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Yahoo
an hour ago
- Yahoo
Japanese star convicted of indecent assault in Hong Kong
A Hong Kong court on Wednesday found J-pop artist Kenshin Kamimura guilty of indecent assault after he harassed a woman working as his interpreter at a restaurant earlier this year. Kamimura, 26, is a former member of the boy band ONE N'ONLY, which expelled him shortly after the allegation. Fans queued to get into court for hours before the hearing, and some broke down in tears upon learning Kamimura had been convicted. The court heard Kamimura touched the woman's thighs multiple times despite her objections, and invited her to go to the bathroom with him. Magistrate Peter Yu found he had assaulted her, adding his behaviour "clearly shows disrespect for women". The incident took place in March during a celebratory dinner, after a fan meet for which the woman had been working as an interpreter for Kamimura and others. The Japanese star was fined HK$15,000 ($1,900). Kamimura, who is also known as an actor in the Japanese drama "Our Youth", hugged his court translator upon hearing he would be fined without facing jail time, media reports said. Kamimura got "what he deserved", Yu said, adding that "had the victim not refused to remain silent and courageously come forward, she would have suffered an unpleasant experience in silence". But ardent fans inside and outside the court were in tears. Chan, a 30-year-old screenwriter and fan who gave only her last name, said she had come from northern China to watch the court session. She told AFP before the verdict that the trial has had a negative impact on Kamimura's image, and had incited "public outbursts of vitriol against the artist". twa/reb/rsc
Associated Press
2 hours ago
- Associated Press
Japan's TOPIX Hits Historic High on Strong Earnings and U.S. Tariff Relief
Market optimism extends across Asia despite mixed performances, as EBC Financial Group notes renewed investor confidence in trade-sensitive sectors. JAPAN, August 13, 2025 / / -- Japan's Tokyo Stock Price Index (TOPIX) closed at a record all-time high of 3,024.21 on Friday, 8 August 2025, breaking the 3,000-point milestone for the first time in history. The index gained 1.21%, driven by robust corporate earnings and a fresh wave of optimism in global trade following the United States' decision to reduce auto tariffs on Japanese exports. Investor sentiment was buoyed by the tariff cut from 27.5% to 15% under a new trade accord, a move seen as a significant boost for Japan's export-reliant automakers. Shares of Toyota, Mazda, and Subaru rallied strongly, while technology and investment giant SoftBank surged nearly 11% after reporting a return to profit. Sony also advanced more than 4%, extending its earnings-driven rally. Strong Earnings and Policy Clarity Drive Momentum The record-breaking rally comes amid a week of steady gains, underpinned by a series of positive corporate results and clarity over U.S.-Japan trade relations. Market watchers noted that tariff relief was particularly impactful for automotive and manufacturing sectors, which have been closely watching global trade developments. 'Japan's equity markets are showing that policy clarity can be as powerful a catalyst as earnings surprises,' said Samuel Hertz, Head of APAC, EBC Financial Group. 'The combination of tariff relief and robust performance from key corporates is feeding into a stronger appetite for risk among investors, not just in Japan but across Asia.' Mixed Asia-Pacific Trade; Gold Shines on Tariff Moves While Japan's market outperformed, broader Asia-Pacific equities were mixed. Gains in Tokyo were contrasted by declines in Hong Kong, South Korea, and Australia, as some investors remained cautious ahead of anticipated appointments to the U.S. Federal Reserve that could influence monetary policy direction. Gold futures also reached a new record, with spot prices edging up to $3,392.64 per ounce amid U.S. tariff measures on gold imports, reflecting the ongoing interplay between commodities and trade policy. Market Momentum Builds on Trade Breakthrough Analysts suggest Japan's milestone highlights the importance of aligning corporate strength with supportive trade policies. For international investors, particularly those focused on Asia-Pacific equities, the developments highlight the potential for further upside in sectors benefiting from reduced trade frictions. 'While the rally in Japan is significant, it also serves as a reminder that in today's interconnected markets, shifts in trade agreements and monetary policy can quickly reshape investor positioning,' Hertz added. 'Active monitoring and agile strategies remain critical in capturing opportunities across global markets.' Disclaimer: This article reflects the observations of EBC Financial Group (SVG) LLC and is for reference only. It is not financial or investment advice. Trading in Contracts for Difference (CFDs) and foreign exchange (FX) involves significant risk of loss, potentially exceeding your initial investment. Before trading, you should carefully consider your financial status, investment objectives, expertise, and risk appetite and consult an independent financial advisor if necessary, as EBC Financial Group and its global entities are not liable for any damages arising from reliance on this information. ### About EBC Financial Group Founded in London, EBC Financial Group (EBC) is a global brand known for its expertise in financial brokerage and asset management. Through its regulated entities operating across major financial jurisdictions—including the UK, Australia, the Cayman Islands, Mauritius, and others—EBC enables retail, professional, and institutional investors to access global markets and