
Wirecard Scars Push Watchdog BaFin to Crack Down on Fintechs
The regulator’s letter was scathing, a laundry list of failings ranging from insufficient controls to flawed risk management
2023-11-09 23:56

Carl Icahn unties personal loans from his company's shares- WSJ
Carl Icahn and banks have finalized amended loan agreements that untie Icahn's personal loans from the trading price
2023-07-10 14:25

ECB Threatens 20 Banks With Fines for Mismanaging Climate Risk
The European Central Bank has written to about 20 lenders to warn them that it will impose fines
2023-11-22 15:19

US economy holds its breath ahead of UPS Teamsters contract vote
By Lisa Baertlein and Priyamvada C The U.S. economy will face a key test on Tuesday when the
2023-08-22 18:23

Adidas is still figuring out what to do with $1.3 billion worth of unsold Yeezys
Nearly seven months on from Adidas parting ways with rapper Kanye West, and the sportswear brand reportedly still has $1.3 billion of unsold Yeezy stock in its warehouses. The decision from Adidas to split from West - otherwise known as Ye - came back in October last year came after the 45-year-old made antisemitic remarks both in interviews and online. But now, Adidas has to decide what to do with the remaining stock of the popular shoe as the company attempts to turn its fortune around after it abruptly ended its partnership with West and his Yeezy brand, with 400 million euros ($441 million) in lost sales at the start of the year. Sign up to our free Indy100 weekly newsletter Though Adidas is "getting closer and closer to making a decision" on what to do with the sneakers and the “options are narrowing,” new CEO Bjorn Gulden said, as per Associated Press. He became in charge back in January this year, three months after Adidas terminated it's partnership with Ye. However, a decision has not yet been reached due to "so many interested parties," he added. Gulden did not confirm whether the option to destroy the shoes had been ruled out but noted that this is something it is the company is "trying to avoid." Meanwhile other options have their own downsides, since selling the shoes would mean Ye would need to be paid royalties, removing brand identification would be dishonest. Giving the shoes away for free sounds like a nice idea in theory but this could cause them to be resold at a higher market price. Gulden is also remaining tight-lipped on the exact quantity of stock that is left since he believes if consumer are aware of this number it "could have an impact on demand," as per AP. The CEO admitted losing Yeezy is "of course hurting us" and if Adidas decides not to sell the remaining shoes, it could reduce earnings by 500 million euros this year. Net sales declined 1 per cent in the first quarter, to 5.27 billion euros, and would have risen per cent with the Yeezy line, the company said. As a whole, Gulden described 2023 as a "a year of transition" with "a better ’24 and a good ’25" as the German sportswear business continues without the Yeezy brand. Elsewhere, Adidas found itself being sued by investors last week who allege the company knew about Ye’s offensive remarks and harmful behaviour years before the termination and failed to take precautionary measures to limit financial losses. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-05-10 02:25

Nomura Redraws China Strategy, Cuts Jobs After Losses Deepen
Nomura Holdings Inc. is overhauling its China business after losses there snowballed, reflecting setbacks to plans by Japan’s
2023-10-26 16:16

Asian markets follow US lead with gains
Asian markets posted modest gains in early Thursday trade, rebounding from previous losses after a strong...
2023-10-05 11:27

Germans question value of working after new welfare increases - survey
BERLIN More than half of Germans believe work is not worthwhile after the government's planned increase in welfare
2023-09-05 20:28

Europe's central bank is set to pile on another rate increase. Is it the last in a record series?
The European Central Bank is set to raise interest rates again Thursday
2023-07-27 16:16

Homeowners face rising insurance rates as climate change makes wildfires, storms more common
A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says
2023-09-20 12:18

Lloyd's of London pays out over slave trade links
Lloyd's of London, the insurance market, said Wednesday it would spend £52 million ($64 million) on racial-equality causes after a report found it played a "significant...
2023-11-09 01:26

Legal battle looms over London's expanding vehicle pollution fee
A UK court will on Tuesday consider contentious plans to extend a scheme obliging the most polluting vehicles to pay for using London's roads, as opponents engage...
2023-07-04 16:23
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