Yum Yum maker wants 25% duty on peanut butter imported into SA
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Yahoo
13 minutes ago
- Yahoo
UPS Withholds Outlook on Market Upheaval After Mixed Quarter
(Bloomberg) -- United Parcel Service Inc. declined to provide earnings guidance as it struggles to get a handle on volatility in the market, underscoring the challenges for the courier's effort to reconfigure its network and revitalize its business. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy An Abandoned Art-Deco Landmark in Buffalo Awaits Revival The company said Tuesday that it would not give a revenue or operating profit forecast for the full year 'given the current macro-economic uncertainty.' UPS offered limited predictions around capital expenditures and dividend payments in 2025, and said it still expects $3.5 billion in expense reductions from its ongoing turnaround plan. The hazy outlook suggests a rebound remains out of reach and extends the uncertainty around UPS' business after the company said in April it wouldn't update prior expectations. While many companies suspended guidance early this year due to volatility stemming from President Donald Trump's trade policies, a number of those outlooks have been restored more recently. 'The overall US economy demonstrated continued resilience, but our sector, specifically the US small package market, was unfavorably impacted by US consumer sentiment that was near historic lows,' Chief Executive Officer Carol Tomé said on a conference call to discuss quarterly results. The Atlanta-based courier is struggling to recapture the volume it experienced during the early years of the pandemic, when consumers turned to online shopping while stuck at home. The comedown, exacerbated for UPS by the threat of a union strike that sent some customers to rival firms, has proven stubborn thanks to weak demand across the economy. The company is also grappling with deep-rooted issues such as too much unprofitable volume and high cost structures. Adjusted earnings in the second quarter were $1.55 a share, UPS said in a statement, narrowly missing the $1.56 average of analyst estimates compiled by Bloomberg. Package revenue $14.08 billion was better than expected. UPS shares fell 6.6% as of 9:36 a.m. in New York, the most intraday since April 3. The stock tumbled 19% this year through Monday's close, while the S&P 500 Index gained 8.6%. 'Sentiment was decidedly negative heading into' earnings, wrote JPMorgan analyst Brian Ossenbeck. 'The results and lack of guidance will do little to change that at this point.' To solve some of its woes, UPS has said it's excising more than half of its Amazon business, which represented as much as 11.8% of UPS' total revenue last year. As it pulls away from its largest customer, UPS is focusing on shipments that bring in higher margins than low-value e-commerce parcels. To reorient around smaller volumes, UPS is closing and consolidating facilities and automating them, as well as reducing headcount. Earlier this month the company offered its first-ever voluntary separation agreement to full-time union drivers. The offer includes $1,800 per year of service with a minimum payout of $10,000 for drivers to leave the company. The buyout reflects the unprecedented moment that UPS finds itself in. After more than a century of continual growth, the company is now seeking to slim down its delivery network, and with it, its ranks. While UPS focuses on internal efficiencies, there is less the company can do about trade policies affecting its business. New tariffs, especially the end of the de minimis exemption allowing certain imports into the country duty-free, hit the company's most profitable trade lane, reducing average daily volume between the US and China by 35%, a bigger hit than the company had expected, Chief Financial Officer Brian Dykes said on a conference call with analysts. Another miscalculation adding to UPS' costs in recent months was the decision to break away from a partnership with the US Postal Service in which the company handed off packages to the agency for pricey last-mile deliveries. UPS brought those deliveries in house this year, and found that the cost was higher than expected. Tomé told analysts Tuesday that the company has 'reengaged' with the Postal Service, coinciding with new leadership at the agency. (Updates shares, adds CEO, analyst comments from the fourth paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New York Post
14 minutes ago
- New York Post
Josh Hawley bill would give millions of Americans $600 each from tariff revenue
Sen. Josh Hawley rolled out a new bill late Monday to give $600 in tariff rebates to millions of American workers and families, days after President Trump floated the idea. 'Americans deserve a tax rebate after four years of Biden policies that have devastated families' savings and livelihoods,' Hawley (R-Mo.) said in a statement. 'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country.' The Republican's American Worker Rebate Act would provide at least $600 to each adult and dependent child, with higher payments possible if tariff revenue exceeds projections for the year. Married couples who file taxes jointly and make more than $150,000 per year combined, heads of households who make more than $112,500 per year and individuals earning more than $75,000 per year will see their rebates reduced by 5%. Tariff revenue has topped $113 billion so far in fiscal year 2025, and the US posted a budget surplus for June as tariff revenue soared to $27 billion. 