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Europe
BBC Business

Hospitality jobs boom as US prepares for World Cup

The US economy created 172,000 jobs in May as pubs, bars and restaurants ramped up hiring ahead of the World Cup. They were primarily created in leisure and hospitality, local government, and health care, according to the Bureau of Labor Statistics (BLS). The figures cover the lead-up to this summer's tournament, being jointly hosted by the US, Mexico and Canada. Employment in the financial sector dropped, while the overall unemployment rate held at 4.3%. Rehan Alam, who owns The Red Lion pub and restaurant in downtown New York City, has hired seven extra bartenders to manage an expected surge in attendance when the World Cup begins next week. He told the BBC the business was overwhelmed when the tournament was held in Qatar four years ago, and he expects an even bigger boost due to it being hosted in nearby New Jersey. "Four years ago, when we had the World Cup, we didn't expect it to get that crazy, and it did. It brought a lot of attention to what we've always been trying to do with the soccer," he said. Alam has installed seven new TVs, paid sound engineers to prepare the venue and "beefed up the staffing quite a bit". Alam said the boost is "definitely needed" as firms grapple with rising costs amid the fallout from the US-Israel war with Iran. "Our costs have skyrocketed," he said, pointing to everything from direct energy costs to other charges being passed through in bills. "A boost like this is definitely going to give us that uplift of spirits," he added. The BLS said leisure and hospitality businesses created 70,000 jobs in May, a jump from the average monthly increase of 14,000 for the prior year. Firms selling food and drink specifically were responsible for 48,000 of those, it added.

Hospitality jobs boom as US prepares for World Cup
Europe
The Guardian

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’

Zohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesView image in fullscreenZohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesConsumedZohran MamdaniMamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’New York City’s new commissioner of consumer and worker protection is launching an “aggressive” campaign to fight junk fees and deceptive practices New York mayor Zohran Mamdani’s top consumer watchdog has one gripe about New Yorkers – he would like them to complain more. “We get about 30,000 complaints a year,” said Samuel AA Levine, New York City’s new commissioner of consumer and worker protection. “I’d really like to get the number up.” From downtown Manhattan, he has renewed a war on junk fees and deceptive subscriptions that he started in Washington DC as the Federal Trade Commission’s consumer protection director during the Biden presidency, banned hotels’ hidden charges, and cracked down on delivery companies’ “design tricks” that lower wages and predatory debt collection. Since January, his office has sued self-storage companies and won millions from Uber Eats and Amazon. June could see a new “click to cancel” rule that would make New York the first municipality in the US with a law on subscriptions that are maddeningly difficult to get out of. The United States has suffered a decades-long “epidemic of corporate lawbreaking with very few repercussions”, Levine told the Guardian in a recent interview from his office, decorated with a caustic New York Post editorial that features Levine and Mamdani eating Munchkins as they announce an $1.8m settlement with a Dunkin’ Donuts franchisee over worker violations. Critics, and corporate law firms, are raising alarms about New York’s new “aggressive enforcement posture”, warning that Levine is a local analogue to a state attorney general or the Federal Trade Commission (FTC). “Corporations that rip people off need to face consequences. I don’t think that’s radical. I think it’s common sense,” said Levine. In the broadest sense, why do you think American consumers are so unhappy right now? I think certain companies have too much power. I think small businesses have too little power. But you’ve had such lax merger enforcement over the last four decades since the Reagan administration. You look at most industries today, there are three, maybe four players. And any policy you want to get done in Washington, those players effectively have a veto over. Consumers describe feeling increasingly under attack by companies that are not acting in good faith. Wall Street and other pressures have long pushed executives to squeeze as much money as they can out of customers. What specifically do you think has changed recently?

