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By David Dolan and Maki Shiraki TOKYO (Reuters) -Global investors have called on Toyota Motor to provide more disclosure about its planned buyout of group firm Toyota Industries, criticising what they said was "opaque" valuation and a failure to safeguard the interests of minority shareholders. An August 8 letter – made public on Thursday – from some two dozen asset managers including AllianceBernstein, Neuberger Berman and Schroders, is likely to deepen scrutiny of a deal that promises a landmark unwinding of cross-shareholdings and to strengthen the influence of the founding Toyoda family within the group. The transaction is being closely watched as it involves an overhaul of the country's most important corporate group and coincides with a push by regulators and the government for better corporate governance. Toyota Industries, a maker of forklifts and a key supplier to the Japanese automaker, is to be taken private by Toyota, group real estate company Toyota Fudosan and Toyota chairman Akio Toyoda. PREMIUM SEEN AS BELOW AVERAGE The proposed transaction includes a 3.7 billion yen ($24.5 billion) tender offer for shares of Toyota Industries at 16,300 yen apiece, which represents around a 23% premium to the share price before word of the deal broke in April. That is well below the 44% average premium in similar deals based on Tokyo Stock Exchange data, the investors said. The deal has the potential to "either reinforce or weaken the progress made in corporate governance reforms," the investors said in the letter. It was sent by the Asian Corporate Governance Association (ACGA), which represents asset managers in the region, and was signed by global institutional investors. "Central to our concerns is the lack of full valuation disclosure," the investors said. They called for the release of all valuation models, tax assumptions and third-party appraisals used to determine the offer price. ACGA has had a series of calls with both companies about the deal and a Toyota Industries independent director was made available for discussion, providing a level of access that is relatively rare, ACGA Secretary General Amar Gill told Reuters. TOYOTA INDUSTRIES SHARES ABOVE OFFER PRICE  Toyota said in a statement that it had engaged in "multiple rounds of constructive dialogue" with ACGA and has sought to provide thorough explanations of its position. "The negotiations between the independent companies involved in this transaction have been conducted in good faith through a fair and independent process, with sufficient consideration given to the interests of minority shareholders," it said. "Should there be any matters that require disclosure in the future, we will promptly make such announcements." Shares of Toyota Industries have been trading above the offer price – they were at 16,620 yen on Thursday – suggesting market participants believe Toyota may yet increase the price.  The investors also took issue with the planned transactions' treatments of several Toyota group affiliates as independent minority shareholders – which would mean that Toyota would effectively need backing from only 42% of minority shareholders, rather than a majority – to seal its bid.   They asked Toyota's board to clarify how it managed and addressed the potential conflict of interest between Chairman Akio Toyoda's direct investment and other shareholders. The tender offer for Toyota Industries was originally expected to launch in December but it is now likely to begin in February or later, Toyota said this month. It is awaiting regulatory approval in some jurisdictions. (Reporting by David Dolan and Maki Shiraki; Editing by Edwina Gibbs)

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(Reuters) -Toronto Dominion Bank on Thursday named industry veterans Brian Callanan as U.S. general counsel and Andre Ramos as U.S. finance head in the Canadian lender's latest push for a stronger footprint south of the border. The changes, effective December 1, follow TD Bank's record $3 billion U.S. penalty after it pleaded guilty to conspiracy to commit money laundering and related charges, triggering a regulatory cap on its U.S. assets and ongoing compliance remediation. Despite the cap, TD Bank consistently highlights the U.S. as a key growth market. The bank, however, must report to an independent monitor that oversees operations, tracks risk and control improvements, and reports to regulators. Callanan joins TD Bank from Liberty Strategic Capital, where he has held the roles of senior managing director and general counsel. Before that, he was the general counsel of the U.S. Department of the Treasury. Ramos spent over a decade at JPMorgan Chase in business CFO roles, most recently as consumer banking CFO. He has also held senior leadership roles in finance, treasury and pricing at American Express, HSBC and Citi. The bank last month also named another JPMorgan veteran Jon Rasmussen as its U.S. chief compliance officer, as part of a broader rejig of its financial crime and risk management team. "We have an ambitious plan to become a more efficient, profitable and powerful competitor in the U.S.," said Leo Salom, President and CEO of TD Bank U.S. (Reporting by Pritam Biswas in Bengaluru; Editing by Vijay Kishore)

