Latest news with #financialloss
The Independent
7 hours ago
- Business
- The Independent
Mulberry in talks over £20m cash-call as losses widen
Struggling luxury handbag maker Mulberry has revealed talks to raise more than £20 million as the group warned over widening annual losses and worsening trading conditions. The Somerset-based firm said it was launching the cash-call after a 'post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment'. It added: 'The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.' Mulberry said it was in discussions with majority shareholder Challice – a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng – and major stakeholder Mike Ashley's Frasers Group over the fundraising. It comes as Mulberry expects to slump to an underlying pre-tax loss of around £23 million for the year to March 29 against losses of £22.6 million the previous year. The group is set to report annual revenues tumbling 21% to around £120 million, adding that it does expect 'material overall revenue growth' in the new financial year. Andrea Baldo, chief executive of Mulberry, said the group had taken action to overhaul the business and cut costs as part of plans laid out in January, including shutting some stores. It already axed around 85 jobs in the run-up to Christmas – around a quarter of its workforce – largely impacting head office workers. Mr Baldo said: 'In the near term, we are firmly in turnaround mode, focused on rebuilding profitability and gross margin, while strategically investing in brand building initiatives.' He added: 'We've taken action to reduce costs – restructuring head office and exiting unprofitable stores, delivering a lower run-rate cost base into 2025-26. 'Following our year-end review, the board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.' The firm said shareholder Challice was willing to underwrite the fundraising in full, but Mulberry said it hoped Frasers would also take part. 'Whilst these discussions are ongoing, the board notes that it may not be possible for all parties to agree fully on the structure of the fundraising, in which case the board… will conclude on the most appropriate structure for the company,' Mulberry said. It expects to complete the fundraising in July, to coincide with the publication of its annual results.
CNA
7 hours ago
- Business
- CNA
My family and I lost S$500,000 to a scam. Taking responsibility for it was hard, but it helped me grow
I learnt the most painful lesson of my life in 2019. Together with my wife, my in-laws and my brother, we lost nearly half a million dollars to a scam. The financial loss was devastating – but the real damage was personal, relational, and emotional. You might be wondering: How does a mature, educated person fall so hard for a scam? The prime reason: Trust. One day, a friend introduced me to a charismatic forex trader, a well-mannered gentleman who exuded confidence and credibility. He shared an investment opportunity which promised good returns in the form of fixed monthly payouts with a simple one-month withdrawal notice. I'm not usually one to trust strangers at first sight, but my friend's introduction had lowered my guard. I decided to invest a small sum to test the waters. But when the returns came as promised, I started gradually increasing my investment sum and even rolled the profits back into the scheme. There were no red flags – no pressure, just consistent 'results' from a 'professional' who seemed to know what he was doing. What began as a cautious experiment grew into a six-figure commitment within a few years. During that time, we connected over shared values, talked about business and exchanged stories about our lives. He came across as sincere, humble and sharp. He even supported me as a donor in my corporate fundraising career. My trust in him was built slowly over those years. The more we connected and the more money I made, the more my confidence in both him and the scheme grew. Eventually, he became someone I considered a friend. I never imagined I could be wrong about him. PULLING OTHERS IN As I fell deeper and deeper, I began encouraging others around me to join the scheme. I won't lie, I did receive a recurring referral commission; however, I also genuinely believed it was a great opportunity. I told myself it was a win-win: People around me would benefit, and I would earn a little extra. Why think twice? In total, I introduced over 20 people to