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Jeep owner Stellantis says has turned corner
Jeep owner Stellantis says has turned corner

Yahoo

time17 hours ago

  • Automotive
  • Yahoo

Jeep owner Stellantis says has turned corner

Jeep owner Stellantis said Tuesday it sees sales revenue and profitability rebounding in the second half of the year despite taking a 1.5-billion-euro ($1.7-billion) hit from US tariffs. The 15-brand group that also includes Peugeot, Citroen and Fiat, confirmed the preliminary announcement it made last week of a 2.3-billion-euro net loss in the first half of the year, as sales in North America continued to slump on an annual comparison. But Stellantis's new chief executive, Antonio Filosa, said the automaker is beginning to see "gradual improvement" in sales volumes and revenues on a sequential basis "despite intensifying external headwinds". Like some of its rivals, Stellantis had suspended financial guidance due to the uncertainty surrounding US tariffs and regulatory changes, but it said it now sees an increase in revenues in the second half of the year as well as operating profit margin in the low single digits. Under former chief executive Carlos Tavares the company had long targeted a double-digit margin, but it fell to just 0.7 percent. Stellantis also put a figure on the impact of the 25 percent US tariffs on auto imports: 1.5 billion euros for 2025 overall, of which 300 million euros was incurred in the first half of the year. Part of the turnaround was taking a 3.3-billion-euro charge, which Stellantis announced last week, which took into account the costs to adapting to new US regulations. Trump's massive tax and spending legislation, approved earlier this month, removed the penalties for not respecting the so-called CAFE fuel economy targets, meaning automakers can produce and sell more higher polluting cars in the United States. This is allowing Stellantis to bring back a number of models, including pickup trucks and muscle cars, that had been phased out because of their internal combustion engines to meet fuel efficiency targets and pollution limits. Stellantis said this and a "product wave" of 10 new models this year would support future performance. Company veteran Filosa took over as chief executive in June, half a year after Tavares left, in large part to haemorrhaging sales in North America. Filosa has shook up the company's management team and moved swiftly to jettison two billion euros of programmes considered as having poor prospects to quickly turn a profit, such as hydrogen fuel cell vehicles. Stellantis shares slumped 3.7 percent in trading on the Paris stock exchange, which was up 0.5 percent overall. Stellantis shares have lost around 37 percent since the start of the year and 70 percent from their peak early last year. tsz/rl/yad Sign in to access your portfolio

Philips Soars After Lifting Margin Outlook on Softer Tariff Hit
Philips Soars After Lifting Margin Outlook on Softer Tariff Hit

Yahoo

time17 hours ago

  • Business
  • Yahoo

Philips Soars After Lifting Margin Outlook on Softer Tariff Hit

(Bloomberg) — Royal Philips NV (PHG) increased its profitability outlook as the impact of the trade war was not as severe as it feared. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The Dutch medical-technology firm now expects full-year adjusted operating earnings margin of as much as 11.8%, a 50 basis points increase from its previous outlook, according to a statement Tuesday. Shares in Philips rose 14% in early trading in Amsterdam, the biggest intraday advance in a year. 'It's a combination of the strong performance plus tariffs that led to a change in guidance,' Chief Executive Officer Roy Jakobs said in an interview. The MRI and ultrasound machine maker's second-quarter sales increased 0.6% to €4.3 billion ($4.98 billion), compared with estimates for a 0.5% contraction in a Bloomberg survey. 'Overall, we see this as a positive release for Philips with improving underlying performance at the company testament to some of the turnaround actions taken,' Barclays analyst Hassan Al-Wakeel said in a note. Tariff Impact In May, the Amsterdam-listed company lowered its profitability outlook for the year by 100 basis points, blaming the cost of dealing with tariffs and estimating a hit of as much as €300 million. It now sees an impact of as much as €200 million. On Sunday, the European Union reached a deal with the US with Brussels accepting a 15% tariff on most of its exports, dodging an imminent trade war. More than 40% of Philips' sales are in the US with a third of production inside the country. Philips is asking for tariff exemptions for the healthcare sector. 'The US is a very important market for us,' Jakobs said in an interview with Bloomberg TV, adding that the company is expanding its presence and investment there. Turnaround Plan Philips's stock was down 19% in the year before Tuesday as the company suffered a string of setbacks. A settlement last year over a 2021 recall of faulty sleep apnea devices made way for sluggish growth in China and an expected hit from the trade war. Since taking the helm at Philips in October 2022, Jakobs has cut jobs, revamped leadership and simplified operations. He is emphasizing patient safety and developing new products, with the company spending more than 9% of sales on innovation last year. Still, headwinds such as weak consumer sentiment in China and the implementation of anti-graft measures for its health care sector have dampened demand. Sales in China declined again in the second quarter, but were offset by growth in India and Latin America. Philips' comparable orders increased 6% in the second quarter, up from 2% in the previous three months. The company said Tuesday it signed an agreement with Indonesia for its Azurion image-guided therapy system. The multi-year deal is worth hundreds of millions of euros, according to a person familiar, who asked not to be identified discussing private information. The company also increased its free cash flow outlook to between €200 million and €400 million, from 'slightly positive' before. —With assistance from Lisa Pham, Sarah Jacob, Anna Edwards, Kriti Gupta and Guy Johnson. (Updates with share move in second paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. Sign up for Yahoo Finance Daily Movers By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy 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

