Gap Inc. CEO says turnaround is on track despite tariff woes
Gap Inc. (GAP) stock is sinking despite reporting better-than-expected first quarter earnings results as tariff concerns weigh on the retailer's outlook.
Gap Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor Brian Sozzi to break down the quarter and explain how the company is navigating trade headwinds.
To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
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Yahoo
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Centrelink issues warning to retirees over payment freeze threat: ‘Fake'
Services Australia has warned Australian age pensioners not to fall for misinformation they might see online. Scammers have been trying to trick people into thinking they need to update their personal and financial documents, or risk their Centrelink payments being cut off. A number of online articles and social media accounts have claimed age pension recipients must submit updated personal, identity and financial documentation by a certain date. They claim failure to do so will result in 'suspension or cancellation' of payments. Services Australia confirmed to Yahoo Finance this information was fake and pensioners do not have to submit updated documentation. RELATED $1,831 Centrelink payment change coming within weeks Coles and Woolworths checkout move that there's no coming back from Aussie couple making $1,200 a day from job anyone can do 'There are fake reports about changes to identity and document requirements,' Services Australia has warned. 'Some unofficial websites say your payment might stop unless you re-confirm your identity or provide documents. This is not true.' Services Australia said these were 'clickbait' websites that were designed to get a lot of traffic through flashy headlines. They may claim there are new document requirements for Centrelink pensioners, new eligibility and verification processes for age pensioners. They may also claim your payments will be cancelled, suspended or halted if you don't meet new requirements or guidelines, or you could get a fine or debt if you don't take action. These are not true. Aussies lost $119 million to scams in the first four months of 2025, Scamwatch data found, despite the overall number of scam reports dropping by nearly a quarter to 72,230. Phishing scams accounted for $13.7 million in losses, nearly tripling compared to $4.6 million in early 2024. The Australian Taxation Office (ATO) has issued a similar warning after noticing clickbait websites claiming there would be changes to superannuation preservation and withdrawal rules from June 1. ATO deputy commissioner Emma Rosenzweig said it was 'classic fake news' and urged people to consider the source of information they see and to go to trusted sources like the ATO website, your super fund, tax agent or financial adviser. 'Beware of websites that might be trying to harvest your personal information such as your TFN, identity details or myGov login details,' she said. 'Think twice before acting on information heard from third-party sources, including non-official websites or on social media.' Services Australia has encouraged people to only trust information online about its payments and services from its official website, myGov or its official social media accounts. 'If a website URL doesn't end in . then it isn't an official government website,' Services Australia said. Services Australia also has information about scams targeting Australians on its website, which is updated regularly.
Yahoo
5 hours ago
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ATO warning to millions of Aussies desperate for $1,519 cash boost: 'Misconception'
Millions of Australians will be able to lodge their tax returns with the Australian Taxation Office (ATO) in the coming weeks. While many are desperate for a cash boost in the form of a refund, taxpayers are being warned not to rush. More than 10 million Australians expect a tax refund this year, new Finder research found, with 7 per cent admitting the extra cash would be 'critical' to their financial wellbeing. The average Aussie is expecting a refund of $1,519. Finder head of consumer research Graham Cooke told Yahoo Finance Aussies would be rushing to get their hands on some extra cash from July 1. RELATED ATO warning over popular tax deduction Aussies try to claim each year: 'Not claimable' Coles and Woolworths checkout move that there's no coming back from: 'Will only accelerate' Aussie couple making $1,200 a day from job anyone can do: 'Went off like an explosion' 'Australians who are living month to month are very eager to access their tax refunds to ease financial strain,' Cooke said. 'With many households grappling with the cost of living, these refunds offer a much-needed reprieve. For some, the refund is essential to cover essential expenses, such as keeping the lights on." Nearly one in four Aussies surveyed said their tax refund was 'very important' to their financial health, while a further 41 per cent said it was 'somewhat important'. Women were more likely to need a refund, with 39 per cent admitting it was 'critical' or 'very important' for their finances, compared to 24 per cent of men. But not everyone is expecting a refund this year, with 18 per cent saying they thought they would be getting a tax bill. Cooke has urged Aussies to make sure they are making prudent use of any refund. 'Consider using the funds to pay down debt, deposit into a high-interest savings account, or contribute to superannuation to maximise long-term benefits,' he said. It comes as Aussies are urged not to rush their tax returns, or they could risk making mistakes and missing out on legitimate claims. CPA Australia tax lead Jenny Wong has urged Aussies to take time to gather their evidence of work-related expenses over the next few weeks and to wait for the ATO to pre-fill their information before lodging. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot,' she said. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. 'It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait. It'll save you in the long run.' The ATO generally recommends waiting to lodge until the end of July when information, including interest from banks, dividend income, payments from government agencies and health insurance information is pre-filled in your tax return. The ATO has said it will be focused on areas where it sees frequent mistakes this tax time, including work-related expenses, working from home deductions and multiple income in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
