Story of the Week
Coty Considers Breaking Up Business
Global beauty conglomerate Coty is said to be considering a strategic breakup of its operations, potentially leading to the sale of both its luxury and mass-market segments in separate transactions. Sources suggest Coty’s luxury division could be the first to leave the group’s portfolio. This unit includes prestigious licenses such as Gucci Beauty, Burberry, Hugo Boss, and Jil Sander. Interparfums has reportedly expressed interest, particularly in reclaiming the Burberry license, which it managed until 2013. Gucci remains one of Coty’s most valuable beauty assets, but its long-term future is uncertain. The license, signed for 50 years, is set to expire in 2028. Many analysts believe Kering — Gucci’s parent company — will take back control, especially after launching Kering Beauté in 2023 following its €3.5 billion acquisition of Creed. The potential transaction could unfold as a strategic alliance or joint venture, rather than a straightforward sale, according to insiders.
Apparel & Footwear
Lululemon Laying Off 150 Support Center Jobs
Lululemon plans to cut roughly 150 employees as part of organizational structure changes, according to a report in The Canadian Press. The affected jobs are part of its store support centers. The job cuts come as Lululemon on June 6 reported first-quarter earnings that topped guidance but trimmed its earnings guidance for the year as proposed tariffs threaten the company’s supply chain. On an analyst call, Lululemon officials noted that the company expected to offset the tariff costs through several mitigation efforts, including “modest” price increases on select items, supply chain efficiency actions and targeted sourcing shifts; however, the company expects the mitigation benefits mainly in the second half of the year, and LULU provided second-quarter guidance that was below analyst targets. Lululemon officials remained bullish during the analyst call, discussing Lululemon’s position in the marketplace and its ability to overcome any disruptions caused by tariffs.
Bata Group appoints Panos Mytaros as its new Global CEO
Bata Group, multinational footwear, apparel and fashion accessories manufacturer headquartered in Switzerland, has announced the appointment of Panos Mytaros as its new global chief executive officer. Mytaros succeeds Sandeep Kataria who led the company since 2020. Mytaros is armed with three decades of global leadership experience in the footwear and the leather industry. Prior to joining Bata, Mytaros was the group CEO of ECCO, a lifestyle footwear brand. Kataria’s departure comes as the company navigates a period of slowing growth. He is likely to remain in his role for up to six months to support a smooth leadership transition. Kataria previously served as CEO of Bata India. Before joining the company in 2017, he spent 24 years in leadership roles at Unilever, Yum Brands, and Vodafone across India and Europe, overseeing prominent consumer brands with wide-reaching global footprints and strong customer loyalty.
Athletic & Sporting Goods
True Movement Tech acquires Mancino Mats
True Movement Tech, a manufacturer in the active play and sports entertainment industry, has acquired Mancino Manufacturing, a US manufacturer of safety padding and equipment for gymnastics, cheer, martial arts and other sports facilities. With this addition, True Movement Tech now operates six complimentary businesses, including True Movement Tech, AirTrack, Superior Trampoline Manufacturing, XR Sports, San Diego United Training Center and Mancino Mats, creating a united family of design, manufacturing and installation. The six businesses operate within a range of markets, including trampoline parks and FEC and theme parks. True Movement Tech works with a number of brands, such as SkyZone and Defy, and provides a range of products, like landing airbags, sport courts, parkour courses and warrior course elements.
Nike pushes back Skims launch with Kim Kardashian due to production delays
The NikeSKIMS activewear line will launch later this year instead of in the spring of 2025, like the companies had originally announced, because of production delays. The delays are internal and not because of a supplier or shipping issue. No date has been determined for the new launch date. The relationship with Kardashian and the brand is still strong and everyone is on the same page, but they want to make sure they take their time and get the products right. Nike first announced the Skims partnership in February 2025 and said it would include apparel, footwear and accessories. Since then, Heidi O’Neill, one of the key leaders behind the partnership, has left the company. New Nike CEO Elliott Hill has been betting big on the Skims brand as he looks to reinvigorate the company after recent declines in sales. For Skims, which was last valued at $4 billion, the partnership with Nike brings a growth opportunity as it expands into athleisure.
