Korea Zinc’s factory in South Korea. The company nearly doubled its profit in the third quarter from a year earlier. Photo courtesy of Korea Zinc
SEOUL, Nov. 5 (UPI) — Non-ferrous metal giant Korea Zinc said Tuesday it nearly doubled its profit in the third quarter of 2025 overa year ago, driven by strong demand across its product lines.
Korea Zinc reported $2.87 billion in revenue during the July-September period, up 29.7% year-on-year, for an operating income of $189 million, up 82.3%. The company said that it has remained profitable for 103 consecutive quarters since 2000.
The Seoul-based corporation said the strong sales of critical raw materials, including antimony, indium and bismuth, as well as precious metals, boosted performance during the three-month period.
Through its integrated smelting process for zinc, lead and copper, Korea Zinc also recovers about 10 by-products of critical raw materials and precious metals, such as gold and silver.
Korea Zinc said that gold and silver contributed about $2.5 billion to revenue during the first nine months of this year, as metal prices remained strong.
The world’s largest zinc manufacturer has also expanded its portfolio of strategic materials. Antimony, indium and bismuth are classified as “critical minerals” by Washington and Seoul.
Early this year, it started exporting antimony, a vital component in electronic and defense production, to the United States. Its global sales of antimony reached $173 million so far this year.
In August, Korea Zinc signed a memorandum of understanding with Lockheed Martin to supply germanium, another critical mineral, to the U.S.-headquartered defense contractor.
“On the back of proactive investments and a diversified portfolio, our strategic minerals and precious metals business did well. New growth areas such as resource recycling are also on a stable trajectory,” Korea Zinc said in a statement.
LILY Allen and David Harbour are selling their Brooklyn townhouse just days after her new album and are set to make millions in profit.
The stunning property has hit the market for a whopping $8 million (around £6m) after the pair bought it for just $3.3 million (£2.5m) in 2020.
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Lily Allen and David Harbour are selling their Brooklyn townhouse and are set to make millionsCredit: The U.S SunThe property was listed on Sunday, just two days after the release of Lily’s new albumCredit: Getty
The 19th-century townhouse only went on sale yesterday – two days after Lily, 40, released her breakup album which has been branded her “revenge” album by fans.
David had even made a shock “cheating” joke while doing a tour of their New York City home two years prior.
Lily and David bought the property under two separate trusts as co-owners, according to documents seen by The U.S. Sun, and made several renovations worth thousands.
Lying at the heart of Brooklyn and spread across four levels, the house has five bedrooms and four bathrooms interspersed throughout.
The property listing eloquently describes the home as a “layered narrative of traditional English charm, modern Brooklyn sensibilities and rich Italian influence”.
The main level opens out into an exotic living room wrapped in high-end Zuber wallpaper and “detailed crown mouldings”.
With a fireplace at its centre, the room is framed by glass doors that lead to a private backyard with a sauna and cold plunge at the owner’s disposal.
The kitchen is described as spacious with “plain English cabinetry” and houses a huge island as well as a custom-built banquette beneath is windows with natural light flooding the room.
Walk upstairs and you’ll find another sitting area with a fireplace as well as dual walk-in closets alongside the main bedroom.
There are two well-equipped guest bedrooms on the third floor as well as a skylit lounge and a home office.
There’s an additional guest suite on the garden level too with a powder room and casual living room, another fireplace and access to the backyard.
And a fully-furnished basement see’s a gym, ample storage and closet areas as well as a laundry room.
The pair took out a big mortgage on the house which they first purchased on November 16 2020 for $3.35 million.
The loan is listed for $2,512,500 with City National Bank in 2021, and they had until February 1, 2051 to pay it back.
They made extensive renovation on the property filing several building permits, many for tens of thousands, with the most expensive being for $282,600 and $265,600 for general construction.
Lily had moved to New York to start a new life with the US actor, who she wed in 2020 a year after meeting oncelebritydatingappRaya.
But five years later, one local resident said: “It appears no one has been home for quite some time”
“Every house on the street has Halloween decorations, but not Lily and David’s”
“It’s a very family-friendly neighbourhood, Lily was very active in the community when she lived here with David.”
The Smile singer has now moved back to London with her two daughters from her first marriage.
The pair wed in 2020 and moved into the Brooklyn townhouse in November of that yearCredit: AFPLily had moved to New York to start a new life with the US actorCredit: Getty
DALLAS — A former aide to House Speaker Jim Wright made a substantial profit by selling his house to a businessman who had benefited from Wright’s work on behalf of a new Ft. Worth airport, a Dallas newspaper reported Sunday.
John P. Mack, who resigned last week as an aide to Wright, sold the house in May, 1987, for $13,000 above market value to Rex Ball, chairman of HTB Inc. of Oklahoma City, which was working on an airport project in Ft. Worth backed by Wright, the Dallas Morning News reported.
Deed records obtained by the newspaper showed that Ball paid Mack and his wife, Kim, $170,000 in cash for the house in Dumfries, Va. The same records showed that Ball sold the house six months later for $153,000–a $17,000 loss–and that a Virginia property appraiser valued the house at $156,000.
Bought Home for $259,000
Fifteen days after selling the Dumfries house, Mack and his wife purchased a new home in Annandale, Va., for $259,000 with a $200,000 mortgage.
The transaction came after Mack had asked House Appropriations Committee members in 1987 to guarantee $25 million in federal funding for Alliance Airport, which is being built in Ft. Worth by H. Ross Perot Jr., son of the billionaire founder of Electronic Data Systems.
Perot said Ball’s company handled some review work for the architectural plans at Alliance Airport, which is owned by the city of Ft. Worth and built on land donated by the Perot family. The Perot family hopes the airport will attract industries to build on nearby Perot-owned land.
