web analytics

Reuters

  • Poland signs $3.8 billion deal to upgrade F-16 fighter jets

    Poland signs $3.8 billion deal to upgrade F-16 fighter jets

    Poland has signed a contract worth $3.8 billion to upgrade its fleet of F-16 fighter jets, the Polish defence minister said on Wednesday.

    Poland has been ramping up defence spending since the start of the war in Ukraine and plans to allocate 5% of gross domestic product (GDP) to its armed forces in 2026.

    The country has 48 F-16C/D Block 52+ aircraft which were delivered to the country between 2006 and 2008, state news agency PAP reported.

    Polish Defence Minister Wladysław Kosiniak-Kamysz told a news conference that the modernisation work would take place at the Wojskowe Zaklady Lotnicze Nr 2 military aviation plant in the northern city of Bydgoszcz.

    “The current capabilities of the F-16 in the CD version are good, but after 20 years, they are insufficient against threats,” he told a news conference.”

    “We must improve reconnaissance capabilities, communication, integration with F-35s, Abrams tanks, and Apaches, as well as the ability to operate in every domain.”

    Earlier this month Poland signed a second multi-billion dollar deal with South Korean industrial and defence group Hyundai Rotem for the supply of battle tanks.

  • Coffee prices fall in July for first time in 18 months

    Coffee prices fall in July for first time in 18 months

    Brazil’s consumer coffee prices fell 1.01% in July, the first drop in 18 months, according to data from the country’s Broad National Consumer Price Index (IPCA) published on Tuesday.

    During the preceding year and a half, coffee was one of the main drivers of inflation in Brazil, the world’s second largest coffee market, according to the Brazilian Institute of Geography and Statistics (IBGE).

    The retail price drop followed a decline in prices paid to farmers after the harvest of the 2025 crop, which is now in its final stages in Brazil.

    The reported decline in consumer coffee prices in Brazil for the month of July follows volatility in international markets, driven by issues such as the decision by U.S. President Donald Trump to impose a 50% tariff on Brazilian goods.

    While products such as orange juice were exempt from the measures, others including coffee, eggs and beef were not.

    Last week, coffee futures in New York rose 8% as investors grew concerned that the tariffs could hinder trade between the world’s largest coffee consumer, the United States, and the globe’s biggest producer and exporter, Brazil.

    It is too early to tell if Trump’s decision to hike tariffs against Brazilian goods could lead to lower prices of staples including coffee, IBGE manager Fernando Goncalves told Reuters.

    “It could be an effect of increased supply, and it’s not possible to say or confirm that it’s related to the tariff hike. The tariff hike only began this month,” he said.

  • Walmart broadens 10% discount

    Walmart broadens 10% discount

    -Walmart is expanding its 10% employee discount to nearly all of its grocery items, including dairy and meat, through the year, the company’s chief people officer told its staff in a letter on Wednesday.

    The discount, previously limited to fresh produce and general merchandise such as apparel, now extends to almost all food categories — including milk, meat, dry grocery, and seafood — in stores and online, effective immediately.

    Walmart-All Stories and Updates

    Walmart, the largest private employer in the United States, had previously extended its grocery discount during the holidays, but the perk will now be available year-round, the company said.

    “We’ve heard your feedback that these savings make a real difference for you and your families,” Donna Morris, Walmart’s chief people officer, wrote in the letter.

    Morris said the extension of the discount card program, first introduced more than 50 years ago, was among the company’s most requested benefits.

    The company has also raised wages for U.S. hourly workers and launched a bonus program for about 700,000 front-line staff over the last couple of years to help retain workers.

    The Wall Street Journal first reported on the extension of the discount program.

    Shoprite plans to exit these two countries

  • Australia cricket boss says Tests could send nations ‘bankrupt’

    Australia cricket boss says Tests could send nations ‘bankrupt’

    MELBOURNE: Cricket Australia boss Todd Greenberg says the traditional Test format could push some cricket nations into financial ruin and the sport may be better off with fewer five-day matches.

    Greenberg, who replaced Nick Hockley as CEO in March, said the future of Test cricket may involve fewer nations and more investment in marquee series like the Ashes.

