Latest news with #FY2025
News18
3 days ago
- Business
- News18
As Donald Trump Doubles Steel, Aluminium Tariffs To 50%, Will India Feel The Impact?
Last Updated: India's direct exports to the US are limited, but rising global oversupply and dumping risks may bring fresh challenges for domestic steel and aluminium producers US President Donald Trump has doubled tariffs on imported steel and aluminium, and India is watching closely. The sharp hike — from 25 per cent to 50 per cent — takes effect from June 4. While aimed at protecting American industry, this move may indirectly affect Indian steelmakers, who are already dealing with rising imports, falling exports, and increasing competition globally. In FY25, India's steel imports rose by 9.2 per cent to 10.5 million tonnes, while exports fell 27 per cent to 6.3 million tonnes — making India a net importer for the second year in a row. Global oversupply concerns are now adding to the pressure. What Exactly Has Trump Announced? On May 30, speaking at US Steel's Mon Valley Works plant in Pittsburgh, Trump announced that steel tariffs would double. He later confirmed via Truth Social that aluminium tariffs would also rise to 50 per cent, with both hikes taking effect from June 4. Trump framed the move as part of his push to 'secure the steel industry" and described it as a 'BIG jolt of great news" for American metalworkers. This move is part of Trump's long-standing 'America First" policy, which aims to protect US industries from cheaper imports. Why The Move Matters Globally — And For India Since Trump returned to office in January 2025, US steel prices have already risen by 16 per cent. As of March, US domestic steel stood at $984 per metric tonne — far higher than Europe's $690 and China's $392. Although the US produces most of its own steel, it still imports from countries like Canada, Brazil, Mexico, South Korea — and to some extent, India. Now, as US import barriers go up, global suppliers may redirect their surplus steel and aluminium to other markets, including India. That could create new challenges for Indian producers. How Much Steel Does India Export To The US? While Indian officials and industry bodies had earlier suggested that India's steel exports to the US were relatively limited, fresh export data shows the exposure is more substantial than previously perceived. In FY2025 (April 2024-March 2025), India exported Rs 4,984 crore worth of iron and steel to the US, marking a 26.7 per cent year-on-year increase. Exports under 'Articles of Iron or Steel' grew to Rs 26,386 crore, up 14.1 per cent year-on-year. Combined, steel and steel products are now India's sixth largest export category to the US. Any decline in US demand due to higher tariffs could directly impact India's steel exporters, particularly if American buyers scale back purchases to avoid costlier imports. The Bigger Concern: Global Dumping Pressures India's bigger worry isn't just losing some sales to the US, but rather seeing a surge of cheaper steel in its own market. Countries like China, Brazil, and those in Europe — blocked from the US — may try to sell their excess steel elsewhere, including India. India already imposes anti-dumping duties on some steel imports from countries like China, Vietnam, Korea, and Thailand. But if large volumes are diverted into India, it could strain the domestic market further and put pressure on prices. India's Steel Industry Even before Trump's announcement, Indian steel companies were dealing with a tough market: In FY25, India became a net importer of steel for the second year in a row — imports rose 9.2 per cent to 10.5 million tonnes, while exports fell 27 per cent to 6.3 million tonnes. State-run SAIL posted an 11 per cent rise in Q4 net profit to Rs 1,251 crore. Tata Steel's Q4 profits dipped amid higher input costs. JSW Steel saw better margins aided by cost optimisation. While domestic demand remains supportive in the short term, rising global volatility, oversupply risks, and pricing pressure remain major concerns for Indian steelmakers. Aluminium: Hindalco And Novelis For aluminium, Hindalco Industries may benefit from rising US aluminium premiums but its US subsidiary, Novelis, is already facing margin pressure. Novelis has reported a $40 million quarterly EBITDA hit under the existing 25 per cent tariff. If the higher 50 per cent tariff applies fully, it could further strain Novelis' margins. The Nippon Steel Deal The tariff announcement also comes alongside a separate deal involving Japan's Nippon Steel. Trump, who had initially opposed foreign ownership of US Steel, now supports a partial ownership deal where Japanese investment would go ahead, but the US would retain control through a special 'golden share." This would give the American government the power to veto any major decisions, keeping US Steel effectively under American control. The final deal is still awaiting approval. A Throwback To Trump's 2018 Trade Wars The latest move closely mirrors Trump's 2018 protectionist push during his first term, which triggered retaliatory measures worldwide. India had then responded with counter-tariffs on selected US imports. While no retaliatory moves have been announced this time, policymakers are watching developments closely. What Lies Ahead top videos View all What happens next will depend on whether countries like Canada are exempted from these higher US tariffs, and how other major exporters respond. If trade tensions rise, it could lead to cheaper steel and aluminium flooding world markets, which may put fresh pressure on Indian producers already facing falling prices and rising imports. While India may not feel an immediate major blow, the risks of global oversupply, falling prices, and tougher competition remain very real. About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk More Watch India Pakistan Breaking News on CNN-News18. Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : donald trump Indian steel industry Location : New Delhi, India, India First Published: May 31, 2025, 15:20 IST News explainers As Donald Trump Doubles Steel, Aluminium Tariffs To 50%, Will India Feel The Impact?