trading opportunities, including currencies, commodities, CFDs and more. Trusted by investors in over 100 countries and honoured with global awards including multiple year recognition from World Finance, EBC is widely regarded as one of the world's best brokers with titles including Best Trading Platform and Most Trusted Broker. With its strong regulatory standing and commitment to transparency, EBC has also been consistently ranked among the top brokers—trusted for its ability to deliver secure, innovative, and client-first trading solutions across competitive international markets. EBC's subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK's Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia's Securities and Investments Commission (ASIC); EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC). At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves. EBC is a proud official foreign exchange partner of FC Barcelona and continues to drive impactful partnerships to empower communities – namely through the UN Foundation's United to Beat Malaria initiative, Oxford University's Department of Economics, and a diverse range of partners to champion initiatives in global health, economics, education, and sustainability. Michelle Siow EBC Financial Group + +60 163376040 email us here Visit us on social media: LinkedIn Instagram Facebook YouTube X Other Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Associated Press
2 hours ago
- Associated Press
China Automotive Systems Reports Income From Operations Increased by 20.2% in the Second Quarter of 2025
WUHAN, China, Aug. 13, 2025 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ('CAAS' or the 'Company'), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025. Second Quarter 2025 Highlights First Six Months of 2025 Highlights Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, 'We continued to grow our sales, gross profit, net profit and cashflow in the second quarter of 2025. Sales of our traditional steering products remained steady while sales of our Electric Power Steering ('EPS') products grew by 31.1% year over year in the second quarter of 2025. EPS sales have continuously increased and now represent 41.4% percent of our product sales in the second quarter of 2025.' 'We continue to transition to more technology-focused advanced steering products. In the second quarter of 2025, based on our iRCB's (intelligent electro-hydraulic circulating ball power steering) performance and cost-efficiency, new orders in July were at a record setting pace in the power steering industry for the ramp up to mass production. Our second-generation iRCB is compatible with L2+assisted driving. By optimizing energy consumption, iRCB products are projected to reduce vehicle operational costs creating substantial economic value.' 'The high quality and high performance of our steering products have allowed us to become the tier-1 supplier to large global OEM customers in North America, Europe, Asia and South America. International sales have become our growth engine as we continue to expand our customer base and enhance our sales and profits. In the second quarter of 2025, we won our first R-EPS product order from a large, well-known European automaker. This order, with annual sales expected to exceed US$100 million, will start mass production by 2027 and power multiple new models. Our North and South American sales also grew in the second quarter of 2025, and we expect to enhance our organizational structure to capture more future international market opportunities.' Mr. Jie Li, Chief Financial Officer of CAAS, commented, 'Maintaining a strong balance sheet and financial resources are among our highest priorities. Cash, cash equivalents and short-term investments were $135.3 million, working capital was $170.9 million, with net cash provided by operating activities of $49.1 million in the first six months of 2025. Our capital expenditures were $18.5 million in the first half of 2025 as we continue to invest in our future.' Second Quarter of 2025 Net sales increased by 11.1% year-over-year to $176.2 million, compared to $158.6 million in the second quarter of 2024. Net sales of traditional steering products and parts increased slightly year-over-year to $103.3 million in the second quarter of 2025. Net sales of EPS products rose 31.1% year-over-year to $72.9 million from $55.6 million for the same period in 2024. EPS product sales grew to 41.4% of the total net sales for the second quarter of 2025, compared to 35.1% for the same period in 2024. Our subsidiary, Jiulong's sales of commercial vehicle steering systems rose by 25.6% to $23.5 million, compared with $18.7 million for the second quarter of 2024. Sales to North American customers increased by 11.8% to $30.0 million, compared to $26.8 million in the second quarter of 2024. North American sales increased primarily due to improved demand by one customer. Sales in Brazil were 49.4% higher in the second quarter of 2025 to $17.9 million from $12.0 million in the second quarter of 2024. Gross profit grew by 4.2% year-over-year to $30.5 million from $29.3 million in the second quarter of 2024. Gross profit margin decreased to 17.3% in the second quarter of 2025 from 18.5% in the second quarter of 2024. The decrease in gross profit margin was mainly due to an increase in tariffs and the product mix change from increased sales portion of relatively lower-margin products. Gain on other sales was $0.5 million in the second quarter of 2025, compared to $1.7 million in the second quarter of 2024. Selling expenses at $4.5 million in the second quarter of 2025 were consistent with the second quarter of 2024. Selling expenses represented 2.6% of net sales in the second quarter of 2025, compared