The airport has received at least $31 million in federal funds for construction with the assistance of Wright, who is from Ft. Worth.
Refused to Pay Bill
The Morning News said Alliance Airport officials submitted a $60,000 bill in May, 1988, for work done by HTB, but Ft. Worth and Federal Aviation Administration officials refused to pay the bill because much of the work involved private property owned by the Perots.
City officials eventually authorized a $16,466 payment out of federal funds to the Oklahoma City firm.
A spokesman for Wright, who was accused by the House Ethics Committee of more than 60 violations of House ethics rules, said the Speaker had no knowledge of the transactions between Ball and Mack, who resigned from Wright’s office in the wake of renewed publicity over a conviction on a 1973 assault charge.
Tesla posted sharply lower profit for the July to September quarter despite a signifcant jump in revenue. The firm’s performance was hit by tough competition in the EV market, U.S. duties on imports of parts and materials to make its cars, higher capital expenditure costs and a sales slump in Europe. File photo by Divyakant Solanki/EPA
Oct. 23 (UPI) — Tesla reported profits were down 37% in the third quarter despite a jump in revenue to $28.1 billion on frontloading of sales driven by buyers racing to beat the deadline for a federal tax credit before it expired Sept. 30.
The tax credit, worth up to $7,500 on EV purchases, helped the firm buck a run of declining quarterly sales along with a new six-seat version of its popular Model Y midsize SUV that performed well in the Chinese market.
While sales of competitors, including Ford and Hyundai, still outpaced Tesla’s it also lured in buyers with interest-free finance and insurance contributions.
That helped overall income rise by just under $3 billion, compared with the same period last year, and $1.73 billion more than predicted by analysts, with the largest contribution still coming from vehicle sales.
Revenue from Tesla’s energy generation and storage division surged 44% to $3.42 billion.
However, net profit slumped from $2.17 billion in the third quarter of 2024, to just $1.37 billion this year, with the results sending the stock price lower.
Tesla’s shares were down more than 3% at $424.60 in out-of-hours trade on the NASDAQ before Thursday’s market open — but remained well above the 30-day low of $413.49 they hit Oct. 10. The stock is up 9% year-to-date.
The firm’s performance was dragged down by an ongoing slump in its European market, partly due to a public backlash against Musk and tough competition from rivals from the continent and beyond, such as Volkswagen and China’s BYD.
Tariffs on car parts and raw materials imposed by President Donald Trump and higher research and development costs were also factors as the company embarks on CEO Elon Musk‘s efforts for an increased focus on AI and robotics.
Chief Accounting Officer Vaibhav Taneja told investors on a conference call Wednesday that the hit to Tesla from import duties in the July to September period was in excess of $400 million.
Tesla said it aimed to meet its target to begin “volume production” of Cybercab, heavy-duty electric semi trucks and its new Megapack 3 battery energy storage system in 2026, with Musk saying he expected Cybercab to begin rolling off the production line in the second quarter.
“First generation production lines” for Tesla’s humanoid Optimus robot were currently under construction. Musk said the firm expected to unveil Optimus V3 in the first quarter.
Tesla posted its latest results as shareholders were preparing for a November vote to approve a new remuneration package for Musk of as much as $1 trillion, all in shares.
The deal would be conditioned on his delivering an ambitious turnaround program involving boosting market capitalization from around $1.38 trillion to an unprecedented $8.5 trillion by pivoting Tesla to concentrate on autonomous driving, AI and robotics.
Apple, Microsoft and NVIDIA, the current behemoths of the U.S. tech sector, have market caps in the $2.6 to $3.2 trillion range.
Porsche’s share price slid over 7% on Monday afternoon after the firm slashed its profit outlook and postponed the rollout of an electric range.
Shares in Volkswagen, Porsche’s largest shareholder, were also down over 7% on Monday afternoon.
Porsche made the announcements on Friday, warning that the EV pivot would dent its operating profits by €1.8 billion this year.
It forecast a positive return on sales of up to 2%, down from a previous range of 5 to 7%. The announcement marked the fourth time this year the carmaker has lowered its guidance.
Porsche said that its new SUV series, previously intended to be all-electric, would “initially be offered exclusively as a combustion engine and plug-in hybrid model due to market conditions”.
The firm added that a new software platform for EVs, planned for the 2030s, would also be delayed. Simultaneously, Porsche’s existing combustion engine models will remain available for a longer period.
The Volkswagen Group, parent company of Porsche, said in a separate statement that it expected a €5.1bn hit to its operating profits this year because of Porsche’s poor performance.
Challenges for the industry in Europe
Europe’s carmakers are struggling with lacklustre demand for their EVs as Chinese competitors continue to lead on innovation and price, partly thanks to generous subsidies from Beijing.
Adding to their woes is an economic slowdown in China, denting consumer appetite in Asian markets, paired with vacillating political support for EVs in Europe.
Some firms, including VW, are hoping that the EU will allow for some flexibility on its pledge to ban combustion engine cars from 2035. On the other hand, a lack of clarity over this deadline, along with the rollback of consumer subsidies, is making it hard for companies to plan and make investment decisions.
Along with these challenges at home, proposed 15% tariffs from the Trump administration threaten to squeeze margins on EU exports to the US.
At the end of September, Porsche will leave the DAX, Germany’s leading stock index, after a dramatic slide in its share price. The firm’s stock has fallen over 30% this year.
In order to plug losses, the company is looking to cut jobs. In March, Porsche said it would axe around 1,900 posts by 2029 through natural turnover, restrictive hiring, and voluntary agreements. The company added that another 2,000 jobs would be lost through the expiration of fixed-term employment contracts.
