Hong Kong's business, political elite turn out for funeral of property tycoon Lee Shau-kee
Lee, who died at age 97 on March 17, was once ranked as the richest man in Asia. In Forbes' February ranking, he was listed as the city's second-richest person with $29.2 billion in assets.
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Forbes
19 minutes ago
- Forbes
Trump Tariffs Could Drive Up The Cost Of These Goods After August 1 Deadline
Topline Trump's so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries. Back-to-school shoppers could see higher prices on new clothing, shoes, and computers. Copyright 2025 The Associated Press. All rights reserved Key Facts Price increases due to tariffs could cost households on average an extra $2,700 in 2025, the Yale Budget Lab predicted in their most recent analysis published after the Trump administration announced trade deals with Japan, Indonesia, and the Philippines this week. The tariffs set to begin in August are the reciprocal tariffs Trump first announced during his April 'Liberation Day' event, which have been repeatedly delayed in the months since. The Trump administration has been rolling out new tariff rates for individual countries as they try to negotiate trade deals. Major U.S. trade partners will face significant tariff rates, including a 35% tariff on Canadian imports and a 30% tariff on the European Union. Ernie Tedeschi, Yale Budget Lab's director of economics, told Forbes: 'The back to school experience I think is going to be particularly exposed to tariffs this year,' noting many of the goods parents and students want are imported from countries facing relatively higher tariffs like China. Trump suggested tariff rates would not go below 15%, telling the crowd at an AI summit Wednesday that countries would face a 'straight, simple tariff of anywhere between 15% and 50%,' reserving the higher rates for countries 'we haven't been getting along…too well.' Crucial Quote 'These tariffs are more likely to impact low income families,' Tedeschi said. 'This is one of the reasons why tariffs are what we call a regressive tax, a tax that hurts lower income families more than higher income families. It's not just that lower income families spend a greater share of their income, it's that they are more likely to buy imports from the countries that are being tariffed more heavily here, in particular China.' How Will Tariffs Impact Back-To-School Shopping? Prices of big ticket items on school shopping lists like computers and electronics are expected to rise 20.5% in the short term, Tedeschi told Forbes. to rise 20.5% in the short term, Tedeschi told Forbes. A staggering 40% increase on leather goods, a broad category that includes shoes , footwear , and handbags, could also be in store, according to Yale Budget Lab predictions—Tedeschi said shoes and handbags were 'particularly exposed' to incoming tariffs: 'In some cases, shoes are assembled in the United States. But even in those cases a lot of times, they are using fabric and parts that come from overseas.' , , and could also be in store, according to Yale Budget Lab predictions—Tedeschi said shoes and handbags were 'particularly exposed' to incoming tariffs: 'In some cases, shoes are assembled in the United States. But even in those cases a lot of times, they are using fabric and parts that come from overseas.' Clothing costs are also expected to rise 36% in the short term as the U.S. imports a large portion of its inexpensive shoes and apparel from China (facing a 30% tariff rate scheduled to go into effect August 12, although Treasury Secretary Scott Bessent said this deadline would likely be extended.) Will Tariffs Impact Food Prices? General food prices are expected to rise by about 3.7% in the short term, according to the Budget Lab, but fresh produce could spike in price by 6.7%. 'It's nearly two years worth of inflation happening over and above what we would have gotten otherwise,' Tedeschi said. could spike in price by 6.7%. 'It's nearly two years worth of inflation happening over and above what we would have gotten otherwise,' Tedeschi said. Coffee prices are widely expected to rise: Brazil is the world's largest coffee producer, and the U.S. imported an estimated 35% of its coffee beans from the South American nation in 2023, according to the USDA, but the country faces one of the highest tariff rates (50%) as Trump tries to pressure the Brazilian government to end the prosecution of former President Jair Bolsonaro. prices are widely expected to rise: Brazil is the world's largest coffee producer, and the U.S. imported an estimated 35% of its coffee beans from the South American nation in 2023, according to the USDA, but the country faces one of the highest tariff rates (50%) as Trump tries to pressure the Brazilian government to end the prosecution of former President Jair Bolsonaro. The U.S. is the largest rice importer in the Western Hemisphere, according to the USDA, largely buying aromatic rices including jasmine rice from Thailand (facing a 36% tariff) and basmati rice from India and Pakistan (tariffs originally set at 26% and 29% in April, respectively). importer in the Western Hemisphere, according to the USDA, largely buying aromatic rices including jasmine rice from Thailand (facing a 36% tariff) and basmati rice from India and Pakistan (tariffs originally set at 26% and 29% in April, respectively). Notably, the Trump administration said Japan would start buying more American rice as part of the trade deal announced on Tuesday night. However, Japanese Prime Minister Shigeru Ishiba also said his country 'made absolutely no sacrifice in the agricultural sector.' Last year, that accounted for 770,000 metric tons of rice, with about 45% coming from the U.S., Reuters reported. The majority of wine imported to the U.S. comes from nations in the European Union, including France, Italy, and Spain, and the EU faces a 30% tariff starting in August, but negotiators are reportedly working on a deal to lower this rate. imported to the U.S. comes from nations in the European Union, including France, Italy, and Spain, and the EU faces a 30% tariff starting in August, but negotiators