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(Reuters) -U.S. brokerage firm Charles Schwab beat third-quarter profit expectations on Thursday as client assets hit a new record and trading revenue soared. Shares of the company rose 2.9% in premarket trading. The stock has jumped 27.5% this year as of its last close. Schwab's results offer an insight into the trends in the investment landscape, with its diversified business model spanning across brokerage services, asset management, banking, and other financial services, and its results offer The Westlake, Texas-based company added core net new assets of $137.5 billion in the quarter, while total client assets jumped 17% to record $11.59 trillion. "Strengthening organic growth trends, increasing adoption of wealth solutions, and favorable macroeconomic tailwinds powered another quarter of record revenue and earnings per share, said CEO Rick Wurster. Profit jumped 67% to a record $2.36 billion, or $1.26 per share, in the three months ended September 30. Excluding one-time items, Schwab earned $1.31 per share, beating Wall Street expectations of $1.25, according to estimates compiled by LSEG. Trading was another bright spot for Schwab as stocks reached new highs, buoyed by strong corporate earnings and optimism around potential Federal Reserve interest rate cuts. The benchmark S&P 500 index gained roughly 8% in the third quarter and hit multiple record closing highs in September, historically a weak month for stock markets. Schwab's trading revenue jumped 25% to $995 million, driven by robust volumes and strong client interest in derivatives. The company's net revenue soared 27% to a record $6.14 billion in the quarter. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Maju Samuel)

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(Reuters) -Crypto heavyweight Kraken said on Thursday it has acquired futures exchange Small Exchange from IG Group for $100 million, paving the way to launch a fully U.S.-based derivatives suite. Small Exchange is a U.S. Commodity Futures Trading Commission-licensed designated contract market, giving Kraken a regulated venue to offer futures and options to both retail and institutional clients. "Under CFTC oversight, Kraken can now integrate clearing, risk and matching into one environment that meets the same standards as the largest exchanges in the world," Arjun Sethi, co-CEO of Kraken said in a statement. Once the preserve of banks and brokers, the derivatives market is drawing digital asset firms looking for liquidity and risk management. The trillion-dollar crypto market has moved beyond spot trading, with exchanges and investors seeking institutional-grade tools such as futures, options and tokenized assets. Crypto-linked futures and options have been among the fastest-growing segments as investors seek to manage risk. "By securing the necessary licensing and infrastructure today, Kraken is laying the groundwork for institutional-grade markets as crypto matures," the company said. The deal comes as a more crypto-friendly regulatory tone under U.S. President Donald Trump encourages digital asset firms to expand in the United States with promises of clearer rules. Earlier this year, Kraken agreed to buy retail futures trading platform NinjaTrader for $1.5 billion. (Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid)

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(Reuters) -The International Association of Machinists and Aerospace Workers said on Thursday it has filed an unfair labor practice charge against Boeing with the National Labor Relations Board. The union represents over 3,200 striking workers who assemble fighter jets and munitions at Boeing's plants in the St. Louis area. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Leroy Leo)

