Latest news with #ForvisMazars
Kuwait Times
a day ago
- Business
- Kuwait Times
US court blocks most Trump tariffs
US dollar, banks, luxury stocks, chipmakers lead gains NEW YORK: A US trade court ruling that blocked most of President Donald Trump's tariffs and found he had overstepped his authority triggered some relief on financial markets on Thursday, while adding to the uncertainties weighing on the global economy. Among the United States' big trading partners, in the throes of negotiation with the Trump administration, Germany said it could not comment, as did the European Commission. 'We ask for your understanding that we cannot comment on the legal proceedings in the US, as they are still ongoing,' a spokesperson for Germany's economy ministry said. 'We continue to hope that a mutually beneficial solution can be reached in the negotiations between the EU Commission and the US government.' The British government said the sweeping ruling was a domestic matter for the US administration but noted that it was 'only the first stage of legal proceedings'. Winners on financial markets included chipmakers, banks, luxury stocks and auto industry, all hit hard by tariff-led disruptions. The US dollar had earlier rallied against the yen and Swiss franc but its gains faded as the trade outlook remained uncertain and worries emerged about how Trump could respond. Wall Street stock index futures had earlier risen by more than 1.5 percent but were last up just 0.8 percent. The trade court ruling on Wednesday dealt a blow to Trump's central policy of using tariffs to wring concessions from trading partners. The decision affects the blanket tariff orders issued by Trump since January rooted in the International Emergency Economic Powers Act (IEEPA), a law meant to address threats during a national emergency. It does not cover sector-specific tariffs, such as those on steel, aluminum and car imports. His administration immediately said it will appeal and analysts said investors will remain cautious as the White House explores its legal avenues. If the court ruling holds, the president could deploy other trade laws to impose sector-specific levies as well as across-the-board and country-specific tariffs. Following a market revolt after his major tariff announcement on April 2, Trump paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners. But apart from a pact with Britain this month, agreements remain elusive and the court's stay on the tariffs may dissuade countries like Japan from rushing into deals, analysts said. Another pause in Trump's stop-start trade policy could be helpful to opponents of his tariffs and to traders who relish volatility. 'Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs – which can't exceed 15 percent for the time being,' George Lagarias, chief economist at Forvis Mazars international advisers, said. Turmoil Trump's trade war has shaken makers of everything from luxury handbags and sneakers to household appliances and cars as the price of raw materials has risen, supply chains have been disrupted and company strategies redrafted. Drinks company Diageo, automakers General Motors and Ford are among those who have abandoned forecasts for the year ahead. Non-US companies including Honda, Campari and pharmaceutical companies Roche and Novartis have said they are considering moving operations or expanding their US presence to mitigate the impact of tariffs. As markets assessed the latest twist in the trade upheaval, European export-sensitive sectors, such as autos and luxury stocks, were among leading gainers on Thursday, although earlier gains faded through the morning. The pan-continental STOXX was up 0.2 percent, while France's CAC, which has a heavy weighting of luxury and bank stocks, rose 0.5 percent. Overall sentiment was also lifted by strong results late on Wednesday from AI bellwether Nvidia. But the gains in shares may be short-lived, analysts said, with those who relish risk making the most of them. 'I think we are in a period of higher volatility - we will get some more spikes on the way, I think. But volatility is the friend of the active investors,' Kevin Barker, global head of active equities, UBS Asset Management, told a media briefing. — Reuters
Yahoo
2 days ago
- Business
- Yahoo
Forvis Mazars expands with new office in Bristol
Accounting firm Forvis Mazars has officially relocated to a new office in Bristol's Assembly Campus. The move, effective from 19 May 2025, is part of the group's strategy to grow its presence in the region. Located in Assembly Building C, the new office replaces the previous Victoria Street office, accommodating the expanding team. Forvis Mazars said the Bristol office is designed with sustainability in mind, achieving the BREEAM excellent standard, placing it among the top 10% of sustainable commercial office buildings in the UK. The office also supports a collaborative and hybrid working environment, allowing team members to move around the campus as needed, the firm said. The move comes on the back of what the company described as 'a period of significant success' for its Bristol team, which has recently posted another year of double-digit growth across its service areas. As part of its continued expansion in serving mid-market businesses and public interest entities, the office has grown its workforce by more than 30 over the past year, bringing the total number of employees in the city to over 100. Jon Marchant has recently been appointed as office managing partner for Bristol. He will oversee the team, focusing on growing the firm's mid-market and public interest entity audit offerings and expanding private client services in the region. Additionally, Forvis Mazars has recently appointed Raj Bhundia as tax partner to enhance its specialist tax services. Bhundia, based in the London office, will focus on expanding this business area and developing the short term business traveller proposition. "Forvis Mazars expands with new office in Bristol" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Irish Examiner
