The luxury fashion sector is facing turbulent times, as demonstrated by Hugo Boss shares plummeting by 10% following the company’s decision to cut its sales outlook. The German fashion powerhouse announced a revised full-year sales forecast of up to 4.35 billion euros, down from a previous estimate of up to 4.45 billion euros. This unexpected
Deutsche Bank, a prominent financial institution, has recently come under scrutiny for incorrectly disclosing its deferred tax assets in its 2019 financial statement. The German regulator BaFin, which stands for the Federal Financial Supervisory Authority, pointed out that the declarations made by the bank regarding deferred tax assets were incomplete. Specifically, BaFin highlighted that 2.076
General Motors’ ambitious goal of producing 1 million all-electric vehicles in North America by the end of 2025 seems to be in jeopardy. CEO Mary Barra cast doubt on this target during a virtual CNBC CEO Council event, citing the slow development of the market for electric vehicles. Barra’s statement raises questions about the feasibility
The attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend has sparked condemnation from the leaders of Wall Street’s most powerful firms. JPMorgan Chase CEO Jamie Dimon expressed his sadness towards the political violence and attempt on Trump’s life in a memo to employees. Dimon emphasized the importance of standing
Rentvesting is a growing trend in the real estate market that involves renting a primary residence in one city while investing in a property in another city for rental income. This allows individuals to enter the property market even when home prices in their own location are out of reach. However, the process can be
The recent dip in the consumer price index has sparked anticipation for the Federal Reserve to commence interest rate cuts in the coming months. This positive development follows signs of a cooling economy, providing crucial data that supports the need for rate adjustments. Greg McBride, a chief financial analyst at Bankrate.com, highlighted the significance of
Goldman Sachs announced on Monday that it had surpassed profit and revenue estimates for the second quarter, driven by better-than-expected fixed income results and smaller loan loss provisions. The company reported earnings of $8.62 per share, beating the estimated $8.34 per share. Additionally, revenue came in at $12.73 billion, surpassing the $12.46 billion estimate. The
Macy’s, the iconic department store, recently announced the termination of negotiations with a group of activists looking to take the retailer private for approximately $6.9 billion. The board cited concerns about financing and the lack of compelling value in the proposal as the reasons for ending talks. The Failed Proposal The activist group, Arkhouse and
Burberry, the iconic British luxury brand, experienced a devastating blow in early trading on Monday with shares plummeting over 15%. This significant drop was a direct result of a disappointing first-quarter performance that forced the company to issue a profit warning, replace its CEO, and suspend its dividend payments. This sudden turn of events sent
China’s National Bureau of Statistics recently released data on the country’s economic performance in the second quarter of the year, revealing that the GDP growth rate was lower than expected. The actual growth rate of 4.7% fell short of the 5.1% growth forecasted by a Reuters poll. This discrepancy indicates a potential slowdown in China’s