Latest news with #998
![MARKET PULSE AM JULY 31, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ20250206EZ_%25282%2529_%25285%2529_1753930816.jpg&w=3840&q=100)
![MARKET PULSE AM JULY 31, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
19 hours ago
- Business
- New Straits Times
MARKET PULSE AM JULY 31, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia's 30-stock index opened lower, following Wall Street's mixed performance due to the Federal Reserve's decision not to cut rates as it continues to assess the impact of Trump's tariffs. On the local front, investors awaited the tabling of 13th Malaysia Plan and the Aug 1 deadline for the implementation of a US tariff tomorrow. Due to the lack of catalysts, the FBM KLCI is expected to possibly trend between the 1,520 to 1,530 range today. In the cryptocurrency market, Bitcoin rose to RM501,998. Ethereum showed a positive trend, rising to RM16,299, while Solana traded at RM763. That is it for Market Pulse. Yd5c98BE-70
TimesLIVE
23-07-2025
- 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
24-06-2025
- Business
- IOL News
Major banks under scrutiny as NFO reports increased consumer complaints and significant recovery outcomes
One year after the NFO was established, it says thousands of consumers have been helped. Image: Supplied The National Financial Ombud Scheme (NFO) has released worrying statistics indicating that South Africa's largest banks are at the centre of a growing wave of consumer complaints, with over 5,900 cases registered in 2024 alone. This alarming trend underscores the pressing need for better banking practices and reinforces the role of the NFO as a crucial mediator between consumers and financial institutions. Established just a year ago, the NFO has already made significant strides in protecting consumer rights, successfully recovering approximately R328.5 million from various financial entities across the nation. This independent body acts as a watchdog for fair treatment, helping clients reclaim their funds when disputes with banks, insurers, and credit providers arise. The National Financial Ombud Scheme is investigates the operation of South African banking institutions Image: Supplied Breaking down the data, the NFO highlighted that the banking division alone opened a total of 15,412 cases, successfully closing 11,535 complaints, an achievement that reflects a sharper turnaround in response time compared to the previous year, according to Nerosha Maseti, lead ombud for the Banking Division. In terms of recovery, the breakdown shows considerable disparities among banks: Capitec Bank: 1,203 complaints (20% of banking cases), with 22% ruled in favour of consumers. 1,203 complaints (20% of banking cases), with 22% ruled in favour of consumers. First National Bank (FNB): 1,017 complaints (17%), with 16% consumer wins. 1,017 complaints (17%), with 16% consumer wins. Standard Bank: 998 complaints (17%), 19% ruled for consumers. 998 complaints (17%), 19% ruled for consumers. Nedbank: 881 complaints (15%), with 22% consumer wins. 881 complaints (15%), with 22% consumer wins. Absa: 812 complaints (14%), 13% ruled for consumers. The leading cause of these grievances remains fraud, accounting for 30% of all complaints. Following closely behind were issues related to maladministration and the struggles of debt-stressed consumers, signalling areas where banks must critically reassess their service delivery and client engagement strategies. Maseti emphasised that the NFO's commitment to fair outcomes has not wavered, despite significant internal changes. The organisation's efficient resolution processes aim to ensure that consumers feel empowered and supported in their financial dealings. As South African consumers grapple with an array of financial challenges, these findings urge a dialogue about the need for greater transparency and accountability in the banking sector, pivotal to restoring trust in South Africa's financial ecosystem. DAILY NEWS
The Star
15-06-2025
- Business
- The Star
Melaka CM urges trade unions to protect members' welfare
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role to protect the welfare of their members in various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said at the same time, workers are encouraged to join unions registered under the Trade Union Affairs Department (JHEKS), noting that this will help ensure their voices are heard and their rights protected under the Trade Union Act 1959. 'Joining a union is a personal choice, but it is the union that safeguards workers' rights – rights that individuals may not always be aware of. 'By becoming members, workers gain access to protection and a second opinion before any action is taken. 'As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members,' he told Bernama at a press conference after officiating the JHEKS Corporate Social Responsibility programme with the community at Villa d'Acqua, Kampung Pulau, here yesterday. Also present were representative of the Human Resources Ministry Dr Kelvin Yii Lee Wuen, state health, human resources and unity committee chairman Datuk Ngwe Hee Sem, and JHEKS director-general Mohd Asri Abdul Wahab. Ab Rauf said to date, 28 main trade unions and 41 branches in the state are registered under JHEKS, representing more than 60,000 members. Earlier, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant.
The Star
14-06-2025
- Business
- The Star
Trade unions must be more proactive in safeguarding workers' welfare, says Melaka CM
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role in protecting the welfare of their members across various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said that at the same time, workers are encouraged to join unions registered under the Trade Union Affairs Department, noting that this would help ensure their voices are heard and their rights protected under the Trade Union Act 1959. "Joining a union is a personal choice, but it is the union that safeguards workers' rights - rights that individuals may not always be aware of. "By becoming members, workers gain access to protection and a second opinion before any action is taken. "As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members," he said at a press conference after officiating the department's corporate social responsibility programme with the Melaka community at Villa d'Acqua, Kampung Pulau, here on Saturday (June 14). Also present were the representative of the Minister of Human Resources, Dr Kelvin Yii Lee Wuen; state Health, Human Resources and Unity Committee chairman Datuk Ngwe Hee Sem; and Trade Union Affairs Department director-general Mohd Asri Abdul Wahab. He said that to date, nearly 28 main trade unions and 41 branches in the state are registered under the department, representing over 60,000 members. Earlier during the programme, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant. - Bernama
