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Otago Daily Times
3 days ago
- Health
- Otago Daily Times
Warning new Covid wave could be coming
Prof Michael Baker says the new NB.1.8.1 is becoming dominant in a number of countries. Photo via RNZ A sudden surge in Covid-19 detections - along with the emergence of a new, and what's thought to be more infectious, subvariant - should be a warning to take action, an epidemiologist says. NB.1.8.1 is now the dominant strain in China and Hong Kong. ABC News reports it is also driving up infections in Australia. Here, the latest available ESR wastewater testing to May 11 shows the sub-variant making up 21.6 percent of readings. Epidemiologist Michael Baker said it came as overall Covid-19 detections were surging. "We've had a long period when Covid levels have been relatively low in New Zealand. It's about 11 months since our last big wave, the sixth wave, in June last year." Baker said there were numerous surveillance systems giving an idea of how the virus was spreading, and most were not showing changes. However, that was not the case for wastewater testing. "There's quite a striking spike in the wastewater samples and the positivity detected there. And numbers are really shooting up across the country, so for the first time in around 11 months we're seeing what looks like the beginning of a wave." Baker cautioned it was too early to see a clear picture, and further results over the next week or two would help. "But I think it is a strong warning that we should be taking more action around Covid-19 in various ways." Baker said NB.1.8.1 was becoming dominant in a number of countries and it would "almost certainly" do the same in New Zealand. "We see many new subvariants and most of the time they're not translating at the moment into a rise in cases. "But that's why this one is different - we are seeing that early increase, but we're not seeing it in all the surveillance systems yet, so we just need to keep watching. "I think the message is very clear that we're moving into winter, we have got this rise in cases - and if anyone has been putting off getting their Covid-19 booster, now would be a good time to get it." Baker said health authorities should also be taking additional precautions in hospitals, residential care facilities in particular. He said the existing vaccine gave added protection against the new subvariant, which descended from a variant the vaccine is based on. "I think it's all adding up to a picture of the need to take precautions against this infection."
RNZ News
3 days ago
- Health
- RNZ News
Covid-19: New wave could be coming after 11-month reprieve
Professor Michael Baker says the new NB.1.8.1 is becoming dominant in a number of countries and would "almost certainly" do the same in New Zealand. Photo: Supplied to RNZ A sudden surge in Covid-19 detections - along with the emergence of a new, and what's thought to be more infectious, subvariant - should be a warning to take action, an epidemiologist says. NB.1.8.1 is now the dominant strain in China and Hong Kong. ABC News reports it is also driving up infections in Australia. Here, the latest available ESR wastewater testing to 11 May shows the sub-variant making up 21.6 percent of readings. Epidemiologist Michael Baker said it comes as overall Covid-19 detections surge . "We've had a long period when Covid levels have been relatively low in New Zealand. It's about 11 months since our last big wave, the sixth wave, in June last year." Baker said there were numerous surveillance systems giving an idea of how the virus was spreading, and most were not showing changes. However that was not the case for wastewater testing. "There's quite a striking spike in the wastewater samples and the positivity detected there. And numbers are really shooting up across the country, so for the first time in around 11 months we're seeing what looks like the beginning of a wave." Wastewater testing reveals a spike in Covid-19 cases nationally. Photo: Supplied / ESR Baker cautioned it was too early to see a clear picture and further results over the next week or two would help. "But I think it is a strong warning that we should be taking more action around Covid-19 in various ways." Baker said NB.1.8.1 was becoming dominant in a number of countries and it would "almost certainly" do the same in New Zealand. "We see many new subvariants and most of the time they're not translating at the moment into a rise in cases. "But that's why this one is different - we are seeing that early increase, but we're not seeing it in all the surveillance systems yet, so we just need to keep watching. "I think the message is very clear that we're moving into winter, we have got this rise in cases - and if anyone has been putting off getting their Covid-19 booster, now would be a good time to get it." Baker said health authorities should also be taking additional precautions in hospitals, residential care facilities in particular. He said the existing vaccine gave added protection against the new subvariant, which descended from a variant the vaccine is based on. "I think it's all adding up to a picture of the need to take precautions against this infection." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Time of India
22-05-2025
- Business
- Time of India
Target shares fall 7% after co cuts annual forecasts as tariff pressure mounts, demand slows further
