Latest news with #LGG
Yahoo
24-06-2025
- Automotive
- Yahoo
Volvo CE to divest SDLG stake to Lingong Group fund
Volvo Construction Equipment (Volvo CE) has agreed to sell its 70% stake in Shandong Lingong Construction Machinery Co (SDLG) to a fund predominantly owned by Lingong Group (LGG) for Skr8bn ($826m). The deal is expected to be completed in the second half (H2) of 2025, pending regulatory approvals and other conditions. It is anticipated to positively impact Volvo CE's operating income by Skr1bn at closing, though this is subject to currency fluctuations. However, it will also result in a negative tax impact of Skr1.6bn, similarly affected by exchange rate changes. The potential positive effect on operating income will be excluded from adjusted operating income. In 2024, SDLG contributed approximately 2% to Volvo Group's turnover, with a negligible effect on the group's operating income. Volvo CE acquired its majority stake in SDLG in 2006, with LGG as a minority shareholder, to gain access to China's domestic construction equipment market. 'The SDLG collaboration has been successful, but for strategic reasons Volvo and LGG now believe it would be mutually beneficial to pursue independent business strategies,' Volvo CE stated. Post-transaction, Volvo CE will focus on offering Volvo-branded products and services to targeted customer segments in China such as mining, quarry and aggregates, and heavy infrastructure. The company aims to provide tailored solutions to meet specific customer needs while developing a sustainable distribution strategy in China's competitive market. China will continue to serve as a key production and development hub for both the domestic and export markets, leveraging Volvo CE's excavator production facility in Shanghai, operational since 2002, and recently announced new production lines. Volvo CE also plans to enhance its utilisation of China's supplier ecosystem, maintaining the country's role as a critical part of its global value chain. "Volvo CE to divest SDLG stake to Lingong Group fund" was originally created and published by World Construction Network, 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
12-06-2025
- Business
- Yahoo
No 10 blocked nature concessions in planning bill amid Labour rebellion, sources say
Downing Street and the Treasury intervened to stop any concessions in the planning bill, after pro-housing MPs voiced anger over a Labour rebel amendment that attempted to strengthen nature protections in England. The Guardian has been told that ministers drew up amendments to the bill last week in an attempt to head off the anger of wildlife charities and rebel Labour MPs amid a backlash against the bill. Two sources with knowledge of the discussions said they had been expecting the amendments to be put in the Commons this week. But the amendments never appeared, after No 10 and the Treasury intervened. On Tuesday evening MPs voted 306 to 174, a majority of 132, to approve the planning and infrastructure bill at third reading. The housing minister Matthew Pennycook told the Commons: 'This landmark bill will get Britain building again, unleash economic growth and deliver on the promise of national renewal. 'It is critical in helping the government achieve its ambitious plan for change milestone of building 1.5m safe and decent homes in England in this parliament.' On Monday night, 15 Labour MPs rebelled against the government to back an amendment by Labour's Chris Hinchliff to the bill that would have imposed new environmental obligations, including a rigid timetable, on developers. The Labour Growth Group (LGG), a large caucus of pro-housing MPs, had raised the alarm with the Treasury and No 10. The LGG had criticised the amendments on X on Monday, saying its members were 'against these wrecking-ball amendments, and for getting Britain BUILDING'. Hinchliff then hit back at his Labour colleagues in a post, saying he was 'not joining them in doubling down on 20 years of failed deregulation that delivers under 2% social housing a year'. Related: Planning bill will 'push public towards Reform': Labour's Chris Hinchliff on standing up for nature Senior sources suggested there had been strong opposition from the Treasury and No 10 on any new amendments or making any firmer commitments to look at adopting any of the proposals. Pennycook declined to comment but an ally said he had not been minded to accept Hinchliff's amendments in any case. The LGG had argued strongly that mitigations in the bill would mean further delays to new housing and threaten the government's 1.5m new homes target. 'For years voters have been telling politicians what they desperately need: lower my bills, get my wages rising, breathe life back into my local area, give my kids a shot at owning a decent home,' an LGG source said. 'Under the Tories, time and again they were ignored. 'This bill is a cornerstone in the government's strategy to show them we are on their side and will deliver those things – we're very clear that demands from pressure groups must not be allowed to derail it.' Leading environmental groups are warning the government that verbal promises over part 3 of the bill – which is focused on environmental obligations – are not enough and the legislation needs to include solid guarantees of environmental results with scientific assurances. Beccy Speight, the chief executive of the RSPB, said that without amendments the bill was a regression in environmental protection. 'Until we see actual amendments tabled that address the concerns held by us, many other organisations including the independent environmental watchdog, and thousands of people, we will continue to call for part 3 to be scrapped.' Speaking at the dispatch box on Monday night, Pennycook said the government would be looking at strengthening national planning policy – rather than directly legislating – on some key environmental policies such as introducing swift bricks in new houses for nesting birds. Pennycook denied the plans would allow developers to damage habitats if they contributed to a nature restoration fund, which campaigners have called 'cash to trash'. He said some of the bill's critics had 'flagrant misconceptions' of what the changes would do. Hinchliff said the nature restoration fund was a 'kernel of a good idea', and said his amendment would give 'ministers the opportunity to rescue something positive from the wreckage of this legislation, ensuring environmental delivery plans serve their purpose without allowing developers to pay cash to destroy nature'. MPs voted to reject the amendment, which was backed by the Conservatives and Liberal Democrats – but not by Reform UK. Pennycook told MPs he was giving serious consideration to Office for Environmental Protection concerns, particularly that part 3 of the bill rolled back environmental laws and left protected sites vulnerable to development. Richard Benwell, the chief executive of Wildlife and Countryside Link, said the government needed to go beyond verbal assurances and ensure the legislation contained rock-solid guarantees of environmental results, scientific assurances that new approaches could work, and transparent delivery plans for nature benefits. 'Fixing the serious risks posed by part 3 will need more than cosmetic change,' he said. Nigel Farage's party had backed an amendment to install swift bricks in new homes, which Pennycook said the government would look at doing through guidance. Pennycook said he would continue to take advice and give 'serious consideration' on what more could be done for environmental protection, with further challenges to the bill expected in the Lords. Hinchliff said his amendment had been an attempt at compromise. 'Britain's biggest nature charities are so concerned by this bill that they have been calling for the entirety of part 3 to be removed,' he said. 'If we can't improve this bill in the Lords we won't just risk harming nature, there will be severe damage to our relationship with an electorate that cherishes green spaces. I was encouraged to hear that the minister was listening to concerns yesterday – my door remains open – I want to help the government get this right.' • This article was amended on 11 June 2025 to make clear that the aspect of the planning bill relating to development and nature protections applies to England only.