The Asia Cup cricket tournament starts on Tuesday, but for tournament organisers, sponsors and cricket fans from India and Pakistan, it won’t be before Sunday, when the two regional superpowers face each other, that the event will spring into action.
Any India vs Pakistan match is considered a marquee event, but the recent conflict between the two countries has brought extra heat to the encounter in Dubai.
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After all, it will be their first meeting since the South Asian archrivals returned from the brink of an all-out war in May, when both countries clashed at their shared border before an internationally-brokered ceasefire.
It has been almost 18 years since India and Pakistan last met in a Test match – the five-day version of cricket widely regarded as the pinnacle of the sport – and almost 13 years since either side crossed the border to play a bilateral series.
But between September 14 and 21, if results go the way the organisers hope for, Pakistan and India could end up playing three times.
A decades-old political rift between the two nuclear-armed countries is blamed for the frosty sporting ties, but the same differences are set aside when a regional or global cricket event comes around.
Pakistan was carved out of India in 1947, resulting in a bloody division of the subcontinent by the colonial British. Over the past 78 years, the nations have fought four wars, exchanged countless skirmishes and remained at odds primarily over the disputed Kashmir region that both claim in entirety but administer parts of.
The Asia Cup is no stranger to political influence and has faced the repercussions of strained ties between the two.
When India hosted the tournament in 1990-91 amid an uprising in India-administered Kashmir, Pakistan pulled out. The following edition, in 1993, was called off amid heightened tensions between the two sides.
But despite the strained relations on a political level and the current cricket impasse, which began in 2013, India and Pakistan have regularly faced each other at tournaments for the International Cricket Council (ICC) and for the Asian Cricket Council’s (ACC) Asia Cup.
Pakistani, front, and Indian soldiers stand on their respective sides of their shared border during the flag-lowering ceremony in Wagah, Pakistan on May 4, 2025 [File: Rahat Dar/EPA]
‘Maximising eyeballs and revenue’
Why, then, is it impossible for both sides to separate politics from sport for bilateral exchanges if they can agree to share a cricket field potentially three times in two weeks?
“It’s all about maximising eyeballs and tournament revenue,” Sami Ul Hasan, former head of the ICC’s media and communication departments, told Al Jazeera.
“When the ICC plans a global event, organisers do not consider rankings or any other factors. It’s all about making sure India and Pakistan play against each other at least once.
“Over the last two decades, the ICC has changed the format of its tournaments multiple times in order to ensure that happens.”
The ICC has, in the past, admitted to fixing tournament draws to ensure Pakistan and India end up in the same group.
Post-tournament viewership figures confirm the high ratings for India-Pakistan matches.
According to the ICC, the India vs Pakistan fixture at the ICC Champions Trophy 2025 was one of the most-watched one-day international matches in India.
It generated over 26 billion minutes of watch time on TV, surpassing the India-Pakistan match from the ICC Cricket World Cup 2023, which had recorded 19.5 billion viewing minutes.
Tournament organisers, such as the ICC and the ACC, typically sell broadcasting rights and sponsorships to the highest bidders.
The ICC and ACC distribute the revenue generated at these tournaments amongst their member nations, who stand to benefit from a higher number of India-Pakistan matches as well.
According to Hasan, the first question posed by broadcasters and sponsors is on India-Pakistan matches.
“It’s tricky to pull off multiple India-Pakistan games at global events, but easier to achieve this outcome in smaller tournaments such as the Asia Cup,” he said.
“Even at the Asia Cup, the most they’ve got so far is two matches per tournament. They have been trying for a third [in the final] but it hasn’t materialised yet.”
In the tournament’s 16 iterations since its inception in 1984, India and Pakistan have never met in a final.
Fans gather at a viewing party for the ICC Men’s T20 World Cup cricket match between India and Pakistan in New York City, the US, on June 9, 2024 [File: Yuki Iwamura/AP]
‘Don’t care about India vs Pakistan’
Although India versus Pakistan is always the biggest draw at any cricket tournament, fans from other participating nations are not bothered by the lack of attention and respect shown to their teams.
“I only care about Sri Lanka and not about what happens in an India-Pakistan match as long as Sri Lanka walks away with the cup,” Mohammad Akram, a Sri Lankan, said.
“For us, it’s about our team and the same goes for fans of Afghanistan, Bangladesh and other countries.
“Sri Lanka has always been sidelined. It has always been about India and Pakistan, but we don’t mind because our team has played the most finals.”
Sri Lanka are the second most successful team in the Asia Cup and have qualified for a record 13 finals, lifting the trophy six times. Another win in the final would tie them with the reigning champions India.
Sri Lanka are the second most successful team at the Asia Cup [File: Eranga Jayawardena/AP]
Bending the rules
The focus on this rivalry can sometimes lead to unprecedented decision-making and bending of the rules.
At the last Asia Cup held in Sri Lanka two years ago, the India-Pakistan group-stage game was abandoned due to rain. As both teams reached the next round, and with more rain expected, organisers set aside a reserve day to their Super Four fixture, the only match in that round to benefit from the allocation.
That decision was taken in the middle of the tournament, raising eyebrows and attracting criticism from cricket experts and fans of other participating countries.
“Rules must not be bent for anyone. What happened then did not set a good example for the game,” Hasan said. “Playing conditions and rules are signed off prior to the tournament and are not tinkered with.
“Changing them to accommodate certain fixtures gives out a message that everything is about money and commercialisation of that single fixture.”
India and Pakistan faced each other twice in the Asia Cup 2023, but their first match was abandoned due to bad weather [File: Surjeet Yadav/Getty Images]
India’s sporting ambitions
Despite the ongoing political rift between India and Pakistan, both sets of cricket boards and governments have given these fixtures a green light.
