Dole Is Raising Pineapple Prices, Adding to Pressure on Grocers
The food company, a unit of Japanese conglomerate Itochu Corp., will be implementing a price increase on 'all canned pineapple and pineapple juice items' effective June 9, according to a memo viewed by Bloomberg News. The amount of the increase wasn't disclosed.
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Yahoo
29 minutes ago
- Yahoo
Tech manufacturing has powered Asia - now it's a casualty of Trump's tariffs
When he began his trade war, President Donald Trump said his goal was to bring American jobs and manufacturing back to the US, reduce trade deficits and create a more level playing field for American companies competing globally. But after months of negotiations and many countries' refusal to meet America's demands, his strategy has taken a more punitive turn. US companies have been here before. Under Trump's first administration, when he imposed tariffs on Chinese exports, they scrambled to limit their exposure to Beijing, with many shifting production to Vietnam, Thailand and India to avoid higher levies. But his battery of new tariffs does not spare any of these economies. Stocks saw a sell-off, with benchmark indexes in Taiwan and South Korea in the red on Friday. Both countries are central to Asia's sprawling electronics production. The details are still hazy, but US firms from Apple to Nvidia will likely be paying more for their supply chains - they source critical components from several Asian countries and assemble devices in the region. Now they are on the hook - for iPhones, chips, batteries, and scores of other tiny components that power modern lives. It's not good news for Asian economies that have grown and become richer because of exports and foreign investment - from Japanese cars to South Korean electronics to Taiwanese chips. Soaring demand for all these goods fuelled trade surpluses with Washington over the years - and has driven President Trump's charge that Asian manufacturing has been taking American jobs away. In May, Trump told Apple CEO Tim Cook: "We put up with all the plants you built in China for years... we are not interested in you building in India, India can take care of themselves." Apple earns roughly half its revenue by selling iPhones that are manufactured in China, Vietnam and India. The tech giant reported bumper earnings for the three months to June, hours before Trump's tariff announcement on Thursday night, but now the future looks more uncertain. Chief executive Tim Cook told analysts on a conference call that tariffs had already cost Apple $800m (£600m) in the previous quarter, and may add $1.1bn in costs to the next quarter. Tech companies typically plan years ahead, but Trump's unpredictable tariff policy has paralysed businesses. Amazon's online marketplace, for instance, is just as dependent on China for what it sells in the US. But it's not yet clear what rates Chinese imports into the US could face because Beijing has yet to strike a deal with Washington - it has until 12 August to do so. Before they agreed to de-escalate, the two sides imposed tit-for-tat tariffs that reached a staggering 145% on some goods. But it's no longer just about China. On Thursday, Mr Cook said that most iPhones sold in the US now come from India. But Trump has just levelled a 25% tariff on Indian imports, after Delhi was unable to clinch a deal in time. Other firms chose to re-route their goods bound for the US through Vietnam and Thailand after the tariffs in Trump's first term. It became so common that it was called the "China+1" strategy. But this time, these trans-shipped goods are also being targeted. In fact, trans-shipping has been a big part of the US negotiations with Asian countries. Vietnamese imports face a 20% US levy but trans-shipped goods face 40%, according to Trump. It's harder still for advanced manufacturing like semiconductors - more than half of the world's chips, and most of its advanced ones, come from Taiwan. It is now subject to a 20% tariff. Chips are the backbone of Taiwan's economy, but also central to US efforts to gain a technological lead over China. So it is another US company, Nvidia, that will pay steep levies to put advanced chips by Taiwan's TSMC inside its AI products. But perhaps the biggest casualty of Trump's tariffs could well be Asia's e-commerce giants - as well as the American companies that rely on Chinese sellers and marketplaces. In a surprise move this week, Trump ditched the "de minimis" rule which exempted parcels under $800 from customs duties. He first did this in May, targeting such parcels from China and Hong Kong - and this was a blow for retailers like Shein and Temu, whose huge success has come from online sales in the West. Now American sites like eBay and Etsy have also lost that exemption - and the price of second-hand, vintage and handmade items for US customers will go up. President Trump says he is batting for Americans with these tariffs, but in a deeply globalised world, US firms and customers could also become casualties. There is still so much uncertainty that it is hard to see who the winners really are. Error in retrieving data Sign in to access your portfolio Error in retrieving data
