Latest news with #VT
The Citizen
4 days ago
- Business
- The Citizen
Barloworld extends investigation into Russian subsidiary
Around potential export control violations. Vostochnaya Technica's operations have been 'significantly reduced by sanctions and the prolonged geopolitical environment', largely because its market in the area 'has shrunk'. Picture: iStock An independent investigation into potential export control violations by JSE-listed Barloworld related to sales of certain goods to its Russian subsidiary Vostochnaya Technica (VT) has been further extended to September 2025. The investigation was launched in 2024, with Barloworld informing shareholders that it submitted an initial notification of voluntary self-disclosure to a US Commerce Department agency, the Bureau of Industry and Security (BIS), on 5 September 2024 regarding the potential export control violations the company was investigating. Barloworld Group CEO Dominic Sewela said on Monday the company was disappointed to learn last year of the potential export control breach in its VT division and the investigation is ongoing. 'As announced this morning [Monday], BIS has granted a further extension from 2 June to 2 September, and we will keep you updated as we progress with that investigation.' ALSO READ: 'Complex' investigation Barloworld head of legal Sandile Langa said the extension is purely a function of the complexity of the investigation. Langa said the investigation is being conducted by an independent forensic firm, which is working under the guidance of US legal counsel that had requested the company apply for the further extension on the basis of where 'we are in the progress of the investigation'. 'You must appreciate that the US authorities are not likely to have agreed to this further extension unless they were satisfied that the company was taking all the correct steps in the investigation,' he said. Langa's comments were made during a briefing on Barloworld's interim financial results for the six months to 31 March 2025. Barloworld is still the subject of a proposed buyout by a consortium led by Saudi Arabia's Zahid Group, which if successful will result in Barloworld delisting from the JSE. Sewela said Barloworld's VT business has been significantly reduced by sanctions and the prolonged geopolitical environment, largely because the addressable market has shrunk in that area. 'At the current rate, we expect our operations in VT to trade towards break-even levels and to remain self-sufficient.' Sewela said VT is close to break-even but the business is basically selling parts, which are not impacted by export control, and therefore the discipline is that you are able to sell these parts. He said Barloworld is embarking on initiatives to try and make sure it does not lose its people in VT but stressed 'it is difficult to sell labour in a smaller addressable market'. 'Therefore, I'm not saying we will always remain profitable and hence we are giving guidance that as soon as we dip below that level, we will unfortunately be forced to take people out [of the business]. 'The business is self-sufficient in terms of funding and there is more cash in that business than I would like us to have given – you can't take the cash out,' he said. ALSO READ: Questions over new Barloworld's strategy Interim results Barloworld on Monday reported that group revenue declined by 5.8% to R18.1 billion in the six months to 31 March 2025, driven by a 36.8% decrease in revenue at VT and a 6% decline in Barloworld Equipment Southern Africa. Operating profit from core trading activities improved by 1.3% to R1.48 billion from R1.46 billion, with the group operating margin deteriorating to 8.8% from 9.7%. Excluding VT, the operating margin expanded by 0.3% to 8.8% from 8.5%. Headline earnings per share slumped by 20.5% to 423 cents from 532 cents, largely because of the expected decrease in VT's trading activities from the impact of continuing sanctions in Russia. Normalised headline earnings per share, which excludes VT, remained flat at 356 cents. An interim dividend per share of 120 cents was declared, which is 42.8% lower than the interim dividend of 210 cents declared in the previous corresponding period. ALSO READ: Barloworld CEO accused of conflict in potential buyout by Saudi-led consortium Operating environment Sewela said 2025 has been typified by volatility, uncertainty, complexity and ambiguity, with the world changing faster than ever in terms of economic shifts, global politics and climate changes. 'In such a dynamic environment, businesses such as ours, especially those in cyclical industries, need to look beyond short-term gains and prepare for long term resilient strategies,' he said. Sewela said the trading conditions Barloworld operated in during the period were indicative of the market entering a lower cycle where commodity prices are subdued. He said Barloworld's Southern African mining clients remain cautious about investment and are preferring to rent equipment from the group than to buy while the recovery in the construction sector is still in progress. Sewela added that in Zambia, the copper mines in particular, have been spared by favourable copper prices. He said Barloworld's equipment business in Mongolia continued to grow but at a slower pace. Sewela said the 2024 optimisation actions at Ingrain are yielding the desired benefits, resulting in a lower fixed cost base and improved operating efficiencies. He said Ingrain generated stable revenue, with lower overall volumes offset by inflationary price increases. Turning to the outlook for the group, Sewela said the future effects of tariffs on Barloworld's business remain uncertain and the group is actively assessing the medium to long term implications of these tariffs. 'That said, we have consistently demonstrated our ability to successfully navigate volatility in the past by leveraging our key endowments and having a firm grip on what we can control,' he said. ALSO READ: Now labour dept questions employment equity at Truworths, TFG and Barloworld Buyout update The initial buyout offer by the Newco via a scheme of arrangement was overwhelmingly rejected at a general meeting in February this year, triggering a standby offer that, among other things, is subject to at least 90% of eligible shareholders accepting the offer. However, Newco has the right to waive the 90% threshold and proceed to acquire less shares from shareholders who have accepted the standby offer, with any decision on the waiving of the threshold extended and now expected by no later than 30 June 2025. The Public Investment Corporation, which owns 22% of Barloworld's ordinary shares, in April this year announced that it had accepted the standby offer. This article was republished from Moneyweb. Read the original here.
