Elon Musk's tweets: Investigating the billionaire's anti-European rhetoric
05:34
The FRANCE 24 Observers collaborated with France Info and Belgium's RTBF to analyse the rhetoric of Elon Musk, one of Trump's closest advisers. This two-part investigation, conducted by the Médias Francophones Publics, examines the X owner's social media posts, documenting how the billionaire is propagating anti-Ukraine sentiment and posting tweets in support of the European far right.
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Fashion Network
an hour ago
- Fashion Network
Adidas and Puma hit by tariffs, trends, and shifting demand
Adidas AG, the German sportswear giant known for turning its three-striped sneakers into a global fashion staple, reported weaker-than-expected sales growth for the three months ending June 30. The announcement triggered a 10% drop in its share price, echoing a similar downturn at rival Puma SE. The latter's shares plunged as much as 21% last week following a warning about slowing demand and the impact of U.S. tariffs, which Puma estimates will reduce gross profit by approximately €80 million ($92 million) this year. Adidas Chief Executive Officer Bjørn Gulden also flagged the financial burden of tariffs, which he expects could cost the company up to €200 million. Despite the pressures, Gulden maintained Adidas's full-year operating profit forecast of €1.7 billion to €1.8 billion—up from €1.3 billion in 2024 but still below analyst expectations of €2 billion. While the company has managed to retain most of its Chinese-made products for local sale, added costs are hitting sneakers and apparel produced in major sourcing hubs like Vietnam, which accounts for about 30% of Adidas's U.S. imports. Gulden added that inflation-driven weakness in U.S. consumer spending is another major concern. Although U.S. sales held steady in the second quarter, Adidas's European revenue took a hit due to unusually hot weather in June and tough comparisons with last year's boost from the UEFA Euro 2024 tournament. The cooling trend, combined with a cautious outlook, has raised doubts about Adidas's continued dominance—especially in terrace-style sneakers such as the Samba, Gazelle, and Handball Spezial. Meanwhile, Puma's Speedcat line has struggled to gain traction with sneaker enthusiasts. Trends on the street are shifting. Retro styles from Nike Inc., like the Killshot and Cortez, are making a comeback. Asics Corp.'s Onitsuka Tiger sneakers are also rising in popularity. Even in casual weekend settings, the Japanese brand is being spotted frequently—mirroring the Samba's past ubiquity. Unsurprisingly, Asics shares have outperformed competitors this year. Vans, too, appear to be mounting a resurgence, with shares of parent VF Corp. rising by as much as 24% on Wednesday amid signs of a successful turnaround. Gulden acknowledged that demand for the Samba has slowed, though he attributed this partly to previous supply constraints. He noted that the style remains popular in some markets, especially when introduced in updated finishes like metallics and animal prints. Still, the broader deceleration and heavier discounting in the U.S.—as noted by Stacey Widlitz at SW Retail Advisors—pose a challenge. Another shift affecting Adidas is the growing consumer focus on performance over fashion. Sport-led brands such as On Holding AG are gaining momentum. This pivot toward athletic function has also stalled Puma's turnaround. Meanwhile, Nike CEO Elliott Hill has refocused on performance as the company's strategic core. Despite Nike's ongoing struggle with surplus fashion sneakers, its renewed emphasis on sport is yielding results. The Vomero running shoe, for instance, generated $100 million in sales since its February launch. Gulden now faces two critical challenges. First, he must identify the next breakout sneaker to follow the Samba's success. He has made strides with relaunches like the Superstar and by embracing martial arts–inspired low-rise styles. According to Gulden, models like the Taekwondo are starting to gain popularity, especially in Japan and South Korea, and may expand further in 2025. Following the Samba and Superstar, the next icon to be refreshed is the Stan Smith, the classic white tennis shoe that debuted over 40 years ago. Second, Adidas must amplify its presence in performance running. Sales in this segment rose by 25% in the second quarter, although the brand is still struggling to meet demand for top-selling models. The company is preparing to introduce new running shoes that aim to combine everyday comfort with track-level performance—a territory currently dominated by On and Hoka, a brand owned by Deckers Outdoor Corp. The ideal outcome? One of these technical models becomes a cultural hit, too. Encouraging signs include the rising trend of wearing football boots casually—a category where Adidas already holds strong ground. Gulden's product intuition remains a strategic asset. His ability to tap into cultural relevance, seen in collaborations like Oasis -themed apparel, continues to resonate. However, he now faces headwinds including tariffs, shifting consumer preferences, and a reinvigorated Nike. The upcoming World Cup in North America could help boost visibility—but it's Nike's home turf, and its newer sport-driven products will be widely available by then. Puma's stock has more than halved in 2024, while Adidas shares have fallen over 30% since February. Nike, by contrast, has rebounded more than 40% since its April low, with investors optimistic about the brand's recovery. To keep pace with Nike and a wave of agile new rivals, Gulden must craft a fresh hit—possibly a new-generation Dad sneaker, built for both comfort and mass appeal.