    “I don’t think everyone in world cricket needs to aspire to play Test cricket, and that might be OK,” Greenberg told reporters on Wednesday, marking 100 days before Australia host England in the Ashes.

    “We’re literally trying to send countries bankrupt if we force them to try to play Test cricket.”

    Todd Greenberg, the former head of the sport’s players’ union, said cricket boards needed to prioritise meaningful contests over volume.

    “Scarcity in test cricket is our friend, not our foe,” the Cricket Australia boss said.

    “We need to make sure we invest in the right spaces to play Test cricket where it means something and has jeopardy.

    “That’s why the Ashes will be as enormous and profitable as it is — because it means something.”

    Read more: World Test Championship Final: Record prize money revealed for AUS vs SA clash

    While the five-Test Ashes series starting in Perth in late-November has seen record demand for tickets, the longest format is under siege from T20 cricket.

    Mushrooming T20 franchise leagues offering lucrative player contracts are crowding out the global calendar and have prompted a slew of top players to give up Tests and one-day internationals.

    Though Australia maintains a bumper schedule of Tests every home summer, it was also one of the earlier movers in T20, with the Big Bash League (BBL) set for its 15th season in December.

    CA has resisted allowing private investment in BBL teams but Todd Greenberg signalled the policy could be coming to an end following a review by Boston Consulting Group.

    “It would be completely naive of us sitting here in Australia to not explore (privatisation),” he said.

    “I’m not suggesting there’s been a decision made, and ultimately it won’t just be my decision or Cricket Australia’s decision.

    “It will be the whole of leadership of Australian cricket and it has to be beneficial for everyone.”

  • Sneaker brand raises sales forecast

    Sneaker brand raises sales forecast

    August 12, 2025: On raised its annual sales forecast on Tuesday as its focus on brand promotion drove demand for its athletic-focused apparel and sneaker, sending its shares up about 9%.

    The Swiss company has been capturing market share in the U.S. from rivals, including Adidas and Nike, by targeting younger customers through high-profile collaborations and product innovations.

    “We are very clear, we want to be the most premium brand, and as that, will also need to lead with pricing on the premium position,” CEO Martin Hoffmann told Reuters.

    The Roger Federer-backed sneaker company hiked prices in July by about $10, mainly on lifestyle-focused offerings.

    Business News Updates

    “But now, looking into the rest of the year, we don’t need more pricing,” Hoffman added, even as the company now faces about 40% tariff on goods imported from Vietnam, a key source country for its products.

    “The clear momentum in the brand relative to peers, and that the more profitable, more company-controlled DTC (direct-to-consumer) channel is what is driving performance,” William Blair analyst Dylan Carden said in a note.

    The company has also been boosting its direct sales by expanding its retail presence through physical stores as well as its website and app to help drive full-priced sales.

    On Holding recently launched the new Cloudsurfer Max and Cloudboom Max shoes, and has ongoing partnerships with actress Zendaya and musician FKA Twigs.

    The company expects annual net sales of at least CHF 2.91 billion ($3.60 billion), above its previous expectations of at least CHF 2.86 billion.

    The company sees annual adjusted earnings before interest, taxes, depreciation, and amortization margin between 17% and 17.5%, compared with its previous forecast of 16.5% to 17.5%.

    Sales increased 32% to CHF 749.2 million in the second quarter, exceeding analysts’ average estimate of CHF 705.3 million, according to data compiled by LSEG.

    However, On Holding posted an adjusted loss per share of CHF 0.09, due to a weaker dollar. Analysts had expected a profit of CHF 0.21.

  • Domino’s India operator beats quarterly profit view

    Domino’s India operator beats quarterly profit view

    Domino’s India operator Jubilant Foodworks beat first-quarter profit estimates by a wide margin on Wednesday as lower-priced menu items and free deliveries bolstered demand even as other fast-food franchisees struggled.

    The company reported profit of 917.6 million rupees ($10.49 million) for the quarter ended June 30, compared to a year ago profit of 558 million rupees.

    Analysts on average were expecting a profit of 645.6 million rupees, according to data compiled by LSEG.

