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Business Recorder
2 days ago
- Business
- Business Recorder
Gold hovers near 3-week low as trade war fears ebb, dollar firms
Gold prices were little changed on Tuesday, hovering near a three-week low, as easing fears of a global tariff war and a stronger dollar dampened its safe-haven appeal. Spot gold held its ground at $3,318.71 per ounce, as of 0601 GMT. The precious metal hit its lowest since July 9 in the previous session. U.S. gold futures were up 0.2% at $3,317.50. 'Gold trading at circa $3,300 or below is still getting the attention of buyers. While short-term market dynamics courtesy of trade deals and a stronger USD aren't helping gold, looking further ahead there is still upside potential,' KCM Trade Chief Market Analyst Tim Waterer said. Top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the centre of a trade war between the world's top two economies, seeking to extend a truce by three months. Gold prices firm The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. The dollar index held near a two-week high, making gold costlier for buyers holding other currencies. Investors are awaiting a set of U.S. macroeconomic data this week, including inflation figures and the employment report, alongside the Federal Reserve's two-day policy meeting beginning later in the day, with expectations that rates will be held steady. If U.S. data is weak or if U.S. President Donald Trump's criticisms of the Fed inspire the central bank to adopt a more dovish tone this week, that could be positive for gold, Waterer said. Spot silver was steady at $38.18 per ounce, while platinum edged down 0.1% to $1,388.98 and palladium slipped 1.7% to $1,225.44.
Miami Herald
18-06-2025
- Business
- Miami Herald
Formerly bankrupt retail chain closing more stores 5 years later
U.S. shoppers might be losing yet another retail chain, with its last few stores at risk of disappearing five years after a tumultuous bankruptcy filing. Imagine waking up one morning and heading to your favorite store. However, instead of finding an establishment full of clothes and the sound of elevator music, you see an empty unit with nothing but signs that read "store closing." Don't miss the move: Subscribe to TheStreet's free daily newsletter The U.S. is losing retail chains faster than ever, with beloved retail giants like Macy's (M) , JCPenney (JCP) , and Kohl's (KSS) closing stores as if it were a competitive race, slowly leaving consumers fewer options to fulfill their shopping needs. Related: Huge home retailer closing 26 stores amid Chapter 11 bankruptcy Founded in 1973, Roots is a Canadian outdoor apparel brand known for its athletic wear, leather goods, and accessories. The retail chain has around 100 physical stores in Canada, two in the U.S., and over 100 partner-operated locations in Asia. It also has an e-commerce platform that delivers to more than 70 countries worldwide. Image Source: Shutterstock Roots (RROTF) filed for Chapter 7 bankruptcy in the U.S. in 2020 due to financial challenges resulting from the Covid pandemic. At the time, it had around $9.6 million in assets and $15.4 million in liabilities. Related: Bankrupt retail chain makes major comeback, reopens new stores This caused the retailer to liquidate and shut down nearly all its U.S. stores, leaving only two physical locations running nationwide. Because the company still saw potential in the country, it maintained its e-commerce platform to continue U.S. distribution but made no effort to expand its physical locations. In its latest earnings call, Roots revealed it has enacted a multi-year strategy over the past year focused on in-store customer engagement, digital merchandising, inventory availability, and omnichannel capabilities to boost sales and get its business back on track. As part of this plan, the retailer has closed underperforming stores to invest in "locations that support long-term profitability and customer engagement." Roots says these efforts have already delivered positive results during the first quarter of fiscal 2025, with sales increasing nearly 7% year-over-year. However, it still reported a net loss of almost $8 million (Canadian) in the quarter. More Retail News: Huge HomeGoods rival files Chapter 11 bankruptcy, closes storesPopular Mexican restaurant adds new menu, new store conceptWalmart makes deal to open popular food chain in stores These closures allow the retailer to invest in updating its exciting locations to provide a better overall customer experience. Although Roots has yet to disclose which specific locations will be on the chopping block next, the U.S. sector is not immune to suffering the same fate. If it deems them underperforming, the company could close its remaining two physical U.S. locations, as it plans to continue investing in other areas by cutting costs. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hindustan Times
14-05-2025
- Sport
- Hindustan Times
