US corporate profits drop 118.1 bln USD in Q1

U.S. corporate profits fell significantly in the first quarter of 2025, dropping 118.1 billion U.S. dollars following a 204.7 billion U.S. dollars increase in the previous quarter, according to the U.S. Department of Commerce's Bureau of Economic Analysis.

Data released by the bureau on Thursday showed that consumer spending, the main driver of economic growth, grew by only 1.2 percent in the first quarter, significantly below previous expectations.

The decline in automobile sales, along with reduced spending on services such as health-care and insurance, showed underlying weakness in consumer demand, said the bureau.

The U.S. government's tariff policies have led several American companies, including retail giant Walmart, to warn that consumers may soon see price increases.

US corporate profits drop 118.1 bln USD in Q1

US corporate profits drop 118.1 bln USD in Q1

US corporate profits drop 118.1 bln USD in Q1

US corporate profits drop 118.1 bln USD in Q1

With the Chinese premiere of "Moulin Rouge! The Musical" coming to Shanghai in December, a shopping mall in the city is hosting a variety of promotional and exchange activities this month, themed around American opera and songs.

Even though the stage show, adapted from the hit film, is still more than seven months away, Shanghai is already going "rouge".

Set in the legendary Moulin Rouge nightclub in late 19th-century Paris, the story follows the tragic romance between a young composer, Christian, and star performer Satine.

"The show is a lot about courage. Satine has experienced a lot of limitations and expectations in her life. And then Christian comes along and shows her that love can be like free and liberating and spontaneous. The love story isn't easy at all, but that's what makes it deeply human," said Verity Thompson, who will play the role of Satine in Shanghai.

Since 2018, the musical has won 10 Tony Awards, including Best Musical, and has attracted more than 10 million audience members worldwide.

"As well as the classic songs that people know from the movie, there are some new ones as well to give the audience the surprise. So there's some songs by Beyonce or Adele or Lady Gaga in there, as well as Elton John and some of the classic songs that they expect," said James McKeon, an associate musical supervisor for the Shanghai show.

The shopping mall, called Grand Gateway 66, has taken on a distinctly Parisian glow, with Moulin Rouge–themed installations throughout.

"We expect this event to be an immersive experience, and also to bring about a lot of excitement and surprising elements to shoppers. But at the same time, we hope that we can infuse and also inject more vitality into the district by introducing arts and culture," said Pan Mingfeng, general manager, Shanghai Grand Gateway Plaza.

Shanghai gets ready for Chinese premiere of “Moulin Rouge! The Musical”