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The National Park Service said Tuesday it is going to start charging the millions of international tourists who visit U.S. parks each year an extra $100 to enter some of the most popular sites, while leaving them out of fee-free days that will be reserved for American residents.The announcement declaring “America-first entry fee policies” comes as national parks deal with the strain of a major staff reduction and severe budget cuts, along with recovering from damage during the recent government shutdown and significant lost revenue due to fees not being collected during that time.The fee change will impact 11 national parks, including the Grand Canyon, Yellowstone and Yosemite, according to the U.S. Department of the Interior.As part of the changes, which are set to take effect Jan. 1, foreign tourists will also see their annual parks pass price jump to $250, while U.S. residents will continue to be charged $80, according to the department’s statement.Interior Secretary Doug Burgum said in a post on the social platform X that the changes make sure U.S. taxpayers who support the park service “continue to enjoy affordable access, while international visitors contribute their fair share to maintaining and improving our parks for future generations!”A White House post on X laying out the increased fees ended with the phrase, “AMERICANS FIRST.”The announcement follows a July executive order in which President Donald Trump directed the parks to increase entry fees for foreign tourists.“There’s a lot to unpack in this announcement, including many questions on its implementation all which NPCA will raise with the Department of Interior,” Kati Schmidt, a spokesperson for National Parks Conservation Association, said in an email.The U.S. Travel Association estimated that in 2018, national parks and monuments saw more than 14 million international visitors. Yellowstone reported that in 2024, nearly 15% of its visitors were from outside the country, which was down from 30% in 2018.The money made off the new fees will help support the national parks, including with upgrading facilities for visitors and maintenance, according to the statement.The “resident-only patriotic fee-free days” next year include Veterans Day, which was one of the parks’ eight free days open to everyone in 2025. The Department of the Interior had announced those days by saying they wanted to ensure that “everyone, no matter their zip code, can access and enjoy the benefits of green spaces and our public lands.” Golden reported from Seattle. Hallie Golden and Matthew Daly, Associated Press
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Shares in Europe and Asia advanced on Wednesday after benchmarks on Wall Street surged on hopes the Federal Reserve will soon opt to cut interest rates.The future for the S&P 500 gained 0.3%, while that for the Dow Jones Industrial Average was up 0.2%.In early European trading, Germany’s DAX gained 0.2% to 23,500.98, while the CAC 40 in Paris also rose 0.2%, to 9,623.22. Britain’s FTSE 100 edged 0.1% higher.In Asia, Tokyo’s Nikkei 225 rose 1.9% to 49,559.07 in a broad rally that encompassed major exporters and technology shares. However, shares in Kioxia dropped 14.9% on reports that Bain Capital plans to sell $2.3 billion of the computer memory maker’s shares.In South Korea, the Kospi gained 2.7%, to 3,960.87, helped by a 3.5% gain for Samsung Electronics, the market’s biggest heavyweight. Computer chip maker SK Hynix climbed 1%.Taiwan’s Taiex surged 1.9%.Chinese markets were mixed.Hong Kong’s Hang Seng rose 0.1% to 25,928.08 and the Shanghai Composite index slipped 0.2%, to 3,864.18.Chinese e-commerce and technology giant Alibaba fell 1.9%. Its U.S.-traded shares fell 2.3% on Tuesday after its profit fell short of forecasts, though it reported stronger revenue than analysts had expected for the latest quarter.Australia’s S&P/ASX 200 climbed 0.8% to 8,606.50. In New Zealand, the S&P/NZX 50 added 0.6% after the central bank cut its official cash rate to 2.25% from $2.5%.U.S. markets will have a shortened trading week due to the Thanksgiving holiday, closing on Thursday and opening for shorter hours on Friday.On Tuesday, the S&P 500 rose 0.9% and the Dow Jones Industrial Average rallied 1.4%. The Nasdaq composite gained 0.7%.Easier interest rates can give particularly big boosts to smaller companies, because many of them need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.1% to lead the market.Mixed economic data left traders betting on a nearly 83% probability that the Fed will cut in December, according to data from CME Group.Shoppers bought less at U.S. retailers in September than economists expected, while confidence among U.S. consumers worsened by more in November than expected, signals the economy could use help from lower interest rates.Easier rates can boost the economy by encouraging households and companies to borrow more and investors to pay higher prices for investments than they would otherwise.Another report said U.S. inflation at the wholesale level was a touch worse in September than expected, but a closely tracked underlying trend was slightly better. Lower interest rates can worsen inflation, and higher prices are the main reason the Fed has been holding back on rate cuts.Later Wednesday, the U.S. was due to release more data that had been delayed by the six-week long government shutdown.The Fed has already cut rates twice this year in hopes of shoring up the slowing job market.In other dealings early Wednesday, U.S. benchmark crude oil gained 5 cents to $58.00 per barrel. Brent crude, the international standard, picked up 8 cents to $61.88 per barrel.The U.S. dollar rose to 156.46 Japanese yen from 156.06 yen. The euro rose to $1.1575 from $1.1569. Elaine Kurtenbach, AP Business Writer
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Since 2019, Abercrombie & Fitch Co. has undergone a resurrection from discarded early-2000s mall brand to a sought-after brand for millennials and older Gen Zs. Abercrombie reported $1.29 billion in revenue for quarter three, up 7% year-over-year. The Tuesday, November 25 earnings report is the twelfth in a row with consecutive growth between quarters. The company also beat Wall Streets predicted $1.28 billion in revenue and reached earnings per share of $2.36 earnings, rather than the estimated $2.16, according to consensus estimates cited by CNBC. Abercrombies shares (NYSE:ANF) closed up more than 37% on Tuesday, though the stock is still down 39.63% from the start of 2025. Notably, the most recent growth of Abercrombie (the company) hasnt been fueled by Abercrombie (the brand). This quarter saw the retail stores net sales sink 2% year-over-year to $617.35 milliona 7% decrease in comparable sales. Its an improvement from quarters one and two, during which the brand also saw declines in net sales: a 4% reduction year-over-year to $547.95 million in quarter one and a 5% drop year-over-year to $551,868 in quarter two. Instead, it was another brand beloved by millennials as teens that has held up the once logo-tee-and-low-rise-jean-adorned fort. Abercrombie-owned Hollister reported $673.27 million in net sales for the most recent quarter. This figure represents a 16% increase year-over-year and a 15% jump in comparable sales. Hollisters success left the company with a 7% improvement in net sales year-over-year. Hollister has maintained significant positive growth, reporting 19% and 22% increases in net sales year-over-year during quarters one and two, respectively. In an earnings call for quarter two, CEO Fran Horowitz attributed the Abercrombie brands decline to marking down and selling old inventory. This time around, Horowitz appeared happy enough to have made progress, stating, Abercrombie brands made sequential progress in-line with our expectations, and we are tightly managing inventory as we aim for fourth quarter brand net sales to be approximately flat to last years record. Abercrombie expects a 6% to 7% growth overall for net sales in fiscal 2025, remaining confident it will reach a new record high.
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