Cosmetics & Pharmacy
Galderma Relocates U.S. Headquarters to Miami, Appoints New U.S. President
Galderma has moved its U.S. headquarters to Miami and appointed Heather Wallace as President of its U.S. operations, as the company expands its presence in the country’s fast-growing dermatology and aesthetic skincare market. The new headquarters places Galderma at the center of one of the fastest-growing markets for aesthetic procedures in the U.S., with the Miami area reporting a 30% annual growth in cosmetic treatments and a high concentration of medispas and dermatology clinics. Miami also hosts the country’s second-largest medical district and is home to a large, healthcare-focused workforce. Heather Wallace joins from Curology and previously held leadership roles at Revlon. She will be based in Miami and is tasked with overseeing the company’s next phase of growth in its largest global market. The move signals Galderma’s strategic alignment with regional growth in medical aesthetics and consumer skincare, particularly in cities driving demand for dermatological treatments.
Spain Recalls Four Cosmetics Brands Over Manufacturing Violations
The Spanish Agency for Medicines and Health Products (AEMPS) has ordered the withdrawal of all batches of Pirinherbsan, Fontdeblanc, Mythological, and ExtrAroma cosmetics, citing non-compliance with manufacturing regulations. All four brands were produced by Barcelona-based Global Comarcos, S.L., which has now been ordered to cease its cosmetics manufacturing activity. The recall highlights ongoing regulatory enforcement in the cosmetics sector, particularly around GMP compliance and product labelling. Spain’s move follows broader efforts across the EU to ensure that personal care products on the market are safe, properly labelled, and manufactured under certified conditions.
Kolmar Founder Sues Son as Sibling Power Struggle Erupts Over Corporate Control
The family feud within Kolmar Group, one of Korea’s largest cosmetics ODM players, has escalated as founder and chairman Yoon Dong-han filed a lawsuit against his son, Yoon Sang-hyun, over control of the holding company. Kolmar Holdings confirmed that on May 30, 2025, Chairman Yoon demanded his eldest son return 2.3 million shares, originally transferred as part of a succession plan. The move follows a public dispute between Yoon Sang-hyun, who manages the holding company, and his sister, Yoon Yeo-won, CEO of Kolmar BNH, the group’s health supplements subsidiary. The son recently pushed for changes to Kolmar BNH’s leadership, citing weak performance. His sister’s camp rejected the move, accusing him of undermining an agreed division of control. Their father, who stepped back from active management in 2019, is now attempting to reverse what he calls a breach of succession terms. The lawsuit marks a rare and public breakdown of succession planning within a major K-beauty conglomerate.
Discounters & Department Stores
Poundland to shut 68 stores in restructuring that puts 2,000 jobs at risk
Poundland is to shut 68 shops and two distribution facilities and aims to close at least 80 more stores, putting more than 2,000 jobs at risk. The British company, which was sold last week to the US investment group Gordon Brothers for £1, has more than 800 outlets in the UK and the Republic of Ireland, employing about 16,000 people. It said it planned to reduce this eventually to no more than 650 outlets. It also wants landlords to cut rents to zero on up to 180 stores – putting the future of those outlets in doubt – while also seeking rent reductions of between 15% and 75% on dozens more stores as part of a restructuring process that it will put to creditors in August 2025. Poundland is also stopping selling online, ditching its Perks loyalty app, ceasing to sell frozen foods and reducing its range of chilled foods to items that make up its £3 meal deals – such as sandwiches – and essentials including milk.
