FLORENCE, Italy, April 16, 2026 — Kering CEO Luca de Meo unveiled a multi-year turnaround plan at the group’s capital markets day aimed at more than doubling recurring operating profit margins from about 11% and restoring Gucci’s appeal. The “ReconKering” roadmap targets a structural reset by end‑2026, a rebuild to sustainable growth by 2028 and market leadership by 2030. Key measures include cutting inventory by €1 billion within 12 months, shrinking Gucci selling space by 20% and outlet presence by a third, renovating two‑thirds of stores by 2030, closing at least 100 sites this year, and doubling jewellery sales by 2030. Kering will centralise production and tech functions in hubs, appoint a chief digital/AI officer, create centres of excellence and take a selective approach to acquisitions (including a reported minority stake in Chinese brand Icicle). The group also flagged eyewear partnerships with Google and a shift toward higher‑margin leather goods. Executives warned the Middle East conflict and weak China demand have already dented Gulf and travel‑related luxury sales; Kering shares fell on the news.

Taiwan Semiconductor Manufacturing Co (TSMC) reported a 58% jump in first-quarter net profit to NT$572.5 billion ($18.2 billion) on April 16, 2026, driven by robust demand for AI chips. Revenue rose about 35% to roughly NT$1.13 trillion. Management lifted full-year revenue guidance to above 30% growth in U.S. dollars and forecast second-quarter sales of $39.0 billion to $40.2 billion. TSMC said advanced 3-nanometre products now account for about a quarter of sales, up sharply from 2023, and committed to capital spending at the high end of its $52-$56 billion guidance, including a $165 billion investment plan in Arizona. The company flagged tight manufacturing capacity and supply-chain risks from Middle East tensions for gases such as helium and hydrogen but said it holds safety stock and sources from multiple suppliers. Strong forecasts from related suppliers, including ASML, and analyst upgrades followed the results, sending TSMC shares to record levels and reinforcing its central role in the AI-driven semiconductor supply chain.

U.S. Bancorp reported a 13.6% jump in first-quarter profit, posting $1.95 billion ($1.18 per share) for the three months ended March 31, 2026, above analyst expectations by $0.04 a share. Net interest income rose about 4% to roughly $4.26 billion, supported by robust loan growth across commercial, credit card and consumer segments and record consumer deposits. Fee revenue rose 6.9%, led by a 29% surge in capital markets revenue to $377 million driven by derivative activity and corporate bond underwriting. The bank said credit quality and capital levels remain healthy and flagged limited exposure to business development companies. Management reiterated guidance and flagged continued positive operating leverage, with net interest margin at about 2.77%. Balance-sheet metrics showed average assets near $688 billion and ending assets around $700–701 billion, positioning the bank close to a regulatory asset threshold. Executives highlighted growth initiatives including an Amazon small-business card partnership and the pending BTIG acquisition to bolster investment banking capabilities. The company announced its regular quarterly dividend and reported modest insider selling; the stock trades at about a $87.5 billion market cap with a P/E near 12.2x.

U.S. governors, lawmakers and fans have mounted a backlash after reports that special-event rail fares to 2026 World Cup matches will surge — with NJ Transit planning round-trip tickets from New York Penn Station to MetLife Stadium above $100 and the Massachusetts Bay Transportation Authority setting Boston–Gillette Stadium rail fares at $80 (bus service up to $95). Sources say higher World Cup fares would eliminate usual concessions for children, seniors and disabled riders. New Jersey Governor Mikie Sherrill said her state “inherited an agreement where FIFA provides $0” for transport and cited a $48 million operating bill for NJ Transit; Senator Chuck Schumer and New York Governor Kathy Hochul also urged FIFA to help cover costs. FIFA has said supporters should be able to travel “at cost” and noted Host City Agreement changes in 2023; host committees and transit agencies say pricing is not yet finalized. Federal grants totaling about $100 million have been allocated to U.S. host cities but may be insufficient to cover the projected operating shortfalls. The pricing row adds to wider criticism of steep match-ticket and ancillary costs ahead of the tournament.

The UK economy grew by an unexpected 0.5% in February, the fastest monthly rise since January 2024, the Office for National Statistics said on April 16. January’s estimate was revised up to 0.1%. The three months to February saw GDP expand by 0.5% versus 0.3% in the previous quarter. Services — which account for more than three-quarters of the economy — led the increase, with production also rising and construction up about 1.0% in February. The rise included a recovery in car production following an autumn cyber incident. The data cover activity before the outbreak of major hostilities involving Iran on Feb. 28, a shock that has driven oil, gas and aluminium prices higher and prompted the IMF to cut its 2026 UK growth forecast to 0.8%, saying Britain is likely to be the hardest-hit G7 economy. Economists warn the energy-driven shock could push inflation higher, complicate Bank of England policy, lift mortgage costs and squeeze households and businesses — risks that may erase February’s momentum in the coming months.