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TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Slate Auto still betting big on simplified, affordable EV pickup
When Will Haseltine saw images online of a small, boxy electric pickup from start-up Slate Auto earlier this year he immediately got onto the waiting list. The sparse interior and crank windows reminded him of the no-frills pickups he grew up with in Memphis, Tennessee — but he was most enamoured with the sub-$20,000 (R357,069) price tag. That price, though, factored in a $7,500 (R133,904) federal tax break, which is set, a casualty of the budget package US President Donald Trump signed into law earlier this month. Now Haseltine isn't sure the truck will fit his budget when it comes out, expected late next year. 'The Slate was the first time I looked at a car, wanted it, and could also make it happen,' said Haseltine, a 39-year-old musical instrument technician. Without the tax credit, he said: 'That's just plain too much.' Michigan-based Slate has raised $700m (R12.49bn) from investors, including founder Jeff Bezos, and has racked up more than 100,000 reservations for its cars. But the company is launching into a tough US market. A few years ago hopeful entrepreneurs were looking to cash in on the global transition to electric cars. But US electric vehicle (EV) sales growth has cooled as consumer interest has faded. The loss of federal tax breaks will further hurt demand, car executives and analysts predict. Like other EV start-ups, Slate probably faces a long road to profitability. The EV business has proven to be a money loser for most industry players, partly because batteries remain relatively expensive. Even in China, where smaller, inexpensive EVs have proliferated and companies enjoy a cost advantage over Western carmakers, most are unprofitable.
Gulf Insider
6 days ago
- Business
- Gulf Insider
Amazon Launches Kindle Colorsoft In UAE, Saudi Arabia: Now Read Books In Colour
Amazon has launched its new Kindle Colorsoft e-readers in the UAE and Saudi Arabia, marking the regional debut of its colour-display Kindle lineup. The move comes as Kindle users worldwide have read more than 129 billion pages so far this year—billions more than during the same period last year. The base model includes 16 GB of storage and is priced at Dh959 / SAR1,069, while the 32 GB Signature Edition costs Dh1,079 / SAR1,199 and comes with added perks like wireless charging and an auto-adjusting front light. The display offers 300 pixels per inch (ppi) resolution for black-and-white content and 150 ppi for colour, along with a built-in light, warm tone settings, and improved font rendering. Page colour can also be inverted for night reading. The device weighs 215 grams and can last up to eight weeks on a single charge, reaching full power in under 2.5 hours. Customers can now browse book covers in colour, enjoy illustrations and images in full tone, and highlight passages using multiple colour options. The Kindle Colorsoft also supports free cloud storage for Amazon-purchased content. The launch of Kindle Colorsoft aligns with Amazon's broader push to enhance digital reading across the Middle East. With growing interest in e-readers and audiobooks across the region, the new device aims to appeal to both long-time Kindle users and first-time buyers looking for a richer reading experience.
Indian Express
12-07-2025
- Business
- Indian Express
DMart Q1FY26 Results: Standalone profit up 2.1% YoY to Rs 830 crore – check quarterly earnings of Avenue Supermarts
DMart Share Price, Avenue Supermarts Share Price: Shares of Avenue Supermarts Limited settled in red on Friday (July 11) at Rs 4069 apiece, down 2.40 per cent. According to the NSE, the retail stock has a total market cap of Rs 2,64,783.29 crore. The company runs supermarket chain under the brand DMart. In an exchange filing, the company said, 'Total Revenue for the quarter ended June 30, 2025 stood at Rs.16,360 crore, as compared to Rs.14,069 crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY26 stood at Rs.1,299 crore, as compared to Rs.1,221 crore in the corresponding quarter of last year. EBITDA margin stood at 7.9% in Q1FY26 as compared to 8.7% in Q1FY25. Net Profit stood at Rs.773 crore for Q1FY26, as compared to Rs.774 crore in the corresponding quarter of last year. PAT margin stood at 4.7% in Q1FY26 as compared to 5.5% in Q1FY25. Basic Earnings per share (EPS) for Q1FY26 stood at Rs.11.88, as compared to Rs.11.89 for Q1FY25.' On standalone results, the company stated that the total Revenue for the quarter ended June 30, 2025 stood at Rs.15,932 crore, as compared to Rs.13,712 crore in the same period last year. 'Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY26 stood at Rs.1,313 crore, as compared to Rs.1,221 crore in the corresponding quarter of last year. EBITDA margin stood at 8.2% in Q1FY26 as compared to 8.9% in Q1FY25. Net Profit stood at Rs.830 crore for Q1FY26, as compared to Rs.812 crore in the corresponding quarter of last year (y-o-y growth of 2.1%). PAT margin stood at 5.2% in Q1FY26 as compared to 5.9% in Q1FY25. Basic Earnings per share (EPS) for Q1FY26 stood at Rs.12.75, as compared to Rs.12.49 for Q1FY25,' it said in a filing. Avenue Supermarts Limited is a component of the BSE 100. According to the BSE analytics (as of July 12), shares of Avenue Supermarts Ltd gave negative returns of 4.63 per cent and 5.73 per cent in the last 1 week and 2 weeks, respectively. In the last 1 month and 3 months, shares of the retail company fell 0.38 per cent and 1.4 per cent, respectively. In the last 1 year, shares of the company down 17.01 per cent. In the past 2 years, 3 years, and 5 years, shares of the company gained 6.20 per cent, 1.95 per cent and 75.01 per cent, respectively. Avenue Supermarts Limited never issued dividends for the shareholders. Avenue Supermarts Ltd never issued bonuses for the equity shareholders.
