Aperol Maker Campari Maintains Guidance Despite Tariff Woes
The maker of Aperol aperitifs said Thursday that it made sales of 1.53 billion euros ($1.75 billion) in the first half, in line with analysts' expectations.
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Yahoo
6 minutes ago
- Yahoo
Ivan Zazzaroni: Inter Milan To Make Atalanta New Cash + Player Offer For Ademola Lookman
Atalanta wantaway star Ademola Lookman is inching ever closer to joining Inter Milan after an exhausting transfer saga. According to Ivan Zazzaroni, the director of Corriere dello Sport, via FCInterNews, the player has left Bergamo. It's now a near-certainty that Ademola Lookman will not play for Atalanta next season. Despite the club's reluctance to lose another star player after selling Mateo Retegui, Lookman has other plans. Indeed, the 27-year-old is hellbent on joining the San Siro club by the end of the summer. Furthermore, he has already made his intentions clear by refusing to take part in pre-season training. On top of that, he has removed all social media posts in the Atalanta shirt. However, Lookman's actions have not fazed La Dea, who are seemingly sticking to their guns. They won't sell their prize asset for less than €50 million. As such, they've already turned down two offers from Inter, including a €45 million bid last time out. Ivan Zazzaroni Insists Inter Milan Will Make New Offer for Atalanta Ace Ademola Lookman TURIN, ITALY – MARCH 09: Ademola Lookman of Atalanta celebrates scoring his team's fourth goal during the Serie A match between Juventus and Atalanta at the Allianz Stadium on March 09, 2025 in Turin, Italy. (Photo by) Despite two failed attempts, Inter won't give up on their hopes of signing the former RB Leipzig star. On the contrary, they're piecing together a new offer that will reportedly include a counterpart. Indeed, Inter are hoping that a player-plus-cash bid would change Atalanta's mind. 'Inter are ready to offer €46–47 million plus a youngster for Lookman,' Zazzaroni claims. 'This will truly be their final offer. 'The player has physically left Bergamo, and at the moment, no one knows where he is.' Furthermore, Zazzaroni insists the relationship between the clubs remains phenomenal. 'The relationship between Inter and Atalanta remains excellent. 'Inter are now waiting for a response from Percassi and are willing to go up to €50 million – but not a cent more – including a young player as part of the deal.'
Yahoo
6 minutes ago
- Yahoo
Rivian reports mixed Q2 results, widens 2025 loss projection as tariffs & loss of EV tax credit bite
Rivian (RIVN) reported mixed second quarter earnings after the bell on Tuesday, and did not report a gross profit as policy changes like tariffs blunted its performance. The company also widened its full-year loss projection as trade wars and the loss of EV tax credits blunt Rivian's path towards profitability. Rivian said recent policy actions are expected to "continue to have an impact on its results and cash flows of its business," and because of some of the recent changes associated with regulatory credits and its second quarter performance, the company is increasing its adjusted 2025 full-year EBITDA (earnings before interest, taxes, depreciation, and amortization) before interest loss range to $2.0 billion to $2.25 billion, from $1.7 billion to $1.9 billion previously. Recent policy changes include the Trump administration phasing out the EV tax credit, set to expire on September 30, as well as sector tariffs of 25% on autos and auto parts. Rivian stock was lower in after-hours trading. For the quarter, Rivian reported revenue of $1.303 billion vs $1.28 billion per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company posted an EPS loss of $0.97 vs $0.77, with an adjusted EBITDA loss of $667 million vs. $493 million expected. Rivian also did not post gross profit for the quarter, which it had done the last two prior quarters. On the positive front, Rivian said development of its upcoming R2 midsize SUV is progressing. 'This quarter we made significant progress in R2 development and testing. We also substantially completed the expansion of our Normal, Illinois facility and have begun installing manufacturing equipment in preparation for our start of production," CEO RJ Scaringe said in a statement. Rivian said it expects to commission the new R2 line in the third quarter of this year and start validating the equipment and production processes. The R2 is slated for production in 2026. The company said in early July that it produced 5,979 vehicles at its factory in Normal, Ill., and delivered 10,661 vehicles during the second quarter, slightly below analysts' consensus of 10,800. Production was limited during the quarter in preparation for model year 2026 vehicles, expected to launch later this month, the company said. Read more: Live coverage of corporate earnings Rivian reaffirmed its 2025 delivery guidance range of 40,000 to 46,000 vehicles, but it will shut down its factory for three weeks in September for R2 preparations, and in order to increase manufacturing capacity to 215,000 units. "On the call, we'll be looking for further detail on Rivian's progress with its Volkswagen Joint Venture (total deal size of ~$5.8B), and on the company's progress towards autonomy, and towards commercializing its R2 line, which is slated for SOP [start of production] in 1H26," Cantor Fitzgerald analyst Andres Sheppard wrote. Deutsche Bank's Edison Yu added that R2 prototypes have been seen in the wild, further suggesting that 2026 production is in the cards, but there are still headwinds for the business overall. "Heading into 2H, we worry that EV policy headwinds could keep a lid on the stock," he wrote in late July. "Moreover, the company is expected to experience some downtime related to R2, hurting overhead absorption." Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