    Urban Indian consumers are cutting back on non-essentials amid high living costs, denting same-store sales at budget retailers like Trent and fast food chains including Pizza Hut operators Sapphire India and Devyani International.

    Jubilant is an outlier in this environment, having reported double digit like-for-like sales growth for atleast three quarters.

    In the reported quarter ended June, like for like sales at Domino’s India restaurants grew 11.6%, led by 20.1% growth in delivery.

    Sapphire’s same store sales at Pizza Hut India fell 8% in the same period, while Devyani’s fell 4.2%.

    Jubilant has not raised prices on average in more than ten quarters, opting to cut costs to drive profitability.

    In addition to providing value combinations and expanding store count, it has also waived delivery fees on app orders, while sharpening its focus on 20-minute deliveries in dense metros.

    Rival Devyani, on Wednesday, said it is taking cues from Jubilant’s success with its 20-minute delivery model, and strengthening its own food-delivery business.

    “Jubilant is doing a far, far better job versus what we are doing..because it is a delivery first brand,” a Devyani executive said on a post-earnings call with analysts.

    Jubilant’s efforts drove first quarter revenue higher by 17%to 22.61 billion rupees.

    However, its consolidated core profit margin contracted to 19.4% from 19.8%, due to a higher mix of delivery and investments to power sales growth.

    ($1 = 87.4380 Indian rupees)

  • China slaps duties on Canadian canola

    China slaps duties on Canadian canola

    BEIJING/SINGAPORE, Aug 12: China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, escalating a year-long trade dispute that began with Ottawa’s imposition of tariffs on Chinese electric vehicle imports last August.

    The provisional rate will be set at 75.8%, effective from Thursday, the Ministry of Commerce said in a statement.

    The Canadian government disputed the Chinese finding saying in a statement late on Tuesday the country does not dump canola and that it was “deeply disappointed” with China’s decision, but remained open to dialogue.

    “Canada is committed to ensuring fair market access for our canola industry and we remain ready to engage in constructive dialogue with Chinese officials to address our respective trade concerns,” International Trade Minister Maninder Sidhu and Agriculture Minister Heath MacDonald said in the statement.

    Canada is now in trade conflicts with the world’s two largest economies, as its exports also face tariffs imposed by the United States. Canada’s top canola meal and oil market is the U.S., while China buys the bulk most of Canada’s canola seed exports.

    Canola Council of Canada President Chris Davison said that duty rate makes the Chinese market effectively closed for Canadian canola. Canada exported almost C$5 billion ($3.64 billion) of the oilseed crop to China in 2024.

    “This really came as a surprise and a shock,” said trader Tony Tryhuk of RBC Dominion Securities.

    China, the world’s largest importer of canola, also known as rapeseed, sources nearly all its supplies of the product from Canada. The steep duties would likely all but end imports if they are maintained.

    “This is huge. Who will pay a 75% deposit to bring Canadian canola to China? It is like telling Canada that we don’t need your canola, thank you very much,” said one Singapore-based oilseed trader.

    China imposed tariffs on canola oil and meal in March. Canada has also imposed tariffs on Chinese steel and aluminum.

    China’s Ministry of Commerce said an anti-dumping probe launched in September 2024 had found that Canada’s agricultural sector – particularly the canola industry – had benefited from substantial government subsidies and preferential policies.

    The Canadian government and canola industry have previously rejected allegations of dumping. The industry believes China’s complaint is based on other ongoing trade and political disputes, the Canola Council of Canada’s Davison said.

    ICE November canola futures plunged after the announcement and by the end of the Tuesday session fell about $30 to $650.30 per metric ton.

    A final ruling could result in a different rate, or overturn Tuesday’s decision.

    The decision marks a shift from the conciliatory tone struck in June when China Premier Li Qiang said there were no deep-seated conflicts of interest between the countries during a phone call with Canadian Prime Minister Mark Carney.

    “This move … will put additional pressure on Canada’s government to sort through trade frictions with China,” said Trivium China agriculture analyst Even Rogers Pay.
    Separately, China also launched an anti-dumping investigation into Canadian pea starch and imposed provisional duties on imports of halogenated butyl rubber, according to ministry statements.

