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France 24
2 days ago
- Automotive
- France 24
General Motors profits fall on tariffs
GM's results topped expectations, but shares fell as the automaker projected weaker profitability in the second half of 2025. The Detroit automaker, which has adjusted billions of dollars in investment in light of shifting US trade and environmental policies, said it benefited from continued solid pricing in its home market. Profits overall fell 35.4 percent to $1.9 billion year-on-year, with a $1.1 billion hit from tariffs accounting for much of the drop. Revenues dipped 1.8 percent to $47.1 billion, in spite of higher auto sales globally compared with the year-ago period. GM was among the carmakers that benefited from a surge in demand this spring from US consumers who wanted to beat US tariffs. GM pointed to sales growth in North America where new and revamped trucks and sport utility vehicles sold briskly. The United States imposed 25 percent tariffs on imported finished cars in early April, a move that affected major GM manufacturing operations in Mexico, Canada and South Korea. Auto companies have also been buffeted by tariffs on imported steel and aluminum and auto parts. GM reaffirmed its forecast of an overall hit of $4-$5 billion from tariffs in 2025 as it continues to import from those three countries "to avoid interruptions for our customers and dealers," Chief Financial Officer Paul Jacobson told analysts. "Over time we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourcing and production adjustments are implemented," Jacobson said. Chief Executive Mary Barra declined to predict "a worst-case" tariff scenario, but said the outcome could potentially be better than the current policies on which forecasts are based. Lower profitability expected The Detroit-based company's outlook for a weaker second half of 2025 reflects "seasonally lower" volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit, compared to just one, the company said in a slide presentation. GM expects annual operating income of between $10 billion and $12.5 billion after notching $6.5 billion in the first half of the year. GM expects to mitigate "at least" 30 percent of the tariff hit through "manufacturing adjustments, targeted cost initiatives and consistent pricing," according to a slide. In June, GM announced $4 billion over two years to expand production of plants in Michigan, Kansas and Tennessee, making use of unused capacity in its home market as President Donald Trump's tariffs penalize imports of finished vehicles. The June announcement included steps to produce in the United States Chevrolet Equinox and Chevrolet Blazer, two vehicles which are currently assembled in Mexico. GM has so far not shifted production from South Korea, home to production for the Chevrolet Trax, a popular compact SUV that is priced affordably. President Donald Trump has set an August 1 deadline to reach broad trade deals with numerous countries, including South Korea, which faces a broad-based 25 percent tariff if there is no deal. Barra told analysts the company's South Korea operation is one "we've had for a long time that's very efficient and high quality," adding that the company would avoid long-term decisions until it knows the outcome of talks between Washington and South Korea. As GM has shifted production to the United States, it has also ramped up investments in internal combustion engine vehicles (ICE) in light of slowing growth in electric vehicles. Those dynamics will be compounded by the Trump's recent legislation to phase out tax credits for EVs after September. Recent GM investments will boost GM ability to produce either EVs or ICE vehicles at plants depending on demand, Jacobson said. "That flexibility is going to be important for us as we go through the next several years," Jacobson said. Shares of GM fell 7.1 percent in morning trading.
Forbes
17-07-2025
- Business
- Forbes
Finance Has A Voice: Why CFOs Belong At The Brand Table
Andrew Collis is Chief Financial Officer at Moneypenny, a seasoned CFO who is passionate about people and technology. The expectations placed on business have changed dramatically. Authenticity, trust and transparency are expected and not optional. And with that shift comes a new challenge and opportunity for chief financial officers (CFOs): to step beyond traditional finance roles and actively help shape the identity and reputation of their organizations. The days of finance being confined to spreadsheets and quarterly forecasts are over. Today, CFOs need a seat at the brand table, not just to sign off on marketing budgets but to ensure that the financial decisions that are made across the business reflect and reinforce the company's values, vision and public promises. As leaders, we know that brand is more than marketing. It's the lived reality of how a business operates, and that includes how it allocates resources, invests in people, supports sustainability and communicates risk. As a CFO, I see the financial decisions we make as external signal markers of our identity, integrity and intent. Historically, brand was the domain of marketing and communications, the territory of logos, tone of voice and campaign messaging. But the world has changed. Today's clients, consumers and employees are deeply values-driven. They're scrutinizing every element of how businesses behave, and that includes how and where they spend their money. Take sustainability as an example. It's not enough for companies to make vague pledges or plant a tree here and there. People want to see meaningful, measurable investment. At my company, our headquarters in Wrexham were built with sustainability in mind. From solar panels to rainwater harvesting systems and EV chargers, the physical footprint of our business reflects our values. But none of that would have happened without financial leadership actively championing long-term value over short-term cost savings. Or consider the growing emphasis on employee well-being. It's easy to talk about being a people-first business, but real credibility comes when that claim is backed by financial commitment. We've invested in a world-class working environment including an on-site pub, treehouse meeting rooms and dedicated well-being spaces. This is because we believe that not only is it the right thing to do but also that happy people do better work. That belief is now part of our employer brand, attracting top people and increasing retention. Once again, finance and listening to what our people wanted in their office (our founders asked every member of the team what they would like in the office and put this into the blueprint) played a key role in turning a value into a tangible reality. Financial transparency builds trust. As companies come under increasing pressure to prove that they're doing the right thing environmentally, socially and ethically, the finance function becomes a cornerstone of brand trust. Financial transparency isn't just a regulatory requirement. It's a reputational necessity. Investors and stakeholders want to see alignment between what a business says and what it does. If you claim to care about diversity, does your recruitment and leadership support that? Ultimately, it's about putting your money where your mission is—and that starts with clear, consistent reporting. This is particularly vital when it comes to environmental, social and governance (ESG) metrics. Too many businesses still treat ESG as a bolt-on, reporting it in a separate document that never quite ties