Yahoo
5 days ago
- Yahoo
North Adams resident charged with DUI in Vermont following U-Haul crash
WHITINGHAM, VT. (WWLP) – A North Adams resident was arrested and charged with driving under the influence following a U-Haul accident in Vermont. Massachusetts man arrested after driving 120MPH on Route 16 in New Hampshire Vermont State Police stated in a press release that at approximately 7:59 p.m. on Sunday, troopers were alerted to a U-Haul off the roadway in Whitingham. Officers arrived in the area and found the operator of the vehicle, identified as 30-year-old Lindsee Delano of North Adams, with injuries sustained from the accident. Delano was brought to Southwestern Vermont Medical Center to be treated. State Police said that upon further investigation of the incident, troopers discovered that Delano was intoxicated while operating the U-Haul. Delano was arrested and charged with DUI, and is scheduled to appear at Vermont Superior Court – Windham Criminal Division on June 22. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
IOL News
5 days ago
- Business
- IOL News
Barloworld's interim earnings drop amid onging Zahid Group takeover attempt
A 550 kVA Cat C15 diesel generator set being assembled at Barloworld Power's Boksburg facility. The group is experiencing tough trading conditions in line with macro-economic volatility in the markets where it operates, especially in its Russia business, where sales has decline due to the impact of sanction. Image: Supplied Barloworld, still the subject of a controversial takeover bid by Saudi Arabia-based Zahid Group and CEO Dominic Sewela, nearly halved its interim dividend to 120 cent a share (210 cents per share). This followed a 20.5% decline in headline earnings per share (HEPS) to 423.2 cents for the six months to March 31, with the results impacted by a weak performance in the Russia business due to the impact of sanctions in that country. Many JSE listed companies exited their businesses in Russia after the onset of the war in Ukraine, but Barloworld opted to retain Vostochnaya Technica (VT). Excluding VT, normalised HEPS was flat at 356 cents per share. Sewela said trading conditions were broadly aligned with their expectations of stable to modest economic growth, guarded optimism, moderated by cyclicality and subdued commodity markets. "Barloworld has shown remarkable resilience, especially excluding the VT results. The positive impact of the restructuring of Ingrain in 2024 is especially evident. We continue to navigate the evolving environment by pulling the levers within our control,' said Sewela in a statement. Regarding the Zahid takeover bid that was initially rejected by shareholders, an announcement about the requisite 90% acceptances from shareholders to be received in terms of a standby offer, or whether the bidding company wishes to waive the threshold, was expected to be made by June 30, 2025. Group revenue fell by 5.8% to R18.1 billion, weighed down by a significant reduction in VT revenue. 'The board remains vigilant in overseeing the investment in VT and will conclude and communicate an official strategy in due course,' the board said in the results.. Earnings before interest, tax, depreciation and amortisation (EBIDA) fell by 9.1% to R2.2bn. Excluding VT revenue EBITDA increased by 3%. The EBITDA margin fell to 12.4% from 12.9%. Excluding VT, EBITDA margin expanded from 11.9% to 12.5%. The group invested in working capital to support growth objectives and used free cash flow to reduce floor plans, which were more expensive than its available facilities. As a result, net debt increased by R1.6bn to R4.8bn. Net asset value per share increased to 9 235 cents from 9 111 cents. Solvency and liquidity remained strong. On the outlook, Sewela said that since the end of the first quarter, financial markets and commodities were very volatile, rapidly reacting to developments regarding US tariffs and associated uncertainties. 'In such an unpredictable environment, effective risk management and scenario planning are crucial, especially for complex supply chains as well as the fragile geopolitical state of affairs.' The board said several major South African mining corporations reported that, despite prevailing market turbulence, primary commodity trade routes were largely unaffected due to the exclusion of platinum group metals, coal, gold, manganese and chrome from tariff implications. 'We continue to assess the potential impact of tariffs on our iron ore, steel, and diamond customers.' Some reorientation and dislocation of physical trade flows was anticipated in the near future, which could present both opportunities and challenges for Barlworld's customers. 'The potential consequences of slower economic growth and a fragmented trading environment may be more significant. The future effects of tariffs on our business remains uncertain, and we are mapping out the medium- to long-term ramifications for our business,' the board said. The US Department of Commerce's Bureau of Industry and Security (BIS) had extended a deadline to September 2 for Barloworld to complete an investigation on potential export violations. VT's EBITDA fell 68.1% to R133 million. Operating profit of R104m decreased by 73.1% compared to the prior period. VT was expected to trade at breakeven levels as the structure was optimised for lower activity levels. VT was self-sufficient in terms of its funding requirements. EBITDA for Equipment Southern Africa fell 1.9% to R1.3bn. Operating profit declined 15.1% - the margin reduction resulted mainly from changes in the sales mix, from lower aftermarket activity.