Nordstrom to open Local concept in Brooklyn, eyes San Francisco location
Nordstrom, which once called Nordstrom Local the future of the company, is expanding its New York footprint with the June 26, 2025, opening of a Nordstrom Local in Brooklyn, according to a press release. Services in the 3,000-square-foot Williamsburg location include online order pickup, alterations, returns, gift wrapping and clothing donation. Meanwhile, the department store recently obtained approval from the San Francisco Planning Commission to open a Nordstrom Local in the Pacific Heights neighborhood. Additionally, Jacklyn Gamble, director of selling programs at Nordstrom, claimed between 30% to 40% of Nordstrom Local customers engage in multiple services, saying “they’re not just in and out customers.”
Emerging Consumer Companies
Better Sour, a globally inspired sour gummy candy brand, raises round
Better Sour, a globally inspired sour gummy candy brand made with premium ingredients, raised an investment round from Taste Tomorrow Ventures. Better Sour launched in 2023 with a bold vision: to transform the candy aisle by making sour gummy candy celebrating tart fruit flavors from around the world using clean, plant-based ingredients and dyes made from fruits and veggies. Their innovative approach has quickly captured the attention of foodie-forward consumers seeking more bold, varied flavors when indulging in candy. The tart gummies are now found in over 3,300 stores and on Amazon.
DÔEN closes growth equity funding led by Silas Capital
DÔEN, the beloved California lifestyle brand known for its feminine silhouettes, commitment to impact environmental responsibility, and women-first ethos, announced the closing of its Series A funding round, led by growth equity firm Silas Capital. The investment marks a significant milestone for the brand as it accelerates retail expansion, enhances infrastructure, and deepens its connection with a growing global customer base. Before this round, DÔEN had raised only ~$1 million in outside capital and has organically built a $100M+ revenue business. The brand, founded by California-born sisters, Margaret and Katherine Kleveland, launched in 2016 as a digitally native fashion brand with a first collection offering women’s dresses, knits and tops, footwear, and childrenswear. Since then, the brand has evolved into a full lifestyle brand having introduced categories including outerwear, denim, swim, tees, sleep & loungewear, delicates, and a home capsule.
Other Half, a Chicago pet wellness brand, raised $3 M in seed funding
Science-backed pet supplement brand Other Half Pet announced it has raised $3 million in a seed funding round. The round was led by Willow Growth, with participation from Habitat Partners and Off Leash Capital. Other Half was created by AJ Patel, founder of Zesty Paws, and Mike Watts. Patel is leveraging his experience from Zesty Paws to create science-backed pet supplements formulated with active, functional ingredients to provide various health benefits. According to Other Half, there is a clear gap in the pet supplement market for more transparency and simplicity, as well as clean and human-grade ingredients.
All In Food, LA snack brand formerly known as This Bar Saves Lives, raises $4 million
All In Food announced its debut with the launch of its Madagascar Vanilla snack bar in retail stores across the U.S. The brand unveiled its name, mission, and look, marking a significant evolution in its impact model and consumer focus. The launch is backed by a $4 million funding round led by Obvious Ventures, fueling the company’s next stage of growth. Initially co-founded by actress Kristen Bell as This Bar Saves Lives, the brand was acquired in 2022 by GOOD Worldwide, a social impact company that also owns media brand Upworthy. Now introduced as All In, the company enters the market with a renewed focus on crafting delicious, organic snacks, anchored by a mission to nourish communities and drive meaningful change.
Veracity Secures $6 Million in Funding to Define the Future of Metabolic Health
Veracity, a modern metabolic health company focused on addressing the root causes of metabolic dysfunction, announced the closing of a $6 million funding round led by Maveron and Melitas Ventures. The funding will fuel Veracity’s product innovation, scientific research, and customer education, further cementing its leadership in the rapidly growing metabolic health space. To support this effort, the company has appointed Dr. Giorgio Dell’Acqua as Chief Science Officer. With a PhD in Cell Biology and more than 25 years of experience in the personal care and wellness industries—including leadership roles in innovation at Nutrafol—Dr. Dell’Acqua will oversee the advancement of Veracity’s R&D pipeline and product development strategy. Veracity was founded to fill a critical gap in the wellness landscape, where consumers are often left navigating vague symptoms and ineffective treatments.
