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North America
CNBC Finance

Target hikes outlook as sales rebound and huge tariff refund boosts bottom line

Target on Wednesday posted quarterly earnings that were boosted by tariff refunds and raised its full-year guidance, as the retailer shows more signs its turnaround is taking hold. The company said net sales climbed 5.3% from the year prior. Comparable sales grew 3.8%, topping Wall Street estimates of 2.4%, according to StreetAccount. Target added in its release that it saw "broad-based" strength across categories. "We're encouraged by the progress made so far, and we're also clear-eyed about the important work still ahead," CEO Michael Fiddelke said on a call with reporters. "Q2 is an important step forward in the plan we laid out earlier this year to open a new chapter of growth for Target. What you saw from us this quarter reflects the level of change we knew would be needed to put our strategy in motion." Target's fiscal second-quarter results also included a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. The company said its second-quarter gross margin and operating income included a $994 million pretax benefit from that repayment. Target hiked its full fiscal-year outlook, due to both stronger sales trends and the one-time boost to its bottom line. The retailer raised its full-year net sales growth guidance to about 5%, up by 1 percentage point. It expects full-year EPS, including the tariff refunds, to be between $9.90 and $10.90. Excluding the repayment, that range would be $8.25 to $9.25 per share, compared with its previous outlook of $7.50 to $8.50 per share. Though Target has posted promising results for two straight quarters, Fiddelke said he remains cautious on the company's turnaround. "To be clear, we have much more work to do," he told reporters. "The combination of stronger execution and improving guest feedback provides a firm foundation on which to build as we continue advancing our strategy." For the three-month period ended Aug. 1, Target reported net income of $1.88 billion, or $4.11 per share, compared with $935 million, or $2.05 per share, the year prior. That comparison includes the boon Target received from collecting its tariff refunds. "Two strong quarters is not the goal," Fiddelke told reporters. "Sustained, durable top- and bottom-line growth over time is what we're after." Digital comparable sales jumped 8.7% in the quarter, as same-day delivery grew more than 25%, according to the company. Target said it saw strength across its food and beauty businesses, as all six of its major categories grew. However, its apparel and home categories lagged behind other segments, a discrepancy company executives said they're intent on fixing.

Target hikes outlook as sales rebound and huge tariff refund boosts bottom line
Asia-Pacific
The Straits Times

Singaporean takes leap of faith to pursue dream of becoming a hotelier in Japan

Ray Hoe took an equity term loan, remortgaged his Singapore property and made the leap to Japan. SINGAPORE – At 40, Ray Hoe left Singapore with his wife and two children to pursue his dream of becoming a hotelier in Japan. It was a high-stakes bet on a country where he had neither the language nor the business connections. Armed with what he describes as a healthy dose of naivety and a can-do spirit, he took an equity term loan, remortgaged his Singapore property and made the leap. “It wasn’t because we were unhappy in Singapore. I simply wanted to see if I could build something meaningful overseas, as I’ve always been drawn to taking the road less travelled,” Hoe, 41, tells The Straits Times. Hoe started out in international property marketing at JLL in 2012 before spending about eight years with his father, a property developer in Johor, Malaysia. He subsequently worked as a mortgage broker back in Singapore. In 2025, the University of British Columbia finance graduate founded Hooray Hotels, a boutique hospitality company focused on introducing international travellers to lesser-known parts of Japan. Its first property is a 10-room ryokan in Toyama, a coastal city in central Japan known for its seafood and views of the Tateyama Mountain Range. The plan was to build a family business in which his children could gain hands-on experience. Just as the 77-year-old ryokan secured its hotel licence and was preparing to open in September, Hoe’s business visa application was rejected, forcing him to leave Japan. His wife, 34, and their two children are back in Singapore, travelling to Japan during the school holidays to help out at the ryokan. Meanwhile, Hoe shuttles between the two countries, using Japan’s 90-day visa-free arrangement for Singaporeans.

