APPAREL
Nike Q2 earnings rise
Nike on Tuesday reported higher second-quarter earnings behind increased sales in key markets, including China, and said it was making progress in cutting inventory in North America. Executives gave an upbeat outlook on China, where sales jumped 12 percent to US$1.1 billion. Net income for the quarter ending on Nov. 30 rose 7 percent to US$842 million. Sales rose 6 percent to US$8.2 billion. Gross profit margins contracted company-wide. Analysts have expressed worry about Nike’s profit outlook in North America due to excessive supply of athletics goods being deeply discounted in US stores this holiday season.
AID
More help for Iraq
The World Bank on Tuesday announced an additional US$1.5 billion aid package for Iraq to help implement reforms, improve public services and boost the economy. The package includes loan guarantees from the UK for about US$372 million, and from Canada for about US$72 million. “Despite an ongoing war and low oil prices, Iraq is undertaking bold transformational reforms that will safeguard economic stability and lay the foundations for longer term private sector development and inclusive growth for all Iraqis,” World Bank director for the Middle East Ferid Belhaj said.
STOCK EXCHANGES
London group in talks
The London Stock Exchange Group on Tuesday said that it was in “exclusive” talks to sell the French arm of its majority-owned clearing business to Euronext, part of the British company’s efforts to win regulatory approval for a merger with Deutsche Borse. The Deutsche Borse merger with the London Stock Exchange Group would create Europe’s largest stock market operator by far, combining exchanges in Britain, Germany and Italy. However, EU antitrust regulators opened an “in-depth” investigation into the deal in September over its potential impact on competition in financial markets.
BEVERAGES
Coca-Cola buying stake
Coca-Cola Co has entered a deal to buy Anheuser-Busch InBev NV’s 54.5 percent stake in Coca-Cola Beverages Africa for US$3.15 billion, the companies said yesterday. In addition, the companies have reached an agreement for Coca-Cola to buy AB InBev’s interest in bottling operations in five African nations, El Salvador and Honduras for an undisclosed amount, according to a statement. Coca-Cola plans to hold all of these territories temporarily until they can be refranchised to other partners, according to the statement. The Atlanta-based company has announced plans to speed up refranchising of its bottling operations as it seeks to reduce exposure to facilities that are more capital intensive and low margin.
LOGISTICS
FedEx Q2 profit drops
FedEx Corp’s second-quarter profit fell short of analysts’ estimates as the operator of the world’s biggest air-freight carrier boosted spending on ground delivery, its complementary business. Operating income fell 12 percent in the ground operation as investment in network expansion fueled a rise in costs, FedEx said in a statement on Tuesday. FedEx is spending about US$2 billion this year as it expands sorting hubs and distribution centers, and increases automation to handle growing e-commerce shipments. Adjusted earnings were US$2.80 a share for the quarter that ended on Nov. 30, trailing the US$2.91 average of analyst estimates compiled by Bloomberg.
It was late morning and steam was rising from water tanks atop the colorful, but opaque-windowed, “soapland” sex parlors in a historic Tokyo red-light district. Walking through the narrow streets, camera in hand, was Beniko — a former sex worker who is trying to capture the spirit of the area once known as Yoshiwara through photography. “People often talk about this neighborhood having a ‘bad history,’” said Beniko, who goes by her nickname. “But the truth is that through the years people have lived here, made a life here, sometimes struggled to survive. I want to share that reality.” In its mid-17th to
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
The battle for artificial intelligence supremacy hinges on microchips, but the semiconductor sector that produces them has a dirty secret: It is a major source of chemicals linked to cancer and other health problems. Global chip sales surged more than 19 percent to about US$628 billion last year, according to the Semiconductor Industry Association, which forecasts double-digit growth again this year. That is adding urgency to reducing the effects of “forever chemicals” — which are also used to make firefighting foam, nonstick pans, raincoats and other everyday items — as are regulators in the US and Europe who are beginning to
RSS