Category: 3. Business

(Reuters) -Swiss luxury watchmakers’ shares, including Richemont and Swatch, were volatile in early trade on Monday, underscoring the challenges for the industry after U.S. President Donald Trump imposed a 39% tariff on Swiss imports.

The sector, which exported watches worth 26 billion Swiss francs ($32.79 billion) in 2024, is already under pressure from a stronger franc and falling global demand.

Watch exports are on track to hit their lowest levels since the pandemic in 2020.

Shares in Richemont and Swatch were both down 0.8% at 0825 GMT, paring back losses after earlier falling as much as 3.4%, and 5%, respectively.

Monday was the first day of trading following the U.S. tariff announcement, as markets were closed on Friday for the Swiss National Day.

“The impact of the U.S. tariffs, if they stay at 39%, could be devastating for numerous brands in Switzerland,” said Jean-Philippe Bertschy, an analyst at Vontobel.

“We expect a strong negative impact for watches in the entry- to mid-price segments,” he said.

The U.S. is Switzerland’s leading foreign market for watches, accounting for 16.8% of exports worth about 4.4 billion francs ($5.45 billion), according to the Federation of the Swiss Watch Industry.

Shahzaib Khan, who runs a business exporting Swiss luxury watches, said many brands would not be able to deal with the 39% tariff rate.

“I suspect … there won’t be any goods being shipped to the U.S. until the situation clears,” he said.

While Richemont generated 32% of its full-year 2025 sales in the watches category, its exposure to the United States market should be just below 10% of overall sales, analysts at Jefferies said.

Swatch, meanwhile, generated 18% of its 2024 sales in the United States, with its CEO saying the company had raised prices by 5% following the first tariffs announcement in April.

(Reporting by Isabel Demetz; Editing by Amanda Cooper, Adam Jourdan and Joe Bavier)

Clyde & Co’s Middle East & Africa (MEA) employment team has successfully defended its client, GSB Capital Ltd, in a landmark case in the DIFC Courts ((1) AES Middle East Insurance Broker LLC; (2) AES Financial Services (DIFC) Limited; and (3) AES Financial Services Limited v GSB Capital Limited – CFI-060-2023).

AES International brought multiple claims against GSB including unlawful inducement, breach of confidence, and conspiracy in connection with GSB’s recruitment of 4 employees from AES in 2022. The trial took place over 10 days in March 2025.

H.E. Justice Le Miere handed down his decision on 9 July 2025. In a 172-page judgment, the Court rejected every one of the allegations levelled at GSB Capital Limited and its founders, Ross Whatnall & Alison Whatnall.

Read the Court’s Amended Judgment

The Clyde & Co team was led by employment partner Ben Brown, with David True (Senior Associate), Stephen Doherty (Serle Court Chambers) and Patrick Tomison (Outer Temple Chambers).

Ben Brown said: “We are delighted for our clients, who have had to endure two years of hard-fought litigation against claimants who went to extraordinary lengths to try and stifle legitimate competition. The judgment fully vindicates our client and shows that proceedings ought never to have been commenced against them. We were right to fight these claims every step of the way. This case is yet another example of our position as the go-to firm for high stakes employment litigation in the region”.

Clyde & Co has a dedicated award-winning MEA team of specialist employment lawyers advising businesses across the region. Named Employment Team of the Year at the Oath Middle East Awards 2023, and highly ranked in Chambers Global and Legal 500, its employment specialists assist regional and multinational clients with the full range of issues which arise in the workplace on a day-to-day basis, including: workforce and regulatory investigations; disputes and labour court litigation; employment issues arising out of corporate restructurings, outsourcings and mergers and acquisitions; recruitment issues and complying with workforce nationalisation requirements; immigration requirements; employment documentation; entitlements under local labour laws; training on applicable local labour laws; employee relations issues; termination of employment and handling disciplinary issues; and post-termination issues such as enforcing restrictive covenants and protecting confidential information and employment litigation.