3 days ago
- Business
- Irish Examiner
Accountability and clearer government strategies key to incentivise action
Ireland's sustainable future is at a crossroads. For businesses, sustainability has moved from a niche topic to a crucial factor directly influencing their financial health and operational future. As tough EU regulations loom, Irish companies are wrestling with complex legal requirements, financial risks, and the urgency of meaningful action. Liam McKenna, partner at Forvis Mazars, actively guides Irish businesses through this intricate sustainability landscape. The firm itself has evolved to meet global business demands. Initially known simply as Mazars, the Irish operation was part of a vast international network but lacked visibility in the critical US market. The strategic merger with Forvis, the eighth-largest financial advisory firm in the United States, filled this gap. Liam McKenna, partner at Forvis Mazars. 'US clients frequently needed international expertise, but Mazars had a relatively low profile stateside," says McKenna. "On the other hand, Forvis had substantial recognition in the US but lacked global reach. The network made perfect sense because of our aligned geographic interests and similar corporate cultures." Since June 2024, Forvis Mazars has leveraged this combined strength, helping clients navigate increasingly rigorous global sustainability requirements. EU regulation and the Omnibus Shift Central to current business anxieties is the EU's Corporate Sustainability Reporting Directive (CSRD), originally designed to increase corporate transparency. However, McKenna highlights that it has been controversial, particularly due to heavy burdens placed on SMEs. The Omnibus Directive, inspired by Mario Draghi's EU competitiveness report, seeks to ease these burdens by significantly scaling back and delaying reporting obligations. Initially, CSRD requirements applied to companies with over 250 employees; this threshold will now rise to over 1,000 employees, and enforcement timelines will extend by two years. Yet McKenna warns against complacency. 'Yes, the reporting obligations were tough, but they brought clarity and urgency,' he says. 'Without them, there's a risk companies will lose momentum toward real sustainability.' The bigger picture: Financial enalties and Irish Preparedness Ireland faces broader sustainability obligations under the national Climate Action Plan, closely tied to EU climate goals. With stringent emission targets approaching, McKenna points out the genuine risk of massive financial penalties. "Current estimates suggest Ireland could face fines ranging between €12 billion to €26 billion," McKenna says. "The irony is clear, taking action now would be considerably cheaper than paying huge fines later." Despite this logic, both Irish businesses and government actions have lagged. McKenna emphasizes the need for accountability and clearer government strategies to incentivise action. Gross EU consumption of renewable energy per type, figures supplied by the South East Energy Agency. Source: European Commission "The question we need answered is how the government intends to pass potential EU penalties onto businesses to encourage meaningful sustainability changes," he says. One discussed measure is significantly increasing carbon taxation. Currently at €63 per tonne, the tax could rise dramatically if Ireland faces EU fines. "We could see carbon taxes soar to €300 or €400 per tonne, drastically impacting business costs," McKenna says. From reporting to action: Genuine sustainability strategies With reporting pressures potentially easing, McKenna sees an opportunity for businesses to focus more on real sustainability initiatives. He advocates practical measures such as 'double materiality' assessments, a key CSRD element, which help businesses understand both their environmental impact and how climate change could affect their operations. "Double materiality assessments offer genuine business insights, far beyond ticking compliance boxes," McKenna says. "They guide strategic planning, help businesses anticipate climate-related impacts, and uncover efficiencies and growth opportunities." Voluntary standards and business opportunities Despite regulatory shifts, many companies are adopting voluntary sustainability frameworks aligned with CSRD principles. Forvis Mazars advises clients on such adopting standards tailored to their specific business needs and stakeholder expectations. "Many companies voluntarily report sustainability data because their stakeholders including banks, investors, and customers, value sustainable credentials," McKenna says. "Increasingly, sustainability translates directly into competitive advantage, lower costs, and stronger market positions." McKenna stresses that Irish businesses, although behind their international peers, must