Latest news with #838
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
24-06-2025
- Business
- TimesLIVE
Self-employed mom wins nearly R40m and plans to invest in her business
A self-employed mother who bagged nearly R40m in a lotto jackpot plans to secure a better future for her family by buying a home and a car, as well as investing in her business. 'I'm excited to expand my business and buy an industrial machine that will really elevate my business,' she said. Ithuba, operator of the National Lottery, said there were two winners of the R78,977,677 lotto jackpot from the draw held last Wednesday. One woman has officially come forward to claim her prize of R39,488,838. According to Ithuba, her winning ticket was purchased at a Day and Night Superstore in Johannesburg with a R30 wager using the Quick Pick selection method. 'I was in shock and complete disbelief when I realised I had won,' the winner said. The self-employed winner is a regular National Lottery player, often using either Quick Pick or manual number selections. 'I couldn't wait to share the news with my husband — it's a moment that will stay with us forever!' She said. She plans to continue playing lotto. Ithuba CEO Charmaine Mabuza congratulated the winner. 'We're thrilled to see this self-employed South African woman's business ambitions take flight thanks to her remarkable win. We wish her continued success in all her endeavours,' Mabuza said. She urged the second winner to come forward. 'We urge the remaining winner to come forward and claim half of this remarkable lotto jackpot,' Mabuza said.
New Straits Times
28-05-2025
- Business
- New Straits Times
Palm rises on stronger Dalian oils, crude; weak Chicago soyoil caps gains
KUALA LUMPUR: Malaysian palm oil futures opened higher on Wednesday for a fourth session, buoyed by stronger rival Dalian oils and crude oil prices, though weaker Chicago soyoil limited gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained RM12, or 0.31 per cent, to RM3,880 (US$913.80) a metric ton in early trade. Dalian's most-active soyoil contract rose 0.23 per cent, while its palm oil contract added 1.05 per cent. Soyoil prices on the Chicago Board of Trade were down 0.14 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 edged higher in early trading as the US barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.26 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. European Union soybean imports for the 2024/25 season, which began in July, reached 12.69 million metric tons by May 25, up 7 per cent from the same period a year earlier, while palm oil imports were at 2.57 million tons, down 19 per cent, data published by the European Commission stated. Palm oil may retrace into a range of RM3,814 to RM3,838 per metric ton, as it faces strong resistance at RM3,878, Reuters technical analyst Wang Tao said. Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings.
