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Toronto Sun
22-07-2025
- Automotive
- Toronto Sun
GM profit falls as Trump tariffs add $1.1 billion in costs
Published Jul 22, 2025 • 2 minute read GMC trucks. Photo by Eric Thayer / Bloomberg General Motors Co.'s second-quarter profit fell as President Donald Trump's tariffs chopped $1.1 billion from adjusted earnings. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Detroit-based automaker said Tuesday it earned $2.53 per share on an adjusted basis, above the Bloomberg consensus forecast of $2.33 but short of the $3.06 it made a year ago. GM's profits also suffered from higher warranty costs and a buildup in inventory of electric vehicles. Net income declined 35% to $1.9 billion compared with $2.9 billion in the second quarter of last year. Shares of the carmaker fell 3.5% in premarket trading to $51.35 as of 7:20 a.m. in New York. The stock closed Monday almost unchanged for the year. GM's results showcase the difficulty automakers face to maintain profits in an environment that newly penalizes globally integrated parts supply chains and cross-border vehicle sales. Chief Executive Mary Barra hinted at that challenge in a letter to shareholders describing the carmaker's efforts to adjust to the new reality. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'We are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape,' Barra said, noting an announcement in June to shift some production to the U.S. from Mexico. The company managed to beat Wall Street expectations as GM grew its U.S. vehicles sales in the the quarter despite higher tariffs. It achieved a second straight quarterly profit in China, which improved by $175 million over a year ago and helped on the bottom line. GM kept its current full-year forecast for earnings before interest and taxes in a range of $10 billion to $12.5 billion. The company had slashed its 2025 outlook in May, cutting it from initial projection in January for earning as much as $15.7 billion this year. This advertisement has not loaded yet, but your article continues below. Some non-tariff costs also hurt GM in the quarter. The company announced a recall of 600,000 trucks due to an engine defect, which contributed to $300 million in costs in the quarter. GM also worked to build up its electric vehicle inventory, which added $600 million in costs. Weaker pricing on fleet sales weighed on profits to the tune of $200 million. All told, earnings before interest and taxes in GM's North America business fell $2 billion in the quarter compared with the same period a year ago. Revenue fell 1.8% to $47.1 billion, partly from weaker pricing. The company indicated that year-on-year profit deceleration may not be as pronounced in the second half of the year. GM said it can offset one-third of its $4 billion to $5 billion in tariff exposure as more of its mitigation efforts begin to more fully take hold. Sunshine Girls Canada Sunshine Girls Columnists Celebrity
Wall Street Journal
21-07-2025
- Automotive
- Wall Street Journal
Jeep Maker Stellantis Posts $350 Million Tariff Bill—and Record Net Loss
A Jeep Compass at an L.A. dealership. In April, Stellantis paused production at a Mexican plant that makes the Compass SUV. (Eric Thayer/Bloomberg News)
Toronto Sun
16-07-2025
- Automotive
- Toronto Sun
Ford sees $570M cost from recall after vehicle fires
Published Jul 16, 2025 • 1 minute read Ford Bronco Sport vehicles at a Ford dealership in Los Angeles. Photo by Eric Thayer / Bloomberg (Bloomberg) — Ford Motor Co. is recalling almost 700,000 vehicles to address a long-running issue over cracking in an auto part that can leak fuel into the engine and cause fires. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The action applies to certain Bronco Sport and Escape models from 2020 to 2024, according to documents posted on the National Highway Traffic Safety Administration website. Ford has identified eight instances that involved cracking in a fuel injector and a fire under the car's hood. None of these resulted in injuries. Ford said in a separate regulatory filing that it expected to incur about $570 million in costs as it evaluates fixes for the problem. It will be treated as a special item in its second-quarter results and won't affect its adjusted earnings or cash flow, the company said. Ford shares fell 1.8% at 9:37 a.m. Wednesday in New York. Issues with the fuel injectors were identified as early as 2022, when Ford recalled about 500,000 vehicles. US auto-safety regulators opened a so-called recall query in 2024 to assess the adequacy of the prior action, saying that Ford's remedy plan 'does not address the root cause of the issue.' The automaker opened its own investigation that year and subsequently had multiple meetings with NHTSA prior to the latest recall. Crime Sunshine Girls Entertainment NFL Toronto & GTA
Boston Globe
02-07-2025
- Business
- Boston Globe
Trump to cut protections for home health aides, migrant farmworkers