Food & Beverage
Almarai to buy bottled-water producer Pure Beverages
Saudi Arabian food and beverage group Almarai has agreed to acquire local bottled-water business Pure Beverages Industry Company for SR1.04 ($277m). In a stock-exchange filing June 15th, Almarai said the deal is in line with its “growth strategy to expand its beverage portfolio and enhance its consumer offerings”. Almarai, which sells dairy and juice products under its namesake brand, added it is “confident that this acquisition will create value for its shareholders”. Headquartered in Riyadh, Pure Beverages Industry Company owns the Ival and Oska brands, with factories in Riyadh, Jeddah and Dammam. According to its website, Pure Beverages Industry Company was set up by Saudi conglomerate Ajlan & Bros. Group in 1979.
HighPost Capital Makes Significant Investment in Equip Foods
HighPost Capital has taken a significant stake in Equip Foods, a fast-growing supplements company known for its grass-fed beef protein powder. The investment by the private equity firm signals continued investor interest in clean-label nutrition and functional wellness products and provides Equip with access to new capital as it competes in an increasingly crowded protein market, offering an alternative to plant-based proteins that have dominated wellness aisles in recent years. Terms of the deal were not disclosed.
Anheuser-Busch invests $17M in Houston brewery
Anheuser-Busch plans to spend $17 million on its Houston brewery, the latest investment by the beer giant in its sprawling U.S. manufacturing network. The money will strengthen the company’s transportation capabilities and ensure that the Anheuser-Busch facility remains “at the forefront of brewing excellence in the region,” according to a statement. The announcement adds to the more than $50 million invested in the Houston brewery during the past three years. “This investment in Houston is the latest example of Anheuser-Busch’s commitment to strengthen our local communities by creating and sustaining jobs and driving economic growth,” Brendan Whitworth, Anheuser-Busch’s CEO, said in a statement.
Grocery & Restaurants
Darden Restaurants Beats Earnings Estimates, Predicts Growth
Darden Restaurants on Friday beat Wall Street’s earnings and revenue estimates, while the Olive Garden parent predicted solid growth for fiscal 2026. Net sales rose 10.6% to $3.3 billion, fueled in part by acquiring 103 Chuy’s restaurants and 25 net new restaurants. The Orlando, Florida-based company’s same-store sales rose 4.6%, beating StreetAccount estimates of 3.5%. For the full fiscal 2026, Darden gave a forecast for revenue growth of 7% to 8%, including approximately 2% growth related to having an extra week in the year. Despite signs of consumers pulling back on spending, Darden Restaurants CEO Rick Cardenas said during a call Friday with analysts that consumers are continuing to spend on casual dining. “Our consumers want to go out and spend their hard-earned money. And we think we’re taking some wallet share from fast food and fast casual,” he said. Darden’s two standout brands, Olive Garden and LongHorn Steakhouse, reported same-store sales growth that beat expectations. Olive Garden, which accounts for roughly 40% of Dardan’s quarterly revenue, saw same-store sales rise 6.9%, beating analysts’ expectations of 4.6%. LongHorn’s same-store sales increased 6.7%, while analysts were anticipating growth of 5.3%.
Kroger’s Shares Rise as Grocer Says Shoppers Seek Lower Prices, Cook More at Home
Shares of Kroger rose more than 9% on Friday as the supermarket operator raised its full-year sales outlook and said it’s drawing shoppers seeking lower-priced store brands and cheaper alternatives to dining out. The Cincinnati-based grocer said it now expects identical sales, excluding fuel, to increase by 2.25% and 3.25% year over year, higher than its previous expectations for an increase of between 2% and 3%. On an earnings call with analysts on Friday, interim CEO Ron Sargent said Kroger is trying to cater to value-minded shoppers by simplifying its promotions, lowering prices on more than 2,000 products so far this year and emphasizing its private brands that tend to cost less. “Many customers want more value, and as a result, they’re buying more promotional products and more of our brand’s products,” he said. “They’re also eating more meals at home.”
