Latest news with #R33
TimesLIVE
7 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".
IOL News
2 days ago
- Politics
- IOL News
Transforming KwaZulu-Natal: MEC Sibuniso Duma's achievements in housing and transport
MEC Siboniso Duma looks back on his 400 days in office, heading the Human settlements and Transport portfolio in KZN Image: Supplied Transport and Human Settlements MEC Siboniso Duma characterised his first 400 days in office as a significant leap forward, which aligned with the key implementation of the Freedom Charter's principles. Speaking to the Daily News yesterday, Duma reflected on the collaborative efforts with traditional leadership, successful housing initiatives, and ongoing challenges within his departments. One of the crowning achievements Duma noted was the strengthened relationships with traditional leaders across KwaZulu-Natal, which came about through frequent engagements that ensured local support for government projects aimed at disaster responses. 'The Amakhosi have agreed to make land available for our responses to disasters,' Duma stated, which pointed to an important collaboration for future endeavours. Duma revealed that the Human Settlements department fully subsidised 7,976 homes, which positively impacted communities and ensured that over 900 building sites were established for public use. 'We built 5,030 houses for rural residents and provided homes for 464 vulnerable individuals, while also registering 1,638 title deeds for community members,' he added proudly. 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 Among the department's highlights, Duma lauded the acquisition of Montclair Lodge from Transnet for R33 million. This facility, which was set to be repurposed into government-owned transitional emergency accommodation for flood victims, featuring 268 rooms and a capacity for 600 individuals. The lodge was anticipated to house flood victims, from December 2025 or January 2026, which would provide a strategic response to seasonal flooding threats. 'This historic milestone will greatly reduce reliance on private facilities for emergency accommodations,' Duma explained, expressing optimism for the future. On the transport front, Duma announced a landmark investment of over R13 billion for developing the province's infrastructure, enhancing public transportation, and enforcing road safety in the upcoming financial year. This investment was not about roads only; but was a crucial portion of the government's broader plan to tackle poverty and inequality. However, Duma mentioned that a harsh reality was the department's budget constraints. Despite a monthly requirement of R1.1 billion to pay service providers, the department recently received only R800 million and, in the previous month, R560 million. 'This means our vision for a 30-day payment turnaround will be compromised,' he lamented, promising to engage with Provincial Treasury for a resolution. Seeking to stimulate local economies while addressing the needs of residents, Duma expressed his commitment to tackling delays in housing construction. 'We've reduced blocked housing projects from 68 to 15,' he said, while also addressing persistent local opposition to new development initiatives. 'There is a need for community understanding; the Not in My Backyard syndrome continues to hinder progress.' Despite these challenges, Duma emphasised the importance of partnership with religious and traditional leaders to create inclusive conversations around government programmes. Through prayer days and various forums, he aimed to empower communities to monitor the effectiveness of resources directed to them. 'We have noted the need to join hands; while we invest heavily in infrastructure and service delivery, engagement with the community is vital to ensure these resources reach those in need,' he concluded. DAILY NEWS
The Citizen
5 days ago
- Business
- The Citizen
SA sees ‘dramatic' increase in munition exports in last three months — here is where they went
The committee approved 283 export permits for munitions, valued at just under R5 billion. The South African defence industry continues to grow along with the demand for products produced in the country. On Friday, the National Conventional Arms Control Committee (NCACC) briefed the Joint Standing Committee on Defence on the 2025 first and second quarter reports. The current committee, headed by Minister in the Presidency, Khumbudzo Ntshavheni, was appointed by President Cyril Ramaphosa in October last year. The committee, comprising 11 ministers and deputy ministers, will serve a five-year term. According to Deputy Minister of Justice and Constitutional Development and NCACC Deputy Chairperson Andries Nel, the committee has held nine meetings since then. It has issued 129 registration permits, nine marketing permits, and 138 contracting permits, valued at R33 billion. Munition permits The committee has issued 461 conventional munition export permits, valued at R5.8 billion, and 149 permits for the export of dual-use items, valued at R466 million. 'The committee is fully functional and seized with discharging its duties in terms of the Conventional Arms Control Act. This does not mean there are no challenges. The committee is attempting to address these challenges through developing a standard operating procedure to guide its work and modernising and digitising the processing of applications,' said Nel. ALSO READ: Reserve Force members allegedly defraud cash-strapped SANDF of R1.1 million Between January 2025 and June 2025, the committee approved 90 registration certificates and one marketing [the promotion of conventional arms and any negotiation of a tender, advertising, shows, exhibitions or giving of information relating to conventional arms]. It approved 85 contracting permits valued at R17.2 billion. The committee approved 283 export permits for munitions, valued at just under R5 billion. According to Nel, 79 permits for the export of dual-use items [products, technology, services and other goods which, besides their normal use and application for civilian purposes, can also be used for the furtherance of general military capability] were approved, valued at R287 million. Nel said 165 import permits were approved, valued at R156 million. 