Market has priced a benign impact from tariffs, Goldman Sachs analyst says
Goldman Sachs' Head of European Financials Research Chris Hallam discusses the impact of tariffs on the European financials sector and its outlook on the sidelines of the bank's European Financials Conference
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Business of Fashion
31 minutes ago
- Business of Fashion
Lead EU lawmaker on sustainability laws proposes more cuts
The European Union should further slash the number of companies subject to its environmental and corporate sustainability rules, the European Parliament member leading negotiations on the policies said on Thursday. The European Commission proposed a 'simplification omnibus' in February that it said would help European firms compete with foreign rivals by cutting back on sustainability reporting rules and obligations intended to root out abuses in their supply chains. Those proposals did not go far enough, according to Swedish centre-right lawmaker Jörgen Warborn, who has drafted amendments to scale back the laws further to only cover companies with 3,000 employees or more and over 450 million euros ($521 million) in turnover. The Commission proposal would exempt companies with fewer than 1,000 employees - already, cutting out more than 80 percent of the roughly 50,000 companies currently covered by the green reporting rules. The EU counts around 6,000 companies with more than 1,000 employees. 'Europe is falling behind the US and China in the global race for competitiveness. I'm entering this process with a clear ambition: to cut costs for businesses and go further than the Commission on simplification,' Warborn said in a statement on Thursday. His draft proposal must be negotiated in the European Parliament where other lawmakers can propose their own amendments. The Parliament will agree the final changes with EU member countries in the coming months. Warborn, a member of the centre-right European People's Party lawmaker group, is facing competing calls from some right-wing lawmakers to scrap the policies entirely, and Socialist and Green lawmakers vowing to preserve them. French president Emmanuel Macron and German chancellor Friedrich Merz have both demanded the EU scrap the supply chain law. But the walk-back on ESG rules has met resistance from some investors and campaigners, who have warned it weakens corporate accountability and hurts the bloc's ability to attract more investments towards meeting climate goals. Warborn said his proposed changes will not weaken Europe's sustainability standards, but rather free up resources that companies can instead invest in innovation. By Kate Abnett; Editor: Joe Bavier Learn more: Op-Ed | Dear Fashion CEOs, Stop Undermining Climate Action Too many brands have set ambitious emissions goals while their trade associations quietly work to block the regulations needed to achieve them, argues Maxine Bédat.
Business of Fashion
32 minutes ago
- Business of Fashion
Art Basel Is Shaping Up to Be a Roll of the Dice
When the Swiss edition of Art Basel opens to VIPs on June 17 (public days are the 19th through the 22nd), Pace gallery's booth will feature a 6-foot-tall Picasso priced 'in excess of' $30 million. Oftentimes, with a work this expensive (and even far less expensive), galleries do their utmost to secure a buyer well before the fair opens, soliciting offers in a phenomenon known as pre-selling. The fair opens, the collector shows up, and the work is officially sold then. But a week before the fair, the gallery had yet to nail down a buyer for the Picasso. 'We have a very good idea about who we think is going to buy it,' says Marc Glimcher, Pace's chief executive officer. 'But we have not 'sort of' sold it. And that is part of the secret family recipe: If you feel confident and you know [the buyer] is going to be there, and you know where they are in their head, do you want to offer it before the fair, or have them bump into it at the fair?' Glimcher is opting for the latter. And he says this dash of serendipity is more common than outsiders might think: 'If I took all of the over $10 million sales that we did in Basel, I'd say that three-quarters of them were a surprise,' he says. ADVERTISEMENT This year ultra-expensive consignments are more of a roll of the dice than usual, several dealers acknowledge. 'I think this insecurity is a bit more on the higher end of the market,' says Thaddaeus Ropac, whose booth at Art Basel will include a Georg Baselitz painting from 1968 priced at about €3 million ($3.45 million), as well as a Robert Rauschenberg work for $1.5 million. 'In the main market, at least from a European perspective, it feels solid,' he continues. 'We've turned now into a buyer's market, where the buyer can say, 'I'm taking my time and thinking about it.'' The overall art market was down 12 percent last year, according to a recent Art Basel and UBS Group AG market report, with $10 million-plus sales at auction falling 39 percent year-over-year by volume and 45 percent by value. The bellwether May auctions in New York didn't help much, as the overall results were lacklustre; at the high end, totals were anaemic. 'It's not easy at the top of the market, but it's not easy at the bottom of the market either,' says the dealer Emmanuel Di Donna, who'll be bringing a $9.5 million triptych by Leonora Carrington, along with a Joan Miró from 1953 priced at about $20 million. 'So for us it's better to focus on the top-end material, as opposed to the rest. There is still a real appetite for museum-quality works when you have the right thing at the right price point.' It's a state of affairs that dealers profess to relish. Ropac says that '2022 was too easy, it went too fast,' meaning 'in times that are more challenging, you concentrate on collectors who are in it for the right motivation, and it cleans out a bit of speculation. I think it's not bad at all. To be honest, I feel rather relaxed.' Glimcher, who's also bringing a Joan Mitchell priced from $15 million to $20 million, acknowledges that 'this is a more questionable time to be selling at the high end,' but he remains sanguine about his gallery's prospects. 'We think some new data is going to come out of Basel,' he says. 'It's going to be the place that will show that there's new energy in the market.' By James Tarmy Learn more: Explainer: Making Sense of Art Basel's New Qatar Fair The world's largest organiser of art fairs will launch its fifth annual event in Doha in February 2026. What does it mean for Art Basel, Qatar and the evolution of an art market desperate for growth opportunities after more than two years of shrinking sales?