back to the core strategy. But ESG is financial and the right thing to do for our employees, customers and the environment. Whether it's the cost of carbon-saving initiatives, the return on investment (ROI) of mental health programs, organizing blood donation banks in partnership with local hospitals or the risks associated with supply chain ethics, these commitments all show up in the numbers, and they shape brand perception. Move from scorekeeper to strategic storyteller. The CFO of the past was the gatekeeper, focused on managing cost, controlling risk and ensuring compliance. But today's CFO must be a storyteller too—not in the sense of crafting slogans, but in helping to shape the narrative of the business through smart, strategic financial decisions. That means collaborating closely with marketing, operations, your people and across the whole business. It also means embracing a more proactive role in brand strategy, asking: 'Does this investment reflect who we are?' or 'Will this initiative reinforce the trust we've built with our stakeholders?' This shift is happening across industries, as businesses increasingly recognize that how they spend, invest and report is just as important as what they say. Decisions around sustainability, well-being, innovation or community support all carry a brand message, and the CFO plays a crucial role in ensuring that message is consistent, credible and financially sound. The CFO's responsibility is not just to approve budgets but to help shape the financial narrative that sits behind every major initiative. It's about ensuring capital is allocated in a way that supports long-term value creation while aligning with the expectations of investors, communities and employees alike. The brand table is expanding. Business is becoming more interconnected, and so are business functions. The brand table is where real decisions are made about the future of the company, and finance must be part of that conversation. As CFOs, we bring a unique perspective: We understand trade-offs, we forecast risk, and we drive accountability. But we also have a responsibility to ensure that the financial engine of the business is fueling a brand that people believe in: a brand that's credible, consistent and capable of earning long-term trust. It's not about changing the fundamentals of the CFO role but about recognizing its wider influence and using that to support a consistent, credible brand. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Mid East Info
17-05-2025
- Business
- Mid East Info
Dubai Government Human Resources Department and ESCP Business School Sign Strategic Partnership Agreement with Emirates NBD to build the next Generation of Emirati Financial Sector Leaders
This unique partnership brings together the expertise of the private, public and educational sectors to deliver the Chief Financial Officer Program, designed to empower Emirati finance professionals The partnership reflects the long-standing commitment of both parties to developing Emirati talent to strengthen its industry leadership pipeline, while supporting the UAE to build its increasingly global reputation as an innovative finance hub and knowledge centre Dubai, United Arab Emirates,May 2025: In the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and His Excellency Eng. Sultan bin Saeed Al Mansoori, Chairman of the Emirati Human Resources Development Council, the Dubai Government Human Resources Department and ESCP Business School – Dubai Campus, signed a Memorandum of Understanding (MoU) with Emirates NBD, the leading banking group in the Middle East, North Africa, and Turkey (MENAT) region, to launch a comprehensive program aimed at building the UAE's financial leadership pipeline. This initiative signifies the commitment of both parties in advancing Emirati talent and strengthening the UAE's position as a global financial hub. The memorandum of understanding (MoU) was signed during the Dubai Fintech Summit by Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group and His Excellency Abdulla Ali bin Zayed Al Falasi, Director General of the Dubai Government Human Resources Department. The signing of the Memorandum of Understanding was also witnessed by His Excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), and His Excellency Saeed Al Attar, Director General of the Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Their presence coincided with the celebration of the launch of a second financial initiative, the 'Dubai Financial Experts Programme,' a joint professional development program between the DIFC and the Mohammed bin Rashid Centre for Leadership Development. This program is designed to support mid-career Emirati financial professionals in their career advancement. The two new finance programs uniquely bring together the expertise of the private, public and education sectors to build a pipeline of UAE National finance leaders from the mid-managerial level up to the C-suite. Hesham Abdulla Al Qassim, Emirates NBD Vice Chairman and Managing Director, said: 'Our new CFO Program directly contributes to the UAE's strategic goals, including the Emiratisation of critical leadership roles, while strengthening our knowledge-based economy, and positioning the UAE as a global hub for finance leadership, fintech innovation and overall excellence.' Al Qassim added: 'This program builds on Emirates NBD's proven track record of Emirati talent development including our exemplary graduate programs, leadership development initiatives, and long-term partnerships with some of the world's leading tertiary institutions. We look forward to seeing this program deliver tangible outcomes for the UAE's finance sector and the broader nation.' Beyond financial sponsorship of the program, Emirates NBD will contribute capstone projects, ensuring practical relevance and real-world impact for participants. Emirates NBD will also provide invaluable professional insights and executive support, enriching the learning journey of all participants. His Excellency Abdullah Ali bin Zayed Al Falasi, Director General of Dubai Government Human Resources Department, said: 'We are extremely committed to identifying and nurturing the next generation of Emirati financial leaders. We will spearhead the selection of 30 exceptional finance professionals from across the government and private sectors to participate in this transformative program. We will collaborate closely on capstone projects to ensure they directly contribute to our national strategic priorities.' The program will be comprehensively promoted across key government and private entities, complemented by extensive outreach through Emirates NBD's digital marketing channels. Pr Bastian Dufilhol, Executive Director of ESCP Business School campus in Dubai, said: 'ESCP Business School, with its rich heritage dating back to 1819 and six campuses across Europe, is honoured to partner in this strategic initiative. We will design and deliver a transformative, five-month program in Finance, leveraging our internationally recognised faculty, cutting-edge curriculum, and immersive learning experiences, including coaching, mentoring, case studies and simulations, to empower the next generation of Emirati financial leaders. Our master's in finance has recently been ranked as the first in the world, which reflects our unwavering commitment to academic excellence and innovation in financial education. ESCP is proud to contribute to the UAE and Dubai's education strategy in this field.' About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
