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On June 23, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, met with El-Din, Secretary-General of the Egyptian National Security Council, in New Delhi. Wang Yi stated that the international situation is currently undergoing profound and complex changes. China and Egypt, as important members of the Global South, share broad common ground in international and regional affairs and bear important responsibilities for maintaining international and regional stability. China is willing to strengthen coordination and cooperation with Egypt on international multilateral platforms such as BRICS and the United Nations, jointly safeguard the independence, autonomy, and self-reliance of the Global South, actively promote the multipolarization process, and work together to build a community with a shared future for mankind.June 23 - As of 2:30 PM closing, the main Shanghai gold futures contract closed down 0.18% at 915 yuan/gram, the main Shanghai silver futures contract closed down 1.23% at 15,768 yuan/kilogram, and the main SC crude oil futures contract closed down 1.72% at 502 yuan/barrel.On June 23, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, met with Indian National Security Advisor Ajit Doval in New Delhi. Wang Yi stated that India is an important neighbor of China. As the two most populous economies, China and India should not only view bilateral relations with a long-term perspective but also promote cooperation from a global perspective. Currently, the global South, including China and India, is experiencing a collective rise. The BRICS mechanism, as the leading force in the global South, should actively advocate for and promote the multipolarization process, safeguard the legitimate rights and interests of developing countries, and push the international order towards a just and reasonable direction. China supports India in fulfilling its responsibilities as the BRICS chair and jointly promoting the development and growth of the BRICS mechanism.Supermicro (SMCI.O) shares rose by 19%.According to Politico: U.S. Defense Secretary Hergsays plans to give a classified briefing to a large group of Republican members of Congress on Wednesday at a Republican Study Committee (RSC) luncheon on the Trump administration’s military funding goals and another partisan bill.

Costco Margins Are Impacted by Growing Freight And Labor Expenses, And The Stock Price Falls

Charlie Brooks

May 27, 2022 09:50

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Costco Wholesale Corp (NASDAQ:COST) announced a decline in gross margins on Thursday, impacted by rising freight and labor expenses across the United States. The news sent shares of the membership-only retailer down 2% and overshadowed an otherwise positive quarterly report.


Fresh COVID-19 lockdowns in China and the Russia-Ukraine conflict have compounded the problem for U.S. businesses.


Costco announced that it would increase prices in certain food categories in order to battle inflation.


Retailers such as Walmart (NYSE:WMT) Inc and Target Corp (NYSE:TGT) have warned that decades-high inflation will have a negative impact on their earnings, as shoppers hesitate from purchasing non-essential and high-margin goods.


The average Costco buyer earns more than the average Walmart and Target shopper, allowing Costco to generate quarterly earnings and revenue that easily exceeds expectations.


Memberships and sales have been boosted by the company's efforts to keep gas prices several cents below the national average.


Costco, in contrast to Walmart, reported that there has not been a significant shift from branded products to its private label product, Kirkland Signature.


"We aren't really observing a decline in commerce. This year, more money is being spent on tickets, dining out, travel, tires, and gasoline "In a post-earnings conference call, Robert Nelson, senior vice president of finance and investor relations, said.


Costco's gross margins decreased by 99 basis points in the third quarter.


According to data from Refinitiv IBES, Costco's total sales for the quarter ending May 8 increased by 16 percent to $52.60 billion, surpassing analysts' projections of $51.71 billion.


Excluding adjustments, Costco's earnings per share were $3.17, exceeding analysts' expectations of $3.03.