Jeff Bezos sold Amazon shares worth about US$737 million in June
Bezos, who founded Amazon in 1994, sold 3.3 million shares for US$736.7 million, after adopting a 10b5-1 trading plan in March, showed the filing, made after the market closed.
After the sale, Bezos will own about 905 million Amazon shares. He sold stock worth almost US$5 billion last year.
Bezos married journalist Lauren Sanchez on Friday evening during a star-studded wedding extravaganza in Venice. He is ranked the fourth-richest person in the world with a net worth of US$234.4 billion, according to Forbes.
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The Sun
an hour ago
- The Sun
Timor-Leste's ASEAN membership to boost regional reach and partnerships
KUALA LUMPUR: After 26 years, the Association of Southeast Asian Nations (ASEAN) is set to welcome its first new member since 1999 as Timor-Leste nears full accession. This milestone carries significant implications for both the nation and the regional bloc amid shifting geopolitical and economic dynamics. Timor-Leste's inclusion is expected to reinforce ASEAN's strategic influence and global relevance. Political analyst Professor Camilo Ximenes Almeida from the National University of Timor-Leste highlighted the potential for joint economic growth and regional stability. 'The integration of Timor-Leste represents a strategic opportunity for ASEAN, expanding its interregional relations and fostering a stronger, more united bloc,' he told Bernama. The path to membership has been long. Timor-Leste, Southeast Asia's youngest nation, applied in 2011, nine years after gaining independence in 2002. Despite challenges, Dili has shown strong commitment to meeting ASEAN's rigorous requirements. In November 2022, ASEAN granted Timor-Leste observer status, allowing participation in meetings and summits. With a population of 1.3 million, Timor-Leste relies heavily on oil and gas exports, though agriculture and services are growing contributors to its economy. The country recorded a GDP growth of 4% in 2024, up from 2.4% in 2023. Malaysia has played a key role in supporting Timor-Leste's bid, including a US\$200,000 pledge to the ASEAN Secretariat and technical assistance through the Malaysian Technical Cooperation Programme (MTCP), which has trained 319 Timorese officials. 'This support strengthens bilateral ties and underscores ASEAN's inclusivity,' Ximenes noted. Timor-Leste's membership could also introduce new dynamics, particularly in peace-building. Its reconciliation experience may serve as a model for other ASEAN members, including Myanmar. Additionally, Timor-Leste's Lusophone heritage could enhance ASEAN's ties with Portuguese-speaking regions in Europe, Africa, and Latin America, fostering trade and cultural exchanges. Full membership is expected to be formalised at the 47th ASEAN Summit in October, pending completion of the Full Membership Roadmap, which covers political, economic, and socio-cultural criteria. ASEAN, founded in 1967, currently has 10 members, with Cambodia being the last to join in 1999.
The Star
an hour ago
- The Star
US tariffs will have significant impact on Lao economy, economists warn
VIENTIANE: Tariffs imposed by the United States on goods imported from Laos and other trading partners are projected to have a significant impact on Laos' economy in 2025 and 2026, economists have warned. The tariffs, and the ensuing global slump that is likely to result from the high levies, will result in a decline in demand and foreign direct investment (FDI) inflow. The impact on Laos' key trading partners and foreign investors, namely China, Thailand, Vietnam and the European Union (EU), will seriously hurt Laos' growth. 'Declining economic growth in these countries will affect their demand for goods imported from the Lao PDR as well as FDI inflow and tourist arrivals into Laos,' the National Economic and Social Science Institute warned in its economic assessment released on Friday (June 27). In 2024, exports from Laos to its top three trading partners — Thailand, China, and Vietnam — accounted for 82.4 per cent of the country's total exports, amounting to US$8.176 billion. These countries are also the top three foreign investors and key sources of foreign visitors to Laos. The United States' reciprocal tariffs are forecast to remarkably impact the global economy. The International Monetary Fund (IMF) has projected that the global economy will experience slower growth to 2.8 and 3 per cent in 2025 and 2026 respectively, a drop from 3.2 per cent in 2024. Tariffs as high as 48 per cent of the value of goods imported from Laos were cited when the world's largest economy announced on April 2 that it would impose reciprocal tariffs on its trading partners. However, the rollout of the tariffs has been paused for 90 days from April 9 to allow time for negotiations. Despite being a small economy, Laos has been penalised with a high levy determined by the United States based on the perceived trade deficit, according to the report by the National Economic and Social Science Institute. But the Lao government argues that there is a huge discrepancy in the trade figures. The US cites a trade deficit of over US$762 million in 2024, while statistics from the Lao Ministry of Industry and Commerce show a trade surplus of just over US$42 million. Laos exports to the US totalled US$283.8 million, while imports from the United States were valued at US$241.6 million. The main goods exported from Laos to the US included furniture, mattresses, lamps, electrical appliances and equipment, finished chemical products, clothes, headgear, inorganic chemicals and footwear. Key imports comprised wood and paper products, mechanical equipment, animal feed, vehicles and automobile spare parts. Given the huge difference in the figures, Prime Minister Sonexay Siphandone sent an official letter to President Donald Trump on April 7 - two days before the pause was announced. In the letter, the Lao government highlighted the differences and proposed that negotiations be carried out by both countries' trade agencies to establish common ground. While the United States' broader tariffs policy will have a significant impact on Laos, the increased levy imposed on Laos will have only a minor direct impact, given the relatively low value of bilateral trade, the report added. In 2024, Laos exports to the US accounted for just 2.9 per cent of total exports. In addition, Laos' exported goods fell into the labour-intensive, low value category, which are in high demand by US consumers. 