Latest news with #511
TimesLIVE
20 hours ago
- Automotive
- TimesLIVE
Lamborghini's half-year operating profit dips amid currency headwinds
Italian luxury sports car maker Lamborghini said on Wednesday its operating income fell slightly in the first half even as it delivered record numbers of cars to customers as currency effects weighed on its bottom line. Operating income stood at €431m (R8,904,511,720) from January to June versus €458m (R9,462,934,940) a year before, primarily due to unfavourable exchange rate trends in the second quarter, the company said. "The results are solid despite global economic and political instability," CEO Stephan Winkelmann said. Net revenues amounted to €1.62bn (R33,471,516,600) in the time as the carmaker, part of Germany's Volkswagen, delivered 5,681 cars, its highest amount ever for a first half. Its operating profit margin fell to 26.6% from 28.3% a year before. Winkelmann said the results confirmed a decision to make all Lamborghini's range hybrid was right, as shown by the success of the Revuelto sportscar, its first plug-in hybrid, launched in 2023, and of the Urus SE SUV. "Our vision is shared by our customers," he said. "We look forward to the market launch of the Temerario, which will complete the first fully hybrid range in the segment". Lamborghini, based near Bologna in northern Italy, did not make any reference to Sunday's EU-US framework trade deal, which imposed a 15% US import tariff on most EU goods, despite the Americas region accounting for around 30% of its deliveries in the first half, or 1,732 cars. The Europe, Middle East and Africa region led deliveries in that time with 2,708 units, while Asia Pacific accounted for 1,241 units. Earlier this year Winkelmann said US tariffs would have an impact on Lamborghini's revenue even though luxury product makers can pass on potential tariffs to customers as there was a "sweet point" beyond which "you lose volumes".
Gulf Today
12-07-2025
- Business
- Gulf Today
Saudi-GCC non-oil trade surplus achieves 203% annual growth: GASTAT
The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries recorded an annual growth rate of 203.2% to more than SAR2 billion in April. It soared to around SAR3,511 million from SAR1,158 million in the same month last year. According to preliminary data from the International Trade Bulletin for April, published by the General Authority for Statistics (GASTAT), the total volume of non-oil trade, including re-exports, between Saudi Arabia and GCC countries amounted to around SAR18,028 million. This reflects a year-on-year growth of 41.3%, with an increase of SAR5,271 million from SAR12,757 million in April 2024. Non-oil commodity exports, including re-exports, rose by 55%, totaling SAR10,770 million, up from SAR6,958 million in April of the previous year, an increase of over SAR3,812 million, Saudi Press Agency (SPA) reported citing the GASTAT figures. Meanwhile, the value of national non-oil commodity exports reached around SAR3,031 million, compared to SAR2,675 million in April 2024, achieving a year-on-year growth rate of 13.3%, with an increase estimated at SAR356 million. Additionally, the value of re-exports surged by 81%, reaching SAR7,738 million compared to SAR4,282 million, an increase of SAR3,456 million. Saudi Arabia's imports from GCC countries stood at SAR7,258 million in April 2025, compared to SAR5,799 million last year, achieving a year-on-year growth of 25.2%, with an increase of SAR1,459 million. The data indicated that the United Arab Emirates ranked first in terms of non-oil trade volume with Saudi Arabia, amounting to SAR13,533 million, representing about 75.1% of the total. Bahrain followed in second place with a trade value of SAR1,798 million (10%), while Oman ranked third with SAR1,454 million (8.1%). Kuwait was fourth with SAR819.9 million (4.5%), and Qatar came next with a value of SAR422.1 million (2.3%). WAM
Saudi Gazette
10-07-2025
- Business
- Saudi Gazette
Annual growth of Saudi – GCC non-oil trade surplus soars 203% in April
