Latest news with #045
Express Tribune
4 days ago
- Business
- Express Tribune
State TV spent nearly Rs140m on power bills
The state-run Pakistan Television (PTV) Headquarters racked up electricity bills exceeding Rs138.94 million over the past five fiscal years, according to official figures submitted to the National Assembly. According to a written response submitted by the Ministry of Information and Broadcasting in the NA, PTV's electricity expenditure has steadily risen each year, with a total of Rs138,936,472 spent from 2020-21 to 2024-25. In the fiscal year 2020-21, the electricity bill stood at Rs17,287,399, which increased to Rs24,045,382 in 2021-22, followed by Rs28,895,833 in 2022-23. The upward trend continued in 2023-24, when Rs37,693,235 were spent. Although the figure slightly decreased in 2024-25, it still amounted to Rs31,014,623. The cumulative total over the five-year period came to Rs138,936,472.
TimesLIVE
5 days ago
- Automotive
- TimesLIVE
US startup plugs into Northvolt to spark EV battery revival
Silicon Valley startup Lyten said on Thursday it had agreed to buy bankrupt Northvolt's remaining assets in Sweden and Germany, potentially reviving Europe's hopes of building a domestic electric vehicle battery industry to reduce reliance on China. Founded in 2015, Lyten started out in a shipping container in California, but has gained backing from Chrysler-parent Stellantis and US delivery giant FedEx. It develops lithium-sulphur battery cells, which it hopes will compete with conventional lithium-ion technology. It announced plans in 2024 to build the world's first gigafactory for lithium-sulphur batteries in Reno, Nevada, with an investment of more than $1bn (R17,736,480,000). Over the past year, Lyten has acquired two of Northvolt's former businesses: a US R&D hub and Northvolt's energy storage systems factory, Europe's largest. Sweden's Northvolt collapsed in March after being in a US chapter 11 bankruptcy process since 2024. The company struggled to scale output at its flagship plant in northern Sweden, despite support from a major customer, truckmaker Scania. Once considered a pioneer in European battery cell production, Northvolt had a $50bn (R886,824,045,000) order book with automakers including BMW, Volkswagen, Volvo Cars and Audi. That was wiped out after the bankruptcy. It raised more than $10bn (R177,364,800,000) in equity, debt and public funding since its 2016 launch, and had more than 6,000 workers at one point before most were let go. Its largest shareholders included Volkswagen with a 21% stake, and Goldman Sachs with 19%. Many in the EV industry hope electric autos in the future can run on lithium-sulphur, which can be up to two-thirds cheaper than lithium-ion battery cells. Lithium-sulphur batteries do not contain nickel, cobalt, or manganese, materials whose supply is dominated by China, making them cheaper and potentially more sustainable. Lyten has raised more than $625m (R11,085,300,000) from investors including Stellantis, FedEx and the US government. Other investors and partners include Honeywell, a supplier to planemaker Boeing and Airbus, venture capital firm Prime Movers Lab and Canadian miner Wallbridge, according to Lyten's website.
