News in brief

TOKYO: Softbank Corp. said on Monday that its losses grew for the fiscal year ended March 31 from a year earlier as costs to expand broadband services sank the Japanese Internet investor further into the red. 

Tokyo-based Softbank reported its third straight year of losses, marking a group net loss of 107bil yen (US$948mil) for the fiscal year through March 2004. It had a net loss of 99.99bil yen the previous year. Sales for fiscal 2003 totalled 517bil yen (US$4.6bil), up 27% from 406.9bil yen a year ago. – AP 

TOKYO: Toyota Motor Corp, the world's second-largest carmaker, reported consolidated sales, operating profit and net profit all reached new highs in the year to March 31, reflecting expanding sales in every auto market worldwide. 

Net profit surged 54.8% to a record 1.16tril yen (US$10.2bil), on sales of 17.29tril yen, up 11.6% from a year earlier. – AFX-Asia 

PARIS: The OECD shaved its projections for the US current account deficit in 2004 and 2005 but warned that the world's largest economy still needs to address the issue. 

“The large deficits projected over the coming years underline the need to adjust both tax and spending levels,” the organisation said in its semi-annual outlook. – AFX-Asia  

Tokyo-based Softbank reported its third straight year of losses, marking a group net loss of 107bil yen (US$948mil) for the fiscal year through March 2004. It had a net loss of 99.99bil yen the previous year. Sales for fiscal 2003 totalled 517bil yen (US$4.6bil), up 27% from 406.9bil yen a year ago. – AP