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TimesLIVE
8 hours ago
- Automotive
- TimesLIVE
Lamborghini's half-year operating profit dips amid currency headwinds
Italian luxury sports car maker Lamborghini said on Wednesday its operating income fell slightly in the first half even as it delivered record numbers of cars to customers as currency effects weighed on its bottom line. Operating income stood at €431m (R8,904,511,720) from January to June versus €458m (R9,462,934,940) a year before, primarily due to unfavourable exchange rate trends in the second quarter, the company said. "The results are solid despite global economic and political instability," CEO Stephan Winkelmann said. Net revenues amounted to €1.62bn (R33,471,516,600) in the time as the carmaker, part of Germany's Volkswagen, delivered 5,681 cars, its highest amount ever for a first half. Its operating profit margin fell to 26.6% from 28.3% a year before. Winkelmann said the results confirmed a decision to make all Lamborghini's range hybrid was right, as shown by the success of the Revuelto sportscar, its first plug-in hybrid, launched in 2023, and of the Urus SE SUV. "Our vision is shared by our customers," he said. "We look forward to the market launch of the Temerario, which will complete the first fully hybrid range in the segment". Lamborghini, based near Bologna in northern Italy, did not make any reference to Sunday's EU-US framework trade deal, which imposed a 15% US import tariff on most EU goods, despite the Americas region accounting for around 30% of its deliveries in the first half, or 1,732 cars. The Europe, Middle East and Africa region led deliveries in that time with 2,708 units, while Asia Pacific accounted for 1,241 units. Earlier this year Winkelmann said US tariffs would have an impact on Lamborghini's revenue even though luxury product makers can pass on potential tariffs to customers as there was a "sweet point" beyond which "you lose volumes".
The Star
6 days ago
- The Star
Cocaine smugglers nabbed in Bali
Authorities said they have arrested two foreigners accused of smuggling cocaine to the tourist island of Bali. A Brazilian man and a South African woman were arrested separately on July 13 after customs officers at Bali's international airport saw suspicious items in the man's luggage and the woman's underwear on X-ray scans. Indonesia has extremely strict drug laws, and convicted smugglers are sometimes executed by firing squad. The 25-year-old Brazilian man, who police identified by his initials as YB, was arrested with 3,086.36g (6.8 pounds) of cocaine in the lining of his suitcase and backpack shortly after he arrived at the airport from Dubai, said Made Sinar Subawa, head of the Eradication Division at Bali's Narcotic Agency. The same day, customs officers caught a 32-year-old South African woman, identified as LN, and seized 990.83g (2.1 pounds) of cocaine she hid in her underwear, Subawa said. During interrogation, YB said that he was promised 400 million rupiah (RM103,720) to hand the cocaine he obtained in Brasilia to a man he called as Tio Paulo, while LN expected to get 25 million rupiah (RM6,482) after deliver the drugs to someone she identified as Cindy, according to Subawa. Subawa said a police operation failed to catch the two people named by the suspects, whom police believe are low-level distributors. Authorities presented the suspects wearing orange prison uniforms and masks, with their hands handcuffed, at a news conference in Denpasar, the capital, along with the cocaine they were found with. The United Nations Office on Drugs and Crime says Indonesia is a major drug-smuggling hub despite having some of the strictest drug laws in the world, in part because international drug syndicates target its young population. The Denpasar District Court was set to sentence two other groups of foreigners on drug charges. Verdicts for an Argentine woman and a British man who were accused of smuggling cocaine onto the island, and for a drug offence against a group of three British nationals, including a woman, are expected to be read out separately at the same court. About 530 people are on death row in Indonesia, mostly for drug-related crimes, including 96 foreigners, the Ministry of Immigration and Corrections' data showed. Indonesia's last executions, of a citizen and three foreigners, were carried out in July 2016. — AP
IOL News
06-07-2025
- Politics
- IOL News
Coalition appeal: ActionSA urges DA and EFF to unite against ANC in KwaDukuza
