Burberry sales are expected to fall by about one-fifth next week, as the struggling fashion retailer continues facing a slowdown in the luxury market amid reports of a possible takeover. The company, which recently dropped out of the FTSE 100 because of its declining share price, will announce its first half results on November 14. Analysts expect sales to come in at about £1.1 billion for the first half, significantly lower than the same period last year. Meanwhile, the company is expected to post a loss of about £45 million compared to last year’s interim profit of £225 million. Burberry joins…
Author: Laura Bennett
Sending children back to school in new sneakers, jeans and T-shirts is likely to cost U.S. families significantly more this fall if the bespoke tariffs President Donald Trump put on leading exporters take effect as planned, American industry groups warn. About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data. Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries. Those same garment-making hubs took a big hit under the president’s plan to punish individual countries…
The maker of Jaguar and Land Rover cars is pausing shipments to the U.S. as Britain’s struggling auto industry begins to respond to the 25% tax on vehicle imports imposed by President Donald Trump. Jaguar Land Rover Automotive, one of Britain’s biggest carmakers, said Saturday that the pause would take place this month. “The USA is an important market for JLR’s luxury brands,” the company said in a statement. “As we work to address the new trading terms with out business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.” Analysts…
The political battle lines are drawn for a debate in Washington and beyond over a Republican budget plan that’s a cornerstone of President Donald Trump’s domestic agenda. With the plan’s approval by the GOP-controlled Senate in a vote that ended early Saturday, Republicans hope to leverage their position of power in Washington to enact as much as $7 trillion in tax breaks, boost border security for mass deportations and cut government funding — and do so “without one single Democratic vote,” said Sen. Lindsey Graham, R-S.C., the Senate Budget Committee chairman. Democrats, as the minority party, were unable to halt the budget plan. But during the late-night session, they…
Nations are trying to reach an agreement to charge commercial vessels a fee for their emissions in what would effectively be the world’s first global carbon tax. The International Maritime Organization, which regulates international shipping, set a target for the sector to reach net-zero greenhouse gas emissions by about 2050, and committed to ensuring that fuels with zero or near-zero emissions are used more widely. Its Marine Environment Protection Committee meets Monday through Friday in London. The committee, comprised of IMO member states, is working to approve proposed new global regulations to put a price on maritime greenhouse gas emissions and…
Not even 24 hours after his party lost a key Wisconsin race and underperformed in Florida, President Donald Trump followed the playbook that has defined his political career: He doubled down. Trump’s move Wednesday to place stiff new tariffs on imports from nearly all U.S. trading partners marks an all-in bet by the Republican that his once-fringe economic vision will pay off for Americans. It was the realization of his four decades of advocacy for a protectionist foreign policy and the belief that free trade was forcing the United States into decline as its economy shifted from manufacturing to services. The tariff announcement was the…
U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting. The S&P 500 fell 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%. China announced Friday that it will impose a 34% tax on all U.S. imports next week, part of a flurry of retaliatory measures to Trump’s new tariffs. Trump has doubled down on his commitment to tariffs, maintaining that his new levies will bring trillions of dollars of investment to the U.S. while also criticizing other countries’ retaliatory measures. Here’s the latest: Elon Musk says he hopes for zero tariffs with…
TEHRAN, Iran (AP) — Iran ’s rial currency traded Saturday at a record low against the U.S. dollar as the country returned to work after a long holiday, costing over 1 million rials for a single greenback as tensions between Tehran and Washington likely will push it even lower. The exchange rate had plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market. But as traders resumed work Saturday, the rate fell even further to 1,043,000 to the dollar, signaling the new low…
President Donald Trump’s tariff rhetoric against Canada has only started to heat up, but Vermont’s small businesses are already feeling some pain. A shipment of spirits, ordered by the Société des alcools du Québec – an entity that’s responsible for the trade of alcoholic beverages in the province – has been sitting on a shipping dock at Montpelier-based Barr Hill by Caledonia Spirits for about a month. The SAQ called off the order shortly after Trump announced the tariffs against Canada in February, according to Ryan Christiansen, president and head distiller at Caledonia Spirits. “Customers are ready to buy, and…