Philips Soars After Lifting Margin Outlook on Softer Tariff Hit
Philips Soars After Lifting Margin Outlook on Softer Tariff Hit

Yahoo

time17 hours ago

  • Business
  • Yahoo

Philips Soars After Lifting Margin Outlook on Softer Tariff Hit

(Bloomberg) -- Royal Philips NV increased its profitability outlook as the impact of the trade war was not as severe as it feared. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The Dutch medical-technology firm now expects full-year adjusted operating earnings margin of as much as 11.8%, a 50 basis points increase from its previous outlook, according to a statement Tuesday. Shares in Philips rose 14% in early trading in Amsterdam, the biggest intraday advance in a year. 'It's a combination of the strong performance plus tariffs that led to a change in guidance,' Chief Executive Officer Roy Jakobs said in an interview. The MRI and ultrasound machine maker's second-quarter sales increased 0.6% to €4.3 billion ($4.98 billion), compared with estimates for a 0.5% contraction in a Bloomberg survey. 'Overall, we see this as a positive release for Philips with improving underlying performance at the company testament to some of the turnaround actions taken,' Barclays analyst Hassan Al-Wakeel said in a note. Tariff Impact In May, the Amsterdam-listed company lowered its profitability outlook for the year by 100 basis points, blaming the cost of dealing with tariffs and estimating a hit of as much as €300 million. It now sees an impact of as much as €200 million. On Sunday, the European Union reached a deal with the US with Brussels accepting a 15% tariff on most of its exports, dodging an imminent trade war. More than 40% of Philips' sales are in the US with a third of production inside the country. Philips is asking for tariff exemptions for the healthcare sector. 'The US is a very important market for us,' Jakobs said in an interview with Bloomberg TV, adding that the company is expanding its presence and investment there. Turnaround Plan Philips's stock was down 19% in the year before Tuesday as the company suffered a string of setbacks. A settlement last year over a 2021 recall of faulty sleep apnea devices made way for sluggish growth in China and an expected hit from the trade war. Since taking the helm at Philips in October 2022, Jakobs has cut jobs, revamped leadership and simplified operations. He is emphasizing patient safety and developing new products, with the company spending more than 9% of sales on innovation last year. Still, headwinds such as weak consumer sentiment in China and the implementation of anti-graft measures for its health care sector have dampened demand. Sales in China declined again in the second quarter, but were offset by growth in India and Latin America. Philips' comparable orders increased 6% in the second quarter, up from 2% in the previous three months. The company said Tuesday it signed an agreement with Indonesia for its Azurion image-guided therapy system. The multi-year deal is worth hundreds of millions of euros, according to a person familiar, who asked not to be identified discussing private information. The company also increased its free cash flow outlook to between €200 million and €400 million, from 'slightly positive' before. --With assistance from Lisa Pham, Sarah Jacob, Anna Edwards, Kriti Gupta and Guy Johnson. (Updates with share move in second paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. 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

