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Business Standard
2 days ago
- Business
- Business Standard
Trump tariffs to shrink US economic growth to 1.6%, global to 2.9%: OECD
Amid rising trade tensions triggered by Donald Trump's tariff hikes, the Organisation for Economic Co-operation and Development (OECD) on Tuesday projected that US economic growth will slow to 1.6 per cent in 2025 — down from 2.8 per cent the previous year. The Paris-headquartered organisation also indicated that the growth will further worsen to 1.5 per cent in 2026. The slowdown can be attributed to increased tariff rates, OECD said in its ' Economic Outlook 2025 '. The report highlights that Trump's policies have raised average US tariff rates from around 2.5 per cent when he returned to the White House to 15.4 per cent, highest since 1938. Trump has imposed 10 per cent tariffs on imports from almost every country, and additional 25 per cent on steel, aluminum and auto products. Last week, he also said that he would double the tariff on steel and aluminium imports to 50 per cent to protect the domestic industry. 'Domestic price increases are likely to follow higher tariffs, although the exact magnitude is subject to some uncertainty. Around 10 per cent of the consumer basket in the United States is imported, directly and indirectly, before taking into account food and energy. It is likely that most of the impact of tariff increases will be borne by consumers and businesses,' the OECD noted. Global economic slowdown The risk of economic slowdown isn't only looming over the US, but will also have an impact on the world economy. The OECD projected that the world economic growth will drop to 2.9 per cent in 2025 and 2026. This marks a significant decline from growth of 3.3 per cent last year and 3.4 per cent in 2023. Similarly, China, the world's second-largest economy, is projected to see its growth slow from 5 per cent in 2024 to 4.7 per cent in 2025 and further to 4.3 per cent in 2026. To cushion the impact, the Chinese government has announced a series of support measures, including interest rate cuts, increased bank lending, and new funding for initiatives such as industrial upgrades, reported Associated Press. However, amid a global slowdown, the OECD projected steady growth for India, forecasting a 6.3 per cent expansion in 2025, up from 6.2 per cent in 2024. Growth is expected to inch further up to 6.4 per cent in 2026, the report mentioned.
News18
7 days ago
- Business
- News18
How China Is Crippling Global Luxury Brand Louis Vuitton's Parent Company
Last Updated: According to a Bloomberg report, LVMH indicated that it had failed to meet market expectations in the last quarter, with particularly sharp declines in Asia. The glitter of the global luxury market continues to dim, after industry titan LVMH, the short for Moët Hennessy Louis Vuitton and also the parent company of popular brand Louis Vuitton, signalled an ongoing weakness across key markets. The Paris-headquartered conglomerate, home to iconic brands like Louis Vuitton, Dior, and Tiffany & Co, warned investors and analysts that sluggish demand, especially in China, is likely to persist into the second quarter. According to a Bloomberg report, LVMH indicated that its recent sales struggles may not abate anytime soon. The company failed to meet market expectations last quarter, with particularly sharp declines in Asia. Organic revenue growth across China and the broader Asia-Pacific region dropped by 11%, mirroring the fall seen over the past year. This region is critical for the luxury giant, accounting for roughly 30% of its total revenue, while the United States contributes another 24%. The downturn in China, historically a powerhouse for luxury consumption, is being driven by a mix of weak consumer sentiment and macroeconomic challenges. The country's post-pandemic economic recovery remains tepid, and fresh trade tensions, exacerbated by new US tariffs, are further dampening consumer confidence. This grim forecast has cast a long shadow over the broader luxury sector. Companies like Kering (owner of Gucci), Richemont (parent of Cartier), Tapestry, Ralph Lauren, and Capri Holdings are all expected to feel the ripple effects. Capri, notably, recently sold its Versace label to Prada for $1.4 billion, underscoring the shifting tides within the industry. Investor sentiment is also undergoing a notable shift. On social media platform Stocktwits, traders' outlook on LVMH has cooled, with sentiment sliding from 'bullish" to 'neutral", a sign that optimism about a quick rebound is waning. Founded in 1987 through the merger of Moët Hennessy and Louis Vuitton, LVMH has grown into the world's largest luxury goods conglomerate. Under the stewardship of chairman and CEO Bernard Arnault, currently one of the richest individuals globally, the company has expanded its footprint across fashion, jewellery, watches, perfumes, wines, and spirits. Its impressive portfolio includes names like Fendi, Givenchy, Bulgari, and Hennessy, catering to affluent clientele in nearly every corner of the globe. But even this powerhouse is not immune to macroeconomic headwinds. As China, once the jewel in the crown of global luxury, retreats from its spending highs, the future of the sector is increasingly uncertain. American consumers, too, are showing signs of restraint, potentially exacerbated by political and fiscal uncertainty ahead of the 2024 US elections. All Eyes on Ralph Lauren Amid the sector's growing uncertainty, some investors are watching Ralph Lauren's upcoming results for clues about the future direction of luxury retail. The US label, known for its aspirational branding and international presence, may provide early signs of whether the slump is spreading or if a rebound could be on the horizon. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published: May 22, 2025, 18:31 IST