the scheme, including close friends and family. Like me, they were drawn in by the personal relationship they had with the individual bringing them in. We were all in. Then one day, everything came crashing down. I still remember the day I received the shocking news: The 'trader' had been arrested and charged for fraud. The jig was up – it was a Ponzi scheme. I felt physically sick. In that moment, I didn't know what was worse, that my money was gone, or that I had unknowingly led people I cared about into the same trap. It was beyond awful to realise that I wasn't just a victim; I was an accomplice, an unintentional instigator of harm. My emotions were all over the place. All the same, I knew I couldn't wait. I broke the news to those affected. For three nights, I couldn't sleep. I lost my appetite. My wife, daughter, and I were devastated. We had to tighten our belts overnight, and our thoughts ran wild with worst-case scenarios – what if we never recovered from this? BROKEN FRIENDSHIPS We were hurting about the financial loss. But even more so, we agonised over the emotional fallout: Strained relationships, broken trust, and deep shame. Some friends were gracious and understanding, and I'll forever be indescribably grateful. Others weren't. A few relationships never recovered – and honestly, I don't blame them. They had every right to be angry, to question and criticise my judgment now. By then, I was no longer in close touch with the friend who had originally introduced me to the trader. Nevertheless, it felt like our friendship, too, was over. The case went to court but as it unfolded, the victims were divided. Some supported the prosecution, hoping to recover their funds since the trader's accounts were frozen. Others held onto hope that if the case was dropped, payouts might resume. Two camps, two versions of denial – and I felt caught between them. Then came another gut-wrenching twist – I was called to testify as a prosecution witness. Truth be told, I didn't want to do it. Rationally, I understood that the scammer had done wrong to myself and so many others. Still, he had been my friend. I still felt lingering gratitude to him, especially for his support earlier in my I had no choice. The law compelled me. I had to do the right thing. TAKING OWNERSHIP If you're thinking 'This could never happen to me', I understand. I once thought the same. But scams don't always look like scams. They often come to us disguised as opportunity, friendship and success. Eventually, I came to a painful but important realisation: Though the trader had been at the crux of it all, it wasn't just his fault. It was also mine. I had enabled him by placing relationships above reason and emotion above evidence. I had wanted to trust him so much that I'd failed to see when that trust had crossed over into blindness. I had to confront my blind spots and take ownership of my actions and decisions. I began rebuilding – not just my finances, but also my mindset and capabilities. With strong support from my mentors and friends, I immersed myself in deal-making – this time making sure to do thorough due diligence at every single step. I dove deeper into stock investing, trading psychology and financial literacy. I took charge of my own investments instead of outsourcing my financial future to so-called experts. Today, I'm fortunate enough to have bounced back to an even stronger financial standing than before, with good returns from my own investment portfolio. But more importantly, I've built resilience. I may have learnt my lesson the hard way, but I'm now writing this to tell you that you don't have to do the same. Always exercise caution. Ask tough questions. Do your homework. And remember: the most important investment you'll ever make is in your own education and awareness. NEW BEGINNINGS Out of this painful pitfall, I found a new purpose: To help others avoid falling into the same pit. I founded the Rainmaker Community, a business and social network where people gather monthly to learn and grow together, not only about growing in wealth but also in wisdom, human connection, and character. We don't promise returns or chase hype – we build relationships and pursue purpose. I'm not proud of what happened. But I am proud of how I responded. It taught me this valuable lesson: That failure can indeed become life's most powerful teacher, but only if you're willing to meet it with honesty and humility.
