Scottish Deputy First Minister Forbes to Step Down Next Year
Once a key figure in the future of the pro-independence Scottish National Party, Forbes alluded to the pressure on her family for deciding not to seek re-election in May next year.
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Yahoo
15 minutes ago
- Yahoo
Well-heeled shoppers shrug off price hikes for Birkenstocks and Bugaboo strollers for now
By Helen Reid LONDON (Reuters) -Well-heeled shoppers around the United States seem - so far at least - willing to soak up price hikes for aspirational products from trendy Birkenstock sandals to Bugaboo prams, despite the impact of trade tariffs and belt-tightening elsewhere. German sandal and clog brand Birkenstock has enjoyed strong consumer demand with little pushback from U.S. retailers since hiking prices at the start of July, its chief executive said on Thursday. As brands raise prices and cut costs to mitigate the impact of higher U.S. tariffs on their imported products, a key question is the extent to which consumers will be put off and buy less, or simply walk away from purchases. Comments from Birkenstock, Bugaboo, Coach, Ralph Lauren and other brands at the premium end of the market suggest that, so far, affluent consumers are shrugging off price hikes. "We saw no pushback or cancellations following the July 1st price increases implemented in response to tariffs," Birkenstock CEO Oliver Reichert told analysts on a call, adding demand for the brand has been "tremendously strong." Bank of America, the largest consumer facing U.S. bank, said this week that middle- and upper-income earners spent more on their credit cards in July than the same month last year. In contrast, spending among the lowest income bracket remained flat, the bank found. Overall U.S. consumer spending may stay strong, Bank of America said, as long as higher-income individuals keep spending. Lower-income earners account for only 15% of all U.S. consumer spending, according to Bank of America. However, Procter & Gamble, maker of Tide detergent, reported signs of spending cutbacks among higher-income consumers, indicating that shoppers may be becoming more selective with their purchases. Bugaboo, a Netherlands-based maker of expensive baby gear, also raised prices on its strollers, high chairs and play pens by $50-$300 in May because of U.S. tariffs. Retailers were open and accepting. "In general we did not see any pushback. They are like us. They understand it is a fluid situation," Chief Commercial Officer for North America, Jeanelle Teves, said. Bugaboo manufactures in China and sells strollers for more than $1,000 at Target, Nordstrom, Bloomingdales and independent mom and pop stores. Coach handbags also remain in strong demand despite a gloomier economic outlook: the brand drew in more than 4.6 million new customers in North America this year, many of whom are Gen Z and millennials, Tapestry CEO Joanne Kuvoiserat said on Thursday. Coach, whose popular Tabby shoulder bags retail for $350, will maintain its operating profit margin despite the pressure of tariffs, Kuvoiserat said. Ralph Lauren, meanwhile, raised its annual revenue forecast as shoppers snapped up items like its $398 Polo Bear sweaters. But consumers' behavior in the coming months remains hard to predict, CEO Patrice Louvet highlighted on a conference call with analysts. "The bigger unknown here today is the price sensitivity and how the consumer reacts to the broader pricing environment. So that's what we're watching very closely as we head into the second half." Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Large drop in number of pupils studying Welsh at A-level since 2005, data shows
There has been a dramatic drop in the number of pupils studying Welsh at A-level, with almost a third fewer taking the subject than two decades ago. More than 500 fewer students studied Welsh to a high level this year than in 2005, the latest data shows. The drop has come despite the Welsh Government having set a target of one million Welsh speakers by 2050. Around 538,000 people can speak the language in Wales. Data examined by the PA news agency shows some 372 students took Welsh as a first or second language at A-level this year, down from 927 in 2005. The lowest year on record was 2023, when just 353 pupils took the subject. This year has been the lowest year for people taking Welsh as a first language, with 185 entries, compared with 260 in 2020. Some 187 pupils took the subject as a second language, with 209 having taken it in 2020. Efa Gruffudd Jones, the Welsh Language Commissioner – an officer appointed by the Welsh Government to oversee an independent body aiming to promote the use of the Welsh language – described the drop as a 'matter of concern'. Speaking to PA, Ms Gruffudd Jones said she supported calls from the Coleg Cymraeg Cenedlaethol (Welsh National College) for Welsh to become a protected subject. She said: '(This would) make sure that every educational institution post-16 offers the course. 'What I hear from people who get in touch with my office, if only you know three or four people want to study it, then schools don't offer the subject at all. 'I believe they need 12 before they decide to run the course. I don't think that's right. 'I think it should be offered at every educational institution post-16.' Ms Gruffudd Jones also said the qualification itself is under review, and the content needs to be made more attractive and relevant to students. She added: 'The other thing is that you can study many more courses through the medium of Welsh now than you used to be able to. 'You can study psychology, criminology, etc, through the medium of Welsh. 'Maybe people in the past who would have wanted to study through the medium of Welsh chose Welsh, but now they have a wider range of choice.' The commissioner stressed that Welsh is not the only language to have seen a decline, with many European languages having seen a drop across the UK. Total entries for French, German, and Spanish were down by 20% from 443 to 352 in Wales this year, with Ruth Cocks, director of British Council Wales, describing the drop in interest in international languages as a 'concerning story'. Ms Gruffudd Jones said the reason for the move away from studying languages was unclear, but may be due to pupils being encouraged to study more Stem subjects. 'I understand that we need people with technical ability, but I would argue that you also need linguistic ability in order to communicate with people in workplaces, to articulate yourself well in future,' she said. 'I would argue that literature gives you some insight into the world. 'I don't think really that it should be either or. 'What's important is that it doesn't go any lower, and we continue to make efforts to attract people to learn Welsh to a high standard.' The Welsh Government's aim to have one million Welsh speakers by 2050 was first set out in 2017. Earlier this year, a new five-year plan was unveiled by the commissioner to help achieve the goal. And the Welsh Language and Education (Wales) Bill, which aims to close the gap in Welsh speaking ability among pupils from different schools, passed in the Senedd. Figures from the 2021 census showed a decline in the number of people who can speak Welsh compared with a decade earlier. Around 538,000 people in Wales – roughly 17% of the population – said they could speak Welsh, compared with 562,000 in 2011, around 19% of the population. Recent years have seen Welsh place names take prominence over English as the default, with Eryri replacing Snowdonia on official communications from the national park authority. In response to the decline in A-level entries, a Welsh Government spokesperson said: 'We would like more learners to take Welsh as a subject. 'A consultation is taking place to look at creating new Welsh AS and A-levels, making them engaging and attractive to learners. 'We see the Welsh Language and Education (Wales) Act 2025 as a means to provide more children and young people with access to the language within the education sector than ever before. 'We want all young people to leave school with better Welsh skills, regardless of whether they do A-level Welsh or not.'
Bloomberg
18 minutes ago
- Bloomberg
Romanian Premier Vows Deeper Spending Cuts to Avoid Default Risk
Romania's new prime minister warned his country could face a default unless the government quickly reins in years of lavish spending. Premier Ilie Bolojan said in an interview with Bloomberg News on Thursday that he sees the next six months as crucial for his administration to impose a series of radical austerity measures despite growing public discontent and tensions within the ruling coalition.