Euronews
an hour ago
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Trump announces 90-day negotiating period on trade with Mexico
The United States will enter a 90-day negotiating period with Mexico over trade as 25% tariff rates stay in place, part of the rush of trade activity on Thursday before President Donald Trump plans to impose a broad set of global levies starting on Friday. Trump posted on his Truth Social platform that his phone conversation with Mexican leader Claudia Sheinbaum was "very successful in that, more and more, we are getting to know and understand each other." The Republican president had threatened tariffs of 30% on goods from Mexico in a July letter, something that Sheinbaum said Mexico can now stave off for the next three months. "We avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue," Sheinbaum wrote on X. The leaders' morning call came at a moment of pressure and uncertainty for the world economy. Nations are scrambling to finalise the outlines of a trade framework with Trump in order to avoid him imposing higher tariff rates that could upend economies and governments. Trump reached a deal with South Korea on Wednesday and earlier with the European Union, Japan, Indonesia and the Philippines. His commerce secretary, Howard Lutnick, said on Fox News' "Hannity" programme that there were agreements with Cambodia and Thailand after they had agreed to a ceasefire to their border conflict. Among those uncertain about their trade status are Switzerland and Norway. Norwegian Finance Minister Jens Stoltenberg said it was "completely uncertain" whether a deal would be completed before Trump's deadline. But even the public announcement of a deal can offer scant reassurance for an American trading partner. EU officials are waiting to complete a crucial document outlining how the framework to tax imported autos and other goods from the 27-member state bloc would operate. Trump had announced a deal on Sunday while he was in Scotland. "The US has made these commitments. Now it's up to the US to implement them. The ball is in their court," EU commission spokesman Olof Gill said. The document would not be legally binding. Trump said as part of the agreement with Mexico that goods imported into the US would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said autos would face a 25% tariff, while copper, aluminium and steel would be taxed at 50% during the negotiating period. He said Mexico would end its "Non Tariff Trade Barriers," but he didn't provide specifics. Some goods continue to be protected from tariffs by the 2020 US-Mexico-Canada Agreement (USMCA), which Trump negotiated during his first term. But Trump appeared to have soured on that deal, which is up for renegotiation next year. One of his first significant moves as president was to tariff goods from both Mexico and Canada earlier this year. US Census Bureau figures show that the US ran a $171.5 billion (€149 billion) trade imbalance with Mexico last year. That means the US bought more goods from Mexico than it sold to the country. The imbalance with Mexico has grown in the aftermath of the USMCA as it was only $63.3 billion (€55 billion) in 2016, the year before Trump started his first term in office. Besides addressing fentanyl trafficking, Trump has made it a goal to close the trade gap.
LeMonde
an hour ago
- LeMonde
European automakers stuck in an impasse
The automotive industry has always been cyclical. Boom periods have routinely been followed by spectacular drops in sales and profits, which are driven by economic conditions or phases when car models are renewed. The turmoil the sector is experiencing today, however, has little in common with its past upheavals. The current crisis is a structural one, and it is uncertain how French brands will manage to pull themselves out of this rut. While, up until recently, Renault and Stellantis (Peugeot, Citroën, Fiat, Chrysler, Opel, etc.) boasted about their profitability, which was unprecedented for the industry, both manufacturers posted heavy half-year losses of several billion euros in the first quarter. The setbacks have since mounted. Dealerships have their inventories pile up, and these cars must be cleared out at steep discounts, which undermines profits. Renault also faces the depreciation of its stake in the Japanese company Nissan, which is also going through a difficult period. The European car industry is also paying the price for not having prepared for the transition to electric vehicles and for the rapid rise of its Chinese competitors. This painful shift had been further exacerbated by the tariffs imposed by Donald Trump. With the specter of decline looming, car manufacturers have desperately scrambled to contain the crisis, which threatens millions of jobs. According to them, the main culprit was the European Union's decision to ban the sale of combustion-engine cars from 2035. This measure has been criticized as a purely political choice, disconnected from the market's realities, and the 2035 deadline has been targeted by intense lobbying efforts aimed at pushing it back. Automakers have already succeeded in postponing penalties for exceeding CO 2 emissions limits, as they were initially scheduled for 2025 before being pushed back to 2027. Everyone has understood that this is just a step, as the real goal is to challenge the entire regulatory timetable. Bargaining for a reprieve, and thereby focusing on the short term, has proven to be a strategic misstep. European carmakers had 15 years to prepare for the transition. That is the time it took for China's automotive industry to become the undisputed world leader in electric vehicles and achieve a decisive technological lead over Western companies. Those Western companies instead chose to keep one foot in the old world by continuing to sell large SUVs, which generate higher profit margins but are now too expensive for most consumers. The Chinese strategy was to go for mass production with affordable models, allowing them to achieve unbeatable production costs and a highly effective pace of innovation. European car manufacturers now argue that the European market is not meeting expectations. Yet, in about 10 countries where a favorable ecosystem has been created for electric vehicles, with tailored tax policies, available infrastructure and affordable charging costs, the percentage of electric vehicles in total sales is ahead of schedule. Rather than making the transition out to be a scapegoat for the sector's problems, car manufacturers should redirect their lobbying efforts to demanding public policies to support the transition. Pushing back regulatory deadlines would only widen the lag behind their Chinese competitors, who will not stop innovating simply because Europeans have decided to extend the life of outdated combustion technology at any cost. This backward-looking perspective only worsens the impasse in which the sector now finds itself.
