Latest news with #Sonova
The National
18-07-2025
- Business
- The National
Money & Me: ‘I quit a lucrative job in the merchant navy to chase my passion in sales'
Hailing from a seafaring family, Heston Saldanha joined the merchant navy in India, but found that life on the seas was not his true calling. He quit his job in 1999 and decided to pursue his passion in sales instead. 'My entire family works in the merchant navy. Coming from that industry and deciding to take up a job on land was quite challenging in terms of going against the conventional way of thinking,' he says. 'Always follow your passion. I was fortunate to pursue what I liked doing, which is meeting people and talking. Whatever I've achieved today is purely because of my own conviction and following my passion.' Mr Saldanha, who is from the Indian city of Mumbai, initially took up a corporate sales post with Hutchison Max. He moved to Dubai in 2000 working with business conglomerate Al Futtaim. 'I decided to work in Dubai for a year to make money, but there's been no looking back since,' says the 51-year-old, who is now general manager of Sonova Consumer Hearing Middle East. He worked for Al Futtaim for 10 years and then joined audio equipment manufacturer Sennheiser to set up their consumer division in 2011. After 12 years with Sennheiser, at the end of 2021, he set up the consumer business for Sonova. Mr Saldanha's academic credentials include a postgraduate diploma in management with a focus on marketing from the Narsee Monjee Institute of Management Studies and a bachelor of arts degree in psychology from St Xavier's College, Mumbai. He lives with his wife and daughter in Muraqqabat, Deira, and their two sons are studying in the US and UK. Did wealth feature in your childhood? What did you learn from it? I come from a seafaring family, so money was available and our house always had foreign goods. But one of the things that struck me at a very young age was my father's sacrifices, such as sailing for six to nine months at a stretch. This helped me learn the value of money. What was your first job and how much did it pay? When I was in college in Mumbai, my parents were quite conservative when it came to money. But I needed money to party and spend, so I took up a job with a company to sell marker pens at Nariman Point (the city's business district) and they paid good commission. I earned around 25 Indian rupees ($0.29) for every packet I sold. That was the first time I learnt to sell in a non-educated way. When you enjoy what you're doing, it brings the best out of you. Any early financial jolts? Yes, when I left the merchant navy, everyone asked me why, because it was a lucrative job. As a cadet then, I used to earn around 30,000 rupees. My mother asked me what I planned to do next and how I would take care of my life and my family in the future. It was a jolt knowing that my decision would have a financial implication, of not knowing what I'm going to do next. It was quite an awakening. How do you grow your wealth? I come from an old-school outlook on investing. I started investing in property, land and fixed deposits in India and then slowly moved to mutual funds. Are you a spender or a saver? I'm more of a wise spender and a good saver. If you spend wisely, you can save. I primarily spend on my kids. I have given them the best education and then let them take it forward. I would call it a good investment since I haven't taken any loans to educate my kids. Have you been wise with money? Yes, seeing my dad work in the merchant navy taught me to value money. I was never a materialistic person. For me, it's not about driving the best car or doing things to impress others. I'd probably like to impress myself and be appreciated by my family. What has been your best investment? Properties and land in Mumbai and Goa, since they have nearly tripled in value since purchase. Any cherished purchases? The calling of the sea is always present in my life. While I was on a holiday in Cyprus with my family, one of the things that caught my attention was a sea-facing apartment. One of the properties I bought in Goa is beautiful and offers a full sea view. That's a cherished purchase because it's a holiday home I can always visit with a friend or family to relax. How do you feel about money? As long as you have control over money, there's nothing that can go wrong. You have to learn to control money and not vice versa. I tell my kids not to look at what they can earn but how they can value that money instead. Any financial advice for your younger self? I should have adopted a more millennial way of investing, such as in stocks, probably six or seven years ago. But I have no regrets. Any key financial milestones? Having both my kids study abroad are bigger financial milestones to me than driving the best car. I can see the fruits of my labour put into their education without the help of any loans. These hold a higher value in life to me. What are your financial goals? To retire early and live off some of my investments.