are reportedly working on a deal to lower this rate. Other food prices are rising, including chocolate , but it's currently unclear what impact tariffs will have on their prices: Hershey's announced it would raise prices but the price hikes were 'not related to tariffs or trade policies' and instead caused by supply shortages in Ghana and the Ivory Coast, which produce about 60% of the world's cocoa. , but it's currently unclear what impact tariffs will have on their prices: Hershey's announced it would raise prices but the price hikes were 'not related to tariffs or trade policies' and instead caused by supply shortages in Ghana and the Ivory Coast, which produce about 60% of the world's cocoa. Trump initially proposed a 21% tariff rate for Ivory Coast in April, but eventually backed off and Hershey's has asked the Trump administration for an exemption from tariffs on cocoa, Bloomberg reported on Tuesday. Beef prices have reached historic highs this summer due to factors including shrinking cattle herds and droughts, NBC News reported, but the U.S. still imports some beef, and the largest percentage comes from Brazil—the world's largest beef exporter now facing a 'cold' market in the U.S. following the Trump administration's announcement of 50% tariffs, Reuters reported last week. Will Car And Auto Part Prices Rise? The average price of a new car in April was $48,422—a 2.2% increase from April 2024, according to Edmunds, who noted in a recent report that the current tariff impact on the market has been 'muted.' However, the Budget Lab is now predicting that upcoming tariffs will raise car prices by about 13.1%—an increase of $6,300 on that average. by about 13.1%—an increase of $6,300 on that average. Motor vehicle parts are also expected to rise 17.3%. are also expected to rise 17.3%. 'Obviously foreign cars are going to be more exposed to tariffs than domestic cars,' Tedeschi said. However, Tedeschi also noted that American cars have 'a lot of foreign parts that go into them. 'The brand with the highest domestic content is Tesla. And that is 80% domestic, which means that a fifth of the car is foreign, and those foreign parts are tariffed too,' Tedeschi said. 'People should not think that they can just avoid the tariff if they buy domestically.' What To Watch For The Yale Budget Lab breaks down the projected price increases from tariffs to price increases in the immediate future and prices in five to 10 years' time, 'after consumers and businesses have time to substitute for other things, and production worldwide has a chance to shift and reoptimize around the tariffs,' Tedeschi said. This reoptimization could include businesses reshoring production to America or shifting production to countries with lower tariff rates. Big Number $2.9 trillion. That's how much Trump's tariffs are expected to raise in the next decade, according to the Budget Lab. The Tax Foundation made a similar projection last week, predicting that the levies would raise $2.5 trillion assuming all of his levies stand up to court challenges. Key Background One week after rolling out the new tariff regime on 'Liberation Day,' the Trump administration announced a 90 day pause on their enactment, giving individual nations time to negotiate new trade deals with the U.S. and promising '90 deals in 90 days.' However, during the three-month pause the administration only secured trade deals with three nations—China, Vietnam, and the U.K., prompting Trump to push the deadline back again. In the weeks since the second pause, Trump has announced more major deals with key trade partners—most recently with Japan, who negotiated down a 25% tariff announced in April to 15%.
Yahoo
32 minutes ago
- Yahoo
UK approves final investment decision for Sizewell C nuclear plant
The UK Energy Secretary has signed the final investment decision for Sizewell C, marking a pivotal moment in Britain's pursuit of clean energy independence. With an initial 44.9% stake, the government becomes the project's single largest equity shareholder. This decision will propel the UK towards its goal of securing home-grown nuclear supply well beyond 2030 and support thousands of jobs nationwide. Sizewell C is poised to provide power for 6 million homes and create 10,000 jobs once operational. It will generate 1,500 apprenticeships, with 70% of construction contracts going to British businesses. Energy Secretary Ed Miliband stated: 'It is time to do big things and build big projects in this country again - and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come. 'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.' This development propels forward the nation's mission to become a clean energy superpower by reducing reliance on fossil fuels. The plant promises cheaper, clean electricity for at least 60 years, potentially saving the UK's electricity system £2bn annually. The project investors include La Caisse with 20%, Centrica with 15%, Amber Infrastructure with 7.6% and EDF with 12.5% ownership. The National Wealth Fund makes its debut in nuclear financing by providing most of the debt finance. This is supported by a proposed £5bn debt guarantee from Bpifrance Assurance Export, France's export credit agency. The government will fund Sizewell C using a regulated asset base (RAB) model, which promises regulated, risk-adjusted returns. The investment agreement leverages insights gained from the construction of Hinkley Point C to establish a funding model that distributes the £38bn cost of constructing Sizewell C among consumers, taxpayers and private investors, with a 20% cost-saving strategy. International Public Partnerships (INPP) has committed £250m ($336m) total equity to the regulated entity managing Sizewell C, securing a 3% equity stake. INPP plans to invest £50m annually up to 2030. "UK approves final investment decision for Sizewell C nuclear plant" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Associated Press
an hour ago
- Associated Press
Stoyana Natseva Announces Global Initiative to Awaken 1 Million People Through Transformational Coaching Programs