6 hours ago
- Yahoo
Aussie couple dodge $40,000 fee with $150,000 mortgage move: 'Going to see a lot more'
More Australians are turning to the Bank of Mum and Dad to get a foot on the property ladder as prices continue to skyrocket. But instead of giving cash, some parents are putting up part of their home equity to help their kids get into the market quicker and avoid mortgage insurance fees. Chelsea Anderson and her partner Jaimyn Wiki purchased a four-bedroom townhouse in Brisbane in March using a guarantor home loan. The 27-year-old real estate agent told Yahoo Finance the parental help meant the couple could buy the $925,000 property with a 5 per cent deposit. 'We went down the guarantor route so we wouldn't have to pay LMI [Lenders Mortgage Insurance]. We saved ourselves about $40,000 in cash,' Anderson said. RELATED Bank of Mum and Dad warning over common mortgage issue: 'Seek legal advice immediately' Coles, Woolworths shelves reveal devastating reality for coffee lovers: 'From $49 to $62' Aussie couple making $1,200 a day from job anyone can do: 'Went off like an explosion' Wiki's parents are guaranteeing about $150,000 of the property purchase by putting up their own home as equity. This has given the couple 20 per cent security needed to buy the home without paying LMI. The couple bought the home as an investment property and hope to remove the parents as guarantors from the loan within the next two years. They bought their first property, a two-bedroom unit for $535,000, in August last year and used the first home guarantee to buy with a 5 per cent deposit. 'I would say it's probably gone up about $100,000 in value since then,' Anderson said. Anderson said the couple were keen to expand their portfolio, and Wiki's parents had previously offered to help them. 'We could feel the market is going to increase and keep growing in Brisbane and we had a deposit to be able to buy another property, so we wanted to leverage on the growth before the rates start dropping more and prices keep going up," she said. Mortgage brokers have reported seeing a rise in guarantor loans among first-home buyers, with Loan Market data finding they now make up 66 per cent of loans written in their network. That's up from 50 per cent for the same month last year and 38 per cent four years ago during the pandemic. Loan Market broker Caleb Bax said he expects guarantor loans would continue to increase in popularity. That's partly because more parents will now be in a position to help, as their own home values skyrocket. 'There are a lot more people who are in a position to help,' he told Yahoo Finance. 'Obviously, current house prices seem to keep going up, so it's just making it harder and harder for first-home buyers. 'We are going to see a lot more people relying on parental help and it's a way for a parent to help without having to physically out lay cash, they can temporarily lend or borrow against their home.' Along with helping buyers purchase a home with a small, or no, deposit, Bax said buyers may be able to get a more appealing interest rate on their mortgage as they will be seen as a 'less risky' client. Bax warned there were major risks to be aware of, with the guarantor on the line if their loved one can't meet their repayments. 'If the applicants were in a position where they couldn't make home loan repayments and the property price hadn't increased, the bank has the right and ability to come after the guarantors up to the limit of the loan that they've taken the guarantee for,' Bax said. 'So, say someone had a $150,000 guarantee against their home. The bank can come for that, even if they've paid that down a bit and maybe have $130,000 leftover. 'The bank can go up to the guaranteed limit, so $150,000, to recoup any of the lost money, including legal fees. 'So then the guarantor either has to take on the loan themselves against their home and pay those repayments, or they could be in a position where they have to sell their home.' Along with the financial risks, the arrangement also has the potential to put a strain on the relationship between parents and their kids. If you go down the guarantor route, Bax said it was important to have an exit strategy in place to get the guarantor off the loan as quickly as possible. Bax said this could include purchasing below your means so you can pay off the loan quicker, renovating the property to add value to it, or potentially putting down any lump sum bonuses into the home. 'With the property market the way it is, it's appreciated so quickly that we are seeing they are able to get off quite quickly,' he added. Anderson said she and her partner had a plan in place before they approached the parents and asked them to go guarantor. 'The average growth for that area for the last year was about 12 per cent, so we figured that we'd get them off on growth alone in probably a year and a half,' she said. 'We also thought the unit we bought initially was not a long-term unit, it's our first home. So we thought eventually when we sell that, whatever profit we have from that will go into the other property, and that would remove them, whichever came first.' Bax encouraged Aussie homebuyers to speak to a mortgage broker to understand how having a guarantor could impact them and whether other avenues like LMI waivers or government guarantees are worth exploring first. "It's always worth the guarantors getting independent legal advice as well," he said. "So, seeing a solicitor to understand the risks associated in more detail, so that they are informed enough to make the decision whether to help their kids."Error while retrieving data Sign in to access your portfolio Error while retrieving data
