Latest news with #importtariffs
Auto Car
20 hours ago
- Automotive
- Auto Car
JLR's profit margins more than halved in spring as US import tariffs took their toll
JLR hiked Range Rover prices in the US to offset impact of import tariffs Close Jaguar Land Rover saw its profits knocked back by half in the three months ending June as tariffs, warranty costs and a weak dollar took their toll. The Tata Motors-owned company posted profits before tax of £351 million for the first quarter in its financial year, which runs from April to March. Its profit margin fell to 4.0%, down more than half from 8.9% from the same quarter a year before.
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf shares fall on corporate earnings; Egypt extends rally
Most major stock markets in the Gulf ended lower on Thursday, as investors weighed mixed earnings reports and the impact of higher U.S. import tariffs on a dozen of trading partners that are expected to weigh on global growth. U.S. President Donald Trump's higher tariffs kicked in on Thursday, and he also said the United States will impose a tariff of about 100% on imports of semiconductors but with some exemptions. Dubai's benchmark stock index slipped 0.4%, weighed down by declines in real estate, consumer staples and financial shares. Emaar Properties fell 1%, while its unit Emaar Development dropped 2.3%. Emaar Properties, Dubai's largest property developer, posted on Wednesday a 39.7% year-on-year rise in second-quarter net profit attributable to shareholders, but its profit dipped 9% from the previous three-month period. Saudi Arabia's benchmark stock index fell 0.2%, with most constituents posting losses. Saudi Research and Media dropped 3%, after the media firm reported a second-quarter net loss, compared to net profit a year earlier. MOBI Industry lost 7% after the fertilizer maker reported a 49.5% year-on-year decline in quarterly net profit. The Abu Dhabi benchmark index eased 0.1%, pressured by a 0.5% loss in conglomerate International Holding and a 2.9% drop in Agthia Group, which reported a net loss for the second quarter. In contrast, Burjeel Holding surged 4.8%, after posting a more than twofold jump in net profit. The Qatari benchmark index gained for a fifth day and rose 0.3% to 11,364, its highest level in more than 2-1/2 years, with most stocks in positive territory. Qatar National Bank, the region's largest lender, added 1% and Qatar Aluminum Manufacturing rose 1.7%, after reporting a 44% increase in half-year net profit. Outside the Gulf, Egypt's blue-chip index extended its rally to a sixth session, rising 0.9% to a new all-time high at 35,809 with most stocks in the green. E-Finance jumped 6.3% and Talaat Moustafa Group advanced 1.2%. SAUDI ARABIA down 0.2% to 10,930 KUWAIT up 0.5% to 9,261 QATAR rose 0.3% to 11,364 EGYPT gained 0.9% to 35,809 BAHRAIN ended flat at 1,945 OMAN up 0.8% to 4,850 ABU DHABI down 0.1% to 10,317 DUBAI lost 0.4% to 6,133 (Reporting by Md Manzer Hussain; Editing by Vijay Kishore)
Reuters
3 days ago
- Business
- Reuters
Siemens Energy targets upper end of outlook as US demand outweighs tariffs
FRANKFURT/DUESSELDORF, Aug 6 (Reuters) - Siemens Energy ( opens new tab expects to hit the upper end of its 2025 growth outlook range, it said on Wednesday, as its wind turbine division and strong demand for equipment in the U.S. have reduced the impact of import tariffs. The company, which makes around a fifth of its sales in the United States, has been insulated from the impact of President Donald Trump's import duties by its strong U.S. presence and contracts that allow costs to be passed on. Siemens Energy Chief Executive Christian Bruch said the impact of tariffs was manageable. Although duties were painful, he said, the U.S. market had performed very strongly and was critical to the company's strategy. Bruch said the tariffs had reduced profits by 100 million euros ($116 million) for the fiscal year so far, adding another mid-double-digit million euro amount would be incurred in the fourth quarter. This was mainly a result of older service contracts that make it harder to pass on price increases caused by tariffs compared with newer ones, Bruch said. "I assume that we will see figures of similar magnitude next year, but this will decline over the years because we will gradually phase out these service contracts and replace them with new ones," he told journalists. Shares in the company, which have nearly doubled since the beginning of the year, were down 0.9% at 0857 GMT, with traders pointing to profit taking following the strong run. Demand in the United States for gas turbines and power transmission equipment - two components Siemens Energy supplies - was rising, the group said, adding that it was trending towards the upper end of its annual outlook. An agreement between Brussels and Washington on tariffs struck last month, which imposes a 15% duty on most EU goods, "provides planning certainty", the company said. Siemens Energy, which last month said it had regained its ability to pay a dividend sooner than expected, forecast sales growth of 13-15% and a profit margin before special items of 4-6%, compared with estimates of 12.9% and 6% respectively in a company-provided poll. Orders grew by nearly two-thirds to 16.6 billion euros in the third quarter, beating analysts' forecast of 14.1 billion euros, and bringing the group's order backlog to a new record 136 billion euros. The performance and stock price recovery also reflects the group's emergence from a major quality crisis at its wind turbine division two years ago that forced the former Siemens AG unit to seek funding guarantees from the German government. ($1 = 0.8635 euros)
Malay Mail
3 days ago
- Business
- Malay Mail
Hit by US tariffs, Indonesia plans to sell shrimp to China instead
