Israel-Iran War Casts Shadow Over Dubai, UAE Business Conditions
The UAE's Purchasing Managers' Index rose only slightly to 53.5 last month from 53.3 in May, said S&P Global, citing households' reluctance to spend for a drop off in demand.
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Ingram Micro Issues Statement Regarding Cybersecurity Incident
IRVINE, Calif., July 06, 2025--(BUSINESS WIRE)--Ingram Micro Holding Corporation (NYSE: INGM) ("Ingram Micro" or the "Company") today issued the following statement with respect to an ongoing system outage: Ingram Micro recently identified ransomware on certain of its internal systems. Promptly after learning of the issue, the Company took steps to secure the relevant environment, including proactively taking certain systems offline and implementing other mitigation measures. The Company also launched an investigation with the assistance of leading cybersecurity experts and notified law enforcement. Ingram Micro is working diligently to restore the affected systems so that it can process and ship orders, and the Company apologizes for any disruption this issue is causing its customers, vendor partners, and others. About Ingram Micro Ingram Micro (NYSE: INGM) is a leading technology company for the global information technology ecosystem. With the ability to reach nearly 90% of the global population, we play a vital role in the worldwide IT sales channel, bringing products and services from technology manufacturers and cloud providers to a highly diversified base of business-to-business technology experts. Through Ingram Micro Xvantage™, our AI-powered digital platform, we offer what we believe to be the industry's first comprehensive business-to-consumer-like experience, integrating hardware and cloud subscriptions, personalized recommendations, instant pricing, order tracking, and billing automation. We also provide a broad range of technology services, including financing, specialized marketing, and lifecycle management, as well as technical pre- and post-sales professional support. Learn more at Forward-Looking Statements This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," or similar expressions which concern our strategy, plans, projections, or intentions. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from our expectations, beliefs, and projections reflected in such forward-looking statements can be found in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections included in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. View source version on Contacts Investor Relations Willa McManmonir@ Media Lisa Sign in to access your portfolio
Yahoo
2 hours ago
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Canada wants new trade partners. But markets like India and China come with major obstacles
International Trade Minister Maninder Sidhu says Canada has a chance to build new partnerships as U.S. tariffs continue to pummel world economies. But landing deeper ties with major markets like the U.K., India and China means overcoming irritants and fraught diplomatic relationships. "There's an appetite with partners and allies all around the world to do more with Canada," Sidhu said in an interview with CBC's The House. "There is an opportune window that we have to jump on." Sidhu told guest host Janyce McGregor that success to him is "getting businesses more comfortable dealing with overseas markets." He said Canada "should be screaming at the top of our lungs" about what it can offer the world. Since becoming minister of international trade, Sidhu has helped Canada deepen its trade relationship with countries like Ecuador and the United Arab Emirates. But larger markets like the United Kingdom, India and China that could play a big role in easing Canada's reliance on the U.S. are much more complicated. Canada has tried to deepen its economic ties with these countries before, but trade discussions either fizzled out or diplomatic tensions stymied discussions. In January 2024, the British government walked away from trade negotiations. A major sticking point was how much tariff-free access U.K. producers should have to the Canadian cheese market. Sidhu said the U.K. "is an important partner for Canada" and he met with his counterpart, British Secretary for Businesses and Trade Jonathan Reynolds, to discuss how to build up Canada-U.K. relations. When asked whether Canada's new law to protect supply management is blocking the U.K. from returning to trade discussions, Sidhu said Canada "has always remained at the negotiating table," the Liberal government will "never dismantle supply management" and that he wants to focus on trade "opportunities." There are signs of progress. In May, British High Commissioner Rob Tinline said the U.K. wants Canada to put forward a bill ratifying its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Weeks later, Ottawa announced plans to do so this fall, allowing the British to enjoy trade with Canada under the terms of that agreement. During the G7 summit, Carney and Indian Prime Minister Narendra Modi agreed to designate new high commissioners. Both countries expelled top diplomats after the RCMP accused agents of the Indian government of playing a role in "widespread violence" in Canada, including homicides. When asked whether he sees a path for trade talks to resume between Canada and India, Sidhu said his constituents and Canadians at large are asking for "more connectivity between Canada and India." Sidhu also said trade and other business-to-business dealings have "been continuing over the last number of years on an upward trajectory." He said the government is taking a "step-by-step approach," and that restoring diplomats is an important step. Canada has also been making trade moves with China. Sidhu said the two countries have agreed to convene the Joint Economic and Trade Commission "to work through some of these issues and problems." In March, China announced it would apply tariffs on Canadian agricultural and food products as retaliation against levies Ottawa introduced last year on Chinese-made electric vehicles, steel and aluminum. China applied a 100 per cent tariff on Canadian canola oil, oil cakes and pea imports, and a 25 per cent duty on Canadian aquatic products and pork. Sidhu said he sees an openness to addressing Canada-China trade issues "and so we'll continue building on that. But the first part is to have those conversations being started… "Diplomacy can do wonders and we need to make sure that we're able to have those conversations with countries around the world. And that's exactly what I'll be doing."
