Latest news with #400
TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Trump tariffs take a $1bn bite out of GM earnings; shares fall
General Motors' second quarter earnings took a $1.1bn (R19,305,825,000) hit from tariffs, but the carmaker beat analyst expectations for the period, supported by strong sales of its core petrol trucks and SUVs. The largest US carmaker by sales said it expects the tariff impact to worsen in the third quarter and stuck to a previous estimate that trade headwinds threaten to hit the bottom line by $4bn (R70,198,998,400) to $5bn (R87,748,748,000). GM said it could take steps to mitigate at least 30% of the impact. Shares fell about 6% in early trading. The carmaker's revenue in the quarter ended June 30 fell nearly 2% to about $47bn (R824,838,231,200) from a year ago. Its quarterly adjusted earnings per share fell to $2.53 (R44.40) compared with $3.06 (R53,71) a year earlier. Analysts on average expected adjusted profit of $2.44 (R42,82) per share, according to data compiled by LSEG. GM's adjusted earnings before interest and taxes was among corporations that revised annual guidance due to the impact from US President Donald Trump's tariffs, lowering it to an annual adjusted core profit of between $10bn (R175,501,993,000) and $12.5bn (R219,377,491,250). The company on Tuesday stood by the forecast. Beyond tariffs, GM's underlying business in the quarter was solid. Sales in the US market – its main profit centre – rose 7%, while the company continued to command strong pricing on its pickup trucks and SUVs. GM swung back to a small profit in China, after losing money there a year before. Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. Jeep-maker Stellantis on Monday warned tariffs would significantly affect results in the second half of 2025, and said tariffs cost it about €300m (R6,177,180,000) in the first half of the year. Shares of rival Ford Motor and US-traded shares of Stellantis fell about 1% on Tuesday morning. The carmaker took steps in recent months to bolster its combustion-engine operations through increased investment in its US factory base, calling into question its goal of ending the production of petrol-powered cars and trucks by 2035. GM announced in June it would invest $4bn at three US facilities in Michigan, Kansas and Tennessee, including a plan to move production of the Cadillac Escalade and increase output of its two big pickup trucks. It added production of its previously Mexico-produced Chevy Blazer to the Tennessee plant. The carmaker imports about half the vehicles it sells in the US, mainly from Mexico and South Korea. Crosstown rival Ford produces about 80% of its US-sold vehicles domestically. Car companies are increasingly shifting their focus to bolstering the core lineup of petrol trucks and SUVs as the growth rate of EV sales has slowed. Demand for battery-powered models has slowed after rapid growth earlier this decade. The trend is intensified by the pending disappearance of government support for the battery-powered models. Sweeping tax and budget legislation approved by the US Congress will eliminate $7,500 (R131,658) tax credits for buying or leasing new electric vehicles and a $4,000 (R70,217) used-EV credit at the end of September.
The Star
2 days ago
- Business
- The Star
Sarawak Plantation eyes long-term expansion
Phillip Capital Research maintains its projection of CPO growth to be at 15% y-o-y to 122,000 tonnes in 2025. PETALING JAYA: Phillip Capital Research is positive on Sarawak Plantation Bhd 's medium-to-long-term prospects, underpinned by improving yields, disciplined cost control and sustained replanting efforts that are beginning to bear fruit. 'We project the company's fresh fruit bunch (FFB) production to rise to 378,000 tonnes in 2025, an increase of 12% year-on-year (y-o-y), supported by improving yields as more palms enter their prime age and about 1,100 ha of newly matured areas come into production. 'Management remains confident in its growth outlook, targeting more than 420,000 tonnes by 2026 and more than 550,000 tonnes by 2029, underpinned by a more favourable age profile, better field practices and continued mechanisation gains,' the research house said. Replanting efforts over recent years are also starting to bear fruit through improved productivity. While the group has revised its 2025 FFB guidance to 380,000 tonnes (from 400,000 tonnes) due to wetter-than-expected conditions in the first quarter of financial year 2025 (1Q25), crude palm oil (CPO) output is expected to remain flat y-o-y, supported by steady external FFB volumes. 'We expect a sequential recovery in 2Q25, in line with seasonal trends (year-to-date May FFB stood at 131,000 tonnes, a 7.9% rise y-o-y). 'We maintain our projection of CPO growth to be at 15% y-o-y to 122,000 tonnes in 2025.' Overall, the CPO unit cost of own crops is expected to fall to RM2,400 to RM2,500 per tonne in 2025, from RM2,800 per tonne in 2024 and RM2,300 per tonne in 2026, supported by volume recovery and a higher internal FFB share. 'While the February 2025 minimum wage hike is expected to raise labour costs by 3% to 4%, field efficiencies and disciplined cost control are expected to preserve margins. Fertiliser cost pressure remains manageable, with mixed price trends across key input types,' the research house noted. Phillip Capital is maintaining its 'buy' rating with an unchanged target price of RM2.88, based on nine times 2026 earnings per share, in line with small-cap upstream peers. 'Key downside risks include lower-than-expected production and palm product prices, cost inflation and regulatory headwinds,' the research house added.