    NO EASY REPLACEMENT

    Replacing millions of tons of Canadian canola is likely to be difficult at short notice, say analysts.

    China uses imported canola to make animal feed for its aquaculture sector, as well as for cooking oil.

    The move provides an opportunity for Australia, which looks set to regain access to the Chinese market with test cargoes this year after a years-long freeze in the trade, Pay said.

    Australia, the second-largest canola exporter, has been shut out of the Chinese market since 2020 due mainly to Chinese rules to stop the spread of fungal plant disease.
    However, even if Australian imports increase, “fully replacing Canadian canola will be very difficult unless import demand drops sharply”, said Donatas Jankauskas, an analyst with commodity data firm CM Navigator.

    Davison said his industry believes China will need Canada’s canola to meet the sort of demand it has experienced in recent years.

    “I think the expectation would be that they could not meet those needs with a quality of a product and the volume that we provide,” Davison said.
    Canadian farmers are about to begin harvesting canola and will not be happy to see prices plunge, said Canadian Canola Growers Association President Rick White.

    “It’s going to certainly have a damping effect on price for farmers and they’re going to be stuck with that,” White said.

    Another trader said there was already downward price pressure as Canada’s crop is widely believed to be bigger than many previously forecast due to good weather.

    Ventum Financial broker David Derwin said traders were unsure about how to take the Chinese move yet, since it is not a final rule.

    “Is it a negotiating tactic? Or does China put it in and that’s that?,” Derwin asked.

  • Ukraine, sidelined in Trump-Putin summit

    Ukraine, sidelined in Trump-Putin summit

    Small bands of Russian soldiers thrust deeper into eastern Ukraine on Tuesday before a summit between Russian President Vladimir Putin and U.S. President Donald Trump, which European leaders fear could end in peace terms imposed on an unlawfully shrunken Ukraine.

    In one of the most extensive incursions so far this year, Russian troops advanced near the coal-mining town of Dobropillia, part of Putin’s campaign to take full control of Ukraine’s Donetsk region.

    Ukraine’s military dispatched reserve troops, saying they were in difficult combat against Russian soldiers.

    Trump has said any peace deal would involve “some swapping of territories to the betterment of both” Russia and Ukraine, which has depended on the U.S. as its main arms supplier.

    But because all the areas being contested lie within Ukraine, President Volodymyr Zelenskiy and his European Union allies fear that he will face pressure to give up far more than Russia does.

    In the first U.S.-Russia summit since 2021, Putin and Trump will meet on Friday at Elmendorf Air Force Base in Anchorage, Alaska, two White House officials said.

    Trump’s administration on Tuesday tempered expectations for major progress toward a ceasefire, calling the summit a “listening exercise.”

    Along that line, U.S. Secretary of State Marco Rubio said the president wanted to size up Putin directly.

    “The president feels like, look, I’ve got to look at this guy across the table. I need to see him face to face. I need to hear him one on one. I need to make an assessment by looking at him,” Rubio told WABC radio in New York on Tuesday.

    Zelenskiy and most of his European counterparts have said a lasting peace cannot be secured without Ukraine at the negotiating table, and a deal must comply with international law, Ukraine’s sovereignty and its territorial integrity.

    Read more: Zelensky warns on ‘decisions without Ukraine’ before US-Russia summit

    They will hold a virtual meeting with Trump on Wednesday to underscore those concerns before the Putin summit.

    “Substantive and productive talks about us without us will not work,” Zelenskiy said in an interview on Tuesday with NewsNation. “Just as I cannot say anything about another state or make decisions for it.”

    Zelenskiy has said Russia must agree to a ceasefire before territorial issues are discussed. He would reject any Russian proposal that Ukraine pull its troops from the eastern Donbas region and cede its defensive lines.

    Asked why Zelenskiy was not joining the U.S. and Russian leaders at the Alaska summit, White House spokeswoman Karoline Leavitt told reporters the bilateral meeting had been proposed by Putin, and Trump accepted to get a “better understanding” of “how we can hopefully bring this war to an end.”

    Trump is open to a trilateral meeting with Putin and Zelenskiy later, Leavitt said.

