International News 02/07
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H&M's projected profit margin target is challenging to achieve.
H&M has expressed reservations about achieving its full-year profit margin target, following a failure to meet its quarterly revenue target and an expectation of a decline in sales for June. The company has projected a 6% decrease in sales this month, citing adverse weather conditions in numerous markets as the reason for the decline. Despite this setback, H&M CEO Daniel Erver has maintained a 10% operating margin target for 2024, but acknowledges that it will be challenging to achieve. Mr Erver also drew attention to external factors, such as material costs and foreign currencies, which are expected to have a more negative impact than initially anticipated in the second half of the year. He underlined the importance of sales growth in the second half for improving the company's performance. In light of these circumstances, H&M has implemented a slight price reduction in June, with further discounts planned for the forthcoming months.
https://internasional.kontan.co.id/news/target-margin-laba-diproyeksi-hm-sulit-tercapai
BlackBerry's revenue has exceeded US$ 144 million as a result of cyberattacks.
Blackberry Ltd's revenue in Q1 2024 exceeded expectations due to increased demand for cybersecurity services in the wake of recent cyberattacks. The company reported a revenue of $144 million, exceeding the predicted $134.1 million. Additionally, the company recorded a lower loss per share than anticipated. BlackBerry anticipates revenue for the second quarter to range from $136 million to $144 million.
China's gold imports through Hong Kong decreased by approximately 23% in May.
China's net gold imports through Hong Kong decreased by approximately 23% in May, reaching the lowest level in 10 months. The country's central bank did not add to its gold reserves during the same period. Net imports reached 26,722 tonnes in May, down from 34,575 tonnes in April. Total gold imports through Hong Kong also decreased by approximately 19.3% to 34,897 tonnes. China is the world's largest consumer of gold, and its buying trends can have a significant impact on global prices. While imports through Hong Kong have declined, it is important to note that this data does not provide a complete picture of Chinese gold purchases. Gold is also imported through Shanghai and Beijing. The reduction in imports via Hong Kong is concurrent with the Chinese central bank's decision to abstain from gold purchases for the first time.