In August, India announced a new sports policy whereby its teams and athletes will not be allowed to engage in bilateral sports events with Pakistan, but can face them in international tournaments.
It also prohibited Indian athletes from travelling to Pakistan and refused to host teams and individuals from Pakistan.
The move, according to former ICC official Hasan, is to ensure that India’s ambitions of bidding for the 2036 Olympics and the 2030 Commonwealth Games are not affected.
“For India to say it doesn’t want to play against Pakistan due to political reasons would weaken its case as a potential global sporting hub,” he said.
Cricket is the most popular sport in India, the world’s most populous nation [Amit Dave/Reuters]
American Eagle Outfitters (AEO 30.10%) reported its Q2 2025 results on July 1, 2025, delivering revenue of $1.28 billion (down 1% YoY) (GAAP), operating income up 2% YoY to $103 million, and diluted EPS up 15% YoY. Management highlighted significant customer acquisition driven by high-profile marketing campaigns, robust turnaround in Aerie brand comps (+3% YoY), and outlined explicit strategies for tariff mitigation, SG&A discipline, and ongoing store optimization. Below are three actionable, insight-driven themes with direct investment impact.
American Eagle’s Sydney Sweeney and Travis Kelce campaigns generated over 700,000 net new customers since launch, fueling strong positive traffic and denim sellouts. But the combined cross-gender reach and omnichannel impact of these campaigns drove unprecedented new customer acquisition.
“The American Eagle Sydney Sweeney campaign was intended to be a brand and business reset, and it has. Let me be very clear. Sydney Sweeney sells great jeans. She is a winner. And in just six weeks, the campaign has generated unprecedented new customer acquisition. To be clear, that consumer acquisition is coming from every single county in the US. This momentum is national, and it is pervasive. We experienced denim sellouts of items that Sydney has worn. We have strong positive traffic throughout this quarter, and as Jen mentioned, a staggering 40 billion impressions. But a brand campaign is not to be judged in just one day, one week, or even one month. A brand campaign endures. We are off to a start beyond our wildest dreams. As we track consumer sentiment over the past six weeks, we have seen consideration and purchase intent meaningfully up. And now it’s our opportunity to continue to convert this buzz into business and to convert these new customers into repeat customers. That’s the work of the work ahead.” — Craig Brahmers, American Eagle CMO
Tariff mitigation reduces profit headwinds for AEO
Incremental tariff costs are estimated at approximately $20 million in Q3 2025 and $40 million to $50 million in Q4 2025, the sourcing team reduced unmitigated tariff exposure from $180 million to $70 million for the back half of FY2025 through country-of-origin rebalancing and vendor negotiations. China sourcing will drop to low single-digit penetration in the back half of the year, compared to mid-single digits year-to-date, according to management on the Q2 2025 earnings call.
“Our unmitigated number was closer to $180 million versus the $70 million we are guiding to. So combination of rebalancing, country of origin, cost negotiations with our vendors, optimizing freight between air and ocean costs, some price and then some pricing. So I’d say pricing is down the list. We are taking our shots there. We have increased some tickets. This gives us some flexibility in promoting those items. Where we haven’t seen really any customer resistance to some of those increases, but it’s not real it’s not the largest mitigation strategies. There’s other components I just talked about that the team has done a great job for the mitigating the back half impact and the annual impact go forward. I guess just relative to that, down mid-single digit AUR. The second quarter, what are you expecting for the back half?” — Mike Mathias, CFO
Effective tariff mitigation minimizes margin erosion and demonstrates disciplined cost management, differentiated positioning, and multi-segment loyalty renewal.
Aerie and men’s initiatives drive AEO’s category renewal
Aerie reversed a negative Q1 by delivering 3% comp growth and record sales in Q2 FY2025, attributed to innovation in intimates and loungewear.
“Starting with Aerie, we drove a nice rebound from the first quarter, delivering comp growth of 3% and achieving record second-quarter revenue. Performance was driven by positive demand across a number of major categories, including intimates, soft dressing, sleepwear, and our activewear collections at offline. While shorts were the most challenging seasonal category, we are focused on driving improvements here as well. Among the highlights, intimate has been a key area of focus within our long-range plan, and we will recapture share in the return of this category to growth. We are pleased to see customers responding to new fits and fabrics in undies and bras and more regular fashion drops. For example, in July, we introduced the Parisian romance fashion capsule, which embraced feminine touches like lace and chic combos of our most loved silhouettes. Our Aerie customers loved it, and it was the page-turner we needed to enter the fall season strong.” — Jen Foyle, President, Executive Creative Director
Looking Ahead
Consolidated comparable sales for the third quarter to date are up mid-single digits, with management guiding for low single-digit comp growth and operating income of $95 million to $100 million for Q3 2025, despite $20 million in incremental tariffs. The outlook for Q4 FY2025 also calls for low single-digit comp growth and operating profit of $125 million to $130 million, absorbing $40 million to $50 million in tariff impact. American Eagle anticipates closing 35 to 40 stores by year-end, opening 30 Aerie/offline locations, and maintaining capital expenditures at approximately $275 million for the year; no additional share repurchases announced after completion of the $200 million program earlier in 2025.
This article was created using Large Language Models (LLMs) based on The Motley Fool’s insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool recommends American Eagle Outfitters. The Motley Fool has a disclosure policy.
SACRAMENTO, Calif. — California energy regulators Friday put the brakes on plans requiring oil companies to pay a penalty if their profits climb too high, a temporary win for the fossil fuel industry two years after the governor declared the state had “finally beat big oil.”
The postponement by the California Energy Commission until 2030 comes after two oil refineries accounting for roughly 18% of the state’s refining capacity announced their plans to close in the coming months. The commission has the power to implement a penalty but has not done so since it was given that authority in 2023.
