Latest news with #Measure
Miami Herald
31-05-2025
- Business
- Miami Herald
Forget tariffs, here's why CEOs worry about a looming recession
Tariffs are on the tip of many Americans' tongues, thanks to the multifaceted trade war in which U.S. President Donald Trump has used foreign taxes as a key negotiating tactic against foreign economic rivals. While Trump says he loves everything about tariffs, including the word itself, the rest of the world's business leaders don't share his affinity. Global stock markets certainly hate the trade war. Every time a new tariff is announced, foreign and domestic markets fall. Every time Trump announces a deal has been reached, markets rise, even if no concrete deals are ever made. Related: Tariff repeal couldn't come at a better time for US businesses Even moreso than investors, Trump's tariffs place business leaders in a most awkward position. Businesses love predictability. Knowing what to expect and when to expect it allows them to plan for the future and forecast expectations. However, Trump's on-again, off-again tariffs have had the opposite effect, casting doubt on what businesses will have to pay their suppliers quarterly, monthly, or even weekly. This environment has, understandably, had an adverse effect on CEO confidence, as reflected in the latest survey data from The Conference Board. Image source: Nikhinson - Pool/Getty Images Every quarter, The Conference Board releases its Measure of CEO Confidence in collaboration wth The Business Council. Over 130 CEOs participated in the Q2 survey between May 5 and May 19, and the results are concerning. A reading below 50 indicates a negative outlook. The confidence index fell by 26 points to 34, the lowest level recorded since Q4 2022. "All components of the Measure weakened into pessimism territory," said Conference Board's Senior Economist of Global Indicators Stephanie Guichard. Related: New car prices are rising; here's where to get the best deal "Expectations for the future also plummeted, with more than half of CEOs now expecting conditions to worsen over the next six months, both for the economy overall and in their own industries." The overwhelming majority of CEOs (83%) said they expect a recession in the next 12 to 18 months, nearly matching the rate reached in late 2022 and early 2023. While tariffs and trade issues were near the top of the list of concerns, geopolitical concerns were the number one concern. Geopolitical instability surpassed cybersecurity, "which dominated CEOs' concerns over the past two years," but dropped to fourth this year. However, the forecast from the top 1% isn't all doom and gloom. Most CEOs anticipate no change in the size of their workforce over the next 12 months. So while they expect hiring to be stagnant, they aren't anticipating any layoffs. The share of CEOs expecting to expand their workforce fell slightly to 28% from 32% in Q1. The share of CEOs planning to reduce their workforce rose 1% to 28%. "Still, consistent with more pessimism about the outlook in their own industries, the share of CEOs expecting to revise down investment plans doubled in Q2 to 26%, while the share expecting to upgrade investment plans dropped 14 ppts to 19%," said Business Council Vice Chairman Roger W. Ferguson. Part of the reason employers are confident in the labor market is that they currently aren't having trouble finding qualified candidates. Since there's less competition, the share of CEOs planning to raise wages by 3% or more over the next year dropped to 5% from 71% in Q1. While the future is murky for many CEOs, the present is almost equally disorienting. The percentage of CEOs who say that economic conditions are worse now than they were six months ago jumped 11% to 82% in Q2. Only 2% of respondents felt economic conditions were better. This change in sentiment is also reflected in the 69% of CEOs who said conditions in their own industries were worse than six months ago, a dramatic increase from 22% in Q1. Only 7% said conditions improved in their industries, and there was also a significant drop from 37% in Q1. Related: Wall Street's TACO trade gains momentum amid stock market rally The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
CBS News
16-04-2025
- Business
- CBS News
Oakland voters on track to approve a sales tax increase
Oakland's Measure A, a half-cent sales tax proposal, was ahead in early returns Tuesday night with about 64 percent of voters approving it, according to information from the Alameda County Registrar of Voters' Office. If approved, it would increase Oakland's sales tax from 10.25 percent to 10.75 percent to raise between $20 million and $30 million annually for the next 10 years. It requires a majority of votes -- greater than 50 percent -- to pass. The Oakland City Council voted 6-0 to place the measure on the ballot in December 2024, with then-councilmember Carroll Fife and Councilmember Janani Ramachandran excused. The tax "will help stabilize our finances and prevent further erosion in city services, so without the added revenue Oakland will be forced to do deeper cuts that threaten critical community programs such as public safety, cultural arts, human services and undermining the city's quality of life and economic vitality," said Councilmember Kevin Jenkins at the time. Jenkins, who sponsored the ordinance to place Measure A on the ballot, is now serving as interim mayor until the winner of Tuesday's mayoral election begins their term. Measure A is intended to help tackle Oakland's ongoing budget shortfall, which is estimated at $280 million over the next two-year budget cycle.
