World

Luxury fashion house Burberry faces turbulence after a disappointing first quarter. The company's shares fell 11% in early trading on Monday following a series of announcements, including a profit warning, CEO replacement and dividend suspension. Financial outlook bleak Burberry painted a bleak picture of its near-term future. Citing a deepening sales slowdown, the company warned of potential operating losses for the first half of the year and a lower-than-current-expectations full-year profit. The gloomy outlook comes as sales fell significantly across its regions: Europe, the Middle East, India and Africa (EMEIA), Asia Pacific and the Americas, with comparable store sales down 21% in the last three months. Management reorganization and strategic change In response to these challenges, B...

Wells Fargo posted mixed financial results on Friday, beating analysts’ expectations for earnings and revenue but falling short of net interest income, a key measure of bank profitability. Profits and revenues exceed forecasts Despite a decline in net interest income, Wells Fargo managed to beat Wall Street projections for both earnings per share and total revenue. Earnings per share reached $1.33, beating the forecast of $1.29. Revenue rose to $20.69 billion, beating the forecast of $20.29 billion. Net interest income disappoints The San Francisco-based lender reported a significant 9% year-over-year decline in net interest income to $11.92 billion. That fell short of analysts' forecasts of $12.12 billion. The bank attributed the decline to the impact of rising interest rates on borrowin...

The European Union (EU) has accused Elon Musk’s social media platform X of deceptive practices and failing to comply with the bloc’s online content regulations. The move marks the first major enforcement action under the EU’s recently enacted Digital Services Act (DSA). A deceptive verification system The EU takes particular issue with X’s verification system, which allows anyone to purchase a coveted blue checkmark along with their username. This, the EU says, undermines the original purpose of verification: to identify legitimate accounts of public figures and organizations. The misleading nature of the paid checkmark could confuse users and potentially expose them to misinformation or harmful content. Transparency concerns The EU also flags X for a lack of transparency regarding its ad...

Delta Air Lines kicked off airline earnings season Thursday with a mixed bag of results. While the company reported strong travel demand and met analysts’ expectations for second-quarter earnings, its third-quarter revenue forecast fell short, sending shares down nearly 9% premarket. The culprit? An excess of flights that is driving down fares despite high enthusiasm for travel. Delta expects third-quarter sales to rise no more than 4%, below analysts’ estimates of 5.8%. As a result, the airline has revised its earnings per share projections to $1.70-$2.00, below $2.05 expected. The news underscores the pressure airlines are facing from rising costs and increased capacity. While Delta, known as the industry’s most profitable airline, managed to stay afloat in Q2 with adjusted ear...

Fueled by a surge in technology stocks and rising expectations of a Federal Reserve rate cut, Asia-Pacific markets rose on Thursday. The highlight was Japan's Nikkei 225 index, which topped the 42,000 mark for the first time ever. The Nikkei rose nearly 1%, with technology stocks leading the charge. The broader Topix also hit new highs, rising 0.7%. This rally mirrored the performance of U.S. tech giants the day before, with chipmakers such as Taiwan Semiconductor Manufacturing Company (TSMC) and Nvidia posting significant gains. However, a separate report from Japan pointed to a potential weakness in the economy. Orders for basic machinery unexpectedly fell for a second straight month, potentially signaling a weakening in capital spending. That could pose a challenge to the Bank of Japan...

Barcelona, ​​Spain – Tensions between residents and tourists in Barcelona reached boiling point this weekend. Protests against mass tourism saw hotel and restaurant entrances blocked in Barceloneta, with calls for an immediate reduction in visitor numbers. Reasons for discontent Residents blame the influx of tourists for the rising cost of living, crowded public spaces and a loss of local identity. Rent prices have skyrocketed, forcing many residents to abandon their neighborhoods. Measures to address the problem Barcelona Mayor Jaume Collboni has announced that Airbnb-style short-term rentals will be banned by 2028, potentially freeing up 10,000 apartments for long-term rentals. Change of feeling While most residents still see tourism as economically beneficial, many are now concerned ab...

On Monday, the Republican National Committee (RNC) adopted a new platform, heavily influenced by former President Donald Trump. The revised platform introduces significant changes to previous GOP positions on marriage and abortion, while making ambitious economic promises. Key economic commitments include ending inflation, transforming the United States into a manufacturing powerhouse, and implementing deep tax cuts for workers. The platform aligns with Trump's pledges to maintain funding for Social Security and Medicare, two widely supported but expensive government programs. The new 16-page platform, much shorter than those from the 2016 and 2020 cycles, passed by a vote of 84 to 18, according to a person familiar with the proceedings. It reflects a shift toward Trump’s populis...

Boeing has agreed to plead guilty to a criminal fraud charge linked to the tragic 737 Max crashes, the Justice Department announced Sunday. This comes months after U.S. prosecutors accused the aerospace giant of violating a 2021 settlement that had previously shielded it from criminal prosecution. As part of the settlement, Boeing will pay a $243.6 million fine and appoint an independent compliance monitor for a three-year probationary period. Boeing also is required to invest at least $455 million in compliance and safety programs, according to a U.S. Attorney's Court filing Sunday night. The settlement agreement awaits approval from a federal judge to go into effect. The agreement also calls for Boeing's board of directors to meet with the families of the crash victims. Boeing faced a d...

The New York Times editorial board on Friday called on President Joe Biden to withdraw from the presidential race against Donald Trump, citing his poor performance in the debate the night before. “The president appeared on Thursday night as a shadow of a once-great public servant,” the Times editorial said. “He struggled to articulate what he would accomplish in a second term. He struggled to respond to Trump’s provocations. He struggled to hold Trump accountable for his lies, his failures and his chilling plans. More than once, he struggled to finish a sentence.” “Biden has claimed that he is the candidate best positioned to confront and defeat this threat of tyranny. His argument is based largely on his victory over Trump in 2020,” the editorial continues. “That is no longer a sufficien...

After his State of the Union address in March, President Joe Biden appeared to allay concerns about his abilities at 81. Speaking firmly, he faced down Republican lawmakers who mocked him. However, one Democratic congressman who had shaken Biden's hand that night was troubled by his appearance, describing him as "frail and weak." Biden’s poor performance in a recent debate with Donald Trump has raised questions. Some Democratic lawmakers, who have watched Biden closely, are now questioning his ability to stay in office. They cite memory lapses and inconsistencies noted during his tenure. A significant team of aides surrounds Biden, helping to prevent potential embarrassment. He often uses a shorter ladder to climb onto Air Force One to minimize the risk of falling. No president s...