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"We will definitely work all out to adjust our production capacity and output, so there is no impact on demand for these two holidays," Liu said. On Wednesday, Foxconn said it would continue production in Zhengzhou under a "closed loop" system, where staff live and work on-site in a bubble isolated from the wider world. "Of course there may be other factors that require the reconfiguration of production capacity, such as geopolitics," Liu said. Having said on Monday it would "revise down" its fourth quarter outlook given the situation in Zhengzhou, Foxconn said revenue in the final three months of this year would be flattish. read moreReuters last month reported that Foxconn's production of Apple's iPhones at the Zhengzhou factory could slump by as much as 30% in November due to tight COVID-19 restrictions.

☆ Michael Kors-owner Capri cuts holiday forecasts on slow China recovery
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Michael Kors-owner Capri Holdings Ltd (CPRI.N) on Wednesday lowered its sales and profit forecasts for the holiday period, blaming a slow demand recovery in China due to persistent COVID-19 curbs and uncertainty about the global economy. Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as Beijing's "dynamic zero-COVID" policy hampers the return of consumers to high-fashion stores. COVID disruptions in China have also weighed heavily on Kering's (PRTP.PA) Gucci, Canada Goose Holdings (GOOS.TO) and L'Oreal (OREP.PA). Capri, which also owns Versace and Jimmy Choo, cut its holiday-quarter sales forecast to $1.53 billion, from $1.65 billion, and lowered its profit forecast to $2.20 per share from $2.45 per share. It forecast fiscal 2023 revenue of $5.70 billion, compared with its prior estimate of about $5.85 billion.

[1/5] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said in a statement. Apple, which began selling its iPhone 14 range in September, said customers should expect longer waiting times. It has iPhone production sites in India and southern China, but its biggest is in the city of Zhengzhou in the eastern Chinese province of Henan.

[1/5] People look at Apple products as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said. Its main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally.

☆ Canada Goose cuts revenue, profit forecast as China business takes hit
▼ + stars: | 2022-11-02 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Luxury parka maker Canada Goose Holdings Inc (GOOS.TO), cut its full-year revenue and profit forecast on Wednesday, with persistent COVID-related lockdowns and store closures in China hurting its business. The company did not disclose how much revenue it specifically earns from China, but said 20.3% of the revenue in the second quarter came from the Asia-Pacific region. Canada Goose cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, from C$1.3 billion-C$1.4 billion. The company earned second-quarter adjusted profit of 22 Canadian cents, on a revenue of C$277.2 million, beating analysts' estimates per Refinitiv data. ($1 = 1.3594 Canadian dollars)Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ China vows commitment to growth as investors bet on easier COVID policy
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +6 min

Even though case numbers are rising and disruptive lockdowns continue with no clear exit strategy in sight, investors latched on to hope that China may ease its strict COVID policy in the coming months. Renewed COVID lockdowns are weighing heavily on China's business activity and consumer confidence. read moreOPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak.

☆ China vows commitment to growth as pressure on economy mounts
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +5 min

Renewed COVID lockdowns are weighing heavily on China's business activity, consumer confidence and financial markets, adding to a sharp downdraft on the global economy from surging inflation and rising interest rates. OPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak. After surprisingly high gross domestic product growth of 3.9% in the third quarter, Nomura expects growth to drop again, with zero or even negative sequential growth from the previous quarter. "We maintain our GDP growth forecast of 2.8% year-on-year for the fourth quarter with a corresponding sequential growth forecast at 0.0%."

☆ Canada Goose cuts full-year revenue, profit forecast on drop in China sales
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), trimmed its full-year revenue and profit forecast on Wednesday as its luxury parka sales in China take a hit from COVID-19-related restrictions. Cosmetics maker Estee Lauder (EL.N) on Wednesday also signaled a hit to sales from persistent lockdowns in China. Canada Goose cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, compared with its prior forecast of C$1.3 billion-C$1.4 billion. The luxury parka maker now expects fiscal 2023 adjusted profit to be between C$1.31 and C$1.62 per share, compared with its prior forecast of C$1.60 to C$1.90. However, the company earned second-quarter adjusted profit of 22 Canadian cents, on a revenue of C$277.2 million, beating analysts' estimates as per Refinitiv data.

