Latest news with #R8.8bn
TimesLIVE
2 days ago
- Business
- TimesLIVE
US mulls giving millions to controversial Gaza aid foundation, sources say
The US state department is weighing giving $500m (R8.8bn) to the new foundation providing aid to war-shattered Gaza, according to two knowledgeable sources and two former US officials, a move that would involve the US more deeply in a controversial aid effort that has been beset by violence and chaos. The sources and former US officials, all of whom requested anonymity because of the sensitivity of the matter, said that money for Gaza Humanitarian Foundation (GHF) would come from the US Agency for International Development (USAID), which is being folded into the US State Department. The plan has met resistance from some US officials concerned with the deadly shootings of Palestinians near aid distribution sites and the competence of the GHF, the two sources said. The GHF, which has been fiercely criticised by humanitarian organisations, including the UN, for an alleged lack of neutrality, began distributing aid last week amid warnings that most of Gaza's 2.3-million population is at risk of famine after an 11-week Israeli aid blockade, which was lifted on May 19 when limited deliveries were allowed to resume. The foundation has seen senior personnel quit and had to pause handouts twice this week after crowds overwhelmed its distribution hubs. The state department and GHF did not immediately respond to requests for comment. Reuters has been unable to establish who is funding the GHF operations, which began in Gaza last week. The GHF uses private US security and logistics companies to transport aid into Gaza for distribution at so-called secure distribution sites. On Thursday, Reuters reported that a Chicago-based private equity firm, McNally Capital, has an 'economic interest' in the for-profit US contractor overseeing the logistics and security of GHF's aid distribution hubs in the enclave. While US President Donald Trump's administration and Israel say they don't finance the GHF operation, both have been pressing the UN and international aid groups to work with it. The US and Israel argue that aid distributed by a long-established UN aid network was diverted to Hamas. Hamas has denied that. USAID has been all but dismantled. Some 80% of its programmes have been cancelled and its staff face termination as part of Trump's drive to align US foreign policy with his 'America First' agenda. One source with knowledge of the matter and one former senior official said the proposal to give the $500m to GHF has been championed by acting deputy USAID administrator Ken Jackson, who has helped oversee the agency's dismemberment.
Yahoo
19-05-2025
- Business
- Yahoo
Rising feed costs and falling poultry prices hit Astral Foods' first-half earnings
Astral Foods has posted a decline in first-half profits as lower poultry prices and higher feed costs weighed on earnings. Despite reporting growth in revenue and volumes, the South African group said it had to subsidise poultry prices during the period to remain competitive. For the six months ended 31 March 2025, revenue rose 3.5% to R10.7bn ($593.5m), driven by increased volumes and higher selling prices in the group's feed division. However, operating profit fell by 50.7% to R271m, primarily due to margin pressure in the poultry business. Revenue from Astral Foods' poultry division inched up 1.5% to R8.8bn but the unit swung to a R26m operating loss, compared with a R284m profit a year earlier. The group attributed the downturn to a 3.1% year-on-year decline in poultry selling prices, alongside rising feed input costs and higher operating expenses. According to Gary Arnold, Astral Foods' CEO, the company 'subsidised the cost of producing chicken, as higher feed and other inflationary costs could not be passed on in selling prices due to a very competitive poultry market landscape'. In March, the company also suffered a cybersecurity breach, resulting in unauthorised access to parts of its network. Although Astral Foods said it responded 'swiftly,' the poultry division experienced around two days of downtime, disrupting processing and deliveries and leading to financial losses of around R20m. Broiler margins were described as 'extremely thin,' declining to -1.1% from 2.4% in the first half of fiscal 2024. However, broiler sales volumes rose by 4.4% to approximately 5.6 million birds per week. Looking ahead, Astral Foods warned of several challenges, including the ongoing threat of avian influenza and limited progress in approving vaccinations for breeding stock. The broader economic environment also presents headwinds, Astral Foods said. Weakening growth, reduced infrastructure investment and sluggish job creation in South Africa are expected to dampen consumer demand. Rising unemployment is further straining household spending, particularly on poultry products, the group added. On the global front, Astral Foods added uncertainties surrounding South Africa's trade benefits under the African Growth and Opportunity Act (AGOA) could disrupt export opportunities. "Rising feed costs and falling poultry prices hit Astral Foods' first-half earnings " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