New Straits Times
05-08-2025
- Business
- New Straits Times
Court upholds RM1.04mil award against lift contractor over faulty work at Johor school
PUTRAJAYA: A lift contractor has failed in its bid to overturn a High Court decision ordering it to pay RM1,045,294.80 in damages to an international school over delayed and defective lift works at its Johor Baru campus. A three-member Court of Appeal bench, chaired by Datuk Supang Lian, unanimously dismissed MS Elevators Engineering Sdn Bhd's appeal, finding no merit in its challenge against the earlier decision in favour of Fairview International School Nusajaya Sdn Bhd. The other members of the bench were Datuk Azmi Ariffin and Datuk Ismail Brahim. In the judgement dated yesterday, Azmi said MS Elevators had breached its contract and failed to deliver functional and safe lifts by the stipulated deadline of Feb 28, 2015. According to court documents, the school had awarded MS Elevators a RM566,000 contract in July 2014 for the supply, installation, testing, and commissioning of three lifts at its Johor Baru campus. Under the Letter of Award (LOA), the contractor was required to complete the work within six months, with a liquidated ascertained damages (LAD) clause of RM10,000 per day for any delay. However, the lifts were only certified by the Department of Occupational Safety and Health (DOSH) on June 2, 2015 — 94 days after the deadline — and were subsequently found unsafe. Incidents included schoolchildren being trapped in a lift and dignitaries being forced to walk up seven floors during school events. The court ruled that the school was entitled to LAD amounting to RM940,000 and RM70,294.80 in rectification costs incurred when third-party contractors were hired to repair and make the lifts safe for use. The court also affirmed the lower court's decision to award a nominal sum of RM35,000 for loss of student intake due to the unavailability of the upper floors. The appellate court held that MS Elevators had no legal basis to suspend works or refuse to rectify the defects unless payments were made, noting that no valid payment certification had been issued by the project consultants. The court also dismissed the company's counterclaim for RM387,908.60 for alleged outstanding payments, citing its failure to complete works as per the contract or obtain proper certification. In affirming the High Court's findings, the Court of Appeal emphasised that MS Elevators had neither applied for a valid extension of time nor complied with the contractual procedures. "There was no written notice given by the company to seek an extension of time. "They had the contractual right to do so if they believed the school's actions or omissions had caused delays. "The company cannot now turn around and blame the school for its unwarranted delay. "The defendant must live with the consequences of its fault," the court said. The court also awarded RM25,000 in costs to the school.
The Citizen
21-07-2025
- Sport
- The Citizen
Tylon Smith seals life-changing move to QPR
Leicester City topped the list in the 2023/24 season, with an average weekly wage of £44,000 (R1,045,759.44). Fletcher Hani Lowe of South Africa, Tylon Smith of South Africa and Mouad Dahak of Morocco after the 2025 Africa Cup of Nations U20 Final match between South Africa and Morocco on the 18 May 2025 at 30 June Stadium in Cairo © Sydney Mahlangu/BackpagePix Rising South African star Tylon Smith has completed a lucrative transfer from Stellenbosch FC to English Championship side Queens Park Rangers, in what could be described as a life-changing move for the young defender. ALSO READ: Rashford closing in on Barcelona move: reports Although QPR have yet to formally announce his signing, Smith has already been in England for the past two weeks and settling into his new environment as he prepares for the upcoming season. According to a leading betting site William Hill, the average Championship salary continues to rise, with some clubs paying their players over £30,000 (R713,017.80) per week on average. Leicester City topped the list in the 2023/24 season, with an average weekly wage of £44,000 (R1,045,759.44). At the other end of the scale, lower-budget teams in the league are paying less than £5,000 (R118,836.30) per week in wages. Smith caught international attention after being named Player of the Tournament at the CAF U-20 Africa Cup of Nations in Egypt earlier this year. He played a crucial role in Amajita's historic maiden continental triumph, including a standout performance in the 1–0 victory over Morocco in the final at Cairo International Stadium. He also netted the decisive goal in the semi-final against Nigeria, further underlining his potential and attracting interest from clubs across Europe. ALSO READ: Sundowns' Ribeiro wins Club World Cup goal of the tournament On the domestic front, Smith has been nominated for the DStv Diski Challenge Player of the Season award, capping off a stellar year for one of South Africa's brightest young talents.
