Electronics retailer Best Buy cuts annual sales forecast on tariff pain
May 29 (Reuters) - Best Buy (BBY.N), opens new tab slashed its annual comparable sales forecast on Thursday, on signs that consumer demand for big-ticket items such as appliances, home theater and gaming consoles will be pressured by U.S. tariffs.
Shares of the company were down 3% in premarket trading as it also posted a bigger drop in first-quarter sales than analysts expected.
American households are in a limbo as they battle higher borrowing costs, with tariffs now fueling concerns of price surges on everything from toys to groceries and sneakers.
Best Buy is heavily reliant on imports from China, its biggest manufacturing hub, for products such as gaming consoles, audio equipment, cameras and drones, according to Telsey Advisory Group analyst Joe Feldman.
The top U.S. electronics retailer expects fiscal 2026 comparable sales in the range of down 1%-to-up 1%, compared to its prior expectation of flat-to-up 2%.
It logged same-store declines of 0.7% for the quarter ended May 3, compared to analysts' average expectation of a 0.6% drop, according to data compiled by LSEG.
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Scottish Sun
12 hours ago
- Scottish Sun
Sir David Murray vows to save Dalzell steel mill as he reveals masterplan
SIR David Murray vowed to be a 'big customer' of Dalzell steel mill if his masterplan to save it becomes reality. The ex-Rangers owner and metal magnate, 73, says he is ready to play a major role in providing Scottish steel for North Sea wind turbines to power the nation's future energy. 4 Sir David Murray vowed to be a 'big customer' of Dalzell steel mill Credit: Andrew Barr 4 The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders Credit: Getty 4 Some 140 workers were furloughed or placed on maintenance duties in April this year Credit: Reuters 4 New Liberty owner Sanjeev Gupta with Nicola Sturgeon Credit: Alan Ewing The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders, with some 140 workers furloughed or placed on maintenance duties in April this year. Sir David has been in talks with Holyrood ministers for a decade over halting the industry's decline. He has now revealed he has held hush-hush negotiations with the UK Government to rescue the mill. His latest intervention comes after PM Sir Keir Starmer and Scottish Secretary Ian Murray blasted SNP ministers in May for allowing the nation's last remaining steel plants — Dalzell and Clydebridge in Cambuslang — to cease production. The Scottish Government orchestrated a takeover of the sites in 2016, putting taxpayers' cash on the line. And Sir Keir insisted last month it was important to 'get those plants up and running again'. Now Sir David has told The Scottish Sun on Sunday: 'There is a lot of political stuff going on over Dalzell. I've been heavily involved in trying to save the plate mill. 'I have spoken to the British Government in the last week and there's a meeting in a few weeks' time. 'The workforce has stayed at home for months and got 80 per cent of their wages. But it could be sorted in a week. We need people in management to work with me. 'I'd be the chairman, I'd help the management, I'd help the business, we'd be a big customer. Former Rangers owner Sir David Murray vows to save Dalzell steel mill with masterplan 'At the time it closed, I was one of its biggest customers. 'At our peak we'd be selling 550,000 tonnes of steel a year. 'That's five Forth rail bridges in weight. Today it's just over one because the fabrication business is diminishing — it's ridiculous that Britain does not have the capacity to roll a steel plate.' Sir David told how there is one mill in the north-east of England which is Ukrainian-owned. He went on: 'The wind turbines being made for the North Sea are much bigger now. 