Latest news with #R21.7bn
TimesLIVE
4 days ago
- Automotive
- TimesLIVE
Toyota cuts annual profit estimate, expects $9.5bn tariff hit
Toyota Motor cut its full-year operating profit forecast by 16% on Thursday, expecting a nearly $10bn (R177.48bn) hit from US tariffs on imported cars and grappling with higher material prices and a stronger yen. The world's biggest carmaker cut its operating profit forecast for the financial year to end-March 2026 to ¥3.2 trillion (R385.18bn), down from a previous outlook of ¥3.8 trillion. Toyota said it expects the US levies to reduce its profit by ¥1.4 trillion (R168.79bn) for the entire year. It had previously estimated a hit of ¥180bn (R21.7bn) for April and May, but it had not issued a full-year projection until now. For the April to June first quarter, Toyota reported an operating profit of ¥1.17 trillion (R141bn), down from ¥1.31 trillion (R157.9bn) a year earlier, but above the ¥902bn (R108.7bn) average of seven analyst estimates compiled by LSEG. Toyota's first-quarter results highlight the pressure US import tariffs are placing on Japanese carmakers, even as a trade agreement between Tokyo and Washington offers potential relief. Under the bilateral deal agreed last month, Japanese car exports into the US would face a 15% tariff, down from levies totalling 27.5% previously. But a time frame for the change to go into effect has yet to be announced. Last week, Toyota reported record global output and sales for the first half of the year, driven by strong demand in North America, Japan and China.
TimesLIVE
10-07-2025
- Business
- TimesLIVE
Morocco to build data centre powered by renewable energy
Morocco plans to build a 500MW data centre powered by renewable energy to strengthen security of data storage, its digital transition minister said. The centre will be located in Dakhla, in Western Sahara, Amal El Fallah Seghrouchni told Reuters, without giving details on the timeline or cost. Several countries are building such centres to ensure sensitive data can be stored and processed within national borders. These centres can be owned or operated by state-owned or private companies while ensuring data remains under the legal jurisdiction of the host country. Morocco launched its first such centre at the Mohammed VI Polytechnic University. It has been offering cloud hosting services to local public and private organisations, since January. 'Through this network of data centres, the kingdom not only asserts its digital sovereignty but also its ambition to become a regional digital hub serving Africa,' Seghrouchni said. Morocco plans to invest 11bn dirhams (R21.7bn) on its digital modernisation strategy up to the end of 2026, which includes artificial intelligence and expanding fibreoptic deployment.
TimesLIVE
04-07-2025
- Business
- TimesLIVE
Gold, PGMs and citrus drive R21.7bn trade surplus
South Africa recorded a preliminary trade surplus of R21.7bn in May, driven by a rise in exports and relatively stable import levels, the South African Revenue Service (Sars) said on Friday. It said key contributors to export growth in May included gold, platinum group metals (PGMs) and citrus fruits, while imports surged due to crude oil, artificial corundum and telecommunication equipment such as smartphones. Sars said the preliminary trade balance surplus of R21.7bn May 2025 was attributable to exports of R175.7bn and imports of R154.1bn, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN). Though the trade balance remains in surplus territory the year-to-date total is slightly lower than the previous year. 'The year-to-date (January 1 to May 31 2025) preliminary trade balance surplus of R60.3bn was lower than the R63.9bn surplus for the comparable period in 2024,' said Sars.