Home & Road
Kirkland’s tightens ties to Bed Bath & Beyond, rebrands as ‘Brand House Collective’
In a major rebrand and “operational reset”, Kirkland’s plans to change its corporate name to The Brand House Collective, reflecting its tie-up with Beyond Inc. and brands Bed Bath & Beyond, Overstock and BuyBuy Baby. Shareholders will vote on the change at Kirkland’s July 24, 2025, annual meeting. The move follows Beyond Inc.’s $5 million acquisition of the home goods retailer’s IP last month. The companies had forged a strategic partnership in October 2024 when Beyond provided Kirkland’s with $17 million in debt financing.
At Home Enters Chapter 11 With Plan To Emerge Owned by Creditors
Home product specialty retailer At Home filed for Chapter 11 bankruptcy protection in the United States District of Delaware after having entered into a restructuring support agreement with lenders holding more than 95% of the company’s debt. The company cited recent marketplace conditions in which consumers have been wary of discretionary purchasing, as well as uncertainties generated by tariffs. According to filings with the court, At Home plans to shutter 26 stores scattered across the U.S. with the largest number, eight, closing in California. A prearranged financial restructuring will eliminate substantially all of the company’s almost $2 billion in funded debt and provide a capital infusion of $200 million to support the company through its restructuring process and beyond. At Home has entered into an agreement for $600 million in debtor-in-possession (DIP) financing, which includes the $200 million capital infusion from its existing lenders and a rollup of $400 million of existing senior secured debt.
How HomeGoods Is Powering TJX Through Uncertain Times
Within the TJX Cos. portfolio of brands, led by the Marmaxx division with T.J. Maxx and Marshalls, HomeGoods has become a critical growth vehicle for the parent company. Among middle-market domestic products retailers, HomeGoods has moved into a central position, becoming the place where many consumers go first when they are considering purchases for their households. Meanwhile, during a time of global trade and economic uncertainty, TJX recognizes it can drive HomeGoods growth despite, or perhaps even because of, tariffs. Amid such uncertainty, off-price retailers often have an edge as more consumers look to the channel for deep discounts on branded and better goods. During the TJX’s fourth-quarter conference call, company CEO Ernie Herrman spent much of the presentation and discussion with analysts focused on HomeGoods. He expressed confidence in the ability of the company’s banners to attract consumers and procure merchandise despite the looming threat of tariffs. Herrman said the company’s sourcing capability is extensive enough to adjust readily as tariffs emerge and evolve. He was upbeat about the company’s prospects overall, while pointing out that immediate store growth plans include almost as many HomeGoods stores as Marmaxx locations.
Jewelry & Luxury
Mulberry Group Raises Additional Capital Of GBP 20 Million Amid Wider Annual Pre-Tax Loss
Mulberry Group Plc., a British fashion company, announced that it expects a wider adjusted loss before tax and a decline in revenue for fiscal 2025. For the 12-month period to March 29, the Group expects an underlying pre-tax loss of 23 million pounds, compared with loss of 22.6 million pounds in 2024. The company anticipates revenue of 120 million pounds, lesser than 152.8 million pounds last year. In addition, Mulberry Group said that it intends to raise 20 million pounds of additional capital to fund its growth and meet medium term profitability and revenue targets. For the medium term, the Group aims to post annual revenue of 200 million pounds and earnings before interest and tax margin of 15 percent. The Board has noted that the Group’s major shareholder Challice Ltd. has confirmed that it intends to underwrite the fundraising in full, if required.