Singaporean takes leap of faith to pursue dream of becoming a hotelier in Japan
Europe
BBC Business

Why Tesla has been caught up in a massive car recall in China

Hidden car door handles - the sleek designs often found on electric vehicles (EVs) - have come under the spotlight over the past week. That's after China announced its biggest ever recall of cars, with more than four million vehicles - mostly Teslas - affected. The recall comes ahead of new regulations in China, requiring cars to have a mechanical release both on the inside and outside of their doors. Popularised by Elon Musk's electric vehicle giant, this type of handle has become commonplace around the world. But several incidents have raised concerns that this design may make doors difficult to open in an emergency. Hidden door handles are widely used in modern cars in China, with around 60% of the top 100 best-selling new energy vehicles, including EVs and hybrids, having them. The minimalist design gives vehicles a "sleek look and reduces wind drag" but can be confusing to use, car industry analyst Stephen Dyer from consultancy AlixPartners told the BBC. "Even I often find it difficult to locate the switch to open the door from the inside of an unfamiliar vehicle," said Dyer, who is based in Shanghai. But beyond their usability, the handles have been blamed for endangering the lives of drivers and passengers. Electronically powered door handles became an industry trend, but raised "real safety concerns" when doors failed to open promptly, delaying rescue efforts after accidents, said Nanyang Technological University associate professor Lyu Chen. "A door handle may seem simple, but it becomes safety-critical in the seconds after a crash," Chen said. Chinese carmaker Xiaomi faced intense scrutiny following two fatal crashes in 2025 involving its SU7 model, when suspected electrical failures allegedly trapped occupants.

Why Tesla has been caught up in a massive car recall in China
Asia
The Hindu BusinessLine

Positive IOD may emerge again alongside record-breaking El Nino: Australian met body

The event is expected to continue into autumn (March) 2027, given its current strength and the typical life cycle of an El Nino. | Photo Credit: MUSTAFAH KK A powerful El Nino is tightening its grip on the Pacific, with more warming expected through spring. The Indian Ocean Dipole (IOD) remains neutral, but there is still the possibility of a positive phase, according to the Bureau of Meteorology (BoM) Southern Hemisphere monitoring report. The latest IOD index value for the week ending August 30 is +0.22°C. The index has been neutral for the past 3 weeks, after exceeding the positive IOD threshold (+0.4°C) for the previous 3 weeks. The Indian Ocean Dipole is a climate pattern that impacts the Indian Ocean. During a positive phase, warm waters are pushed to the western Indian Ocean, while cold deep waters rise to the surface in the eastern Indian Ocean. The pattern is reversed during the IOD’s negative phase. Models continue to suggest a positive IOD could develop during the Southern Hemisphere spring (September-November), although the forecast magnitude of the event has decreased in recent model runs. The most recent relative Nino 3.4 index value for the week ending August 30 is +2.45°C, well above the El Nino threshold (+0.80°C). Models project warming of the tropical Pacific during the Southern Hemisphere spring, with a likely peak in late spring or summer. Relative-Nino3.4 values are predicted to be warmer than the warmest values observed since reliable records began in 1950. The report said that this event is expected to continue into autumn (March) 2027 due to its current strength and the typical life cycle of an El Nino. In the atmosphere, a strong El Nino is also indicated by weakened or reversed trade winds in the western to central tropical Pacific, enhanced cloudiness in the central to eastern tropical Pacific and reduced cloud cover over the Maritime Continent. The sea surface temperature (SST) analysis for the week ending August 30 shows warmer-than-average waters around much of Australia and mostly near-average temperatures to the north. Waters are particularly warm along the southern New South Wales and eastern and southern Tasmania coasts, where they are around 2–3°C above average. More broadly, global daily SSTs (60°S to 60°N) have been record-warm in August, exceeding the previous daily record set in 2024. The Southern Annular Mode (SAM) index has been mostly negative over the last fortnight and remains negative as of August 30. It is expected to stay in a negative phase until at least mid-September.

Positive IOD may emerge again alongside record-breaking El Nino: Australian met body
Europe
The Guardian