HighlightsTarget Corporation slashed its annual sales forecast after reporting a 3.8% decline in quarterly comparable sales, attributing the drop to weakened consumer confidence and the impact of U.S. President Donald Trump's tariff policies. The company's stock fell 7.3% in early trading, reflecting a nearly 28% decline in value for the year, contrasting sharply with the performance of competitors such as Walmart and Home Depot. Target's revised forecast predicts a low-single digit decline in annual sales, significantly lower than Wall Street analysts' expectations, alongside an anticipated adjusted earnings per share range between $7.00 and $9.00. Target slashed its annual sales forecast on Wednesday after posting a sharp fall in quarterly same-store sales, attributing the declines to weakened consumer confidence and a pullback in discretionary spending due to U.S. President Donald Trump 's tariff war. Shares of the company fell 7.3% in early trading after Target also said its first-quarter performance was impacted by changes made to its diversity, equity and inclusion policies (DEI) in January. Target's latest quarter reflects another weak performance for the retailer, which has struggled with merchandise missteps, retail crime, and inventory management. Over the past year it has faced challenges in maintaining steady sales growth, dealt with boycotts and lawsuits related to its DEI practices and relied heavily on sourcing from countries where Donald Trump has placed broad-based tariffs. "Expectations were very low for Target's first quarter. Even against that, Target's results came in light," Michael Baker, a D.A. Davidson analyst, said. Target's stock has performed poorly, down nearly 28% this year, in contrast to Walmart's 9% gain and Home Depot's 2.3% decline. "Target's (results) do nothing to restore confidence in the company. On the contrary, they are emblematic of a business that has made too many mistakes and has lost its way on several fronts," GlobalData managing director Neil Saunders said, pointing to issues including a lack of exciting merchandise and poor inventory management . The big-box retailer's results also showcase the pressure American consumers are under. In May, consumer sentiment slumped further while one-year inflation expectations surged. That followed the first contraction in the U.S. economy in three years in the first quarter due to a flood of imports as businesses raced to avoid higher costs from tariffs. Target's forecast contrasts with bigger rival Walmart, which maintained its annual forecasts last week but said it would need to pass on higher prices due to tariffs. That drew the ire of President Donald Trump, who said Walmart should "eat the tariffs" on imported goods instead of passing on costs. On a media call, Target executives declined to provide details on potential price increases due to tariffs. Most tariff-related increases could be offset, they said, but acknowledged that raising prices could be a "last resort." CEO Brian Cornell said pricing decisions will largely depend on ongoing efforts to source more products in the United States and reduce reliance on China. "That is going to play a very important role," he said. Rick Gomez, the company's chief commercial officer, said Target is working on negotiating with suppliers, expanding sourcing to other Asian countries beyond China, re-evaluating its product assortment, and adjusting the timing and quantity of orders. "These efforts are expected to offset the vast majority of the incremental tariff exposure," Gomez said. CHINA EXPOSURE Unlike Walmart, which generates the bulk of revenue selling grocery items like bananas, milk, toilet paper, and shampoo, a majority of what Target sells falls in the non-essential category - largely apparel, home furnishing and beauty products, which it sources from China. Target has said it depends on China for 30% of its store-label goods and that it is on track to reduce that to less than 25% by the end of the year. This is down from 60% in 2017, but still makes the current 30% tariff on China imports hard to navigate, analysts have said. But it is facing other issues as well. In January, Target ended many of its DEI policies, drawing significant criticism, with some noting that its commitment to inclusiveness had helped attract younger, more diverse consumers. The decision generated more attention as it coincided with President Trump's executive order to eliminate DEI policies in federal agencies and schools. The backlash led to economic boycotts, notably from Reverend Jamal-Harrison Bryant, a Georgia pastor who organized a 40-day "fast" of Target stores earlier this year. He has since called for those efforts to continue in recognition of the fifth anniversary of George Floyd's murder in Minneapolis, Target's headquarters. CEO Cornell said the reversal of some DEI policies played a role in first-quarter performance, but that he couldn't quantify the impact. Target said Wednesday it now expects a low-single digit decline in annual sales, a surprise for Wall Street analysts, who expected a 0.27% rise, according to LSEG. Target previously forecast net sales growth of around 1%. It expects annual adjusted earnings between $7.00 and $9.00 per share, compared to its prior forecast of $8.80 to $9.80. Analysts were expecting $8.40. Target's first-quarter comparable sales fell 3.8%, compared to analysts' estimates of a 1.08% decline. On an adjusted basis, Target reported $1.30 per share. Analysts on average were expecting $1.61 per share.