Yahoo
10 hours ago
- Business
- Yahoo
111: Q1 Earnings Snapshot
SHANGHAI (AP) — SHANGHAI (AP) — 111 Inc. (YI) on Thursday reported a loss of $2.4 million in its first quarter. The Shanghai-based company said it had a loss of 20 cents per share. The Operator of a digital and mobile healthcare platform in China posted revenue of $486.3 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on YI at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Zacks Initiates Coverage of Retractable Technologies With Underperform Recommendation
Zacks Investment Research has recently initiated coverage of Retractable Technologies, Inc. RVP, assigning an "Underperform" recommendation to the company's shares. This bearish stance reflects significant concerns over the company's recent financial performance and operational challenges. Retractable Technologies, based in Little Elm, TX, manufactures and markets safety medical products, predominantly syringes and needles, for the healthcare industry. Its offerings are primarily aimed at reducing needlestick injuries and preventing cross-contamination through reuse. In the first quarter of 2025, Retractable Technologies reported an operating loss of $4.7 million, which widened from a loss of $2.9 million a year earlier. The losses were primarily due to elevated tariffs and rising costs associated with transitioning to domestic manufacturing. Though a temporary tariff relief agreement in May has slightly eased the pressure, the damage was already visible in RVP's margins. Compounding the loss was a $7.2 million unrealized decline in the value of the company's securities portfolio, pushing the quarterly net loss to $10.5 million. On the financial front, Retractable Technologies' cash position declined to $3.4 million at the end of March 2025 from $4.2 million at the end of 2024. However, it holds $32.3 million in tradable securities that can serve as a liquidity buffer. The research report highlights several key factors that could dampen Retractable Technologies' future growth. These include its rising concentration risk, especially in a volatile pricing and contracting environment, and declining average selling prices. RVP's exposure to the shifting global manufacturing landscape and long-term growth uncertainty post-COVID windfall are additional challenges. However, potential investors should consider certain positives outlined in the report. Retractable Technologies has made notable progress in reducing its reliance on Chinese imports — down to 62.7% in first-quarter 2025 from 90.4% a year earlier — through equipment upgrades and workforce expansion at its Texas facility. RVP also benefits from over $81 million in funding through a U.S. government Technology Investment Agreement, which supports its infrastructure buildout and generates $1.5 million in non-operating income per quarter. Retractable Technologies' stock has significantly underperformed its industry peers and the broader market over the past year. The valuation metrics for the company indicate that investors are pricing it at high risk and have low confidence in RVP's future earnings and growth potential. For a comprehensive analysis of Retractable Technologies' financial health, strategic initiatives, and market positioning, you are encouraged to view the full Zacks research report. This in-depth report provides a detailed discussion of the company's operational strategies, financial performance, and the potential risks and opportunities that lie ahead. Read the full Research Report on Retractable Technologies here>>> Note: Our initiation of coverage on Retractable Technologies, which has a modest market capitalization of $19.8 million, aims to equip investors with the information needed to make informed decisions in this promising but inherently risky segment of the market. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Retractable Technologies, Inc. (RVP): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
I'm 51, earn $129K and have $165K in my 401(k). Can I afford to retire when my husband, 59, draws Social Security at 62?
I really appreciate your column and the advice you provide. I have been considering 'retiring' early to have more time with my husband during our younger years. We were both married for more than 20 years each. We met when I was 46 and he was 54. Our divorces did cause us quite a bit of financial loss, and we have $105,000 in combined debt, not including our house payment, which is $2,200. I'm currently 51 years old, and my husband is 59. He is retired from a state job and receives a pension that nets around $3,600 per month, as well as lifelong health insurance for both of us. Once he reaches 62, we estimate his Social Security will provide approximately $1,800 net per month. In four months, he can cash out a Roth IRA, which would pay off our outstanding debt, minus our house. 'I'm at my wit's end': My niece paid off her husband's credit card, but fell behind on her taxes. How can I help her? 