Globe and Mail
4 days ago
- Business
- Globe and Mail
FingerMotion, Inc. Reports FY 2025 Financial Results
Singapore, Singapore--(Newsfile Corp. - May 30, 2025) - FingerMotion, Inc. (NASDAQ: FNGR) (the "Company" or "FingerMotion"), a mobile services, data, and technology company, is pleased to report its financial results for the fiscal year ended February 28, 2025. To review the full financial results, please view the Company's recent 10-K filing at which should be read in connection with this news release. FY 2025 Financial Summary (results expressed in US$ unless otherwise indicated): Reported annual revenue of $35.61 million which was a decrease of $0.18 million or 0.5% compared to FY 2024 (includes Telecommunications Products & Services businesses, SMS & MMS, DaGe Platform, Command & Communication, and Big Data); Reported Year over Year annual decline in Telecommunications Products & Services business revenue of $5.59 million or 17% compared to FY 2024; Reported Year over Year annual growth in SMS & MMS business revenue of $5.52 million or 206% compared to FY 2024; Reported Year over Year annual decline in Big Data revenue of $0.39 million or 118% compared to FY 2024; Reported revenue from the DaGe Platform of $0.08 million in FY 2025; Reported revenue from Command & Communication ("C2 Platform") of $0.19 million in FY 2025; Reported gross profits of $2.76 million which was a decrease of $1.10 million or 28% compared to FY 2024; Reported annual cost of revenue of $32.84 million which was an increase of $0.91 million or 3% compared to FY 2024; Reported operating expenses of $8.71 million which was an increase of $1.03 million or 13% compared to FY 2024; Reported annual net loss of $5.11 million which was an increase of $1.30 million or 34% compared to FY 2024; Basic and Diluted loss per share of $0.09; At February 28, 2025, FingerMotion had $1.13 million in cash, a working capital surplus of $6.90 million and a positive shareholders' equity of $13.66 million; At February 28, 2025, total assets were $48.82 million, total current liabilities were $35.13 million and total liabilities were $35.16 million; and 57,141,186 common shares were issued and outstanding as of February 28, 2025. Strong revenue growth year over year in the SMS & MMS business highlighted our financial performance along with the successful generation of initial revenues from our DaGe Platform and C2 Platform. "I am pleased with the performance of our SMS & MMS business in fiscal 2025 and with our diversification and collaboration efforts in other jurisdictions, which is expected to assist in the growth of our business in the future," stated Martin Shen, CEO of FingerMotion. "Our Company remains committed to its growth strategy through the introduction of new platforms such as the DaGe Platform and the development and deployment of the C2 Platform, both of which contributed to revenues in fiscal 2025 and are expected to see substantial growth over the coming quarters. The focus on platform development will allow us to expand our customer base and diversify our offerings to enhance our market penetration in the industry. I am confident that our ability to execute on our strategy and maximize our business opportunities will strengthen our Company and add value to our shareholders." General and administrative expenses decreased by $137,710 or 2% during the year which was primarily attributable to minor reclassifications made during the year to align expense recognition with the appropriate reporting periods. Marketing costs increased $136,206 or 97% resulting from the promotion of the newly launched DaGe App platform. Research and development expenses decreased by $66,792 or 10% due to savings from data access and usage fees charged by the telecommunications companies. About FingerMotion, Inc. FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. For more information on FingerMotion, visit: Safe Harbor Statement Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States securities laws. These statements relate to analysis and other information that are based on forecasts or future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". We have based these forward-looking statements on our current expectations about future events or performance. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. The forward-looking statements included in this release are made only as of the date hereof. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Report Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of any offer to buy our securities.