The MEA employment team strive to empower employers with tools for managing employment law intricacies: Law at Work is an innovative electronic platform which provides comprehensive insights, analyses, and resources to allow employers and legal professionals to navigate the intricate landscape of employment law in the UAE, KSA and Qatar.

With over 35 years of experience in MEA, Clyde & Co is one of the largest international law firms with over 80 partners and over 540 staff operating through 12 offices and associated offices in Abu Dhabi, Accra, Cairo, Cape Town, Dar es Salaam, Doha, Dubai, Jeddah, Johannesburg, Kumasi, Nairobi, and Riyadh. Clyde & Co supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and services of law, including commercial, commercial disputes, corporate, cyber risk, data protection & privacy, employment & immigration, finance, global recoveries, insolvency & reorganisation, intellectual property, international arbitration, projects & construction, real estate, regulatory & investigations, and technology, outsourcing & data.

 

Laundry has always been about detergent and water. But what if the secret to cleaner clothes wasn’t just about what you use – but how you use it?

 

With the OMO Wash Days campaign, Samsung South Africa is shining a spotlight on the hidden power of its intelligent washing machines, showing how features like EcoBubble™, AI Wash, and Auto Dispense are transforming the humble laundry cycle into a smarter, more sustainable routine.

 

Rethinking Detergent Performance

Too often, detergent is not optimally used – leading to ineffective cleaning, and sometimes, clothing fabric damage. Samsung’s technology reimagines how detergent works by maximising its potential through engineering precision and smart automation.

 

EcoBubble™: Cool Water Cleaning That Works

Samsung’s EcoBubble™ technology pre-mixes detergent with air and water to create a soapy foam before the wash even begins. These bubbles penetrate fabrics faster and more evenly, activating the cleaning agents at lower temperatures.

 

Why It Matters:

• Enables effective soil ^[1] removal in cool water, thus reducing energy usage
• Prevents shrinkage ^[2] and colour fading in delicate items.
• Ensures detergent is fully activated and absorbed ^[3].

 

AI Wash ^[4]: Intelligent Cycles That Think for You

AI Wash uses four smart sensors to detect load weight, fabric type, soil levels, and water clarity, then automatically adjusts water, detergent, and cycle duration in real-time.

 

User Benefits:

• Convenience and intelligent cycles that think for you
• Washes tailored to the exact condition of each load
• Takes care of your clothes and washes them thoroughly and gently

 

This is laundry care that adapts to your lifestyle – and to every sock, shirt, or school uniform you throw in the drum.

 

Auto Dispense ^[5]: Fill Once, Many Washes

Measuring cups are a thing of the past. Samsung’s Auto Dispense feature holds detergent and softener in dedicated compartments, then automatically dispenses the perfect amount for each load.

 

Why It Works:

• Helps to eliminate detergent waste
• Reduces the chance of detergent residue on clothing
• Can run for multiple loads without needing a refill – ideal for busy homes

SmartThings AI Energy mode

You can monitor and reduce your energy usage with AI Energy mode, which lets you easily check the power consumption and estimates your electricity bill. For certain cycles, it reduces energy use by over 19% ^[6] with the same performance, by reducing the use of a heater and increasing the cycle time.

 

Flex Auto Dispense System

Get great washing results with less effort, thanks to the Flex Auto Dispense System. It automatically dispenses the optimal amount of detergent and softener for each load, based on the cycle and load size. The system is compatible with a variety of detergents and softeners and can store enough for up to 25 loads – or up to 47 loads when using detergent only in the Flex Dispense ^[7] compartment.

 

The OMO Wash Days campaign aligns with Samsung’s broader commitment to sustainability, efficiency, and intelligent living. Together with trusted, low-suds eco-detergents like OMO, Samsung’s washing machines make detergent work smarter, reduce waste, and simplify daily life.