Daily Express
4 days ago
- Sport
- Daily Express
Sabah Youth Table Tennis competition on August 24
Published on: Monday, July 21, 2025 Published on: Mon, Jul 21, 2025 By: GL Oh Text Size: Clement (second right) and Albert (third left) with (from left) planning committee secretary Natasha Goh, deputy organising chairman Albert Ting, Clarence Wong and organising committee Steve Yap. Kota Kinabalu: The Datuk Simon Chee Chi Nyen, J.P. Cup Sabah Youth Table Tennis competition will be held at the Kian Kok Middle School Hall in Kota Kinabalu on August 24. Organising chairman Datuk Clement Yeh said the event co-organised by Kota Kinabalu Hokkien Association Youth Section and Alan Table Tennis Club has set a new record in a youth table tennis tournament with the total prize money of RM8,400. Advertisement He urged all schools, table tennis clubs and youth across Sabah to take part in the sport that will help them to build self-confidence and grow stronger towards a brighter future. The six categories to be staged are Boys (U18–U14) – Born 2007 to 2011, Girls (U18–U14) – Born 2007 to 2011, Boys (U13–U11) – Born 2012 to 2014, Girls (U13–U11) – Born 2012 to 2014, Boys (U10 & below) – Born 2015 or later and Girls (U10 & below) – Born 2015 or later. The winning prizes in all the categories are champion: RM600 and medals; 1st runner-up: RM300 and medals, 2nd runner-up (2): RM150 and medals and consolation prize (4): RM50 and medals. Meanwhile, Cup patron and advisor to the Hokkien Youth Section Datuk Simon Chee Chi Nyen, who sponsored the event, said its aim is to raise the standard of table tennis in the State, ignite the competitive spirit among the young players as well as to identify future champions. 'Table tennis is also a sport that benefits both the mind and body. I strongly encourage students to step away from screens and engage in physical activities that build discipline, focus, and confidence,' he added. Registration will open on July 25 at 12 noon and closes at 4pm on August 8. Interested parties are also reminded that each category is limited to 32 entries on a first-come, first-served basis, to be confirmed upon registration fee payment of RM20 per participant. Those needing further information are to contact Alan (016-823 2356), Kota Kinabalu Hokkien Association secretariat (088-252 737) or planning committee chairman Clarence Wong (016-831 0878). * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
5 days ago
- Business
- The Star
Inside the airline seat industry crisis that's delaying jet deliveries.
