The News In Brief
US Tax Bill to End Duty-Free Imports of Cheap Foreign Goods
The provision would put into law and expand an executive order that came into force earlier this month, halting the ‘de minimis exemption’ for Chinese imports worth less than $800.
Shopee Owner Sea’s Profit Tops Estimates on Steady E-Commerce Demand
The Singapore group reported better-than-expected results, a sign that the Southeast Asian e-commerce giant is holding up well against fierce rivals TikTok and Lazada.
The Independents Acquires Terminal 9 Studios
The Paris-based documentary production company is The Independents’ second acquisition this year.
American Eagle Withdraws Annual Targets, Writes Down Spring, Summer Inventory
Following the forecast withdrawal, shares of the apparel maker slumped 10 percent in extended trade.
Kering Facing Drop in US Consumption, CEO says
The Gucci owner’s chief executive Francois-Henri Pinault said, ‘The drop in consumption, which has been going on for several weeks now, is quite strong.’
Kohl’s Is Looking to Refinance Just as It Searches for a New CEO
The department store company plans to sell $360 million of junk bonds to raise cash to refinance debt coming due this year.
L’Oréal Is Selling $1 Billion of Bonds in US Market Debut
The sale marks the cosmetics conglomerate’s first time borrowing in the US corporate bond market.
China’s JD.com Beats Quarterly Revenue Estimates
E-commerce retailers like JD.com and Alibaba have begun discounting goods and cutting product prices to retain customers.
Under Armour Turnaround Shows Resilience With Sales Beating Expectations
The sportswear company expects revenue for the current quarter to decline 4 to 5 percent.
Swiss Sneaker Brand On Lifts Sales Outlook as Customers Snap Up New Cloud 6
The Roger Federer-backed sportswear brand beat quarterly sales estimates on steady demand for its popular sneakers.
Patrick McDowell Wins Queen Elizabeth II Award for British Design
The London-based designer is known for pioneering sustainable practices without compromising on quality or artistry.
US to Slash Tariff on Small China Parcels From 120% to 54%
The US has cut the tariff on small parcels from China and Hong Kong by more than half following a 90-day pause in the trade war between the two nations.