Credit Suisse to pay $90m for Enron claims
New York: Banking group Credit Suisse Group will pay $90m to Enron to settle claims that it helped the energy trader commit fraud, according to Enron.

Houston-based Enron has made settlements with at least six banks in its 'MegaClaims' litigation.

Enron has accused the banks of helping the ex-management of the company to hide debts and inflate results, contributing to the company's December '01 bankruptcy.

Though Credit Suisse said it made the settlement, it not admit top doing anything wrong. Enron said it will allow $92m of Credit Suisse's claims, and that another $237m of claims will be subordinated, and receive no distribution from Enron's estate.

Enron emerged from Chapter 11 protection in November 2004, and exists to liquidate assets and pay debts. Its bankruptcy is the second largest in U.S. history, after WorldCom Inc.

The MegaClaims case is separate from investor lawsuits over Enron's collapse.
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Toyota's quarterly net jumps 39 per cent
Hong Kong: Toyota Motor Corp.'s net profit rose 39 per cent for Q4 of 2005-06 backed by the company's success in the North American car market, cost reductions and a weaker yen, the company said.

Shares of Toyota Motor Corp in the US that have risen more than 65 per cent in the past year, fell 96 cents to close at $120.85 on the New York Stock Exchange.

Toyota Motor has posted a net profit of 404.1 billion yen ($3.6 billion), up from 290.7 billion yen a year ago. Sales totaled 5.75 trillion yen ($51.6 billion), a jump of 18 per cent from 4.88 trillion yen a year earlier. Toyota's two top selling cars in the US include the Camry and hybrid Prius.

Toyota has predicted global sales would increase 6 per cent in fiscal 2006 to 8.45 million vehicles. The growth forecast comes at a time when GM and Ford Motor Co. are caught in a spiral of declining U.S. sales and losses that have resulted in huge job cuts and plant closures.

Last week Toyota reported an 8.5 per cent in sales for April as both GM and Ford showed fall in sales.

Despite the upbeat sales projection, Toyota said it expects profit to dip fall by 4.5 per cent in 2006-2007, to 1.31 trillion yen ($11.7 billion) on the back of a harsh business environment increasing raw material prices and competition, said Toyota Motors' President Katsuaki Watanabe in a statement.
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