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Tag: reduction

  • US and China Announce Temporary 90-Day Tariff Reduction in Collaborative Statement

    US and China Announce Temporary 90-Day Tariff Reduction in Collaborative Statement

    The United States and China have unveiled a groundbreaking agreement to reduce their contentious tariffs for a period of 90 days, marking a significant step forward in their fraught trade relationship. This announcement came following two days of intense negotiations in Geneva, where trade officials from both nations sought common ground.

    U.S. Treasury Secretary Scott Bessent enthusiastically shared the news with reporters, stating, “We have reached an agreement on a 90-day pause.” He also noted, “both sides will move their tariffs down” by an impressive 115 percentage points. This reduction aims to ease the economic tensions that have defined U.S.-China relations in recent years.

    In response to this positive development, Hong Kong’s financial markets reacted vigorously. The Hang Seng Index soared by an impressive 3.34%, gaining 762.94 points to close at 23,630.68 on Monday. The excitement in the markets highlights the optimism surrounding this agreement, offering a glimmer of hope for businesses and consumers alike.

    As world leaders navigate this complex economic landscape, one can’t help but wonder if this brief thaw will lead to more substantial cooperation or if the trade battle will continue. The stakes are high, and the world is watching closely.

    Questions & Answers

    What was agreed upon by the U.S. and China?
    Both nations have agreed to significantly reduce tariffs for a 90-day period, aiming to alleviate trade tensions.

    How did the stock market react to the announcement?
    Hong Kong’s Hang Seng Index reacted positively, soaring over three percent following the news, indicating strong market confidence.

    What impact could this agreement have on U.S.-China relations?
    While this temporary pause offers hope for improved relations, it remains to be seen if it will lead to a more sustained cooperation in the future.

  • Luxury restaurant Lawry’s wins significant Rent Reduction

    Luxury restaurant Lawry’s wins significant Rent Reduction

    High-end US restaurant Lawry’s The Prime Rib, will pay 80 per cent less rent for its new location than the previous tenant who vacated the premises three years ago.

    The leased 6500sqft venue is located on the third floor of The Galleria in Central on the corner of Queen’s Road and Ice House Street, with a HK$150,000 (US$19,155) per month rental, or HK$23/sqft.

    News of the rent deal was broken by a local Chinese-language news media outlet and has not been verified. However it appears to suggest the reduction reflects an overpricing of the previous tenant’s deal rather than a true reflection of the decline in retail rents in premium Hong Kong retail strips, especially given the site has been empty for three years.

    The restaurant Lawry’s is considered a heritage dining brand with premium locations in several US cities, as well as a presence via franchisees in Singapore, South Korea, Taiwan and Japan. A point of difference is that food is taken to diners’ tables on silver carts as part of a theatre experience.

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  • Macy’s looks to downsize with 68 store closures

    Macy’s looks to downsize with 68 store closures

    American retail giant Macy’s Inc. has announced the closure of 68 stores as part of a plan to streamline its store portfolio and increase cost efficiency.

    The measures, which have already seen three stores close and will see a further 63 closed by early spring in the US, will save the struggling retailer approximately $550 million in 2017. $250 million of those savings will be reinvested back into the company’s digital presence, store-related growth and other related ventures.

    “Over the past year, we have been focused and disciplined about making strategic decisions to position us to gain market share and return to growth over time,” said Terry J. Lundgren, Macy’s chairman and CEO.

    “We continue to experience declining traffic in our stores where the majority of our business is still transacted,” he continued. “Our omnichannel strategies continue to evolve based on the changes in our customers’ shopping behaviours, including a focus on buying online, pickup in store and mobile-enabled shopping.”

    The company has also announced a raft of organisational changes, designed to drive greater productivity, including the elimination of management layers, reducing non-payroll costs and changes to field infrastructure. The company estimates that the initiatives will result in a staff reduction of approximately 6,200.

    Retail analyst and CEO of Conlumino Neil Saunders said the jury is still out on whether Macy’s can reinvent itself, but that the store closures are a necessary evil on the path to getting the company back on track.

    “There is an argument to be made that Macy’s has, for too long, neglected its store base and has failed to develop a compelling proposition to pull in shoppers in the digital era. However, what is done is done and the company is right to take action to put it on a firmer financial and commercial footing,” he said.

    “In our view, it is vital that the consequent reduction in costs and the proceeds from property disposals resulting from this action are used to bolster the remaining bits of the business. It would be folly to simply use the gains to fund day-to-day operations or to return to shareholders.”

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  • Thai Airways offers discount fares for couples

    Thai Airways offers discount fares for couples

    Lovebirds can fly away on the cheap as Thai Airways is offering discount fares for couples to mark Valentine’s Day.

    The promotional fares are being offered for couples traveling together in economy class during Feb.1- July 31.

    The routes include round-trip tickets from Bangkok to Vietnam, Hong Kong, Singapore, South Korea, China, Japan, Australia, London, and Paris.

    Check promotion details on the Thai Airways website.