'It's a heavier plate, ideal for Dalzell. There are 50,000 tonnes of steel coming to Teesside this week from Korea to be made into turbines. 'The Scottish Government don't own one wind turbine. Look at the cost of energy. We are buying power from other people who put in these turbines. We need to create growth, jobs and prosperity in this country.' We told last July of fears the Dalzell operation would be mothballed amid a slowdown in work. A report in March by the Community Union, which represents workers at the two plants, said low-cost steel from China and high UK energy prices were hitting British steel production. The union said Dalzell needed investment to become a 'world-leading producer' of a key turbines component. Sir David has long called for an inquiry into the Scottish Government's involvement in the 2016 sale of the Lanarkshire plants to tycoon Sanjeev Gupta and Liberty Steel. The sale was backed by a £7million loan from Scottish Enterprise. MURRAY'S HEART SCARE OP EXCLUSIVE by Rodger Hannah SIR David Murray has lifted the lid on a secret heart op after he was diagnosed with a potentially-fatal medical condition. The businessman fell ill shortly before selling Rangers to Craig Whyte in 2011 — to be told he had an aortic aneurysm. He revealed: 'I was driving home over the Forth Road Bridge and I thought I was having a heart attack. I went into Dunfermline Hospital. I had a scan. It's basically your main blood vessel and the aneurysm makes it expand. 'If it bursts, you've got about half an hour.' Sir David believes the pressure of Rangers' financial issues and the global recession could have contributed to his health scare. He added: 'They told me I needed an operation, which I had in Edinburgh Royal Infirmary. 'I shared the information with Craig Brown a few years ago. 'He had an identical thing. His burst but they managed to get him in on time.' Former Scotland manager Brown needed life-saving surgery in 2020. He told the Scottish Sun at the time: 'They say only about three out of ten survive it.' Brown died in 2023 aged 82. But Sir David claims ministers rejected his rival bid because it was potentially incompatible with state aid rules, and has criticised Mr Gupta's management since. He said: 'Ten years ago, I met the Scottish Government and the First Minister [Nicola Sturgeon]. I put a proposal to them and I was told they couldn't do it because they couldn't give state aid. 'Then they lent somebody else £7million who hasn't paid it back.' Mr Gupta, executive chairman of GFG Alliance which owns Liberty Steel, is being prosecuted by Companies House for failing to file accounts for more than 70 companies listed in Britain. He denies any wrongdoing. Ayr-born Sir David spoke exclusively ahead of this Thursday's July publication of his autobiography 'Mettle: Tragedy, Courage and Titles. He remains chair of his family firm, Murray Capital Group, albeit his son, also David, runs day-to-day operations as managing director. He reveals in his new book that some of his teenage grandkids have already attended board meetings. He added: 'There is an opportunity for young people but you better come to the table with a skill. 'You're not coming, as my great friend Sean Connery said, as a member of The Lucky Sperm Club.' The UK Government confirmed Sir David had met with MP Ian Murray. A source said: 'David Murray has met Ian Murray to discuss his concerns about the Dalzell works being mothballed because the SNP cut a bad deal. We encourage the SNP Government to take advantage of the trade deals the UK Labour Government has cut and the industrial strategy which present a huge opportunity for Scottish steel.' Liberty Steel declined to comment. The Scottish Government said its 2016 intervention 'sustained over 100 jobs at Dalzell and retained steelmaking capacity in Scotland.' Scottish Enterprise confirmed: 'We remain in discussion with Liberty Steel regarding repayment of the loan funding.'