Ice hockey-U.S. snatch late overtime win over Norway at worlds
HERNING, Denmark, - An overtime goal from hat-trick hero Tage Thompson with less than a minute left on the clock earned the United States a 6-5 win over Norway at the men's World Championship on Wednesday, after The U.S. stormed into a 5-1 lead before the Norwegians mounted their comeback, but a power play goal snatched an important preliminary round win for the Americans. Goals from Cutter Gauthier and Clayton Keller had the U.S in control early on before Stian Solberg netted on a power play to pull one back for Norway but Thompson and Michael McCarron scored before the end of the opening period. Thompson grabbed his second goal early in the second period, but Solberg's second and a Martin Ronnild goal brought Norway right back into it going into the third period Steen Noah scored to pull Norway to within one goal of the Americans, and after they pulled their goaltender out for the final minutes, Solberg's hat-trick goal levelled the game late on. With time running out in the five-minute overtime period and a penalty-shot shootout looming, Emil Lilleberg's two-minute penalty for holding left Norway hanging on, and Thompson got on the end of Logan Cooley's pass to find the winner. The U.S. have not won a medal at the worlds since a bronze in 2021 and lost 3-0 to Switzerland last time out after two opening wins are now third in Group B on eight points, with four teams qualifying for the quarter-finals. The Americans are level with reigning champions Czechia on eight points and one point behind group leaders Germany, who have both played a game less, while Norway picked up their first point and are seventh in the standings.
Miami Herald
10-04-2025
- Business
- Miami Herald
No, Apple iPhones won't be made in America anytime soon
The United States is already feeling the impact of the trade war, as President Donald Trump's tariffs continue to push down financial markets. Although some stocks are rising today, many industry-leading companies have struggled lately against shifting economic tides that don't favor anyone. Consumers are in panic mode as they prepare for higher prices and brace for even more uncertainty, while Trump floats the possibility of even more tariffs. Don't miss the move: Subscribe to TheStreet's free daily newsletter The U.S. President has presented the tariffs as a means of spurring economic growth by prompting companies to start building more factories in the U.S. This particularly applies to leading American tech companies that he thinks should be doing all their building on U.S. soil. However, some experts have argued that Trump's plan for U.S. manufacturing is not realistic and will not be effective. The Apple (AAPL) iPhone, for example, is particularly unlikely to be built here. Image source: Bloomberg/Getty Images Trump has made it clear that his vision for the U.S. involves every major tech company building its products domestically. When Apple confirmed plans to send $500 billion to build a new manufacturing facility in Texas, he touted it as an early tariff victory. It is important to note, though, that Apple's planned factory is intended to build artificial intelligence (AI) servers, not popular consumer tech products such as iPhones or Macbooks. And as two experts recently indicated, there is very little chance that Apple will ever build its iPhones in the U.S. Related: Analyst reboots Apple stock price target after tariff meltdown On CBS' "Face the Nation," Commerce Secretary Howard Lutnick recently implied the opposite, stating, "The army of millions and millions of human beings screwing in little screws to make iPhones - that kind of thing is going to come to America." But like Trump, he seems to be misunderstanding some key factors. Two tech experts recently laid out a scathing critique of Trump's claim that iPhones could be made in America. In an AppleInsider analysis, they highlighted the many ways in which White House officials seem to misunderstand the iPhone manufacturing process. It is true that Apple remains heavily reliant on other companies, particularly Taiwan Semiconductor Manufacturing Company, which provides the chips needed to power most of its consumer devices. And while TSMC is also expanding its U.S. operations, the authors note that the chips it builds for Apple won't be made in the U.S. for at least several years. Following that, the authors note a statement from White House Press Secretary Karoline Leavitt in which she implied that Apple wouldn't be investing $500 billion in U.S. manufacturing if it didn't believe the country could handle building the iPhone. More Tech News: Apple makes unexpected move to dodge high tariff costsTech group leader sends startling eight-word message about tariffsHedge fund short positions point to the end of Magnificent 7 era This overlooks the fact that the AI servers that Apple intends to build there have very little to do with iPhone production. In fact, the two are barely