New York Post
5 hours ago
- New York Post
Mystery $10M Birkin buyer says purchase was his ‘most expensive' ever: ‘Made me sick to my stomach'
Who spends $10.1 million on an old handbag? Japanese resale mogul Shinsuke Sakimoto, that's who. The now-revealed mystery buyer placed his winning bid from halfway around the world on the original Hermès Birkin last month — making the coveted fashion artifact the priciest purse in history. And yes, he's still recovering from the experience. Advertisement 4 Who blew $10.1M on a used handbag? Meet Shinsuke Sakimoto — a Japanese resale tycoon who snagged the record-breaking Birkin from halfway across the globe. Valuence 4 The jaw-dropping sale of the original Hermès Birkin rocked the auction world — and now the Tokyo tycoon behind the splurge is speaking out. Getty Images 'It was the most expensive purchase I've ever made for a single item,' the Valuence Holdings CEO admitted, as reported by CNN. 'It was very exciting, but it really made me sick to my stomach.' Sakimoto snapped up the 1984 prototype bag, designed for British 'it girl' Jane Birkin — actress, singer, model and icon of effortless Parisian style. Advertisement The top-quality tote was sold last month at Sotheby's Paris in a nine-way bidding war that sent prices sky-high. The final gavel dropped at 7 million euros. Add in fees, and Sakimoto shelled out over $10 million for the black leather beauty. Advertisement Sakimoto, 43, watched the drama unfold via phone from his Tokyo office, channeling his past life as a pro soccer player into auction aggression. 'We were almost at the upper limit, but in those few minutes we were strategizing how to inflict psychological damage on our opponents and force them to give up,' he said. 'Hit back in three or five seconds. I had to be aggressive.' In true sports fashion, he'd even dreamt of the win — twice — the night before. Of course, the luxury-loving gods weren't footing the bill. Sakimoto says the purchase — made under his company, not personally — was a strategic investment, not a sentimental splurge. Advertisement 4 The Birkin's bragging rights just hit a whole new level — a wild nine-way bidding war at Sotheby's Paris sent prices soaring. AP 'It was certain that the winning bid would break the record, which meant it would be reported all over the world,' he explained. Valuence expects the media blitz to generate 'several billion yen' in advertising value — possibly enough to justify the stomachache. But don't expect this Birkin to land in someone's closet. Sakimoto insists it's not for resale. In fact, it's likely to cost even more thanks to shipping and import duties, which are expected to add another $2 million to the final tab. Instead, he plans to share the prized purse with the world, keeping it on public display — not tucked in a vault. 'The purpose of winning this artwork is not to make it the personal property of the wealthy, but to create a new ownership model — for companies like ours and society to share, together,' Sakimoto said. 'We want to preserve it in the future and share it with everyone.' Advertisement He added that learning about Jane Birkin's philanthrophic legacy helped him feel connected to her mission. 4 The original Hermès Birkin is the 1984 prototype made for the late British 'it girl' Jane Birkin — actress, singer, model and Parisian style legend. Mike Daines / Shutterstock 'I felt that I have a very strong connection with these people [like Jane Birkin], and their role as ambassadors or evangelists, that really match our company's business philosophy.' Hey, for $10 million, it better match. Advertisement As previously reported by The Post, before this record-breaking OG Birkin snagged the spotlight, the priciest purse ever sold at auction was a Himalaya Crocodile Birkin — which fetched a jaw-dropping $450,000, back in 2022. Jane Birkin, who passed away in 2023, was widely revered for her chic ensembles, and she was known to carry her belongings in a woven basket — whether on the red carpet or while running errands. The first Birkin was born after the 'Je t'aime… moi non plus' crooner met Hermès CEO Jean-Louis Dumas on a flight. Advertisement Spotting her straw basket, he suggested she needed a 'better bag' — then sketched the now-iconic design on an airplane barf bag. Months later, the prototype was ready — launching a luxury legend.
Bloomberg
5 hours ago
- Bloomberg
Starbucks Plans Kiosks to Cut Long Lines at Airport Locations
Starbucks Corp. is working on adding ordering kiosks to busy locations in the US that cater to on-the-go customers. The Seattle-based coffee chain has been exploring how to shorten lines at high-traffic places such as airports, Chief Operating Officer Mike Grams said in an internal meeting this week, according to a recording reviewed by Bloomberg News. Snaking queues of caffeine-deprived travelers are a common sight at terminals around the US.
