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<ul class="summary-list"><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries was charged with sex trafficking on Tuesday.</li><li>The federal indictment follows a history of controversy for Jeffries.</li></ul>Long before federal charges hit, there were concerns about former <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">Abercrombie &amp; Fitch CEO Mike Jeffries</a> — and lawsuits that attacked the way he ran his company. Then, on Tuesday, he was charged with sex trafficking and interstate prostitution.This week's indictment alleges that Jeffries, his partner Matthew Smith, and a third man used the power of Abercrombie's brand to coerce dozens of men, many of whom hoped to become models for the brand, into "sex events." Prosecutors say the alleged sex-trafficking operation spanned from about 2008 to 2015; Jeffries was CEO from 1992 to 2014.Attorneys for Jeffries and Smith told Business Insider in statements that they would respond "in the courthouse." Abercrombie &amp; Fitch said it was "appalled and disgusted" by the allegations against its former CEO.Jeffries, who is reportedly now 80 years old, was hired by Les Wexner — the former CEO of Victoria's Secret and <a target="_blank" href="https://www.businessinsider.com/timeline-jeffrey-epstein-les-wexner-relationship-reports2019-8">Jeffrey Epstein associate</a> — to lead Abercrombie. (removed date here as it's above)He cut his teeth at department stores, eventually landing at Paul Harris, a now-defunct women's chain in the Midwest, where he worked in merchandising until it filed for bankruptcy.Under Jeffries' leadership, <a target="_blank" href="https://www.businessinsider.com/abercrombie-and-fitch-rise-and-fall-lawsuits-controversy-comeback-2022-8">Abercrombie</a> became the version with which teens of the 1990s and early 2000s were well acquainted. He traded in its hunting and fishing garb and stuffy branding for low-rise jeans, logos everywhere, and tight tank tops. With its signature musky scent exuding from its stores, thumping dance music, and shirtless models who welcomed customers inside, the new Abercrombie oozed sex.Sex and sexual attraction were "almost everything," he told <a target="_blank" href="https://www.salon.com/2006/01/24/jeffries/">Salon</a> in a rare 2006 interview. "That's why we hire good-looking people in our stores. Because good-looking people attract other good-looking people, and we want to market to cool, good-looking people. We don't market to anyone other than that."He was known as a perfectionist, paying attention to everything from how items were stacked to the layout of stores."This is very much a military operation," Jeffries told <a target="_blank" href="https://www.wsj.com/articles/SB876176611622798500">The Wall Street Journal</a> in 1997. "It is very disciplined and very controlled."That was especially true when it came to who the company hired. At the time, Abercrombie was known for its white, buff male staff, who were often shirtless. The company scouted college campuses to find the most attractive students to work as in-store sales associates. Models were shot by Bruce Weber, a photographer known for his images of naked men. Weber has since been accused of sexual assault by multiple male models; he has denied any wrongdoing and settled a number of the lawsuits.Weber did not respond to a request for comment from BI.The new look was popular, and Jeffries was able to raise prices without losing customers.Sales skyrocketed, new stores opened, and the company went public in 1996. Revenue went from $353 million for the 12 months ending in 1997 to a peak of $4.5 billion for the 12 months ending in February 2013.Jeffries, too, was rewarded financially. At the peak, he earned eight figures a year. He was called one of the five most overpaid CEOs <a target="_blank" href="https://money.cnn.com/galleries/2009/news/0909/gallery.highest_paid_worst_CEOs/index.html">by CNN</a> in 2008 after earning $72 million. That compensation gave him a lavish lifestyle.According to the federal indictment, Jeffries and Smith paid men to meet them at Jeffries' homes in the Hamptons and New York City, as well as at hotels in expensive destinations like St. Barts and on a luxury cruise ship."Jeffries and Smith spent millions of dollars to create a massive infrastructure that supported this operation," the indictment says, adding that they paid hundreds of thousands of dollars for commercial sex and "prolific amounts" on staff to "run Sex Events, domestic and international travel and hotel rooms," security, and more.<h2 id="0c77704c-0a94-4894-ba03-d10cecf1a3a6">Jeffries was no stranger to controversy</h2>While the money was flowing, Jeffries' management style and judgment calls also raised eyebrows.There were protests about t-shirts that read "Gentlemen Prefer Tig Ol' Bitties." Thongs for tween girls that were branded with the words "eye candy" and "wink wink" caused a backlash."I still think those are cute underwear for little girls. And I think anybody who gets on a bandwagon about thongs for little girls is crazy. Just crazy!" he told <a target="_blank" href="https://www.salon.com/2006/01/24/jeffries/">Salon</a>.Employees had to follow a handbook that detailed what they should wear down to their underwear. Dreadlocks and gold chains weren't allowed.By the early 2000s, the lawsuits started.First, a group of former and prospective employees sued the company in 2003, alleging that it fired or refused to hire them based on their race. While Jeffries was not mentioned by name in the complaint, it lays out how much control the company's corporate office had over individual stores and their employees, visiting in what were known as "blitzes" to ensure that store managers had the "A&amp;F look."The next year, the company settled, agreeing to pay more than $40 million and hire a chief diversity officer, though it did not admit any wrongdoing.A similar lawsuit, though, went all the way to the Supreme Court. In 2008, an Abercrombie store declined to hire an Oklahoma teenager because she wore a black headscarf, which it said violated company policy. The teenager argued that was religious discrimination, and the <a target="_blank" href="https://www.businessinsider.com/supreme-court-will-hear-samantha-elauf-headscarf-case-2015-6">court agreed, ruling 8-1 against Abercrombie</a>.A 2010 lawsuit from a former pilot on Jeffries' executive jet alleges that Jeffries and Smith were as exacting out of the office. The pilot accused the CEO of enacting similar standards on board as in Abercrombie stores and firing him due to his age. Jeffries and Smith regularly made disparaging remarks about older people, and Smith, Jeffries' partner, was given the authority to hire and reject potential pilots based on "form" and "fit," according to the complaint.An extensive airline manual is included in the case's evidence. The handbook listed Smith's six-step tea service — Fortnum and Nason Assam or Darjeeling, depending on the time of day, as well as the crew's uniform down to their underwear — boxer briefs — and the popped collar of their winter coats. Jeffries' dogs had their own seating arrangement.The company settled without admitting fault.Other lawsuits alleged Jeffries' compensation was excessive and that he misled shareholders about the company's profits. Both were settled.By the time <a target="_blank" href="https://www.businessinsider.com/abercrombie-ceo-is-out-2014-12">Jeffries stepped down in 2014</a>, the brand had lost its luster, and the controversy was no longer resulting in growth."The logo is no longer cool unless you are a middle schooler in a rural middle school," Erik Gordon, an assistant professor at the University of Michigan's business school, told BI at the time.But Jeffries still ended up on top — for a little while. In addition to a retirement package reported to be about $25 million, he received annual payments of $1 million, which came to an end last year, the company told the <a target="_blank" href="https://www.bbc.com/news/business-67480142">BBC</a>, after the outlet published an <a target="_blank" href="https://www.bbc.com/news/world-66889779">investigation</a> into how Jeffries and Smith allegedly exploited young men for sex.Those payments — and his salary from his CEO days — likely helped him afford the $10 million bond he put up to get out of jail this week. Though Breon Peace, the US attorney for the Eastern District of New York, said Jeffries shouldn't get used to it."Prepare to trade that couch for a bed in federal prison," he said.Have you worked for or been affected by Mike Jeffries or Abercrombie? Please reach out to the reporter at <a target="_blank" href="mailto:mberg@businessinsider.com">mberg@businessinsider.com</a>