Business Recorder
09-05-2025
- Business
- Business Recorder
European stocks climb on hopes of easing US-China trade tensions
European shares ticked higher on Friday, as investors bet on de-escalation in the trade war ahead of discussions between the US and China over the weekend. The pan-European STOXX 600 index rose 0.3%, as of 0708 GMT, with all regional bourses trading higher, led by a 0.5% gain in Germany's benchmark DAX index. US President Donald Trump on Thursday predicted import tariffs on Beijing of 145% would likely come down as officials from the world's top two economies gear up for negotiations in Switzerland. Washington will roll out dozens of trade deals over the next month, but a 10% tariff imposed on most countries will likely stay, US Commerce Secretary Howard Lutnick told CNBC, as the US announced a limited bilateral trade agreement with the UK. European shares slip as investors assess earnings The STOXX 600 index has climbed about 13.7% from its early April trough on hopes that the US will strike deals to avert a damaging trade war. European assets have also benefited from investment flows away from the United States. Commerzbank shares dipped 0.2%, even as the German lender's first-quarter net profit growth beat expectations. Sonova climbed 5.8% after the Swiss hearing aids maker forecast higher sales and profitability for its 2025/26 fiscal year.
Wall Street Journal
09-05-2025
- Business
- Wall Street Journal
Sonova Shares Jump on Sales Beat, CEO Change
Shares in Sonova SOON 4.42%increase; green up pointing triangle rose after the maker of hearing aids posted sales that beat market expectations and said its current chief will be replaced by the former CEO of hearing aids manufacturer WS Audiology. Shares were up 5.2% at 266.50 Swiss francs in early European trade Friday.
Reuters
09-05-2025
- Business
- Reuters
European stocks climb on hopes of easing US-China trade tensions
May 9 (Reuters) - European shares ticked higher on Friday, as investors bet on de-escalation in the trade war ahead of discussions between the U.S. and China over the weekend. The pan-European STOXX 600 index (.STOXX), opens new tab rose 0.3%, as of 0708 GMT, with all regional bourses trading higher, led by a 0.5% gain in Germany's benchmark DAX index (.GDAXI), opens new tab. U.S. President Donald Trump on Thursday predicted import tariffs on Beijing of 145% would likely come down as officials from the world's top two economies gear up for negotiations in Switzerland. Washington will roll out dozens of trade deals over the next month, but a 10% tariff imposed on most countries will likely stay, U.S. Commerce Secretary Howard Lutnick told CNBC, as the U.S. announced a limited bilateral trade agreement with the UK. The STOXX 600 index has climbed about 13.7% from its early April trough on hopes that the U.S. will strike deals to avert a damaging trade war. European assets have also benefited from investment flows away from the United States. Commerzbank shares ( opens new tab dipped 0.2%, even as the German lender's first-quarter net profit growth beat expectations. Sonova (SOON.S), opens new tab climbed 5.8% after the Swiss hearing aids maker forecast higher sales and profitability for its 2025/26 fiscal year.
Yahoo
09-05-2025
- Business
- Yahoo
Sonova forecasts higher 2025 results, announces CEO change
(Reuters) -Sonova, the world's largest maker of hearing aids, on Friday forecast higher sales and profitability for its 2025/26 fiscal year, aided by market share gains and solid business momentum. The Swiss group said it expected its operating earnings before amortisation (EBITA) to grow by 14% to 18% and sales to rise by 5% to 9% in the year through March 2026, after it reported better than expected results for the prior year. The outlook assumes no significant additional tariffs beyond those already known, Sonova said. Both metrics are given in constant exchange rates and normalised for special items, but include restructuring costs. "We are entering the new financial year from a position of strength," CEO Arnd Kaldowski said in a statement. As tech-driven competition intensifies in the hearing aid sector, Sonova's strong annual performance demonstrates market share gains that were bolstered by the rollout of its new product platform in August. Sonova's hearing aid business could also face smaller financial impact from U.S. import duties than many other sectors, as its products are crucial in addressing hearing loss, which may support demand despite extra costs. However, overall market uncertainty may slow patient inflows in the short term, Vontobel analysts wrote ahead of the results. In the fiscal 2024/25, Sonova's sales rose 6.6% in constant currency to 3.87 billion Swiss francs ($4.66 billion), beating analysts' estimate of 3.84 billion francs. Its adjusted EBITA grew 4.7% to 807.8 million francs, versus a consensus of 804.9 million francs. It also said that Kaldowski, who has served as Sonova's CEO for nearly eight years, would step down in September due to personal reasons. Sonova's board has appointed Eric Bernard, a former CEO of hearing care company WS Audiology, as its new chief executive starting from October. ($1 = 0.8310 Swiss francs)
