An Equestrian Knight Device logo on a flag outside the Burberry Group Plc luxury boutique in London, UK, on Tuesday, May 13, 2025. Bloomberg | Getty ImagesBurberry on Wednesday announced a slew of organizational changes, amid continued turnaround efforts at the embattled luxury house.The company said the measures could lead to a “reduction in people-related costs which could impact around 1,700 roles globally” over the lifetime of the program, set to complete in 2027.Burberry sales fell slightly less than expected in the fourth quarter, down 6% in the three months to March. Analysts had anticipated a 7% decline in a…
Author: usaeverydaylife
Opening callsGood morning from London.European stock markets are expected to open lower, paring some of the gains seen earlier this week after the U.S. and China agreed to a trade truce.Futures point to the Stoxx Europe 600, Germany’s DAX and the French CAC 40 all opening 0.2% lower, while the FTSE 100 is slated to shed 0.3%.Investors are looking ahead to earnings updates from Burberry, TUI, Imperial Brands, Experian, Compass Group, Telefonica and EON.— Chloe Taylor Source link
A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025. Artur Widak | Nurphoto | Getty ImagesSony Group shares rose about 2% Wednesday in volatile trading after the Japanese conglomerate announced a 250 billion yen ($1.7 billion) share buyback and operating income beat estimates. Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates of 192.2 billion yen, though it was down 11% from the same period last year. In the earnings report, the Japanese-based electronics, entertainment and…
Even as the United States and China take steps to rein in their trade war, Beijing is preparing for broader rivalry with Washington to continue. For China, that means its search for economic and diplomatic opportunities across Asia is unlikely to soften its tough line on its regional territorial claims and military competition.Both sides have agreed to temporarily cut the startlingly high tariffs they had imposed on each other’s goods. But the tariff truce will not allay other grievances that Beijing has with Washington, such as over a Pentagon vow to shift military forces to Asia and the Pacific, and…
Andrew Witty, CEO of UnitedHealth Group, testifies during the Senate Finance Committee hearing titled “Hacking America’s Health Care: Assessing the Change Healthcare Cyber Attack and What’s Next,” in the Dirksen Building in Washington, D.C., on May 1, 2024.Tom Williams | Cq-roll Call, Inc. | Getty ImagesUnitedHealth Group on Tuesday announced the surprise exit of CEO Andrew Witty and suspended its 2025 forecast, sending shares of the health-care giant tumbling more than 10% in morning trading. Witty is stepping down immediately for “personal reasons,” the company said. He will act as a senior advisor to his successor, Stephen Hemsley, who served as…
Family offices are set to grow at a rapid pace as the ultra-rich look for personalized services to handle their wealth. But they are struggling to find money managers. As of last September, there were 8,030 family offices globally managing $3.1 trillion in assets, according to Deloitte’s recent statistics. By 2030, the number of family offices is expected to grow to 10,720 with $5.4 trillion in assets under their management.”We estimate that by 2034, at current advisor productivity levels, the [wealth] advisor workforce will decline to the point where the industry faces a shortage of roughly 100,000 advisors,” McKinsey said…
Warren Buffett’s retirement announcement got most of the attention at Berkshire Hathaway’s 2025 annual meeting, but the billionaire investor also used the event to share a “fascinating” movie recommendation.”Check out ‘Becoming Katharine Graham’ and you’ll see a remarkable story of American history,” Buffett told attendees at the meeting, which took place on May 4. The documentary, which started streaming on Amazon Prime in February, covers the life of the longtime publisher of The Washington Post who led the newspaper through pivotal historical moments, including its reporting on the Pentagon Papers and Watergate.”There are a good many portions in there that…
The French movie star Gérard Depardieu was convicted by a Paris court on Tuesday on charges of sexually assaulting two women working on the set of a film in which he was starring in 2021. He received a suspended sentence of 18 months, and his name will be added to the national sex offender registry.The judge also ruled that Mr. Depardieu, now 76, pay damages of 15,000 euros, about $17,000, to one of the two victims and €14,040, including her medical fees, to the other.Mr. Depardieu was not in court for the ruling. His lawyer, Jérémie Assous, said he would…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Stocks are building on Monday’s strong gains, following a major step toward de-escalating the U.S.-China trade war, as both countries agreed to reduce tariffs while a bigger deal is worked out. With Tuesday’s rally, the S & P 500 has turned positive for the year and is now trading at its highest level since mid-March. For the second consecutive day, the market rally is being led by the consumer discretionary…
People shop at a grocery store in Brooklyn on May 13, 2025 in New York City. Spencer Platt | Getty Images The U.S. Federal Reserve at its May 7 meeting warned that America is facing an increased risk of stagflation — a scenario in which the economy slows or contracts while inflation shoots up — because of hefty tariffs imposed by President Donald Trump from April 2.Inflation data released Tuesday, however, showed that prices haven’t grown hotter yet. In fact, the annual reading came in lower than expected, and the core figure, which excludes volatile food and energy prices, was…