The Star
20-07-2025
- Business
- The Star
Unemployment to remain low, challenges expected
PETALING JAYA: Malaysia's unemployment rate is expected to average at below 3% this year, underpinned by increased employment and sustained job opportunities, particularly in the services sector. However, economists are cautioning that factors such as geopolitical uncertainties could certainly pose risks. Malaysia's unemployment rate dropped from 3.1% in March to 3% in April and May, the lowest in 10 years, according to the Statistics Department. Going forward, Williams Business Consultancy Sdn Bhd founder and economist Geoffrey Williams expects the country's unemployment rate to remain low. 'In the second half of this year, unemployment will be low as usual, underemployment will be high as usual and wages will barely cover rising prices for most people,' he quipped. 'In one sense, the labour market is correcting itself because people are moving more into the gig-economy, micro-enterprises, freelancing and side hustles. 'This is because formal employment is a very bad deal with low wages, bad terms and conditions and not enough flexibility,' Williams told StarBiz. Centre for Market Education chief executive officer Carmelo Ferlito meanwhile said he 'does not foresee any short-term radical change' to the country's unemployment rate. 'I think Malaysia's unemployment remains within what can be called structural unemployment and at a very low rate. 'However, we need to watch the medium-run, to see the effects of the trade war (if it will indeed happen or if it will remain on paper) and the recent decisions from Bank Negara, which may have an alternance of good and bad effects in the medium and long run.' Bank Negara cut the overnight policy rate (OPR) by 25 basis points to 2.75% at its July Monetary Policy Committee meeting. Commenting on Malaysia's job market performance so far this year, Williams noted that everything does look good. At least on paper. 'More people are joining the labour force, but this is not a good signal because they are young individuals who are dropping college to get an income for their families or taking part-time jobs to boost the household income. 'Moreover, unemployment is remaining low but underemployment has become a structural problem. People take jobs below their qualifications because they have no choice and need to support themselves and their families.' Williams also noted that wages are still low and stagnant. 'Median wages only rose by 3.4% last year to around RM3,045. This means half of the people on formal private sector contracts are essentially 'working poor'. They have a job but are still struggling to make ends meet. 'As the cost of living rises, the amount you can buy with your wage, the so-called median 'real wage', has fallen by almost 9%.' Williams said the downward pressure on wages is due to higher labour force participation by younger people and the cost of living. 'Wages are forced down and prices are rising. Also, in manufacturing, persistently low productivity means manufacturing wages have been falling in real terms since the Covid-19 pandemic.' Meanwhile, BIMB Research said the country's job market performance thus far points to rising confidence among job seekers and stronger workforce participation, supported by continued economic expansion. 'The combination of steady job creation and low unemployment suggests improved job matching, with more individuals able to find suitable employment. 'Labour-force growth persisted, bolstered by sustained demand for electrical and electronics exports and broader economic resilience.' However, the research house noted that youth unemployment remained elevated at 10.2%, despite a slight 0.1 percentage point improvement, highlighting persistent structural barriers to youth employment and labour market entry. 'Looking ahead, Malaysia's labour market is expected to maintain a steady trajectory through 2025, supported by resilient domestic demand and ongoing expansion in the services and technology sectors. 'These favourable labour market conditions are likely to bolster consumer spending and help sustain economic momentum, even as global trade headwinds persist.' However, BIMB Research said export-oriented industries may come under pressure from elevated global tariffs, which could dampen hiring activity and wage growth in the external sector. 'In this context, the recent cut in the OPR to 2.75% is expected to provide a timely boost by lowering borrowing costs, stimulating domestic demand, and encouraging private sector hiring, particularly in interest-sensitive sectors such as construction, services, and manufacturing. 'Overall, employment growth is projected to remain firm, with the unemployment rate expected to average around 3.2% for the year, reflecting a broadly stable and resilient labour market despite external uncertainties.' Elsewhere, MIDF Research also remains positive on the outlook for Malaysia's job market. 'We expect Malaysia's unemployment rate to average lower around 3% in 2025 (previous forecast: 3.1%; 2024: 3.3%), underpinned by increased employment and sustained job opportunities particularly in the services sector. 'Job creation and strong labour demand are expected to be driven by resilient domestic consumption and sustained investment activity.' However, the research house said it remains cautious that tariff-related disruptions could dampen global demand and weigh on hiring in export- and commodity-linked sectors. 'On the other hand, rising employment and steady wage growth are likely to be concentrated in domestic-oriented sectors that are relatively insulated from the impact of higher US tariffs.'
