Toyota to raise US car prices by average $270 from July
Japanese carmaker Toyota said on Saturday it will raise prices for some vehicles sold in the US by an average of $270 (R4,883) starting in July.
The carmaker's decision follows US President Donald Trump's imposition of a 25% tariff on imported vehicles and car parts. A Toyota spokesperson, however, denied the tariff directly influenced the price increase.
"The latest price hike is part of our regular review of prices," said Nobu Sunaga, a Toyota spokesperson.
Prices for Lexus models, Toyota's luxury brand, would increase by an average of $208 (R3,761), he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TimesLIVE
3 hours ago
- TimesLIVE
Horner says F1 now looking like a two-horse race
Red Bull boss Christian Horner says the 2025 Formula One season is turning into a two-horse race between the McLaren drivers after his team had a home Austrian Grand Prix to forget on Sunday. Defending champion Max Verstappen retired on the first lap after being driven into by Mercedes rookie Kimi Antonelli, while teammate Yuki Tsunoda finished last. As a result of Lando Norris leading home teammate Oscar Piastri in a McLaren one-two, Verstappen was left languishing 61 points behind championship leader Piastri. 'The buffer they have is significant. It looks like a two-horse race. They [McLaren] have got a cushion to the rest of the field,' said Horner. 'For us, we focus one race at a time. We don't think about championships. We focus on the next race at Silverstone, what can we achieve there; same with Spa, same with Budapest. 'You try to grab every opportunity like we did in Imola [where Verstappen won].' Verstappen had qualified a lowly seventh, partly undone by yellow flags as a result of a spin by Pierre Gasly in the final moments of Saturday's session. In the race, he was the unfortunate recipient as Antonelli hit him after misjudging under braking into turn three, ending Verstappen's race in the process. Tsunoda struggled all afternoon and was later given a 10-second penalty for a clash with Alpine's Franco Colapinto, which resulted in the Japanese driver finishing last. Ferrari's Charles Leclerc and Lewis Hamilton took third and fourth places to move their team into second place in the constructors' standings. Horner said: 'Well, that was a home race to forget. We got unlucky yesterday [Saturday] with the yellow flag which put us in a position where you're in the crash zone and Kimi just lost it in spectacular fashion. 'Max was basically through the corner and getting back on the power and he just got wiped out. So, an unfortunate mistake by Kimi. He's apologised to Max but for us it killed our afternoon. 'I don't think we would have had the pace to race the McLarens today [Sunday] so well done to Lando. I think we would have been in that fight with the Ferraris. But when you're out on turn three there's not much you can do about it.'
IOL News
3 hours ago
- IOL News
The impact of bitcoin 2025 on Africa's financial future
In regions where banks are not viable due to economic instability or infrastructural challenges, cryptocurrency presents a transformative solution. Image: File THE recent Bitcoin conference that was held in Las Vegas in the US from of May 27 to 29 made history as the White House openly embraced cryptocurrency, with Senator JD Vance declaring: 'Crypto finally has a champion in the White House.' This unprecedented political endorsement signals a watershed moment and a shift in mainstream financial policy, showcasing cryptocurrency's accelerating global adoption, with discussions ranging from institutional investment to regulatory frameworks. While global attention focused on US and European developments at Bitcoin 2025, Africa's crypto economy has been quietly booming. Nigeria, Kenya and South Africa now rank among the world's top adopters of peer-to-peer crypto trading. In fact, Chainalysis reports that South Africa alone saw more than $1.2 billion (about R21bn) in crypto transactions in Q1 2025, a 40% increase year-over-year. This growth comes despite regulatory uncertainty about Crypto, proving the technology's organic demand against all odds. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ As the Donald Trump administration pushes aggressive pro-crypto policies aimed at establishing US dominance in digital assets, Africa faces a crucial challenge, particularly in developing regulatory frameworks around crypto crime trends, Crypto can function side by side with traditional banks. With more than 13 years in financial services, specialising in derivatives, fintech, and regulatory compliance, I have also witnessed firsthand the limitations of traditional banking in Africa. Millions of people remain unbanked, relying on cash economies, while others face exorbitant fees, slow transactions, and limited access to credit. In regions where banks are not viable due to economic instability or infrastructural challenges, cryptocurrency presents a transformative solution. Africa's financial exclusion crisis is well-documented. According