Al Jazeera
21-05-2025
- Business
- Al Jazeera
Target cuts annual forecast as tariffs, boycotts weigh on sales
Target has slashed its annual forecasts amid a pullback in discretionary spending due to tariff-driven uncertainty and a backlash against shifts in its diversity, equity and inclusion (DEI) policy. The United States big box retailer, which reported its first-quarter earnings on Wednesday, relies on China for 30 percent of its store label goods. While it is on track to reduce its dependency by another 5 percent by the end of the year, tariff-driven uncertainty has caused a slump. In its forecast, the Minneapolis, Minnesota-based retailer expects a low single-digit decline in annual sales. Wall Street analysts expected a marginal increase of 0.27 percent in annual sales, according to the LSEG. Target previously forecasted net sales growth of about 1 percent. This comes as Bank of America recently forecasted that consumers have eased up on spending as the most recent report from The Conference Board showed a slowdown in consumer confidence, which hit a 13-year low in April. The US economy also showed the first contraction in three years in the first quarter. Target's first-quarter comparable sales fell 3.8 percent compared with analysts' estimates of a 1.08 percent decline. It expects annual adjusted earnings of $7 to $9 per share, compared with its prior forecast of $8.80 to $9.80. Analysts were expecting $8.40. 'Expectations were very low for Target's first quarter. Even against that, Target's results came in light,' Michael Baker, a DA Davidson analyst, told the news agency Reuters. Target's stock has performed poorly, down nearly 28 percent this year, in contrast to Walmart's 9 percent gain and Home Depot's 2.3 percent decline. Target's stock is tumbling on the news of its disappointing earnings report. As of 11am in New York (15:00 GMT), it was down 2.91 percent from the market open although it is up more than 1 percent over the past five days. Target also said its first-quarter performance was impacted by changes made to its DEI policies in January. Target ended many of its DEI policies, drawing condemnation as some of its critics noted that its commitment to inclusiveness had helped attract younger, more diverse consumers. The decision generated more attention as it coincided with US President Donald Trump's executive order to eliminate DEI policies in federal agencies and schools. The backlash led to economic boycotts, notably from Reverend Jamal-Harrison Bryant, a Georgia pastor who organised a 40-day 'fast' of Target stores. He has since called for those efforts to continue in recognition of the fifth anniversary of George Floyd's murder by police in Minneapolis, Target's headquarters. CEO Brian Cornell said the reversal of some DEI policies played a role in first-quarter performance but he couldn't quantify the impact. 'Target's [results] do nothing to restore confidence in the company. On the contrary, they are emblematic of a business that has made too many mistakes and has lost its way on several fronts,' GlobalData Managing Director Neil Saunders told Reuters, pointing to issues including poor inventory management and a lack of exciting merchandise. Target's forecast contrasts with its bigger rival Walmart, which maintained its annual forecasts last week but said it would need to pass on higher prices due to tariffs. That has drawn the ire of Trump, who said Walmart should 'eat the tariffs' on imported goods instead of passing on the costs. Unlike Walmart, which generates the bulk of its revenues by selling groceries like bananas, milk, toilet paper and shampoo, a majority of what Target sells falls in the nonessential category – largely apparel, home furnishings and beauty products, which it sources from China. TJX, the parent company of retailer TJ Maxx, also reported its earnings on Wednesday, and while tariffs loom, the company is set to maintain its forecasts. The Massachusetts-based big box retailer expects comparable sales to grow 2 percent to 3 percent during the current quarter. Unlike Target and Walmart, TJ Maxx, relies on expansive sourcing from middlemen in the US, which limits the impact of any new tariffs on China. On a media call, Target executives declined to provide details on potential price increases due to tariffs. Most tariff-related increases could be offset, they said, but acknowledged that raising prices could be a 'last resort'. Cornell said pricing decisions will largely depend on ongoing efforts to source more products from the US and reduce reliance on China. 'That is going to play a very important role,' he said. Rick Gomez, the company's chief commercial officer, said Target is working on negotiating with suppliers, expanding sourcing to other Asian countries beyond China, re-evaluating its product assortment, and adjusting the timing and quantity of orders. 'These efforts are expected to offset the vast majority of the incremental tariff exposure,' Gomez said.
