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Shares in Donald Trump’s Truth Social platform have plunged more than 20% – wiping out gains made following its stock market debut last week.

The tumble came after Trump Media & Technology Group (TMTG) reported losses of more than $58m (£46m) in 2023.

The company also warned it would struggle to meet its financial liabilities going forward.

Shares in the social media platform finished the day at $58 (£46) when it made its New York debut last week.

However, following the latest disclosure, they fell 21% to almost $49 (£39) by the close on Monday – almost $1 (80p) below its initial offering price.

Mr Trump owns 78.75 million shares in the company, which could provide him with a lifeline during his ongoing legal and financial challenges if he decides to sell his stock.

At its peak last week, his stake would have been more than $6bn (£4.8bn) – but it is now worth around $3.8bn (£3bn). He is not allowed to sell or borrow against any of his shares for six months.

Ross Benes, an analyst at Insider Intelligence, said: “Truth Social was overvalued and that reality is dragging down the stock.

“Because the service does not have a clear path to profitability and its revenues are meagre, its high debut was unsustainable.”

FILE PHOTO: The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Pic: Reuters

The former president launched the social media platform in February 2022 after he was blocked from Twitter, now X, Facebook and YouTube for allegedly inciting violence online.

It came as the Republican presidential hopeful posted a $175m (£140m) bond in his New York civil fraud case on Monday – preventing the state from seizing his assets.

Trump had been given 10 days to make the payment after his lawyers successfully asked for the bond to be reduced from $454m (£362m).

However, Mr Trump will be liable to pay the full amount – plus daily interest – if he loses an appeal in the case.

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Trump lashes out at news conference

New York’s attorney general, Letitia James, had been prepared to start seizing the 77-year-old’s real estate unless the bond was posted.

In February, he was found guilty of scheming for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.

Mr Trump, who has secured the Republican nomination for this year’s general election, has frequently claimed to be worth billions of dollars and last year said he had $400m (£319m) in cash, in addition to properties and other investments.

He has repeatedly denied wrongdoing, and argued the statements actually underestimated his fortune.

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Trump: Judge is ‘disgrace to this country’

Trump ordered to stop attacking judge’s family

There have also been developments in a separate trial that Mr Trump is facing, which relates to a hush money payment made to the porn star Stormy Daniels.

On Monday, he was ordered to stop verbal attacks on the family members of the judge in this upcoming case.

Former U.S. President Donald Trump listens as his lawyer Todd Blanche argues with Judge Juan Merchan (not seen) during a court hearing on charges of falsifying business records to cover up a hush money payment to a porn star before the 2016 election, at a court in New York, U.S., February 15, 2024 in this courtroom sketch.
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Courtroom sketch of Mr Trump during hush money payment trial. Pic: Reuters

It comes after Judge Juan Merchan’s daughter was described as a “rabid Trump hater” in a social media post.

Prosecutor Matthew Colangelo had warned: “Family members of trial participants must be strictly off-limits.

“Defendant’s insistence to the contrary bespeaks a dangerous sense of entitlement to instigate fear and even physical harm to the loved ones of those he sees in the courtroom.”

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It is an extension to an order already in place that bars Mr Trump from publicly commenting about witnesses and court staff.

If Mr Trump violates the order he could face jail time, but it does not stop him from criticising Mr Merchan or Manhattan District Attorney Alvin Bragg, whose office brought the charges last year.

The trial is due to start on 15 April in Manhattan. Mr Trump has pleaded not guilty to 34 counts of falsifying business records and denies an alleged sexual encounter with Ms Daniels, whose real name is Stephanie Clifford.

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Burberry checks out contenders to replace Murphy as chairman

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Burberry checks out contenders to replace Murphy as chairman

Burberry is kicking off a formal search for a new chairman nearly a year after installing the latest in a string of chief executives charged with reviving the luxury fashion brand.

Sky News understands that Burberry is working with headhunters on a hunt for Gerry Murphy’s successor.

Mr Murphy, who also chairs Tesco, is not expected to step down this year, although the precise timing has yet to be formally determined, according to insiders.

Last summer, Sky News reported that Burberry had commenced a search for a non-executive director capable of taking over from Mr Murphy in due course.

That mandate is now said to have evolved into a more straightforward hunt for a new chair, sources suggested.

Planning for his departure comes as Burberry and other luxury goods manufacturers grapple with the uncertainty of swingeing tariffs amid an escalating international trade war.

The company is now being run by Joshua Schulman, the former Jimmy Choo boss, who was drafted in last July to arrest its decline.

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Mr Schulman replaced Jonathan Akeroyd, who left in the wake of a string of profit warnings.

Shares in Burberry closed on Tuesday at 738.8p, giving it a market value of about £2.6bn.

The stock is down by more than a third over the last year.

A spokesperson for Burberry said: “In the normal course of business, we look at succession planning for board roles as they reach term.”

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Food inflation highest in almost a year – more to come, industry warns

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Food inflation highest in almost a year - more to come, industry warns

Food inflation has hit its highest level in almost a year and could continue to go up, according to an industry body.

The British Retail Consortium (BRC) reported a 2.6% annual lift in food costs during April – the highest level since May last year and up from a 2.4% rate the previous month.

The body said there was a clear risk of further increases ahead due to rising costs, with the sector facing £7bn of tax increases this year due to the budget last October.

