Italian fashion house Loro Piana, owned by French giant LVMH, has been placed under court administration for allegedly facilitating the exploitation of workers by subcontractors.In a statement, the carabinieri police said the company had been deemed “incapable of preventing or curbing labour exploitation within the production cycle by failing to implement adequate measures to verify the actual working conditions or the technical capacities of its contractors”.An investigation found the fashion house entrusted the production of its clothing, including cashmere jackets, to a company without production facilities.That firm outsourced the work to another company, which in turn used workshops in Italy employing Chinese workers to save costs, the statement said.In these workshops, irregular workers were exploited without respecting health and safety rules, particularly regarding wages, working hours, breaks and holidays, investigators found.The judges of the Milan court found that Loro Piana “negligently facilitated” the exploitation, according to the police statement.The court however stressed that the one-year administration was intended as “preventative”, not a punishment, according to the court document seen by AFP.It was aimed at “combating the unlawful contamination of healthy businesses by subjecting them to judicial oversight” where they can be removed from “criminal infiltration”.In a statement, Loro Piana said it had terminated ties with its supplier within 24 hours of discovering the existence of its subcontractors on May 20, and was fully cooperating with authorities.”Loro Piana strongly condemns any illegal practices and reaffirms its ongoing commitment to protecting human rights and complying with all applicable regulations throughout its entire supply chain,” it said.The investigation began in May following a complaint from a Chinese worker who claimed he was beaten by his boss after demanding payment of back wages, police said.The police carried out inspections in factories run by Chinese citizens in the area surrounding Milan, finding violations of workplace rules as well as illegally built dormitories and unsanitary conditions.Proceedings were brought against two Chinese nationals who owned workshops, two Italians for violations of workplace health and safety standards, and seven workers without residence permits. The court also imposed fines totalling over 181,000 euros ($211,000) and administrative penalties of around 60,000 euros.The operations of two Chinese workshops were also suspended “for serious safety violations and the use of undeclared labour”, the police statement said.Loro Piana was acquired by LVMH in 2013, and is currently led by Frederic Arnault, son of LVMH chairman Bernard Arnault.The company did not comment on the proceedings in Milan.The Italian justice system has already carried out similar proceedings against other fashion houses including Armani.In May, the Italian competition authority cleared luxury brand Dior — also owned by LVMH — of violations in working conditions but required it to pay a two-million-euro fine towards “victims of exploitation”.

Markets rose Tuesday as data showed China’s economic growth met expectations, while optimism that governments will hammer out deals to avoid the worst of Donald Trump’s tariff threats provided support.Beijing said gross domestic product expanded 5.2 percent in April-June thanks to a surge in exports as businesses front-loaded shipments ahead of the US president’s stiff levies, and after the superpowers agreed to work on a long-term pact.While the reading was slightly slower than the first quarter, it was in line with forecasts in an AFP survey and comes after figures on Monday showed exports soared more than expected in June, including a strong recovery in goods sent to the United States.Industrial output came in above expectations.However, Tuesday’s reports showed efforts to boost consumer activity continue to fall flat, with retail sales expanding 4.8 percent last month, well below estimates in a Bloomberg study and highlighting the work leaders face in kickstarting the economy.”Recent efforts to boost spending, such as the broadening of the consumer goods trade-in scheme earlier this year, did temporarily lift retail sales,” said Sarah Tan, an economist at Moody’s Analytics.”However, this support proved unsustainable, with funding reportedly drying up in several provinces. The scheme’s limitations highlight the need for policymakers to address the deeper structural challenges behind consumer caution.”China’s recovery has been hamstrung by a bruising trade war with the United States, driven by Trump’s sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month.But observers warn of lingering uncertainty.And the US president upped the ante Monday, warning Russia’s trading partners — which include China — that he will impose tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days.Lynn Song, chief economist for Greater China at ING, said: “China remains on track to hit this year’s growth target, though a slowdown could be on the way.”Still, after a wobble in the morning Hong Kong rose more than one percent while Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Mumbai