connected. To suggest that they are implies a lack of understanding of the company and its manufacturing process. As the authors note, though, the reasons why iPhone production in the U.S. is highly unlikely - if not impossible - don't end there. They also highlight a key factor that is likely to make most tech companies think twice before moving operations to the U.S. Leading tech manufacturers rely on inexpensive labor, and that is something the U.S. is lacking right now. The country's labor shortage is not new, but it has come to a head recently as both large and small businesses struggle to find enough workers. Related: Apple considers radical change for next iPhone The authors examine this as well, highlighting the impact on Apple, a company that requires a large manufacturing workforce. "The United States lacks cheap labor with the skillset suitable for iPhone manufacturing, which is, in contrast, readily available overseas. Foxconn and other suppliers also have existing facilities, with assembly lines that have produced Apple products for generations over multiple years. If Apple wanted to move large-scale iPhone production to the United States, it would effectively have to start from scratch." On top of all this, there remains the factor of cost - or more specifically, how much more Americans would be asked to pay for a domestically built iPhone. According to CNN, iPhone costs could triple, going as high as $3,500, a price that many Americans would likely balk at. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Al Binaa
20-03-2025
- Politics
- Al Binaa
U.S.-Israeli Escalation Against Yemen and Gaza Met With Resilience, Mobilises Global Support / Turkish Unrest Erupts After Istanbul Mayor's Arrest, Protests Sweep Cities
The political editor wrote The U.S. assaults on Yemen continued, targeting its cities and residential areas, while Yemeni forces responded by launching ballistic missiles and drones at the U.S. aircraft carrier Harry S. Truman. Meanwhile, the war on Gaza entered its second day, with relentless airstrikes claiming the lives of women and children. As both Yemenis and Palestinians stood firm in resisting aggression, pro-Gaza demonstrations once again flooded the streets of major cities worldwide. Protests erupted across Europe, the U.S., and several Arab capitals, while Western governments faced growing calls to halt the war and restore the ceasefire agreement. The U.S. and Israeli media and diplomatic efforts failed to generate public support for the war or rally political backing for the governments that had sided with Israel after al-Aqsa Flood. The most unexpected development in the region, however, was the eruption of unrest in Turkey following President Recep Erdogan's government crackdown on the opposition, particularly the Republican People's Party and its presidential candidate, Ekrem Imamoglu. His arrest on charges of bribery, corruption, and terrorism, along with 100 of his supporters, sparked mass protests that quickly filled the streets of Turkey's major cities. A curfew was declared in Istanbul, along with a ban on social media, as opposition parties began coordinating large-scale demonstrations expected to take place today. The Republican People's Party has called on its members to gather at party offices across Turkey at 10 AM to organise protests. These events unfold against a backdrop of deep divisions stretching back to the start of the war on Gaza, with Erdoğan facing accusations of deception, providing economic support to Benjamin Netanyahu's government while refusing to shut down the occupying entity's embassy in Ankara. Tensions escalated further with developments in Syria, where Ankara-backed armed groups entered Damascus and assumed control, bolstering the rhetoric of extreme Ottomanism, labeled by the opposition as 'neo-fascism'. The situation exploded after massacres on Syria's coast, where Turkey's Alevi community was outraged by the Erdogan government's inaction. This has put Alevis in direct confrontation with the government, which they accuse of enabling sectarian cleansing. The international community is closely monitoring the situation, with the European Union issuing statements describing the developments as alarming and dangerous. In Lebanon, optimism spread across the Bekaa Valley after the army entered the northeastern town of Housh al-Sayyid Ali, successfully repelling attacks by militant groups from across the border. The Bekaa operation had immediate reverberations in the south, where the occupying entity continues its daily assaults and maintains its hold on Lebanese territory exceeding the area of the so-called Five Hills. Meanwhile, the U.S. continues to shield the occupation and push Lebanon toward political negotiations. In the south, many hope the Lebanese army will adopt a similarly firm stance, affirming its exclusive authority over armed operations south of the Litani River and exercising its right to self-defense under the ceasefire agreement.
