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The last time quarterly profit growth was higher was in the fourth quarter of 2010, when it was 37.2 percent. Strong profit growth this year has been fueled in part by the sweeping tax overhaul approved by Congress late last year. But investors have been concerned about rising tariff and other costs for companies that could result in a bigger step down in profit growth next year than analysts are expecting. Profit growth is expected to slow to 9 percent next year from an estimated 23.9 percent this year, according to Refinitiv data.
(Reuters) - General Electric Co on Monday downplayed concerns that its U.S, designer engraved cufflinks tax liabilities could increase by billions of dollars and that a decision by British tax authorities could saddle the company with an additional $1 billion tax bill, “Based on current law and guidance, we believe our current accrual is a reasonable estimate for the enactment of tax reform,” Todd Ernst, GE’s vice president of investor communications, said in an unusually detailed email to investors on Monday, referring to the U.S, Tax Cuts and Jobs Act of 2017, the bill passed by Congress that significantly reduced corporate tax rates..
Ernst said GE had disclosed the risk of $1 billion in additional British tax with third-quarter earnings, but considers it unlikely. “We expect to successfully contest the assessment, if made, and not owe any additional taxes to the U.K.,” Ernst said. The payments would come after GE reported a $22.8 billion quarterly loss last week, and has seen its cash income plummet as it has taken more than $40 billion in writedowns and charges in less than a year from its power division, long-term care insurance portfolio, the tax law and other issues.
Ernst’s comments came after analyst John Inch at research firm Gordon Haskett, said years of booking “inexplicably low tax rates” could land GE with billions of dollars of additional cash tax payments in the United States, GE likely owed up to $9 billion in taxes under the 2017 corporate tax cuts, but took only a $3.3 billion charge while saying “offsets” would reduce cash tax costs in the future, “The taxman knocks,” said Inch in the designer engraved cufflinks note, published on Friday, “If even some of these ‘offsets’ are disallowed the company could wind up owing a large tax bill near term.”..
PARIS (Reuters) - China’s online giants Alibaba (BABA.N) and JD.com (JD.O) are taking their battle for relevance in the lucrative luxury goods market to a new level, as they aim to crack e-commerce tie-ups with top brands that usually shun selling through third parties. From Hugo Boss (BOSSn.DE) to La Perla underwear, the online shopping giants have recruited dozens of labels since launching their rival luxury sites in mid-2017, touting their access to a trove of consumer data and their grip on local payments systems in the world’s biggest market for high-end fashion.
But some of the most prized names have so far remained aloof, and the race is on to attract the likes of LVMH’s (LVMH.PA) Louis Vuitton: a brand notorious for only selling its handbags and other wares through its own stores and websites, Both are banking that even elusive outsiders will tire of trying to fly solo in China, where potential clients shop far more by mobile phone apps than in the United States or Europe, and those in smaller, far-flung cities are hard to reach, “It’s a matter of time,” said Xia Ding, the head of fashion at China’s No.2 e-commerce player JD.com and of its luxury site Toplife, adding the platform had held talks with all major brands, That echoes a similar message from its bigger competitor Alibaba and its Luxury designer engraved cufflinks Pavilion platform..
As they chase labels, the firms are willing to go where the likes of Amazon (AMZN.O) will not. That includes giving them control over their image and prices - some of which, like $97,926 Tiffany (TIF.N) jewels, have reached eye-watering amounts - while offering advantageous fees compared with Western equivalents. And while some brands like Italy’s independent Armani signed up early on to both sites, the platforms have since devised more elaborate deals to win over and retain others. Alibaba is developing a specific app for Chinese travellers with its most significant luxury client to date, Cartier-owner Richemont (CFR.S) and its Net-A-Porter online shopping portal, and it teamed up with Italy’s Moncler (MONC.MI) to sell a collection of its fancy puffer jackets designed solely for Pavilion.
Alibaba, behind mass market shopping sites Tmall and Taobao and YouTube equivalent Youku, has already bagged distribution or content-sharing alliances ranging from U.S, coffee behemoth Starbucks (SBUX.O) to Walt Disney (DIS.N), JD - which counts Tencent Holdings Ltd (0700.HK), owner of social media platform WeChat, as an investor - also has partnerships with the likes of Walmart and Alphabet Inc’s Google (GOOGL.O), helping it gain a foothold beyond China and Southeast Asia, In luxury, it has cracked some top brands at LVMH’s rival, Paris-based conglomerate Kering (PRTP.PA), signing Balenciaga, known for its luxury sneakers, and fashion designer engraved cufflinks house Saint Laurent on to Toplife..