The penalty was considered a landmark piece of Democratic Gov. Gavin Newsom’s government and the state’s ambitious goals to curb climate change. The state faces challenges in its efforts to take on the oil industry while ensuring a stable and affordable fuel supply. His administration is also proposing to temporarily streamline approvals of new oil wells in existing oil fields in an effort to maintain a stable fuel supply.
Siva Gunda, the commission’s vice chair, said the state is not “walking back” its efforts to wean itself off fossil fuels but must prioritize protecting consumers at the gas pump.
“I personally truly believe that this pause will be beneficial to ensure that this mid-transition is smooth,” he said.
The commission still plans to set rules that would require oil refineries to keep a minimum level of fuel on hand to avoid shortages when refineries go offline for maintenance.
Jamie Court, the president of Consumer Watchdog who supported the law, said the energy commission’s vote is “basically a giveaway to the industry.”
“I’m really disheartened and disgusted by Newsom,” he said. “I feel like this is just a total about-face. And in the end it’s going to result in greater price spikes.”
But the Western States Petroleum Association recommended that the state postpone a penalty for 20 years.
“While today’s action by the CEC stopped short of a full statutory repeal or a 20-year pause, it represents a needed step to provide some certainty for California’s fuels market,” CEO Catherine Reheis-Boyd said in a statement. “The vote demonstrates the CEC’s understanding that imposing this failed policy would have likely exacerbated investment concerns contributing to California’s recent refinery closures.”
In 2022, Newsom called the Legislature into a special session to pass a law aimed at holding oil companies accountable for making too much money after a summer of record-high gas prices in California. The governor signed a law the following year authorizing the energy commission to penalize oil companies for excessive profits.
The law also required oil companies to report more data on their operations to the state. It created an independent division at the commission to oversee the oil and gas industry and provide guidance to the state on its energy transition.
Newsom’s office thanked the energy commission for voting to postpone implementing a penalty, saying it was a “prudent step” toward stabilizing the oil market.
“When Governor Newsom signed this legislation two years ago, he promised that we would utilize the new transparency tools to look under the hood of our oil and gas market that had been a black box for decades,” spokesperson Daniel Villaseñor said in a statement. “We did exactly that.”
Julia Stein, deputy director of a climate institute at UCLA School of Law, said state officials are still intent on advancing their efforts to transition away from fossil fuels.
“But I think there is also a sense at the state level that we’re entering a different phase of the transition where some of these problems are going to be presented more acutely,” she said. “And folks are kind of now trying to understand how they’re going to approach that in real time.”
California has the highest gas prices in the nation, largely due to taxes and environmental regulations. Regular unleaded gas prices were $4.59 a gallon Friday, compared to a national average of $3.20, according to AAA.
The commission has not determined what would count as an excessive profit under the policy.
Setting a penalty could be risky for the state because it could unintentionally discourage production and drive prices up, said Severin Borenstein, an economist and public policy professor at the University of California, Berkeley.
“It’s pretty clear they are shifting towards more focus on affordability and recognition that the high prices in California may not be associated with the actual refinery operations,” he said of state officials.
Ooma (OOMA 2.17%) reported second quarter 2026 earnings on August 26, 2025, reporting revenue of $66.4 million, up 3.5% year over year, a record non-GAAP net income of $6.5 million, up 59% year over year, and an adjusted EBITDA margin rising to 11%. Management highlighted strengthening business user metrics, Airdial’s accelerated bookings, expanded partner ecosystem, and updated full-year non-GAAP net income guidance to $24.5 million to $25 million for FY2026, raising previous expectations.
Airdial bookings drive Ooma business revenue and partner expansion
Product and other revenue grew 15% year over year in Q2 FY2026, attributed largely to increased Airdial installations, while the company now partners with nearly 35 Airdial resellers, up sequentially. Airdial landed its largest customer to date, a national U.S. retailer deploying to over 3,000 locations.
“I’m pleased to report that Airdial ramped well in Q2. We more than doubled new bookings year over year and secured our largest customer win to date with a large national retailer. Started the rollout with this retailer and anticipate serving over 3,000 locations. We also closed several other significantly sized customers who placed initial orders. As is our goal every quarter, we expanded the number of partners who will resell Airdial, and signed three new partner resellers in the quarter. We believe two of these new partners have experience selling competitive solutions and will be able to ramp relatively quickly with Airdial. In total, we are now approaching 35 Airdial partner resellers.” — Eric Stang, CEO
With bookings more than doubling year over year and rapid channel expansion in Q2 FY2026, Airdial is contributing to the growth of Ooma’s annual recurring revenue and business user additions.
Ooma reaches record profitability through operational leverage
Adjusted EBITDA rose 27% year over year to $7.2 million, with non-GAAP net income driven by improving operating leverage, R&D efficiency, and a disciplined cost structure. The company’s gross margin remained stable year over year at 62%, Sales and marketing expenses were $18 million or 27% of total revenue, up 2% year over year, while research and development expenses were $11.5 million or 17% of total revenue, down 6% year over year.
“Q2 non-GAAP net income was $6.5 million, above our guidance range of $5.6 million to $5.9 million, and grew 59% year over year, primarily driven by our improving operating leverage. Q2 non-GAAP net income this year also included a small amount of tax benefit due to the recent changes in U.S. tax law.” — Shig Hamamatsu, CFO
This margin expansion and stronger bottom-line output indicate Ooma’s ability to balance growth investments with profitable scalability, underpinning an attractive long-term financial profile for investors.