Saudi Gazette report RIYADH — Saudi Arabia's non-oil trade surplus with other Gulf Cooperation Council (GCC) states recorded an annual growth of 203.2 percent during April 2025. This figure posted an increase of more than SR2 billion, reaching approximately SR3,511 million, compared to SR1,158 million in the same month last year, according to the preliminary data from the International Trade Bulletin for April 2025, issued by the General Authority for Statistics (GASTAT). The report showed that the total volume of non-oil trade, including re-exports, between the Kingdom and the GCC countries amounted to approximately SR18,028 million, recording an annual growth of 41.3 percent, an increase of SR5,271 million, compared to SR12,757 million in April 2024. Non-oil commodity exports, including re-exports, increased by 55 percent, reaching SR10,770 million, compared to SR6,958 million in April last year, an increase of more than SR3,812 million. Non-oil national commodity exports amounted to approximately SR3,031 million, compared to SR2,675 million during the same period in 2024, achieving an annual growth of 13.3 percent, an increase of SR356 million. The value of re-exports also jumped by 81 percent, reaching SR7,738 million, compared to SR4,282 million in April 2024, a difference of SR3,456 million. As for imports from Gulf countries, their value reached SR7,258 million, compared to SR5,799 million in April last year, achieving an annual growth of 25.2 percent, with an increase of SR1,459 million. The data showed that the United Arab Emirates ranked first in terms of the volume of non-oil trade exchange with the Kingdom, with a value of SR13,533 million, representing approximately 75.1 percent of the total. Bahrain came in second place with a value of SR1,798 million (10 percent), followed by Oman with a value of SR1,454 million (8.1percent), while Kuwait in the fourth place with SR819.9 million (4.5 percent), and Qatar comes last with a value of SR422.1 million (2.3 percent).
Scoop
26-06-2025
- Business
- Scoop
PNG hands over majority stakes in BCL to Autonomous Bougainville Government
The Papua New Guinea government is preparing to transfer its 36.45 percent ownership in Bougainville Copper Limited (BCL) to the Autonomous Bougainville Government. This transfer, valued at over PGK140.3 million (approx. NZ$56m) at current market rates, is expected to be formally announced by Prime Minister James Marape on Thursday. The transfer includes 146,175,449 ordinary shares in BCL. These shares are currently held by the State through the Department of Treasury and Eda Minerals Limited, a fully-owned subsidiary of Kumul Minerals Holdings. This represents a total of 36.45 percent of BCL's issued capital, in two separate tranches of 19.06 percent and 17.39 percent share respectively. The transfer follows a decision by the National Executive Council for the people of Bougainville to own the shares currently held by the State. This decision also meets a directive from the Joint Supervisory Body (JSB) in its meeting on 12 March 2020 for the State's 36.45 percent shareholding in BCL to be transferred to ABG. "I am pleased to see us making progress in this matter," Marape said. "It is our expressed commitment to transfer the entirety of the 36.45 percent shareholding to the government of Bougainville so the landowners of Panguna and the people of Bougainville can benefit better in the mine." The transfer of shares will result in the ABG and the people of Bougainville assuming ownership of 72.9 percent of BCL's issued capital. This transfer is being carried out at no cost to the ABG. Bougainville Copper Limited is a publicly listed company on the Australian Stock Exchange. Its share price is currently trading at AU$0.39 per share. The current market value of the shares being transferred to the people of Bougainville through ABG is AU$54,742,705. When converted to PNG currency, this is worth PGK140,365,511. Marape commended the ABG leadership of President Ishmael Toroama. He said this is a mutually reached decision on both sides that reflects the work of the two governments.
Sharjah 24
24-06-2025
- Business
- Sharjah 24
GPSSA to disburse over AED834 m in June pension payments tomorrow
Increase in pension value and beneficiaries The total value of June's pension payments is AED834,511,656.49, an increase of AED51,932,822 compared to AED782,578,834.21 in June 2024. The number of beneficiaries rose to 49,984, up from 48,335 in the same month last year. Importance of updating personal data GPSSA urged pensioners and beneficiaries to keep their personal data up to date—either with the authority or their banks—to avoid delays in pension processing. Use of the Ma'ashi digital platform The authority also encouraged beneficiaries to use its Ma'ashi digital platform, which allows users to update data, make pension enquiries, and request certificates conveniently online. Coverage under pension laws These disbursements include civilians covered by applicable Pension and Social Security Laws and beneficiaries whose files are managed by GPSSA on behalf of the Ministry of Finance under relevant pension legislation.