Stoyana Natseva, bestselling author and founder of Happy Life Academy, announces a new global initiative aimed at awakening 1 million individuals to live with purpose and power through transformative coaching programs. Sofia, Bulgaria, July 24, 2025 -- A Visionary Mission: Awaken 1 Million Souls to Live with Purpose Stoyana Natseva, an internationally renowned transformational leader and bestselling author, has unveiled her latest mission: to awaken 1 million people worldwide to live in full alignment with their soul's purpose. As the founder of Happy Life Academy and creator of nine internationally accredited MBA and coaching programs, Stoyana's new initiative promises to impact lives on a deep emotional, spiritual, and professional level. Stoyana's work, which spans over 15 years, has already touched the lives of more than 100,000 students across four continents. Her comprehensive coaching approach blends psychological insights, ancestral wisdom, and modern personal development techniques, creating transformative systems designed to help individuals overcome trauma, heal, and unlock their true potential. Through this ambitious global movement, Stoyana aims to guide 1 million people toward a life of purpose, power, and peace—empowering them to become conscious creators of a better world. Transforming Lives Through Education and Empowerment Stoyana's teachings have gone beyond traditional education. With 15 bestselling books on personal growth, healing, and success, and over 100,000 students trained worldwide, Stoyana has become a respected mentor in the fields of leadership and personal development. Her globally recognized coaching programs have garnered praise for their effectiveness in not only educating but also activating lasting change. The launch of this new initiative, '1 Million Awakened,' will leverage her extensive global reach and powerful coaching methodologies to help individuals heal from past traumas, discover their life's purpose, and build successful, purpose-driven businesses. Stoyana's impact is already measurable, and her vision is clear: to create a world where individuals are not only living to survive but thriving with a deep sense of alignment and fulfillment. Stoyana Natseva's Global Recognition and Industry Influence Stoyana Natseva is no stranger to accolades. A recipient of more than 30 international awards, she has been recognized for her contributions to personal development and transformational leadership. In 2022, she was honored with the prestigious Grand Prize Universe Award in Vienna, and she was also named 'Woman of the Decade.' Recently, Stoyana was awarded the Best Transformational Leadership in Personal Development in Europe 2025 award. Her work has been featured on the covers of leading magazines such as Forbes and Business Lady, and her influence continues to grow globally. As president of the International Association of Professional Trainers and Coaches (IAPTC), Stoyana continues to elevate standards within the coaching industry, ensuring that coaches and trainers around the world have the tools and knowledge they need to help others achieve true transformation. A Growing Global Community of Purpose-Driven Individuals Stoyana's success is not only measured by the number of people she has impacted but also by the thriving community of like-minded individuals who follow her work. With over 800,000 followers across various platforms, Stoyana's community is one of global connection and empowerment. Through her online coaching programs, speaking engagements, and social media presence, she has fostered a network of individuals committed to personal growth, healing, and success. The '1 Million Awakened' movement is set to unite this growing community, encouraging individuals from all walks of life to take part in a global journey of healing and self-discovery. Through this movement, Stoyana hopes to create a ripple effect of positive change, empowering individuals to build a better world for themselves and future generations. Why Stoyana Natseva Deserves This Global Recognition Stoyana Natseva's work has already had a profound impact on thousands of lives across the globe. Her unique approach to personal development, which combines psychological techniques with ancestral wisdom, has become a blueprint for those seeking true transformation. This new initiative to awaken 1 million people is a reflection of her unwavering commitment to empowering individuals and changing the world, one person at a time. Her ability to guide individuals through deep personal transformation, heal past traumas, and build purpose-driven businesses has made Stoyana a true pioneer in the coaching and personal development industries. The '1 Million Awakened' initiative is a bold new chapter in her journey, and it is expected to accelerate the impact of her work on a global scale. About Stoyana Natseva Stoyana Natseva is a bestselling author, transformational leader, and the founder of Happy Life Academy. With a passion for empowering individuals to heal and align with their soul's mission, she has created nine internationally accredited MBA and coaching programs. Stoyana has trained over 100,000 students worldwide and is the president of the International Association of Professional Trainers and Coaches (IAPTC). She has received more than 30 international awards, including the Grand Prize Universe Award – Vienna 2022, and the honorary title 'Woman of the Decade.' Through her '1 Million Awakened' movement, Stoyana continues to inspire and guide individuals to live with purpose, power, and peace. Media Contact Stoyana Natseva Founder of Happy Life Academy Email: [email protected] Contact Info: Name: Stoyana Natseva Email: Send Email Organization: Happy Life Academy Website: Release ID: 89161277 Should there be any problems, inaccuracies, or doubts arising from the content provided in this press release that require attention or if a press release needs to be taken down, we urge you to notify us immediately by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our efficient team will promptly address your concerns within 8 hours, taking necessary steps to rectify identified issues or assist with the removal process. 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