to the World Bank, nearly 60% of Africans lack access to formal banking. Yet, mobile money, pioneered by platforms such as M-Pesa, has shown that digital financial solutions can thrive where traditional banks fail. Crypto takes this a step further by offering: - Borderless Transactions: Remittances, a lifeline for many African families, often come with high fees. Crypto slashes costs and speeds up cross-border payments. - Financial Inclusion: With just a smartphone, users can access decentralised finance (DeFi) platforms, savings, and lending services, bypassing brick-and-mortar banks. - Hedge Against Inflation: In countries like Nigeria and Zimbabwe, where local currencies fluctuate wildly, stablecoins and Bitcoin provide a store of value. However, the big question is: Can crypto outgrow politics and gain legitimacy among established banks? The Regulatory tightrope, balancing innovation and control, has been one of the biggest criticisms of crypto, in particular the perceived use by criminals to bypass financial laws. However, this is not an inherent flaw of blockchain technology; it's a challenge of regulation. As someone who has navigated complex financial regulations across Africa, from traditional banking to Crypto, I believe smart policies can mitigate risks without stifling innovation. South Africa's Financial Sector Conduct Authority (FSCA) has already taken steps by declaring crypto a financial product, bringing it under regulatory oversight. Other African nations should follow suit with clear, balanced frameworks that: - Prevent Illicit Activity: Mandating KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance for exchanges. - Protect Consumers: Ensuring transparency in crypto projects to prevent scams. - Encourage Institutional Adoption: Partnering with banks to integrate crypto services, bridging the gap between decentralised and traditional finance. As the US positions itself as a crypto hub and the Trump administration signals support for digital assets, should Africa not also act swiftly, or risk becoming mere spectators in this financial revolution? Or worse, a dumping ground for unregulated, speculative schemes. The reality is that crypto is here to stay. The question is whether Africa will harness its potential or let fear dictate its financial future. Banks and crypto need not be adversaries. The future lies in collaboration, where decentralised finance complements traditional systems, extending services to the unbanked and underbanked. As a philanthropist deeply invested in women's economic empowerment, I have seen how financial exclusion perpetuates poverty. Crypto can change that. But for it to succeed, African governments, regulators, and financial institutions must act now, before the world moves forward without us. * Sebaga Matabane is a seasoned financial executive and derivatives expert. A passionate advocate for financial inclusion, she is also the founding patron of the Give to Live Foundation, which supports abused women and children across Africa. ** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
The South African
3 hours ago
- The South African
Gauteng's best-run municipality is a riverside city escape
The office of the Auditor General of South Africa (AGSA) recently published its annual review of local municipalities, including the best-run ones. As reported by BusinessTech , the audit covered results for the 2023/24 financial year and revealed the best-run municipality in the country, as well as in each province. The AGSA listed the 25 municipalities in the country that had achieved consecutive clean audits. Most of these municipalities were in the Western Cape, but the best-run municipality outside of the province was one in Gauteng. According to the results of the audit, Midvaal was the best-run municipality outside the Western Cape. This municipality in the south of Gauteng, maintained its clean audit status for 11 consecutive years, making it one of the best-run municipalities in all of South Africa. 'Midvaal prides itself on a well-governed, effectively managed, financially viable and sustainable local government,' the municipality said, as per BusinessTech . 'We are a municipality committed and dedicated to creating an environment conducive to social and economic development.' it also said. The municipality is located within the Sedibeng District, in the Southern region of Gauteng and stretches over 1722km² with a population of 111 612. A quieter contrast to city life, Midvaal offers boating, fishing, and water sports at Vaal Dam and Marina. Some outdoor offerings include Suikerbosrand Nature Reserve, hiking trails like Klipskuur/Klipkraal, croc ranches, as well as fun, treetop adventures. As per property data, house prices in Midvaal range from R900 000 for smaller one-bedroom apartments to about R3 million for more spacious full-title homes with five or more bedrooms, meaning one would need to earn between R32 000 and R102 000 per month to buy a home in this Gauteng municipality. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
