Business
Trump tariffs hit Buffett's Berkshire consumer goods businesses
Berkshire Hathaway reported a decline in consumer goods revenue, citing the impact of President Trump's tariffs on imported goods, which caused order delays and shipment disruptions. Despite these challenges, shoemaker Brooks experienced significant revenue growth.
Coalition of willing needs to emerge to prevent WTO from sinking: Experts
Experts at a CUTS International webinar emphasized the urgent need to prevent the WTO's collapse through collaborative efforts from diverse economies. Concerns were raised about WTO-violative deals and the erosion of the Most-Favoured Nation principle. Speakers called for developing countries to proactively lead WTO reform, fostering a positive narrative and cultivating a coalition to revitalize the global trade architecture.
Asia's factory activity worsens as US trade uncertainty bites, India outshines with 16-month high record
Asian factory activity faced challenges in July. Weak global demand and US tariffs impacted business. Japan and South Korea made trade deals with Washington. China's factory activity declined. Japan's PMI fell, signaling tariff impact. South Korea saw contraction for the sixth month. India's manufacturing expanded, but confidence dropped. Philippines and Vietnam expanded, while others shrank.
Europe is breaking its reliance on American science
European nations are working to reduce reliance on US scientific data. This follows US budget cuts impacting climate and weather research. Concerns rise over planning for extreme weather and infrastructure. The EU plans to expand its data networks. They aim to mirror US services. Focus is on ocean observation data. This supports shipping, energy, and storm warnings.
Goldman Sachs poised to buy into ice cream maker Froneri at $17.13 billion valuation: Report
Goldman Sachs is reportedly nearing a deal to acquire a stake in ice cream giant Froneri, valuing the company at approximately 15 billion euros, including debt. The potential transaction would see Goldman Sachs' asset management arm become the primary investor through a continuation vehicle established by PAI Partners.
Nvidia says no 'backdoors' in chips as China questions security
Nvidia, the US tech giant, says its chips are secure. This comes after Beijing questioned the security of Nvidia's H20 chips. China is worried about potential backdoors. Nvidia assures that there are no remote access vulnerabilities. China aims to reduce reliance on foreign tech. Huawei's 910C chip is promoted as an alternative. Nvidia remains committed to serving Chinese customers.
Microsoft joins $4 trillion club
The technology behemoth forecast a record $30 billion in capital spending for the first quarter of the current fiscal year to meet soaring AI demand and reported booming sales in its Azure cloud computing business on Wednesday. Shares of Microsoft were up 6.6% at $546.33 in morning trading.
Moderna plans to lay off 10% of workforce to cut costs
Moderna is set to reduce its global workforce by roughly 10%, aiming for under 5,000 employees by year's end, as it accelerates cost-cutting due to declining COVID-19 vaccine sales. This move is part of a broader plan to cut operating expenses by $1.5 billion by 2027.
Kering to pay new CEO Luca de Meo signing-on bonus of around 20 million euros as he leaves Renault
Kering is set to propose a €20 million signing bonus for its incoming CEO, Luca de Meo, to offset losses incurred from his departure from Renault. In addition to the bonus, de Meo will receive an annual fixed income of €2.2 million, with a potential variable income reaching €6.6 million based on performance.
China flags concerns over potential security risks in Nvidia's H20 chips
China questioned Nvidia about security concerns with its H20 AI chips. The Cyberspace Administration of China cited location tracking and remote shutdown risks. This follows improved trade talks between the US and China. The H20 chip, once banned, was recently cleared for sale. US lawmakers worry about China's AI and military advancements.
Must Watch
Trump tariffs a stone in the shoe of 'made in USA' cowboy boots
President Trump's impending 30% tariffs on South African exports threaten the iconic "made in the USA" cowboy boot industry. Texas bootmakers rely on ostrich leather sourced exclusively from Oudtshoorn, South Africa, the world's "ostrich capital." Farmers fear the tariffs will negatively impact their business, potentially leading to shrinkage as costs are shared between exporters, importers, and consumers.
US-China trade war could push ECB to continue easing
U.S. tariffs could redirect Chinese exports to Europe, potentially lowering inflation and pressuring the ECB to ease monetary policy. ECB economists suggest increased Chinese imports could cause the central bank to undershoot its 2% inflation target, possibly leading to further interest rate cuts. Despite some believing the easing cycle is over, the ECB may feel compelled to act.
What are the main issues facing new Renault CEO Provost?
Francois Provost will soon lead Renault. He faces tough competition in Europe. Renault aims to grow in emerging markets and beyond cars. Partnerships are crucial but raise concerns. Renault plans many new car launches. Van sales have dropped. Improving credit rating is a priority. Renault will manage its Nissan stake and Nissan's partnerships. Provost has many challenges ahead.
Samsung says US tariff agreement with South Korea reduces uncertainty, expects Tesla deal to boost orders
Samsung Electronics anticipates increased chip orders following a $16.5 billion deal with Tesla, despite reporting its weakest earnings in six quarters. A new U.S. factory in Texas is slated to begin production in 2026. A trade deal between Washington and South Korea, imposing 15% tariffs, is expected to reduce uncertainty, while the company monitors a U.S. national security probe.
Renault names procurement chief Francois Provost as new CEO
Renault appointed Francois Provost as its new CEO. He replaces Luca de Meo, who left for Kering. Provost, previously the chief procurement officer, will start on July 31. This decision comes as Renault faces increasing competition and declining demand. Analysts highlight Provost's international experience and strategic understanding.
Apple earnings under pressure from tariffs, slow AI roll-out
Apple faces pressure from US tariffs and competition in China as it prepares for its earnings report. Despite expectations of a 4.2% revenue rise, focus is on adapting its supply chain amid trade tensions. iPhone production shifts to India have mitigated tariff impacts.