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It warned that shoppers risked paying a higher price – but separate industry figures suggested any immediate blows were being cushioned by the effects of a continuing supermarket price war.

Kantar Worldpanel, which tracks trends and prices, said spending on promotions reached its highest level this year at almost 30% of total sales over the four weeks to 20 April.

It said that price cuts, mainly through loyalty cards, helped people to make the most of the Easter holiday with almost 20% of items sold at respective market leaders Tesco and Sainsbury’s on a price match.

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Its measure of wider grocery inflation rose to 3.8%, however.

Wider BRC data showed overall shop price inflation at -0.1% over the 12 months to April, with discounting largely responsible for weaker non-food goods.

But its chief executive, Helen Dickinson, said retailers were “unable to absorb” the surge in costs they were facing.

“The days of shop price deflation look numbered,” she said, as food inflation rose to its highest in 11 months, and non-food deflation eased significantly.

“Everyday essentials including bread, meat, and fish, all increased prices on the month. This comes in the same month retailers face a mountain of new employment costs in the form of higher employer National Insurance Contributions and increased NLW [national living wage],” she added.

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Five hacks to beat rising bills

While retail sales growth has proved somewhat resilient this year, it is believed big rises to household bills in April – from things like inflation-busting water, energy and council tax bills – will bite and continue to keep a lid on major purchases.

Also pressing on both consumer and business sentiment is Donald Trump’s trade war – threatening further costs and hits to economic growth ahead.

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A further BRC survey, also published on Tuesday, showed more than half of human resources directors expect to reduce hiring due to the government’s planned Employment Rights Bill.

The bill, which proposes protections for millions of workers including guaranteed minimum hours, greater hurdles for sacking new staff and increased sick pay, is currently being debated in parliament.

The BRC said one of the biggest concerns was that guaranteed minimum hours rules would hit part-time roles.

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Inside the Vietnamese factory preparing for the worst since Trump’s tariff threat

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Inside the Vietnamese factory preparing for the worst since Trump's tariff threat

On the outskirts of Ho Chi Minh City, factory workers at Dony Garment have been working overtime for weeks.

Ever since Donald Trump announced a whopping 46% trade tariff on Vietnam, they’ve been preparing for the worst.

They’re rushing through orders to clients in three separate states in America.

Sewing machines buzz with the sound of frantic efforts to do whatever they can before Mr Trump’s big decision day. He may have put his “Liberation Day” tariffs on pause for 90 days, but no one in this factory is taking anything for granted.

Staff have been working overtime
Image:
Staff have been working overtime

Workers like Do Thi Anh are feeling the pressure.

“I have two children to raise. If the tariffs are too high, the US will buy fewer things. I’ll earn less money and I won’t be able to support my children either. Luckily here our boss has a good vision,” she tells me.

Do Thi Anh
Image:
Do Thi Anh

That vision was crafted back in 2021. When COVID struck, they started to look at diversifying their market.

Previously they used to export 40% of their garments to America. Now it’s closer to 20%.

The cheery-looking owner of the firm, Pham Quang Anh, tells me with a resilient smile: “We see it as dangerous to depend on one or two markets. So, we had to lose profit and spend on marketing for other markets.”

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You asked, we listened, the Trump 100 podcast is continuing every weekday at 6am

That foresight could pay off in the months to come. But others are in a far more vulnerable state.

Some of Mr Pham’s colleagues in the industry export all their garments to America. If the 46% tariff is enforced, it could destroy their businesses.

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Doubts US will start making what Vietnam delivers

Down by the Saigon River, young couples watch on as sunset falls between the glimmering skyscrapers that stand as a testament to Vietnam’s miracle growth.

Cuong works in finance
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Cuong works in finance

Cuong, an affluent-looking man who works in finance, questions the logic and likelihood that America will start making what Vietnam has spent years developing the labour, skills and supply chains to reliably deliver.

“The United States’ GDP is so high. It’s the largest in the world right now. What’s the point in trying to get jobs from developing countries like Vietnam and other Asian nations? It’s unnecessary,” he tells me.

But the Trump administration claims China is using Vietnam to illegally circumvent tariffs, putting “Made in Vietnam” labels on Chinese products.

There’s no easy way to assess that claim. But market watchers believe Vietnam does need to signal its willingness to crack down on so-called “trans-shipments” if it wants to cut a deal with Washington.

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Vietnam can’t afford to alienate China

The US may also demand a major cutback in Chinese manufacturing in Vietnam.

That will be a much harder deal to strike. Vietnam can’t afford to alienate its big brother.

Luke Treloar, head of strategy at KPMG in Vietnam
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Luke Treloar, head of strategy at KPMG in Vietnam

Luke Treloar, head of strategy at KPMG in Vietnam, is however cautiously optimistic.

“If Vietnam goes into these trade talks saying we will be a reliable manufacturer of the core products you need and the core products America wants to sell, the outcome could be good,” he says.

But the key question is just how much influence China will have on Vietnamese negotiators.

Anything above 10-20% tariffs would be intensively challenging

This moment is a huge test of Vietnam’s resilience.

Anything like 46% tariffs would be ruinous. Analysts say 10-20% would be survivable. Anything above, intensely challenging.

But this looming threat is also an opportunity for Vietnam to negotiate and grow. Not, though, without some very testing concessions.

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