Scottish Sun
7 days ago
- Entertainment
- Scottish Sun
Britain's Got Talent fix row erupts as magic act is called ‘biggest set up ever' after live marriage proposal
A random audience member was chosen, but her boyfriend appeared in a pre-recorded VT MATCH MADE Britain's Got Talent fix row erupts as magic act is called 'biggest set up ever' after live marriage proposal Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITAIN'S Got Talent has erupted in another fix row as a magic act is called 'biggest set up ever.' The ITV judges were completely amazed as the magician, Harry Moulding took to the stage. Sign up for the Entertainment newsletter Sign up 8 Magician Harry Moulding was chosen as KSI's Golden Buzzer act Credit: ITV 8 His performance culminated in a proposal on the BGT stage Credit: ITV 8 Although the judges were on their feet, other viewers were not impressed Credit: ITV KSI was brought in as an extra judge alongside Simon Cowell, Bruno Tonioli, Alesha Dixon, and Amanda Holden. He was given the power to press the infamous golden buzzer and send one act straight through to the Britain's Got Talent grand final. At the start of the act Harry claimed that he was "going to create a special moment of real magic for one person" in the audience. The magic act was full of incredible tricks which involved pop star references and predictions before the live show. Harry proved himself to be quite the matchmaker as one contributor - who was also named Harry - appeared in his prediction VT that was filmed in Paris that formed part of his act. His girlfriend Jess was sat in the audience and she was 'randomly' chosen to join the magician on-stage to play the pre-recorded video. Her partner then appeared on the stage in the Hammersmith auditorium when he chose to get down on one knee. The contributor popped the question to his girlfriend as he asked her to marry him live on the telly. Jess was left in tears as she said 'yes', leaving the judges and the presenters on their feet. After Harry's act culminated in the dramatic proposal, KSI decided to press the central button on the judges desk. Britain's Got Talent fans left fuming as Golden Buzzer twist is revealed When the judges had their say after the celebrations, Simon issued a notice to the other acts who have made it, as he called Harry the 'front-runner'. However, viewers were not so impressed, as they took to social media in droves claiming the act was completely 'set up'. Writing on X - formerly known as Twitter - one fan wrote: "What the f*** do they expect him to do for the final now?? Biggest fix ever, magic my bloody a***." A second claimed: "Utterly rigged and the trick itself was too grand and ridiculous it shouldn't even be called magic. I know exactly how he did it, it was rigged." Britain's Got Talent's biggest 'fix' rows Britain's Got Talent has been plagued with 'fix' rows over the years. How many of these do you remember? Jasmine Elcock - 2016: Teenage singer Jasmine Elcock stunned the nation with her version of Cher's Believe. But it then transpired she had already performed professionally in London's West End. Jasmine, 14, admitted: "I've performed in Annie in the West End at about the age of nine or 10, but I really get nervous." IrShad Shaikh - 2017: BGT fans were left questioning the rule book when IrShad Shaikh auditioned. He got four red buzzers from the judges, which would usually mean an instant dismissal. Yet in a strange turn of events, they let him continue with his put him through to the next round. Colin Thackery - 2019: Elderly war veteran Colin won BGT in 2019, but there was an outcry over the final. He warbled his place to win with a version of We'll Meet Again but fans were furious that escapologist Jonathan Goodwin didn't even rank in the top three. Viewers felt Jonathan - who almost suffocated while being buried alive in a gravel pit - should have won. Axel Blake - 2022: Comedian Axel Blake was given a Golden Buzzer in 2022 after making the judges laugh. But fans were fuming when they discovered Axel already had a show on worldwide streaming platform Amazon Prime. Despite this, Axel still went on to win the series. Taryn Charles - 2024: Singer Taryn Charles is one of this year's hopefuls lucky enough to receive the Golden Buzzer. Bruno Tonilio put her straight through to the semi-finals following her performance of (You Make Me Feel Like) A Natural Woman by Aretha Franklin, but it has now come to light that she is no stranger to TV. Viewers recognised Taryn from an episode of ITV1's Starstruck, where she impersonated Whitney Houston for judges Olly Murs, Sheridan Smith, Adam Lambert and Beverley Knight. "Cowell said this boring idiot is the frontrunner - so if he wins (despite everyone watching losing the will to live) you'll know that this trashy, s***** programme is fixed," fumed a third fan. As someone else stated: "That was either an amazing magic trick or there was some absolute collusion going on there. Decent act but had to have been set up somehow." And a fifth added: "That wasn't magic, it was obviously set up. He doesn't deserve the golden buzzer!" 8 Harry invited a random audience member named Jess on stage Credit: ITV 8 Her partner Harry appeared in a pre-recorded VT in Paris Credit: ITV 8 The boyfriend then appeared on stage where he got down on one knee Credit: ITV 8 She was left in tears as she agreed to marry her partner Credit: ITV 8 However, viewers were not as impressed as the judges as they slammed the act as being 'set-up' Credit: ITV Britain's Got Talent continues on ITV1 and is available to watch on ITVX.