and Jakarta were also in positive territory along with London, Frankfurt and Paris.Shanghai and Manila sank.US futures rallied following news that tech titan Nvidia will resume sales of its H20 artificial intelligence chips to China, after Washington pledged to remove licensing curbs that had put a stop to exports.Trump also said Monday he will impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade.That came after he said he would hit the country and the European Union with 30 percent levies, having announced a slew of measures against key partners last week if deals are not struck by August 1.However, analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back.The mixed performance in Asian markets followed a healthy day on Wall Street, where the Nasdaq hit another record high.Bitcoin retreated after hitting a record high above $123,200 on Monday thanks to optimism over possible regulatory changes for crypto assets in the United States.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 39,678.02 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,590.12 (close)Shanghai – Composite: DOWN 0.4 percent at 3,505.00 (close)London – FTSE 100: UP 0.1 percent at 9,004.23 Euro/dollar: UP at $1.1690 from $1.1670Pound/dollar: UP at $1.3447 from $1.3428Dollar/yen: DOWN at 147.65 yen from 147.77 yenEuro/pound: UP at 86.94 pence from 86.88 penceWest Texas Intermediate: DOWN 0.9 percent at $66.37 per barrelBrent North Sea Crude: DOWN 0.8 percent at $68.66 per barrelNew York – Dow: UP 0.2 percent at 44,459.65 (close)

“Dialogue” must be at the heart of ties between Canberra and Beijing, Australian Prime Minister Anthony Albanese said on Tuesday as he met President Xi Jinping in the Chinese capital.Albanese is on his second visit to China as prime minister, seeking to bolster recently stabilised trade ties even as geopolitical tensions remain high.Relations between Beijing and Canberra have charted a bumpy course over the past decade, a period marked by repeated disagreements over national security and competing interests across the vast Pacific region.Ties improved in December when China called off a ban on imported Australian rock lobster, removing the final obstacle to ending a damaging trade war waged between the countries from 2017.Albanese met Xi in the Great Hall of the People and said he welcomed “the opportunity to set out Australia’s views and interests”.”Australia values our relationship with China and will continue to approach it in a calm and consistent manner, guided by our national interest,” Albanese, the leader of Australia’s centre-left Labor government, said.”It’s important we have these direct discussions on issues that matter to us and to the stability and prosperity of our region. As you and I have agreed previously, dialogue needs to be at the centre of our relationship,” he said.Xi, in turn, hailed the “benefits” of improved ties between China and Australia, saying the relationship had “risen from the setbacks and turned around”.”No matter how the international landscape may evolve we should uphold this overall direction unswervingly,” he said.Albanese told reporters after meeting Xi that the two countries had “strategic competition” in the region but continued to engage in order to “support peace and security”.- Key trading partner -China is one of Australia’s most important economic partners, accounting for nearly one-third of its total trade.Albanese is accompanied on his visit by a delegation of key business leaders who will attend a roundtable of CEOs in Beijing.His trip will last until Friday and will also take him to the southwestern city of Chengdu.Albanese is also accompanied by a travelling media pack, members of which said they were briefly surrounded by security guards and told to hand footage to police. A small group of reporters were filming outside Beijing’s Bell and Drum Towers when they were stopped by security guards.National broadcaster ABC’s reporter Stephen Dziedzic said he was “quickly surrounded by a number of security guards, who said they were going to call the police and we didn’t have permission to leave”. “We had the necessary permissions, we had the right visas, but nonetheless perhaps that hadn’t been passed all the way down the chain,” he told ABC. Australian broadcaster SBS, which also has a correspondent on the trip, reported that journalists were briefly surrounded and told to hand footage to police. The group was allowed to leave after Australian diplomats intervened, the ABC and SBS reported.Albanese’s trip also comes as China’s sweeping territorial claims ruffle feathers in the region, particularly pertaining to the South China Sea.Another key point of contention is the fate of northern Australia’s Darwin Port, whose Chinese-owned controller could be forced to sell it to a local buyer by Albanese’s government.Albanese said he raised with Xi the case of Australian writer Yang Hengjun, who has been detained in China since 2019 on spying charges and was given a suspended death sentence.He warned against expecting an immediate outcome, telling reporters “that’s not the way these things work” but instead required “patient, calibrated advocacy”.