Canada vows ‘dollar for dollar’ response as US puts 50% tariffs on some goods

The two sides blamed each other for the collapse. Composite: Dylan Martinez/ReutersView image in fullscreenThe two sides blamed each other for the collapse. Composite: Dylan Martinez/ReutersCanadaCanada vows ‘dollar for dollar’ response as US puts 50% tariffs on some goodsCollapse of trade talks could lead to job losses, but biggest impact on traditional allies is expected to be political The US has imposed 50% tariffs on some goods from Canada, and Mark Carney, the country’s prime minister, has vowed to match them “dollar for dollar” after the collapse of trade talks. The tariffs came into force on roughly $20bn (£14.6bn) of goods – ranging from hockey sticks to tongue depressors – at 04.00GMT. Trade experts said the tariffs could result in some job losses, but the largest impact is expected to be political, driving a further wedge between the traditional allies. The trade row is the biggest rupture in recent relations between Washington and one of its closest allies and trading partners as Donald Trump’s bellicose foreign policy angered officials in Ottawa. The two sides appeared close to a deal on Friday to lower tariffs on steel, aluminium and cars, but the deal was scuttled at the last minute. The two sides blamed each other for the collapse. Canadian officials had worked hard in good faith but “last-minute changes in the US proposed terms were unfair, uneconomic and called into question the reliability of any deal”, Carney said in a statement. Carney recalled his negotiators as Canada vowed to match Washington’s tough approach. No further talks are planned. US officials accused Canada of collapsing the deal by seeking additional concessions at the last minute. The US tariffs will affect about $20bn worth of Canadian products, and the US trade representative, Jamieson Greer, said the breakdown represented a “missed opportunity for Canada”. Recriminations continued on Saturday with Carney accusing the Trump administration of using “economic integration as a weapon” – and saying that his country had been “attacked” by the new US tariffs. Carney accused the Trump administration of adding last-minute terms that would have reduced tariff relief for Canadian-made vehicles, restricted Canada’s ability to strike trade deals with other countries and weakened protections for language, culture and sovereignty. He called the demands “unacceptable”. Carney said the Trump administration’s final demands went too far: “They asked too much and offered too little.” Greer said the US was compelled to act after a year of retaliatory measures by Canada. “We’ve said enough, and so we’ve taken countermeasures,” he told Fox & Friends Weekend. “Our interest is in protecting American workers and protecting American supply chains.” Greer said the US was offering to cut tariffs on steel, autos and lumber, “things that are sensitive for them”.

Canada vows ‘dollar for dollar’ response as US puts 50% tariffs on some goods
Europe
BBC Business

OnlyFans owner was paid over $700m before his death

The late owner of streaming platform OnlyFans was paid more than $700m (£513m) in dividends before his death from cancer earlier this year. Fenix International Ltd, the British company that owns OnlyFans, made $714m in profit before tax last year, it said in its annual report. This is an increase of 5% from 2024. The site hosts a range of subscription-based content from cooking to fitness videos, but it is best known for pornography and is credited with transforming online adult content by encouraging personal connection between sex workers and subscribers. Its owner Leonid Radvinsky, who died earlier this year aged 43, bought the site from its British founders in 2018. OnlyFans employs just 47 people. Companies with such high profits rarely have such small staff - for example, British retail giant Marks and Spencer, which employs over 65,000 people, made £671m in profit last year. Fenix International's company results show that it paid dividends of $535m for the year ending 30 November 2025, with further dividends payments totalling $174m between then and 26 March 2026. Radvinsky, who was born in Ukraine and raised in the US, died on 23 March. The company is now owned by his widow, Yekaterina 'Katie' Chudnovsky. OnlyFans surged in popularity during the Covid-19 pandemic, landing Radvinsky on Forbes' annual list of billionaires just three years later. The site is known for the way it encourages creators and fans to connect through livestreams, personalised messages, and direct requests for custom-made photos and videos. The site had 132 million paying subscribers and 2.5 million active creators in 2025. The boom in size and popularity under Radvinsky's ownership also brought scrutiny from lawmakers and regulators over its adult content — a recent BBC Three documentary uncovered allegations of exploitation, coercion and violence committed against OnlyFans creators. In 2024, British regulators launched an investigation into whether children were accessing porn, an issue that the company at the time blamed on a technical issue.

OnlyFans owner was paid over $700m before his death
North America
CNBC Finance

Inside Coca-Cola’s secretive innovation labs: How the beverage giant wants to automate dirty soda and refreshers