Business solutions segment outpaces residential as key revenue driver
Business subscription and services revenue represented 62% of total subscription revenue, up from 60% in the previous quarter, and grew 66% year over year, while residential subscription revenue declined by 2% year over year. Blended average revenue per user (ARPU) climbed 4% year over year to $15.68, propelled by the increased mix of business users and higher-tier Ooma Office Pro and Pro Plus services adoption, with 61% of new Office users opting for premium tiers.
“Business subscription and services revenue grew 66% year over year in Q2 driven by user growth and ARPU growth. On the residential side, subscription and services revenue was down 2% year over year. For the second quarter, total subscription and services revenue was $61.1 million or 92% of total revenue as compared to $59.6 million or 93% of total revenue in the prior year quarter.” — Shig Hamamatsu, CFO
The business segment grew rapidly, driven by higher customer value and increased premium service adoption, reflecting a shift toward business customers.
Looking Ahead
Management guided non-GAAP revenue for Q3 FY2026 to $67.2 million to $67.9 million and full-year non-GAAP revenue to $267 million to $270 million for FY2026, with non-GAAP net income for FY2026 now expected at $24.5 million to $25 million, raising prior guidance. Adjusted EBITDA for FY2026 is forecast at $28.5 million to $29 million, and non-GAAP diluted EPS at $0.87 to $0.89 for FY2026, with business subscription and services revenue projected to grow 5% to 6% for FY2026 on a non-GAAP basis, while residential declines 1% to 2%. Management’s strategic priorities remain capitalizing on Airdial expansion, enhancing Ooma Office for higher ARPU, and scaling wholesale platform 2,600 Hertz, and further cost efficiency gains anticipated through the second half of FY2026.
This article was created using Large Language Models (LLMs) based on The Motley Fool’s insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
SEOUL — President Trump announced on Wednesday that the U.S. had struck a trade deal with South Korea, which will now face a 15% tariff on its exports.
Under the deal, South Korea will invest $350 billion in key U.S. industries and purchase $100 billion worth of its liquified natural gas, Trump wrote on social media on Wednesday. He added that further investments would be announced when South Korean President Lee Jae Myung visits Washington in the next two weeks.
The new rate is a significant reduction from the 25% Trump had announced via a letter earlier this month, but still a blow to the longstanding free trade regime that had, for years, kept duties on goods from either country close to zero. Trump has long decried this arrangement as unfair to the U.S., which last year recorded a $66 billion trade deficit with South Korea.
“We are seeing that the negotiations happening in many countries since April are unfolding in a way that is very different from the principles of the WTO or FTA,” said Kim Yong-beom, a senior policy official for South Korea’s presidential office, at a press conference on Thursday. “It is regrettable.”
Kim said that South Korean negotiators had pushed for a 12.5% rate on automobiles — one of the country’s most important exports to the U.S. — but that they had been rebuffed, with Trump firm on his stance that “everybody gets 15%.”
U.S. and South Korean officials appear to be interpreting the deal — whose details are still scant — in different ways.
New cars for export on a car carrier trailer arrive at a port in Pyeongtaek, South Korea, on April 15, 2025.
(Lee Jin-man / Associated Press)
Calling it an “historic trade deal,” commerce secretary Howard Lutnick wrote on social media that “90% of the profits” of South Korea’s $350 billion investment would go “to the American people,” a claim that has immediately raised eyebrows in South Korea.
Trump said something similar about the $550 billion investment package included in the trade deal struck with Japan earlier this month. Japanese officials, on the other hand, have said the profits would be split proportionately, based on the amount of contribution and risk from each side.
At the press conference, Kim said that Seoul is operating under the assumption that 90% of the profits will be “re-invested” — not unilaterally claimed. He added that the specific terms still need to be laid out on a “per-project basis.”
“In a normal civilized country, who would be able to accept that we invest the money while the U.S. takes 90% of the profits?“ he asked.
South Korean President Lee Jae Myung has framed the $350 billion investment as a boost to South Korean shipbuilding, semiconductor and energy companies trying to make inroads into the U.S. markets.
“This agreement is the meeting of the U.S.’ interest in reviving manufacturing and our intention to make South Korea companies more competitive in the U.S. market,” he said in a social media post on Thursday. “I hope that it will strengthen industrial cooperation between South Korea and the U.S. as well as our military alliance.”
While Trump also said that “South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc,” Kim said that agriculture was not part of the deal and that no concessions on U.S. rice or beef — two major points of contention between Seoul and Washington — were given.
South Korea, which is the world’s top importer of American beef, currently bans beef from cattle that are older than 30 months on concerns it may introduce bovine spongiform encephalopathy, or mad cow disease.
Given its status as a staple crop and a critical source of farmers’ livelihoods, rice is one of the few agricultural goods heavily protected by the South Korean government. Seoul currently imposes a 5% tariff on U.S. rice up to 132,304 tons, and 513% for any excess.
“We were able to successfully defend a lot of our positions in those areas,” Kim said.
LG Energy Solution, a rechargeable battery maker, said it recorded revenue of $4 billion in the second quarter, with an operating profit of $356 million. Photo courtesy of LG Energy Solution
SEOUL, July 28 (UPI) — Major South Korean companies Hyundai Steel and LG Energy Solution turned a profit during the second quarter of this year.
Hyundai Steel, the country’s No. 2 iron maker, announced last week that it posted $4.3 billion in sales during the April-June period, with an operating profit of $74 million. The company suffered a loss over the previous two quarters.
“During the second half of this year, Chinese steel exports are expected to decline further due to supply restrictions in the country,” NH Investment & Securities analyst Lee Jae-kwang noted in a market report.
“The anti-dumping tariffs on Chinese heavy plate steel are also projected to have a positive effect on Hyundai Steel,” he said. In April, South Korea levied tariffs of up to 38% on Chinese heavy plate steel for four months.