Newsweek
5 days ago
- Politics
- Newsweek
AOC Mocked By Trump's Border Czar After Democratic Lawmaker Was Charged
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Tom Homan, President Donald Trump's border czar, mocked Democratic Representative Alexandria Ocasio-Cortez on Wednesday in connection to the criminal charges one of Ocasio-Cortez's Democratic colleagues is facing. Ocasio-Cortez recently said there would be a "problem" if the Trump administration arrested any of her coworkers, to which Homan responded: "I'm waiting on the consequences." The Context New Jersey Representative LaMonica McIver was criminally charged in connection to a scuffle that broke out this month when she, two other House Democrats and Newark Mayor Ras Baraka were visiting an Immigration and Customs Enforcement facility in Newark, New Jersey. Two days later, Ocasio-Cortez posted a video on Instagram saying the Trump administration would face a "problem" if its officials arrested any of the House Democrats who were at the facility. McIver, Representative Bonnie Watson Coleman and Representative Rob Menendez have said they were at Delaney Hall detention center to perform their congressional oversight duties. Alina Habba, the interim U.S. Attorney for the District of New Jersey, announced criminal charges against McIver on May 19; the New Jersey Democrat is accused of attacking ICE agents, an allegation she has vehemently denied. Rep. Alexandria Ocasio-Cortez, D-N.Y., attends the House Energy and Commerce markup of the FY2025 budget resolution in Rayburn building on Tuesday, May 13, 2025. (Tom Williams/CQ Roll Call via AP Images) Rep. Alexandria Ocasio-Cortez, D-N.Y., attends the House Energy and Commerce markup of the FY2025 budget resolution in Rayburn building on Tuesday, May 13, 2025. (Tom Williams/CQ Roll Call via AP Images) What To Know Homan mocked Ocasio-Cortez in connection to McIver's charges during an interview with Fox News host Laura Ingraham on Wednesday. "Well, remember just a couple of weeks ago, AOC went on social media saying if we put a finger on any of her coworkers—congresspeople—that were at our Newark facility, there'd be consequences," Homan said, referring to Ocasio-Cortez by her popular nickname. "Well, guess what? We did it. I'm waiting on the consequences." Ocasio-Cortez accused Homan and other top Trump administration officials of violating the law in her video. "If anyone's breaking the law in this situation, it's not members of Congress, it's the Department of Homeland Security," the New York Democrat said. "It's people like Tom Homan and [Homeland Security] Secretary Kristi Noem." Ocasio-Cortez, one of the most progressive members of the House of Representatives, who the White House recently described as the "leader" of the Democratic Party, went on to accuse the Department of Homeland Security of employing "public intimidation" tactics to silence critics. "You lay a finger on someone, on Representative Bonnie Watson Coleman ... or any of the representatives that were there, you lay a finger on them, we are going to have a problem," Ocasio-Cortez said in the Instagram video. "Because the people who are breaking the law are the people not abiding by it." Ocasio-Cortez posted the video after DHS spokesperson Tricia McLaughlin suggested that Coleman, Menenedez and McIver could be arrested over the Delaney Hall visit. A little over a week after the video was posted, Habba announced the charges against McIver. Ocasio-Cortez has gone on a tear against the Trump administration since President Donald Trump took office in January. Earlier Wednesday, she renewed her longtime call to "abolish ICE," saying in a fundraising email that ICE, "an agency that was just formed in 2003 during the Patriot Act era, is a rogue agency that should not exist." The White House attacked Ocasio-Cortez over the email, slamming "the Democrat Party leader" for demanding the agency be dismantled. Ocasio-Cortez's call to abolish ICE comes after the agency recently surpassed Border Patrol in arrests amid Trump's pressure to ramp up deportations. The administration is also embroiled in court battles across the country challenging Trump's authority to deport migrants without due process—many of whom have not been convicted of crimes—and terminate the legal status of international students who protest the Israel-Hamas war in the Gaza Strip, which has killed tens of thousands of civilians. What Happens Next McIver said she intends to fight the charges against her in court. Representative Nancy Mace of South Carolina also recently filed a resolution to expel McIver from Congress, which the New Jersey Democrat later mocked on social media. This story is developing and will be updated as more information becomes available.