urgently shift from reactive compliance toward proactive sustainability strategies. "Even if sustainability seems a lower priority right now, global market expectations are rapidly shifting. Companies that fail to adapt will soon face serious disadvantages," he says. Time to act is now Ireland's approach to sustainability remains inconsistent, frequently distracted by immediate crises rather than addressing the underlying urgency of climate action. McKenna sees this as deeply problematic, suggesting Ireland has lost around five critical years due to delays. "Climate change doesn't pause for economic or political convenience," McKenna says. "We're already experiencing significant impacts, from extreme weather events to soaring insurance claims and infrastructure damage. Every delay makes solutions more expensive and complicated." He urges immediate action from businesses, independent of regulatory timelines, arguing sustainable practices aren't just ethically necessary, they're financially prudent. "Sustainability isn't just a regulatory hurdle; it's essential to future-proofing businesses," McKenna says. As Irish companies navigate uncertainty around regulation, McKenna's message is straightforward: sustainability must become a competitive advantage, not just a compliance obligation. "The risk of inaction isn't hypothetical," he says. "It's a certainty of future financial pain and operational challenges. Irish businesses face a stark choice, and the moment to act decisively is now.'
Business of Fashion
3 days ago
- Business
- Business of Fashion
US Ruling That Trump Tariffs Are Unlawful Stirs Relief and Uncertainty
A US trade court ruling that blocked most of President Donald Trump's tariffs and found he had overstepped his authority triggered some relief on financial markets on Thursday, while adding to the uncertainties weighing on the global economy. Among the United States' big trading partners, in the throes of negotiation with the Trump administration, Germany said it could not comment, as did the European Commission. 'We ask for your understanding that we cannot comment on the legal proceedings in the US, as they are still ongoing,' a spokesperson for Germany's economy ministry said. 'We continue to hope that a mutually beneficial solution can be reached in the negotiations between the EU Commission and the US government.' ADVERTISEMENT Winners on financial markets included chip makers, banks, luxury stocks and auto industry, all hit hard by tariff-led disruptions. The US dollar rallied 0.2 percent against the yen and 0.3 percent against the Swiss franc as currencies and assets that have benefited from the tariff-induced market turmoil fell. Wall Street stock index futures rose by more than 1.5 percent The trade court ruling on Wednesday dealt a blow to Trump's central policy of using tariffs to wring concessions from trading partners. His administration immediately said it will appeal and analysts said investors will remain cautious as the White House explores its legal avenues. Following a market revolt after Trump's major tariff announcement on April 2, the US president paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners. But apart from a pact with Britain this month, agreements remain elusive and the court's stay on the tariffs may dissuade countries like Japan from rushing into deals, analysts said. Another pause in Trump's stop-start trade policy could be helpful to opponents of his tariffs and to traders who relish volatility. ADVERTISEMENT 'Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs – which can't exceed 15 percent for the time being,' George Lagarias, chief economist at Forvis Mazars international advisers, said. Turmoil Trump's trade war has shaken makers of everything from luxury handbags and trainers to household appliances and cars as the price of raw materials has risen, supply chains have been disrupted and company strategies redrafted. Drinks company Diageo, automakers General Motors and Ford are among those who have abandoned forecasts for the year ahead. Non-US companies including Honda, Campari and pharmaceutical companies Roche and Novartis have said they are considering moving operations or expanding their US presence to mitigate the impact of tariffs. As markets assessed the latest twist in the trade upheaval, European export-sensitive sectors, such as autos and luxury stocks, were among leading gainers on Thursday. The pan-continental STOXX 600 was up 0.4 percent, while France's CAC 40, which has a heavy weighting of luxury and bank stocks, rose 0.8 percent. Overall sentiment was also lifted by strong results late on Wednesday from AI bellwether Nvidia. Spot gold declined for a fourth straight day, while US Treasury yields rose. Bond yields move inversely with prices. But the gains in shares may be short-lived, analysts said, with those who relish risk making the most of them. ADVERTISEMENT 'I think we are in a period of higher volatility - we will get some more spikes on the way, I think. But volatility is the friend of the active investors,' Kevin Barker, global head of active equities, UBS Asset Management, told a media briefing. By Sarah Marsh, Samuel Indyk Learn more: Trump Tariffs Hit European Luxury, Shares Tank LVMH and Hermès stock fell about 3 percent and 4 percent respectively, in line with sector peers including Kering, Prada and Burberry, after the US president announced a 50 percent duty on imports from the European Union.
