Hyundai Motor warns of bigger hit from US tariffs after Q2 profit fall
Hyundai, which together with affiliate Kia is the world's third-biggest automaking group by sales, booked operating profit of 3.6 trillion won ($2.64 billion) for the April-to-June period, down 16 per cent from 4.28 trillion won in the same period a year earlier. The result compared to a 3.5 trillion won LSEG SmartEstimate drawn from 22 analysts.
The South Korean automaker said U.S. tariffs cost the company 828 billion won ($606.37 million) in the second quarter, and the impact will be larger in the July to September period.
Hyundai's results illustrate the stakes for South Korean officials, who are under pressure to come up with a trade deal after Washington and Tokyo reached an agreement this week that will cut tariffs on its Japanese rivals.
The South Korean automaker said it was sticking to its annual profit target for now, but it will update the plan after the August 1 deadline for reciprocal tariffs to take effect.
While U.S. tariffs pose risks to its operations, the weaker South Korean currency helped cushion some of the blow from the tariffs, it added.
"Hyundai Motor will continue to monitor its annual profitability guidance and flexibly adjust its targets in line with global market conditions," the company said in a statement.
South Korean companies have been on tenterhooks after Washington reached a deal with Japan this week that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods.
South Korea's finance ministry said on Thursday that talks due to be held on Friday between top Seoul and Washington officials over tariffs have been rescheduled because of a scheduling conflict for U.S. Treasury Secretary Scott Bessent.
Hyundai Motor said its revenue rose 7 per cent from a year earlier to 48.3 trillion won, versus an analysts' consensus of 47 trillion won.
The automaker's shares fell 3.2 per cent after the earnings announcement.
($1 = 1,366.2000 won)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Independent Singapore
5 hours ago
- Independent Singapore
Remote work for Singaporean elders: How a 58 y/o man in SG secured his financial lifeline and retirement needs with just a laptop and Wi-Fi
SINGAPORE: When Lim Wei Ming sat at his Tanjong Pagar office one March morning, staring at his CPF retirement projections, he didn't see it as his golden years. Instead, he saw it as a financial black hole. Wei Ming saw his decades of dutiful saving and climbing the corporate ladder led to one cold, hard truth: even with the maximum Central Provident Fund (CPF) contributions, retirement in Singapore might be more sobering than celebratory. His calculations resulted in a modest S$2,800 monthly payout from CPF, compared to a real-world expense of nearly S$8,000, Maxthon quoted him as saying. Mortgage, mum's medical bills, daughter's overseas uni fees —all of that wasn't fiction. This is Singapore's retirement reality. But Lim, like hundreds of Singaporean seniors, discovered a game-changer: remote work. The remote work revelation What started as a pandemic necessity has evolved into a permanent, powerful solution, especially for older professionals. Remote work isn't just a lifestyle shift; it's a financial lifeline. For Singapore's pre-retirees and seniors, it's becoming the difference between scaling back or soaring ahead. The traditional model—work till 62, retire on CPF—is buckling under pressure. Today's retirees are living longer, facing higher costs, and often supporting both parents and adult children. It's the 'sandwich generation' crunch, Singapore edition. With CPF's Enhanced Retirement Sum now at S$426,000 and contribution rates increasing slightly for those aged 55–65, some progress has been made. But for many, it's still not enough to fund a 20-30-year retirement. That's where remote work comes in, with a dazzling array of benefits. Why remote work makes dollars and sense 🏦 1. Boosting CPF while you Zoom A 60-year-old who brings in S$4,000 a month remotely for five more years could add over S$50,000 to their CPF account. That's not pocket change—it could mean hundreds more per month in CPF LIFE payouts down the road. Add in compound interest at 4% (Special Account) and 2.5% (Ordinary Account), and remote work becomes an interest-generating engine. 🏘 2. Escape the CBD, embrace the world No office, no problem. Retirees are ditching the daily commute and expensive city rents for cosier, cheaper locales—some even across the Causeway. Whether it's a beachfront flat in Penang or a mountain view in Chiang Mai, they're stretching their dollars without sacrificing productivity. Even staying local, the savings add up—S$200 to S$400 a month in transport alone. That's before you count hawker lunches swapped for home-cooked meals and a farewell to overpriced work attire. 🧾 3. Sweetening the tax deal Singapore's territorial tax system means income earned abroad but not brought into the country is not taxable. Couple that with no capital gains tax and the ability to time when income is declared, and it becomes a tax playground for the financially savvy silver fox. 