Years of controversy preceded the arrest of the ex-CEO of Abercrombie & Fitch

<keyword id="23650499" type="General" weightage="100" keywordseo="Mike-Jeffries" source="keywords">Mike Jeffries</keyword>, the former CEO of <keyword id="21871186" type="General" weightage="20" keywordseo="Abercrombie-Fitch" source="keywords" meta.keywordsubtype="org" meta.entityname="Abercrombie &amp; Fitch" meta.hostid="261" meta.entityid="Abercrombie &amp; Fitch">Abercrombie &amp; Fitch</keyword>, his partner, and a third man have been arrested on federal sex-trafficking charges that allege they used the power of the brand to coerce dozens of men to participate in "sex events" across the US and abroad. Jeffries and his partner, <keyword id="23645893" type="General" weightage="20" keywordseo="Matthew-Smith" source="keywords">Matthew Smith</keyword>, were arrested in Florida on Tuesday as part of an investigation led by the US attorney's office of the Eastern District of New York. Jeffries and Smith appeared in federal court in West Palm Beach, and Jeffries was released on a bond of $10 million, while Smith was ordered detained. James Jacobson, who prosecutors say was personally employed by Jeffries and Smith, was arrested in Wisconsin on Tuesday and made his initial appearance in federal court in St. Paul, Minnesota. He was released on a $500,000 bond. Federal prosecutors allege in a newly unsealed indictment that Jeffries, Smith, and Jacobson operated an international sex-trafficking and prostitution business. Jeffries <a target="_blank" class="c-link" href="https://www.businessinsider.com/abercrombie-ceo-is-out-2014-12">stepped down as the CEO of Abercrombie &amp; Fitch in 2014</a> after more than two decades at the helm of the fashion giant. Prosecutors say the alleged sex-trafficking operation spanned from about 2008 to 2015. The three exploited their victims, many of whom hoped to become Abercrombie &amp; Fitch models, "by using the so-called <keyword id="19898130" type="General" weightage="20" keywordseo="casting-couch" source="keywords">casting couch</keyword> system," Breon Peace, the US attorney for the Eastern District of New York, said in a news conference. "This case should serve as a warning: Prepare to trade that couch for a bed in federal prison," Peace said. The 12-page indictment charges the men with <keyword id="20069055" type="General" weightage="20" keywordseo="sex-trafficking" source="keywords">sex trafficking</keyword> and 15 counts of interstate prostitution. Brian Bieber, Jeffries' attorney, and an attorney representing Smith told Business Insider in two statements: "We will respond in detail to the allegations after the indictment is unsealed, and when appropriate, but plan to do so in the courthouse." Attorneys for Jacobson did not immediately respond to requests for comment. In a statement one day after the indictment was unsealed, Abercrombie &amp; Fitch said it was "appalled and disgusted" by the allegations against its former CEO. "As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie &amp; Fitch Co. ended nearly ten years ago," the retailer said. "Speaking up and coming forward is not easy, and our thoughts remain with those who have bravely raised their voices as part of the federal investigation. " The fashion giant said it is committed to fully cooperating with law enforcement throughout the legal process. The indictment alleges Jeffries and Smith "relied on their vast financial resources," Jeffries' power as Abercrombie &amp; Fitch CEO, and a network of people, including Jacobson, "to run a business that was dedicated to fulfilling their sexual desires and ensuring that their international sex trafficking and prostitution business was kept secret, thereby maintaining Jeffries' powerful reputation." As part of the operation, prosecutors say Jeffries and Smith paid for dozens of men to travel to meet the two at their New York homes and at international hotels in places like England, France, and Italy to engage in commercial sex acts. Prosecutors allege that Jacobson traveled throughout the US and across the globe to recruit and interview men for so-called "sex events." "During 'tryouts' of potential candidates, Jacobson typically required that the candidates first engage in commercial sex acts with him," the indictment says. Prosecutors said in the indictment that Jeffries, Smith, and Jacobson led the men to believe that attending the sex events "could yield modeling opportunities with Abercrombie or otherwise benefit their careers, or, in the alternative, that not complying with requests for certain acts during the Sex Events could harm their careers." Peace also said his office believes "dozens and dozen of men" were victimized between 1992 and 2015 beyond the 15 John Does in the indictment. A <a target="_blank" class="" href="https://www.bbc.com/news/world-66889779">BBC investigation</a> published last year first reported that Jeffries and Smith were involved in a network that found young men and recruited them for sex. Peace credited "the bravery of the victims" for finally coming forward a decade or more after the acts in the indictment. "Once that happened, our team and our law enforcement partners investigated this case thoroughly and quickly," he said. Peace was also asked about the close timing of the Jeffries and Sean "Diddy" Combs sex-trafficking cases. Combs <a target="_blank" class="" href="https://www.businessinsider.com/sean-diddy-combs-arrested-grand-jury-indictment-2024-9">was indicted last month</a> on allegations that he used his wealth and power for more than a decade to sexually exploit multiple victims. "I don't know if I could say it's a trend, one way or another," Peace said. "I'm hopeful that to the extent there are victims out there who have been subjected to trafficking activity, abuse, exploitation, that they would be confident enough in their federal and state law enforcement partners to come forward." Peace said anyone with information about the case, including victims, can contact the FBI at 1-800-CALLFBI or <a target="_blank" href="mailto:Tips@FBI.gov">Tips@FBI.gov</a>. "We prosecuted <a target="_blank" class="" href="https://www.businessinsider.com/r-kelly-verdict-sex-crimes-trial-2021-9">R. Kelly</a>, we brought <a target="_blank" class="" href="https://www.businessinsider.com/keith-raniere-of-nxivm-lifetime-prison-sentence-child-sex-trafficking-2020-10">the NXIVM case</a>," Peace said. "We don't hesitate to hold the powerful and the wealthy to account if they have violated federal criminal law." Correction: October 23, 2024: This story was updated to include a comment from Abercrombie &amp; Fitch. An earlier version of this story misspelled the first name of the United States Attorney for the Eastern District of New York. It is Breon Peace, not Brion.