Tucked beneath the armrest of a luxury business class seat in a factory in Wales lies a clue to a global aviation bottleneck that has left many airlines waiting impatiently for new jets. Before the armrest can support the pampered elbow of a premium passenger, a complex manufacturing jigsaw with as many as 3,000 parts from 50 suppliers in 15 countries needs to be meticulously assembled to produce the luxury seat. As air travel grows, this niche but critical part of the aerospace industry is at the centre of efforts to clear a logjam that has contributed to billions of dollars of aircraft delays for industry giants Airbus and Boeing, and higher fares for passengers. 'If you look at this, all you would see is a top-level arm cap and think that's very nice,' said Dafydd Davies, industrial vice president at Safran Seats, during a visit to the company's factory in Cwmbran, Wales. 'If you look below, there is a lot more to the mechanical assembly.' How things work Coupled with bottlenecks in certification, growing airline demand for bespoke features has made it hard for a fragmented seat industry – only now getting back on its feet after the Covid-19 pandemic – to achieve economies of scale and boost output. 'There has been a perfect storm of what would otherwise not be industry-stopping problems,' said aircraft interiors expert John Walton, founder of specialist publication The Up Front . 'It's still very much a cottage industry.' Airbus warned airlines in May that delivery delays could persist for another three years as it works through a backlog of supply problems, which it blames chiefly on engines and seats. Airlines will need more than eight million seats in the next decade, according to a study by Tronos Aviation Consultancy and AeroDynamic Advisory. It's a business worth US$52bil (RM221.25bil) over 10 years. The cabin of a long-haul jet contains some of the world's prime revenue-generating real estate, which is why airlines are prepared to pay US$80,000 to US$100,000 (RM340,400 to RM425,500) for a single business-class seat and an astonishing US$1mil (RM4.24mil) for a first-class suite, insiders say. 'There are only a few truly differentiated things you can do onboard as an airline: the crew, the seat, the catering. Not so much the aircraft. So that's where we're going in the premium classes,' said Lufthansa group chief executive Carsten Spohr. At the Aircraft Interiors Expo every April in Hamburg, Germany, honours are handed out for inventions such as 'smart' lavatories, seats and even bins. Entrance to the expo is strictly by invitation and showrooms are protected by security worthy of a jewellery store. Inside, each is an Aladdin's cave of fast connectivity, eco-friendly materials and recently launched comforts such as headrests with built-in audio. The most advanced innovations are even further out of sight. 'It's a secretive world. Sometimes they have the little back rooms where they've got a seat or product they haven't publicly talked about,' said Steven Greenway, CEO of Saudi carrier Flyadeal. But behind the curtain is an industry struggling to graduate from a craftsman-like approach and small production runs to industrial scale – despite waves of consolidation which have whittled the sector down to two main rivals in premium seats: France's Safran and RTX unit Collins Aerospace. Then comes Germany's Recaro Aircraft Seating, which dominates economy seating but has struggled to break into premium, and rivals including China-owned Thompson Aero Seating and ventures backed by Airbus and Boeing: Stelia and Elevate. 'They compete on innovation, yes, but when they produce, it's not as reliable as the car industry,' said Spohr. Longer ranges for smaller planes have also triggered a scramble to adapt premium seat designs to tighter spaces. Even the tapered shape of a fuselage and differences between left and right mean few luxury seats are exactly the same. Added to that are tough certification requirements designed to protect head impact, and a dearth of certification engineers. Seats typically last about seven years whereas planes themselves fly for 20-25 years, so even when jets are finally delivered, the need for new seats soon comes around again. 'It's been a problem for 20 years. It's not just a recent issue. But I think it's got worse,' said Willie Walsh, director general of the International Air Transport Association and former head of British Airways. Industry reboot Failing to put the industry on a more solid footing could crimp the growth plans of airlines or force carriers to fly older planes for longer, and focus more on refurbishments. Now, some seat makers are trying to simplify production as they rebuild fragile global supply chains. Safran is one. Its seats unit finally broke even in the fourth quarter of 2024 after being battered, like many of its rivals, by the slump in demand during the pandemic. 'We've almost had to restart this industry. We've had to ramp back up again. We lost some longevity in talent because they decided to do something else,' said Safran Seats chief executive Victoria Foy. 