Adidas shareholders approve chair Thomas Rabe’s reelection
Adidas shareholders approved the reelection of Chairman Thomas Rabe on Thursday despite several top investors voicing their dissent, saying Rabe has too many outside commitments and the company must find a successor.Shareholders at the group’s annual general meeting supported his election for another year with 64.43% of votes, securing Rabe’s sixth year in the role.Allianz […]
IEA forecasts global oil demand growth to slow to 650,000 bpd for remainder of 2025
The International Energy Agency (IEA) on Thursday said that economic headwinds, combined with record sales of electric vehicles (EV), will reduce global oil demand growth to 650,000 barrels per day (bpd) for the remainder of 2025.At that rate, demand growth will have slowed from the 990,000 bpd the IEA measured in the first quarter of […]
Japan’s MUFG posts record annual profit despite 41% slump in Q4
Japan’s largest banking group Mitsubishi UFJ Financial Group clocked a record annual net profit even as fourth-quarter profit fell by 41%.MUFG made a net profit of 114 billion yen ($782.11 million) in the January-March quarter compared to 192.8 billion yen in the same period the previous year.Annual profit hit 1.86 trillion yen, beating its previous […]
Tariff cut prompts rush to secure China-made goodsRetailers face potential supply chain bottlenecksFreight costs expected to rise amid increased demand
U.S. retailers including Walmart and several clothing brands are racing to secure China-made merchandise for the busy summer shopping season starting in late May after Washington and Beijing agreed to temporarily slash tariffs.The agreement on Monday to lower U.S. tariffs on shipments from Chinato 30% from 145% for the next three months prompted a restart […]
Tower Semiconductor forecasts quarterly revenue above estimates on steady wireless chip demand
Contract chipmaker Tower Semiconductor forecast second-quarter revenue above Wall Street estimates on Wednesday, driven by strong demand for wireless communication and power management chips.The Israel-based company specializes in analog and mixed-signal semiconductor manufacturing, catering to industries such as automotive, industrial, consumer electronics and communications.While demand from key industries such as automotive has been choppy in […]
Belgium’s Syensqo to cut 200 jobs due to uncertain demand, after Q1 profit beat
Belgian chemicals group Syensqo beat first-quarter earnings expectations on Thursday, aided by a strong performance of its technology solutions business, but said it would need to cut around 200 jobs amid macroeconomic concerns.“The start of the year has also seen increased uncertainty from ongoing tariff and global trade tensions … the broader consequences on end […]
Retailers rush to save US summer shopping season
Tariff cut prompts rush to secure China-made goodsRetailers face potential supply chain bottlenecksFreight costs expected to rise amid increased demand U.S. retailers including Walmart and several clothing brands are racing to secure China-made merchandise for the busy summer shopping season starting in late May after Washington and Beijing agreed to temporarily slash tariffs.The agreement on […]
Dick’s Sporting Goods closes in on deal to buy rival Foot Locker, WSJ reports
Dick’s Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.The companies have discussed a deal at $24 per share for Foot Locker, the report said. That would represent an 86.5% premium to the stock’s […]
Kyivstar-parent VEON reports quarterly revenue growth, confirms 2025 outlook
VEON reported a 9% growth in its quarterly revenue on Thursday, supported by increasingly robust direct digital revenue growth.The parent of Ukraine’s Kyivstar and Bangladesh’s Banglalink said its revenue was $1 billion in the first quarter, with an EBITDA growth of 13.7% in reported currency to $439 million.The group confirmed its outlook for 2025.
EUROPE As euphoria ebbs, Powell on deck
A look at the day ahead in European and global markets from Rae WeeThe euphoria from this week’s mix of market tailwinds appears to have run its course, with investors left searching for the next catalyst. That could come later in the day from U.S. retail sales and Walmart’s earnings.Asian stocks drifted and futures pointed […]