Yahoo
5 hours ago
- Yahoo
Atlanta Fed's Bostic warns tariff impacts could cause prolonged inflation
Atlanta Federal Reserve President Raphael Bostic warned Thursday that he believes tariffs are likely to cause a prolonged stretch of inflation as opposed to a one-time spike in costs. Rather than "a short and simple one-time shift in prices, as standard textbook models would suggest," Bostic said he expects changes in U.S. trade policy along with concurrent geopolitical developments to lead to "a longer period of elevated inflation" over the course of a year or more. Amid mounting pressure from President Donald Trump on the Fed to loosen its monetary policy position, Bostic firmly backed Federal Reserve Chairman Jerome Powell's comments from Tuesday that the central bank should wait to adjust its policy stance as it continues to track how tariffs might impact prices. Fed Chair Powell Confirms Tariff Concerns Prevented Interest Rate Cuts So Far This Year Bostic, who is not a voting member of the central bank's rate-setting Federal Open Market Committee (FOMC), said the current period marked by economic uncertainty is "no time for significant shifts in monetary policy." The next FOMC meeting is July 29-30. Trump's 90-day pause on the sweeping "reciprocal tariffs" he announced on April 2 is set to expire on July 9. Treasury Secretary Scott Bessent told FOX Business' "Mornings with Maria" on Thursday that he expects "a flurry of deals" to be announced before next week's deadline. Read On The Fox Business App Inflation readings from March, April and May 2025 showed levels of inflation hovering slightly above the Fed's 2% target, which Bostic said showed tariffs "had not substantially affected consumer prices." Yet Bostic said he believed rosy data in recent months reflected "firms' strategies to delay substantive price increases" until final tariff rates are set, rather than evidence that the economy had staved off tariff-related price pressures. Trump's Tariff Policies Reshape Online Shopping Habits, New Report Finds The Atlanta Fed chief's comments at a lecture in Frankfurt, Germany, came hours after Thursday's June unemployment report showed that hiring for the month outpaced expectations, with the economy adding 147,000 jobs and the unemployment rate ticking down to 4.1%. The Fed has held interest rates steady since December 2024, when the central bank cut its target range by a quarter of a percentage point amid what then seemed to markets like a rate-cutting cycle that was bound to continue. Powell said Tuesday that he believes the Fed would have continued to cut interest rates had tariffs not been implemented, adding that "we went on hold when we saw the size of the tariffs." Bostic's calls for patience on monetary policy moves echoed Richmond Federal Reserve President Tom Barkin's assessment of the central bank's position Wednesday. In an interview with FOX Business' "The Claman Countdown," Barkin compared the Fed's efforts to discern tariffs' impact on the economy to "driving through fog," a metaphor he has used since March to describe the difficulty facing the FOMC. "You don't know what the impact of policy is going to be on the economy," Barkin said. "And so long as there's no urgency from the bigger environment, I think one does what one does when you drive through fog, which is go slowly."Original article source: Atlanta Fed's Bostic warns tariff impacts could cause prolonged inflation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
