<!--:es-->Toyota to build new plant in India by 2010<!--:-->

Toyota to build new plant in India by 2010

TOKYO – Toyota Motor Corp. (7203.T) plans to build a new plant by 2010 in southern Indian concentrating on inexpensive, smaller model cars, the Nikkei business daily reported on Monday.

The new plant, which would be built close to the company’s first plant in the country near Bangalore, would aim at producing

It would cost roughly 40 to 50 billion yen ($328 to $410 million) to build, the report said.

Asked about the article, a Toyota spokesman said the company did not have any such concrete plans at present but stopped short of saying the report was incorrect.

India’s passenger vehicle market is forecast to expand rapidly, and other major Japanese car makers such as Suzuki Motor Corp (7269.T) and Honda Motor Co. (7267.T) have a sizeable presence.

Suzuki said last week it will invest a further 200 billion yen in its Indian venture to expand capacity at car and engine plants.

Toyota, Japan’s top auto maker, last week posted a near-20 percent rise in quarterly profit on brisk sales in North America and Europe, and kept its forecasts for an eighth straight year of record earnings intact.

Visa names



NEW YORK – Visa said on Monday it had named Joseph Saunders, previously president of card service at Washington Mutual Inc., as executive chairman to help lead the company as it goes public.

Saunders was previously chief executive at Providian Financial, which Washington Mutual bought. He has also held senior positions at Fleet Credit Card Services and Household International.

Washington Mutual said Tony Vuoto would replace Saunders as president of the credit card business.

Saunders will help restructure Visa, including finding board members and naming a new chief executive at the world’s largest credit card payment system.

The global payments industry is in the middle of rapid change as more consumers embrace debit cards, and new technologies like cell phone payments emerge.

“The landscape is changing,” Saunders said in an interview.

Visa said in October that it planned an initial public offering to fund its expansion and help pay legal costs.

At the time, it said it hoped to complete the process within about 12 to 18 months.

Saunders will help combine Visa Canada, Visa USA, and Visa International into Visa Inc., the entity that plans to go public.