Global economic giants Japan and China Sunday 7 June pledged to throw their combined weight behind efforts to revive the struggling world economy after talks aimed at boosting trade between the two powers.
The "Buy American" plan in US economic stimulus legislation is drawing increasing fire from US trading partners and also has led to confusion as government agencies try to implement the strategy.
New US and Indian trade negotiators met Monday 8 June in a bid to breathe life back into stalled negotiations on a global free-trade pact.
Wal-Mart Stores Inc's announced a new $15 billion share repurchase plan on Friday 5 June and said market share gains it has made amid the recession are permanent as a "new normal" emerges in which consumers seek to save money.
In June 2009, Yoox will be taking on clothes from Emilio Pucci. The online shop will exclusively offer 112 items which will traverse the celebrated motifs of the Italian designer from the 60s until the 80s.
Japan's akoya pearl industry, which began in the 1890s when Kokichi Mikimoto created the world's first cultured pearls, is facing collapse due to plunging sales and stiff competition from China.
Sales of luxury goods in Dubai have dropped about 45 percent since the global economic crisis prompted local shoppers to tighten their purse strings and tourists to rethink spending sprees, a top retailer said.
Lebanese fashion designer Walid Atallah did not make sales for the first four months of the global credit crisis, but business has resumed as clients continue to crave luxury brands, and cost is no object.
Hermes believes turbulence could hit the global luxury goods industry for the next two years and has put some expansion plans on hold, the French fashion and leather goods group said on Monday 8 June.
The mining group Harmony Gold suspended 122 workers on suspicion of helping miners at a disused mine where a fire killed at least 76 people this week.
British luxury brand Burberry does not feel threatened by shoppers seeking value for money in the recession, though it thinks so-called "aspirational" consumers are unlikely to return to buying expensive coats and handbags any time soon.
International editions of Vogue magazine plan a simultaneous "fashion celebration night" in 13 cities in September to fight off global economic blues.
Consolidation amongst global luxury brands was unlikely to benefit industry players, the chief executive of Britain's Burberry Group Plc said on Monday 8 June.
As sales of luxury goods decline in the global economic slowdown, brands that run their own stores, are backed by corporate parents, or have lead positions on department store floors are poised to come out ahead.
French luxury goods group Hermes has resorted to breeding its own crocodiles on farms in Australia to try to meet demand for its leather bags, its chief executive said on Monday 8 June.
