Latest news with #231
Barnama
15 hours ago
- Business
- Barnama
CPO Futures Close Higher On Stronger Soybean Oil Prices
By Nur Athirah Mohd Shaharuddin KUALA LUMPUR, July 29 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday on the back of stronger soybean oil prices, according to palm oil trader David Ng. However, he noted that expectations of rising production and subdued demand are limiting further price gains. "We see CPO prices supported above RM4,250 and resistance at RM4,400 a tonne," he told Bernama. At the close, the spot-month August contract gained RM38 to RM4,188 per tonne, September 2025 added RM8 to RM4,231 per tonne, and October 2025 edged up RM12 to RM4,254 per tonne. The November 2025 contract increased RM16 to RM4,269 per tonne, December 2025 climbed RM19 to RM4,279 per tonne, and January 2026 put on RM21 to RM4,284 per tonne. Trading volume jumped to 61,890 lots from 48,430 lots on Monday, while open interest slipped to 224,301 contracts from 226,093 contracts previously. The physical CPO price for July South rose RM10 to RM4,210 per tonne. -- BERNAMA
9 News
6 days ago
- Automotive
- 9 News
Tesla earnings nose-dive 23 per cent
Your web browser is no longer supported. To improve your experience update it here Tesla has recorded a 23 per cent drop in adjusted net income and a 12 per cent decrease in overall revenue, with a double-digit drop in adjusted earnings for the second quarter, both worse than what Wall Street expected. The stricter reading for net income fell 16 per cent to $USD1.2 billion ($1.8 billion). Their core auto revenue also dropped 16 per cent. Tesla facility vandalised and cars set ablaze amid anti-Musk sentiment (Nine) Since 2019, regulatory credit sales alone have brought the company $10.9 million in profits, in some instances the company would have lost money annualy without them. "These regulatory credit sales are the reason that Tesla exists today," said analyst Gordon Johnson Reports found revenue per vehicle dropped to $USD42,231 ($63,978) as the company made $USD500 ($757) less on each car sold. The drop in sales has been largely attributed to Tesla CEO Elon Musk's political activities as well as increased competition in the electric vehicle market, particularly from China. Tesla trade-ins at record levels in the US – report (Nine) Tesla sales continue to drop in markets where EV sales are rising overall. The company is set to lose its title of the world's largest EV builder to BYD, a Chinese manufacturer that doesn't sell cars in the United States. Musk did not comment on the company's sales and revenue dive during his opening remarks on the company's call with investors Wednesday, following the earnings report. TESLA elon musk World automotive USA Economy Stocks CONTACT US
TimesLIVE
7 days ago
- Automotive
- TimesLIVE
Trump tariffs take a $1bn bite out of GM earnings; shares fall
General Motors' second quarter earnings took a $1.1bn (R19,305,825,000) hit from tariffs, but the carmaker beat analyst expectations for the period, supported by strong sales of its core petrol trucks and SUVs. The largest US carmaker by sales said it expects the tariff impact to worsen in the third quarter and stuck to a previous estimate that trade headwinds threaten to hit the bottom line by $4bn (R70,198,998,400) to $5bn (R87,748,748,000). GM said it could take steps to mitigate at least 30% of the impact. Shares fell about 6% in early trading. The carmaker's revenue in the quarter ended June 30 fell nearly 2% to about $47bn (R824,838,231,200) from a year ago. Its quarterly adjusted earnings per share fell to $2.53 (R44.40) compared with $3.06 (R53,71) a year earlier. Analysts on average expected adjusted profit of $2.44 (R42,82) per share, according to data compiled by LSEG. GM's adjusted earnings before interest and taxes was among corporations that revised annual guidance due to the impact from US President Donald Trump's tariffs, lowering it to an annual adjusted core profit of between $10bn (R175,501,993,000) and $12.5bn (R219,377,491,250). The company on Tuesday stood by the forecast. Beyond tariffs, GM's underlying business in the quarter was solid. Sales in the US market – its main profit centre – rose 7%, while the company continued to command strong pricing on its pickup trucks and SUVs. GM swung back to a small profit in China, after losing money there a year before. Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. Jeep-maker Stellantis on Monday warned tariffs would significantly affect results in the second half of 2025, and said tariffs cost it about €300m (R6,177,180,000) in the first half of the year. Shares of rival Ford Motor and US-traded shares of Stellantis fell about 1% on Tuesday morning. The carmaker took steps in recent months to bolster its combustion-engine operations through increased investment in its US factory base, calling into question its goal of ending the production of petrol-powered cars and trucks by 2035. GM announced in June it would invest $4bn at three US facilities in Michigan, Kansas and Tennessee, including a plan to move production of the Cadillac Escalade and increase output of its two big pickup trucks. It added production of its previously Mexico-produced Chevy Blazer to the Tennessee plant. The carmaker imports about half the vehicles it sells in the US, mainly from Mexico and South Korea. Crosstown rival Ford produces about 80% of its US-sold vehicles domestically. Car companies are increasingly shifting their focus to bolstering the core lineup of petrol trucks and SUVs as the growth rate of EV sales has slowed. Demand for battery-powered models has slowed after rapid growth earlier this decade. The trend is intensified by the pending disappearance of government support for the battery-powered models. Sweeping tax and budget legislation approved by the US Congress will eliminate $7,500 (R131,658) tax credits for buying or leasing new electric vehicles and a $4,000 (R70,217) used-EV credit at the end of September.