ATLANTA — Coca-Cola is branching out into new customizable drinks and trend-driven equipment as consumers — and food service operators — increasingly want more options. Tucked away in an anonymous office park not far from its global headquarters here, Coke has been working on a flood of innovation at its secretive labs, including a way for its Freestyle drink dispensers to make dirty sodas, which combine pop with flavored syrups, cream or other ingredients. In partnership with AMC Theatres, it is testing a Micro Matic dispenser that can make brightly colored refreshers. And Coke has more white-label beverage options on the way, like an energy drink that can be customized by color and flavor. For many restaurants, handcrafted drinks like refreshers or iced coffee have become an important way to drive traffic and sales, even as diners broadly cut their spending. In the second quarter of this year, beverage servings at restaurants outpaced both servings of food alone and food with beverages, according to Circana data. When consumers are away from home, a drink often represents more than hydration, particularly for Generation Z. "Oftentimes these beverages are an opportunity to take a break, get some energy or protein, have a treat, at a lower price point," David Portalatin, Circana senior vice president and food service industry advisor, told CNBC. From McDonald's to Wendy's, longtime Coke customers have been expanding their beverage offerings to meet the shift in consumer behavior and boost their profit margins. As operators seek to add more drinks to their menus, Coke must add more convenient beverage options — or risk losing sales to a competitor. "It's our job to ensure that we're providing unique experiences and beverages because it's not a bonus now with consumers — it's the norm, they expect it," said Megan Tallman, Coke's vice president of dispensed equipment and innovation for its North American business. "When you think about Gen Z, they are okay paying $10 for a drink that is craveable and that they can show on their Instagram or on TikTok, which is helping our customers drive margin and also beverage attachment." This July, Coca-Cola's Freestyle drink dispenser celebrated its 17th anniversary. "Honestly, if you fast forward to today, Freestyle is more relevant today than probably it was over a decade ago," Tallman said, crediting the machine's dozens of flavors. In the time since the Freestyle was introduced, the number of specialty beverage chains has exploded, offering customers nearly unlimited ways to customize their drinks, from sugar content to toppings. Market research firm Technomic tracks more than 100 different chains, with more than 41,000 locations across the U.S. combined, selling everything from coffee to juice to boba. Ever since Freestyle began popping up in restaurants and movie theaters, the dispensers have poured more than 67 billion 8-ounce servings of beverages; Coke has been able to track them all, thanks to the equipment's real-time data collection. That data is coming in handy now. Inside its Equipment Innovation Center in Atlanta, a massive television screen displays real-time data showing what drinks dispensed by the Freestyle are trending, what time of day and where — from the region to the type of business. AHA sparkling water, for example, is trending up at office buildings and hospitals. Insights from Freestyle dispensers also help the company discover new drinks that it can launch in grocery stores, like the limited-time Coca-Cola Orange Cream, which combines its namesake soda with vanilla and orange syrup.

Inside Coca-Cola’s secretive innovation labs: How the beverage giant wants to automate dirty soda and refreshers
Europe
BBC Business

Back to school: How to save on uniform costs

Image source, Getty ImagesByJemma CrewBusiness reporter Published4 hours agoBack to school can stir up many emotions for parents, including anxiety about the extra costs it brings. Almost half of parents said they're worried about the cost of school uniforms, according to research by the charity Save the Children and the Baby Bank Alliance network. And a third of the 2,000 parents polled said they've sacrificed things for themselves to meet back-to-school costs like uniforms, bags or books. New rules limiting the number of items branded with a school logo to three per child come into force in September, aimed at helping ease the financial burden. From baby banks to council grants, here are ways parents can ease the cost of kitting out their kids for school. Save the Children said the new uniform rules are a "good start" but back-to-school costs remain a concern for families across almost all income brackets. The government said schools should make second-hand uniforms accessible to parents. "Speak to a teacher you trust, and explain that the costs are difficult," said Megan Meek-O'Connor, head of England and Westminster at Save the Children. Many schools have uniform hubs, swap shops and sales just before term starts, and hardship funds. In London, the School Uniform Reuse Network launched earlier this year, giving schools practical advice to start or improve their own swap shops. During its first term of operation, it saw more than 1,500 items reused across 24 schools. Parents of older children may not realise a so-called baby bank can help them, but many of the 400 support hubs across the UK provide uniforms for children up to and through secondary school.

Back to school: How to save on uniform costs
Asia-Pacific
The Straits Times

German insurer Allianz weighs $8.6 billion takeover of AA roadside rescue giant: Report

Allianz is one of a small number of parties which have been holding talks with advisers to the AA about a deal. BENGALURU – Germany-based financial services company Allianz is considering a £5 billion (S$8.6 billion) takeover swoop for AA, the breakdown recovery group, Sky News reported on Aug 29. AA, founded by a group of motoring enthusiasts in 1905 and known in Britain for its yellow recovery vehicles, was taken public on the London Stock Exchange (LSE) by its previous private equity owners in 2014 at £2.50 a share. Allianz is one of a small number of parties which have been holding talks with advisers to the AA about a deal, Sky News said, adding that private equity firm EQT was another bidder. The AA’s current private equity owners which took over the company in 2021 have been pursuing a so-called dual-track process for most of 2026, with the alternative to a sale being once more a public listing on the LSE, Sky News said. The Financial Times reported in 2025 that the British roadside recovery company was eyeing a £5 billion sale and was seeking buyers. REUTERS

German insurer Allianz weighs $8.6 billion takeover of AA roadside rescue giant: Report