- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
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Volkswagen sees impact of Ukraine war despite profit bounce
German auto giant Volkswagen said Thursday its first quarter operating profit increased significantly in 2022, while warning that the "first effects" of the war in Ukraine were beginning to be felt.
The group's operating profit, a measure of profitability closely watched by investors, rose to 8.5 billion euros ($9.3 billion) over the first three months of the year from 4.8 billion euros in the same period last year, according to preliminary figures.
The boost was down to strong "operating performance" and a positive effect of 3.5 billion euros thanks to hedges against the changing price of raw materials.
The turbulence on commodities markets could be traced back to the "ongoing war in Ukraine", which has pushed up prices, Volkswagen said in a statement.
Supply chain impacts could also be seen, with deliveries from suppliers in Ukraine being limited.
The lack of critical car parts has already forced Volkswagen, along with other German carmakers, to curtail production at some plants, while exports to Russia have been halted.
The course of the war and the impact on Volkswagen "cannot be predicted with sufficient certainty" but risked having a "negative impact" on the Wolfsburg-based group.
Volkswagen also said it delivered some 500,000 fewer cars in the first quarter of 2022 than in the previous year, a 22-percent drop.
The continued impact of the coronavirus pandemic, which has recently led to widespread lockdowns in China, a key market, also loomed over the auto manufacturer's future performance.
As did the possibility of further disruption to supply chains "especially for semiconductors", a key component in both conventional and electric vehicles.
The two effects already conspired to make business difficult for Volkswagen in 2021. Despite net profits rising by 75 percent to 15.4 billion euros, the 12-brand group delivered 600,000 fewer units last year, as lockdowns and shortages caused interruptions in production.
Ch.Havering--AMWN