🏥 4. Keeping healthcare costs in check Working remotely means fewer MRT rides and fewer chances to catch something in a crowded lift. Add to that continued employer healthcare contributions and less pressure to tap into Medisave, and you've got a healthier, wealthier retirement runway. Flexible work law: The wind in their sails Since December 2024, Singapore employers are now required to formally consider flexible work requests, including remote options. Already, 76% of companies have hybrid policies in place. For older workers, this isn't just about convenience—it's empowerment. What jobs can you do? More than you think Sectors ripe for remote elder-preneurship include: Finance: Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Tech: With fintech booming, part-time remote gigs abound With fintech booming, part-time remote gigs abound Education: Corporate training, language classes, mentoring roles Corporate training, language classes, mentoring roles Legal & Compliance: Regulation never sleeps Regulation never sleeps Marketing & Communications: Content creation doesn't care about your age—just your storytelling chops Singapore's English-speaking edge and reliable digital infrastructure make it a regional powerhouse for remote expertise. You've got the knowledge. You've got the tools. You've even got the timezone. Why stop now? The game plan for retirement 2.0 Phase 1 (Ages 50–55): Prep Mode Upskill in digital tools (Zoom, Canva, Google Workspace, etc.) Build your LinkedIn game Learn the ropes of freelancing, consultancy, or digital entrepreneurship Phase 2 (55–65): Transition Mode Negotiate hybrid work options Start building your client base Use remote work income to top up CPF and Medisave accounts Phase 3 (65+): Flex and Thrive Work part-time, stress-free Mix CPF LIFE payouts with flexible gigs Keep the brain engaged and the wallet happy What could you earn? In one conservative case study: A pre-retiree earns S$2,500/month remotely Lives 20% cheaper thanks to a remote lifestyle Adds S$60,000 to CPF over 8 years Saves S$96,000 on living costs Total benefit is a cool S$156,000 In an optimistic scenario? Earn S$4,000/month consulting from across the border Slash living costs by 40% Build up S$280,000 in eight years That's not retirement. That's reinvention. From survival to strategy This isn't just theory. Singaporeans like Wei Ming and his colleague Sarah—both in their 50s—have turned this model into reality. They've swapped stress for strategy, and their daily commutes for consulting gigs. By leveraging Singapore's global brand and regulatory know-how, they now earn more, save more, and live more. From Singapore to Kuala Lumpur or Penang, or even Bali or Krabi, a growing community of Singaporean 'remote retirees' is proving that you don't have to retire from work—you just need to rethink or reinvent how and where you work. The world is your office Let's be clear: remote work isn't a luxury anymore—it's a necessity. It's the CPF booster, the health preserver, the tax hack, and the lifestyle upgrade wrapped into one. And in the face of a demographic tsunami, rising costs, and longer lifespans, it might just be the only lifeboat that floats. So if you're staring at your CPF projections with dread—or just sick of the daily jam on the PIE—take a page from Wei Ming's playbook. The world is your office, and your legacy doesn't have to come with a retirement countdown clock. All you need is Wi-Fi, expertise, and the will to hit 'Join Meeting.' In other news, which may also be of interest to senior citizens to give it a shot for your financial lifeline and retirement needs planning, a Singaporean couple has transformed their home into a multi-stream income engine, generating over S$3,000 to S$5,000 a month through practical, proven side hustles that are perfect for 2025. In a video that has been making waves among aspiring entrepreneurs, Darien (the hubby) breaks down 10 legitimate side hustles that Singaporeans can start right now. Some require skills, others need hustle, but all are achievable. Photo: YT screengrab/@darienandjoanna You can read more about them and find out how you too could turn your home into a money-making machine while you bake sourdough, play with dogs, or teach a workshop — all without stepping out of your front door over here: 'We make S$5000/month!' — Singaporean couple turns their S$1M condo into a passive income machine with 10 side hustle recommendations, working from home
CNA
7 hours ago
- CNA
Indian tech company TCS to cut workforce by 2%, affecting more than 12,000 jobs
BENGALURU :India's largest IT services provider Tata Consultancy Services will reduce its workforce by 2 per cent in its 2026 financial year, primarily affecting middle and senior management, the company said on Sunday. The company is retraining and redeploying staff as it enters new markets, invests in new technology and deploys AI, but about 12,200 jobs will be cut as part of the process, it said. "This transition is being planned with due care to ensure there is no impact on service delivery to our clients," the company added. India's $283 billion IT sector has had to contend with clients holding back non-essential technology spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
Independent Singapore
10 hours ago
- Independent Singapore
PHV driver/rider guide for Singaporeans: How being behind the wheel is killing you, and what you can do to stay alive and beat fatigue without hitting the brakes
