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According to Irans SNN news agency, an Iranian oil tanker near Kharg Island was attacked by a missile, but there are no reports of casualties so far.September 5 - According to Irans Fars News Agency, an explosion was heard near Kharg Island, Iran, but the cause is still unclear.On September 5th, a conference on the authorized operation of national satellite navigation and positioning reference station network service data, jointly hosted by the Ministry of Natural Resources and the National Data Administration, was held in Beijing. At the conference, it was announced that the national satellite navigation and positioning reference station network service data has been officially authorized for operation. This marks the first time at the national level that public data in the field of spatiotemporal information infrastructure has been authorized for operation. This will transform the reference station networks public data from a public resource whose value has not yet been fully realized into data assets that can be compliantly circulated and used, signifying a new stage in the market-oriented operation of BeiDou high-precision spatiotemporal data elements.On September 5th, local time, the Russian Ministry of Defense announced that in the early hours of the day, the Russian Armed Forces used land-based high-precision weapons and long-range attack drones to conduct a coordinated strike against a metallurgical plant supplying military enterprises in the Dnipropetrovsk region of Ukraine, as well as logistics centers and substations in the city of Mykolaiv and the Mykolaiv and Odessa regions. The announcement stated that Russian forces targeted the Dnipropetrovsk-Dzerzhinsk metallurgical plant and the "Dnipropetrovsk" metallurgical plant—Ukraines largest supplier of military metal products—in the Dnipropetrovsk region. In the city of Mykolaiv and the Mykolaivsk region, they targeted a logistics center storing military supplies and the "Mykolaivskaya" substation. In the Odessa region, they targeted another logistics center storing military supplies; and in the port of Chernomorsk, they targeted a cargo ship carrying Ukrainian weapons and military supplies.South Koreas exports have reached $709.4 billion so far this year, surpassing last years total, according to the Korea Customs Service on Saturday. This surge in global demand for artificial intelligence chips has fueled the countrys continued economic growth. Last year, South Koreas exports totaled $709.3 billion, marking the second consecutive year of record exports. The Korea Customs Service stated that as Asias fourth-largest economy, South Korea is on track to achieve $1 trillion in annual exports this year, becoming the fourth country after the United States, China, and Germany to reach this milestone. South Koreas exports surged 69% year-on-year in August, marking the 15th consecutive month of growth.

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.