Latest news with #557
TimesLIVE
25-05-2025
- Automotive
- TimesLIVE
Michael Schumacher's Ferrari sets Formula One record at auction
Michael Schumacher's Ferrari Formula One car that won the 2001 Monaco and Hungarian grand prix races was sold for $18.17m (R324,246,557), according to RM Sotheby's. Selling ahead of qualifying in Monaco on Saturday, the F2001 car that the legendary German driver used en route to that year's world title became the most expensive F1 vehicle driven by Schumacher to be sold at auction. The $18.17m price tag topped the $13.2m (R235,556,112) a bidder paid for Schumacher's 2003 Ferrari F2003 in 2022. It also became the fourth-most expensive F1 car ever sold. The world record sits at $52.52m (R937,227,803), which occurred earlier this year for a Mercedes W196 streamliner that was driven by Formula One legends Juan Manuel Fangio and Stirling Moss in the 1950s. Schumacher, now 56, drove the F2001 Ferrari in his fifth and final Monaco Grand Prix win, which he followed up with a victory at the Hungarian Grand Prix. The latter win clinched Schumacher's fourth F1 world title.
TimesLIVE
02-05-2025
- Automotive
- TimesLIVE
Carmakers could face up to $12,000 impact per car from tariffs
A Michigan-based economic consulting group said on Thursday carmakers will face a $2,000 (R36,926) to $12,000 (R221,557) tariff impact per vehicle despite the White House moving to soften trade levies on imported car parts. Anderson Economic Group said US assembled vehicles such as Honda's Civic and Odyssey, the Chevy Malibu, Toyota Camry Hybrid, and Ford Explorer faced an impact of $2,000 to $3,000 (R55,391). However, that could rise to as much as $10,000 (R184,637) to $12,000 (R221,557) for imported vehicles, including full-size luxury SUVs, some EVs and other vehicles assembled in Europe and Asia, such as the Mercedes G-Wagon, Land Rover and Range Rover models, some BMW models, and the Ford Mach-E. The Ford Explorer assembled in Chicago previously faced a tariff impact of about $4,300, which will drop to about $2,400 (R44,313), the group estimated, while some Jeep, Ram and Chrysler models from Stellantis could face a $4,000 (R73,825) to $8,000 (R147,650) hit. GM said on Thursday it expected a hit from tariffs of up to $5bn (R92,281,500,000), including $2bn (R36,916,715,800) on vehicles it imports from South Korea. The carmakers did not comment and did not immediately respond to requests for comment. Earlier this week, US President Donald Trump agreed to give carmakers two years to boost the percentage of domestic components in vehicles assembled in the US. It will allow them to offset tariffs for imported car parts equal to 3.75% of the total value of the manufacturer's suggested retail price of vehicles they build in the US through to April 2026, and 2.5% of US production through to April 2027. Car industry leaders lobbied the administration furiously during the weeks since Trump first unveiled his 25% tariffs on imported vehicles and car parts. The levies, aimed at forcing carmakers to reshore manufacturing domestically, had threatened to upend a North American automotive production network integrated across the US, Canada and Mexico. The White House said the change will not affect the 25% tariffs imposed last month on the eight million vehicles the US imports annually.
Express Tribune
09-03-2025
- General
- Express Tribune
Zakat rate set at Dh25 in UAE by fatwa council
Zakat will be deducted from Savings Accounts having credit balance of over Rs35,557 on first of Ramazan. STOCK IMAGE Listen to article The UAE's Council for Fatwa has announced the guidelines for Zakat and atonement(kaffara) payments for the month of Ramadan this year, outlining specific amounts for Zakat Al Fitr and expiation for missed fasts under various circumstances. The Zakat Al Fitr has been valued at Dh25 per person, or alternatively, 2.5kg of rice. This charitable donation must be paid before the conclusion of Ramadan and is obligatory for all Muslims—men, women, and children—who are financially able to contribute or provide food. The payment will benefit at least two poor individuals. Additionally, the council has set expiation amounts for those who miss their fasts for different reasons. For individuals who intentionally break their fast, the atonement is Dh15 per person for a total of 60 poor people, amounting to Dh900. Alternatively, they can choose to feed 3.25kg of wheat to each person. For those unable to fast due to illness or other conditions, the expiation is set at Dh15 per person for each day missed. As with the previous category, those wishing to feed instead of paying will be required to provide 3.25kg of wheat for each missed fast. In cases where a person dies having missed obligatory fasts, their relatives are required to pay on their behalf. The expiation for each missed fast is Dh15 or 3.25kg of wheat for each day missed. For individuals who delay making up missed fasts without a valid excuse, the council has set the payment at Dh15 per day missed, or the option to feed 3.25kg of wheat per person. Finally, those who take a false oath during Ramadan are required to pay Dh15 to ten poor people, totaling Dh150. Alternatively, they may choose to feed 3.25kg of wheat to each individual.
Express Tribune
08-03-2025
- Business
- Express Tribune
Zakat funds to be usedto pay inmates' fines
Zakat will be deducted from Savings Accounts having credit balance of over Rs35,557 on first of Ramazan. STOCK IMAGE The Punjab Zakat Department has approved a new pilot project to cover fines for prisoners who have completed their sentences but remain incarcerated due to an inability to pay penalties. A grant of Rs50 million has been allocated for this initiative. Additionally, the department has increased the monthly Zakat allowance for impoverished families living below the poverty line from Rs1,500 to Rs2,000. The Zakat marriage grant for underprivileged families has also been raised from Rs25,000 to Rs0.1 million. Furthermore, after a 13-month suspension, financial aid for over 0.3 million Zakat beneficiary families across the province will be resumed as an Eid gift before Eidul Fitr. To facilitate this, the government has been asked to release the Zakat deductions collected from banks during Ramadan. The Zakat Department has requested a detailed list of eligible inmates from the inspector general (IG) of prisons. The process of releasing these prisoners by paying their fines will begin a week before Eidul Fitr. According to jail sources, thousands of prisoners who have served their 5- to 10-year sentences remain in jails solely because they cannot afford to pay their fines.