Ex-Abercrombie & Fitch CEO was involved in sex trafficking for 6 years while he was at the company's helm, prosecutors say

As the <keyword id="19938590" type="General" weightage="100" keywordseo="NDA" source="keywords">NDA</keyword> is all set to form the government, <keyword id="19949381" type="General" weightage="20" keywordseo="Fitch-Ratings" source="keywords">Fitch Ratings</keyword> on Thursday said <keyword id="21935526" type="General" weightage="20" keywordseo="coalition-politics" source="keywords">coalition politics</keyword> and a <keyword id="21957811" type="General" weightage="20" keywordseo="weakened-mandate" source="Orion">weakened mandate</keyword> could make it challenging to pass legislations on ambitious reforms. "We believe major reforms to land and labour laws will remain on the new government's agenda as it seeks to enhance India's manufacturing sector, but these have long been contentious and the NDA's weaker mandate will complicate their passage further. This could reduce the potential upside to India's medium-term growth prospects," <keyword id="19950093" type="General" weightage="20" keywordseo="fitch" source="keywords">Fitch</keyword> said in a statement. The <keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword> fell short of a single-party majority in the 543-seat lower house of parliament for the first time since its latest period in government that began in 2014. But Fitch expects it to secure enough support from allied parties in the National Democratic Alliance (NDA) to form a government with Narendra Modi remaining Prime Minister. The outcome should support broad policy continuity, with the government continuing to prioritise infrastructure capex, improvements to the business environment, and gradual fiscal consolidation, Fitch Ratings said. "However, coalition politics and a weakened mandate could make it challenging to pass legislation on the more ambitious parts of the <keyword id="21957445" type="General" weightage="20" keywordseo="government-reform" source="keywords">government reform</keyword> agenda," it said in a detailed note post the Lok Sabha election results which were announced late on Tuesday. The NDA appears set to retain power with a narrower majority after India's recent election, following a weaker performance by its dominant member, the Bharatiya Janata Party (BJP). "We do not think that the government's losses at the ballot box will lead to substantial policy adjustments, but the post-election budget in July should provide greater clarity on its economic reform priorities and fiscal plans over the coming five years," Fitch said. It said implementation of <keyword id="20404815" type="General" weightage="20" keywordseo="economic-reforms" source="keywords">economic reforms</keyword> during the first two NDA terms was mixed, but some positive measures were passed including the Goods and Services Tax (GST) law and Bankruptcy Code in 2016. The government also increased public infrastructure investment significantly, helping to put India among the fastest-growing major economies in recent years, with real GDP growth reaching 8.2 per cent in the fiscal year ending March 2024 (FY24). Fitch expects growth to remain rapid at 7 per cent in current fiscal (April-March). "We expect India's medium-term growth performance to remain around our trend estimate of 6.2 per cent through FY28, despite the government's slimmer majority. The continued public capex drive to address infrastructure gaps, ongoing digitalisation efforts, and improved bank and corporate balance sheets - relative to the pre-pandemic situation - should facilitate a strong outlook for private investment," Fitch said. The rating agency expects the Production-Linked Incentives (PLI) scheme to remain intact, which will help attract FDI in target sectors, such as electronics. However, private investment has not yet accelerated meaningfully, which represents a risk for the outlook. Fitch believe land and labours laws reforms will continue to advance at the state level in some parts of the country. There is also some potential for judicial reforms that would look to lower costs and speed resolution of court cases. Weaker fiscal metrics relative to peers are a significant constraint for India's sovereign rating, which we affirmed at 'BBB-' with a Stable Outlook in January 2024. "The next government's ability to address high fiscal deficits and reduce debt will be important considerations for the rating in the next few years. "Sustained deficit reduction, particularly if underpinned by durable revenue-raising reforms, would be positive for India's sovereign rating fundamentals over the medium term," Fitch added. The government has improved its record on achieving deficit targets and has advanced fiscal consolidation gradually over the past few years. We expect this focus on gradual consolidation to broadly be sustained. The FY24 budget deficit came in at 5.6 per cent of GDP, below the revised budget estimate of 5.8 per cent (which matched Fitch's estimate). Fitch expects the 5.1 per cent deficit target for FY25 to be attained, and said government's goal of reducing the deficit to 4.5 per cent of GDP in FY26 appears increasingly achievable, although the election marginally increased risks of higher spending or slippage in capex to accommodate greater social spending.