CBS News
13-04-2025
- Business
- CBS News
Oakland voters to choose new mayor, decide on controversial sales tax hike
On Tuesday, Oakland voters will head to the polls to elect a new mayor following a recent recall — but the high-stakes mayoral race isn't the only item on the special election ballot. Voters will also decide the fate of Measure A, a proposed half-cent sales tax increase that city officials said is essential to address a financial crisis. If approved, the city's sales tax would rise from 10.25% to 10.75%, making it the highest in the state — a level already matched by neighboring cities like Alameda, Hayward, and San Leandro. City leaders estimate the tax hike would generate approximately $30 million annually for Oakland's general fund, helping to close a projected $140 million budget deficit for the next fiscal year. Given the city's dire financial outlook, some residents feel they have little choice but to vote in favor of the tax. "We have 20 people in the store right now. It's great," said Henry Wimmer, owner of Open Mind Music in the Rockridge District. However, Wimmer also expressed concern that a higher sales tax could negatively impact his business. "I think that can have some weight. And that can mean maybe a customer doesn't come back as frequently or maybe they don't buy as much or as often," he said. Longtime Oakland resident Al Flor already cast his vote in favor of Measure A, driven by personal experience with slow emergency response times. "I voted yes because I think that we need more money to pay for valuable services here in town," said Flor, who recalled waiting nearly 40 minutes to reach a 911 dispatcher during a burglary in progress. "I feel like we need to do it. No one likes to do it. No one likes to pay more in sales taxes. But the alternative is pretty bleak." But not everyone agrees. Critics argued that Oakland already imposes some of the highest taxes in the region, yet fails to provide consistent basic services. They said the city should focus on improving how it manages the money it already has. "I'm going to vote no. I believe the sales tax is way too high as it is," said voter Sarah Marth. She worried the increase would disproportionately impact low-income residents and could drive shoppers elsewhere. "When I want to buy a car or a larger purchase, I would avoid having [to do so] in this higher tax climate," she added. Back at Open Mind Music, Wimmer remained focused on the broader impact on small businesses and the local economy. He said he understands the city's financial needs and is ready to adapt based on the outcome of Tuesday's vote. "We need more success, and hopefully, the arrow points up through these difficult times. Hopefully, we can all come together," Wimmer said. If passed, Measure A would remain in effect for 10 years, with proceeds intended to support essential city services amid continued budgetary shortfalls.