Yahoo
13-05-2025
- Business
- Yahoo
Technicolor Bankruptcy: Framestore Adds MPC Supervisors; Mikros India Talent Joins Cinesite's Assemblage
Industry animation and VFX studios are continue to announce hires from units of the former Technicolor, which collapsed in February amid financial difficulties. Paris-headquartered Technicolor was the parent company of VFX giant MPC, commercial VFX studio The Mill, Mikros Animation and Technicolor Gaming. It's closure affected thousands of artists around the world. Among the recent deals, Rodeo FX acquired Mikros Animation's Paris and Montreal studios. More from Variety Technicolor Bankruptcy: Thinkingbox's The Heist Hires Band of Creatives from The Mill and Expands Services Technicolor Bankruptcy: TransPerfect Acquires MPC and The Mill's France Operations Technicolor Bankruptcy: Rodeo FX Acquires Mikros Animation Framestore has expanded the creative leadership at its London headquarters with the addition of VFX supervisor Patrick Ledda and animation supervisor Daniel Blacker, who come from London-headquartered MPC. Blacker recently worked as animation supervisor on Barry Jenkins' 'Mufasa: The Lion King' for Disney and Ledda's credits as a VFX supervisor include Disney's live action adaptation of 'The Little Mermaid.' Framestore's current work includes Brad Pitt racing drama 'FI' for Apple TV+ and Universal's upcoming 'How to Train Your Dragon.' Meanwhile Cinesite group's partner animation and VFX studio in Asia, Assemblage Entertainment, added key talent from Mikros Animation's former India base. 'Mikros India's DNA is now an integral part of Assemblage, and this isn't just about bringing in talent; it's about continuing our shared commitment to storytelling, craftsmanship, and passion for delivering world-class animation,' said Assemblage CEO Arjun Madhavan. 'We are thrilled to welcome this incredibly talented core team to the Assemblage family. We have been, are, and continue to be long-term champions of the 'India' story. This addition significantly bolsters our already impressive roster and will allow us to further elevate the quality of our artistry and solidify our position as a versatile studio with a growing portfolio in both animation and VFX.' The new hires in India include creative director Sean Mullen, head of production technology Siddharth Kumar, animation director Sanamani Singh, animation supervisor Prathik Gopinath, animation supervisor Sujit Das, animation supervisor Rahul Mishra, animation lead Selvan T, animation lead Shiladitya Gupta, CG supervisor Naresh Gunda and producer Mahendran Loganathan. Mikros Animation India recently contributed to the PAW Patrol movie franchise and DreamWorks' 'Orion and the Dark.' Assemblage recently completed animated sports comedy 'Sneaks' and Netflix fantasy series 'Wolf King.' Best of Variety New Movies Out Now in Theaters: What to See This Week What's Coming to Disney+ in April 2025 The Best Celebrity Memoirs to Read This Year: From Chelsea Handler to Anthony Hopkins 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
Time of India
03-05-2025
- Business
- Time of India
Lawyers probe 'dire' conditions for Meta content moderators in Ghana
By Nicholas Roll Abuja: Lawyers are probing "dire" workplace conditions for Meta content moderators in Ghana, attorneys involved in the investigation told AFP, in what could turn into the latest dispute over the social media giant's labour practices in Africa. Content moderators including those in Ghana have long had to contend with a harrowing work environment as they scrub posts containing child abuse and even murders from sites like Facebook and Instagram. But legal experts at the Accra-based consultancy Agency Seven Seven and London-based nonprofit Foxglove are investigating allegations that moderators have had to view "distressing" and "bloody" content, including sexual assault, without adequate mental health care -- as well as accusations that workers have been sacked for trying to unionise. "What we are talking about here is potential psychological injury," said Carla Olympio, founder and managing partner at Agency Seven Seven, who has met with workers in recent weeks. "Everyone is suffering in terms of their mental health -- whether that's post-traumatic stress disorder, insomnia, depression, suicidal thoughts and more," Martha Dark, founder of Foxglove, told AFP. "The situation is pretty dire." The probe follows multiple labour-related lawsuits launched in recent years over conditions at the Facebook and Instagram parent company's now-shuttered content moderating hub in Nairobi, Kenya. That centre -- like the hub in Ghana -- was run by a third-party contractor, not Meta itself. Another suit in Kenya alleges that Facebook's algorithm amplified hate speech in neighbouring Ethiopia, with deadly consequences. The Nairobi hub shut down in 2023, though the lawsuits are still ongoing. But the establishment of a new content moderation centre in Ghana had been until recently kept secret by Meta. The lawyers say around 150 content moderators work