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By Marc Jones LONDON (Reuters) – World stocks shuffled back towards all-time highs on Thursday as AI optimism trumped simmering U.S.-China trade tensions again and France's fragile government survived a crucial confidence vote in Europe. The appeal of safe-haven gold showed little sign of abating, however, while the dollar dipped for a third day running and oil prices climbed after U.S. President Donald Trump said India had pledged to stop buying Russian oil. French Prime Minister Sebastien Lecornu's success in a confidence vote was enough to cap a four-day bond market rally that has driven euro zone borrowing costs to their lowest level in months. Lecornu's survival came at a cost though. He had secured crucial backing from the Socialist Party after pledging to suspend President Emmanuel Macron’s contested increase in the retirement age to 64 from 62 by 2030. State Street's head of global macro strategy, Michael Metcalfe, said the situation in France should now stabilise, at least for a while. "At least they have managed to come to some compromise which removes the risk of a snap election," Metcalfe said, adding the market was also now looking at whether the dollar begins to fall back again. "Have we seen a stabilisation of dollar sentiment, or has it (a modest bounce this month) just been a reflection of higher political uncertainty outside the U.S.?" he said, also pointing to recent drama in Japan. AI MEGATREND STRENGTHENING There had been developments on that front overnight too. Japan's Nikkei jumped 1.3% and the yen edged down in Tokyo trading as prospects appeared to brighten for Sanae Takaichi to become Japan's first woman premier, stoking bets on a revival in big spending and loose monetary policy. Chip- and artificial intelligence-related shares also provided a boost, as Taiwanese chipmaker TSMC, whose customers include Nvidia and Apple, reported record earnings as Asian trading had been winding down. Its CEO said conviction in the "AI megatrend" was "strengthening", as it raised its 2025 revenue guidance to mid-30% growth in U.S. dollar terms from around 30%, and maintained its pledge to spend up to $42 billion this year. "AI demand actually continues to be very strong – more strong than we thought three months ago," CEO C.C. Wei told an earnings call. That filtered into U.S. stock index futures, which were pointing to steady gains for Wall Street when trading resumes. [.N] South Korea's tech-dominated KOSPI had jumped 2.5% to its own record peak overnight too after the country's chief presidential policy adviser said he was "optimistic" about finalising a trade deal with the United States. Australian stocks added nearly 1% and also reached a record high after poor jobs data improved the odds in favour of more central bank interest rate cuts. That also dragged down the Aussie dollar. "Nobody forecast the unemployment drop," Societe Generale's Kit Juckes said, adding that the yen now looked "stuck" because there will be "a minority government that wants fiscal stimulus and doesn't want rate hikes." GOLD SURGE CONTINUES Record-high gold added to its more than 60% surge this year as it reached an unprecedented $4,241.77 per ounce. The dollar meanwhile sagged for a third straight session, dropping 0.2% against a basket of major peers. Investors were still eying Fed rate cuts and scrutinising China’s latest rare earth export controls, a move sharply criticised by senior U.S. officials on Wednesday, who warned that it could disrupt global supply chains. "The question for financial markets is whether China's proposed export controls on rare earths are merely part of a bargaining ploy to achieve greater concessions from the U.S.," said Chris Turner, global head of markets at ING. Amid the tit-for-tat, Trump still expects to meet Chinese President Xi Jinping in South Korea this month, U.S. Treasury Secretary Scott Bessent said. Trump's trade manoeuvres also lifted oil off five-month lows, with Brent crude futures up 0.4% at $62.13 a barrel and U.S. West Texas Intermediate (WTI) futures adding 0.7% to trade at $58.69. Trump had said on Wednesday that India would halt oil purchases from its top supplier Russia, and Washington would next try to get China to do the same as it intensifies efforts to pressure Moscow into a peace deal in Ukraine. (Additional reporting by Kevin Buckland in Tokyo; Editing by Joe Bavier)

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WASHINGTON (Reuters) -International Monetary Fund Managing Director Kristalina Georgieva on Thursday urged member countries to keep trade as an engine of growth for the world economy despite President Donald Trump's steep new tariffs. Georgieva told a news briefing during IMF and World Bank annual meetings in Washington that countries with large external surpluses like China need to rely more on domestic consumption than exports, while countries with big fiscal deficits, like the United States, need to reduce them. (Reporting by David Lawder and Andrea Shalal; Editing by Toby Chopra)