Daily Record
12 hours ago
- Daily Record
Rangers owners 49ers get their chequebooks out for £22m bill as mega cost of World Cup hosting duties revealed
The 49ers Enterprises investment group have taken control of Rangers - but the American football giants will also have to fork out for the 2026 World Cup Rangers fans are dreaming of a glorious future under the banner of the 49ers Enterprises investment group – but the Ibrox club aren't all they're spending their money on. New Ibrox chairman Andrew Cavenagh has pledged to immediately inject £20million into the football department to help Russell Martin shape his squad ahead of the new season. Lyall Cameron has joined Gers from Dundee while full back Max Aarons has completed a loan switch from Bournemouth. And more are expected to follow with Leicester City defender Conor Coady in talks over a move north of the border while the likes of Dor Turgeman and Matija Frigan have been heavily linked. After years of turmoil, the Light Blues now look to be in good hands on the financial side of things, with health tycoon Cavenagh and vice chairman Paraag Marathe now working alongside CEO Patrick Stewart. 49ers Enterprises - who are the investment arm of the famed American Football (NFL) team San Francisco 49ers - also own Leeds United, and are set to splash the cash even further this summer to ensure the Yorkshire team enjoy a successful season back in the Premier League. But reports across the pond also now claim that 49ers chiefs could spent up to $30million (£21.9million) to host six matches at next year's FIFA World Cup. The 49ers will open their doors for six matches at the Levi's Stadium in Santa, Clara, California as the biggest show in town hits North America. Yardbarker state that hosting those games will cost the city $50million (£36.4million) and that 49ers will not be able to use taxpayer money to pay the bill. They add that in turn, FIFA will contribute $13million (£9.4million) of the overall figure and with the state of California coughing up $7- 8.5 million (£5-6million), the 49ers will have to front the rest of the bill, a total of around $30m (£22m). On top of that, the mega franchise are also in the midst of renovating Levi's Stadium ahead of the finals at reported cost of $200 million (£145.7million). As well as the World Cup, the Calafornia team will also host the Superbowl on February 8, 2026. It is the first time the Levi's Stadium has hosted the world famous event since 2015 and only the third time the sporting landmark has ever been held in the San Francisco Bay Area. Follow Record Sport on Twitter, Facebook and Instagram for all of the up-to-the minute breaking news, video and audio on the SPFL, the Scotland national team and beyond. You can get all the news you need on our dedicated Rangers and Celtic pages, and sign up to our newsletters to make sure you never miss a beat throughout the season. We're also on WhatsApp where we bring all the latest breaking news and transfer gossip directly to you phone. Join our Rangers community here and our Celtic community here.
NBC News
17 hours ago
- NBC News
Congo and Rwanda sign a U.S.-mediated peace deal aimed at ending decades of bloody conflict
The Democratic Republic of Congo and Rwanda on Friday signed a peace deal facilitated by the U.S. to help end the decadeslong deadly fighting in eastern Congo while helping the U.S. government and American companies gain access to critical minerals in the region. 'Today, the violence and destruction comes to an end, and the entire region begins a new chapter of hope and opportunity, harmony, prosperity and peace,' President Donald Trump told the foreign ministers of the two countries at a White House meeting. The agreement was signed earlier at the State Department's Treaty Room beneath a portrait of Colin Powell, the first African American to hold the job of top U.S. diplomat. There, Secretary of State Marco Rubio called it 'an important moment after 30 years of war.' The Central African nation of Congo has been wracked by conflict with more than 100 armed groups, the most potent backed by Rwanda, that have killed millions since the 1990s. While the deal is seen as a turning point, analysts don't believe it will quickly end the fighting because the most prominent armed group says it does not apply to it. Many Congolese see it mainly as an opportunity for the U.S. to acquire critical minerals needed for much of the world's technology after their government reached out to Trump for support in fighting the rebels. Trump has pushed to gain access to such minerals at a time when the United States and China are actively competing for influence in Africa. Congo's Foreign Minister Therese Kayikwamba Wagner invoked the millions of victims of the conflict in signing the agreement with Rwandan Foreign Minister Olivier Nduhungirehe. Both expressed optimism but stressed significant work still to do to end the fighting. 'Some wounds will heal, but they will never fully disappear,' Wagner said. 'Those who have suffered the most are watching. They are expecting this agreement to be respected, and we cannot fail them.' Nduhungirehe noted the 'great deal of uncertainty' because previous agreements were not put in place. 