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Evening wrap up: today's late breaking business stories

Top stories from around the web.

Toyota forecasts further gains as net profit triples (FT)

Toyota said its net profit more than tripled last year and would likely rise by a further 40 per cent this year as a result of a weaker yen, improved US demand and relentless efforts to cut costs.

The Japanese automaker on Wednesday reported a net profit of Y962bn ($9.7bn) for the fiscal year that ended in March, up from Y283bn a year earlier. For the current year, it expects to earn Y1.37tn.

Former News International boss Tom Mockridge to head Virgin Media (FT)

Tom Mockridge, a former chief executive of News International, has been appointed chief executive of UK cable TV service Virgin Media in a move that will put him in direct competition with BSkyB, the rival satellite TV operator and another of Rupert Murdoch’s media interests.

Mr Mockridge left the UK newspaper division in December last year after he failed to win the job as chief executive of “New News Corp”, a publishing company being created after News Corp’s planned split into two companies.

AngloGold promotes finance director to chief after Cutifani exit (FT)

AngloGold Ashanti, the world’s third-biggest gold producer by volumes, has promoted its finance director to chief executive to replace Mark Cutifani, who left the group last month to replace Cynthia Carroll at Anglo American.

Srinivasan Venkatakrishnan, who has been at AngloGold Ashanti for nine years, takes up the position immediately in a challenging environment as miners face rising costs and underperforming share prices.

Exxon and Statoil in joint Gulf of Mexico project (BBC)

ExxonMobil and Statoil have agreed to jointly develop an oil field in the Gulf of Mexico thought to contain six billion barrels of oil and gas.

The pair plan to spend $4bn (£2.57bn) to develop the Julia field, located 200 miles south of New Orleans, Louisiana.

Manchester United shares drop 4pc on Fergie resignation (Telegraph)

Sir Alex has been one of the most successful managers in football history, spending 27 years at the helm of the “Red Devils” and investors are concerned that any replacement will not be able to repeat his success.

Indeed, in the prospectus ahead of its flotation, Manchester United warned: "We are highly dependent on members of our management, coaching staff and our players. Any successor to our current manager may not be as successful as our current manager."