ABN Amro Profit Misses Estimates as Expenses Rise
ABN Amro Bank NV reported profit that missed analyst expectations on higher costs, in the last set of quarterly results presented by Chief Executive Officer Robert Swaak.
Net income at the Amsterdam-headquartered bank came in at €397 million ($411 million) in the fourth quarter, compared with analysts' estimate of €448.5 million. Its operating expenses rose 10% in the period, the bank said in a statement on Wednesday.
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CNBC
28 minutes ago
- CNBC
Shein seen boosting Indian manufacturing as U.S.-China trade war shakes up supply chains
Fast fashion giant Shein is reportedly set to boost its manufacturing in India with a view to bolstering its international supply chains amid the ongoing U.S.-China trade war. The Chinese-founded, Singapore-headquartered brand and Indian partner Reliance Retail are set to expand their supplier base in the South Asian country and begin international sales of India-made Shein clothes within the next six to 12 months, Reuters reported Monday, citing sources. The plans aim to increase Indian suppliers from 150 to 1,000 within a year, they added. Shein told CNBC the partnership was limited to the licensing of its brand to Reliance Retail for Indian domestic consumption only. Reliance did not immediately respond to a request for comment. According to the sources, discussions between the firms were underway ahead of fresh U.S. tariffs on China and the closure of the former's 'de minimis' trade loophole. Analysts nevertheless dubbed it a potentially savvy move given brewing trade tensions and increased scrutiny over Shein's supply chains ahead of its closely watched initial public offering. ''Shein's expansion of its production in India is on the face of it a shrewd move, given the trade headwinds facing the company," Susannah Streeter, head of money and markets at Hargreaves Lansdown, told CNBC via email. "It does look like using India as a manufacturing base is a long-term plan and the current tariff challenges could speed this up," Ed Sander, analyst at Tech Buzz China, added. Shein launched in India in 2018 but it was banned in 2020 as part of a government clampdown on Chinese firms. It returned to India in February, as part of a licensing deal with Reliance Industries, the conglomerate owned by Asia's richest person, Mukesh Ambani. The partnership is one of many Reliance has with global clothing brands including Brooks Brothers, Marks & Spencer and Diesel. Under the deal, Shein-branded clothes are produced domestically in India and sold on the website. This differs from most other Shein websites, which list products made in China. The firm nevertheless has existing manufacturing in Brazil and Turkey. An official from Reliance Retail said at the time that Shein would use India as "supply source for its global operations," according to the BBC. They added that the deal would simultaneously help Reliance in "building the network" and training Indian garment manufacturers as part of India's wider plans to promote its textile and garments export industry. "I doubt if the option of exporting elsewhere from India will be the main aim at the moment," Sander said, noting current limitations around India's factory capacity. "Having said that, this could change in the future if Reliance scales up." It comes as other companies have also been ramping up their production in India as they seek to avoid the most punitive tariffs on China. Tariffs on India are currently held at 10% while trade negotiations remain underway. "With the outcome of U.S. China trade talks still unclear, diversifying the manufacturing base to other parts of the world which could benefit from lower tariffs on exports to the U.S. looks sensible," Streeter said in emailed comments. U.S. tech giant Apple has also been boosting its production in India with a view to making around 25% of global iPhones in the country in the coming years. Those plans sparked backlash from U.S. President Donald Trump, who threatened to impose 25% tariffs on such goods. The timing is especially interesting for Shein, however, as it seeks to overcome scrutiny in its troubled pursuit of an IPO. The e-commerce behemoth reportedly recently shifted its listing from London to Hong Kong after failing to receive approval from Chinese regulators. Shein has long sought to shake allegations over the use of forced labor to produce its low-cost goods — claims it vehemently denies. Still, some raised concerns about whether India would provide the silver bullet. "India is not without risk in this respect. There have been reports of labor violations amounting to forced and child labor occurring on cotton farms supplying to three Indian textile suppliers to 60 multinational clothing brands," Streeter said. "Among responsible consumers and investors, there still may be significant skepticism about this move.'' A spokesperson for the Indian government did not immediately respond to CNBC's request for comment on the claims.