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’
Asia
The Economic Times

SpaceX IPO: Know date, price, valuation, how to buy and other important details

Elon Musk's SpaceX is preparing for what could become the largest initial public offering in history, with the rocket and satellite giant seeking to raise $75 billion at a valuation of about $1.75 trillion. Investor appetite has been overwhelming, with demand reportedly running at nearly four times the shares on offer, per Reuters. Here are important details investors should know. SpaceX is expected to wrap up its investor roadshow this week. The IPO is scheduled to be priced on June 11, while the company's shares are set to begin trading on the Nasdaq on June 12. The company has fixed its IPO price at $135 per share. Through the offering, SpaceX aims to raise $75 billion, implying a valuation of approximately $1.75 trillion. While SpaceX is targeting a valuation of $1.75 trillion through its $75 billion IPO, some analysts have expressed concerns about the pricing. Morningstar said in a note published on Monday that the company appears "significantly overvalued" and suggested investors may find better entry opportunities after the stock starts trading. Indian retail investors are unlikely to receive IPO allocations, as the U.S. book-building process does not provide a mechanism similar to India's ASBA system. For most Indian investors, the practical option would be to purchase shares after listing through international investing platforms or via NSE IX in GIFT City. Despite strong investor interest, SpaceX remains loss-making. For 2025, the company reported revenue of $18.67 billion and a net loss of $4.94 billion. Investor optimism is largely tied to future growth opportunities in satellite broadband, launch services, defence contracts and AI-related businesses rather than current profitability. The IPO is reportedly being structured as an all-primary issue, meaning the entire proceeds from the offering will go to the company. Existing shareholders will not sell shares as part of the IPO and will continue to be subject to lock-in restrictions after the listing. Elon Musk is expected to retain effective control of the company even after the IPO. Regulatory filings indicate that he will hold about 82.4% of voting rights through Class B shares, which carry ten votes per share. Public investors will receive Class A shares, which come with one vote per share. SpaceX's debt profile remains an area to watch. According to a Reuters report citing regulatory filings, the company secured a $20 billion bridge loan in April to refinance a significant portion of its existing debt ahead of the IPO. The loan was provided by a syndicate of lenders that was not identified. Under the loan terms, SpaceX could be required to use IPO proceeds to repay the borrowing if it is not refinanced or repaid through other sources within six months of the offering. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SpaceX IPO: Know date, price, valuation, how to buy and other important details
Europe
BBC Business

US announces new tariffs over forced labour concerns

The US has announced new tariffs of 10-12.5% on dozens of countries accounting for almost all its imports over concerns they are not doing enough to tackle forced labour. It is the second time President Donald Trump's administration has announced new import taxes since the US Supreme Court struck down many of his previous duties in February. The US Trade Department said these countries will face the tariffs because of their failure to address the importing of goods made with forced labour. The UK said it is tackling forced labour, China denied goods are made with forced labour, and the EU said the tariffs were unjustified. Meanwhile, an India analyst said the move was a pressure tactic as trade negotiations between the countries continue. Human rights groups say forced labour does exist in China and that the UK and other countries need to do more on making sure firms do not have forced labour in their supply chains. However, they questioned the effectiveness of US tariffs as a way of dealing with the problem. The 60 trading partners listed – including the UK, the EU, Canada, India and Japan – account for almost all of the goods sold to the US. The US government's stance is that trading with countries which buy things made with forced labour is unfair on the US. US Trade Representative Jamieson Greer said it "creates a dynamic where American workers are forced to compete globally on an unlevel playing field". The tariffs announced have not yet been enforced. The Trump administration will need to go through a process to do so. The proposed tariffs come after an investigation launched in March by Greer into the 60 trading partners, and whether those countries had failed to act on prohibiting forced labour.

US announces new tariffs over forced labour concerns
Asia
The Economic Times

High conviction picks! Prabhudas Lilladher sees up to 40% upside potential in these 16 stocks

PL Capital in its latest 'Strategy' report listed out as many as 16 stocks as its 'High Conviction' picks, although it trimmed its Nifty 50 target to 26,449 amid rising inflation, El Nino impact and other headwinds, while noting that markets are unlikely to significantly correct further and breach the recent lows. PL Capital has a target price of Rs 2,226 apiece for the shares of Bharti Airtel. This implies an upside potential of 25% from the stock’s previous closing price. The shares of the telecom major have fallen around 2% in one week but gained 2% in one month. However, the stock is down over 15% in 2026 so far. Britannia Industries has been assigned a target price of Rs 6,441 per share by PL Capital. This implies an upside potential of 30% from the stock’s previous closing price. The shares of the FMCG major have risen nearly 1% in one week but declined more than 5% in one month and 15% in 2026 so far. PL Capital has a target price of Rs 1,825 apiece for the shares of ICICI Bank, implying an upside potential of 39% from the private lender’s previous closing price. The shares of the company have jumped around 5% in one week and 4% in one month, but are down over nearly 2% in 2026 so far. Kotak Mahindra Bank has been assigned a target price of Rs 480 apiece by PL Capital. This implies an upside potential of 22% from the stock’s previous closing price. The shares of the private lender have jumped 3% in one week and one month, but have fallen around 11.5% in 2026 so far. PL Capital has a target price of Rs 4,632 apiece for the shares of Larsen & Toubro (L&T). This implies an upside potential of 20% from the stock’s previous closing price. The shares of the engineering and construction major have fallen nearly 2% in one week and one month, and are down over 6% in 2026 so far. Shriram Finance has been assigned a target price of Rs 1,200 per share by PL Capital. This implies an upside potential of 35% from the stock’s previous closing price. The shares of the NBFC have fallen around 3% in one week, 9% in one month and 13% in 2026 so far. PL Capital has a target price of Rs 5,161 apiece for the shares of Titan Company. This implies an upside potential of 28% from the stock’s previous closing price. The shares of the Tata Group company have fallen around 5% in one week, but recorded marginal gains in 2026 so far. Apart from the 7 large-cap stocks listed above, PL Capital also named 9 small and mid-cap stocks among its high conviction picks. These are Ajanta Pharma (target price: Rs 3,400 apiece), CESC (target price: Rs 216 apiece), DOMS Industries (target price: Rs 2,883 apiece), HealthCare Global Enterprises (target price: Rs 820 apiece), Ingersoll-Rand (target price: Rs 4,934 apiece), Jindal Stainless (target price: Rs 821 apiece), JSW Infrastructure (target price: Rs 342 apiece), KEI Industries (target price: Rs 5,660 apiece) and Rainbow Children's Medicare (target price: Rs 1,615 apiece). (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