☆ Estee Lauder cuts forecasts on China curbs, tightening inventories
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

The New York-based company's shares were down about 12% in premarket trade after the company also forecast second-quarter sales and profit below estimates. Sales growth of many U.S. companies such as Estee and Canada Goose have been impacted in China, with the country implementing a zero-COVID policy to fight rising infections. Estee generated about 31% of its sales from the Asia-Pacific region in fiscal 2022, according to a regulatory filing. However, European peers Kering (PRTP.PA) and cosmetics group L'Oreal (OREP.PA) had posted strong quarterly sales last month as robust demand in Europe and the United States helped them offset disruptions in China. Estee now expects 2023 net sales to decrease between 6% and 8%, compared with the prior forecast of a 3% to 5% growth.

☆ Stocks making the biggest moves premarket: CVS, Estee lauder, Canada Goose and others
▼ + stars: | 2022-11-02 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:CVS (CVS) – CVS gained 1.9% in the premarket after reporting better-than-expected revenue and profit for its latest quarter. Estee Lauder reported better-than-expected earnings for its latest quarter. Canada Goose (GOOS) – The outerwear company cut its full-year revenue forecast, prompting a 2.4% premarket drop in its shares. Livent (LTHM) – Livent lost 4.7% in premarket trading after the lithium producer cut its full-year sales and profit forecast. Mondelez (MDLZ) – Mondelez gained 3.3% in the premarket after the maker of Oreos, Sour Patch Kids, and other snacks raised its full-year outlook.

☆ Stocks shrug off tech's troubles as the Street awaits key inflation data next week
▼ + stars: | 2022-10-28 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The major indexes all posted gains this week despite a Big Tech beatdown, proving the market can rally without its most valuable stocks. Indeed strength in other sectors — only communication services finished down — helped the overall market to shrug off disappointing earnings results from Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META). Alphabet's results fell short of the Street's expectations, but still managed to grow revenue 6% annually off a $65 billion base. (Canada's central bank hiked rates less than expected this week, opting for a 50 basis point hike instead of the expected 75.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Bargain retailer TJX strategically placed to navigate a recession, JPMorgan says
▼ + stars: | 2022-10-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

TJX Companies (TJX) is competitively positioned to weather an economic slowdown, JPMorgan said Monday, underscoring the Club case for owning the off-price retailer. JPMorgan analysts added TJX — whose brands include T.J Maxx, Marshalls and HomeGoods — to their "Analyst Focus List," while reiterating an overweight rating and a Dec. 2023 price target of $80 a share. TJX stock, which is down about 13% year-to-date, was trading up more than 4% in midday trading Monday, at roughly $66.23 a share. That's helped to insulate the retail operator from a recession, JPMorgan analysts argued, and should allow management to make good on its promise to expand merchandise margins within the next three years. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Canadian economy surprises with 0.1% growth in July, August seen flat
▼ + stars: | 2022-09-29 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

A Canada Goose store in the CF Toronto Eaton Centre shopping mall in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File PhotoOTTAWA, Sept 29 (Reuters) - Canadian economic activity edged up a surprise 0.1% in July, driven by strong oil sand production, while gross domestic product was most likely flat in August, Statistics Canada data showed on Thursday. Statistics Canada said growth in goods-producing industries more than offset the first decline in services-producing industries since January. Canada's agricultural sector also helped drive economic growth, with crop production up 7.2%, mainly on volumes of wheat and other grains. Register now for FREE unlimited access to Reuters.com RegisterDemand for Canadian wheat has increased since Russia's invasion of Ukraine, which Russia calls a special military operation, helping push up export volumes.

☆ «Был(а) давно»: почему состоятельные граждане не хотят больше быть онлайн
▼ + stars: | 2020-06-15 | by ( Mld Media Srl | ) noi.md time to read: +9 min

SPA-отель без Wi-Fi, раскладушки вместо смартфонов — парадокс, но в цифровую эпоху стало престижным игнорировать онлайн. Заказав голубой электрокэб, клиенты могут быть уверены, что он полностью продезинфицирован, а внутри их ждут маски и перчатки. Для сегмента luxury личное взаимодействие покупателя с брендом в мире победившего онлайна действительно становится ключевым предложением. Так, исторический бутик Cartier на Бонд-стрит в 2019 году превратился в настоящую резиденцию — второй этаж заняли апартаменты, предназначенные для встреч, паблик-токов, вечеринок и выставок. Те продавцы, которые сумели выстроить со своим пулом клиентов крепкие эмоциональные связи, оказались способными совершать сделки даже в сложных карантинных условиях».

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