficult for us to predict what will happen regarding the market environment,” Takanori Azuma, Toyota’s head of finance, told a briefing, vowing to keep making cars for U.S. customers, regardless of tariff impact.

    Azuma said the 1.4 trillion yen ($9.50 billion) estimate also includes fallout suppliers are facing, particularly those in the U.S. importing parts from Japan, though he declined to say how much of the total was attributable to that.

    Rivals have reported smaller tariff hits so far: GM has projected one of $4 billion to $5 billion for the year, while Ford expects a $3-billion gross hit to pretax adjusted profit.

    Jeep maker Stellantis said tariffs were expected to add $1.7 billion in expenses for the year.

    Toyota cut its operating profit forecast for the financial year to end-March 2026 to 3.2 trillion yen ($21.7 billion), down from a previous outlook of 3.8 trillion yen.

    It had previously estimated a tariff hit of 180 billion yen for April and May, but that was solely for the impact from tariffs on Toyota’s vehicles. It had not issued a full-year projection until now.

    For the first quarter from April to June, Toyota reported an operating profit of 1.17 trillion yen, down from 1.31 trillion a year earlier, but above the 902 billion average of seven analyst estimates compiled by LSEG.

    Toyota’s North American business swung to an operating loss of 63.6 billion yen in the first quarter, from profit of 100.7 billion a year earlier, as it took a hit of 450 billion from the tariffs.