Intel lays off 15% of its staff
Intel lays off 15% of its staff

Tahawul Tech

time17 hours ago

  • Business
  • Tahawul Tech

Intel lays off 15% of its staff

In an attempted turnaround, chipmaker Intel has mostly completed plans it announced last quarter to cut 15% of its workforce. The layoffs, tucked in Intel's second quarter earnings report, marked one of the first major decisions by new CEO Lip-Bu Tan, who took over the company's top job in March. 'It's going to take time, but we see clear opportunities to enhance our competitive position, improve our profitability and create long-term shareholder value', Tan said in a press release announcing the earnings results. Intel shares (INTC) rose 3% in after-hours trading following the news, although it posted a quarterly net loss of $2.9 billion, nearly double its loss during the same period in the prior year. The stock is up nearly 12% since the start of this year, suggesting that while Intel's future is far from certain, investors have confidence in Tan. Intel said the staff reduction is 'designed to create a faster-moving, flatter and more agile organisation'. The company reported having 108,900 employees as of the end of 2024 across Intel and its subsidiaries, which include autonomous driving company Mobileye. The company said it plans to end 2025 with 75,000 employees in its core Intel division — not including subsidiaries — as a result of 'workforce reductions and attrition. Intel filed a layoff notice in Oregon earlier this month indicating plans to cut nearly 2,400 workers. The company also said it's scrapping projects in Germany and Poland as part of its cost cutting measures and will slow down construction on its Ohio chip factories 'to ensure spending is aligned with market demand.' Intel has had a series of bruising years that saw the one-time industry leader fall behind rivals after it failed to predict two major tech transformations — mobile devices and artificial intelligence — prompting takeover rumours and a leadership shakeup. Meanwhile, rival Nvidia's market capitalisation (NVDA) briefly crossed $4 trillion earlier this month, making it the first publicly traded company to do so. Last summer, Intel said it would slash 15% of its staff, 15,000 jobs, part of a $10 billion plan to reduce costs as it tried to play catch-up in the AI chipmaking race. Intel is one of several tech giants to implement layoffs this year. Microsoft laid off around 9,000 workers in early July, while Meta cut about 5% of employees in January. Source: CNN Image Credit: Intel

Modon Holding delivers outstanding AED 2.1 billion H1 2025 Net Profit, with continued momentum across core segments supported by record AED 10 billion real estate sales and strategic investments
Modon Holding delivers outstanding AED 2.1 billion H1 2025 Net Profit, with continued momentum across core segments supported by record AED 10 billion real estate sales and strategic investments

Al Bawaba

time18 hours ago

  • Business
  • Al Bawaba

Modon Holding delivers outstanding AED 2.1 billion H1 2025 Net Profit, with continued momentum across core segments supported by record AED 10 billion real estate sales and strategic investments