High conviction picks! Prabhudas Lilladher sees up to 40% upside potential in these 16 stocks
North America
CNBC

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook

Ulta Beauty on Tuesday reported quarterly results that beat on the top and bottom lines and hiked its earnings outlook as the retailer saw a strong start to its fiscal year. For the three-month period ended May 2, Ulta saw net sales increase roughly 11% compared to the year-ago period. It reported comparable sales rose 5.3%, compared to StreetAccount estimates of up 4.6%. Ulta reaffirmed its full-year same-store sales and revenue projections, but raised its full-year EPS guidance to between $28.36 and $28.80. Its previous outlook was earnings per share between $28.05 and $28.55. "Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories," CEO Kecia Steelman said in a statement. "Our results demonstrate the strengths of our model, focused execution of our talented associates and the effectiveness of our strategy in an uncertain macroeconomic landscape." On a call with analysts on Tuesday, Steelman said the launch of Ulta's TikTok Shop, with a focus on Ulta-specific products, during the quarter contributed to its success. The company also launched more than 20 new brands during the quarter, including Selena Gomez's popular makeup brand, Rare Beauty. The company said its strongest category for the quarter was fragrances, increasing from 11% to 12% of total revenue. The earnings come as consumer confidence takes a dip amid soaring gas prices and rising inflation, leading to a pullback in discretionary spending. "We are operating from a position of strength in this environment and have multiple levers to satisfy guests' value needs," Steelman said on the call. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook
North America
CNBC

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook

Shoppers may be feeling gloomy about high prices at the pump, but they're still shelling out for new bras and underwear at Victoria's Secret. The lingerie retailer raised its full-year guidance on Tuesday after blowing past earnings estimates in its fiscal first quarter, citing lower tariff costs and more customers willing to spend full price on its products. Shares of Victoria's Secret closed 47% higher. There was "very consistent, double-digit [sales] increases across Victoria's Secret, Pink, beauty channels, digital, stores and international, all very positive," CEO Hillary Super told CNBC in an interview. "Supercharging bras being one of our most important initiatives, double-digit [comparable sales growth] there, and I think the loyalty that bras creates and the anchor that it is in the business is just so important." Super added the company grew sales with "significantly" fewer promotions and gained market share during the quarter, particularly with shoppers ages 18 to 24. During the first quarter, some retailers saw strong growth that they attributed partially to higher tax refunds. While Victoria's Secret finance chief Scott Sekella said some customers used that extra stimulus to go shopping at its stores, it was a "normal amount," and trends have remained consistent so far this quarter, even with tax refunds having dried up for many people. Victoria's Secret is now expecting full-year sales to be between $7.03 billion and $7.13 billion, up from a previous range of between $6.85 billion to $6.95 billion and well ahead of estimates of $6.99 billion, according to LSEG. The company also raised its full-year guidance for adjusted opening income by more than $100 million. It's now expecting adjusted operating income to be between $550 million and $580 million, up from a previous range of between $430 million to $460 million. Sekella said the company hiked its outlook because better-than-expected sales led to stronger leverage on fixed costs, and it also factored in lower tariff rates now that many of President Donald Trump's sweeping duties have been ruled illegal. "All of this is predicated on the Q1 that we had, the momentum we see into Q2 and how we feel about our back half launches," said Sekella. The company also issued rosy guidance for the current quarter, even as some peers released conservative outlooks as they monitor whether consumers pull back on spending without the boost from tax refunds. It said it's expecting sales to be between $1.59 billion and $1.62 billion, beating expectations of $1.56 billion, according to LSEG. The company's reported net income for the three-month period that ended May 2 was $47.7 million, or 56 cents per share, compared with a loss of $1.66 million, or 2 cents per share, a year earlier. Excluding one-time restructuring costs, Victoria's Secret saw earnings per share of 60 cents. Sales rose to $1.56 billion, up about 15% from $1.35 billion a year earlier. Comparable sales, including stores and e-commerce revenue, grew 13%, beating expectations of 11.4%, according to StreetAccount.