Coalition politics, weakened mandate could make passing legislations on ambitious reforms challenging: Fitch

Abercrombie &amp; Fitch long had a certain, shall we say, reputation. Its employees were hot, its stores reeked of cologne, and unless you were rich and thin, it was not for you. If it's any solace, the company was not really for Wall Street, either; its stock has been languishing over the past decade or so. But that's all changing. While you were sleeping, <a target="_blank" href="https://www.businessinsider.com/what-abercrombie-and-fitch-is-like-now-2021-11">Abercrombie got good</a> again.In a day and age where <a target="_blank" href="https://www.businessinsider.com/trader-joes-mini-tote-bags-stanley-cups-tiktok-consumerism-marketing-2024-3">fads are cycling through faster than ever</a> and <a target="_blank" href="https://www.businessinsider.com/stores-closing-in-2023-list">many brands are struggling to survive</a>, Abercrombie has executed a <a target="_blank" href="https://www.businessinsider.com/abercrombie-and-fitch-rise-and-fall-lawsuits-controversy-comeback-2022-8">remarkable turnaround</a>. The business intelligence firm Morning Consult found that Abercrombie's favorability among millennials reached a record high in the first quarter of 2024, and it's making gains with Gen Zers, too. Data from QuestBrand, a brand-management tool, indicates Abercrombie's brand equity — meaning the value consumers see in a brand — has steadily improved over the past couple of years; young adults familiar with the brand were more likely to describe it as "hip," a "good value," and "stylish" in 2023 than they were in 2021. Investors are eating it up: Abercrombie's stock a year ago, your returns would be better than that of almost any other stock, including the Wall Street darling <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-bigger-than-apple-2nd-most-valuable-company-global-2024-6">Nvidia</a>. It's evidence that revivals are possible, albeit difficult, with the right execution."They reinvented themselves, and it worked," said Janet Joseph Kloppenburg, the president of JJK Research Associates. "Can you and I think of another apparel retailer who literally reinvented themselves and then went to the moon with sales and earnings? It's crazy."Abercrombie &amp; Fitch has been around since the end of the 19th century, but if you're reading this story, chances are you remember the late-20th-century and early-21st-century versions of the brand. It was all the rage, known for low-rise jeans, shirtless men, and dimly lit stores that all but the most confident (or just obnoxious) customers would feel awkward walking into. It had its fair share of controversies, including allegations of racism and discrimination. Eventually, like a lot of once hot brands, be it Urban Outfitters or Von Dutch, it fell out of favor. (If you're a Gen Zer and do not know about The Thing that was Abercrombie, bless you, and also, there's a Netflix documentary that can help.) When its longtime CEO <a target="_blank" href="https://www.businessinsider.com/abercrombie-ceo-is-out-2014-12">exited the company at the end of 2014</a>, its sales had declined for 11 consecutive quarters. The retail veteran Fran Horowitz was named CEO in 2017, and under new leadership, Abercrombie has turned things around. The company, which also owns the Hollister brand, reported net sales of $1 billion in the first quarter, a 22% jump from the year before, and it expects net sales growth of about 10% for the year. In turn, investors have fallen for Abercrombie. A year ago, the stock was trading at about $32. Now it's above $180. Abercrombie's shares are up nearly 100% this year alone."It's a big momentum play at this point," said Zachary Warring, an equity research analyst at CFRA Research.As Horowitz has pointed out on earnings calls, there's no "silver bullet" for Abercrombie's performance — it's been plugging along executing a playbook it set a few years ago. Abercrombie 2.0, or whatever you'd like to call it, is more inclusive and welcoming. It's not for the scariest teens in your high school anymore but instead for adults in their 20s and 30s who want to look good and feel good and not have to think too hard about it. Abercrombie doesn't want to be "super trendy," a fashion analyst told Fast Company — it wants to do classic silhouettes in classic colors, though it tosses in some prints and ruffles, too.The company has carefully mapped out what it thinks its customers want when they're at the gym, at work, at happy hour, at a bachelorette party, on vacation, or wherever they'd be during a long weekend. It recently <a target="_blank" href="https://www.businessinsider.com/wealthy-millennials-splurging-pandemic-savings-delayed-weddings-2021-8">launched a weddings section</a>, which has selections for guests and brides, for honeymoons and rehearsal dinners and receptions. Abercrombie has found success particularly with young women, though it's on the up and up with men, too."They are living their best lives," Horowitz told Women's Wear Daily last year. "There's nothing better than being a young millennial. They live for the long weekend." Kloppenburg said Abercrombie's success had come not just from changing up the look — clothes for all occasions, at a good price point — but from the company's execution, which has included <a target="_blank" href="https://www.businessinsider.com/macys-best-buy-small-format-stores-retail-department-big-box-2024-3">focusing on smaller stores</a> and running a lean inventory."They were astute with inventory planning, with store payroll — and wages are up everywhere — with digital investments," she said. "So it wasn't just that the product was good in and of itself."And since any rebrand is only as good as the number of people who know about it, Abercrombie has embraced social-media platforms such as <a target="_blank" href="https://www.businessinsider.com/tiktok-pseudo-shopping-channel-gen-z-had-enough-deinfluencing-influencers-2024-4">TikTok and influencer marketing</a>."They sell a lot of their products through affiliates on social media, and that's how they do a lot of their marketing now, which I don't know how much you pay attention to that, but in terms of apparel and retail companies, they're probably the best at it," Warring said. "They've really benefited from influencers taking their products, trying it on, and obviously posting the link with it."Ali Grant, a partner and the chief marketing officer at the Digital Dept., an influencer-management company, told me that compared with other brands, Abercrombie tended to be less demanding about specific scripts for creators and to work with creators beyond "fashion girlies" to reach a broader set of consumers."They really allow for creative exploration and direction from the content creator they've hired, which is really rare," she said. "They've made it more loose and more authentic and real, for lack of better words."As opposed to the Abercrombie of 20 years ago, whose logos screamed A&amp;F, the <a target="_blank" href="https://www.businessinsider.com/quiet-luxury-explained-which-brands-will-benefit-2023-4">modern Abercrombie is muted</a>. An influencer may be shilling for Abercrombie, but it feels much more item-forward than brand-forward. The point in the early 2000s was the name; now it's much more the clothes.There's no guarantee Abercrombie will be on top forever. American Eagle and Gap are starting to pull pages from the same playbook. (It's worth noting that not everything Abercrombie is doing is entirely original, and some of its pants look a lot like Aritzia's.) It looks as if Gap, which includes the brands Banana Republic and Old Navy, is <a target="_blank" href="https://www.businessinsider.com/store-tour-gap-positioned-comeback-2024-1">starting to turn itself around</a> and get cool again, too. Kloppenburg pointed out that Abercrombie's operating margins were quite high, and if they decline or if the company starts having to discount more, that could spook investors."They're selling a lot of products at full price and full margin. And they make a few mistakes, and those margins start coming down," she said. "So when that happens, the stock will collapse."Still, Abercrombie has pulled off something unique. Its customers are loving it, and so are investors."It's a very sound fundamental story as well right now, and it'll be interesting to see over the next 12 to 18 months," Warring said.So maybe you don't have to be some flashy tech company to get Wall Street excited, nor do you have to be some elusive brand that makes people feel excluded to be successful. It's neat to see this kind of success story, where smart work and strong execution just … pays off.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Inside the astonishing, improbable resurrection of Abercrombie & Fitch