'The committee's work is accelerating. During the second quarter, 56 companies were registered, compared to 34 during the first quarter,' he said. 'The value of contracting permits approved was R9.3 billion during the second quarter. This is compared to R7.9 billion during the first quarter. ALSO READ: Motshekga dismisses allegations of 'rampant ill-discipline' in SANDF 'The most dramatic increase was the export of munitions. During the second quarter, this stood at R4.9 billion compared to R907 million during the first quarter.' Exports of arms The industry continues to export arms to different regions, with Europe being the biggest importer of South African-produced munitions. Between January 2025 and March 2025, Europe imported the biggest share of South African-produced munitions, at 59%. This was followed by the Middle East at 30% and Australasia at 11%. ALSO READ: Why South Africa can't defend itself anymore During the same period, the Americas were the largest importers of South African-produced dual-use goods and technologies, accounting for 65%. This was followed by the Middle East at 15%, Europe at 14% and Africa at 5%. Between April 2025 and June 2025, Europe remained the largest importer of munitions, accounting for 52%. This was followed by Africa, which recorded the highest increase, at 35%, from 1% in the previous quarter, and the Americas at 7%. The largest importer of dual-use goods and technologies during this quarter was Africa, accounting for 54%. This was followed by the Americas, with 36%, and the Middle East, with 6%. 'The industry we are regulating makes a considerable contribution to economic growth, development, and the retention of skills and innovation,' said Nel. READ NEXT: SA's military proves resilience despite the odds
The Star
6 days ago
- Sport
- The Star
What are Orlando Pirates not saying about Relebohile Mofokeng?
As the rumours continue to swirl about the future of star Orlando Pirates striker Relebohile Mofokeng, it's worth taking a closer look at the statement from the club on the player. Pirates were quick to rubbish reports on July 16 that PSV had made an offer of R120m for the 20-year-old. According to Mofokeng's market value is around R33 million. In a 178-word statement on its website, Pirates went on the offensive to say no such offer had been received by the club. It ended the statement with the line: 'We call upon all media outlets to refrain from publishing unverified reports that seek to create instability for the sake of clicks.' What was revealing about the statement though, is that nowhere did it say something to dispel rumours that Mofokeng may in fact be leaving the club. Instead, it targeted the publication for publishing the story and the amount in question. Surely if the club wanted to stamp out rumours about Mofokeng, it would add that Mofokeng is committed to his future at the club?
IOL News
23-07-2025
- Sport
- IOL News
What are Orlando Pirates not saying about Relebohile Mofokeng?
Orlando Pirates have denied reports of a R120 million offer from PSV for striker Relebohile Mofokeng, but their statement did not address his future at the club, leaving uncertainty about his potential departure. Picture: Itumeleng English/Independent Media Image: Itumeleng English/Independent Media As the rumours continue to swirl about the future of star Orlando Pirates striker Relebohile Mofokeng, it's worth taking a closer look at the statement from the club on the player. Pirates were quick to rubbish reports on July 16 that PSV had made an offer of R120m for the 20-year-old. According to Mofokeng's market value is around R33 million. In a 178-word statement on its website, Pirates went on the offensive to say no such offer had been received by the club. 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 Statement Addresses Media Reports Without Dispelling Rumours About Mofokeng's Future It ended the statement with the line: 'We call upon all media outlets to refrain from publishing unverified reports that seek to create instability for the sake of clicks.' What was revealing about the statement though, is that nowhere did it say something to dispel rumours that Mofokeng may in fact be leaving the club. Instead, it targeted the publication for publishing the story and the amount in question. Surely if the club wanted to stamp out rumours about Mofokeng, it would add that Mofokeng is committed to his future at the club? Pirates' Silence on Player Rumours: Monnapule Saleng's Absence and Mofokeng's Future Uncertain It's not the first time Pirates have done little to prevent rumours starting about their players. For over six months, there was no word on Monnapule Saleng. The star player was inexplicably absent from the Pirates team since December 7. There had even been rumours that Saleng might join rivals Kaizer Chiefs at one point, and yet Pirates did not address such reports. Only when he was loaned out to Orbit College earlier this month did the public get any clarification on his future. As for Mofokeng, whether he continues to ply his trade for Pirates remains to be seen; all we know is how much money hasn't been offered for the young talent. @Michael_Sherman IOL Sport
