swings

Shein says it swung to a quarterly loss as its sales slowed after US President Donald Trump removed an import duty exemption on small packages.

It also comes as uncertainty remains over the tit-for-tat US-China tariffs wars, which is currently paused.

The fast-fashion giant, which has its headquarters in Singapore but was founded in China, said it lost $99m (£74.1m) in the first three months of the year, compared with a net income of $395m a year earlier.

The announcement is part of the firm’s preparations ahead of its stock market debut in Hong Kong, although the filing did not give any details on the size, timetable or pricing of the planned initial public offering (IPO).

“In response to the increased duties and taxes, we are pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs,” Shein said in the filing.

The company also said the Iran war had hit demand, increased costs and caused delays of deliveries in some markets.

The first-quarter figures also partly reflected a paper loss of $328m due to an accounting change for special investor shares. The shares can be turned into ordinary stock later, and their value can change before a listing.

The filing showed that in the year to the end of March 2026 Shein had 281 million active customers – a rise of more than 16% on a year earlier – who placed a total of more than one billion orders.

On 10 July, the China Securities Regulatory Commission (CSRC) gave Shein approval for a Hong Kong share sale after failed attempts to list in New York and London.

The Hong Kong share listing is expected to take place in the coming months.

The figures show the impact of a Trump-signed executive order to end a global tariff exemption that had been used by US shoppers of low-cost goods.

That order, which came into effect on 29 August 2025, broadened an earlier presidential action which specifically targeted cheap products from China and Hong Kong to cover the rest of the world.

The so-called de minimis exemption had allowed goods valued at $800 or less to enter the US without paying any tariffs. US consumers relied on the exemption to buy cheap goods from online commerce sites like Shein and Temu.

The White House said the global exemption was being used to “evade tariffs and funnel deadly synthetic opioids” to the US.

“The removal of the US de minimis exemption has had an adverse impact on our sales in the US and the overall growth of our net revenues,” Shein said in the filing.

Earlier in July, the European Union imposed a €3 (£2.56; $3.42) levy on low-value e-commerce imports.

The measure is aimed to curb what the trading bloc has said is unfair competition from China.

A MAJOR cruise line is launching a new ship later this year and it will have a first-of-its-kind outdoor theme park onboard.

MSC World Asia is the third ship in the ‘World Class’ series, and will start sailings in December.

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Called The Harbour, the ‘open air’ theme park will be found on the top deck in the Family Aventura District – and it’s the first ship in Europe to have one.

Here is where guests can try out the Adventure Trail rope course and the longest dry slide at sea.

It will also have Europe‘s first over-water swing called Cliffhanger which will hang over the ocean.

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Families can also try out both the Twin Racer dueling waterslides and U Drop too.

For younger guests, there’s the a new playground called The Play Deck which is a relaxed space with comfy seating.

Rides can be enjoyed well into the evening as when it’s time for sunset as The Harbour lights up in the dark.

Luna Park is an interactive area with immersive game experiences – which isn’t found on any other MSC cruise ship.

It has three original game shows, Code Breakers, Labrinth and Chart Toppers.

The Family Aventura District also has The ClubHouse and Doremiland, a 10,000-square-foot kids club with dedicated spaces for each age group.

Inside Doremiland are two rooms dedicated to LEGO and another that’s Formula 1-themed.

MSC Cruises Vice President of Entertainment Steve Leatham said: “As a family-owned company, MSC Cruises knows what it takes to keep the whole family happy on holiday, with tailored family entertainment activities and facilities for guests of all ages.

“On board MSC World Asia, family entertainment will reach new heights – bigger, bolder and more innovative than ever.

“Featuring our widest range of programs yet, alongside immersive, interactive and personalized experiences for everyone from toddlers to teens, families can expect truly extraordinary moments at sea.”

MSC World Asia is expected to enter service in December 2026, offering 7-night itineraries to Mediterranean destinations across Italy, France and Malta.

Around the ship will be seven themed neighbourhoods, like the AquaDeck, Family Aventura, Galleria, MSC Yacht Club, Promenade, The Terraces and Zen Area.

On the Aqua Deck will be seven pools and 13 whirlpool baths, including two newly designed pools; the outdoor Manila Bay pool and the indoor Coral Cove pool.

MSC World Asia is part of the ‘World Class’ series – the first two ships were MSC World Europa, delivered in 2022 and MSC World America in 2025.

MSC Cruises is the world’s third-largest cruise line with 23 ships that sail across five continents and over 300 destinations.

The U.S. dollar edged lower, as investors tracked shifting developments around a potential Iran deal and the resulting moves in oil prices, which influenced inflation expectations and safe-haven demand.

The dollar index (DXY), which measures the greenback against a