Latest news with #GEAR
Time of India
11 hours ago
- Business
- Time of India
Raj FM urged to oppose plan to hike GST on garments
Jaipur: After a group of ministers in the 55th meeting of the GST Council proposed to increase GST from 12% to 18% on readymade garments costing more than Rs 1,000, the state industry appealed to the state finance minister, Diya Kumari, to raise the issue and oppose the move. The Garment Exporters Association of Rajasthan (GEAR) said clothing is a necessity item and should not attract such steep taxes. GEAR president Rakshit Poddar said, "If GST goes up to 18%, it will have a bigger impact on the middle-class consumers, who usually buy garment pieces in the range of Rs 1,000 to Rs 2,500." He said inflation made raw material costlier, raising the cost of commonly used items. Echoing similar sentiment, the general secretary of the garment body, Amit Maheshwari, said many women are engaged in making ethnic clothes whose costs are relatively higher. "If the taxes go up, the women engaged in the ethnic wear segment will face difficulties. It will impact 5 lakh artisans in the state," said Maheshwari. GEAR suggested that 5% GST can be levied on garments costing up to Rs 25,000 and 18% on garments that are priced more than Rs 25,000.
The Citizen
05-07-2025
- Politics
- The Citizen
Steenhuisen calls national dialogue a ‘band-aid on the ANC's electoral wound'
DA leader John Steenhuisen has responded to former president Thabo Mbeki's open letter regarding the national dialogue. Democratic Alliance (DA) leader John Steenhuisen has written off the upcoming national dialogue as an ANC campaign event. The Minister of Agriculture in the government of national unity (GNU) wrote an open letter to Thabo Mbeki in response to the former president's own letter released earlier this week. The DA withdrew from the national dialogue last weekend after President Cyril Ramaphosa ignored the party's ultimatum over the removal of Andrew Whitfield from his deputy minster role. National impasse Mbeki earlier this week called the refusal to participate in the national dialogue 'misplaced and very strange indeed', while daring the DA to leave the GNU. He also took aim at Helen Zille, claiming the DA's federal chair had an 'arrogant and contemptuous view' of those who did not support her party. Steenhuisen wrote an open reply to the former president on Friday wishing to explain why the DA has chosen to walk away from the national dialogue. He stated that Whitfield's actions — taking an international trip without permission — was 'far less egregious than the moral and ethical transgressions' of other ANC members of cabinet. 'This double standard has been in place since the formation of the GNU. The ANC has ignored every important clause of the jointly signed statement of intent,' wrote Steenhuisen Electioneering claim The DA leader praised Mbeki for his Growth, Employment and Redistribution (GEAR) policy from the early 2000s, noting that it was unpopular with ANC alliance partners at the time. 'You stood firm and exercised your mandate to the benefit of the country,' he wrote. However, Steenhuisen attacked the ANC's performance at the last year's national election, saying that Mbeki proposed the national dialogue as a way to improve the ANC's image with voters. Steenhuisen reiterated the DA's stance that the national dialogue was an ANC campaign tool needed to halt the party's electoral decline. 'We regard the proposed national dialogue, dominated as it is by foundations linked to the ANC, as a political manoeuvre aimed at placing a band-aid on the ANC's electoral wound,' he wrote. 'A talking nation is a thinking nation' A national dialogue planning workshop began this week in preparation for the main event scheduled for mid-August. 'A national dialogue is not just a talk shop. It's a platform where the people have a real voice. It's about listening to the lived experiences of citizens and acting on them,' stated the Thabo Mbeki Foundation on Saturday. 'This dialogue must go beyond speeches and meetings. A talking nation is a thinking nation. A talking nation is an empowered nation.' Mbeki confirmed in his letter to Steenhuisen that Treasury would pay for the national dialogue, with the bill reportedly around R700 million. 'We are determined to make sure that the ANC's abuse of public funds for its own purposes is not perpetuated in the run-up to the 2026 local government elections,' Steenhuisen concluded. NOW READ: National dialogue: Ramaphosa slams DA 'hypocrisy', says party will miss out on 'biggest show in SA'
Scottish Sun
26-06-2025
- Automotive
- Scottish Sun
Boss of car brand ‘facing crisis' reveals ‘comeback plan' in ‘stormy' meeting after 20,000 jobs axed & factories shut
The manufacturer has put losses down to costs of carrying out new CEO's strategy SHIFTING GEAR Boss of car brand 'facing crisis' reveals 'comeback plan' in 'stormy' meeting after 20,000 jobs axed & factories shut Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE boss of a reportedly struggling major car firm has laid out plans for the company's 'comeback' during a "stormy" meeting. On Tuesday, Nissan's annual general meeting was held in Tokyo, Japan, weeks after announcing it will be axing 20,000 jobs. Sign up for Scottish Sun newsletter Sign up 5 Ivan Espinosa took over as CEO of Nissan in April this year Credit: EPA 5 Nissan shares have fallen by 36% in the last year Credit: Reuters 5 Espinosa plans to make big cuts in a bid to revive the company Credit: David Shepherd Photographer shep@ It marked the first for new boss Ivan Espinosa who hopes to halt the Japanese company's decline through his plans for big cuts. These cuts also include closing seven plants and cutting a total of around 25% of Nissan's workforce. One shareholder reportedly accused the board of trying to 'shift its responsibility to frontline workers' by cutting jobs while retaining their own positions. Espinosa, who replaced Makoto Uchida as CEO in April, is a Nissan veteran, and all eyes are currently on him to revive the company. This comes after shares have fallen some 36% over the last year and dividend payments have been suspended, according to Reuters. Reuters also claim that shareholders vented their frustrations over the automaker's poor performance at the annual meeting, with some allegedly demanding greater management accountability for the deepening crisis at Japan's third largest company. Nissan reported a $4.5billion net loss in the last financial year, with there being no guarantee it will return to profit this year. In fact, so far, it has reportedly declined to give a full-year earnings forecast, and has estimated a first-quarter loss of $1.36billion. The firm also told MPs earlier this year that it is due to round