Valterra First-Half Profit Slumps On Lower Sales, Demerger Costs
Earnings declined as sales volumes of platinum-group metals dropped by 25%, the Johannesburg-based company formerly known as Anglo American Platinum said Friday in a statement. The decline was due to lower refined production after significant rainfall and flooding in February disrupted operations.
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Toyota to enter South Africa's EV market with three models in 2026
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Yahoo
2 hours ago
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John Deere sees profits cut due to uncertainty from tariffs
Deere & Co is reporting a lower third-quarter profit and is tightening its annual profit forecast as U.S. tariffs dent margins on its farm equipment, sending the company's shares down 6%. The gloomy earnings report for the maker of John Deere tractors came Thursday, Aug. 14, as President Donald Trump's tariffs add to the woes of farm-equipment makers who were already grappling with slow demand due to a slump in prices for wheat, corn and soybeans. Farmers are opting to rent machinery instead of buying. "Tariff uncertainty and deflated commodity prices have made farmers increasingly cautious in spending decisions and more hesitant to accept higher machinery prices," said CFRA Research analyst Jonathan Sakraida. Despite the weak demand, Deere CEO John May said the company was able to manage its inventory levels to help production match retail demand. The company's cost-saving measures — which have included 1,985 layoffs at its Iowa plants and facilities, including in Ankeny, Davenport, Dubuque, Johnston, Ottumwa and Waterloo, since June 2024 — also helped it top analyst estimates for third-quarter profit and revenue. Deere peer CNH Industrial, which is considering closing its 350-worker Burlington factory, where the backhoe originated, also topped second-quarter earnings estimates earlier this month, but warned that its annual sales could drop below last year's levels. Deere's year-over-year profit from ag, construction divisions cut in half Third-quarter operating profit from two of Deere's largest units, which produce tractors, combines and construction equipment, were roughly half that from a year earlier. The company cut the higher end of its annual profit forecast to $5.25 billion from $5.5 billion, but kept the lower end intact at $4.75 billion. In May, Deere said it expected tariffs to cost over $500 million in 2025 before taxes, and that it was prepared to invest $20 billion in the U.S. over the next decade. Global companies that reported between July 16 and Aug. 8 projected a combined financial hit of $13.6 billion to $15.2 billion for the full year, a Reuters' tariff tracker shows. Trump has said the tariffs are a response to persistent U.S. trade imbalances and declining manufacturing power, and that the moves will bring jobs and investment to the nation. Deere's net income in the third quarter came in at $1.29 billion, or $4.75 per share, compared with $1.73 billion, or $6.29 per share, a year earlier. Analysts on average had expected the company to report a quarterly profit of $4.63 per share, according to data compiled by LSEG. The company's net sales fell about 9% to $10.36 billion from a year ago, more than analysts' estimates of $10.31 billion. This article originally appeared on Des Moines Register: John Deere profits drop amid uncertainty from tariffs Sign in to access your portfolio
News24
2 hours ago
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Maponya Mall clashes; New SA team heads to Washington: Today's top 7 stories in 7 minutes
News24 brings you the top 7 stories of the day. Graphic: Sharlene Rood News24 brings you the top stories of the day, summarised into neat little packages. Read through quickly or listen to the articles via our customised text-to-speech embassy delegates Afrikaner 'refugee resettlement' project to a Kenyan church - The US government is delegating its refugee resettlement project, linked to claims of genocide against Afrikaners in South Africa, to Church World Service in Nairobi, Kenya. - This shift comes as the US government increases its claims against South Africa, which Pretoria has criticised as being based on lies. - The US embassy states that RSC Africa manages refugee processing in South Africa, but the US Citizenship and Immigration Services decides on refugee status. Soweto mall forced to close following protest, murder of e-hailing driver - Maponya Mall in Soweto closed after residents blocked roads due to taxi violence. - The closure follows an attack on e-hailing drivers that resulted in one death and two injuries. - Residents feel unsafe due to escalating tensions between e-hailing and other taxi drivers. Pieter du Toit | Fires everywhere: Rogue general courting Iran must be reined in - South Africa faces international and domestic crises due to diplomatic failures, including a rogue general's visit to Iran and strained relations with the US. - The US State Department issued a critical human rights report, and a bill to review relations with South Africa is progressing in the US legislature. - President Cyril Ramaphosa's National Dialogue faces challenges, with key foundations withdrawing and tensions arising between his office and that of the deputy president. Govt mulls big changes to auto subsidies, as BMW boss warns of existential crisis in SA - The South African government is considering changing auto sector subsidies to encourage more local content in vehicle and component manufacturing. - Local component producers are pushing for higher tariffs on imported vehicles and components to protect the local industry, while BMW warns of an 'existential crisis' for SA car manufacturing. - The government is also working with ITAC to investigate the impact of imports on the auto sector, as cheaper cars from China and elsewhere flood the local market. Sefa Karacan/Anadolu via Getty Images New SA team heading to White House, says Mashatile, as 100k auto jobs hang in the balance - A new government delegation will be sent to the US to address trade issues and potential tariffs impacting South Africa's auto industry. - The Eastern Cape, a key hub for SA's auto manufacturing, faces significant job losses if trade disputes with the US are not resolved. - The delegation, led by Ministers Parks Tau and Enoch Godongwana, aims to negotiate better trade terms to maintain competitiveness in the US market. Former Springbok, legendary WP coach Dawie Snyman dies - Former Springbok Dawie Snyman, who played 10 Tests between 1972 and 1977, has died at the age of 76 after being diagnosed with leukemia. - Snyman was known for his versatility as a flyhalf and fullback, and notably featured in the Springboks' 1976 series win against the All Blacks. - After his playing career, Snyman became a successful coach for Western Province, leading them to a record five consecutive Currie Cup victories from 1982-1986. - Several major airlines are banning the use of power banks in-flight due to the risk of lithium-ion battery fires, which are difficult to manage in a sealed aircraft cabin. - While South African airlines still generally allow in-flight use of power banks, rules vary and can change, and international flights often have stricter restrictions. - To stay safely charged, passengers should check airline restrictions, charge devices before boarding, use in-seat USB power when available, and use certified power banks.