Modon Holding PSC ('Modon') delivered exceptional performance in the first half of 2025, with revenue and profitability significantly increasing year-on-year, excluding last year's one-off items. The results were driven by solid contributions across all four core segments, underpinned by the successful integration of recent acquisitions and execution of strategic estate revenue led Modon's growth, which was further strengthened by stronger recurring revenue from improved operations across the Asset Management and Hospitality assets, as well as outperformance in the Events, Catering & Tourism segment. The Group recorded landmark real estate sales of AED 10 positive momentum as Modon enters H2, the AED 5.5 billion sell-out of the Wadeem community's residential plots in July has pushed cumulative sales beyond the 2024 total, ensuring a strong start for the second half while further reinforcing Modon's growing development pipeline and building a strong foundation for long-term value creation.H1 2025 Group Highlights• Group revenue tripled year-on-year to AED 6.5 billion, driven by the recognition of a deepening development backlog which reflects record real estate sales from new launches and existing inventory, improved performance across the recurring revenue portfolio, and contributions from recent acquisitions.• Group EBITDA reached AED 2.9 billion, rising 4.0x year-on-year, excluding last year's one-off items, and outpacing revenue growth, with margins expanding to 44%, supported by an enhanced portfolio mix, efficiency gains and integration synergies.• Group net profit grew 4.2x year-on-year to AED 2.1 billion, compared to AED 502 million in H1 2024, excluding the one-off AED 9.0 billion bargain gain from the 2024 merger and other non-core provisions and unrealised fair value changes. The uplift was underpinned by a strong operating performance across all four core business segments.• Group revenue backlog amounted to AED 33 billion across all business segments.• Real estate sales were AED 10 billion, with two launches across flagship Modon masterplans sold out within a day, reflecting strong market demand.• Recurring income streams strengthened across Asset Management, Hospitality, and Events, Catering & Tourism segments, driven by near-full occupancy across the leasing portfolio, operational expansion, strategic acquisitions, and improved rates and synergies.• International expansion continued through strategic investments in the United Kingdom and North America, increasing Modon's operational footprint to 13 countries.• Operating under Modon, Gridora, a new infrastructure platform was jointly formed with ADQ and IHC and will lead strategic infrastructure projects in the UAE and abroad. In May, Gridora signed an MoU with Abu Dhabi Projects and Infrastructure Centre (ADPIC) to support delivery of ADPIC's AED 35 billion mandated transport infrastructure programme in Abu Performance by SegmentModon recorded significant growth across its four key business segments:• Real Estate: The Group's primary revenue driver in H1 2025 delivered AED 3.65 billion in top-line, 4.0x prior year, fuelled by sustained sales momentum and backlog recognition. Flagship UAE developments on Reem and Hudayriyat Islands achieved record sales of AED 10 billion, with full sell-outs at the newly launched Muheira and Nawayef Village projects. In parallel, a record AED 10.4 billion in construction and consulting contracts were awarded during the period, a 17.3x increase year-on-year, accelerating the transition from design-stage assets to active, on-the-ground execution. Internationally, Modon has moved forward on its 170.8 million sqm Ras El Hekma project in Egypt, while making strategic progress at Spain's La Zagaleta estate through land sales, further diversifying and strengthening its global real estate platform.• Asset & Investment Management: The segment strengthened income stability across a diversified portfolio of residential, retail, commercial, staff accommodation, and leisure assets. Consistently high occupancy, rising footfall and rental uplifts supported recurring income growth, with revenue reached AED 320 million in H1 2025, up 23% year-on-year. Investment portfolio repositioning included the divestment of legacy financial assets, as well as the formation of new joint ventures including 2 Finsbury Avenue in London with British Land and GIC and the Gridora infrastructure platform in partnership with IHC and ADQ.• Events, Catering & Tourism: Robust performance was driven by operational expansion and strategic acquisitions including Arena Events Group, Business Design Centre (BDC), and Royal Catering. Revenue amounted to AED 2.2 billion, 2.7x prior year, supported by scale benefits from recent acquisitions and improved delivery across clusters. The Venues cluster hosted 97 events, attracting 3 million visitors across the four venues (ADNEC Abu Dhabi, Al Ain, ExCel London, BDC London). Key events included International Defence Exhibition and Conference (IDEX 2025), Make it in the Emirates (MIITE) Forum, and the Abu Dhabi International Book Fair at ADNEC, alongside major international events such as KubeCon, Salesforce World Tour and the Food, Drink and Hospitality Week Exhibition at UK venues. The Catering cluster served 23.7 million meals, with growth driven by strong aviation and multi-channel demand.• Hospitality: As of H1 2025, the Hospitality segment included nine wholly owned hotels totalling 2,097 keys, complemented by three operated hotels with 147 keys and a broader joint venture portfolio of 15 hotels with 4,894 keys. Improvements in average daily rates across the UAE and Egypt supported steady operating performance. Revenue from owned and operated hotels reached AED 359 million, driven by stronger pricing metrics and the addition of Four Seasons Rabat, Morocco in H2 Investments & PartnershipsH1 2025 marked continued execution of Modon's global expansion strategy through high-impact investments and partnerships:• 2 Finsbury Avenue: Modon acquired a 50% stake in a 750,000 square foot commercial development in London's Broadgate district, through a joint venture with British Land and GIC. The project enhances Modon's exposure to institutional-grade real estate in a leading global financial hub.• Arena Events Group: Modon acquired 100% of Arena, a global provider of event infrastructure and modular venues operating in nine countries. The transaction expands Modon's footprint into North America and other markets, strengthening its capabilities in the international events and exhibitions space.• Gridora: Modon launched a dedicated infrastructure platform in partnership with ADQ and IHC, also serving as operational lead. Gridora will support the development of strategic infrastructure projects across the UAE and targeted regional markets. In May 2025, Gridora announced its first major engagement through a partnership with the Abu Dhabi Projects and Infrastructure Centre (ADPIC) to support delivery of ADPIC's mandated AED 35 billion in transport infrastructure projects across Abu Dhabi.• Elsewedy LOI: In Egypt, Modon signed a letter of intent with Elsewedy Industrial Development to build and operate a new industrial zone servicing the 170.8 million square metre Ras El Hekma & Future GrowthModon enters the second half of 2025 with strong momentum and a clear focus on disciplined execution. Its diversified business model continues to provide resilience, while recent acquisitions and integrations have expanded the Group's operational scale and strategic in H2, the launch of Wadeem – Modon's first residential land plot offering on Hudayriyat Island – has generated AED 5.5 billion in sales within 72 hours, with more launches still to be announced. The success of Wadeem reinforces both the strength of the development pipeline and sustained demand for flagship communities, while demonstrating Modon's capacity for shaping distinctive offerings that meet market demands across unrivalled a robust revenue backlog, rising recurring income and continued asset rotation, Modon is well-positioned to enhance capital efficiency and sustain long-term growth. Key priorities for the second half include advancing the Ras El Hekma launch in Egypt, sustaining performance across Abu Dhabi's core developments, further activation of the recuring income portfolio, and unlocking synergies across the core segments. The Group remains focused on timely project delivery, deepening its income base, driving operational excellence, and advancing ESG and digital transformation – supporting its role in delivering Abu Dhabi's national and global development agenda.

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