'The fact that we got 2.5 times more out the door in 2024 than the year before demonstrates we can ramp up,' she said in an interview. On the factory floor, chips, screens and motors are pieced together in individual bays rather than on a moving production line since few luxury seats are the same. A walled-off workshop for first-class seats guarantees even more individual attention. 'We are managing a similar level of requirements to that of a landing gear or an engine,' Foy said. Under pressure to avoid those spiralling out of control, Safran and others are now rethinking the way they build seats to marry the customised flourishes required by many airlines with the cookie-cutter approach needed for efficient assembly. Instead of developing each seat from scratch, manufacturers are looking to re-use underlying designs. Using a limited set of underlying designs allows seat companies to do the basic engineering and certification earlier on, avoiding the risk of delays later in the process. But it's not just about improving the factory floor. Air travel is changing, said Stan Kottke, president of interiors at Collins Aerospace. In the Middle East, more families fly in business class. In the United States, retirees want to travel in an ergonomic seat. Millennials are investing in high-end travel experiences. They all want something different from the typical business nomad and airlines may even have to cater to different users at different times of day, Kottke said. 'You can build a platform that is deliberately designed for differentiation in a bunch of different directions,' he added. Strained relationships The disciplined approach is reshaping negotiations with airlines, where the CEO is often personally involved in the finer points of cabin design. In a change of tone, suppliers are increasingly turning away business rather than chasing every deal. In tenders, the reply 'no bid' has become common, as seat suppliers avoid piling up financial risk. The industrial blockage has strained the delicate three-way relationship between planemakers, suppliers and carriers. Airlines often buy seats directly from suppliers such as Safran, Collins or Recaro but get Airbus or Boeing to fit them. Reportedly, Airbus is exploring ways of charging seat firms penalties for delays that hold up deliveries of jets from its factories. None of the companies commented on contractual matters. Planemakers must also walk a tightrope between marketing the flexibility of their cabins while nudging airlines towards accepting greater standardisation to alleviate supply problems. Airbus has said it is acting to reduce risks to its own ramp-up plans from the 'divergent complexity' of bespoke interiors, while Boeing has said the resulting bottlenecks in certification will be a challenge for the rest of this year. The two giants have a powerful ally in the leasing industry. 'My advice to all airline CEOs would be ... stop inventing more seats. I know every airline CEO wants to design their own business class seat – don't do it,' said Aengus Kelly, chief executive of the world's largest aircraft lessor AerCap. 'Take one that is certified, that's a very good product, and you'll get your airplane in the air faster.' Airlines aren't willing to give up one of their biggest branding weapons just yet. One of the latest carriers to unveil plush seating, Riyadh Air, ruled out any retreat from customisation. 'I want a brand that's unique and that uniqueness is presented in the cabin,' said CEO Tony Douglas. – TIM HEPHER/Reuters
Business Recorder
5 days ago
- Business
- Business Recorder
Islamabad: prices of essential kitchen items show rising trend
ISLAMABAD: The prices of essential kitchen items have witnessed an increase during this week past against the previous week owing to third successive increase in petrol and diesel prices, revealed a survey carried out by Business Recorder here on Saturday. Within the past one and half month, the government has increased the price of High Speed Diesel (HSD) oil mainly used for transportation purposes from trains to trucks, buses and trailers by Rs29 per litre and petrol mainly used by private and small vehicles by Rs19 per litre. The increase in fuel prices has played a major role in escalating the prices as transportation cost has jumped up by at least 10 per cent during the period which not only resulted in increasing the prices of daily use items but also edible items from vegetables, meat, eggs to fruits. An increase was noted in chicken prices as it went up from Rs16,000 to Rs16,400 per 40kg in the wholesale market, which in retail is being sold at Rs440 per kg and chicken meat at Rs700 per kg. Eggs' price went up from Rs7,000 to Rs7,300 per carton of 30 dozen which in retail is being sold in the range of Rs260-275 against Rs250-260 per dozen. Sugar price went down from Rs9,100 to Rs8,800 per 50kg bag in the wholesale market, while in retail it is being sold at 190 per kg. Wheat flour price remained unchanged as the best quality wheat flour ex-mill price per 15kg bag is at Rs1,100 which in retail is being sold at Rs1,150 per 15kg bag and normal quality wheat flour per 15kg bag is available at Rs1,000 which in retail is being sold at Rs1,050 per bag. Copyright Business Recorder, 2025