SINGAPORE: If you're a private-hire vehicle (PHV) driver, delivery rider, or taxi driver in Singapore, you already know: the 9-to-5 life is a distant dream. Your work clock spins on its own terms. One hour you're dropping off someone, and the next hour, you're grabbing food for someone else—all while seated for hours, dodging erratic cars, tolerating demanding passengers, and sitting through the occasional monsoon downpour. It's not just exhausting. It's dangerous. According to a 2022 study by the National University of Singapore's Institute of Policy Studies, platform workers work an average of 59 hours per week, as reported by CNA Lifestyle . That's more than a full-time job and then some. And with roughly 70,000 gig workers in Singapore's ride-hail and delivery sectors (about 3% of the national workforce), that's a lot of folks behind the wheel, pushing through long days with barely a break. These individuals are our unsung heroes, responsible for our food deliveries, midnight rides, and early-morning airport trips. But behind every steering wheel is a platform worker fighting traffic jams, fatigue, dehydration, body aches, and burnout. Sleepless in Singapore Fatigue isn't just about feeling tired. It's a slow fade of your mental reflexes, concentration, and alertness, turning your Grab ride into a potential hazard. 'Drivers experiencing fatigue may show signs such as frequent yawning and blinking, difficulty keeping their eyes open, and decreased concentration and vigilance,' CNA Lifestyle quoted Dr Licia Tan, an associate consultant at Sengkang General Hospital's Department of Occupational Medicine. 'Passengers might also notice the driver becoming fidgety, veering off the lane, or driving erratically,' she added. How long does it take before you hit the sleepy slope? Just one to two hours of non-stop driving, according to Dr. Tan. That's because driving—especially in Singapore's bustling streets—is mentally demanding. 'Driving is a cognitively demanding task that relies on sustained attention, quick reflexes, and decision-making – all of which would decline when a driver is tired,' she explained. And on scorching hot days, it gets worse. 'Intense weather conditions, such as a high environmental temperature, show a positive association with fatigue symptoms and have been linked to poorer decision-making and road traffic accidents,' said Dr. Tan. Translation: Singapore's weather isn't just bad for your hair—it's bad for your brain. Even more worrying: Staying awake for 18 hours is the cognitive equivalent of a 0.05% blood alcohol level. Push that to 24 hours, and it's 0.10%—above the legal limit of 0.08% in Singapore. You may be sober, but your brain thinks you're drunk. It's not just traffic that's draining you Fatigue comes in two nasty flavours, said Dr. Tan: active and passive. Active fatigue happens when you're constantly dodging other bad vehicle drivers, navigating heavy traffic, or trying not to hydroplane during a thunderstorm. You're mentally switched on, but that intensity burns you out fast. Passive fatigue, on the other hand, creeps in during long, boring driving journeys. Think: driving along the expressway on autopilot. It's so monotonous, your brain starts to doze off before your eyes do. And let's not forget the psychological stress, such as dealing with rude customers or being under pressure to meet incentive targets. Add in mobile phone distractions and the occasional sip of alcohol (which you shouldn't be doing at all while driving/riding), and you've got a cocktail of concentration killers. The health toll behind the wheel You'd think mental stress would be the worst of it—but nope, your body takes a massive hit, too. Driving is, at its core, a sedentary job. Hours spent sitting still, missing meals, or wolfing down fast food, and barely moving your limbs is a one-way street to chronic diseases like hypertension, diabetes, high cholesterol, and obesity. Also on the danger list are lower back pain, musculoskeletal disorders, and the condition known as whole-body vibration (WVB). If you've ever felt your bones rattle after a long day on rough roads, that's WVB in action—and it's linked to nerve damage, spinal degeneration, and vascular issues. So, what can a road warrior like you do about it? Doctor's orders: 4 easy habits to stay road-ready 1. Fuel your body right (not just your car) Stick to regular meals and stock up on healthy snacks. Think: fruits or unsalted nuts—basically anything that won't leave a grease trail on your steering wheel. 2. Hydrate like your life depends on it (because it does) Two litres of water a day is the bare minimum. Keep a reusable bottle in your car and top it up regularly. Dehydration can make you drowsy, dizzy, and cranky—not a great combo for safe driving. 3. Take micro-breaks Even a 5–10-minute pause every hour can work wonders. Stretch your legs after dropping off a passenger. Do quick lunges or shoulder rolls. Park and pace around the car. The more you move, the more your body will thank you. 4. Say no to marathon driving Driving more than 12 hours a day isn't heroic—it's hazardous. Long hours heighten fatigue-related errors and hurt your heart in the long run. If no time to stop, here's a hack If you really can't pull over for a proper break, then micro-stretch at the wheel. Dr. Tan recommends neck rolls, shoulder shrugs, and upper body stretches—simple seated exercises you can do while waiting at a red light or in a queue. And don't underestimate your seat. Adjust it for the most ergonomic posture—for comfort, and to prevent strain that creeps in after long shifts. Even the best engines need regular maintenance, and so do you You're not just a driver. You're the engine of the gig economy. But even the best engines need regular maintenance. Similarly, your body, mind, and health deserve pit stops, hydration, and decent fuel. Don't let fatigue take over the wheel. Take control of your health—one break, one stretch, one good habit at a time. Drive safe. Stay sharp. And don't forget to take care of the person behind the steering wheel first before anything else. In other news, a Grab rider's wife opened up about her growing concerns for her husband's safety on the road. She said, 'It's just the risk in riding that concerns me, especially during rain. Even when we're careful, others may be careless.' You can read their full story over here: 'Are you embarrassed or even humiliated to say your husband is a Grab rider?' — Singaporean 'abang Grab' asks his wife, and gets an honest, shocking answer