 

Whether you’re a parent, a professional, or you don’t want to continue wasting water and detergent, Samsung’s smart laundry innovations ensure that every drop of detergent delivers maximum impact – with less effort, less waste, and better results.

 

^[1] Results may vary depending on actual usage conditions

^[2] Results may vary depending on actual usage conditions

^[3] Results may vary depending on actual usage conditions

^[4] Actual results may vary depending on individual use

^[5] Only available on WW6400D

^[6] Based on internal testing with IEC 8lb load except for Small Load Cycle (IEC 4lb load). Results may vary depending on the actual usage conditions.

^[7] Expected number of loads. Detergent compartment can hold general detergent for up to 25 loads. Flex compartment can hold one of the following softener for up to 34 loads, general detergent for up to 22 loads or speciality detergent for up to 29 loads.

Story Continues

Taipei, Aug. 4 (CNA) Shares in Taiwan closed lower Monday as selling was triggered by losses on the U.S. markets at the end of last week on poor job data for July, but the market did recoup some of the early losses, dealers said.

The Taiex, the Taiwan Stock Exchange’s weighted index, edged down 55.44 points, or 0.24 percent, at the day’s high of 23,378.94 after hitting a low of 23,151.65. Turnover totaled NT$330.74 billion (US$11.06 billion).

“The U.S. markets continued to dictate the local market as the Taiex came under heavier pressure initially in a knee-jerk reaction to the U.S. losses,” Moore Securities Investment Consulting analyst Adam Lin said.

He was referring to a 1.23 percent fall in the Dow Jones Industrial Average and a 2.24 percent decline in the tech-heavy Nasdaq index on Friday after weaker-than-expected July nonfarm payrolls data and the huge downward revision of May and June jobs data.

“The selling on the Taiex was not intolerable at all as many investors were willing to pick up bargains, thinking the worst from the tariff issues was over and that the Taiex would not plunge as it did in April,” Lin said.

April was when the Donald Trump administration first announced its sweeping tariffs, including a 32 percent across-the-board tariff against goods made in Taiwan, that sent the Taiex plunging nearly 20 percent in a week to a closing low of 17,391.76.

Despite a 2.65 percent fall in American depositary receipts on Friday, contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock here, fell only 0.44 percent to close at NT$1,135.00, off a low of NT$1,125.00.

TSMC’s recovery from the day’s low helped the broader market recoup about 80 points.

Among other semiconductor stocks, smartphone IC designer MediaTek Inc. lost 1.48 percent to end at NT$1,330.00, and IC packaging and testing services provider ASE Technology Holding Co. shed 3.28 percent to close at NT$147.50.

However, United Microelectronics Corp., a smaller contract chipmaker, ended up 0.37 percent at NT$41.20.

Also supported by late-session buying, iPhone assembler and AI server maker Hon Hai Precision Industry Co. lost 0.83 percent to close at NT$180.00, and Quanta Computer Inc., another AI server supplier, ended down 1.40 percent at NT$281.00.

“Underperforming the broader market, petrochemical stocks took a beating on falling crude prices after OPEC+ agreed to further increase production in September,” Lin said.

With the petrochemical index down 5.48 percent, Formosa Plastics Corp. shed 7.00 percent to close at NT$37.85 and Formosa Petrochemical Corp. slid 6.97 percent to end at NT$39.40.

In addition, Formosa Chemicals & Fibre Corp. lost 5.57 percent to close at NT$26.30, and Nan Ya Plastics Corp. ended down 5.40 percent at NT$37.65.

Bucking the Taiex’s downturn, the financial index rose 1.60 percent.

“I suspect government-led funds stood behind the buying to bolster investors’ confidence,” Lin said.

In the sector, Cathay Financial Holding Co. rose 2.12 percent to close at NT$62.50, and Fubon Financial Holding Co. gained 1.69 percent to end at NT$84.00.

“I expect the Taiex’s consolidation will continue as many investors are waiting for a possible tariff on semiconductors,” Lin said.