Yahoo
31-03-2025
- Business
- Yahoo
LA County sales tax rate increase effective April 1
The Brief Los Angeles County will see a sales tax increase from 9.5% to 9.75% starting April 1. The change is due to a Los Angeles County-wide tax increase approved by voters in 2024. Measure A repeals the previous Measure H tax. LOS ANGELES - Starting April 1, residents and businesses in Los Angeles County will be paying a higher sales tax rate. The sales tax rate will increase from 9.5% to 9.75% due to a Los Angeles County adjustment. What we know The increase is a result of Measure A, the Los Angeles County Homelessness Services and Affordable Housing Ordinance, approved by voters in November 2024. This measure imposes a countywide one-half percent (0.50%) sales tax on every $1 of goods sold in LA County. SUGGESTED: Over 2 million Honda vehicles under investigation for engine restart failure: What to know It aims to support homeownership, provide rental assistance, and fund various services for vulnerable populations, including mental health and addiction treatment. The backstory Measure A replaces the Measure H countywide sales tax, resulting in a net increase of one-quarter percent (0.25%) on all taxable sales in Los Angeles County. The California Department of Tax and Fee Administration has issued a Special Notice regarding the new tax rates, available on their website. Why you should care The sales tax increase will impact consumers and businesses in LA County, affecting the cost of goods and services. SUGGESTED: Many shoppers admit returning items after use: See what's most common The additional revenue generated by Measure A is intended to address critical social issues, including homelessness and affordable housing, benefiting the broader community. What's next Residents and businesses are encouraged to review the Special Notice from the California Department of Tax and Fee Administration for detailed information on the tax rate change. SUGGESTED: Tax deadline extensions: Where weather disasters have altered the April 15 filing date The county will continue to monitor the impact of Measure A on local services and funding. The Source Information for this story is from the California Department of Tax and Fee Administration's website.
Al Bawaba
26-03-2025
- Entertainment
- Al Bawaba
Moscow Fashion Week Redefines Modest Fashion with Innovative Designs
Moscow Fashion Week concluded in the heart of the Russian capital, showcasing original collections from designers around the world, spanning from Russia to South Africa, from the USA to India, and from China to Turkey. With over 200 brands and 90 shows, this international event continues to grow in scale each season, leaving a lasting impression. Moscow Fashion Week serves as a vital platform for brands from emerging countries, offering them a chance to showcase their potential and gain recognition on a global stage. The concept of modest fashion, a trend gaining popularity worldwide, was once again highlighted at Moscow Fashion Week. Designers from Russia, Indonesia, India, and Tajikistan presented fresh interpretations of this significant fashion trend. Collections featured at the event emphasized simple lines, natural materials, and unique embroideries, capturing attention with their elegance, harmony, and contemporary flair. Nasiba Babaeva, the designer of the Ikat House brand from Tajikistan, expressed the value of the Russian market for her brand, emphasizing the appreciation for originality and quality. For the Tajik fashion industry, participation in Moscow Fashion Week signifies a step towards international recognition and new opportunities. Ikat House's collection paid homage to cultural heritage, showcasing the seamless integration of traditional craftsmanship with modern design. Zuhat at Moscow Fashion Week This season, the roster of brands focusing on modest fashion and drawing inspiration from their cultural roots expanded. Russian brands like Measure, Bouzma ethnique, ASLP Dagestan, and Zuhat embraced this concept in their collections. ZUHAT, a Moscow-based brand with Dagestani heritage, explored unconventional color palettes with a focus on soft pastel tones. Balancing tradition with modernity, the brand infused femininity and transparency into its designs, playing with layering and deconstruction while adhering to its modest fashion principles. Zainab Saidulaeva, the designer of the Measure brand, drew inspiration from the village of Kubachi and its rich history of goldsmithing. The collection honored this unique folk craft through intricate ornaments created by talented artisans. Delicate openwork appliqués adorned elegant floor-length dresses and tunics in rich shades, ranging from chocolate to emerald. Measure at Moscow Fashion Week ASLP Dagestan transported the audience to the vibrant landscapes of the Republic of Dagestan, featuring a fashion show accompanied by spirited traditional dances. The collection presented traditional garments in a contemporary light, blending experimentation and boldness while upholding the cultural essence of the region. Traditional burkas were adorned with 3D appliqués, capes were embellished with sequins, and patchwork dresses featured national patterns and fringe. Indonesian brand Reborn29 by Syukriah Rusydi presented modest fashion designs featuring loose cuts paired with maxi and midi lengths for comfort. Asymmetrical prints were incorporated to add a contemporary touch to the collection. The seamless integration of black, brown and gray tones, spanning from hues of light grey to graphite, harmoniously enhanced the overall aesthetic.
