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SpaceX launched its 50th Dragon spacecraft mission to the International Space Station (ISS) on Sunday, delivering 5,000 lbs of supplies and scientific...
Swiss luxury watch stocks fell sharply on Monday after the U.S. imposed a 39% import tariff, raising fears of a sharp sales decline in their biggest market.
Richemont and Swatch shares dropped by as much as 3.4% and 5%, respectively, as markets reacted to the new tariffs after being closed Friday for Swiss National Day.
“The impact of the U.S. tariffs, if they stay at 39%, could be devastating for numerous brands in Switzerland,” said Jean-Philippe Bertschy, analyst at Vontobel. “We expect a strong negative impact for watches in the entry to mid-price segments.”
In 2024, Switzerland exported watches worth 26 billion Swiss francs ($32.79 billion), down from a peak of 26.7 billion francs ($33.64 billion) in 2022, and similar to 2020 levels when the industry faced disruptions due to the pandemic.
The U.S. remains the top foreign market for Swiss watches, accounting for 16.8% of exports, which translates to about 4.4 billion francs ($5.45 billion), according to the Federation of the Swiss Watch Industry.
Shahzaib Khan, a Swiss watch exporter, said many brands may not be able to absorb the tariff hike.
“I suspect, there won’t be any goods being shipped to the U.S. until the situation clears,” he said.
Analysts at Jefferies noted that Richemont derived just under 10% of its 2024 revenue from the U.S., though watches represented nearly a third of its overall sales.
Swatch, had already raised prices by 5% in response to earlier tariffs announced in April. The company generated 18% of its watch sales from the U.S. market last year, according to its CEO.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
SpaceX launched its 50th Dragon spacecraft mission to the International Space Station (ISS) on Sunday, delivering 5,000 lbs of supplies and scientific experiments. The CRS-33 mission also supports critical research for future human space exploration.
Ursula von der Leyen has defended the EU-U.S. tariff agreement, calling it a "conscious decision" that prevented a trade war, while responding to Mario Draghi's criticism of the EU's influence in global trade.
Typhoon Kajiki, the 13th of the year, intensified as it struck Hainan's coastal city of Sanya on Sunday, bringing heavy rain, powerful winds, and heightened risks of flash floods and geological disasters. Authorities have activated emergency measures to ensure safety and prevent damage.
Iran's Supreme Leader, Ali Khamenei, rejected U.S. negotiations and criticized Israel in a speech on August 24, 2025, emphasizing that Iran would not bow to foreign demands and reaffirming the nation's stance on sovereignty and resistance.
On Sunday, August 24, 2025, Russia and Ukraine conducted a significant prisoner exchange, each releasing 146 prisoners of war, facilitated by mediation from the United Arab Emirates. This swap is part of ongoing humanitarian efforts amid the prolonged conflict between the two nations.
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