'The US still needs to import these goods from the Lao PDR or other developing countries because the production cost of these goods in the US is high,' the report said, adding that the price of these imported goods plus the new tariff would still be lower than if they were made in the United States. However, the Lao economists who compiled the report acknowledged that local producers might suffer from declining orders from exporters, which would reduce their incomes and cut jobs. The economists cited disruption caused by the tariff changes as a key reason for Laos' economy being forecast to experience slower growth rates of 3.9 and four per cent in 2025 and 2026 respectively, a drop from 4.3 per cent recorded in 2024. As the pause deadline of July 9 approaches, the United States and its multiple trading partners are engaged in negotiations to reach deals to ease the situation. The report stated that if the United States goes ahead with the high levies, a notable impact on global growth, including in Laos, is inevitable. Given that the value of two-way trade is low, Director of the Macro Economic Research Institute under the National Economic and Social Science Institute, Latdavanh Songvilay, said the direct impact might be only minor. But the indirect impacts caused by the broader increased tariff policy could be enormous. 'The indirect impact is expected to be huge due to a projected decline in exports because the demand from trading partners would diminish, along with FDI and tourist arrivals,' she added. - Vientiane Times/ANN
New Straits Times
2 hours ago
- New Straits Times
Indian brands tap heritage pride after Prada 'sandal scandal'
INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft. Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins. After viral photos from a fashion show drew criticism from Indian artisans who make the sandals - named after a historic city in Maharashtra state - Prada was forced to acknowledge that its new open-toe footwear was inspired by ancient Indian designs. "Prada 0: Kolhapur 1," said an Instagram post by e-commerce website Shopkop, whose founder Rahul Parasu Kamble's open letter to Prada pointing out the footwear is "soaked in tradition" was reshared 36,000 times on social media. "I saw the controversy as a way to promote Kolhapuri," said Kamble, 33, who has seen sales of sandals he sources from local artisans touch 50,000 rupees (US$584) in three days, five times the average. Social media has been abuzz in recent days with criticism and sarcastic memes, with politicians, artisans and a trade body demanding due credit to Indian heritage. Prada has said it will arrange follow-up meetings with artisans. In a statement to Reuters on Tuesday, it added the Italian group intends to make the sandals in India in collaboration with local manufacturers, if it commercialises them. India's luxury market is small but growing, with the rich splurging on Lamborghini cars and pricey watches. Prada does not have a single retail store in India and its products are usually reserved for the super rich - its men's leather sandals start retailing at US$844, while Kolhapuris can be priced as low as US$12. But linking of the Prada name to the Kolhapuri sandals, which are made by around 7,000 artisans, is providing a business opportunity for some. Mumbai-based Ira Soles is running new Facebook and Instagram advertisements which proclaim its US$32 "Tan Handcrafted Kolhapuris just walked the ramp at Prada ... Limited stock. Global spotlight. Own a piece of what the world is applauding.." E-commerce website Niira is offering up to 50 per cent discounts on its Kolhapuri slippers it says are "rooted in tradition." Its sales of US$18 sandals, that looked like the one Prada showcased in Milan, have tripled, founder Nishant Raut said. "Why can't an Indian Kolhapuri brand become as big as a Birkenstock," he said. Handmade in small factories, Kolhapuri sandals, or chappals as they are called in Hindi, are often paired with Indian attire. Similar designs are sold in big outlets of Bata India and Metro Brands, and also on Amazon and Walmart's Flipkart. In 2021, India's government said the sandals could achieve US$1 billion a year in exports. Though latest estimates are not available, artisans say the business has struggled as consumers increasingly opt for more fashionable, upmarket footwear. Still, the Prada controversy is breathing new life into a craft that Lalit Gandhi, president of Maharashtra's main industry lobby group, says is "a dying art." Gandhi said he is in talks with Prada to develop a co-branded, limited-edition sandal. Kolhapur craftsmen Ashok Doiphode, 50, is pinning hopes on a Prada boost. He hand-stitches sandals for nine hours daily but can sell a pair for just 400 rupees (US$5). "If big companies like Prada come, craftsman like me can get a good price."
