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Burberry warns 1,700 jobs at risk after annual loss
Burberry warns 1,700 jobs at risk after annual loss
Business and Economy
by  AFP

British luxury fashion label Burberry said Wednesday it could shed almost one-fifth of its global workforce over two years to reduce costs as it fell into an annual net loss. Net loss stood at £75 million ($99.8 million) in the 12 months to the end of March, compared to a profit of £270 million one year earlier, Burberry said in a statement.

Sony logs 18% annual net profit jump, forecast cautious
Sony logs 18% annual net profit jump, forecast cautious
Business and Economy
by  AFP

Japanese entertainment and electronics giant Sony on Wednesday reported an 18 percent jump in annual net profit but issued a cautious forecast for the current financial year. The firm logged a net profit of 1.14 trillion yen ($7.7 billion) for the 2024-25 financial year, but said it expects that to fall 13 percent to 930 billion yen in 2025-26.

China, US to lift sweeping tariffs in trade war climbdown
China, US to lift sweeping tariffs in trade war climbdown
Business and Economy
by  AFP

The United States and China will lift sweeping tariffs on each others' goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains. Under the deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points.