Yahoo
6 days ago
- Business
- Yahoo
Santa Fe County commissioners adopt $305 million interim budget
Santa Fe County commissioners voted unanimously Tuesday to approve a roughly $305 million interim budget for the upcoming fiscal year. The budget invests in county employees, said County Manager Greg Shaffer, and includes $665,644 to hire six new sheriff's deputies. After the state approves the interim budget, which is due June 1, it will come back to county commissioners, who can tweak it before voting to pass a final budget in July. The final budget will also include capital and maintenance budgets, which weren't addressed on Tuesday. Commissioners have been holding budget hearings with county departments this month, and the $305 million budget total is likely to grow. This month, Shaffer said potential rollovers from the current budget not included in the sum could total as much as $68.1 million. Commissioners are expected to take up a rollover budget adjustment resolution in September. Commissioners unanimously approved a $347 million interim budget in May 2024 for the current fiscal year. Ultimately, the budget for the 2025 fiscal year was adjusted to $355 million, county spokesperson Olivia Romo wrote in an email. In a recent interview, Shaffer said the rollover amounts make it difficult to evaluate whether the county's overall budget for the next fiscal year will be higher or lower than this year. "Due to the uncertainty of the rollover amount (described previously), we cannot provide you with a definitive percentage," Romo wrote in an email Tuesday. "After the rollover is budgeted in September, we anticipate the FY2026 operating budget (excluding transfers and capital and maintenance projects) to be 0% to 5% above the FY2025 operating budget (excluding transfers and capital and maintenance projects)." According to a county document, departments with significant budgets include the sheriff's office at $22.7 million, the County Manager's Office $34.9 million, and the Corrections Department at $28.7 million. The County Manager's Office — which includes the Finance, Human Resources, and Information Technology divisions — is responsible for preparing the budget and providing the commission with the information needed to make decisions. Commissioners approved the interim budget after about five minutes of discussion, thanking county administration for the new deputy positions. "This is a concern for all of our constituents. I think we all hear it," said Commissioner Justin Greene. The budget is also expected to include previously allocated funds for the development of a youth behavioral health services facility that will bring scattered providers under one roof. Currently, the county is identifying locations for at least a 20,000-square-foot facility with $7.3 million in dedicated funding. The interim budget includes $120,000 for trauma-informed training and planning services for county employees. "[I want] to also thank the county manager and the Community Services Department for considering the suggestion for trauma-informed training and consultation, and I think it's really going to help us," said Commissioner Lisa Cacari Stone. The proposed budget also includes funds for pay raises for both union and nonunion employees, as well as funds for collective bargaining negotiations with the Santa Fe Regional Emergency Communications Center and AFSCME 1413-M bargaining units, which represents medical employees at the jail.
