Richemont profit misses estimates on online investment costs

Zurich. Richemont reported its weakest profit margin in more than a decade, showing how much it’s costing the Swiss luxury-goods maker to push into e-commerce. Last year’s purchases of luxury online retailers YNAP and Watchfinder have boosted sales, but eroded profitability, the owner of the Cartier and Jaeger-LeCoultre brands said Friday. The operating margin slipped […]

Lebanon’s austere budget to cut deep

Beirut: From retired soldiers fighting for their pensions to striking central bank staff, few in Lebanon feel they’ll be spared what the government is touting as the most austere budget in their country’s history. One of the world’s most indebted nations has little time to spare after decades of fiscal overreach and mismanagement of public […]

Turkey says US scrapping trade deal contradicts goals

Ankara: The US decision to end its preferential trade agreement with Turkey contradicts their $75 billion bilateral trade target, Trade Minister Ruhsar Pekcan said on Friday, but welcomed Washington’s move to halve tariffs on steel imports. The White House said on Thursday it was terminating Turkey’s eligibility for the Generalised System of Preferences (GSP) programme, […]