3 The Missouri Republican said he would introduce the tariff rebate bill after President Trump expressed interest in the idea. Getty Images 3 President Trump unveiled a suite of tariffs earlier this year as part of his effort to overhaul US trade policy. AFP via Getty Images Both Trump himself and administration officials like Commerce Secretary Howard Lutnick have claimed tariff revenue can be used to quickly pay down the federal deficit, which clocked in at $1.8 trillion last fiscal year. However, the president suggested to reporters as he left the White House for Scotland Friday that his team was 'thinking about a little rebate.' 'The big thing we want to do is pay down debt,' Trump said at the time. 'But we're thinking about a rebate.' Hawley's bill would dish out money under similar parameters to COVID-19 relief Congress passed beginning in 2020. 3 Sen. Josh Hawley has long branded himself as a populist-style Republican. Getty Images The first payments, of $1,200 to individuals making up to $75,000 and $2,400 to couples making up to $150,000, were issued in March 2020. A second round of payments, of $600 to individuals and $1,200 to couples under those thresholds, was doled out in December 2020. The third and final payment, of up to $1,400 to individuals and $2,800 to couples, was approved as part of the Biden-era American Rescue Plan in March 2021. Most conservatives have insisted that the administration focus on reducing the deficit and have warned about the inflationary effect of handing out more spending money while trying to keep prices down. 'While it's always politically advantageous to hand out money to constituents, the fact is the federal government has no money to give at this point,' Heritage Foundation chief economist EJ Antoni told The Post Friday in response to Trump's initial rebate float. 'When the annual deficit is over $1 trillion, the priority has to be getting that down, not giving the Treasury another outlay.'
Yahoo
17 minutes ago
- Yahoo
Boeing Q2 results beat expectations as plane maker slashes costs
Boeing (BA) reported second quarter earnings on Tuesday that topped expectations and stemmed the tide of cash burn that has plagued the company since early last year as CEO Kelly Ortberg continues his turnaround of the beleaguered jet maker. Boeing reported revenue of $22.7 billion vs. $21.68 billion analysts had forecast, according to Bloomberg data, and a 35% jump compared to a year ago. Last year, the company was mired in a production slowdown stemming from the door plug blowout of an Alaska Airlines 737 Max jet. The company posted an adjusted loss per share of $1.24, less than the $1.40 forecast, while its operating loss came in at $176 million, deeper than the expected $161.1 million. Most importantly, Boeing's cash burn was cut to $200 million during the quarter, a massive improvement from the $2.3 billion cash burn seen last quarter and the $4.3 billion it went through in the same quarter last year. "With the start of the second half of the year, we are moving in the right direction and ahead of where I thought we would be in our recovery," CEO Kelly Ortberg said in a memo to employees. "If we continue to tackle the important work ahead of us and focus on safety, quality, and stability, we can navigate the dynamic global environment and make 2025 our turnaround year." Boeing stock was up over 2% in early trade. Read more: Live coverage of corporate earnings Boeing, once the world's largest plane maker, is in the process of turning its business around following a disastrous 2024, which began with the aforementioned door plug blowout in January. Issues with its supplier Spirit AeroSystems (SPR) and various whistleblower complaints stemming from both production of the 737 Max jet and widebody 787 Dreamliner eventually cost then-CEO Dave Calhoun his job, with Kelly Ortberg named the new CEO in late July and starting on Aug. 8. Ortberg began his turnaround plan deliberately, slowing production of Boeing's jets to hammer out production issues and slowly boosting production in close conjunction with FAA regulators. Earlier this month, Boeing announced that commercial deliveries hit 150 jets vs. 130 delivered in the first quarter and 92 delivered in the year-ago quarter. Of Q2 deliveries, 102 were 737 Max jets (compared to 69 delivered a year ago), 24 were 787s (nine last year), 13 were 777s (seven last year), and nine were 767s (six last year). As for cranking up its 737 Max production, Ortberg said in late May that Boeing's goal was to reach a rate of 42 per month by midyear and to be in a position at the end of the year to review readiness for a rate of 47 per month. Boeing said 737 production hit 38 planes per month in Q2. "Boeing continues to show great progress, but the ramp-up may be more gradual than our prior view," William Blair analyst Louie DiPalma wrote shortly after Ortberg's comments. "Our earlier note indicated that a 47 monthly production rate was possible by the end of 2025. Our new view is that the 47 aircraft per month target is more likely in mid-2026." Boeing faced another crisis in June when an Air India 787 Dreamliner crashed shortly after takeoff from Ahmedabad Airport. Initial reports, however, suggest pilot error may have caused the crash, with the engine fuel control switches moved to the "cut-off" position. Investigators are still trying to determine why that was the case. President Trump's announcement of a trade deal with the EU is seen as a positive for both the autos and aviation sectors, as there was an expectation that the EU would have retaliated with punitive tariffs on aviation products and parts coming from the US. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