New Straits Times
04-07-2025
- Business
- New Straits Times
Palm falls on weakness in rival oils, profit taking
KUALA LUMPUR: Malaysian palm oil futures fell on Friday, pressured by weaker rival edible oils at the Chicago and Dalian markets and by profit booking, but remained on track for a seventh weekly gain in eight. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid RM22, or 0.54 per cent, to RM4,069 (US$963.08) a metric tonne at the midday break. The contract has risen 1.67 per cent so far this week. Crude palm oil prices were lower, tracking overnight weakness in soybean oil and Dalian palm olein prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. "Profit-taking activities after the recent price rally also affected the market," he added. Dalian's most-active soyoil contract fell 0.92 per cent, while its palm oil contract shed 0.45 per cent. Soyoil prices on the Chicago Board of Trade lost 0.96 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices were little changed as a solid US job market bolstered the case for the Federal Reserve keeping interest rates on hold, with investors also awaiting clarity on President Donald Trump's plans for tariffs on various countries. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.12 per cent against the US dollar, making the commodity cheaper for buyers holding foreign currencies. Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed. Palm oil may fall to RM4,047 per tonne as a five-wave cycle from RM3,947 has completed, Reuters technical analyst Wang Tao said.
Express Tribune
04-07-2025
- Business
- Express Tribune
Foreign exchange reserves near $20b
Delay in loans will not adversely affect Pakistan's external sector position in the short term due to $16 billion in gross foreign exchange reserves. PHOTO: FILE Listen to article Just two years ago, Pakistan struggled to cover even a few weeks of import and export payments. Now, the country's external position has shown a significant turnaround, with total liquid foreign exchange reserves reaching $19.87 billion amid improved inflows and growing political stability. According to the State Bank of Pakistan (SBP), foreign exchange reserves held by the central bank surged to $14.51 billion, marking a sharp year-on-year increase of $5.12 billion, or 54.5%, from $9.39 billion a year earlier. The SBP attributed the rise in reserves to the realisation of inflows including $3.1 billion in commercial loans and over $500 million from multilateral institutions during the final week of June. "This reflects a noticeable improvement in the country's current account balance and realisation of planned inflows during the year," the SBP stated. During the week ending June 27, 2025, SBP's reserves rose by $3.66 billion, climbing to $12.73 billion from $9.06 billion reported the previous week. Total liquid reserves now stand at $19.87 billion, with commercial banks holding $5.36 billion. The dramatic recovery in the last week of FY25 followed a $2.66 billion drop the week before, driven by external debt repayments. The rebound is seen as a result of stabilisation efforts and fiscal reforms aimed at supporting the external account. This rise in reserves is expected to support the rupee, improve import cover, and strengthen Pakistan's position in future talks with international lenders. The Pakistani rupee showed a slight gain against the US dollar in the interbank market on Thursday, appreciating by 0.03% to close at 283.86, up 9 paisas from the previous day's closing rate of 283.95. Meanwhile, domestic gold prices rose on Thursday despite a 1% decline in the international bullion market following stronger-than-expected US payroll data, which dampened expectations of an early rate cut by the US Federal Reserve. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola increased by Rs800 to Rs357,000. The 10-gram gold price also rose by Rs685 to settle at Rs306,069. This followed a dip in prices a day earlier, when the per tola rate dropped by Rs600 to Rs356,200. Despite local gains, international sentiment remained bearish. Adnan Agar, Director at Interactive Commodities, said gold traded between $3,311 and $3,363 globally, with prices hovering around $3,325. He noted a key support level between $3,310 and $3,300, warning that a break below this range could push prices down to $3,250. He added that due to the US bank holiday on Friday, trading volumes were expected to remain low, with significant activity likely to resume on Monday.