Express Tribune
10-02-2025
- Sport
- Express Tribune
Baig successfully defends the Rashid D Habib Golf title
Bank AL Habib's 14th Rashid D. Habib Memorial National Professionals Golf Tournament concluded in grand fashion at the Karachi Golf Club, witnessing stellar performances from some of the finest professional golfers in Pakistan. Ahmed Baig (PAF) displayed remarkable consistency to clinch the Professional Champion Title, shooting 273 (-15) and taking home Rs 937,676. Muhammad Zubair (KGC) finished as runner-up, posting 275 (-13) and securing Rs 602,787. The event, held from February 6 to 9, 2025, brought together top senior, junior, and professional golfers, competing for a substantial prize purse across multiple categories. Muhammad Tariq (ICGC) emerged victorious in the Senior Professionals category, finishing with a total of 140 (-4) over two rounds. Aurangzeb Khan (KGC) closely followed with 141 (-3) In the Junior Professionals division, Syed Ali Noshairwan Naqvi (LGG) secured the title with a total score of 151 (+7), narrowly edging out Rehan Babar (LGG) at 152 (+8). The PRO-AM event saw 27 professionals participating, with Muhammad Zubair's team winning the top prize of Rs 50,000. Minhaj Maqsood's team finished as runners-up, while Shahid Javed Khan's team claimed third place. Kamram Zahoor was the winner in KGC Caddies, Saleem Inayat in KGC Senior Professionals and Abdullah became title holder in KGC Professionals category. Top five golfers according to PGF criteria, were paid appearance money of PKR200,000 each among Muhammad Shabbir (Islamabad Golf Club), Muhammad Alam (Garrison), Muhammad Munir (Rawalpindi), Minhaj Masqood (Rawalpindi), and Muhammad Zubair (Karachi). Simimarly PKR 75,000 each were paid as appearance money to Senior Pros: Muhammad Akram, Nisar Hussain and Muhammad Tariq. PKR 150,000 were equally distributed among junior professionals Rehan Babar, Muhammad Sahil and Shahbaz Ali. Amjad Yousuf from Rawalpindi scored a spectacular Hole-in-One at Blue Hole #4, winning a Toyota Altis. Tallat Ijaz achieved second Hole-in-One in the same category and was awarded a Golf Kit. The Chief Guest Governor State Bank of Pakistan, Mr. Jamil Ahmed said that Bank AL Habib's Rashid D. Habib Memorial Tournament remains a landmark in Pakistan's golf calendar, honoring the legacy of the late Rashid D. Habib. The Chief Guest presented mementos and awards to the winners. The tournament saw intense competition, incredible talent, and sportsmanship, reinforcing its stature as a key platform for professional golfers in the country.
Express Tribune
09-02-2025
- Sport
- Express Tribune
Baig dominates Rashid D Habib Golf
Defending champion Ahmad Baig remains in top form as he continues to dominate the leaderboard at the Bank AL Habib 14th Rashid D Habib Memorial National Professional Golf Tournament. The third round of the prestigious event was played on Saturday at Karachi Golf Club, setting the stage for an exciting final showdown. The four-day tournament, running from February 6 to February 9, 2025, features a challenging 72-hole format for professional golfers. After three rounds, Ahmad Baig (RPG) leads the professional category with a total score of 207 (9 under par), closely followed by Muhammad Zubair (KGC) at 208 (8 under par). Other strong contenders include Matloob Ahmed (LGG) and Muhammad Munir (RWP), both tied at 210 (6 under par). Friday also saw the commencement of the Senior and Junior Professional categories. In the junior division, Rehan Babar (LGG) delivered an impressive performance, finishing with a score of 75. He is followed closely by Muhammad Sahil (PGC) and Shahbaz Ali (LGG), who both carded 77. These emerging talents highlight the bright future of Pakistan's golfing scene. The senior professionals showcased their experience and skill, with Muhammad Tariq (ICGC) leading at 68, while Aurangzeb Khan (KGC) trails just behind with a score of 69. The competition remains fierce as seasoned golfers vie for top honors. The Rashid D. Habib Memorial National Professional Golf Tournament has drawn elite golfers from across the country, competing for prestige on one of Pakistan's finest golf courses. As the tournament heads into its final round, excitement builds for the grand finale on February 9, 2025, where the nation's top golfers will battle for the coveted title and the leader flight would tee off at 08:40am from the Red Course.