The Irish Sun
7 days ago
- Entertainment
- The Irish Sun
Britain's Got Talent fix row erupts as magic act is called ‘biggest set up ever' after live marriage proposal
BRITAIN'S Got Talent has erupted in another fix row as a magic act is called 'biggest set up ever.' The ITV judges were completely amazed as the magician, Harry Moulding took to the stage. 8 Magician Harry Moulding was chosen as KSI's Golden Buzzer act Credit: ITV 8 His performance culminated in a proposal on the BGT stage Credit: ITV 8 Although the judges were on their feet, other viewers were not impressed Credit: ITV He was given the power to press the infamous golden buzzer and send one act straight through to the Britain's Got Talent grand final. At the start of the act Harry claimed that he was "going to create a special moment of real magic for one person" in the audience. The magic act was full of incredible tricks which involved pop star references and predictions before the live show. READ MORE ON BGT Harry proved himself to be quite the matchmaker as one contributor - who was also named Harry - appeared in his prediction VT that was filmed in Paris that formed part of his act. His girlfriend Jess was sat in the audience and she was 'randomly' chosen to join the magician on-stage to play the pre-recorded video. Her partner then appeared on the stage in the Hammersmith auditorium when he chose to get down on one knee. The contributor popped the question to his girlfriend as he asked her to marry him live on the telly. Most read in TV Jess was left in tears as she said 'yes', leaving the judges and the presenters on their feet. After Harry's act culminated in the dramatic proposal, KSI decided to press the central button on the judges desk. Britain's Got Talent fans left fuming as Golden Buzzer twist is revealed When the judges had their say after the celebrations, Simon issued a notice to the other acts who have made it, as he called Harry the 'front-runner'. However, viewers were not so impressed, as they took to social media in droves claiming the act was completely 'set up'. Writing on X - formerly known as Twitter - one fan wrote: "What the f*** do they expect him to do for the final now?? Biggest fix ever, magic my bloody a***." A second claimed: "Utterly rigged and the trick itself was too grand and ridiculous it shouldn't even be called magic. I know exactly how he did it, it was rigged." Britain's Got Talent's biggest 'fix' rows Britain's Got Talent has been plagued with 'fix' rows over the years. How many of these do you remember? Jasmine Elcock - 2016: Teenage singer Jasmine Elcock stunned the nation with her version of Cher's Believe. But it then transpired she had already performed professionally in London's West End. Jasmine, 14, admitted: "I've performed in Annie in the West End at about the age of nine or 10, but I really get nervous." IrShad Shaikh - 2017: BGT fans were left questioning the rule book when IrShad Shaikh auditioned. Colin Thackery - 2019: Elderly war veteran Colin won BGT in 2019, but Axel Blake - 2022: Comedian Axel Blake was given a Golden Buzzer in 2022 after making the judges laugh. But fans were fuming when they discovered Singer Taryn Charles is one of this year's hopefuls lucky enough to receive the Golden Buzzer. Bruno Tonilio put her straight through to the semi-finals following her performance of (You Make Me Feel Like) A Natural Woman by "Cowell said this boring idiot is the frontrunner - so if he wins (despite everyone watching losing the will to live) you'll know that this trashy, s***** programme is fixed," fumed a third fan. As someone else stated: "That was either an amazing magic trick or there was some absolute collusion going on there. Decent act but had to have been set up somehow." And a fifth added: "That wasn't magic, it was obviously set up. He doesn't deserve the golden buzzer!" 8 Harry invited a random audience member named Jess on stage Credit: ITV 8 Her partner Harry appeared in a pre-recorded VT in Paris Credit: ITV 8 The boyfriend then appeared on stage where he got down on one knee Credit: ITV 8 She was left in tears as she agreed to marry her partner Credit: ITV 8 However, viewers were not as impressed as the judges as they slammed the act as being 'set-up' Credit: ITV Britain's Got Talent continues on ITV1 and is available to watch on ITVX .
