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TimesLIVE
7 days ago
- Automotive
- TimesLIVE
Volvo Q2 operating profit slumps as tariffs take hold
Sweden-based Volvo Cars reported a steep fall in second quarter adjusted operating profit on Thursday and said demand remains under pressure as tariffs hits. Its quarterly operating profit excluding items affecting comparability fell to 2.9bn Swedish crowns (R5,318,468,482) from 8.0bn (R14,654,936,000) a year ago. "Demand remains soft and volatile, impacted by weakening consumer confidence and the introduction of additional tariffs, which continue to pose challenges for the automotive sector," the company said in its earnings report. Its gross margin, a metric investors and analysts are looking at closely to assess the impact of the tariffs, fell to 13.5% compared to 18.2% in the first quarter, adjusted for one-offs it fell to 17.7% Volvo Cars is the first European carmaker to report in what is expected to be a gloomy reporting season as weak demand for EVs and growing competition from China hits at the same time as US tariffs mount.
Winnipeg Free Press
04-06-2025
- General
- Winnipeg Free Press
Houston Astros and Pittsburgh Pirates play in game 2 of series
Houston Astros (33-27, first in the AL West) vs. Pittsburgh Pirates (22-39, fifth in the NL Central) Pittsburgh; Wednesday, 6:40 p.m. EDT PITCHING PROBABLES: Astros: Ryan Gusto (3-2, 4.62 ERA, 1.56 WHIP, 42 strikeouts); Pirates: Mike Burrows (0-1, 8.64 ERA, 1.56 WHIP, five strikeouts) BETMGM SPORTSBOOK LINE: Astros -140, Pirates +118; over/under is 9 runs BOTTOM LINE: The Houston Astros face the Pittsburgh Pirates with a 1-0 series lead. Pittsburgh has a 22-39 record overall and a 13-17 record in home games. The Pirates have a 9-3 record in games when they scored five or more runs. Houston has a 33-27 record overall and an 11-15 record in road games. The Astros have a 12-4 record in games when they hit two or more home runs. The teams meet Wednesday for the second time this season. TOP PERFORMERS: Oneil Cruz leads the Pirates with 12 home runs while slugging .468. Andrew McCutchen is 12 for 38 with two home runs and four RBIs over the past 10 games. Jeremy Pena has a .308 batting average to lead the Astros, and has nine doubles, a triple and nine home runs. Jose Altuve is 14 for 39 with three home runs and four RBIs over the past 10 games. LAST 10 GAMES: Pirates: 5-5, .262 batting average, 3.38 ERA, outscored opponents by seven runs Astros: 7-3, .266 batting average, 4.30 ERA, outscored by five runs INJURIES: Pirates: Joey Bart: 7-Day IL (concussion), Colin Holderman: 15-Day IL (thumb), Enmanuel Valdez: 60-Day IL (shoulder), Justin Lawrence: 60-Day IL (elbow), Tim Mayza: 60-Day IL (shoulder), Jared Jones: 60-Day IL (elbow), Johan Oviedo: 60-Day IL (elbow), Dauri Moreta: 60-Day IL (elbow) Astros: Chas McCormick: 10-Day IL (oblique), Ronel Blanco: 60-Day IL (elbow), Zach Dezenzo: 10-Day IL (hand), Hayden Wesneski: 60-Day IL (elbow), Yordan Alvarez: 10-Day IL (hand), Spencer Arrighetti: 15-Day IL (thumb), Luis Garcia: 60-Day IL (elbow), Cristian Javier: 60-Day IL (elbow), J.P. France: 60-Day IL (shoulder), Taylor Trammell: 10-Day IL (calf), Pedro Leon: 10-Day IL (knee) ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.
The Star
30-05-2025
- Business
- The Star
Another Tan Sri linked to MBI nabbed, RM527mil seized
KUALA LUMPUR: An additional RM527.5mil in assets linked to MBI International Group have been seized and frozen by police, bringing the total value of assets recovered to RM3.8bil. Three more people, including a businessman with the Tan Sri title, are the latest ones arrested to assist in investigations into an investment fraud scheme involving MBI under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. 'The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. 'Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi scheme worth RM527,468,296.11,' he said here yesterday, Bernama reported. Big haul: Muhammed Hasbullah (second from right) showing some of the seized items, with a whiteboard showing the bigger items, during a press conference. — Bernama Among the assets and properties are four luxury yachts worth RM36.3mil, 477 properties (RM150mil), four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Muhammed Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked if any politician was involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation. Earlier this month, The Star reported that a Tan Sri was arrested for alleged involvement in the MBI investment scam. His arrest brought the total of those detained in the ongoing investigation to 14 people. The 53-year-old man, who was detained in Penang on May 1 after he returned from overseas, is believed to be either a syndicate proxy or a business partner of the suspects. The daily had also previously reported that two other prominent businessmen with Tan Sri titles and a Datuk Seri were already in custody. The arrests of the earlier 13 suspects were made between March 21 and April 21, which has seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme previously seized. Among the assets seized then were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he added. All these assets are believed to have been purchased or had links to the proceeds from the scheme's illegal gains.
The Star
30-05-2025
- Business
- The Star
MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen
KUALA LUMPUR: Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Comm Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. "The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. "Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,' he told a press conference here on Friday (May 30). He said among the assets and properties were four luxury yachts worth RM36.3mil, 477 properties worth RM150mil, four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Meanwhile, Comm Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.- Bernama
Express Tribune
28-05-2025
- Business
- Express Tribune
Gold rises Rs1,400 as global market recovers
Listen to article Gold prices in Pakistan rose on Wednesday, tracking gains in the international market as investors sought bargains following a dip in the previous session. The local uptick comes amid global anticipation surrounding the release of minutes from the US Federal Reserve's latest policy meeting. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs1,400 to reach Rs349,300. Similarly, the price of 10 grams of gold increased by Rs1,200, settling at Rs299,468. This rebound followed a sharp drop on Tuesday when gold fell by Rs3,600 per tola to close at Rs347,900. Commenting on the trend, Adnan Agar, Director at Interactive Commodities, noted that international gold prices remained volatile but within a defined trading range. "The market touched a high of $3,325 and a low of $3,290 today, currently trading around $3,300," he said. "The $3,270 level is proving to be a strong support, from where the market has bounced back. On the upside, $3,350 is a key resistance." He explained that gold has been trading in a range-bound pattern, citing historical movements from $3,120 to $3,600. "Profit-taking is likely when prices approach upper resistance levels. On the downside, unresolved tariff issues and geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, continue to weigh on sentiment." Agar added that unless these global hurdles are permanently resolved, gold is expected to remain within the $3,270 to $3,360 range. "A breakout beyond either end could push prices towards $3,200 or $3,420-3,500, respectively," he concluded. Globally, gold prices rose on Wednesday as traders sought bargains following the previous session's declines, while the market remains focused on minutes from the Federal Reserve's latest policy meeting due later in the day, according to Reuters. Spot gold gained 0.4% to $3,312.05 an ounce by 1255 GMT, after hitting a session low of $3,285.19 on Tuesday. US gold futures rose 0.3% to $3,310.60. "The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, the market top is in place," Jim Wyckoff, Senior Analyst at Kitco Metals, said. "The minutes can be market movers. Market watchers are going to be looking at new comments on inflation this afternoon." Minutes of the Fed's May policy meeting are due at 1800 GMT. The meeting took place amid heightened concern over global trade tensions, following President Trump's early April announcement of major new import tariffs. Some of the most aggressive tariffs were eased or delayed a week later. Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April.
