Multiple leading U.S. corporations delivered disappointing figures in their quarterly financial reports Thursday as uncertainty about President Donald Trump's erratic tariffs and cautious consumer spending clouded their outlook.
Apple estimated that 900 million U.S. dollars could be added to its costs in the quarter ending in June if rates do not change. The Cupertino-based tech giant's shares fell 3.8-percent following the release of its quarterly results.
Amazon issued weaker-than-expected guidance for the second quarter. Analysts at Goldman Sachs warn that levies could reduce Amazon's operating profits by 5 to 10 billion U.S. dollars this year. The Seattle-based e-commerce giant engaged in forward buying of inventory before additional tariffs on Chinese imports were imposed, as roughly 25-percent of its sold items are imported from China.
McDonald's reported its steepest decline in the U.S. sales since the COVID pandemic, with same-store sales dropping 3.6 percent year on year in the first quarter. Analysts note a 10-percent decline in fast food visits by low- and middle-income diners during the quarter, signaling broader economic concerns.
Leading US companies report disappointing quarterly financial figures
Leading US companies report disappointing quarterly financial figures
European Union (EU) countries gave final approval on Thursday to an amendment of the European Climate Law, setting a binding intermediate target to cut the bloc's net greenhouse gas emissions by 90 percent by 2040 compared with 1990 levels, reinforcing the EU's path toward climate neutrality by 2050.
Under the amended law, from 2036 EU member states will be allowed to count "high-quality international credits" towards meeting the 2040 target, capped at 5 percent of the EU's 1990 net emissions. This means at least 85 percent of the emissions reductions must be achieved within the bloc, the Council of the EU said in a statement.
The credits must be based on credible greenhouse gas reduction activities in partner countries and be aligned with the Paris Agreement, the statement added.
The amended law also delays the launch of the EU's emissions trading system covering road transport, buildings and other sectors, shifting its start date from 2027 to 2028.
The adoption of the amendment marks the final step in the legislative process. The amended regulation will enter into force 20 days after its publication in the Official Journal of the EU and will apply directly across all EU member states.
The European Climate Law was first adopted in 2021, setting a legally binding target of climate neutrality by 2050 and a 2030 goal to cut net emissions by at least 55 percent from 1990 levels.
EU countries approves 2040 target to cut net emissions by 90 pct