<ul class="summary-list"><li>Home prices are continuing to increase, prolonging America's affordability crisis, Fitch said.</li><li>The ratings agency expects prices to rise between 3% to 5% in 2024.</li></ul>Housing unaffordability will continue to frustrate buyers through the end of this year, as <a target="_blank" href="https://www.fitchratings.com/research/structured-finance/real-home-price-appreciation-aligns-with-sustainable-price-trends-20-08-2024">Fitch Ratings</a> projects home prices to keep rising.Though the <a target="_blank" href="https://www.businessinsider.com/houses-for-sale-supply-inventory-costs-mortgage-rates-prices-fed-2024-8">recent uptick in property listings</a> offers an early sign that the market is correcting, Fitch noted that obstacles stand in the way of cheaper housing."Challenges such as high mortgage rates and elevated home prices, which aggravate the affordability issue, continue to moderate the pace of this normalization," the ratings agency said in a new note on Tuesday.Fitch expects nominal home prices to rise between 3% and 5% in 2024. Its latest report tracked data through the first quarter and found that prices had already increased 1.5%.Appreciating prices would only compound affordability pressures in the market. According to Fitch, 89% of the country's metro areas are overvalued, a trend that has largely stayed consistent since the <a target="_blank" href="https://www.fitchratings.com/research/structured-finance/us-rmbs-sustainable-home-price-report-second-quarter-2022-09-08-2022">fourth quarter of 2022</a>. This figure did surpass <a target="_blank" href="https://www.businessinsider.com/us-housing-market-overvalued-price-growth-mortgage-supply-fitch-ratings-2024-3">90% in the second half of last year</a>.The national home price was overvalued by 11.5% in the first quarter, Fitch said, a slight rise from the previous quarter's 11.1%. That's due to accelerating price growth, while rent, unemployment, mortgage rates, and income remained largely stable.57% of affected metros were overvalued by over 10% or more, it added.Unaffordability has kept prospective buyers on the sidelines this summer, as June's <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-logjam-existing-home-sales-record-prices-mortgages-2024-7">median sale price jumped to a record $426,900</a>, the National Association of Realtors found.Many are staying back until mortgage rates fall, something that is expected to follow if the Federal Reserve cuts rates this September.The <a target="_blank" href="https://www.freddiemac.com/pmms">30-year fixed mortgage rate</a> dropped to 6.49% last week, a meaningful low from 7% highs reached in May.But Fitch has previously cautioned that lower interest rates may <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-home-prices-2024-2025-fed-rate-cuts-2023-12">quicken the pace of price appreciation</a>.Recent commentary from "Shark Tank" star Barbara Corcoran supports this. The real-estate investor told Bloomberg that <a target="_blank" href="https://www.businessinsider.com/housing-prices-market-outlook-us-mortgage-rates-drop-barbara-corcoran-2024-8">tremendous demand</a> is waiting for rates to drop and may cause the market to become more expensive than it is now.If mortgage rates fall to 6%, she expects home prices to jump as much as 10%.

