Latest news with #R78
TimesLIVE
5 days ago
- Automotive
- TimesLIVE
VW lowers earnings forecast as US vehicle tariffs hit Q2 margins
Volkswagen on Friday gave its first assessment of how US President Donald Trump's trade war with Europe is expected to impact its 2025 earnings after tariffs dealt a blow to the German auto giant's operating profit in the second quarter. Europe's biggest carmaker expects an operating return on sales in the range of 4% to 5%, compared with a previously forecast 5.5-6.5% range, the company said, giving its long awaited assessment of the impact of tariffs on its business. Full-year sales are expected to be level with the year before, versus a previously forecast rise of up to 5%. Volkswagen and its peers are pressing European trade negotiators to strike a deal to replace a 25% tariff on their cars in place since April. Volkswagen reported an operating profit of €3.8bn (R78,677,067,972) in the quarter ended June 30, down 29% on the year before, citing tariffs, restructuring costs and higher sales of lower margin all-electric models. Car sales data for June underpinned a broader slowdown in Europe's struggling auto sector, and showed Volkswagen among the laggards as the company undergoes a major overhaul to cut more than 35,000 jobs by the end of the decade.
IOL News
16-07-2025
- IOL News
Cape Town banker insists he's innocent amid R18 million cocaine bust
Senior bank manager Raed Cupido. Image: Supplied A Westridge man-turned-big-shot banker says he's not a drug dealer, but a family man, soccer coach and businessman who's being framed in a R18 million cocaine bust case. Raed Cupido, 40, was back in the Cape Town Magistrates Court on Tuesday in a bid to apply for bail after a failed attempt to have the magistrate kicked off his case. He was busted on June 10, at a storage unit in Roeland Street, where cops allegedly found 15 bricks of cocaine, an AK-47, five 9mm pistols and a stash of ammunition. The court previously heard that Cupido was pressured by a cop and former employee of alleged 28s gang boss Ralph Stanfield and his wife Nicole Johnson into saying that the drugs were theirs in exchange for his freedom. Cupido, who has been suspended from his senior marketing executive job at Standard Bank since his arrest, says he grew up in Westridge, Mitchells Plain, but built his life through hard work. The accused, who earns approximately R78 000-a-month, previously worked at British American Tobacco Group, Woolworths and Phillip Morris Group where he worked as a commercial planning and development manager and flew across the world in this job. He also owns RADC Transport, a fleet company with 17 vehicles that earns R160 000 per month, and owns properties including in Rondebosch, Claremont and Green Point, valued at over R20 million. The accused states in his application that he is a family man who is married to a conveyance attorney and have two minor children, however, since he has been in prison their family trip to France was cancelled. Cupido states he is a well-respected soccer coach within the community and due to conditions at Pollsmoor prison being overcrowded and damaging to his health, he is appealing to be released on bail. He added that he has no previous convictions, pending matters, outstanding warrants, and is not a flight risk or danger to society. Meanwhile, co-accused Christopher Carelse who was arrested on 13 July, a manager at Shell Downstream SA said he was not present at the storage unit when the alleged drugs, firearms and ammunition was found. The court documents reads: 'I deny having any knowledge or involvement in the commission of this crime. I was arrested one month after the alleged discovery was made by the police." Cape Argus
The Citizen
28-06-2025
- The Citizen
Suspect nabbed for eThekwini diesel theft
AN investigation is underway after eThekwini Municipality employees allegedly colluded with a private citizen to steal diesel, at the expense of the city and ratepayers. According to the director of the City Integrity and Investigations Directorate, Jimmy Ngcobo, the accused was posing as a municipal employee to allow him free reign over the pumps, which would eventually earn him around R78 000 a day. He allegedly did rounds everyday filling diesel at over 15 petrol stations around the city. 'The culprit had four vehicles fitted with a 750-litre fuel tank at the base of each single cab van. The diesel was stored in these tanks and resold. Each vehicle generated about R78 000 a day,' said Ngcobo. He said the accused was caught red-handed, dressed in municipal uniform, while fraudulently filling diesel at one of the petrol stations where the city's fleet refuel. The sting operation was conducted with assistance from the Metro Police and private company Reaction Unit South Africa. Also Read: eThekwini employees arrested for theft and corruption This was after the eThekwini Integrity and Investigations Directorate Unit received a tip-off from the City Fleet Directorate stating that there are municipal vehicles filling diesel more than 10 times a day. Ngcobo said a forensic investigation was launched and it found that a fuel master, belonging to the Water and Sanitation Directorate, was being used by privately owned cars. 'The fuel master being used was for a vehicle that has been stationary for a long time and is going to be disposed of. The suspect had duplicated the number plate and branding on the side of the car doors to make it look similar to other municipal cars.' He said that in this instance, municipal employees were working with external people to conduct fraud and corruption. 'The municipality has suffered a great financial loss, which is why we are calling on various stakeholders to report fraud and corruption when they see it happening,' said Ngcobo as he called for organised crime to be dealt with severely. The man was arrested and charged for fraud and corruption. He appeared in court and the matter was remanded until August. The public can report fraud and corruption by calling 0800 20 20 20 or send an email to ombuds@ For more from Berea Mail, follow us on Facebook, X and Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter – here At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
26-06-2025
- Business
- IOL News
Panelbeater becomes millionaire after winning Lotto jackpot
A second winner has come forward to claim his share of more than R78 million. Image: File A panelbeater has claimed his share of the R78 million Lotto jackpot, revealing his plans for the winnings and surreal moment he learned he had won. The second winner has won over R39 million from draw number 2551 held on June 18. He purchased his winning ticket via a banking app with a R200 wager, using the Quick Pick selection method. He said he found out he won when he received a call from his bank notifying him of his winnings. "I just found out, and it feels absolutely surreal," he said. 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 ✕ He said he played the National Lottery every week and had never won such a significant amount of money. "Although I'm a regular player, the thought of winning always sounded so far-fetched, but I had hope. Now, here I am, a multi-millionaire Lotto jackpot winner." He added: "I immediately called my wife to inform her of this stroke of luck." He shared that while he does not yet have a detailed plan for his winnings, he intended to make a significant change in his and his family's life. "I plan to invest a significant amount of the winnings and donate some to a charitable cause. I love riding my bike in my spare time; this win definitely gives me more freedom to explore my passions without limit."
IOL News
26-06-2025
- Business
- IOL News
Panelbeater becomes millionaire after winning Lotto jackpot
A second winner has come forward to claim his share of more than R78 million. Image: File A panelbeater has claimed his share of the R78 million Lotto jackpot, revealing his plans for the winnings and surreal moment he learned he had won. The second winner has won over R39 million from draw number 2551 held on June 18. He purchased his winning ticket via a banking app with a R200 wager, using the Quick Pick selection method. He said he found out he won when he received a call from his bank notifying him of his winnings. "I just found out, and it feels absolutely surreal," he said. 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 He said he played the National Lottery every week and had never won such a significant amount of money. "Although I'm a regular player, the thought of winning always sounded so far-fetched, but I had hope. Now, here I am, a multi-millionaire Lotto jackpot winner." He added: "I immediately called my wife to inform her of this stroke of luck." He shared that while he does not yet have a detailed plan for his winnings, he intended to make a significant change in his and his family's life. "I plan to invest a significant amount of the winnings and donate some to a charitable cause. I love riding my bike in my spare time; this win definitely gives me more freedom to explore my passions without limit."