'There is no doubt that the road ahead will not be easy,' he said. 'But with the continued support of the United States and other partners, we believe that a turning point has been reached.' They, along with Rubio, lauded the support of the Gulf Arab nation of Qatar in facilitating the agreement, which Doha has been working on for months at the request of the U.S. and others. The agreement has provisions on territorial integrity, prohibition of hostilities and the disengagement, disarmament and conditional integration of non-state armed groups. Asked in the Oval Office about violations of the agreement, Trump said he didn't think that would happen but also warned of 'very severe penalties, financial and otherwise,' if it did. The peace deal is not likely to end the conflict quickly The Rwanda-backed M23 rebel group is the most prominent armed group in the conflict, and its major advance early this year left bodies on the streets. With 7 million people displaced in Congo, the United Nations has called it 'one of the most protracted, complex, serious humanitarian crises on Earth.' Congo hopes the U.S. will provide it with the security support needed to fight the rebels and possibly get them to withdraw from the key cities of Goma and Bukavu, and from the entire region where Rwanda is estimated to have up to 4,000 troops. Rwanda has said that it's defending its territorial interests and not supporting M23. M23 rebels have suggested that the agreement won't be binding for them. The rebel group hasn't been directly involved in the planned peace deal, although it has been part of other ongoing peace talks. Corneille Nangaa, leader of Congo River Alliance — known by its French acronym AFC — which includes M23, told The Associated Press in March that direct peace talks with Congo can only be held if the country acknowledges their grievances and that 'anything regarding us which are done without us, it's against us.' An M23 spokesperson, Oscar Balinda, echoed that to the AP this week. Nduhungirehe pointed to separate talks happening in Qatar that are meant to get both Congo and the M23 rebels to agree among themselves how they will end the fighting. He also said Rwanda agreed to lift its 'defensive measures.' It was not clear if he meant withdrawing the troops that Rwanda has said are defending its territorial interests. Rwanda also has been accused of exploiting eastern Congo's minerals, used in smartphones, advanced fighter jets and much more. Rwanda has denied any involvement, while analysts say that might make it difficult for Rwanda not to be involved in the region. The deal is at the heart of the U.S. government's push to counter China in Africa. For many years, Chinese companies have been a key player in Congo's minerals sector. Chinese cobalt refineries, which account for a majority of the global supply, rely heavily on Congo. What the US role looks like in ending the conflict Congo's foreign minister said the U.S. has proven to be a 'reliable partner' during the peace process and on other issues in relations between the two countries. 'So there is no doubt in this moment, if you want, when it comes to the credibility of the U.S. as a partner, be it for a peace process, where we have signed a very important agreement today, or for investment from the U.S.,' Wagner told the AP in an interview Friday evening. Analysts say the U.S. government's commitment might depend on how much access it has to the minerals being discussed under separate negotiations between the American and Congolese governments. The mostly untapped minerals are estimated to be worth as much as $24 trillion by the U.S. Department of Commerce. Christian Moleka, a political scientist at the Congolese think tank Dypol, called the deal a 'major turning point' but said it could 'in no way eliminate all the issues of the conflict.' 'The current draft agreement ignores war crimes and justice for victims by imposing a partnership between the victim and the aggressor,' he said. 'This seems like a trigger-happy proposition and cannot establish lasting peace without justice and reparation.' In Congo's North Kivu province, the hardest hit by the fighting, some believe that the peace deal will help resolve the violence but warn justice must still be served for an enduring peace. 'I don't think the Americans should be trusted 100%,' said Hope Muhinuka, an activist from the province. 'It is up to us to capitalize on all we have now as an opportunity.' The conflict can be traced to the aftermath of the 1994 genocide in Rwanda, where Hutu militias killed between 500,000 and 1 million ethnic Tutsi, as well as moderate Hutus and Twa, Indigenous people. When Tutsi-led forces fought back, nearly 2 million Hutus crossed into Congo, fearing reprisals. Rwandan authorities have accused the Hutus who fled of participating in the genocide and alleged that elements of the Congolese army protected them. They have argued that the militias formed by a small fraction of the Hutus are a threat to Rwanda's Tutsi population.