PANDEGLANG (Indonesia), Aug 6 — At a shrimp farm in Indonesia, more than 16,000km from Washington DC, US President Donald Trump's import tariffs have left Denny Leonardo's expansion plans in disarray. Leonardo had aimed to add about 100 new ponds this year to his 150-pond farm on the southwestern tip of Java island, but was forced to reconsider when US orders dried up in the wake of Trump's initial tariff threats in April. And while the latest 19 per cent tariff, agreed with Washington in July and due to take effect this week, is less than the initial 32 per cent, Leonardo is counting the cost to his business. Denny Leondardo, the 30-year-old owner of Ujung Kulon Sukses Makmur Abadi, a shrimp farm company, gestures during an interview with Reuters in Pandeglang, Banten province, Indonesia, July 29, 2025. — Reuters pic 'With the US pressuring Indonesia's exports, everyone is eagerly looking for new opportunities to diversify, to reduce their dependence on the US,' the 30-year-old prawn farmer said after July's announcement. The United States is the biggest market for Indonesian prawns, buying 60 per cent of the country's US$1.68 billion in shrimp exports last year. Andi Tamsil, the head of Indonesia's shrimp farmers' association, estimates the 19 per cent tariffs could see total exports plunge by 30 per cent this year compared to 2024, putting the livelihoods of one million workers at risk. Even with July's agreement, most US customers are still putting their shrimp purchases on hold, said Budhi Wibowo, who heads an association of seafood businesses. He notes the new rates put Indonesia at a disadvantage against Ecuador, the world's top producer of farmed shrimp, whose import tariff was set at 15 per cent. A worker casts a net into a pond used to raise shrimps at Ujung Kulon Sukses Makmur Abadi, a shrimp farms company in Pandeglang, Banten province, Indonesia, July 29, 2025. — Reuters pic China is the world's biggest importer of shrimp by volume, but Indonesians have preferred to sell to the US where they could get better prices, Budhi said. Before the tariffs, China typically bought only 2 per cent of Indonesia's exports of the seafood. Now the industry is having to work hard to promote its products to Chinese buyers. In June, Tamsil, of the shrimp farmers' association, travelled with a delegation of industry representatives to the southern Chinese city of Guangzhou to meet importers, restaurant owners and agri-commerce platforms. More trips are planned. A drone view shows ponds at Ujung Kulon Sukses Makmur Abadi, a shrimp farms company in Pandeglang, Banten province, Indonesia July 29, 2025. — Reuters pic 'We have a very big opportunity in China that imported around 1 million tonnes of shrimps,' Tamsil said. 'Imagine if we could take just 20 per cent of China's import market.' Budhi, of the seafood association, said Indonesia could also diversify exports to the Middle East, South Korea, Taiwan, and the European Union, especially as Jakarta is close to signing a free trade agreement with Brussels. Back on his farm, Leonardo is confident his business, which he inherited from his father, can weather the US tariff storm. But it might not expand as quickly as he once hoped. 'I am optimistic that my company could survive because there will still be supply and demand. But for growth, I am not that optimistic,' Leonardo said. — Reuters
Yahoo
3 days ago
- Business
- Yahoo
Hit by US tariffs, Indonesia plans to sell shrimp to China instead
By Ananda Teresia and Yuddy Cahya Budiman PANDEGLANG, Indonesia (Reuters) -At a shrimp farm in Indonesia, more than 16,000 km (9,942 miles) from Washington D.C., U.S. President Donald Trump's import tariffs have left Denny Leonardo's expansion plans in disarray. Leonardo had aimed to add about 100 new ponds this year to his 150-pond farm on the southwestern tip of Java island, but was forced to reconsider when U.S. orders dried up in the wake of Trump's initial tariff threats in April. And while the latest 19% tariff, agreed with Washington in July and due to take effect this week, is less than the initial 32%, Leonardo is counting the cost to his business. "With the U.S. pressuring Indonesia's exports, everyone is eagerly looking for new opportunities to diversify, to reduce their dependence on the U.S.," the 30-year-old prawn farmer said after July's announcement. The United States is the biggest market for Indonesian prawns, buying 60% of the country's $1.68 billion in shrimp exports last year. Andi Tamsil, the head of Indonesia's shrimp farmers' association, estimates the 19% tariffs could see total exports plunge by 30% this year compared to 2024, putting the livelihoods of one million workers at risk. Even with July's agreement, most U.S. customers are still putting their shrimp purchases on hold, said Budhi Wibowo, who heads an association of seafood businesses. He notes the new rates put Indonesia at a disadvantage against Ecuador, the world's top producer of farmed shrimp, whose import tariff was set at 15%. China is the world's biggest importer of shrimp by volume, but Indonesians have preferred to sell to the U.S. where they could get better prices, Budhi said. Before the tariffs, China typically bought only 2% of Indonesia's exports of the seafood. Now the industry is having to work hard to promote its products to Chinese buyers. In June, Tamsil, of the shrimp farmers' association, travelled with a delegation of industry representatives to the southern Chinese city of Guangzhou to meet importers, restaurant owners and agri-commerce platforms. More trips are planned. "We have a very big opportunity in China that imported around 1 million tonnes of shrimps," Tamsil said. "Imagine if we could take just 20% of China's import market." Budhi, of the seafood association, said Indonesia could also diversify exports to the Middle East, South Korea, Taiwan, and the European Union, especially as Jakarta is close to signing a free trade agreement with Brussels. Back on his farm, Leonardo is confident his business, which he inherited from his father, can weather the U.S. tariff storm. But it might not expand as quickly as he once hoped. "I am optimistic that my company could survive because there will still be supply and demand. But for growth, I am not that optimistic," Leonardo said. ($1 = 16,380.0000 rupiah) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