to 2.9% in the second quarter of 2024. General and administrative expenses ('G&A expenses') decreased to $5.4 million, compared to $7.4 million in the second quarter of 2024, primarily due to decreased business taxes and surcharges. G&A expenses represented 3.1% of net sales in the second quarter of 2025, compared to 4.7% of net sales in the second quarter of 2024. Research and development expenses ('R&D expenses') were stable at $8.1 million in the second quarter of each year. R&D expenses represented 4.6% of net sales in the second quarter of 2025, compared to 5.2% in the second quarter of 2024. Research and development programs include but are not limited to electric power and hydraulic steering systems, automotive intelligence and software technologies, automobile electronics, high polymer materials, and manufacturing technologies. Other income was $1.1 million for the second quarter of 2025, compared to $1.7 million for the three months ended June 30, 2024. Income from operations rose 20.2% to $13.0 million in the second quarter of 2025, from $10.8 million in the second quarter of 2024. The increase was primarily due to higher sales. Interest expense was $0.3 million in the second quarter of 2025, compared to $0.2 million in the second quarter of 2024. Net financial income was $1.3 million in the second quarter of 2025, compared to net financial expense of $0.7 million in the second quarter of 2024. The increase in net financial income was primarily due to an increase in the foreign exchange gain due to the foreign exchange volatility. Income before income tax expenses and equity in earnings of affiliated companies was $15.1 million in the second quarter of 2025, compared to income before income tax expenses and equity in earnings of affiliated companies of $11.7 million in the second quarter of 2024. The change in income before income tax expenses and equity in earnings of affiliated companies was mainly due to higher income from operations in the second quarter of 2025 compared with income in last year's same quarter. Income tax expense was $4.0 million in the second quarter of 2025, compared to $2.1 million for the second quarter of 2024. The increase in income tax expense was primarily due to a higher income before income tax expenses and a higher expected annual effective tax rate in 2025 based on the latest annual forecast as compared to 2024. Net income attributable to parent company's common shareholders was $7.6 million in the second quarter of 2025, compared to net income attributable to parent company's common shareholders of $7.1 million in the second quarter of 2024. Diluted earnings per share was $0.25 in the second quarter of 2025, compared to $0.24 per share in the second quarter of 2024. The weighted average number of diluted common shares outstanding was 30,170,702 in the second quarter of 2025, compared to 30,185,702 in the second quarter of 2024. First Six Months of 2025 Net sales increased by 15.2% year-over-year to $343.3 million in the first six months of 2025, compared to $298.0 million in the first six months of 2024 primarily due to increased sales of EPS systems. Six-month gross profit increased by 10.8% year-over-year to $59.1 million from $53.4 million in the corresponding period last year. Six-month gross profit margin was 17.2% compared with 17.9% in the first six months of 2024. Gain on other sales was $1.6 million in the first six months of 2025, compared to $2.2 million in the corresponding period last year. Income from operations increased by 5.7% year-over-year to $21.6 million in the first six months of 2025 from $20.5 million in the first six months of 2024. Net income attributable to parent company's common shareholders was $14.7 million in the first six months of 2025, compared to net income attributable to parent company's common shareholders of $15.4 million in the corresponding period in 2024. Diluted earnings per share in the first six months of 2025 were $0.49, compared to diluted earnings per share of $0.51 in the first six months of 2024. Balance Sheet Cash, cash equivalents and short-term investments were $135.3 million, or approximately $4.48 per share, as of June 30, 2025. Net working capital was $170.9 million. Total accounts receivable including notes receivable were $294.2 million, accounts payable including notes payable were $269.6 million and short-term loans were $71.9 million. Total parent company stockholders' equity was $366.4 million as of June 30, 2025, compared to $349.6 million as of December 31, 2024. Business Outlook Management has raised revenue guidance for the full fiscal year 2025 to $720.0 million. This target is based on the Company's current views on operating and market conditions, which are subject to change. Conference Call Management will conduct a conference call on August 13th, 2025 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the 'China Automotive Systems' conference call with pin 489385: Toll Free: 888-506-0062 International: 973-528-0011 China Toll Free: 86 400 120 3199 A replay of the call will be available on the Company's website in the investor relations section. About China Automotive Systems, Inc. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: Forward-Looking Statements This press release contains statements that are 'forward-looking statements' as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could result in delays in the shipment of products to our customers, increase costs and reduce revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: Jie Li Chief Financial Officer China Automotive Systems, Inc. [email protected] Kevin Theiss Awaken Advisors +1-212-510-8922 [email protected] -Tables Follow – View original content: SOURCE China Automotive Systems, Inc.
