Yeezy fiasco helps push Adidas into loss as US sales continue to fall
CNN
Adidas has slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, falling sales in North America and a huge tax bill.
Adidas has slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, falling sales in North America and a huge tax bill. The German sportswear giant posted a net loss of €58 million ($63 million) in its core business in 2023, as revenue was hurt by lower sales of Yeezy-branded clothing and sneakers, while its tax burden shot up. “We didn’t have a great year in 2023,” chief financial officer Harm Ohlmeyer told journalists Wednesday. Shares in Adidas fell almost 4% in early trade, before paring most of those losses by 9.40 a.m. ET. In October 2022, Adidas broke off its high-profile partnership with Yeezy designer Ye, the rapper formerly known as Kanye West, after he made a string of anti-semitic remarks. Adidas has been selling its remaining Yeezy stock, saying it will donate a “significant amount to selected organizations working to combat discrimination and hate, including racism and antisemitism.”
The Iran war has driven oil prices to their highest levels in years. Now, a wave of attacks in the past 24 hours on energy production sites across the Middle East have turned the spotlight on another crucial fossil fuel: liquefied natural gas, or LNG.
Oil and natural gas prices spiked Thursday, as Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s most important liquefied natural gas (LNG) facilities in Qatar.
In normal times, the Federal Reserve would more or less ignore an oil price shock like the one we’re in now.
Property brokerage Compass on Wednesday dropped its lawsuit against Zillow, ending a legal clash over how home listings can be marketed online.
Fed officials didn’t make any rate moves at their March meeting and released an updated forecast for the path of the American economy as the war in Iran stretches on.
Fed officials are set to announce their latest rate decision Wednesday afternoon, along with a new forecast for the path of the American economy as the war in Iran stretches on.
“The speed with which American democracy is currently dismantled is unprecedented in modern history,” one of the world’s top democracy researchers says in a new report.
Oil prices held steady Wednesday after Iraq clinched a deal to resume some crude exports via Turkey. It’s not a ton of oil, but it’s what amounts for good news these days as the Strait of Hormuz remains largely blocked.
The US-Israeli war with Iran, now stretching into its third week, is dashing hopes that the Federal Reserve will lower interest rates at all this year.
A federal judge says the Trump administration must let more than 1,000 sidelined Voice of America employees return to work by next week.
Former judges side with Anthropic and raise concerns about Pentagon’s use of supply chain risk label
Nearly 150 retired federal and state judges have filed an amicus brief on Tuesday supporting AI company Anthropic in its lawsuit against the Trump administration for designating it a “supply chain risk,” CNN has learned.
Attacks on commercial ships in the Middle East this month have all but closed the vital Strait of Hormuz to oil tankers. One of the few alternative routes for oil exports from the region goes through the Red Sea. But now even that lifeline is in danger.
When Mona Panjwani opened One40 Rooftop, a swanky restaurant in lower Manhattan last year, one of the biggest dilemmas besides the menu was choosing the reservation platform.