WTO probes subsidies

GENEVA: WTO has opened a formal investigation into US and Mexican allegations that China is providing illegal subsidies for a range of industries. The two countries accuse Beijing of using WTO-prohibited tax breaks to encourage Chinese companies to boost exports, while imposing tax and tariff penalties to limit purchases of foreign products in China. — AP

Toyota’s global plan

TOYOTA: Steadily, relentlessly, quietly. Toyota is closing in on dethroning GM, the longtime king of the world’s automakers. On Friday, Toyota set a global sales target of 10.4 million vehicles for 2009 — a number that would put Toyota far ahead of the current industry record. — AP