  • South Korea’s former first lady arrested

    South Korea’s former first lady arrested

    South Korea’s former first lady Kim Keon Hee has been arrested after a court late on Tuesday issued a warrant to arrest her following accusations of graft that she denies, a special prosecutor leading a wide-reaching probe said.

    Kim is South Korea’s only former first lady to be arrested, joining her husband, ex-President Yoon Suk Yeol, in jail as he faces trial following his ouster in April over a botched bid to impose martial law in December.

    Earlier in the day, Kim, wearing a black suit, bowed as she arrived at court, but did not answer reporters’ questions or make a statement. After the hearing ended she left to await the ruling at a detention centre in Seoul, the capital, in line with customary practice.

    The court issued the warrant for Kim’s detention, the special prosecutor appointed in early June said in a brief message. The prosecutor’s office did not provide further details.

    The charges against her, punishable by years in prison, range from stock fraud to bribery and illegal influence peddling that have implicated business owners, religious figures and a political power broker.

    She has been accused of breaking the law over an incident in which she wore a luxury Van Cleef pendant reportedly worth more than 60 million won ($43,000) while attending a NATO summit with her husband in 2022.

    The item was not listed in the couple’s financial disclosure as required by law, according to the charge.

    Kim is also accused of receiving two Chanel bags together valued at 20 million won and a diamond necklace from a religious group as a bribe in return for influence favourable to its business interests.

    Read more: South Korean region hit by most rainfall in 120 years

    The prosecution sought Kim’s arrest because of the risk of her destroying evidence and interfering with the investigation, a spokesperson for the special prosecutor’s team told a press briefing after Tuesday’s hearing.

    The court accepted the argument on the risk of destroying evidence, Yonhap news reported.

    The spokesperson, Oh Jeong-hee, said Kim had told prosecutors the pendant she wore was a fake bought 20 years ago in Hong Kong.

    The prosecution said it was genuine, however, and given by a domestic construction company for Kim to wear at the summit, Oh said.

    Kim’s lawyers did not immediately comment on Tuesday but they have previously denied the accusations against her and dismissed as groundless speculation news reports about some of the gifts she allegedly received.

    Yoon is on trial on charges of insurrection, which could result in life imprisonment or even the death penalty.

    The former president, who also faces charges of abuse of power among others, has denied wrongdoing and refused to attend trial hearings or be questioned by prosecutors.

  • Spirit Airlines raises doubts months after exiting bankruptcy

    Spirit Airlines raises doubts months after exiting bankruptcy

    Aug 12, 2025: Spirit Airlines has warned of going-concern doubts, just months after emerging from bankruptcy as weak domestic demand and dwindling cash reserves strain its operations, sending its shares tumbling 42%.

    Adverse market conditions such as elevated domestic capacity and weak demand for leisure travel in the second quarter has resulted in a tough pricing environment for airline, it said in its quarterly report on Monday.

    The company expects these pressures to persist through the rest of the year, adding to operational uncertainty. Last month, Spirit said it would furlough about 270 pilots, while demoting another 140, to conserve cash.

    Spirit Airlines files for bankruptcy protection

    “Its liquidity covenants require faster financial improvement than is currently expected,” said Tim Hynes, head of Global Credit Research at Debtwire.

    The Florida-based airline, known for its bright yellow livery, had filed for bankruptcy protection last November, after years of losses, failed merger attempts and heavy debt.

    It was the first major U.S. carrier to file for Chapter 11 since 2011. It emerged from bankruptcy in March after a court approved restructuring backed by its creditors.
    Uncertainty stemming from President Donald Trump’s sweeping tariffs and budget cuts have prompted travelers to curb spending and reassess plans.

    The airline said on Monday that its credit-card processor has asked it to set aside more funds as collateral or risk losing its contract, which is set to expire on Dec. 31.

    To address the concerns, Spirit said it plans to bolster liquidity by selling or monetizing aircraft and real estate and shedding excess airport gate capacity.

    Uncertainty over meeting minimum liquidity covenants and the outcome of talks with stakeholders have raised substantial doubt about the company’s ability to continue as a going concern over the next 12 months, it said.