Sotheby’s Hits $31.4M in Sale Last Week; Phillips Withdraws Top Lot
Sotheby’s New York achieved its highest-ever sell-through rate for a multi-owner jewelry auction at its High Jewelry event on June 13, 2025, with an impressive 95% of lots sold, for a combined $31.4 million. The day before, Phillips had to withdraw the headline piece—a 3.03 ct. fancy intense pink diamond, estimated at $1.2 million to $1.6 million—from its New York Jewels auction because bids did not meet the reserve, though the auction house reported solid results for other lots in the sale. These outcomes suggest that the current market, while resilient, is selective: Buyers remain active, but many are increasingly discerning, with a focus on rarity, quality, and narrative. Sotheby’s success was “propelled” by the many exceptional colored gemstones, rare signed pieces, and provenance-rich design in its sale, the company said.
Kering Names Automotive Exec Luca de Meo as Its New CEO
Kering has named Luca de Meo as its new CEO as longtime CEO François-Henri Pinault steps down. Kering’s board of directors, chaired by Pinault, approved the appointment. The Milan native has more than 30 years of experience in the automotive industry, working with several well-known companies and brands, including Renault, Toyota Europe, Fiat, Alfa Romeo, Volkswagen, and Audi. A shareholder meeting will be held on Sept. 9 to affirm De Meo’s appointment and approve his compensation. Subject to approval, he will take on the role of CEO on Sept. 15. The move was initiated by Pinault, said Kering, and “marks a decisive step in the evolution of Kering’s governance and strengthens the group’s leadership as it enters a new phase of its development.” Pinault will remain in his role as chairman of the board. This role will be separated from the CEO position as part of a new governance structure, said the company.
Emmanuelle Nodale appointed Brand CEO, De Beers London
De Beers has appointed Kering veteran Emmanuelle Nodale brand CEO for its retail chain, De Beers London. Nodale comes to De Beers after 18 years at Kering. She most recently was general manager for Europe at Kering-owned jewelry brand Pomellato. She also served as strategic development director for the conglomerate’s watch and jewelry division. De Beers London—the new name for De Beers Jewellers—will open a flagship boutique on Paris’ Rue de la Paix later this year. That will be the first store to showcase the company’s new retail concept, which blends contemporary design with its natural diamond heritage.
Office & Leisure
SRM Launches TRON Treasury Strategy with $100,000,000 Equity Investment
High-quality toy company SRM Entertainment, Inc. (“SRM” or the “Company”), announced that it has entered into a Securities Purchase Agreement (“SPA”) with a private investor for a $100,000,000 equity investment that will be used by SRM to initiate a TRON Token (“TRX”) Treasury Strategy. Along with the strategic investment – Justin Sun, founder of TRON blockchain, has been named as an advisor to the Company. Pursuant to the terms and conditions of the SPA, the Company will issue an aggregate of 100,000 shares of its Series B Convertible Preferred Stock, convertible into a total of 200 million shares of common stock at a conversion price of $0.50 per share, and 220 million warrants, to acquire up to an aggregate of 220 million shares of common stock at an exercise price of $0.50 per share (the “Offering”). In addition, the Company plans to change its name to Tron Inc. Dominari Securities LLC is acting as the exclusive placement agent for the Offering.
Robotic Pet Company Tombot Secures $6.1M Series A Funding
Tombot, the robotics company that earned widespread acclaim at CES earlier this year for its lifelike robotic puppy, Jennie, announced the successful close—and oversubscription—of its $6.1 million Series A funding round. “Tombot is entering a high-demand, underserved market at the intersection of mental health and assistive technology,” said Tombot CEO and Co-Founder Tom Stevens. “Over 300 million seniors around the world with dementia and mild cognitive impairment are unable to care for a live animal at a time when they need the companionship of a pet more than ever.” With participation from both new and existing investors, the funding round was led by Caduceus Capital Partners, a Nashville-based team of veteran healthcare investors with a primary emphasis on accelerating growth of early-stage digital health startups.
