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TimesLIVE
2 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.
IOL News
3 days ago
- IOL News
Ex-FNB consultant sentenced for defrauding elderly client of R245,000
For four months, Lusanda Qose was convicted of fraud, cyber fraud, and the unlawful use of access credentials, which enabled her to siphon off an astonishing R245,000 within just three months. Image: File The Gqeberha Regional Court has sentenced Lusanda Gloria Qose, a former sales and service consultant at First National Bank (FNB), to five years in prison for orchestrating a complex fraud scheme that targeted a vulnerable senior citizen. Qose was convicted of fraud, cyber fraud, and the unlawful use of access credentials, which enabled her to siphon off an astonishing R245,000 within just three months. Qose, 35, was found to have abused her position at the Pier 14 branch, unlawfully accessing internal bank systems between January 22 and April 24, 2024. With her employee credentials, she manipulated account details belonging to 68-year-old complainant Mlungwana Maranti, changing his registered cellphone number to divert his One-Time-Pin (OTP) authorisations to herself without his knowledge. She was able to create a second bank card linked to Maranti's accounts, subsequently executing unauthorised fund transfers from his Money Maximiser account to his Encore account and conducting multiple ATM withdrawals. When the matter came to light, the bank refunded Maranti absorbing the financial damage incurred due to Qose's fraudulent operations. The perpetrator managed to bypass rigorous internal security protocols, including two-factor authentication and online fingerprint verification, exacerbating the breach of trust. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The court noted that Qose's actions were premeditated and methodical, marking a significant violation of the trust placed in banking professionals. During the sentencing, Qose, who is a single mother of two minor children aged 13 and 17, expressed remorse for her actions and cited financial distress as her motive for committing the crime. She testified in mitigation of sentence alongside her aunt, revealing that she has already repaid R87 000 which she had taken from her pension fund, showing an attempt to rectify her wrongdoing. In a poignant victim impact statement, Maranti described the severe emotional toll the fraud had on him, disclosing the trauma of witnessing his hard-earned retirement savings evaporate before his eyes. He shared that the stress led him to contemplate suicide, underscoring the profound psychological harm inflicted by Qose's actions. Prosecutor Edmyrach Matabata from the Specialised Commercial Crimes Unit argued convincingly that Qose's significant breach of trust, especially against a vulnerable senior citizen, warranted a custodial sentence. The court acknowledged her remorse and potential for rehabilitation but stressed that her actions not only adversely affected Maranti but also diminished public confidence in the financial institution she represented. Advocate Barry Madolo, Eastern Cape Director of Public Prosecutions, welcomed the court's decision. 'This sentence underscores the NPA's commitment to protecting the integrity of the financial sector and the rights of vulnerable victims. Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. The National Prosecuting Authority remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
Eyewitness News
12-06-2025
- Automotive
- Eyewitness News
R87m Sebokeng DLTC still incomplete ten years after starting construction
JOHANNESBURG - It's been ten years since the Gauteng government began constructing a Driving Licence Testing Centre (DLTC) in the Vaal, yet the project remains incomplete. Construction of the Sebokeng DLTC began in 2015, with its completion initially planned for the following year. A decade later, its construction is still not finished despite R87 million already spent, including costs for a private security company. What was once envisioned by the Gauteng government to be buzzing with learner drivers in 2025 now stands abandoned with no sign of life. Ceilings have collapsed on every floor, while the grass outside grows taller by the day. The construction of the Sebokeng DLTC was originally budgeted at R63 million, but the cost soared to over R80 million. The Democratic Alliance (DA)'s Kingsol Chabalala said it comes as no surprise that millions have been wasted. "The ANC [African National Congress] cannot govern. They cannot manage projects very well. They cannot complete projects on time and within budget." The reconstruction of the DLTC is expected to resume on Friday, marking ten years since it first began. ALSO READ: Gauteng govt to inject additional R138m to complete construction of Sebokeng DLTC
IOL News
13-05-2025
- Business
- IOL News
Gqeberha shop manager fined R87,000 for selling counterfeit Apple accessories
Apple Logo Manager of HOCO (Pty) Ltd in Gqeberha, was fined R87 000 by the Regional Court for selling counterfeit Apple accessories. Image: Nicholas Kamm / AFP The manager of a Gqeberha cellphone accessories shop has been slapped with an R87,000 fine after admitting to selling counterfeit Apple products, following a successful prosecution by the Specialised Commercial Crimes Unit. Harrikumar Patel, who managed HOCO (Pty) Ltd operating from Shop 32 in Walmer Park Shopping Centre, pleaded guilty to charges under the Counterfeit Goods Act and the Trademarks Act. The Gqeberha Regional Court confirmed his conviction after a lawful search of the store on March 28 uncovered 145 counterfeit Apple-branded items, including iPhone covers, charging cables, power banks, car chargers, and port adapters. National Prosecuting Authority (NPA) Regional Spokesperson Luxolo Tyali said the fake products infringed on the intellectual property rights of Apple Inc., a US-based company. The complaint was lodged by Apple Inc., represented in South Africa by attorney Jarred West from Spoor & Fisher in Centurion. 'The investigation revealed that the imported goods bore imitation trademarks likely to mislead consumers into believing the products were genuine Apple merchandise,' Tyali said. Regional Prosecutor Shumeez September-Moodley, who led the case, stressed the importance of protecting consumers and intellectual property holders from the harms associated with counterfeit products. Barry Madolo, Eastern Cape Director of Public Prosecutions, welcomed the ruling stating that this outcome reinforces the commitment of the NPA and its partners to combat intellectual property crime and protect legitimate businesses and consumers from the dangers of counterfeit goods, as well as prevent further detriment to the economy of the country. Tyali said the case serves as a warning to those involved in counterfeiting. 'This case sends a clear message that trademark infringement, and counterfeiting will not be tolerated in the Eastern Cape or anywhere in South Africa,' he said. IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