Economic Times
21-05-2025
- Business
- Economic Times
Target shares fall 7% after co cuts annual forecasts as tariff pressure mounts, demand slows further
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Target slashed its annual sales forecast on Wednesday after posting a sharp fall in quarterly same-store sales, attributing the declines to weakened consumer confidence and a pullback in discretionary spending due to U.S. President Donald Trump 's tariff war. Shares of the company fell 7.3% in early trading after Target also said its first-quarter performance was impacted by changes made to its diversity, equity and inclusion policies (DEI) in latest quarter reflects another weak performance for the retailer, which has struggled with merchandise missteps, retail crime, and inventory management . Over the past year it has faced challenges in maintaining steady sales growth, dealt with boycotts and lawsuits related to its DEI practices and relied heavily on sourcing from countries where Donald Trump has placed broad-based tariffs."Expectations were very low for Target's first quarter. Even against that, Target's results came in light," Michael Baker, a D.A. Davidson analyst, said. Target's stock has performed poorly, down nearly 28% this year, in contrast to Walmart's 9% gain and Home Depot's 2.3% decline."Target's (results) do nothing to restore confidence in the company. On the contrary, they are emblematic of a business that has made too many mistakes and has lost its way on several fronts," GlobalData managing director Neil Saunders said, pointing to issues including a lack of exciting merchandise and poor inventory big-box retailer's results also showcase the pressure American consumers are under. In May, consumer sentiment slumped further while one-year inflation expectations surged. That followed the first contraction in the U.S. economy in three years in the first quarter due to a flood of imports as businesses raced to avoid higher costs from forecast contrasts with bigger rival Walmart, which maintained its annual forecasts last week but said it would need to pass on higher prices due to tariffs. That drew the ire of President Donald Trump, who said Walmart should "eat the tariffs" on imported goods instead of passing on a media call, Target executives declined to provide details on potential price increases due to tariffs. Most tariff-related increases could be offset, they said, but acknowledged that raising prices could be a "last resort."CEO Brian Cornell said pricing decisions will largely depend on ongoing efforts to source more products in the United States and reduce reliance on China."That is going to play a very important role," he Gomez, the company's chief commercial officer, said Target is working on negotiating with suppliers, expanding sourcing to other Asian countries beyond China, re-evaluating its product assortment, and adjusting the timing and quantity of orders."These efforts are expected to offset the vast majority of the incremental tariff exposure," Gomez Walmart, which generates the bulk of revenue selling grocery items like bananas, milk, toilet paper, and shampoo, a majority of what Target sells falls in the non-essential category - largely apparel, home furnishing and beauty products, which it sources from has said it depends on China for 30% of its store-label goods and that it is on track to reduce that to less than 25% by the end of the year. This is down from 60% in 2017, but still makes the current 30% tariff on China imports hard to navigate, analysts have it is facing other issues as January, Target ended many of its DEI policies, drawing significant criticism, with some noting that its commitment to inclusiveness had helped attract younger, more diverse consumers. The decision generated more attention as it coincided with President Trump's executive order to eliminate DEI policies in federal agencies and backlash led to economic boycotts, notably from Reverend Jamal-Harrison Bryant, a Georgia pastor who organized a 40-day "fast" of Target stores earlier this year. He has since called for those efforts to continuein recognition of the fifth anniversary of George Floyd's murder in Minneapolis, Target's Cornell said the reversal of some DEI policies played a role in first-quarter performance, but that he couldn't quantify the said Wednesday it now expects a low-single digit decline in annual sales, a surprise for Wall Street analysts, who expected a 0.27% rise, according to LSEG. Target previously forecast net sales growth of around 1%.It expects annual adjusted earnings between $7.00 and $9.00 per share, compared to its prior forecast of $8.80 to $9.80. Analysts were expecting $ first-quarter comparable sales fell 3.8%, compared to analysts' estimates of a 1.08% decline. On an adjusted basis, Target reported $1.30 per share. Analysts on average were expecting $1.61 per share.