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By Wen-Yee Lee, Faith Hung and Ben Blanchard TAIPEI (Reuters) -TSMC, the world's biggest producer of advanced chips, raised its full-year revenue forecast on Thursday on a bullish outlook for spending on artificial intelligence, after posting a record profit that blew past market estimates. The strong results underscore the continued faith in AI, brushing off at least for now concerns about a bubble. U.S.-listed shares of the Taiwanese chipmaker were up 1.6% in pre-market trade in New York and boosted U.S. semiconductor stocks, including AI leader Nvidia and Advanced Micro Devices. TSMC said it expects robust artificial intelligence demand to continue, as it raised its 2025 revenue guidance to mid-30% growth in U.S. dollar terms from around 30%, and maintained its forecast for capital spending at up to $42 billion for 2025. "AI demand actually continues to be very strong – more strong than we thought three months ago," CEO C.C. Wei told an earnings call. "We are also happy to see a continuous strong outlook from our customers," he added. "In addition, we directly receive very strong signals from our customers requesting the capacity to support their business. Thus, our conviction in the AI megatrend is strengthening." There has been a flurry of mega deals between AI firms and chipmakers, notably by OpenAI with Nvidia, AMD and Broadcom, in the past month or so to build $1 trillion or more in data center capacity. That portends more demand for chips, which make up a significant portion of the cost of the data centers. Nvidia, AMD and Broadcom all rely on TSMC for chip production. The multi-billion dollar investment announcements have raised concerns about the formation of a bubble reminiscent of the dotcom boom and bust, with securities investors on guard for signals that demand is tailing off or that the massive spending is not paying off as anticipated. Recent company announcements indicate demand is resilient. The head of Australia's Macquarie Asset Management (MAM), which sold its Aligned Data Centers business in a deal worth $40 billion, said on Thursday the sale was not a sign the global data center boom had peaked, while ABB's big increase in orders in the United States during the third quarter was due to demand from areas like data centers being built for AI. PROFIT BEATS ESTIMATES Taiwan Semiconductor Manufacturing Co, whose customers also include iPhone maker Apple, posted a 39.1% jump in third-quarter net profit and said it would be prudent in its business planning going into 2026. Benefiting from surging demand for advanced chips used in AI applications, TSMC said net profit for July-September climbed to T$452.3 billion ($14.76 billion). That was well ahead of a T$417.7 billion LSEG SmartEstimate drawn from 20 analysts. SmartEstimates are weighted toward forecasts from analysts who are more consistently accurate. "We are still very comfortable that the demand on leading-edge semiconductors is real. And as I continue to say that we look at all the demand and look at our capacity expansion, TSMC needs to work very hard to narrow the gap," Wei said, referring to supply and demand. U.S. President Donald Trump's trade policies and threats to put tariffs on semiconductors have created uncertainty for the global chip industry and TSMC. Still, Wei said even if the China market was "not available" to the company because of U.S. restrictions, then "I still think the AI's growth will be very dramatic". TSMC announced plans for a $100 billion U.S. investment with Trump at the White House in March, on top of $65 billion pledged for three plants in the state of Arizona, one of which is up and running. On Wednesday, top semiconductor equipment maker ASML, for which TSMC is a major customer, said third-quarter bookings beat market forecasts but that it expected a significant fall in demand from China next year. Samsung Electronics said on Tuesday it expected its biggest quarterly profit in over three years, also thanks to the AI boom. Taiwan-listed shares in TSMC have risen 38% this year, largely brushing off concerns about tariffs, and ahead of the 20% rise for the broader market. ($1 = 30.6450 Taiwan dollars) (Reporting by Wen-Yee Lee, Faith Hung and Ben Blanchard; Editing by Christopher Cushing and Muralikumar Anantharaman)

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WASHINGTON (Reuters) -Data available even in the absence of delayed U.S. government employment reports tells a consistent story of weak hiring, bolstering the need for the Federal Reserve to cut rates even as other data points to solid economic growth, Fed Governor Christopher Waller said on Thursday. "Either GDP momentum comes down or the labor market rebounds…They don't go together," Waller said on the Bloomberg Surveilliance television show. He argued for the Fed to continue what he called cautious quarter point cuts because "we don’t know which way this is going to break…If the Labor market rebounds there is less pressure to cut rates…You don’t want to make a mistake.” (Editing by Toby Chopra)

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