German luxury clothier Hugo Boss reported a first-quarter net profit of €38 million, beating analysts’ expectation of €36 million. Gross profit rose 5 percent and operating profit by 6 percent, year on year.
Tag: Global Economy
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MAERSK POSTS LOWER PROFITS
Shipping giant AP Moeller-Maersk reported a sharp drop in first-quarter profits due to continued attacks on freighters in and near the Red Sea by Yemen’s Houthi militants in support of terror group Hamas in its war with Israel.
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EUROPE’S CARMAKERS REPORT FALLING SALES, REVENUE, AND PROFITS
Stellantis, the conglomerate that owns Alfa Romeo, Dodge RAM, Fiat, and Peugeot, among other vehicle brands, posted first-quarter revenue below expectations after its sales shrank across Europe.
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EUROZONE BUSINESS ACTIVITY GROWS FASTEST IN 11 MONTHS
In April, a robust services sector more than outweighed a deepening slump in manufacturing to power the Eurozone’s economy to its strongest monthly growth since May 2023.
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IMMIGRATION IS DRIVING GROWTH IN RICH COUNTRIES
“Exceptionally large” numbers of immigrants last year entering into Australia, Canada, Spain, the U.K., and the U.S. “definitely” helped ease labor shortages and grow GDPs, the Organization for Economic Cooperation and Development (OECD) said in a study released last week.
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STRONG DOLLAR POSES DANGER TO GLOBAL ECONOMY
As the U.S. Federal Reserve keeps its interest rates near a 20-year high to combat persistent inflation, the dollar continues to sap value from other currencies and creates a danger for the global economy, The New York Times reported.
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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, looming fears of a recession, and a tangible decrease in revenues for many sectors…
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
It’s global. The numbers are there for all to see. From developed to underdeveloped nations, economies are slowing down and/or contracting.
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TOP TREND 2024, A GOLDEN YEAR FOR GOLD: CHINESE SPECULATORS RUN UP GOLD’S PRICE
Speculators taking long positions in gold on the Shanghai Futures Exchange—betting gold’s price will rise—have boosted their number of bets by almost 50 percent since September, according to the Financial Times.
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LUXURY BRANDS DIVERGE AS INDUSTRY NAVIGATES POST-COVID ECONOMY
Kering, the luxury conglomerate that owns Balenciaga, Brioni, and Gucci fashion brands among others, warned that its profit during this year’s first six months could be as much as 45 percent lower than in the same period last year.