TimesLIVE
18-07-2025
- Automotive
- TimesLIVE
Japanese voters see little hope for tariff reprieve in Mazda's hometown
When carmaker Mazda sneezes, everyone catches a cold, say people in its hometown of Hiroshima in western Japan, but these days car parts maker Yuji Yamaguchi fears a deep chill is on the way. "If Mazda builds fewer cars our orders will drop," said Yamaguchi, whose 110-year-old firm, Nanjo Auto Interior, has almost 1,000 employees making door panels and other parts for the carmaker, which accounts for more than 90% of its sales. "The key thing is whether we can remain profitable with lower volumes." The economic engine of Hiroshima, a manufacturing hub 800km southwest of Tokyo, Mazda faces US tariffs of 25% on cars, a dispiriting prospect for an electorate battling inflation and a weak economy. Japan votes on Sunday in an upper house election that looks set to weaken the grip on power of Prime Minister Shigeru Ishiba, who has failed to win a tariff reprieve from the US, its closest ally and a crucial trade partner. "I no longer have expectations of the Japanese government," said Yamaguchi, a great-grandson of Mazda founder Jujiro Matsuda. "I'm past frustration and have resigned myself to things." As people in Hiroshima and other car manufacturing regions brace for the inevitable fall-out from tariffs, Yamaguchi said he had little hope the government could turn the tide. US President Donald Trump has given no sign of relenting on his tariffs, and has even hinted at raising those against Japan. Mazda, which saw US sales fall 18.6% in May on the year and by 6.5% in June, is one of the Japanese carmakers most exposed to US tariffs. Imports bring in most of Mazda's American sales, but the importance of the wider industry for Japan is almost impossible to overstate. After Japan ceded global leadership in chips and consumer electronics, its car industry has grown to make up about 28% of the about $145bn (R2,584,231,702,000) worth of goods shipped to the US last year. There are more than 68,000 companies in Japan's car supply chain, a July survey by research firm Teikoku Data Bank showed, and the Jama industry group said they employ 5.6-million people, or about 8% of the labour force. "A supply chain is hard to rebuild once broken," said Hideki Tsuchikawa, research head at Teikoku Databank's branch in Hiroshima, which his firm estimates is home to more than 2,000 car suppliers. "Automobiles are a core national industry. Government support is essential." The tariffs could cost Mazda and other smaller Japanese carmakers US market share lost to bigger rivals, said Julie Boote, an autos analyst at Pelham Smithers Associates in London. Mazda, headquartered in Hiroshima where it has assembly plants, has so far declined to give a full-year earnings outlook, citing the uncertainty of tariffs. Mazda told Reuters its top priority was to protect suppliers, dealers and employees as it looked to overcome the tariff impact. It anticipated significant impact in the short term, the company said, adding it was taking all possible steps, such as asking for government countermeasures.
New Straits Times
17-07-2025
- Business
- New Straits Times
Palm oil drops on profit-taking after reports of weaker export data
JAKARTA: Malaysian palm oil futures slipped on Thursday, erasing gains from the previous session, due to profit-taking after reports of weaker export data for the July 1-15 period. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost RM14, or 0.33 per cent, to RM4,210 (US$991.29) a metric ton, as of 0232 GMT. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent, from June 1-15, while according to cargo surveyor Intertek Testing Services, it fell 6.2 per cent. Soyoil prices on the Chicago Board of Trade were slightly down 0.05 per cent. Dalian's most-active soyoil contract edged 0.12 per cent higher, while its palm oil contract slipped 0.11 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.17 per cent against the dollar, making the commodity cheaper for holders of foreign currencies. Palm oil may retest resistance at RM4,231 per metric ton, with a good chance of breaking above it and rising into the RM4,254 to RM4,292 range, Reuters technical analyst Wang Tao said. Asian stocks dithered ahead of earnings from heavyweight technology companies and as market anxiety lingered over the uncertain tenure of Federal Reserve chief Jerome Powell.