Yahoo
30 minutes ago
- Yahoo
Pret targets small-town Britain with launch of slower-paced cafes
Pret A Manger is to serve freshly made food on porcelain plates at sit-down cafes as it expands into small-town Britain. The London-headquartered chain has announced plans to trial new cafes that feel more like restaurants than takeaway shops, with food prepared to order behind a counter. Clare Clough, the chain's UK boss, said Pret wanted to become more of 'a destination for customers in a bit less of a rush who want a comfortable space to enjoy delicious food and spend time with family and friends'. Though widely known for its prevalence in London and its popularity among commuters, Pret has in recent years been focusing on suburban and remote areas – forcing it to adapt its stores to appeal to older customers and families, instead of busy workers. This month, it will open two cafes in Dundee and Maidenhead featuring more comfortable seating, a new menu and fewer fridges. Instead of chilled baguettes, the new sites will sell more hot products such as meatball and red pepper tapenade subs and sourdough toasties. While customers will be served food on porcelain crockery, they will still have to collect their orders from the counter in a manner similar to rivals such as Costa Coffee and Gail's. The focus on suburbs and more remote areas comes after Pret's city centre stores struggled during the pandemic and, since then, with the rise of working from home. More than 80pc of the sites it has opened since 2023 have been outside of London. The strategy has paid off, with Pret's revenues topping a record £1bn in 2023. A push to grow the business internationally in Europe and the US has also borne fruit after New York became its second-highest-grossing city outside London. However, it has struggled to stay profitable and faced criticism for raising prices. The chain has also come under pressure from both cheaper rivals and more expensive competitors in its London heartlands following the pandemic, spurring it to consider how it can broaden its appeal. Simon Stenning, hospitality industry expert and director of Future Foodservice, said: 'The competition has expanded, providing Pret customers with more options and more choice. 'And they're being challenged at the value-end of the spectrum with Greggs increasing their presence in London. 'I think it is Pret realising that, given their predicament of becoming very expensive for products which are better than standard but still fall a little short of the alternatives that are available to consumers, they need to shift the dial. 'You're not comparing a baguette from a chilled Pret cabinet with a baguette from a Greggs or a Sainsbury's cabinet now. What you're doing is comparing it to a baguette made freshly for you in a nice cafe environment or a bakery.' In 2015, the chain trialled evening meals at its flagship site on London's Strand. Called 'Good Evening with Pret', it sold wine and beers alongside a menu of small plates. The idea was never rolled out more widely. Last week, it emerged that JAB Holding, Pret's Luxembourg-headquartered private-equity backer, had appointed advisers to explore options for the chain, including a potential stock market float or bringing in another investor to shore up its finances. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
2 hours ago
- Yahoo
UK's Spectris says it would accept $5 billion takeover bid from US-based Advent
(Reuters) -Spectris would accept a 3.73 billion pound ($5.06 billion) bid from Advent if the U.S. private equity firm tables a formal offer, it said on Monday, sending shares in the British scientific instruments maker soaring by 70%. Advent's proposal valued Spectris at 37.63 pounds per share, including dividend, representing close to an 85% premium to Spectris's last closing price. Spectris, in a statement confirming a Bloomberg News report, said it was ready to accept an offer at that price if Advent were to table a formal offer. UK takeover rules require Advent to make a firm offer by July 7 or walk away. Shares in the London-headquartered company jumped 70% to 33.84 pounds, their highest since March 2024. Spectris is one of the largest takeover targets so far this year in Britain, which has been a hunting ground for buyers in recent years because of relatively cheap valuations. The proposal announced on Monday followed a number of earlier approaches from Advent, Spectris said. ($1 = 0.7377 pounds) Sign in to access your portfolio