Rising prices will prolong America's home-affordability crisis with 89% of the market still overvalued, Fitch says

I visited Abercrombie & Fitch for the first time in years. The brand is back from the dead, but its menswear may not be.

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="267" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> has won a vote of confidence from global rating agencies <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords">S&amp;P</keyword> and <keyword id="19950093" type="General" weightage="20" keywordseo="Fitch" source="keywords">Fitch</keyword> after its robust earnings in the fiscal year ended March 31, 2024, supported its growth aspirations and kept leverage under check. S&amp;P Global Ratings and Fitch Ratings in separate notes spoke of its <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> (loosely known as pre-tax profit) rising in the current fiscal year and next on rising revenue and past investments. "<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> Ltd's (<keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword>) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company's debt-to-EBITDA ratio to remain commensurate with the rating (BBB+/Stable/--)," S&amp;P said in a note. The oil-to-telecom-and-retail conglomerate's growth aspirations remain intact, it said, adding the company has ramped up investments in the media business in recent months. In 2024, it entered into binding definitive agreements with The Walt Disney Co for a media joint venture in which RIL will invest Rs 11,500 crore. The company subsequently agreed to buy Paramount Global's 13.01 per cent stake in local entertainment network Viacom18 Media Pte Ltd for about Rs 4,300 crore. "These investments are in line with RIL's strategy to diversify and have a strong presence in a few key industries," the rating agency said. Also, the company received government approval in 2024 to develop gas reserves in the KG-D6 block in the Bay Of Bengal. This could increase the company's gas production capacity by 13-17 per cent. RIL's earlier announced investments include a Rs 75,000 crore expansion plan over five years (starting 2022) for the oil-to-chemicals business. "RIL's earnings will benefit from past investments," S&amp;P said. "We project the company's adjusted EBITDA will rise 2-4 per cent in fiscal 2025 (year ending March 31, 2025)," it added. Just as in the past two years, the digital services segment (Reliance Jio Infocomm Ltd) will be the key growth driver, with segment's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increasing 10-12 per cent in fiscal 2025. Reliance Jio's wireless subscriber base and average revenue per user will gain from the company's investments in its 5G network since late 2022. Meanwhile, earnings in the oil and gas as well as retail segments will reap the rewards of increased production volume and a wider retail store network. "The EBITDA improvement that we expect in fiscal 2025 comes after a 14 per cent increase to Rs 1.6 lakh crore in fiscal 2024," it said. S&amp;P saw RIL's rising earnings providing it greater balance-sheet flexibility for growth. "We expect the combination of robust operating performances and continued spending to keep the company's debt-to-EBITDA ratio at 1.8x-2.0x over the next two years. This compares with our estimate of 1.7x for fiscal 2024 and our downgrade trigger of 2.5x," S&amp;P said. RIL's leverage has some distance from the upper end of the company's internal leverage target. RIL has reiterated its intention to keep its net debt-to-EBITDA ratio (by its own calculations) below 1x. The ratio was 0.65x as of March 31, 2024. Separately, Fitch Ratings said RIL's EBITDA net leverage is likely to remain below 1x in the medium term, supported by increasing cash flows and lower capex intensity, even as the conglomerate's absolute capex and investments remain high in the near term. "We expect RIL's EBITDA to increase by 8 per cent year-on-year in the financial year ending March 2025 (FY25) and 14 per cent in FY26, while capex intensity (capex/revenue) is likely to reduce below 13 per cent by FY26 (FY24: 15.3 per cent). Lower capex intensity would be driven by growing revenue and reduction in capex after FY25," it said. Fitch expected the conglomerate's Cash Flow from Operations (CFO) to be sufficient to fund its capex from FY26, which will limit additional debt funding and keep its EBITDA net leverage below 1.0x in the medium term (FY24: 0.9x, FY23: 1.1x). "Fitch estimates RIL's FY24 EBITDA net leverage at 0.9x, better than our expectation of 1.1x, driven by marginally higher EBITDA and Rs 20,900 crore of equity raised mainly from the sale of a stake in a subsidiary, even as its capex remained high at Rs 1.5 lakh crore (FY23: Rs 1.4 lakh crore)," the rating agency said in a statement. It rates RIL at 'BBB'/Stable, one notch above India's rating (BBB-/Stable). "We expect the EBITDA increase in the near to medium term to be driven by the telecom and retail businesses, supported by contribution from the upstream oil and gas segment and marginal recovery in petrochemical spreads in the oil to chemical (O2C) segment," Fitch said, adding EBITDA from digital services, largely telecom, is likely to benefit from a 10-15 per cent tariff hike and 15-20 million of additional subscribers in FY25 (FY24: 482 million subscribers). Digital services EBITDA rose by 13 per cent in FY24, as Reliance added 42 million subscribers and monthly average revenue per user increased to Rs 182. Monthly user data consumption increased by 24 per cent to 28.7 GB, one of the highest globally. Fitch expected retail EBITDA to increase by 20-25 per cent in FY25 (FY24: 28%) as Reliance continues to expand its physical stores and digital channels. EBITDA would be supported by a 22.2 per cent increase in its registered customer base to 304 million in FY24. Also, O2C segment EBITDA is expected to remain above Rs 60,000 crore in FY25 (FY24: Rs 62,400 crore), as a gradual improvement in petrochemical spreads from FY24 lows is expected as a supply overhang recedes. Upstream oil and gas EBITDA should stay at around Rs 20,000 crore in FY25 (FY24: Rs 20,200 crore), assisted by the expectation of a 10 per cent increase in gas production in the first full year of operation of three gas fields in the KG-D6 block, which should offset the potential reduction in price realisation with lower gas prices in international benchmarks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/jnk-india-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109597273.cms">JNK India IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a>

Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check

<ul><li><keyword id="19950093" type="General" weightage="20" keywordseo="fitch" source="keywords">Fitch</keyword> foresees India’s retail inflation easing to 4.7% by the end of 2024.</li><li>It raised FY24 GDP to grow at 6.9%, a tad lower than <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>’s 7% forecast.</li><li>With general elections slated this year, it expects policy continuity, with gradual fiscal consolidation and economic reform momentum. </li></ul>The Indian central bank is expected to cut interest rates to the tune of 75 basis points in FY25, by international rating agency Fitch. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) had hiked interest rates by as much as 290 basis points since mid-2022, after pausing in April last year. Fitch also foresees headline inflation to ease to 4.7% by the end of 2024 from 5.7% in December 2023. “Headline inflation was volatile in 2023 due to food price shocks, periodically exceeding the Reserve Bank of India's (RBI) 2-6% target band. However, core inflation decelerated, reaching 3.7% in December from around 6% at end-2022, which should help anchor headline inflation,” Fitch says. Raises GDP growth outlook Fitch’s FY24 growth projections at 6.9% are marginally lower than that of RBI, which forecasted 7% growth. However, Fitch also raised its GDP growth outlook for the country, as it had earlier forecasted 6% growth. Investment, it believes will remain the key growth driver, as it sees government's capex drive is likely to continue, with a gradual acceleration in private investments. “Consumption is likely to moderate further in the near term due to reduced household savings buffers,” Fitch added. India's general elections are likely to be held in the summer of 2024. It expects policy continuity, with gradual fiscal consolidation and economic reform momentum. “Polls indicate that the incumbent government led by the Bharatiya Janata Party under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> will be re-elected, even as much of the opposition has coalesced under a broad coalition,” the agency added. Fitch affirmed India’s rating at 'BBB-' with a stable outlook. “India's rating is underpinned by a robust medium-term GDP growth outlook and sound external finances, which remain intact as the country has effectively navigated a fraught external environment in the past few years,” it added.

Fitch expects RBI to cut interest rates by 75 basis points in FY25

<ul class="summary-list"><li>Beijing will pile up debts as it tries to revive China's economy, according to Fitch.</li><li>The ratings agency cut its outlook for China to negative on Wednesday.</li></ul>Fitch Ratings has cut its outlook for China, adding to the gloom surrounding the world's second-largest economy.Beijing is likely to pile up more debt as it tries to "transition away from property-reliant growth to what the government views as a more sustainable growth model," <a target="_blank" href="https://www.fitchratings.com/research/sovereigns/fitch-revises-outlook-on-china-to-negative-affirms-at-a-09-04-2024">the credit ratings agency said</a>. It cut its outlook from "stable" to "negative," but maintained its overall rating at "A+."The move comes after Moody's Investor Services, another major credit-rating agency, also <a target="_blank" href="https://www.businessinsider.com/china-economy-debt-crisis-moodys-bonds-evergrande-stock-market-analysis-2023-12">downgraded its outlook for China to "negative"</a> in December.Such downgrades tend to be a symptom of economic uncertainty, rather than a source of further misery. Fitch <a target="_blank" href="https://www.businessinsider.com/fitch-downgrades-us-credit-rating-deficit-debt-ceiling-2023-8">slashed its rating for the US</a> in August, citing political deadlock surrounding the debt-ceiling crisis. However, the downgrade did not <a target="_blank" href="https://www.businessinsider.com/janet-yellen-feeling-good-us-soft-landing-economy-krugman-summers-2023-9">trigger a recession</a> or stop stocks from posting one of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ai-inflation-federal-reserve-rally-bull-market-2023-12">their best 12 months for many years</a>.Still, the Fitch move is a reminder of some of the issues plaguing the Chinese economy.Beijing has pledged to use fiscal policy to revive growth, which faltered last year. China's economy expanded by 5.2% last year — slightly ahead of policymakers' official target but far short of what many analysts and investors had expected.<a target="_blank" href="https://www.businessinsider.com/china-economy-deflation-global-markets-investors-beijing-inflation-policy-consumers-2024-2">Deflation has also become entrenched</a>, with consumer prices falling at their sharpest pace in 14 years in February. Analysts have pointed to this as a sign of weakening demand and confidence.All that doom and gloom is rooted in China's ongoing property-market crisis. Real estate was a huge growth engine <a target="_blank" href="https://www.businessinsider.com/housing-market-house-prices-real-estate-china-economy-world-recession-2023-11">from the mid-1990s until 2020</a>, but a government crackdown on borrowing since then has led to the collapse of big developers including <a target="_blank" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">Evergrande</a> and <a target="_blank" href="https://www.businessinsider.com/country-garden-china-real-estate-problems-explainer-evergrande-2023-8">Country Garden</a>.A weak property sector has eroded the wealth of many people, subduing consumer spending. As a result Fitch expects economic growth to fall to 4.5% for 2024.The ratings agency said policymakers will probably have no choice but to borrow to address its economic woes. Fitch forecast that China's deficit as a percentage of GDP will climb to 7.1% this year, up from 5.8% in 2023. That's considerably higher than the US deficit, which equated to 6.2% of GDP at the end of last year, per data from the <a target="_blank" href="https://fred.stlouisfed.org/series/FYFSGDA188S">St Louis Federal Reserve</a>.China's finance ministry pushed back against Fitch's revised outlook, saying that any interventions it makes will aid growth and help the country shore up its debt burdens.Markets were little changed after Fitch's move, with 10-year government bond yields holding steady at just under 2.3%. The <a target="_blank" href="https://markets.businessinsider.com/currencies/usd-cny">Chinese yuan</a> traded flat against the US dollar, but the flagship <a target="_blank" href="https://markets.businessinsider.com/index/csi-300">CSI 300 index</a> closed 0.8% lower, bucking a global trend of stocks rising.