LG Energy Solution, a rechargeable battery maker, said Friday that the Seoul-based corporation recorded revenue of $4 billion in the second quarter, with an operating profit of $356 million. The company was profitable for the first time in six quarters.
“We succeeded in turning a profit even excluding the [U.S.] Inflation Reduction Act tax credits, thanks to an increased share of high-margin products and projects manufactured in North America,” LG Energy Solution CFO Lee Chang-sil told a conference call.
He said that the company would try to improve profits later this year by boosting the production of batteries for energy storage systems.
LG Energy Solution has received tax credits under the Inflation Reduction Act for running and building battery plants in the United States.
Also included in other turnaround companies in the second quarter were Hotel Shilla, an operator of luxury hotels and duty-free shops, and brokerage house Woori Investment Securities.
GM’s profit tumble in second quarter comes a day after Jeep maker Stellantis says it expected a $2.7bn loss in the first six months of the year.
Auto giant General Motors has reported a 35 percent drop in second-quarter profits, including a $1.1bn hit from United States-imposed tariffs but confirmed its full-year forecast.
GM’s results released on Tuesday still topped analyst estimates, but the US carmaker cautioned that profits in the second half of 2025 would be lower than in the first.
The company pointed to sales growth in North America, where new and revamped trucks and sport utility vehicles sold briskly with solid pricing. GM was among the carmakers that benefitted from a surge in demand this spring from consumers who wanted to beat the US tariffs and their higher prices.
Profits overall fell 35.4 percent to $1.9bn year-on-year while revenues dipped 1.8 percent to $47.1bn.
The US imposed 25 percent tariffs on imported finished cars in early April, a move that affected major GM manufacturing operations in Mexico, Canada and South Korea. Car companies have also faced tariffs on imported steel, aluminium and auto parts.
The tariff hit in the second quarter reflected that there were “minimal mitigation offsets”, GM said in a slide presentation.
The Detroit, Michigan-based company’s outlook for a weaker second half of 2025 reflects “seasonally lower” volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit compared with just one in the first half of the year.
GM expected annual operating income of $10bn to $12.5bn after notching $6.5bn in the first half of the year.
Chief Financial Officer Paul Jacobson described the hit to profitability in the first quarter as “the peak of the tariff impact for us”, telling CNBC in an interview that mitigation efforts should enable a partial recovery in profit margins later in the year.
Shifting manufacturing
GM expected to mitigate “at least” 30 percent of the tariff hit through “manufacturing adjustments, targeted cost initiatives and consistent pricing”, according to a slide.
Jacobson said it would take 18 to 24 months to implement capital projects to adjust GM’s manufacturing footprint.
In June, GM announced spending of $4bn over two years to expand production at plants in Michigan, Kansas and Tennessee, making use of unused capacity in its home market as President Donald Trump’s tariffs penalise imports of finished vehicles.
The June announcement included steps to produce the Chevrolet Equinox and Chevrolet Blazer in the US. The two vehicles are currently assembled in Mexico.
GM has so far not shifted manufacturing from South Korea, home to production for the Chevrolet Trax, a popular compact SUV that is priced affordably.
Jacobson told CNBC the Trax has stayed profitable even with the hit from the tariff on imported autos.
“We haven’t made any long-term decisions about Korea yet, mainly because there is a lot of uncertainty about that,” Jacobson said.
Trump has set an August 1 deadline to reach broad trade deals with numerous countries, including South Korea, which faces a 25 percent tariff if there is no deal.
“We’re optimistic that the US and Korea can find common ground,” Jacobson said. “We know the auto industry is important to both sides in those conversations.”
GM’s stock tumbled on the lacklustre earnings report. It is down 6.6 percent for the day as of 11:30am in New York (15:30 GMT).
GM’s newly reported hit comes a day after carmaker Stellantis announced it expected a $2.7bn loss in the first six months of the year because of Trump’s imposed tariffs. Stellantis, the owner of brands including Fiat and Jeep, will disclose its final results for the first half of the year on July 29.
Stellantis stock is down 0.3 percent since the market opened on Tuesday and had increased more than 2.4 percent over the past five days.
CEO of Netflix Ted Sarandos attends the premiere of “Good Grief” at the Egyptian Theatre in Los Angeles in 2023. Netflix reported its Q2 profits are up beyond market expectations. File Photo by Allison Dinner/EPA
July 17 (UPI) — For its second quarter this year, Netflix reported total revenues of $11.08 billion, with an operating income of $3.8 billion and margin of 34.1%, which are way up from last year and beyond market estimates.
Netflix isn’t releasing subscriber figures, choosing instead to focus on revenue. It’s trying out new revenue models, including advertising.
New price increases with slow customer turnover are what likely caused the strong margins, according to the Hollywood Reporter. Earnings in the United States and Canada grew by 15%, a boost from 9% in Q1.
Forecasted revenue for Q3 is $11.5 billion in revenue, $3.6 billion in operating income, and operating margins of 31.5%.
Netflix said in May that its ad tier surpassed 94 million monthly subscribers. This tier has more than 50% of the company’s new signups. It raised the price of the ad tier for the first time in January to $7.99 a month.
The company expects to double its ad revenue in 2025.
“We believe our ad tech platform is foundational to our long-term ads strategy and, over time, will enable us to offer better measurement, enhanced targeting, innovative ad formats and expanded programmatic capabilities,” the company said in its quarterly shareholder letter.
The company also shared its Engagement Report, which listed what members watched so far this year. It said people watched more than 95 billion hours of Netflix, watching a wide range of genres and languages.
Netflix original shows such as Orange Is the New Black, Ozark and Money Heist all had more than 100 million hours viewed. Movies such as Red Notice, Leo and We Can Be Heroes each had more than 20 million views.