up 2025 with debts of £10billion. All the same, Reuters reported that shareholders voted down a number of proposals that the company had opposed, including an activist-shareholder proposal that would have forced Nissan to take action on listed subsidiary Nissan Shatai. Luxury automaker to convert once-beloved sports bar left abandoned for years into an 'exclusive' motorcycle dealership The manufacturer has put losses down to costs to carry out a strategy planned by Espinosa. Earlier this year, he made way for a £2.6billion decrease in the value of production and forked out £316million in restructuring costs. The restructuring included moves to axe 9,000 jobs internationally and the scrapping of a factory in Sunderland. Tokyo-based activist shareholder, Strategic Capital, allegedly pressed Nissan to take action on its listed subsidiary as part of its overhaul. While the proposal was defeated, the breakdown of the vote won't be known until next year. According to Reuters, Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called 'parent-child listings,' as they are seen as unfair to minority shareholders and a drag on governance. Strategic Capital had proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action it plans to take. Nissan's board have reportedly opposed this proposition, saying changing its articles of incorporation would hinder its flexibility. This follows Nissan announcing they were on the brink of collapse at the beginning of the year, as it entered a make-or-break 12 months. In addition to the new plans to cut back, bosses also have already announced that the management team will transition to a single-layer, non-officer framework, which means a 20 percent reduction in top positions. A spokesperson said in March, the move will create a 'streamlined and borderless organisation.' These changes were implemented on April 1 this year. The Sun has reached out to Nissan for comment. 5 Shareholders are demanding greater management accountability Credit: Reuters
Yahoo
16-06-2025
- Business
- Yahoo
Terra Metals secures investment to fund Dante project in Australia
Terra Metals has secured financial commitments of A$4m ($2.6m) from strategic investors through the issuance of 114.2 million new ordinary shares at A$0.035 each. The proceeds will support the exploration and development of the company's wholly owned Dante copper-gold-platinum group metal project in Western Australia (WA). The strategic investors include Golden Energy and Resources (GEAR), an Asia-Pacific resources company, and Matthew Latimore, a notable figure in the Australian resources sector. GEAR operates through various coal and gold mining subsidiaries including Stanmore Resources and Illawarra Coal Holdings. GEAR executive director and chief investment officer Mark Zhou said: 'The Dante Project is clearly a standout district-scale opportunity for a globally significant critical minerals resource. GEAR is pleased to take up a shareholding in Terra Metals and to be partnering with and supporting Terra Metals in this exploration journey.' Latimore, founder and president of M Resources, holds stakes in several resource companies. Latimore said: 'This investment is aligned with M Group's long-term growth strategy in minerals essential to the energy transition and future economy. It also complements our existing Queensland-based vanadium and graphite assets held through M Critical Minerals.' Terra Metals' largest shareholder, Tribeca Investment Partners, has also pledged to maintain its 15% stake under the placement, subject to shareholder approval. The proceeds from the placement will be used for drilling activities and general corporate purposes. The placement will be completed in two tranches, with the second contingent on shareholder approval at an upcoming General Meeting. Terra Metals has already conducted more than 17,000m of drilling, revealing a laterally extensive reef-style system with potential across hundreds of kilometres. An independent South African resource consultancy is scheduled to visit the site in mid-June in preparation for the company's maiden mineral resource estimate. In January 2025, Terra Metals announced an option to acquire HRM Exploration, which holds four exploration licences covering 618km², contiguous with the Dante project. "Terra Metals secures investment to fund Dante project in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
Terra Metals secures investment to fund Dante project in Australia
Terra Metals has secured financial commitments of A$4m ($2.6m) from strategic investors through the issuance of 114.2 million new ordinary shares at A$0.035 each. The proceeds will support the exploration and development of the company's wholly owned Dante copper-gold-platinum group metal project in Western Australia (WA). The strategic investors include Golden Energy and Resources (GEAR), an Asia-Pacific resources company, and Matthew Latimore, a notable figure in the Australian resources sector. GEAR operates through various coal and gold mining subsidiaries including Stanmore Resources and Illawarra Coal Holdings. GEAR executive director and chief investment officer Mark Zhou said: 'The Dante Project is clearly a standout district-scale opportunity for a globally significant critical minerals resource. GEAR is pleased to take up a shareholding in Terra Metals and to be partnering with and supporting Terra Metals in this exploration journey.' Latimore, founder and president of M Resources, holds stakes in several resource companies. Latimore said: 'This investment is aligned with M Group's long-term growth strategy in minerals essential to the energy transition and future economy. It also complements our existing Queensland-based vanadium and graphite assets held through M Critical Minerals.' Terra Metals' largest shareholder, Tribeca Investment Partners, has also pledged to maintain its 15% stake under the placement, subject to shareholder approval. The proceeds from the placement will be used for drilling activities and general corporate purposes. The placement will be completed in two tranches, with the second contingent on shareholder approval at an upcoming General Meeting. Terra Metals has already conducted more than 17,000m of drilling, revealing a laterally extensive reef-style system with potential across hundreds of kilometres. An independent South African resource consultancy is scheduled to visit the site in mid-June in preparation for the company's maiden mineral resource estimate. In January 2025, Terra Metals announced an option to acquire HRM Exploration, which holds four exploration licences covering 618km², contiguous with the Dante project. "Terra Metals secures investment to fund Dante project in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