Fitch's negative outlook for China is more bad news for its stalling economy

<ul class="summary-list"><li>Fitch Ratings revised its office delinquency forecast for 2024 and 2025.</li><li>The sector's recovery will be slower than after the global financial crisis, it said.</li></ul>Things are not looking up for the US office sector, with loan performance set to slump even further in 2025, <a target="_blank" href="https://www.fitchratings.com/research/structured-finance/us-commercial-real-estate-office-performance-will-worsen-through-2025-07-06-2024">Fitch Ratings</a> said.After the market significantly underperformed Fitch's year-to-date expectations in May, the rating agency has revised its office delinquency forecast to 8.4% and 11% through this and next year. That's up from projections of 8.1% and 9.9%, respectively.Driving the fallout are still-elevated interest rates, cooling economic growth, and a stricter lending environment, Fitch wrote on Friday. That's all happening against a broad decline in office demand, as hybrid or fully remote work has become an entrenched norm.By one estimate, the work-from-home trend could fuel a <a target="_blank" href="https://www.businessinsider.com/office-commercial-real-estate-crash-price-correction-debt-morgan-stanley-2024-2">30% peak-to-trough price correction for office properties</a>, and vacancy rates have only kept rising, hitting a record high of nearly 14% in May, the <a target="_blank" href="https://www.nar.realtor/research-and-statistics/research-reports/may-2024-commercial-real-estate-market-insights">National Association of Realtors</a> found."The recovery of the office sector will be slower and more drawn out during this cycle than following the global financial crisis and will lead to permanent impairments in property values, weaker performance, and higher loan losses," Fitch wrote on Friday.Fitch anticipates low refinanceability on maturing office loans through this year, with 16%-21% able to refinance. Already, offices have the lowest refinancing percentage of major property types, the rating agency noted, with the year-to-date refinancing rate hitting 5% in May.While most loans will remain cash-flow positive in the next two years, lower-quality office properties are more at risk."Eighteen out of 44 Fitch-rated office [single asset, single borrower] transactions are Fitch Loans of Concern due to refinance concerns, elevated tenancy rollover, declining occupancies/rents, high concentrations of dark/sublease spaces, limited performance stabilization and deteriorating market fundamentals," the note said.A looming commercial real estate loan crash has been a persistent worry among analysts and market observers, with <a target="_blank" href="https://www.businessinsider.com/banks-commercial-real-estate-loan-sales-debt-interest-rates-2024-1">$2.1 trillion in debt</a> expected to mature by the end of next year.

The US office sector will worsen through next year, and the recovery will be slower than after the 2008 crisis, Fitch Ratings says

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

The <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword> in <keyword id="119132" type="General" weightage="20" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, <keyword id="82981" type="General" weightage="20" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings said on Wednesday. In its report titled '<keyword id="156416" type="General" weightage="20" keywordseo="apac" source="Orion">APAC</keyword> Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop. "Economic growth in APAC will generally remain strong in 2024, especially in emerging markets (EMs), supporting sector outlooks across the region. We expect real GDP to expand by, or above, 5 per cent in India, Indonesia, the Philippines and Vietnam, and China's performance will still be strong by most other countries' standards," Fitch said. The <keyword id="6356076" type="General" weightage="20" keywordseo="indian-economy" source="Orion">Indian economy</keyword> grew 7.2 per cent in 2022-23 fiscal year. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively. Fitch had last month said it expects India to be among the world's fastest-growing large sovereigns, with resilient GDP growth of 6.9 per cent this fiscal, followed by 6.5 per cent in 2024-25. "Robust regional economic growth - particularly in Asia's large emerging markets - should offset headwinds from slowing growth in China, weak global demand and high interest rates, helping to support performance across sectors in APAC in 2024," Fitch Ratings Senior Director Duncan Innes-Ker said. Fitch said headwinds from slower Chinese growth, weak global demand and higher interest burdens following the rise in interest rates over 2022-23 will weigh on performance for many sectors. But the bulk of Fitch's APAC sector outlooks for 2024 remain neutral. "Sino-US tensions have eased recently, but we expect relations to remain challenging, which will lead companies to pursue further supply-chain diversification to limit exposure to geopolitical risks," Fitch said.

You Searched For "fitchs" and got 12 results

Years of controversy preceded the arrest of the ex-CEO of Abercrombie & Fitch

Madeline Berg

Ex-Abercrombie & Fitch CEO was involved in sex trafficking for 6 years while he was at the company's helm, prosecutors say

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Coalition politics, weakened mandate could make passing legislations on ambitious reforms challenging: Fitch

PTI

Inside the astonishing, improbable resurrection of Abercrombie & Fitch

Emily Stewart

Rising prices will prolong America's home-affordability crisis with 89% of the market still overvalued, Fitch says

Filip De Mott

I visited Abercrombie & Fitch for the first time in years. The brand is back from the dead, but its menswear may not be.

Gianluca Russo

Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check

PTI

Fitch expects RBI to cut interest rates by 75 basis points in FY25

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Fitch's negative outlook for China is more bad news for its stalling economy

George Glover

The US office sector will worsen through next year, and the recovery will be slower than after the 2008 crisis, Fitch Ratings says

Filip De Mott

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

ANI

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

PTI

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