Malay Mail
7 days ago
- Business
- Malay Mail
Oi Wah Achieves Net Profit of 55.9 million with Improved Net Interest Margin in FY2025
Demonstrating Financial Stability, Proposed Final Dividend of HK$0.81 cents per share, Exploring Overseas Market to Diversify Income Source HONG KONG SAR - Media OutReach Newswire - 27 May 2025 - The board of directors of(HKEx stock code: the "Group" or "Oi Wah") announced its annual results and its financial position. For the year ended 28 February 2025 ("FY2025"), the Group recorded revenue of approximately HK$164.3 million and profit attributable to shareholders of the Company of approximately HK$55.9 million. During the year, net interest margin slightly improved to 16.5%.Leveraging the strategic partnership fund established in collaboration with PACM Group (Holdings) Limited ("PACM Group"), the Group is committed to proactively expanding its presence in overseas markets, diversifying its business revenue streams, while effectively mitigating risks from geographical market the year ended 28 February 2025, the cash and cash equivalents (net of bank overdraft) amounted to approximately HK$215.7 million, representing a net increase of approximately HK$45.1 million compared to 29 February 2024. The net assets increased to approximately HK$1,108.0 million. Meanwhile, the gearing ratio decreased from 7.7% to 4.3%, reflecting the Group maintained a healthy financial position during the year, the earnings per share was HK 2.9 cents. The Board of Directors recommends a final dividend of HK 0.81 FY2025, the Group recorded interest income of the mortgage loan business of approximately HK$77.0 million. The amount of gross mortgage loan receivables was approximately HK$670.7 million as at 28 February 2025. During the year, net interest margin of the mortgage loan business is about 10.3%.During FY2025, the Group has maintained a prudent approach when granting loans, underpinned by a focus on building a resilient loan portfolio amid the uncertain environment brought about by the pandemic. We are of the view that maintaining a cautious underwriting stance and healthy loan portfolio will position the Group well for the economic recovery and eventual normalization ahead. During FY2025, the average loan-to-value ratio for first mortgage was approximately 58.2%, while average overall loan-to-value ratio for subordinate mortgage was approximately 52.8%, of which, average loan-to-value ratio of subordinate mortgage that the Group participate in was approximately 15.7%.During FY2025, the revenue from the pawn loan business increased by 9.7% to approximately HK$87.3 million, which accounted for approximately 53.1% of the Group's total revenue. The interest income of the pawn loan receivables increased by approximately 4.5% to approximately HK$76.2 million, which was mainly attributed to the increase in gold price and an active second-hand luxury market, especially for luxury watches. During FY2025, the Group continued to channel resources to advertising and promotion to enhance the Group's brand exposure. Such effort has generated demand for one-to-one pawn loan appointment services for pawn loans exceeding HK$0.1 ahead, the global economy is anticipated to continue its moderate recovery, while macroeconomic policy uncertainties are expected to persist. The Directors believe that the Hong Kong property market will experience cautious trajectory. To inject impetus into the profit growth, the Group strategically partnered with PACM Group to establish a fund which marked our entry into the real estate private credit institutional investment management sector. We will proactively explore expansion opportunities in developed markets and maintain prudent investment oversight to mitigate market risks and maximize returns for investors and order to further enhance customer experience and maintain robust operational profitability, the Group will continue to review strategic shop locations and explore potential acquisition opportunities within the established pawn businesses. These initiatives aim to strengthen our market-leading position and ensure sustainable long-term growth amid evolving industry dynamics., said, "Along with the ongoing tensions in US-China trade relations, the global economy is confronted with heightened uncertainties, exerting additional pressure on economic rebound. Consequently, the Hong Kong property market outlook remains Group remains steadfast in its commitment to seeking strategic breakthroughs amidst these adverse circumstances. In addition to focusing on the local market, we are proactively exploring overseas market development opportunities through our strategic partnership fund with PACM Group. We are committed to diversify our revenue streams and expand our customer base, with a dedicated effort to generate enhanced long-term value and returns for our shareholders."Hashtag: #OiWah #靄華 #AnnualResults #全年業績 The issuer is solely responsible for the content of this announcement. Oi Wah Pawnshop Credit Holdings Limited Oi Wah is a financing service provider in Hong Kong, mainly providing short-term secured financing, including pawn loans and mortgage loans. The Group established its first pawnshop in 1975 and currently owns 10 pawnshops and one premium service center in various locations in Hong Kong. Oi Wah diversified into mortgage loan business in 2009. The Group is the first local pawn shop which successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 12 March 2013.