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up BANKRUPTCY Advertisement Del Monte, the 139-year-old canned fruits and vegetables company, seeks bankruptcy protection Del Monte canned vegetables for sale in Berkeley, Calif. Ben Margot/Associated Press Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $912.5 million in debtor-in-possession financing that will allow it to operate normally as the sale progresses. 'After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,' chief executive Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, Calif., also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands, and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024 but not enough to offset weaker sales of Del Monte's signature canned products. — ASSOCIATED PRESS Advertisement LEISURE Extreme weather has Americans skipping theme parks this year Guests arrived at a Six Flags amusement park in Valencia, Calif., in 2023. Eric Thayer/Photographer: Eric Thayer/Bloomb Amusement park attendance is off to the worst start for its busiest period of the year in the post-pandemic era as bad weather deters thrill seekers. Foot traffic at United Parks & Resort Inc.'s twelve US locations has fallen an estimated 9.6 percent on average over the 30 days through June 20, compared with a 1.3 percent drop in the same period last year, according to an analysis of cellphone mobility data. Similarly, the average across Six Flags Entertainment Corp.'s parks where data was available fell 17 percent, versus a moderate 0.8 percent increase last year. The figures include 11 of Cedar Fairs locations and the US-based Six Flags-branded properties acquired in a merger last year. A wet start to the busy season in April has given way to scorching heat across wide swaths of the country as the July 4 holiday approaches. Meteorologists expect weather in the United States this summer to oscillate between record-setting temperatures and severe thunderstorms, both of which can deter would-be thrill seekers at theme parks. — BLOOMBERG NEWS GOVERNMENT Trump asks Supreme Court to remove 3 Democrats on the Consumer Product Safety Commission The Trump administration on Wednesday asked the Supreme Court to remove three Democratic members of the Consumer Product Safety Commission, who were fired by President Trump and then reinstated by a federal judge. Trump has the power to fire independent agency board members, the Justice Department argued in its filing to the high court, pointing to a May ruling by the Supreme Court that endorsed a robust view of presidential power. The administration asked the court for an immediate order to allow the firings to go forward, over the objections of lawyers for the commissioners. The commission helps protect consumers from dangerous products by issuing recalls, suing errant companies, and more. Trump fired the three Democrats on the five-member commission in May. They were serving seven-year terms after being nominated by President Joe Biden. US District Judge Matthew Maddox in Baltimore ruled in June that the dismissals were unlawful. Maddox sought to distinguish the commission's role from those of other agencies where the Supreme Court has allowed firings to go forward. — ASSOCIATED PRESS Advertisement CARMAKER Tesla sales plunge again as anti-Musk boycott shows staying power President Trump and Tesla chief executive Elon Musk spoke to reporters as they sat in a red Model S Tesla vehicle on the South Lawn of the White House on March 11. Uncredited/Associated Press Sales of Tesla electric cars fell sharply in the last three months as boycotts over Elon Musk's political views continue to keep buyers away, a significant development given expectations that anger with the company's billionaire chief executive would have faded by now. The company reported a 13 percent plunge in sales on Wednesday in a sign that Musk's embrace of President Trump and far-right politicians in Europe has had a deep and enduring impact on Tesla's brand appeal. The new figures show rival electric vehicle makers have wasted no time to pounce on the company's weakness to steal market share and suggest Tesla's quarterly earnings report later this month could also disappoint. Sales fell to 384,122 in April through June, down from 443,956 in the same three months last year. During the latest period, Musk formally left the Trump administration as a cost-cutting czar and hopes rose that sales would recover. Musk himself recently said that Tesla was in the midst of a 'major rebound' in sales. Still, some parts of the report were encouraging. Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts. — ASSOCIATED PRESS Advertisement MEDIA G/O Media winds down by selling Kotaku, one of its last sites Logos for G/O Media and Jezebel. Peter Morgan/Associated Press G/O Media, the digital media publisher that once owned sites like Jezebel and Deadspin, announced Wednesday that it is winding down its operations and selling off one of its last properties, the video game website Kotaku. G/O Media, which is owned by the private equity firm Great Hill Partners, once owned a collection of websites that had belonged to the Gawker Media blog universe and The Onion. But it has slowly been shedding its holdings. With the sale of Kotaku, only one website remains: The Root, which covers Black culture and news. G/O Media's chief executive, Jim Spanfeller, said in a statement Wednesday that 'it became clear to our investors that it