Volvo Cars Q2 operating profit falls as tariffs bite
Its quarterly operating profit excluding items affecting comparability fell to 2.9 billion Swedish crowns ($297.89 million) from 8.0 billion a year ago.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 days ago
- Express Tribune
SBP pumps Rs13.3tr, raises Rs358b
Listen to article The State Bank of Pakistan (SBP) injected a record Rs13.33 trillion into the financial system on Friday through two major Open Market Operations (OMOs), signalling its continued effort to manage liquidity and stabilise financial markets. The injection was made through both conventional reverse repo purchases and Shariah-compliant Mudarabah-based instruments. Under the conventional OMO, the SBP injected Rs13.05 trillion, comprising Rs904.25 billion for a 7-day tenor at 11.02% and Rs12.15 trillion for a 14-day tenor at 11.01%. Bids were accepted on a pro-rata basis. The high participation, with total bids at Rs13.31 trillion, reflected strong demand from market participants. In the parallel Shariah-compliant OMO, the central bank injected Rs270 billion. This included Rs120 billion for 7 days at 11.15% and Rs150 billion for 14 days at 11.13%. The higher rates on Islamic OMOs indicated continued premium demand for Shariah-compliant liquidity. Additionally, the SBP raised Rs358 billion in the latest Pakistan Investment Bonds (PIB) auction, exceeding the Rs300 billion target. Investor interest remained strong, with total bids reaching Rs1,129 billion. According to AKD Securities, cut-off yields for shorter tenors increased. The 2-year bond yield rose by 24 basis points to 11.09%, the 3-year by 9bps to 11.14%, and the 5-year by 5bps to 11.44%. In contrast, the 10-year paper yield fell by 5bps to 12.15%. The 15-year bond was accepted at a cut-off yield of 12.45%, the first such result disclosed for this tenor. The rise in shorter-term yields reflected market concerns over near-term inflation and tight liquidity. Meanwhile, the decline in longer-term yields suggested investor confidence in long-term economic stability. The aggressive bidding highlighted strong investor appetite for government securities amid a stable interest rate outlook. The Pakistani rupee also appreciated by 0.05% on Friday. It closed at 282.72 against the US dollar, gaining 15 paisa from the previous day's rate of 282.87. In contrast to global trends, gold prices in Pakistan edged lower on Friday. This came despite bullion gaining nearly 2% internationally, driven by weaker US payroll data and renewed trade tensions that increased safe-haven demand. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the gold price per tola dropped by Rs100 to settle at Rs352,900. The price for 10 grams also fell by Rs86, closing at Rs302,555. This modest drop followed Thursday's steeper Rs2,000 per tola decline, reflecting currency movements and local demand pressure. Internationally, spot gold surged 1.8% to $3,350.67 per ounce as of (15:35 GMT), after rising as much as 2% earlier. The metal was up 0.4% for the week. Adnan Agar, Director at Interactive Commodities Gold, said gold touched an intraday low of $3,381 and a high of $3,455, trading near $3,448. He added that weak US data and tariff concerns linked to President Donald Trump drove the $60 spike. He expected bullish momentum to continue into Monday, with resistance near $3,460–$3,470.
Express Tribune
2 days ago
- Express Tribune
ADB terms pensions costly, insurance weak
The Asian Development Bank (ADB) has said that the Pakistan government employees' pension scheme is "attractive" but it places an immense burden on the national exchequer because it lacks a funding mechanism. In a report released on Friday, the Manila-based institution also called for sweeping reforms in the country's underdeveloped insurance sector to bolster financial protection against natural disasters and support private sector growth. The ADB detailed how the generous benefits offered to retired government employees are not backed by a structured funding plan, making the system a significant drain on public finances. The report noted that "the burden of government pension on the exchequer is very high". The report called for expanding the scope of the Employees' Old-Age Benefits Institution to create a more sustainable, contributory system, and emphasised the critical role that a robust insurance sector could play in Pakistan's economic stability. The report suggested that the government should promote the insurance sector, particularly for social insurance programmes targeting the poor. It also emphasised the need to improve the regulatory environment for insurance companies.
Business Recorder
2 days ago
- Business Recorder
India to invite financial bids for IDBI Bank stake sale in Oct-Dec, official says
NEW DELHI: India has completed due diligence for the stake sale of IDBI Bank and plans to invite financial bids between October and December, the country's divestment secretary said on Friday. A successful bidder will be announced by the end of March 2026, said Arunish Chawla, Department of Investment and Public Asset Management Secretary. Banking sector deals in India, especially those involving foreign entities, are rare. A full takeover of troubled Indian lender Lakshmi Vilas Bank by Singapore-based DBS Group in a regulatory-driven transaction in 2020 was the last major deal. The sale of a majority stake in IDBI Bank has been seen as a first step towards privatising state-run banks. The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India which holds 49.24%, together plan to sell 60.7% of the lender. The sale process was first announced in 2022. Reuters has reported that interested buyers include Emirates NBD and Canadian billionaire Prem Watsa.