Gulf Today
3 days ago
- Business
- Gulf Today
Trump tariff push given new twist by court setback
A US trade court ruling that blocked most of President Donald Trump's tariffs and found he had overstepped his authority triggered some relief on financial markets on Thursday, while adding to the uncertainties weighing on the global economy. Among the United States' big trading partners, in the throes of negotiation with the Trump administration, Germany said it could not comment, as did the European Commission. "We ask for your understanding that we cannot comment on the legal proceedings in the US, as they are still ongoing," a spokesperson for Germany's economy ministry said. "We continue to hope that a mutually beneficial solution can be reached in the negotiations between the EU Commission and the US government." The British government said the sweeping ruling was a domestic matter for the US administration but noted that it was "only the first stage of legal proceedings." Winners on financial markets included chip makers, banks, luxury stocks and auto industry, all hit hard by tariff-led disruptions. The US dollar had earlier rallied against the yen and Swiss franc but its gains faded as the trade outlook remained uncertain and worries emerged about how Trump could respond. Wall Street stock index futures had earlier risen by more than 1.5% but were last up just 0.8%. The trade court ruling on Wednesday dealt a blow to Trump's central policy of using tariffs to wring concessions from trading partners. The decision affects the blanket tariff orders issued by Trump since January rooted in the International Emergency Economic Powers Act (IEEPA), a law meant to address threats during a national emergency. It does not cover sector-specific tariffs, such as those on steel, aluminium and car imports. His administration immediately said it will appeal and analysts said investors will remain cautious as the White House explores its legal avenues. If the court ruling holds, the president could deploy other trade laws to impose sector-specific levies as well as across-the-board and country-specific tariffs. Following a market revolt after his major tariff announcement on April 2, Trump paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners. But apart from a pact with Britain this month, agreements remain elusive and the court's stay on the tariffs may dissuade countries like Japan from rushing into deals, analysts said. Another pause in Trump's stop-start trade policy could be helpful to opponents of his tariffs and to traders who relish volatility. "Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs - which can't exceed 15% for the time being," George Lagarias, chief economist at Forvis Mazars international advisers, said. Trump's trade war has shaken makers of everything from luxury handbags and sneakers to household appliances and cars as the price of raw materials has risen, supply chains have been disrupted and company strategies redrafted. Drinks company Diageo, automakers General Motors and Ford are among those who have abandoned forecasts for the year ahead. Non-US companies including Honda, Campari and pharmaceutical companies Roche and Novartis have said they are considering moving operations or expanding their U.S. presence to mitigate the impact of tariffs. As markets assessed the latest twist in the trade upheaval, European export-sensitive sectors, such as autos and luxury stocks, were among leading gainers on Thursday, although earlier gains faded through the morning. The pan-continental STOXX 600 was up 0.2%, while France's CAC 40, which has a heavy weighting of luxury and bank stocks, rose 0.5%. Overall sentiment was also lifted by strong results late on Wednesday from AI bellwether Nvidia. But the gains in shares may be short-lived, analysts said, with those who relish risk making the most of them. "I think we are in a period of higher volatility - we will get some more spikes on the way, I think. But volatility is the friend of the active investors," Kevin Barker, global head of active equities, UBS Asset Management, told a media briefing. Reuters