was time to move on,' alluding to a series of challenges that have faced the digital media industry in recent years. Spanfeller was quick to say that Great Hill had been 'a very good partner' and had 'never weighed in on editorial direction.' In April, G/O Media sold the business news site Quartz and the commerce site The Inventory to Redbrick, a Canadian software company. In recent years, it also sold off Jalopnik, The Onion, Jezebel, Lifehacker, Deadspin, and the A.V. Club. Spanfeller said that he was still working to find a buyer for The Root, but that G/O Media 'will exit having increased shareholder value.' — NEW YORK TIMES ENTERTAINMENT 'South Park' season debut delayed with streaming rights in limbo Comedy Central has delayed the upcoming debut of the new season of South Park, prompting a vitriolic response from the show's creators. In a statement Wednesday, Trey Parker and Matt Stone blamed the delay on complications from the pending merger of Comedy Central's parent company Paramount Global with independent TV and film producer Skydance Media — a deal that has gotten bogged down amid regulatory scrutiny in Washington. 'This merger is a [expletive]-show and it's [expletive] up South Park,' the creators wrote. 'We are at the studio working on new episodes and we hope the fans get to see them somehow.' Comedy Central announced Wednesday that the premiere of the 27th season of the hit animated comedy series would be moved to July 23 from July 9. The show has been mired in friction lately over the future of its streaming rights. HBO Max's exclusive streaming rights for South Park ended recently, and no new deal has been reached. Last month, Parker and Stone accused Skydance of interfering in negotiations over the future of the rights, which could net them billions of dollars, and threatened legal action. 'Under the terms of the transaction agreement, Skydance has the right to approve material contracts,' the company responded at the time. — BLOOMBERG NEWS Advertisement
Newsweek
20-06-2025
- Health
- Newsweek
Tens of Thousands In California Told To Stay Indoors
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Tens of thousands of people in southern California have been advised to remain indoors as "emergency" air quality conditions impact parts of the Coachella Valley on Friday. The Environmental Protection Agency's (EPA) AirNow map, which provides a real-time snapshot of air quality, shows that air pollution levels around Cathedral City and Thousands Palms are "very unhealthy" to "hazardous" on Friday morning. The warnings mean that the risk of negative health effects from air pollution is increased for everyone, not just vulnerable populations. Smoke fills the air above Los Angeles during the wildfires in January. Smoke fills the air above Los Angeles during the wildfires in January. Eric Thayer/AP Why It Matters Air pollution and extreme heat pose significant health risks to the general public, in particular for the young, seniors and vulnerable populations such as those with underlying respiratory or cardiovascular conditions. The EPA warns that the current air pollution levels can lead to serious health issues, including reduced lung function, severe respiratory symptoms including chest pain and aggravated coughs, and increased hospital admissions. What To Know The AirNow Map shows that a maroon warning - the highest category - is in force for Cathedral city, which has a population of more than 50,000 people. A "hazardous" maroon warning means that pollution levels are of "emergency conditions," and that "everyone is more likely to be affected," the AirNow website says. A "very unhealthy" purple warning - the second highest category - covers Desert Edge, Sky Valley, Thousand Palms and Sunair. AirNow says that the risk of health effects are "increased for everyone" in these areas. Meanwhile, red warnings are also in force in the Coachella Valley in Rancho Mirage and parts of Palm Desert, along with a large area along the California-Arizona border including Yuma. Red warnings mean that "some members of the general public may experience health effects; members of sensitive groups may experience more serious health effects." What People Are Saying The EPA said that residents should stay inside wherever possible while the air quality is so poor. "Everyone: Avoid all physical activity outdoors. Sensitive groups: remain indoors and keep activity levels low. Follow tips for keep particle levels low indoors." It added: "The biggest health threat from smoke is from fine particles... [which] aggravate chronic heart and lung diseases - and even are linked to premature deaths in people with these conditions." Jonathan Grigg, professor of pediatric respiratory and environmental medicine at Queen Mary University of London, told Newsweek previously: "There are very clear links between inhaling particles and earlier death from both respiratory and cardiovascular diseases." What Happens Next Air quality warnings are updated regularly by the EPA and National Weather Service. Residents in affected areas can access daily forecasts and health guidance via and local agencies, with officials providing current information as environmental conditions develop.