The KwaDukuza Municipality could be governed by the DA-led coalition. Image: Facebook While the ANC is searching for a new KwaDukuza Local Municipality mayor and deputy, ActionSA is calling for united opposition to take over the running of the municipality. The party's councillor Halalalisani Ndlovu has appealed to all opposition parties, especially the EFF and the DA to set aside their differences for the best interests of KwaDukuza residents. Ndlovu said in 2021 the opposition had an opportunity to stop the ANC, however, the ideological differences between the DA and EFF helped the ANC to retain power in the municipality. 'I want to make an appeal to all the opposition parties to unite and save the people from KwaDukuza from another ANC rule. I appeal to the DA and EFF in particular to put the residents first by setting aside their political and ideological differences and form a coalition that will serve the people,' said Ndlovu. The EFF and DA are yet to respond to the unity calls. In the 59-seat council, the ANC has 29 seats while the opposition has 30. The ANC was forced to form a coalition with the African Transformation Movement, which holds one seat. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Last week, the ANC forced mayor Ali Ngidi and his deputy Njabulo Cele out of their positions following recommendations in April to investigate the pair's alleged abuse of power. Besides removing the pair from their positions, the ANC also ordered them to pay back the money they splurged on luxury vehicle hire, without council approval, since assuming office in November. The report that was presented to council in April showed that from November to February the mayor had spent R497,180,10 while his deputy had spent R527,720,13. Furthermore, the ANC ordered Ngidi to pay for fuel use of the mayoral car which was used to transport his family, particularly his children to school. Ngidi will also have to pay for the security firm that guarded his home-this was also not approved by the council. It was reported that the Durban-based security company was billing the municipality R173,000 for eight guards that were stationed at the mayor's house day and night. It is not clear for how long the company had guarded his home.
The Citizen
08-06-2025
- Business
- The Citizen
Merafong residents brace for major tariff hikes after municipal budget approval
Residents of Merafong are set to experience significant increases in municipal service charges from 1 July 2025, after the 2025/2026 municipal budget was officially approved during a Special Council Meeting on 28 May. The newly approved budget outlines steep hikes across various services: Water tariffs will rise by 15.30% Electricity tariffs will increase by 8–11%, depending on usage Sewerage services will go up by 9.5% Refuse removal will increase by 6% Sundry tariffs will also rise by 6% In addition, property rates for residents living in towns will rise by 5%, while agricultural properties and Public Service Infrastructure (PSI) will see a 3% increase. Mine property rates will rise by 4.4%. The total budgeted expenditure exceeds R2.7 billion, with the largest portion allocated to debt repayment, followed by spending on bulk purchases such as water and electricity. Employee-related costs are expected to total R466,720,835. Despite opposition from the Democratic Alliance (DA) and the Freedom Front Plus (FF Plus), the budget was passed by majority vote. These increases are likely to place additional financial strain on residents already grappling with rising living costs. The municipality has defended the hikes as necessary to ensure service delivery and cover growing operational expenses. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
New Straits Times
08-06-2025
- Business
- New Straits Times
CPO Futures likely to trade with slight downside bias next week
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with a slight downside bias next week, amid rising output and stock levels, said a trader. Palm oil trader David Ng noted that the market is currently entering a seasonally higher production period, which typically begins in April and extends through September or October -- a period during which output typically increases, leading to a corresponding rise in stock levels. "We expect the commodity to trade between RM3,720 per tonne and RM3,950 per tonne," he told Bernama. Meanwhile, Interband Group of Companies senior palm oil trader Jim Teh expects the market to experience profit-taking, with prices likely to trade between RM3,700 per tonne and RM3,800 per tonne. "Stock-wise, the market will be closely watching the Malaysian Palm Oil Board data, which is scheduled for release on June 10," he said. In terms of demand, Teh noted that physical buying is expected from China, India, Pakistan, the Middle East, the European Union countries, and little buying from the United States. "Production-wise, the good weather conditions suggest that CPO output is likely to increase," he added. On a Friday-to-Friday basis, the spot-month June 2025 contract rose RM23 to RM3,911 per tonne, while July 2025 and August 2025 added RM39 each to RM3,930 per tonne and RM3,917 per tonne, respectively. September 2025 rose RM36 to RM3,906 per tonne, October 2025 increased RM29 to RM3,899 per tonne, and November 2025 went up RM25 to RM3,899 per tonne. The weekly trading volume advanced to 290,679 lots from 281,987 lots the previous week, while open interest edged down to 241,688 contracts from 241,994 contracts. The physical CPO price for June South gained RM30 to RM3,960 per tonne. -- BERNAMA