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 20 companies in the S&P 500 whose investors have gained the greatest rewards from stock buybacks I'm 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead? I earn $129,000 per year. I contribute 15% to my 401(k), which is currently valued at $165,000. I also rolled over an old 401(k) with $125,000 to be managed by a financial adviser. Can I quit working in three years — when my husband begins collecting Social Security? I plan to stop contributing to my 401(k) at that point. How much do you anticipate my account would be worth when I reach 59 1/2? The money my financial adviser manages has been earning approximately 9% per year, and my employer matches 6% of my compensation. We would be downsizing our house and likely moving to a state with lower property taxes (we currently live in Texas). What do you think I should do? Should I retire early and join my husband on this new adventure? Thank you in advance for your advice. The Wife Related: 'This flies in the face of my morals and ethics': My father cut my sisters out of his six-figure estate. Should I push back? Think twice before you retire early. Your husband will have to pay 40% of his combined pension and Social Security on your house payment, and that's after he uses his Roth IRA to pay off your combined debt. Even if your $165,000 401(k) were worth $195,000 after three years — assuming a relatively conservative 6% growth — you would still need that money to last you for another 30 years. It's simply not enough, even with your husband's state pension. You won't be able to make withdrawals from your 401(k) for another eight years and you too may be forced to take your Social Security benefits before your full retirement age. By claiming his Social Security at 62, he is also settling for significantly less than his full amount if he waited. You have a long wait until you qualify for Social Security, and your slightly throwaway comment that your husband will cash out his Roth IRA to pay your debts also gives me pause. You have a relatively secure six-figure income and your employer is contributing a 6% match, so why throw that away now just because your husband is ready to retire? Unless you absolutely hate your job and feel like it's making you sick, there's a lot to be said for these peak earning years and the meaning, social contact and structure that work brings you. You might miss it when it's gone and, even if you're glad to see the back of it, you will certainly miss the financial independence and security of knowing that you are building a nest egg for retirement. Do you really want to be that dependent on your husband? Let's say, for the sake of argument, that you had $400,000 collectively in both 401(k)s in three years. Using the 4% rule — withdrawing 4% of your nest annually over a 30-year period — you would take out $16,000 a year. U.S. adults, on average, say they'll need $1.46 million to retire comfortably, up 15% over the $1.27 million reported last year, according to a recent study by Northwestern Mutual. That doesn't put you in the crosshairs for an easy retirement. You're doing OK. Keep at it. Some 75% of non-retired adults had at least some retirement savings, but 25% had no retirement savings, according to one report by the Federal Reserve. Oftentimes, the clue is in the question. If you are that worried about your ability to retire, keep working and accumulating savings. You want more leisure time with your husband, but will you also have more security and more peace of mind? The Social Security Administration and AARP provide retirement calculators that help determine whether you have enough money to retire. (As for your other point, Hawaii has the lowest property taxes, per this guide from SmartAsset. But that doesn't necessarily mean a lower cost of living.) You can input your assets, projected retirement spending, life-expectancy assumptions and tax estimates. Longevity is a big unknown. The average U.S. female who reaches 65 can expect to live to around 86.7, according to the SSA. If you retire at 54, could you hold off on claiming Social Security until you can maximize your benefits at 70? Many people — 28.4% of men and 26.5% of women — take Social Security when they reach full retirement age, which is between 65 and 67, depending on the year a person was born. Meanwhile, 8.4% of men and 9.3% of women wait until at least 70 to take their benefits, according to the SSA. I wonder how much early retirement, as exciting as the prospect might be, is your idea and how much is pressure from your husband, who is understandably eager to embark on his new post-work life. Planning can be fun too. What kind of retirement would you like after you downsize and move to a new state? It's great that you are in a happy marriage; that will help you in your retirement years, but will your income match your retirement goals? Longevity and lifestyle requires a healthy investment income. Related: 'My wife and I are very grateful': Our son wants to pay off our mortgage before we retire. Will this backfire? Previous columns by Quentin Fottrell: My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who's right? 'I'm at a loss': My boyfriend of nearly 10 years is naming his elderly parents as beneficiaries and giving them power of attorney. Am I right to be upset? 'We have no prenuptial agreement': Will my wife be able to take my money if I transfer it to my retirement account? Israel-Iran conflict poses three challenges for stocks that could slam market by up to 20%, warns RBC These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector 'I'm 68 and my 401(k) has dwindled to $82,000': My husband committed financial infidelity and has $50,000 in credit-card debt. What now? My husband is in hospice care. Friends say his children are lining up for his money. What can I do? My friend, 83, wants to add me to his bank account to pay his bills. What could go wrong?
