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CNA
22 minutes ago
- CNA
SK Innovation expects better Q3 refining margins; losses deepen in Q2
SEOUL :SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, said on Thursday it expected third-quarter refining margins to improve after losses grew in the second quarter. "Sales and operating profit fell compared to the previous quarter due to the difficult external environment such as global economic uncertainty, tariff impact, and falling oil prices," SK Innovation said. "Further improvements in refining margins are expected in the third quarter (and) easing tariff risks and increasing sales volumes in Europe in the battery business will positively affect earnings improvement," it added in a statement. The company posted an operating loss of 418 billion won ($301.20 million) for the period from April to June, compared with a loss of 45.8 billion won a year earlier. The results were worse than an average analyst forecast for a loss of 140 billion won compiled by LSEG SmartEstimate. Battery subsidiary SK On, which supplies automakers such as Hyundai Motor, Kia Corp, Ford Motor and Volkswagen, booked an operating loss of 66 billion won, improved from a year-earlier loss of 460 billion. SK On will issue new shares worth 2 trillion won ($1.44 billion) in a capital increase, the parent said on Wednesday, and merge with oil and lubricant-producing affiliate SK Enmove to improve the battery maker's financial position. With this move, the company said previous IPO plans for SK On had been cancelled. The United States struck a trade deal with South Korea on Wednesday including an auto tariff rate of 15 per cent, officials said. In an earnings call SK On said it would strive to mitigate risk as tariffs keep automakers' production and cost strategies in flux.
Straits Times
35 minutes ago
- Straits Times
Australia wipes $13 billion off student loans, targeting cost of living relief
Sign up now: Get ST's newsletters delivered to your inbox Millennials and Generation Z made up 43 per cent of the 18 million people enrolled to vote in Australia's May general election. SYDNEY - Australia's parliament on July 31 passed a law to cut student loans by 20 per cent, wiping more than A$16 billion (S$13.3 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living. The law is the first passed by Prime Minister Anthony Albanese's centre-left L abour Party since being re-elected in May with one of the country's largest-ever majorities. 'We promised cutting student debt would be the first thing we did back in parliament – and that's exactly what we've done,' Mr Albanese said in a statement. 'Getting an education shouldn't mean a lifetime of debt.' Education Minister Jason Clare said the measure would help 'take a weight' off the backs of young people. 'Young Australians don't always see something for them on the ballot paper, but they did this year and they voted for it in their millions,' he said at a press conference. 'And we're repaying now the trust that these young Australians have placed in us.' Top stories Swipe. Select. Stay informed. Asia Trump says US will set 15% tariff on South Korean imports under new deal Business US Fed holds rates steady despite Trump's pressure, with two governors dissenting Singapore Driver in 2024 Tampines crash that killed 2 set to plead guilty in October Multimedia 60 years, 60 items: A National Day game challenge Singapore $10 million Toto results to be announced on July 31, after no winners in last 3 draws Sport Ainslee Kwang, 14, becomes first Singaporean diver to qualify for World Aquatics C'ships semi-finals Multimedia Firefly-inspired light show at Gardens By The Bay's Supertree Grove Singapore Escape, discover, connect: Where new memories are made Millennials and Generation Z made up 43 per cent of the 18 million people enrolled to vote in Australia's May general election, outnumbering Baby Boomers. Seizing on the generational shift, Labour made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality. The government said reducing student loans by one-fifth was equivalent to more than A$16 billion in debt relief for three million Australians. It would mean a university graduate with an average loan of A$27,600 would have A$5,520 wiped, the government said, adding the changes would be backdated from June 1, 2025, before the loans were indexed 3.2 per cent for inflation. The law would also raise the minimum repayment threshold from an income of A$54,435 to A$67,000, reducing the amount low-income earners would have to pay. REUTERS
CNA
37 minutes ago
- CNA
45:17 Min
Singapore Tonight Singapore Tonight - Wed 30 Jul 2025 From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