Crucial exemption allows majority of Canadian and Mexican goods to be shipped to US without tariffs
TORONTO (AP) — U.S. President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties. Goods that comply with the 2020 United States-Mexico-Canada Agreement trade pact that Trump negotiated during his first term are excluded from the tariffs. Here's a look at Trump's tariffs on the two countries and their exemptions: Most Canadian exports reaching the U.S duty free Canada's central bank says 100% of energy exports and 95% of other exports are USMCA compliant. The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April. Canadian Prime Minister Mark Carney said the commitment of the United States to the core of USMCA, reaffirmed again last week, means the U.S. average tariff rate on Canadian goods remains one of its lowest, and over 85% of Canada-U.S. trade continues to be tariff free. 'Canada is better off than any of the trading partners right now because the Americans appear to be relying as a default on USMCA,' said Flavio Volpe, president of the Automotive Parts Manufacturers' Association. 'That gives them the tough tariff headline but also allows them the access to the stuff they need from us. Because of that we're in a relative better position.' Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made. 'The headline news is 35% tariffs but it's somewhat targeted,' said John Manley, Canada's former industry minister, finance minister, foreign affairs minister and deputy prime minister. Manley said Canada is doing okay despite the economic uncertainty. 'There is a lot of resilience I'd say. The Canadian economy has done relatively well, better than most of us expected, and remember that there is no tariffs on any of our energy exports," he said. 25% tariffs on Mexican goods target a small slice of trade Trump said last week he would enter into a 90-day negotiating period with Mexico, also one of America's largest trading partners. The current 25% tariff rates are staying in place, down from the 30% he had threatened earlier. But that 25% only applies to the fraction of Mexico's trade with the U.S. that isn't covered by the USMCA. Shortly after speaking with Trump on Thursday, President Claudia Sheinbaum said that within the 'new commercial world order,' Mexico was still the best positioned nation because of the free trade agreement. 'What's within (USMCA) has no tariff, with the exception of what we already know: autos, steel and aluminum; and what is outside the treaty has 25%,' Sheinbaum said. But Economy Secretary Marcelo Ebrard pointed out that under the USMCA no tariffs were paid on more than 84% of Mexico's trade with the United States. Most imports from Canada and Mexico are still protected by the USMCA, but the deal is up for review next year. U.S. Commerce Secretary Howard Lutnick said last month: 'I think the president is absolutely going to renegotiate USMCA." Preserving the free trade pact will be critical for Canada and Mexico. 'It would be an incredible disruption to lose it especially if you lost it to the levels of tariffs Trump is imposing, 30%, 25% or even 20%. You can absorb a single digit tariff level across the board but you can't adjust that kind of increase,' Manley said. More than 75% of Canada's exports go to the U.S. while more than 80% of Mexico's exports go there. Manley said that depending on how the trade war plays out the risk to the USMCA is very high. 'Uncertainty in business is the enemy of decision making," he said. Charging for access Carney said in a series of recent agreements with other countries that America is, in effect, charging for access to its economy. Manley said the investment thesis for Canada is pretty straightforward as Canada is rich in natural resources, has a skilled labor force, is open to immigration and has unfettered access to the U.S. market, the largest economy in the world. 'If that latter point is no longer the case, we've still got all the others, but we've got to really redevelop the investment thesis for attracting investment to Canada,' Manley said. Trump has some sector specific tariffs, known as 232 tariffs, that are having an impact. There is a 50% tariff on steel and aluminum imports and a 25% tariff on auto imports, though there is a carve-out for Canadian and Mexican made cars. 'Despite our advantages, certain major Canadian industries are being severely impacted by U.S. trade actions. These strategic sectors include autos, steel, aluminum, copper, pharmaceuticals, semiconductors, and of course, softwood lumber,' Carney said Tuesday. 'It is clear we cannot count or fully rely on what has been our most valued trading relationship for our prosperity.' ___ Associated Press writer Fabiola Sánchez in Mexico City contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
