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TimesLIVE
2 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".
Express Tribune
7 hours ago
- Business
- Express Tribune
SBP bought $7.2b from Jun'24-Apr'25
Listen to article The State Bank of Pakistan (SBP) purchased $7.2 billion from the inter-bank market between June 2024 and April 2025, according to data compiled by Taurus Securities Limited. This substantial intervention reflects the central bank's strategy to rebuild foreign exchange reserves and ensure macroeconomic stability amid an International Monetary Fund (IMF)-supported economic reform programme. The monthly data shows strong buying in late 2024, peaking in November with $1.15 billion, followed by $1.02 billion in October and $946 million in September. Activity eased in early 2025, with only $154 million in January, $223 million in February, a rebound to $860 million in March, and a drop to $473 million in April. This accumulation of dollars helped SBP reserves rise from $13.5 billion in June 2024 to nearly $16.5 billion in November 2024. However, reserves started falling from December and settled at around $14.5 billion by April 2025, likely due to debt repayments or weaker net financial inflows. The business community has raised serious concerns over the exchange rate, alleging that the rupee is being held at an artificially strong level. SBP remains the largest dollar buyer, keeping demand high and the rupee undervalued. Rising imports and declining exports have worsened the imbalance. The Pakistan Business Forum (PBF) claimed that the dollar's actual market value should be closer to Rs260, while it is currently around Rs283. "The dollar is being controlled through artificial means. The prime minister must take immediate notice," the Forum said in a statement. PBF Chief Organiser Ahmad Jawad said Pakistan's policies have historically failed to restore the rupee after depreciation. "Unfortunately, whenever the rupee has fallen, it has never been brought back to its previous strength," he noted. He warned the economy cannot operate sustainably at Rs283 per dollar, warning that meaningful relief will only be possible through a stronger rupee. Meanwhile, the rupee appreciated by Rs1.92 against the US dollar over the last five trading sessions. It closed at Rs283.05 on July 29, compared t to 283.21 on July 28, a 0.06% gain, according to SBP data compiled by AKD Research. Gold prices in Pakistan also declined on Tuesday, tracking a cautious tone in the international market as investors awaited key developments, including US-China trade talks and the upcoming US Federal Reserve policy decision. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), per tola gold fell by Rs1,600 to Rs354,700, while 10-gram gold dropped by Rs1,372 to Rs304,098. The decline followed a Rs100 fall on Monday. Global prices remained steady with traders adopting a wait-and-see approach ahead of major economic signals that could influence monetary policy and global risk sentiment.
Daily Express
8 hours ago
- Daily Express
Sabah Forestry Department detains two lorries carrying logs in Ranau
Published on: Wednesday, July 30, 2025 Published on: Wed, Jul 30, 2025 Text Size: Frederick said inspections revealed the two lorries were transporting a total of 59 logs, equivalent to 63.2 cubic metres. SANDAKAN: The Sabah Forestry Department (SFD), in collaboration with the General Operations Force (GOF), detained two lorries carrying logs at Kg Randagong in Ranau during Operasi Khazanah at 1.30am on July 23. Sabah Chief Conservator of Forests Datuk Frederick Kugan said both lorries were stopped for transporting logs without a valid Removal Pass and for operating outside the permitted hours of 7am to 7pm, as required by SFD. He was commenting on a viral report on the seizure of the two lorries loaded with logs valued at RM2.68 million. Frederick said inspections revealed the two lorries were transporting a total of 59 logs, equivalent to 63.2 cubic metres. 'Further investigation by the Sabah Forestry Department confirmed that all the logs originated from a licensed logging operation under Form I belonging to Sabah Energy Corporation Sdn Bhd in Sipitang. All royalty payments amounting to RM4,732.70 have been duly settled with the State Government. 'Based on the domestic market price for processed timber, the Sabah Forestry Department estimates the commercial value of the seized logs to be around RM31,600. For the offence, the licensee was fined RM1,600,' he said in a statement. Frederick emphasised that SFD remains committed to enforcing the law to safeguard the State's forest resources and ensure that logging activities are conducted in accordance with established laws and regulations. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Time of India
14 hours ago
- Business
- Time of India
Contractors to move HC over ₹90,000 crore pending govt dues
Pune: Frustrated over mounting unpaid bills from state govt, the Builders Association of India's (BAI) state unit has decided to file a writ petition in the Bombay high court seeking recovery of dues worth ₹90,000 crore. The state BAI unit, led by chairman Jagannath Jadhav, recently met deputy chief minister and finance minister Ajit Pawar and public works department (PWD) minister Shivrendra Raje Bhosale to press for clearance of the dues. According to BAI, PWD owes it ₹46,000 crore. "Despite repeated representations and follow-ups over the past one year, the ministers gave no assurance on a payment timeline. We are left with no option but to seek legal recourse," said Anand Gupta, immediate past vice president of BAI, on Tuesday. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Another member, who did not want to be named, said that with the upcoming local elections it is unlikely that govt will clear the dues. "There are sops that have been offered by state govt as schemes and they are busy allocating funds for them. Hence, they are ignoring our demands," the member said. The prolonged delay triggered a financial crisis for contractors, with some unable to pay staff or suppliers. In a tragic incident underscoring the stress, recently one contractor allegedly died by suicide, the member said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo "If govt continues to ignore our plight, more such tragedies may occur," the member said, seeking urgent intervention to avoid a sector-wide collapse. Several departments have pending dues since last year and the association has submitted a break-up to the deputy CM, a statement from BAI said. Apart from PWD, Jal Jeevan Mission has an outstanding of Rs18,000 crore and rural development has Rs8,600 crore among others, the statement said.
Express Tribune
17 hours ago
- Business
- Express Tribune
Gold price drops locally amid global decline
Listen to article Gold prices fell in both international and domestic markets on Tuesday, driven by a notable decline in global bullion rates. According to market reports, the price of gold in the international bullion market dropped by $16 per ounce, settling at $3,320. In response to the global dip, domestic prices in Pakistan also fell. The price of gold per tola declined by Rs1,600, bringing it down to Rs354,700. Similarly, the price of 10 grams of gold decreased by Rs1,372, now standing at Rs304,098. Analysts attribute the decline to global market adjustments and currency fluctuations, with investors awaiting key economic indicators from major economies.
