Fast-fashion retailer Shein swung to a $99m loss in the first quarter of the year as US President Donald Trump's removal of import duty exemptions on small packages slowed sales, amid ongoing US-China tariff uncertainty. The company, preparing for a Hong Kong stock market debut, said it is considering raising US prices to offset increased costs.
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Fast-fashion retailer Shein swung to a $99m loss in the first quarter of the year as US President Donald Trump's removal of import duty exemptions on small packages slowed sales, amid ongoing US-China tariff uncertainty. The company, preparing for a Hong Kong stock market debut, said it is considering raising US prices to offset increased costs.
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Samsung Electronics and Broadcom have agreed to a partnership envisaged to exceed $200 billion until 2030, combining Broadcom's chip design expertise with Samsung's manufacturing capabilities for memory chips, contract chip making, and advanced packaging.
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Frasers Group is exploring installing its chief executive Michael Murray as CEO of Hugo Boss as it pursues a takeover of the German fashion house. Frasers last week raised its holding to about 30.28%, crossing the threshold for a mandatory bid, and has an €38-per-share offer worth about €2 billion outstanding until July 27, which Hugo Boss has urged shareholders to reject as financially inadequate.
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Oil prices tumbled 4% on Monday after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes for diplomatic de-escalation and resumption of shipping through the Strait of Hormuz. Brent crude fell to $92.82 a barrel and U.S. West Texas Intermediate to $85.29, both at their lowest levels in nearly a week.
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Mali's industrial gold production is expected to remain below 60 metric tons annually through 2029, according to a mines ministry plan, extending a decline that followed the introduction of a revised 2023 mining code and disputes between the state and miners.
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Ugandan dance group Ghetto Kids appeared at the football World Cup final half-time show alongside Burna Boy and Shakira, performing in the game between Spain and Argentina at MetLife Stadium in New Jersey. The young dancers, who come from humble beginnings in Kampala, described the experience as life-changing.
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Israeli Prime Minister Benjamin Netanyahu said he planned to attend the UN General Assembly in New York City this autumn despite NYC Mayor Zohran Mamdani's threat to arrest him based on an ICC warrant. Netanyahu told Fox News he was "not concerned" about the threat and accused Mamdani of "fomenting hate," while the mayor has since walked back the arrest threat, acknowledging he lacked the legal power to do so.
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Argentina's president Javier Milei referred to Brazilian president Luiz Inácio Lula da Silva as a "thief" and "convict" at a rally in São Paulo, prompting Brazil to recall its ambassador to Buenos Aires. Brazilian diplomats said Milei had insulted Brazil's government, people, and democracy.
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French President Emmanuel Macron called a crisis cabinet meeting as wildfires closed in on Bordeaux, with the blaze about 15km from the city and another heatwave threatening to complicate firefighting efforts. More than 330,000 people have been evacuated across France and Spain over the past week.
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Gabon's main opposition leader Alain Claude Bilie By Nze has been imprisoned for over three months since April 15 on charges related to a private financial dispute from 2008 involving about 7,600 euros. His lawyers say the charges are politically motivated and designed to sideline him after he unsuccessfully challenged President Brice Oligui Nguema in last year's election.
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Ugandan diplomat Olara Otunnu, a former U.N. under-secretary-general and special representative for children and armed conflict, has been nominated by Uganda to become the next UN secretary-general, making him the seventh contender to succeed Antonio Guterres at the end of this year.
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The World Bank projects Morocco's economic growth will decelerate to 4.2% in 2026 from 4.9% last year, driven by 2030 World Cup infrastructure investment and agricultural rebound, though drought and European economic recovery remain risks.
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A South African court has ruled in favour of President Cyril Ramaphosa's bid to temporarily halt a parliamentary impeachment inquiry over the "Farmgate" scandal, in which burglars stole large sums of cash hidden in a sofa from his private farm in 2022. The halt is pending the court's determination of Ramaphosa's separate legal challenge to the independent panel's findings, which parliament had previously shelved before being ordered by the Constitutional Court in May to revive the impeachment process.
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