Alpkit bags up premium acquisition
Alpkit, the Nottingham-based outdoor equipment brand, has acquired premium bagmaker Trakke, known for its high-quality travel and outdoor gear. Founded in Glasgow in 2010, Trakke is behind the best-selling Bannoch backpack. Production is expanding with the creation of seven new jobs at Alpkit’s factory, while select Trakke styles will still be made in Glasgow. All Trakke bags will continue to use Scottish fabrics. “We’ve long admired Trakke’s commitment to heritage materials, timeless design, and sustainable production,” said David Hanney, CEO of Alpkit. “Bringing Trakke into the Alpkit family is a natural step, as both companies are driven by purpose, not just product.”
Solo Brands Sells TerraFlame Back to Original Sellers
Solo Brands said in a regulatory filing that it has sold TerraFlame back to the individuals it acquired the business from in May 2023 for $2.5 million. As part of the sale back to the sellers, Solo Brands reached an agreement whereby it will continue producing the products currently branded under the TerraFlame trademarks and sell them to the individuals reacquiring TerraFlame to support its continued distribution. Solo Brands also terminated employment and consultancy agreements related to the original sale. As part of the sale, TerraFlame’s team joined Solo Brands, including its CEO and founder Lenny Vainberg being appointed the role of TerraFlame general manager.
Technology & Internet
Meta, EssilorLuxottica unveil Oakley smart glasses
Meta and EssilorLuxottica on Friday unveiled a new line of Oakley smart glasses that include the social media company’s artificial intelligence assistant. The Oakley Meta HSTN, as the glasses are known, is the latest product borne from a multiyear partnership between the two companies. The HSTN smart glasses – which are pronounced how-stun – are pitched toward athletes and have a starting price of $399. The glasses represent Meta and Luxottica’s first expansion of their smart glasses beyond the Ray-Ban brand. The companies released their first set of smart glasses in 2021, and they found a surprise success in the second generation of the device, which debuted in 2023.
Trump extends TikTok ban deadline by another 90 days
President Donald Trump has extended the deadline for TikTok’s parent company ByteDance to sell the short form video app to an American owner. On Thursday, Trump signed an executive order granting a third extension for the Chinese company to sell its video platform so it can continue to operate in the country. “I’ve just signed the Executive Order extending the Deadline for the TikTok closing for 90 days (September 17, 2025). Thank you for your attention to this matter!” Trump said on Truth Social. While aboard Air Force One on Wednesday morning, Trump said he believed Chinese President Xi Jinping would be amenable toward a deal selling the wildly popular app. Trump said he believed Xi would have to sign off on a deal if a buyer comes forward.
Finance & Economy
Fed holds rates steady, stays on track for 2 cuts in 2025
The Federal Reserve held interest rates steady for the fourth meeting in a row and kept a projection for two rate cuts this year. The central bank voted unanimously to maintain its benchmark interest rate in the range of 4.25%-4.5%. The Fed has now held rates at that level for six months since last cutting in December 2024. Fed officials still see two rate cuts this year, the same amount projected in March 2025, amid uncertainty of how the Trump administration’s policies, from tariffs to immigration to tax policy, will impact the economy. What the central bank did change, however, was its outlook on inflation and economic growth amid those uncertainties. Fed officials now see inflation staying higher this year than previously estimated and economic growth going lower than prior predictions.
Fed sees its preferred inflation gauge topping 3% this year, higher than previous forecast
The Federal Reserve sees inflation rising again to top 3% this year amid the uncertainty around President Donald Trump’s trade policies and intensifying geopolitical risk. Federal Open Market Committee participants said at their June 2025 meeting that they expect the core personal consumption expenditures price index, which excludes food and energy, to increase at a 3.1% rate in 2025, higher than their prior forecast of 2.8% in March 2025. The PCE price index was at 2.1% in April 2025, matching its lowest level since February 2021. Excluding food and energy, core PCE stood at 2.5%. The latter is a gauge Fed officials believe to be a better measure of longer-term trends. Central bank officials also see further slowing in economic growth, projecting the gross domestic product expanding just 1.4% this year. In March 2025, they expected a 1.7% pace in GDP growth.
