Latest news with #USAtariffs
CNA
2 days ago
- Business
- CNA
CNA938 Rewind - Preparing for an uncertain future: Government sets up 5 committees to protect businesses and workers
Singapore is reviewing its economic strategy, amid global trade disruptions driven by U.S tariffs. Five committees have been set up to focus on areas like attracting global investments, preparing for emerging tech and protecting workers. The goal is to develop strategic recommendations, which will be published by the middle of next year. Lance Alexander speaks with Jeff Ng, Head of Asia Macro Strategy, Sumitomo Mitsui Banking Corporation.
CTV News
3 days ago
- Business
- CTV News
Prime Minister Mark Carney's B.C. visit expected to continue Monday in Nanaimo area
Prime Minister Mark Carney greets people during the Vancouver Pride Parade in Vancouver, on Sunday, Aug. 3, 2025. THE CANADIAN PRESS/Ethan Cairns NANAIMO — Prime Minister Mark Carney is expected to go to Vancouver Island on Monday as his visit to British Columbia continues. Carney is slated to visit the Canadian Forces Maritime Experimental and Test Ranges facility near Nanoose Bay, located about 30 kilometres north of Nanaimo. The prime minister met with B.C. Premier David Eby on Sunday, as well as officials from the Vancouver Fraser Port Authority. Carney and Eby also discussed U.S. tariffs and a renewed animosity in the long-running softwood lumber dispute, but that was closed to media. After the meetings, Carney made a surprise appearance at Vancouver's Pride Parade, marching for about a kilometre along the route beginning outside B.C. Place Stadium. This report by The Canadian Press was first published Aug. 4, 2025. The Canadian Press
Reuters
6 days ago
- Business
- Reuters
Asia's factory activity worsens as US trade uncertainty bites
TOKYO, Aug 1 (Reuters) - Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region's fragile recovery. The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say. Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump's policies threaten the global free trade system the region relied upon for growth. China's factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region's economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts' expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction. The reading comes a day after an official survey showed China's manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher U.S. tariffs has started to fade while domestic demand remained sluggish. The survey "provides further evidence that China's economy lost some momentum last month, largely due to domestic weakness," said Zichun Huang, an economist at Capital Economics. The S&P Global Japan manufacturing purchasing managers' index (PMI) also fell to 48.9 in July from 50.1 in June, a sign U.S. tariffs were hurting the world's fourth-largest economy. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, "it will be important to see if this will translate into greater client confidence and improved sales in the months ahead," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June. "Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy," said Usamah Bhatti, economist at S&P Global Market Intelligence. The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%. Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed.
CTV News
25-07-2025
- Business
- CTV News
Puma shares dive after warning of full-year loss, U.S. tariff impact
Puma shares dropped 16 per cent on Friday after the German sportswear brand said it now expects an annual loss as sales decline and U.S. tariffs dent profit. Puma has been struggling to attract shoppers as re-released retro sneakers, such as the Speedcat, have not sold as well as hoped, and CEO Arthur Hoeld, in the role since July 1, said the company needs to 'course-correct.' 'This year, 2025, will be a reset for Puma and 2026 will be a transition year for us,' said Hoeld, formerly sales chief at Adidas, who was appointed by Puma's board in April to turn performance around. 'We as a company need to take a hard look at ourselves,' he said on a conference call with journalists. 'We do have tremendous potential with a brand that hasn't been unlocked yet, but a brand that also requires a reset and a new way forward.' Hoeld said he planned to review Puma's growth plan and strengthen the quality of wholesale distribution, and that he would give a broader roadmap on his strategy for Puma by the end of October. 'Puma is facing an existential identity crisis in terms of relevance in a sporting goods industry that is more competitive, and at a time when the largest player Nike is staging its comeback from Autumn/Winter '25,' said RBC analyst Piral Dadhania. Tariff hit U.S. tariffs will reduce Puma's gross profit this year by about 80 million euros (US$94 million) despite efforts to offset the pain, including U.S. price hikes in the fourth quarter, Chief Financial Officer Markus Neubrand said. He declined to say how much prices would go up. Sportswear retailers like Nike, Adidas and Puma rely on Southeast Asian countries like Vietnam for the sneakers and clothes they import into the United States, making them especially exposed to tariffs. Puma frontloaded shipments of goods from Asia ahead of successive U.S. tariff deadlines, Neubrand said, driving inventory levels up and contributing to more discounting. Most Puma products sold in the United States are made in Vietnam, Cambodia, and Indonesia, Neubrand said, and the company aims to cut its sourcing from China to the U.S. further from 10 per cent currently. In preliminary earnings released late on Thursday, Puma said annual sales would decline by at least 10 per cent, having previously forecast low to mid-single-digit growth. Puma's second-quarter currency-adjusted sales of 1.94 billion euros were weaker than analysts expected, with North America sales dropping 9.1 per cent and Europe down 3.9 per cent. The company did not say how big the annual loss was likely to be. It previously forecast earnings before interest and tax of between 445 million euros and 525 million euros for the year. Puma also cut its capital expenditure plans for the year to 250 million euros from 300 million euros previously. (Reporting by Ozan Ergenay in Gdansk and Helen Reid in London; Editing by Matt Scuffham, Tomasz Janowski, Edwina Gibbs and Emelia Sithole-Matarise)
Bloomberg
21-07-2025
- Business
- Bloomberg
Brazil Investigates Alleged Insider Trading Tied to Trump Tariff News
A Supreme Court judge ordered an investigation into potential insider trading in Brazil's currency markets around the announcement of US tariffs on Brazilian goods. Justice Alexandre de Moraes issued the order on Monday in response to a request from Brazil's attorney general based on local media reports of significant foreign exchange transactions shortly before and after the official tariffs announcement on July 9. The attorney general said the currency movements suggested 'possible use of privileged information (insider trading) by individuals or legal entities.'