in the Ghanaian capital for Majorel, a firm owned by Paris-headquartered tech contractor Teleperformance, which is paid by Meta for content moderation. One worker in Accra, who moved to Ghana from east Africa, told British newspaper The Guardian that his work as a content moderator drove him to attempt suicide. Employer-provided housing requires workers to share rooms, Dark said, while low base pay and an "opaque" salary structure incentivises moderators seeking bonus pay "to look at more and more content". Neither Teleperformance nor Meta responded to AFP's request for comment. Lawsuits in Kenya A Teleperformance spokesperson told The Guardian that the company has "robust people management systems and workplace practices, including a robust wellbeing programme staffed by fully licensed psychologists". It also defended what it called "strong pay and benefits". Meta told the newspaper that it took "the support of content reviewers seriously". Foxglove is also involved in the lawsuits in Kenya, where it alleges the Nairobi hub illegally fired workers after they moved to unionise and voiced similar concerns about the mental health harms faced on the job. There is a way for content moderators to do their job safely, Dark insisted, citing limits in Ireland on the amount of content police investigating child abuse can be exposed to, as well as the provision of "proper psychiatric care". AFP is involved in a partnership with Meta providing fact-checking services in Asia-Pacific, Europe, the Middle East, Latin America and Africa.
Time of India
02-05-2025
- Business
- Time of India
Lawyers probe 'dire' conditions for Meta content moderators in Ghana
Lawyers are probing "dire" workplace conditions for Meta content moderators in Ghana, attorneys involved in the investigation told AFP, in what could turn into the latest dispute over the social media giant's labour practices in Africa. #Pahalgam Terrorist Attack Pakistan reopens Attari-Wagah border to allow stranded citizens in India to return Key Jammu & Kashmir reservoirs' flushing to begin soon Air India sees Pakistan airspace ban costing it $600 mn over 12 months Content moderators including those in Ghana have long had to contend with a harrowing work environment as they scrub posts containing child abuse and even murders from sites like Facebook and Instagram. But legal experts at the Accra-based consultancy Agency Seven Seven and London-based nonprofit Foxglove are investigating allegations that moderators have had to view "distressing" and "bloody" content, including sexual assault, without adequate mental health care -- as well as accusations that workers have been sacked for trying to unionise. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like After Losing Weight Kevin James Looks Like A Model 33 Bridges Undo "What we are talking about here is potential psychological injury," said Carla Olympio, founder and managing partner at Agency Seven Seven, who has met with workers in recent weeks. "Everyone is suffering in terms of their mental health -- whether that's post-traumatic stress disorder, insomnia, depression, suicidal thoughts and more," Martha Dark, founder of Foxglove, told AFP. "The situation is pretty dire." Live Events The probe follows multiple labour-related lawsuits launched in recent years over conditions at the Facebook and Instagram parent company's now-shuttered content moderating hub in Nairobi, Kenya. That centre -- like the hub in Ghana -- was run by a third-party contractor, not Meta itself. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Another suit in Kenya alleges that Facebook's algorithm amplified hate speech in neighbouring Ethiopia, with deadly consequences. The Nairobi hub shut down in 2023, though the lawsuits are still ongoing. But the establishment of a new content moderation centre in Ghana had been until recently kept secret by Meta. The lawyers say around 150 content moderators work in the Ghanaian capital for Majorel, a firm owned by Paris-headquartered tech contractor Teleperformance, which is paid by Meta for content moderation. One worker in Accra, who moved to Ghana from east Africa, told British newspaper The Guardian that his work as a content moderator drove him to attempt suicide. Employer-provided housing requires workers to share rooms, Dark said, while low base pay and an "opaque" salary structure incentivises moderators seeking bonus pay "to look at more and more content". Neither Teleperformance nor Meta responded to AFP's request for comment. Lawsuits in Kenya A Teleperformance spokesperson told The Guardian that the company has "robust people management systems and workplace practices, including a robust wellbeing programme staffed by fully licensed psychologists". It also defended what it called "strong pay and benefits". Meta told the newspaper that it took "the support of content reviewers seriously". Foxglove is also involved in the lawsuits in Kenya, where it alleges the Nairobi hub illegally fired workers after they moved to unionise and voiced similar concerns about the mental health harms faced on the job. There is a way for content moderators to do their job safely, Dark insisted, citing limits in Ireland on the amount of content police investigating child abuse can be exposed to, as well as the provision of "proper psychiatric care". AFP is involved in a partnership with Meta providing fact-checking services in Asia-Pacific, Europe, the Middle East, Latin America and Africa.
