Wednesday, March 15th, 2017
(March 15): Fast fashion is getting tougher.
Zara owner Inditex SA said on Wednesday that profitability shrank to an eight-year low. Main rival Hennes & Mauritz AB reported the first monthly sales drop in almost four years. Shares of both retailers sank.
The reports illustrate the difficulties facing the fashion industry as consumers divert spending to leisure activities and buy more of their apparel from a rising number of online suppliers. The increased competition is putting pressure on prices, while higher production costs are also squeezing profitability.
BRUSSELS, March 15 — The European Commission will propose by the end of the year new rules to cut retail transaction fees for payments in European Union currencies, according to a document seen by Reuters. Transaction charges in the 19-country…
(March 15): Nike Corp and the Japanese retailer of Muji brand products were criticized by China’s state-run television broadcaster for alleged false marketing.
The broadcaster’s annual consumer programme that aims to expose abuses by companies featured a shopper who bought Nike shoes that did not include the advertised Zoom Air sole cushions, according to a China Central Television broadcast shown Wednesday. The consumer complained to Nike but was not properly compensated by the shoemaker in violation of China’s consumer protection law, CCTV alleged.
KUALA LUMPUR (March 15): Puncak Niaga Holdings Bhd’s wholly-owned subsidiary Puncak Niaga Construction Sdn Bhd (PNC) has successfully defended a substantial portion of claims by its previous subcontractor Genbina Sdn Bhd in a legal dispute.
In a filing today, Puncak Niga said PNC is only required to pay Genbina RM5.91 million out of a principal claim sum of RM15.72 million following arbitration.
The claim is in relation to a sewerage pipe construction project in Kuala Lumpur.
NEW YORK (March 15): A US debt ceiling crisis is less likely to happen in 2017 given the Republican-controlled White House and Congress will probably agree to suspend or raise the federal borrowing limit before the government runs out of cash, Fitch Ratings said on Wednesday.
A deal in November 2015 to suspend the federal borrowing cap, which would be just under US$20 trillion, will end on Wednesday.
“The US Congress is likely to vote in a timely fashion to suspend or raise the federal debt limit,” the rating agency said in a statement.
STOCKHOLM, March 15 — Sweden’s government said today it plans to propose a controversial tax on airline tickets to compensate for the lack of VAT on international flights and the low price airlines pay for greenhouse gas emissions. The tax…
WASHINGTON (March 15): US President Donald Trump and Saudi Deputy Crown Prince Mohammed bin Salman discussed opportunities for new economic programs and investments between the two countries during a meeting on Tuesday, the White House said.
During the meeting with Prince Mohammed, Trump said he would support development of a new US-Saudi program focused on energy, industry, infrastructure and technology that would provide potentially more than US$200 billion in investments in the next four years, the White House said in a statement.
COLOMBO, March 15 — Sri Lanka today raised nearly a billion dollars through a domestic bond auction after the IMF asked the government to build its foreign reserves amid increased capital outflows. The Central Bank of Sri Lanka said the offer…
MANILA, March 15 —Businessmen from China agreed to buy US$1.7 billion (RM7.6 billion)in Philippine products this year, the Chinese embassy said today, in a one-off arrangement reflecting warming ties under firebrand President Rodrigo Duterte….