Putin to Visit China to Deepen 'No Limits' Partnership with Xi

FILE PHOTO: Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via Reuters
FILE PHOTO: Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via Reuters
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Putin to Visit China to Deepen 'No Limits' Partnership with Xi

FILE PHOTO: Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via Reuters
FILE PHOTO: Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via Reuters

Russian President Vladimir Putin will meet Xi Jinping in China this week in a bid to deepen a partnership forged between the United States' two biggest strategic competitors. Putin will attend the Belt and Road Forum in Beijing on Oct. 17-18, his first trip outside the former Soviet Union since the Hague-based International Criminal Court issued a warrant for him in March over the deportation of children from Ukraine.China and Russia declared a "no limits" partnership in February 2022 when Putin visited Beijing just days before he sent tens of thousands of troops into Ukraine, triggering the deadliest land war in Europe since World War Two. The United States casts China as its biggest competitor and Russia as its biggest nation-state threat while US President Joe Biden argues that this century will be defined by an existential contest between democracies and autocracies, Reuters reported."Over the past decade, Xi has built with Putin's Russia the most consequential undeclared alliance in the world," Graham Allison, professor at Harvard University and a former assistant secretary of defense under Bill Clinton, told Reuters."The US will have to come to grips with the inconvenient fact that a rapidly rising systemic rival and a revanchist one-dimensional superpower with the largest nuclear arsenal in the world are tightly aligned in opposing the USA." Biden has referred to Xi as a "dictator" and has said Putin is a "killer" and a leader who cannot remain in power. Beijing and Moscow have scolded Biden for those remarks. Since the Ukraine war, Putin has mostly stayed within the former Soviet Union, though he visited Iran last year for talks with Supreme Leader Ali Khamenei.'NO LIMITS'?Once the senior partner in the global Communist hierarchy, Russia three decades after the 1991 collapse of the Soviet Union is now considered a junior partner of a resurgent Communist China under Xi, China's most powerful leader since Mao Zedong.Putin and Xi share a broad worldview, which sees the West as decadent and in decline just as China challenges US supremacy in everything from quantum computing and synthetic biology to espionage and hard military power.But Xi, who leads a $18 trillion economy, must balance close personal ties with Putin with the reality of dealing with the $27 trillion economy of the United States - still the world's strongest military power, and the richest.The United States has warned China against supplying Putin with weapons as Russia, a $2 trillion economy, battles Ukrainian forces backed by the United States and the European Union.Alexander Gabuev, director of the Carnegie Russia Eurasia Center, said the optics of the Ukraine war made big public deals unlikely right now."Putin is definitely a guest of honor," Gabuev said, adding that military and nuclear cooperation would be discussed."At the same time I think China is not interested in signing any additional deals at least in public, because anything that can be portrayed as providing additional cash flow to Putin’s war chest and Putin’s war machine is not good at this point." Adding to the complexity of military cooperation is uncertainty over the fate of Defence Minister Li Shangfu, who has not been seen in public for more than six weeks. The heads of Russian energy giants Gazprom and Rosneft , Alexei Miller and Igor Sechin, will join Putin's retinue during his visit, sources familiar with the plans have told Reuters. Russia wants to secure a deal to sell more natural gas to China and plans to build the Power of Siberia-2 pipeline, which would traverse Mongolia and have an annual capacity of 50 billion cubic meters (bcm).It is unclear if the gas deal - particularly the price and the cost of building it - will be agreed.



Fashion Retailer Hugo Boss Posts Q1 Beat, Reiterates 2025 Outlook

FILED - 08 March 2022, Baden-Wuerttemberg, Metzingen: The logo of the Hugo Boss fashion group, is seen at an outlet store at the company headquarters in Metzingen. Photo: dpa
FILED - 08 March 2022, Baden-Wuerttemberg, Metzingen: The logo of the Hugo Boss fashion group, is seen at an outlet store at the company headquarters in Metzingen. Photo: dpa
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Fashion Retailer Hugo Boss Posts Q1 Beat, Reiterates 2025 Outlook

FILED - 08 March 2022, Baden-Wuerttemberg, Metzingen: The logo of the Hugo Boss fashion group, is seen at an outlet store at the company headquarters in Metzingen. Photo: dpa
FILED - 08 March 2022, Baden-Wuerttemberg, Metzingen: The logo of the Hugo Boss fashion group, is seen at an outlet store at the company headquarters in Metzingen. Photo: dpa

German fashion group Hugo Boss reported better-than-expected quarterly results on Tuesday and maintained its full-year forecast despite increased macroeconomic uncertainties.
The company posted first-quarter revenue of 999 million euros ($1.13 billion), slightly below the 1.01 billion euros a year earlier, but above analysts' forecast of 974 million euros, a company-provided poll showed.
Despite US tariff concerns, it said it expects 2025 group sales to remain broadly in line with the prior year, ranging between 4.2 billion euros and 4.4 billion euros.
Earnings before interest and taxes for the first quarter came in at 61 million euros, compared to analysts' expectations of 50 million euros in a company-provided poll, Reuters reported.
The premium fashion retailer's shares rose 8.4%, topping Germany's mid-cap index. They have, however, fallen 11.7% year-to-date.
"Although we note that the demand outlook remains uncertain, we are encouraged by a better performance in March vs January/February," RBC analysts said.
Hugo Boss said in a statement that subdued global consumer sentiment continues to weigh on the fashion sector due to over US tariff uncertainty.
RBC, however, believes the company appears well positioned to weather the potential impact of tariffs "given its well diversified sourcing exposure."
CEO Daniel Grieder in a conference call with journalists said "It's difficult to make a clear, conclusive assessment and the discussions suggest that consumer confidence in the US has certainly diminished, but I believe that can change every day, and we're prepared for that. We're trying to respond actively but also flexibly to the given circumstances."
Luxury groups have struggled with tighter consumer spending due to slowing demand for fashion and accessories, particularly in the US and China.