“Watchtime — or engagement — is our best indicator of member happiness,” the company said. “When people watch more, they stick around longer and recommend Netflix to others.”
Company CEO Ted Sarandos said on Netflix’s quarterly earnings call: “Look, we want to be in business with the best creatives on the planet, regardless where they come from. Some of them are here in Hollywood. Others are in Korea, some are in India, and some are creators that distribute only on social media platforms, and most of them have not yet been discovered.”
Already, miners have successfully protested a proposal by the Trump administration to close more than 30 field offices run by the Mining Safety and Health Administration, a branch of the Labor Department that enforces safety standards.
Another government bureau, the National Institute for Occupational Safety and Health (NIOSH), faced staffing cuts of nearly 90 percent under Trump. Miners pushed back, arguing that NIOSH’s research is necessary for their protection.
“For generations, the United Mine Workers of America has fought to protect the health and safety of coal miners and all working people,” union president Cecil Roberts said in a statement announcing a lawsuit against the cuts in May.
“The dismantling of NIOSH and the elimination of its critical programs — like black lung screenings — puts miners’ lives at risk and turns back decades of progress.”
Some of NIOSH’s workers were reinstated. Others were not. The upheaval left some investigations in states like Wyoming in limbo.
Marshal Cummings, a United Steelworkers union representative in southwest Wyoming, was among those seeking NIOSH’s help. He had grown concerned about the potential for trona miners like himself to be exposed to high levels of silica dust, a known carcinogen.
“We know what silica does to people,” Cummings told Al Jazeera. “We know that it causes people to get their lungs cut up by jagged edges of a silica particle, and then they slowly die. They lose that same quality of life that people who work on the surface have.”
Cummings believes there is too little research to fully understand the toll silica exposure is taking on trona miners.
Already, trona miners work in extreme conditions. Their mines cut deep into the earth. One of Wyoming’s biggest trona pits plunges to a depth of 1,600 feet or 488 metres: deep enough to swallow three full-sized copies of the Great Pyramid of Giza, stacked on top of each other.
Cummings was also dismayed to learn that a new rule slated to take effect in April had been pushed back until at least mid-August.
The rule would have lowered the acceptable levels of silica dust in mines. Heavy exposure has been tied to respiratory diseases. Black lung — a potentially fatal condition caused by dust scarring the lungs — has been on the rise in Wyoming, as it is throughout the US.
To Cummings, blame rests squarely on the shoulders of mining executives whom he sees as more interested in their wallets than their employees’ health. He believes the silica rule’s delay is part of their political manoeuvring.
“The pause is not just the pause,” Cummings said. “It’s giving people who care more about a favourable quarterly report than they do their employees an opportunity to get this rule completely thrown out. And that’s unacceptable.”
Travis Deti, the executive director of the Wyoming Mining Association, represents some of the industry leaders who opposed the new rule. They felt the silica rule was “a little bit of overreach”, he explained.
“I know that a lot of our folks have a little heartburn over it, that it might go a little too far,” Deti said.
He pointed out that coal mining, for instance, is different in Wyoming than it is in the Appalachia region. While Appalachian miners have to tunnel to harvest the fossil fuel, Wyoming has surface mines that require less digging.
“My guys feel they mitigate their silica issues appropriately,” Deti said.
“For some, genocide is profitable.” UN Special Rapporteur Francesca Albanese has issued a blistering report accusing major companies of profiting from Israel’s genocide in Gaza and its occupation of Palestinian land.
Blake Robert has arrived in the UK with no money in his wallet and a unique challenge – and he has been documenting his experience on his social media channel for all to enjoy
He’s only made £5 profit so far (stock image)(Image: Getty Images)
An American has flown to the UK for a unique challenge – and he literally cannot return home until it’s completed. Blake Robert, who is known on social media as @theblakerobert, landed in the UK with just a suitcase and his guitar.
Without a penny in his pocket, he aims to earn enough money busking on the streets of the UK to not only support himself while he’s in the country but to also fund his plane ticket home. He has been documenting his challenge on his TikTok channel, sharing exactly how much money he made in Bath on day three of his challenge.
In his video, he said: “I flew to the UK with no money and now I’ll have to survive off the money I make playing my guitar.”
After attending an open-mic night in Bath, he met up with a group of buskers to decide when and where he can play his music in the town centre.
He says the meet every morning to determine who get what spot to give each artist an opportunity to show off their talents while earning money for their performances.
The meeting concluded with him playing in three locations around that – with the first being right outside Bath Abbey.
At this location, he made £24, $5 (£3.70) and was also gifted a punnet of green grapes.
Just 15 minutes later, he was on to his next location slightly around the corner in Abbey Churchyard.
He says he only made £1 because it started to rain during his second set as everyone dodged the downpour in nearby shops, cafes and restaurants.
Finally, set up on Stall Street, he made £18 and pulled in a small crowd who supported his music with praise and a dance.
Hungry and tried, he ended up spending £15.25 on a steak and ale pie before booking himself into a £22 hotel, leaving him with only a £5.75 profit for the day providing he didn’t buy anything else and excluding his $5.
Commenting on his video, one user said: “Very bold move coming to the UK with no money but basically I’m really enjoying the content so keep it coming.”
Another user added: “If you are trying to save money there are much cheaper places you could go – Greggs, Weatherspoon’s, a local café. Pubs are pricey unless they are Weatherspoon’s. What other cities are you going to?”
A third user said: “I’m so invested in your journey! Bath is very expensive though!”
One more user added: “You are very near Bristol, you should go there!”
ZURICH — Global reinsurer MS Reinsurance announced today that it produced a net profit of $346 million after tax for the year ended 2024, compared to $366 million for the year ended 20231. Read More