Yahoo
an hour ago
- Yahoo
Visa Enhances Infinite Card Perks Across Asia Pacific Region
Visa Inc. V recently announced an extensive enhancement of its Visa Infinite card benefits in 18 markets across the Asia Pacific region. The refreshed benefits focus strongly on travel experiences. Visa Infinite cardholders will now enjoy up to 30% discounts on hotel bookings made through Agoda, as well as 20% savings on reservations with IHG and Accor hotel groups. Additionally, cardholders can select from more than 1,000 curated properties in the Visa Luxury Hotel Collection. These stays come with a suite of complimentary benefits. Cardholders will also receive Titanium tier membership with GHA Discovery hotels, offering a wide array of choices from Agoda homestays to opulent six-star hotels. Travel perks continue at seven key airports in the region— Hong Kong International Airport, Incheon International Airport, Melbourne International Airport, Perth International Airport, Singapore Changi Airport, Survanabhumi International Airport and Sydney International Airport—where cardholders can avail up to 20% off at selected food and beverage outlets. The lifestyle upgrades are equally compelling. Visa Infinite cardholders will receive 10% off on duty-free shopping at Lotte Duty Free outlets. At Harrods, they will be granted complimentary Gold tier membership, which includes a 10% discount on dining. Visa's partnership with ION Orchard, one of Singapore's premier retail destinations, introduces exclusive retail promotions through the 'Shop and Get' program. This initiative allows cardholders to earn points and e-vouchers. For international travelers, Visa Infinite now offers complimentary access to Global Blue VIP Lounges situated in prominent European cities such as Paris, Milan, Rome, Florence, Barcelona, Madrid and Marbella. Moreover, cardholders benefit from free access to Global Blue Airport Fast Lanes. The recent updates cater to the aspirations of affluent consumers who increasingly value unique experiences and personal enrichment. Also, Visa's refreshed card benefits seem to be time opportune in Asia Pacific as the region emerges as a global center for wealth generation and is projected to account for 47.5% of all new high-net-worth individuals between 2025 and 2028. For transactions made using Visa-branded cards processed on its network, the company offers services such as authorization, clearing and settlement. In the course of delivering these services, V generates service, data processing, international transaction and other related revenues. Therefore, moves similar to the latest one are expected to attract new customers and retain existing ones to use the Visa Infinite card by enriching them with lucrative features and benefits. Visa Infinite continues to define the standard for premium payment solutions, offering a seamless and secure way to pay worldwide, whether for booking luxury travel, shopping abroad or purchasing concert tickets. Increased usage of the card, which carries the Visa brand, is expected to boost its overall net revenues. The metric advanced 10% year over year in the first half of fiscal 2025 on the back of an increase in processed transactions. Shares of Visa have gained 37.7% in the past year compared with the industry's 30.9% growth. V currently carries a Zacks Rank #3 (Hold). Image Source: Zacks Investment Research Some better-ranked stocks in the Business Services space are AppLovin Corporation APP, Duolingo, Inc. DUOL and Huron Consulting Group Inc. HURN. While AppLovin sports a Zacks Rank #1 (Strong Buy), Duolingo and Huron Consulting carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks bottom line of AppLovin outpaced estimates in each of the last four quarters, the average surprise being 22.86%. The Zacks Consensus Estimate for APP's 2025 earnings indicates an improvement of 85.7% from the year-ago reported figure. The consensus mark for revenues implies growth of 21.5% from the prior-year reading. The consensus mark for APP's 2025 earnings has moved 0.2% north in the past seven days. Duolingo's earnings outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 22.78%. The Zacks Consensus Estimate for DUOL's 2025 earnings indicates an improvement of 55.3% from the year-ago reported figure. The consensus mark for revenues implies growth of 33.4% from the prior-year reading. The consensus mark for DUOL's 2025 earnings has moved 10.2% north in the past 60 days. The bottom line of Huron Consulting outpaced estimates in each of the last four quarters, the average surprise being 22.81%. The Zacks Consensus Estimate for HURN's 2025 earnings indicates an improvement of 14.2% from the year-ago reported figure. The consensus mark for revenues implies growth of 9.3% from the year-ago reported number. The consensus mark for HURN's 2025 earnings has moved 3.4% north in the past 60 days. Shares of AppLovin, Duolingo and Huron Consulting have gained 396.5%, 138.4% and 41.3%, respectively, in the past year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Visa Inc. (V) : Free Stock Analysis Report Huron Consulting Group Inc. (HURN) : Free Stock Analysis Report AppLovin Corporation (APP) : Free Stock Analysis Report Duolingo, Inc. (DUOL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