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook
North America
CNBC Economy

Iran war cost: Average U.S. household paying $450 more on gas and energy

Americans have spent nearly $450 extra per household on rising energy costs during the Iran war, according to an analysis shared exclusively with CNBC's Steve Liesman. The average household has shelled out $447.19 for additional fuel-related expenses since the conflict began on Feb. 28, data from Moody's Analytics found. That's cumulatively cost American consumers nearly $60 billion as gas prices and airline fares have surged. Moody's data puts a dollar amount on a portion of the economic pain Americans are feeling as the war reaches its three-month mark. Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses. "Unless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy," said Mark Zandi, Moody's chief economist. If prices stay at current levels, the average household could take a hit of almost $2,000 at the one-year mark of the war, Zandi said. Roughly half of the increased energy spending so far comes from higher gasoline prices. The average unleaded gallon in the U.S. cost about $4.39 on Friday, up more than 47% since the start of March, according to AAA. Pricier diesel, which is used in vehicles like delivery trucks and boats, has resulted in more than $20 billion in additional expenses for consumers. The price of diesel has similarly jumped roughly 47% since the beginning of March to around $5.52 a gallon, per AAA. Consumers have given up nearly $10 billion as a result of rising costs for jet fuel. Airline fares climbed more than 20% in April compared with 12 months ago, federal government inflation data shows. That nearly $450 impact more than erased the boost of $384 per household from bigger tax returns this year under President Donald Trump's "big, beautiful bill," according to Moody's. Most of the benefits from larger tax cuts have already been exhausted, Zandi said. Goldman Sachs said it expects higher energy prices to "erode" consumers' spending power through the rest of 2026. It should specifically hamper lower-income households that spend a larger percentage of budgets on food and energy, the bank said. Costco saw "record-breaking" gas volumes at the end of its fiscal quarter as drivers sought out its lower-priced fuel, the wholesaler said Thursday. McDonald's CEO Chris Kempczinski warned this month that consumer spending — specifically among lower-income cohorts — "may be getting a little bit worse" as energy prices pinch pocketbooks. Consumer spending rose 0.5% from March to April, according to government figures released Thursday. But other data points show that isn't necessarily coming from discretionary funds.

Iran war cost: Average U.S. household paying $450 more on gas and energy
Europe
The Guardian

Trump threatens tariffs on 60 trading partners including UK and Canada over ‘forced labour’

A container ship at the Port of Los Angeles in May as fresh tariff disruption looms. Photograph: Mario Tama/Getty ImagesView image in fullscreenA container ship at the Port of Los Angeles in May as fresh tariff disruption looms. Photograph: Mario Tama/Getty ImagesTrump tariffsTrump threatens tariffs on 60 trading partners including UK and Canada over ‘forced labour’ Proposal for 10-12.5% levies, to also include EU, Taiwan and Australia, would allow US president to skirt court-imposed limits Donald Trump has threatened tariffs of between 10% and 12.5% on 60 trading partners including the UK, the EU and Australia over alleged forced labour failures, in the latest attempt to revive his signature trade policy. The EU immediately hit back, saying it expected the US to respect the tariff deal it entered into last July and arguing that stealth tariffs breached the spirit of that agreement. The proposed levies on partners accused of allowing imports of goods produced by workers under coercion come after the US supreme court ruled in February that the president’s “liberation day” tariffs were illegal. Trump responded by imposing 10% across-the-board tariffs, but last month the US trade court found those were also unlawful, although they remain in place during the appeal process. The latest proposal for tariffs on the grounds of forced labour, which would affect major partners including Canada, Japan, Norway, Taiwan and China, would enable Trump to skirt those previous court-imposed limits on his protectionist agenda. They come as the US threatens to impose fresh levies of 25% on Brazil. The US trade representative, Jamieson Greer, said: “The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field. We will no longer tolerate this disparity.” The threat of fresh tariff disruption will unsettle trading partners, including Keir Starmer, who have fought hard to build trust with Trump and to contain the cost of trading with his unpredictable administration. Experts had predicted that Trump, who has been obsessed with tariffs as a tool of national economic security for decades, would try to find a way around the supreme court ruling in February. At the time he threatened to use tariffs in a “much more powerful and obnoxious way” with at least six other legal routes to punish those countries he judged perilous to the US economy. The latest tariffs are a result of investigations into the labour laws of 60 trading partners using section 301 of the Trade Act of 1974. According to a 98-page report on that investigation, “only Canada, Ecuador, the European Union, Indonesia, Mexico, and Pakistan have not failed to impose a forced labor import prohibition”.

Trump threatens tariffs on 60 trading partners including UK and Canada over ‘forced labour’