Despite the fall in the index, foreign institutional investors bought a net NT$11.20 billion in shares on the market Monday.

With the start of a new month, we are going to have a very busy week in Central and Eastern Europe. Today, July inflation figures will be released in Turkey. We expect monthly inflation to rise to 2.5% from 1.4% in June due to higher energy prices and automatic tax adjustments. Still, thanks to the base effect, this should lead to a decline in headline inflation from 35.0% to 34.1% YoY.

Tomorrow, inflation data for the Czech Republic will also be released, where we expect headline inflation to decline from 2.9% to 2.6%, one-tenth below market expectations. On Wednesday, economic data from Hungary and the Czech Republic will follow.

On Thursday, we expect the Czech National Bank to leave rates unchanged at 3.50%, and the main focus will be on the new forecast and forward guidance regarding the end of the cutting cycle.

On Friday, inflation in Hungary will be published, where we expect a decline from 4.6% to 4.0%, one-tenth below market expectations. The National Bank of Romania will decide on rates, which should be a non-event at 6.50%, with a focus on new comments on fiscal consolidation and its impact on inflation.

Friday’s US labour market data shook things up in the CEE region, and the weaker dollar is positive for FX here. The question for today’s opening is whether CEE rates will keep pace with the rally in core rates. Friday’s movement in rate differentials could indicate some mitigation of the positive impact of the weaker USD. However, our baseline view is still a stronger CEE at the end of this story, given the movement in core markets.

The Czech koruna should see support from a hawkish CNB and new forecasts, and we remain bullish here – but the scope for further rallying is limited and EUR/CZK will likely only slowly grind towards 24.500. After higher-than-expected inflation in Poland last week, we expect EUR/PLN to stabilise in the 4.270-280 range, and we are neutral here. The HUF market is seeing high volatility in rates, which should also be reflected in greater FX volatility. At the same time, this week’s economic data should support a dovish stance, and we therefore expect EUR/HUF to return to the 399-400 range.

Frantisek Taborsky

More than three thousand Boeing defence workers went on strike on Monday, in a fresh blow to the embattled aviation giant.

It comes after union members at operations in Missouri and Illinois, who build F-15 fighter jets and other military aircraft, voted against the firm’s latest offer over pay, work schedules and pensions.

“We’re disappointed our employees rejected an offer that featured 40% average wage growth”, Dan Gillian, who is the vice president of Boeing’s Air Dominance unit, said in a statement.

Boeing is struggling to turn itself around after a series of problems, including safety issues and a damaging almost eight-week walkout by passenger plane workers last year.

The walkout is being led by a local branch of the International Association of Machinists and Aerospace Workers (IAM) based in St Louis, where Boeing’s defence manufacturing hub is located.

“3,200 highly-skilled IAM Union members at Boeing went on strike at midnight because enough is enough. This is about respect and dignity, not empty promises,” the union posted on X.

IAM is one of America’s largest unions, representing roughly 600,000 members in the aerospace, defence, shipbuilding and manufacturing industries.

It is the first walkout at Boeing’s defence business since 1996, when work stopped for more than three months.

But last week Boeing’s chief executive Kelly Ortberg downplayed the potential impact of the walkout.

He highlighted that it would be a lot smaller than a strike last year involving around 30,000 passenger jet workers that cost the firm billions of dollars.

“I wouldn’t worry too much about the implications of the strike. We’ll manage our way through that,” said Mr Ortberg.

Boeing has been hit by a series of crises in recent years, including two fatal crashes and a dramatic mid-air blowout of a piece of one of its planes.

In 2018, a Boeing 737 crashed after taking off from Jakarta, Indonesia, killing all 189 people on board. A few months later, another 157 people died when a Boeing plane crashed shortly after take-off in Ethiopia.

Separately in 2024, a panel fitted over an unused emergency exit of a Boeing 737 Max came off mid-flight.

The company delivered just 348 aircraft to its customers last year, its lowest output since the pandemic.