
Vietnam Proposes $2b Northeastern Casino Resort: VnExpress
Vietnam's Ministry of Finance is proposing an investment policy for a 51.5 trillion dong ($1.98 billion) luxury casino complex in the northeastern province of Quang Ninh, home to Unesco World Heritage Site Ha Long Bay, VnExpress International news website reported.
The proposal was submitted to Prime Minister Pham Minh Chinh, it said, citing information from the ministry.
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16 hours ago
- Yahoo
Vietnamese-American salon owners are suing California after having their lives ‘turned upside down overnight'
A new federal lawsuit is targeting California's labor rules, and the state's Vietnamese-American nail technicians are at the center of the fight. Filed at the U.S. District Court for the Central District of California in Santa Ana, the lawsuit argues that a 2020 law, Assembly Bill 5, stripped nail technicians of their right to work as independent contractors, which violates the 14th Amendment's promise of equal protection. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it The change has shaken up an industry with many immigrant employees from Vietnam. That industry also generates about $3 billion a year, according to the Pro Nails Association. Representative of Little Saigon, California Assemblyman Tri Ta (R-Westminster), confirmed fear and frustration are flooding his office, and it's impossible to ignore. "Their lives have turned upside down overnight," Ta said at a news conference. "It is not just unfair, it is discrimination." While some are critical of the law, which has turned their livelihoods upside down, labor advocates argue it's a step toward ensuring a workforce that is often overlooked and underpaid, earns fair, stable wages. In 2019, California passed Assembly Bill 5, a law that redefined how companies classify workers. The law stemmed from a 2018 Supreme Court ruling against Dynamex Operations West, which had misclassified delivery drivers as independent contractors to cut costs. The assembly bill established ground rules for who can be an independent contractor. Under the new law, workers must meet three conditions to be classified as contractors. These include working independently, performing tasks outside the company's core business and offering their services to other clients. If not, they must be treated as employees, with protections including minimum wage, overtime pay, workers' compensation and unemployment insurance. For nail salon owners, this shift isn't in their favor. An Tran, who owns two Happy Nails & Spa franchises, is taking the state to court, arguing the rules impede how salons operate day-to-day. Turning contractors into full-time employees means higher payroll costs, higher insurance and tighter margins for owners, who also deal with overhead costs such as rent and supplies. "We don't have customers all the time. That's going to cost us a lot more to pay them for the downtime when they don't have any customers," Tran told the LA Times. Read more: You don't have to be a millionaire to gain access to . In fact, you can get started with as little as $10 — here's how This fight is also about community. Many Vietnamese refugees turned to nail salons in the late 1970s as a way to rebuild their lives in America. Decades later, that legacy endures. More than 82% of California nail technicians are Vietnamese, and about 85% are women, according to the lawsuit. 'Vietnamese American manicurists have faced blatant discrimination under California's labor laws, stripped of the same rights and freedoms afforded to others in their industry,' Scott Wellman, attorney for the plaintiffs, said in a statement to KTLA 5. 'If the State of California refuses to fix this injustice, we are prepared to hold them accountable in federal court.' Worker advocates add that the lawsuit highlights deeper issues of exploitation across the industry. A UCLA Labor Center report found nearly 80% of nail salon workers earn pay at or below two-thirds of the median full-time wage, more than double the national low-wage rate for all workers. Beyond low wages, many salons are reportedly concerned about health and safety conditions as well. Former nail technician Pabitra Dash confirmed those risks firsthand. She and her husband struggled with miscarriages while she was working in the salon industry. Once she quit, she was finally able to carry her baby to term. While her doctor never pinned the miscarriages on the chemicals she used at her job, Dash said she and her husband felt relieved they had a child after she left. '(My doctor) said, 'It's really good for your health and your baby,'' Dash told NBC News. Stoicism has been the response of many workers, who are worried that speaking up could cost them shifts or even their jobs. 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Fast Company
a day ago
- Fast Company
Nike stock price: Why shares are rising despite the shoe giant's revenue decline and serious tariff warning
Shares in Nike, Inc. (NYSE: NKE) are trading much higher this morning after the company announced its Q4 2025 results. Yet those results saw Nike post some of its worst earnings in a while, along with a warning that President Trump's tariffs would cost the company $1 billion in the near term. Here's what you need to know about Nike's latest earnings and why the stock is up. Nike reports a revenue decline Yesterday, the iconic shoemaker announced its Q4 2025 and full-year fiscal 2025 earnings. The results weren't great. For fiscal 2025, Nike reported full-year revenues of $46.3 billion—a 10% decline from fiscal 2024. The company's Q4 2025 revenues totaled $11.1 billion—down 12% from the same quarter a year earlier. The company also posted an earnings per share of 14 cents for its Q4. That EPS was down significantly from the 99 cents the company posted in the same quarter a year earlier. However, perhaps most alarming was the fact that Nike confirmed it would take a $1 billion hit in its current 2026 fiscal year due to the tariffs imposed by President Trump on countries worldwide. The two countries where Nike makes a significant amount of its goods are China and Vietnam. Earlier this year, Trump placed a 46% tariff on goods manufactured in Vietnam and a triple-digit rate on goods made in China. He later reduced both rates, temporarily, to 10% and 30% respectively. Still, Nike chief financial officer Matt Friend said on Nike's earnings call that the tariffs currently in place will result in a 'new and meaningful' cost to Nike, notes CNBC, adding that the company estimates that 'a gross incremental cost increase to Nike of approximately $1 billion.' So why are Nike shares up? You would think that Nike's warning of up to $1 billion in tariff-related costs and its pretty dismal Q4 results would send the stock down, not up. But NKE stock is currently up, and significantly, as of the time of the writing. In premarket trading, NKE shares are currently up over 10% to $68.85. There are a few likely reasons for this. First is that, while Nike's Q4 wasn't anything to write home about, the company actually came in above most Wall Street estimates. Analysts had expected Nike to have a pretty poor quarter already, and indeed, as noted by CNBC, Nike had previously said its Q4 would be the low point of its turnaround. This turnaround involves Nike's pivot to return its focus to athletes and shift away from its recent history of trying to cater to the wider 'lifestyle' segment of the population. The turnaround was initiated after Nike brought in a new CEO, Elliott Hill, last October. For its Q4, analysts had been expecting revenue of $10.72 billion and an EPS of 13 cents. So though Nike's Q4 results were disappointing, especially compared to earlier quarters, its actual revenue of $11.1 billion and adjusted EPS of 14 cents came in above expectations—something investors typically reward. But another reason the stock is likely rising in premarket trading is also related to that $1 billion hit Nike is expecting. Though the company says it expects the 10-figure hit this financial year, CFO Matt Friend also said Nike expects to 'fully mitigate' Trump's tariff costs over time. Nike will mitigate these tariff costs by using a three-pronged approach: adjusting its supply chain sources getting its suppliers to absorb some of the costs raising prices on U.S consumers later this year NKE shares are still red for the year Despite Nike's 10% price surge this morning, shares in the company are still down significantly for the year. As of yesterday's close, Nike shares were sitting at $62.54—down more than 17% for the year. However, that was still significantly above its April lows of nearly $52 per share after President Trump unleashed his 'Liberation Day' tariffs on the world. Over the past 12 months, Nike's shares were down more than 33% as of yesterday's close.
Yahoo
a day ago
- Yahoo
Wynn Resorts Opens Wynn Mayfair
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