Hong Kong rights group shuts down after years of advocating for workers
China Labor Bulletin planned to stop updating its website content and appeared to have deleted Facebook and Instagram social media accounts used by the nonprofit rights organization.
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Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Walmart reports solid second-quarter sales and profits despite a challenging tariff environment
NEW YORK (AP) — Walmart Inc. reported increases in second-quarter profits and sales Thursday as it continues to pull in price-sensitive shoppers for everyday essentials like groceries despite a challenging tariff environment. The Bentonville, Arkansas-based company, the nation's largest retailer, also increased its annual profit and sales outlook. It's among the first group of major U.S. retailers this week to report quarterly results that should shed more light on how consumers are coping with rising prices because of higher tariff costs. The company said Thursday that it earned $7.03 billion, or 88 cents per share, for the three-month period ended July 31. That compares with $4.50 billion, or 56 cents per share, a year ago. Sales rose nearly 5% to $177.40 billion. A growing list of companies including Procter & Gamble, Cosmetics, Black & Decker and Ralph Lauren have told investors in recent weeks that they plan to or have already raised prices because of tariffs, though modestly. None of that has derailed consumer spending. Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, even as President Donald Trump's tariffs start to take a toll on jobs. However, some of that spending could have been shoppers buying furniture and other items to get ahead of the expected price increases, analysts said. On Tuesday, Home Depot, the nation's largest home improvement retailer, reported improved sales during its latest quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty. But its performance missed Wall Street's expectations. The Atlanta-based company also said shoppers should expect modest price increases in some categories as a result of rising tariff costs, though they won't be broad-based. Target, which has been struggling to reverse a persistent sales malaise, announced a new CEO to take over in February. It reported another decline in comparable sales and said would only raise prices as a last resort. Chief Commercial Officer Rick Gomez said shoppers are focusing on value and so the discounter is leaning more into its store label brands, which tend to be less expensive than its national labels. But it's Walmart that serves as a barometer of spending given its outsized power in the retailing landscape. Walmart maintains that 90% of American households rely on the retailer for a range of products, and more than 150 million customers shop on its website or in its stores every week. Walmart had said back in May that prices had started to increase in late April and got higher in May. But it said a bigger sting would start to be felt in June and July when the back-to-school shopping season went into high gear. Analysts were expecting 73 cents per share on sales of $175.93 billion for the quarter, according to FactSet. Per share results, excluding effects of charges related to certain legal matters and from business restructuring, was 68 cents. Walmart's U.S. comparable sales — those from established physical stores and online channels — rose 4.6% in the latest quarter, slightly higher than the 4.5% gain in the fiscal first quarter. The business was fueled by groceries and health and wellness items, the company said. Monday Mornings The latest local business news and a lookahead to the coming week. Global e-commerce sales rose 25%, above the 22% growth in the fiscal first quarter. The company said Thursday it expects earnings per share to be in the range of 58 cents to 60 cents for the current quarter. Analysts expect 57 cents per share, according to Factset. Walmart also expects sales to be anywhere from 3.75% to 4.75% for the current period. For the year, Walmart is raising is per share estimates to a range of $2.52 to $2.62, up from the previous estimate of a $2.50 to $2.60 range. Analysts are expecting $2.62 per share, according to FactSet. Sales are anticipated to increase to 3.75% to 4.75% up from 3% to 4% growth it projected in May.
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
China and Pakistan foreign ministers agree to launch new economic corridor projects
ISLAMABAD (AP) — Pakistan and China pledged to expand economic cooperation and investment under the China-Pakistan Economic Corridor, a flagship program of China's Belt and Road Initiative, officials said. Chinese Foreign Minister Wang Yi met with his Pakistani counterpart, Ishaq Dar, at the Ministry of Foreign Affairs in Islamabad on Thursday. The two sides agreed to launch new projects through the China-Pakistan Economic Corridor, or CPEC, a flagship program of the Belt and Road Initiative, a Pakistani government statement said. The countries did not immediately share details of the proposed projects. Called 'One Belt, One Road' in Chinese, the Belt and Road Initiative has built power plants, roads, railroads and ports around the world and deepened China's relations with Africa, Asia, Latin America and the Mideast. It is a major part of Chinese President Xi Jinping's push for China to play a larger role in global affairs. Beijing has invested billions of dollars in Pakistan through CPEC, building roads, power plants and rail links to connect China's western Xinjiang region with the Arabian Sea port of Gwadar in southwest Pakistan, where some Chinese have been attacked by insurgents in recent years. The foreign ministers vowed to deepen collaboration in science, technology, industry and agriculture. Wang also urged Pakistan to ensure the safety of Chinese workers and engineers, who have come under attack by separatists in Balochistan province and elsewhere in recent years. Pakistan already has increased security for Chinese working on CPEC-related projects. China has long been one of Pakistan's key ally and financial backer, especially as Islamabad struggles with a prolonged economic crisis. Monday Mornings The latest local business news and a lookahead to the coming week. The meeting came a day after Wang and Dar traveled to Kabul for a trilateral dialogue with Afghanistan's Taliban rulers on political and economic cooperation. Wang's stop in Pakistan also followed a visit to neighboring India earlier this week, where he held talks aimed at stabilizing strained relations between the two Asian giants.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
US and EU frame the ongoing deal between the trading partners and solidify some commitments
WASHINGTON (AP) — The United States and the European Union on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments. 'This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies' reindustrialization,' the document reads. Together, the U.S. and the EU have 44% of the global economy. Key points in the letter include a 15% U.S. tariff rate on most European goods, with specifics on auto tariffs tied to EU legislative actions. In addition, the EU agrees to eliminate tariffs on industrial goods and many agricultural products, while the U.S. will reduce tariffs accordingly. The agreement also covers $750 billion in energy purchases and $600 billion in EU investments by 2028. The agreement also addresses non-tariff barriers, digital trade and environmental regulations. Monday Mornings The latest local business news and a lookahead to the coming week. In July, President Donald Trump and European Commission President Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland and announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. Before the Republican U.S. president returned to office for his second term, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with about $2 trillion, around 1.7 trillion euros, in annual trade.
