UK's Wise shareholders approve move to a US stock exchange
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Reuters
5 minutes ago
- Reuters
Aston Martin warns on profit due to tariff disruption, weak Chinese demand
July 30 (Reuters) - British luxury carmaker Aston Martin (AML.L), opens new tab issued a profit warning on Wednesday citing the impact of U.S. import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. The brand associated with fictional secret agent James Bond said it now expects adjusted operating profit to roughly break even this year, compared with its earlier forecast of positive operating earnings. U.S. tariffs have pummelled global automakers, forcing companies like GM (GM.N), opens new tab, Volkswagen ( opens new tab, Hyundai ( opens new tab, and Porsche (P911_p.DE), opens new tab to book billions of dollars of losses, issue profit warnings, or slash their forecasts. "The evolving and disruptive U.S. tariff situation was unhelpful to our operations in Q2," CEO Adrian Hallmark said. He also warned that demand in the Asia-Pacific region would remain suppressed in the near term due to a weak macroeconomic environment there. China's export-driven economy is slowing under pressure from a trade war with the United States, and its consumers are tightening their belts in the face of future uncertainty. Sales in Asia-Pacific, which account for more than a quarter of Aston Martin's revenue, fell 9% in the first half of 2025, with volumes in China broadly flat, the company said. In a measure aimed at managing tariff-driven expenses, Aston Martin limited shipments to the U.S. earlier this year in order to sell down its inventory and announced it would split duty-related costs with its customers. It said on Wednesday it resumed shipments to the United States in June before the finalisation of a U.S.-UK trade deal that sets a 10% U.S. tariff rate on an annual quota of 100,000 imported British cars. Higher tariffs may hurt demand, disrupt distribution, and raise costs for the company, which is responding by reviewing supply chain and pricing strategies to reduce possible negative impacts, it said. Between July 16 and 25, companies in the Reuters global tariff tracker said they expected to lose a combined $7.1 billion to $8.3 billion for the full year due to the import levies.
The Guardian
35 minutes ago
- The Guardian
Mercedes-Benz and Porsche flag €800m in combined costs from Trump tariffs
Update: Date: 2025-07-30T07:01:00.000Z Title: Mercedes-Benz, Porsche and Aston Martin count steep cost of US tariffs Content: Good morning, and welcome to our live coverage of business, economics and financial markets. Car companies around the world are laying out the cost of Donald Trump's trade war, with Mercedes-Benz saying tariffs will cost it €362m (£313m) while German sportscar maker Porsche saying it would cost €400m. British sportscar manufacturer Aston Martin Lagonda also said that it cut production and limited exports to the US to try to limit the financial impact. Mercedes-Benz said the tariffs were 'causing great uncertainty', and had hit sales, which dropped 9% year-on-year to 453,700 units in the second quarter. Reuters reported that Mercedes said tariffs would cut profits by about 1.5 percentage points, equivalent to a tariff effect of €362m on the division's adjusted operating profit. Ola Källenius, Mercedes-Benz's chief executive, said: We achieved robust financial results in the second quarter given the dynamic business environment. The best response is to stay on course to deliver desirable and intelligent products, while keeping a tight grip on costs. Porsche said the introduction of increased US import tariffs resulted in additional costs of €400m in the first half of the year as the company protected customers from price increases. The effect of Trump's trade war was also evident in the UK, where Aston Martin was forced to cut back production and run down stocks at US dealers in order to avoid the tariffs of 27.5%. Those have now been reduced to 10% under the UK's trade deal with the US – although only for the first 100,000 exports on a first-come, first-served basis. Adrian Hallmark, Aston Martin's chief executive, said: The evolving and disruptive US tariff situation was unhelpful to our operations in the second quarter. In response, we adjusted production and limited imports through April and May while awaiting confirmation of a trade agreement between the UK and the US, leveraging existing inventory held by our US dealers in that period. We resumed shipments to the US in June in anticipation of a finalised agreement which came into effect on 30 June 2025. We continue to actively engage the UK government to urge them to improve the quota mechanism to ensure fair access for the whole UK car industry to the 10% rate on an ongoing basis. 9am BST: Germany GDP growth rate (second quarter; previous: 0.4%; consensus: -0.1%) 9am BST: Italy GDP growth rate (second quarter; prev.: 0.3%; consensus: 0.2%) 10am BST: Eurozone GDP growth rate (second quarter; prev.: 0.6%; consensus: 0%) 10am BST: Eurozone economic sentiment index (July; prev.: 94 points; consensus: 94.5) 1:30pm BST: US GDP growth rate (second quarter annualised; prev.: -0.5%; consensus: 2.4%)
Reuters
35 minutes ago
- Reuters
Man Group hits $193 bln record in assets under management, profit slips
LONDON, July 30 (Reuters) - Hedge fund Man Group (EMG.L), opens new tab on Wednesday posted a 14% rise in assets under management to a record $193 billion in the six months to June 30, as new inflows helped offset a drop in pre-tax profit. "During a particularly volatile first half of 2025, we delivered positive investment performance overall and achieved net inflows of $17.6 billion, 11.5% ahead of the industry," said Robyn Grew, chief executive officer of Man Group. Net inflows surged 1,855% in the twelve months to June 30 of client funds, driven by the hedge fund's long-only products betting on the rising asset values, said a statement. The company's assets under management hit $193.3 billion as of June 30, up by an annual 8% and above analysts' expectations. The London-listed company reported a six-month core profit before tax that it collected from management and performance fees of $146 million, down 43% from $257 million in June last year. Hedge fund returns so far this year show a stark divide between those that have been able to navigate U.S. President Donald Trump's erratic decision-making and switch tactics quickly and those hemmed in by algorithmic strategies. Systematic hedge funds, whose algorithms ride market trends until they peter out, are down roughly 10% so far this year to the end of May, according to Societe Generale. "It proved to be one of the most challenging periods for trend-following strategies in 25 years; however, their intrinsic properties and long-term track record give us a high degree of conviction in the role they play in allocators' portfolios," Grew said in a statement. Hedge funds tracked by research firm PivotalPath, which covers the wider industry returned around 11% in the six months to the end of June.
