Year: 2020

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Under Armour forecasts surprise sales drop, coronavirus hit; shares fall

February 11, 2020 admin Comments Off on Under Armour forecasts surprise sales drop, coronavirus hit; shares fall

The company said it expects revenue in North America, its biggest, to decline at a mid- to high-single-digit percentage rate, while its international market is expected to rise. Under Armour, known for its moisture-wicking fabric worn by star athletes, has been struggling to grow sales in its home market due to new launches by larger rivals Nike Inc and Adidas and heavy promotions at department stores. Under Armour also estimated a $325 million to $425 million in pre-tax charges as part of its restructuring initiative this year, which will include foregoing opening a flagship store in …read more […]

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JD Sports may have to sell Footasylum if it doesn’t address competition concerns: watchdog

February 11, 2020 admin Comments Off on JD Sports may have to sell Footasylum if it doesn’t address competition concerns: watchdog

UK sportswear retailer JD Sports may have to sell Footasylum if it does not address competition concerns about last year’s acquisition of its smaller rival, Britain’s competition watchdog said on Tuesday after an in-depth review of the takeover.

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Oil Prices Signal Glut as Virus Pushes Brent into Contango

February 11, 2020 admin Comments Off on Oil Prices Signal Glut as Virus Pushes Brent into Contango

(Bloomberg) — Oil prices indicated that global markets face a renewed surplus as Asia’s coronavirus hits demand, with discounts on prompt supplies emerging across the Brent futures curve.Brent crude has moved into a full “contango” structure in which each monthly contract is cheaper than the next, suggesting a glut in supply. Global demand estimates are being cut as the outbreak causes severe economic disruption in China, while OPEC is hesitating over steps to support prices.As the glut begins to accumulate, leading oil traders such as Vitoil SA, Royal Dutch Shell Plc and Litasco SA are seeking to hoard crude on …read more […]

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Mastercard Wins Approval to Join China’s $27 Trillion Market

February 11, 2020 admin Comments Off on Mastercard Wins Approval to Join China’s $27 Trillion Market

(Bloomberg) — Sign up for Next China, a weekly email on where the nation stands now and where it’s going next.Mastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening.The announcement by the People’s Bank of China on Tuesday signals the country is moving ahead with the speedier opening of its financial system that was agreed on as part of the phase one trade deal with the U.S., even as it grapples with a virus outbreak.Mastercard and its partner, NetsUnion Clearing …read more […]