Biden impeachment inquiry: What we know about the case
Republicans want to investigate the "culture of corruption" they claim surrounds the president.
2023-09-13 08:22
Colombian leader summons intense oratory for a bleak warning: that humanity is making itself extinct
Colombian President Gustavo Petro has delivered an ominous prophecy with grandiose language
2023-09-20 07:25
Brittney Griner set for first WNBA game since detainment in Russia
Brittney Griner and the Phoenix Mercury visit the Los Angeles Sparks as part of a four-game slate on the first day of the WNBA season
2023-05-19 23:49
Adidas to sell Yeezy shoes and donate proceeds months after Kanye West split
After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjørn Gulden said Thursday. Adidas cut ties with Ye, the rapper formerly known as Kanye West, in late October, following his antisemitic comments on social media and in interviews. As a result, the fate of 1.2 billion euros ($1.3 billion) worth of the unsold Yeezys, a lucrative sneaker line launched with Ye, was unknown. At Adidas' annual shareholders meeting, Gulden said the company had spent months trying to find solutions. The CEO also added that Adidas spoke to NGOs and organizations that were harmed by Ye's comments and actions. “Burning those shoes cannot be the solution,” Gulden said, noting that Adidas was going to try to sell part of the remaining Yeezy inventory and “donate money to the organizations that help us and were harmed by what Ye said.” Exact details of this plan — including how many shoes will be sold and the timeline of selling them — remain unknown. Gulden said the company will provide updates as they moves forward. The move comes as Adidas is trying to stage a comeback and move beyond the Yeezy partnership. Cutting ties with Ye has cost Adidas hundreds of millions of dollars — with the company taking a loss of 600 million euros ($655 million) in sales for the last three months of 2022, helping drive the company to a quarterly net loss of 513 million euros. Adidas reported 400 million euros ($441 million) in lost sales at the start of 2023, the company announced last week. Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago. Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier. Meanwhile, Adidas is also facing a class-action lawsuit from investors who allege the company knew about offensive remarks and harmful behavior from Ye, years before terminating its pact with him. Adidas has pushed back on the allegations made in the lawsuit. Still, Gulden reminded investors that the nine-year partnership Adidas and Ye was “sensational." While he noted that Ye is a difficult person, “he's the most creative person in our industry,” Gulden said. “He created a model with Adidas that was sought after around the world.” But he added, “We lost that in a month." _________ AP Business Writer David McHugh in Frankfurt, Germany, and AP Retail Writer Anne D'Innocenzio in New York contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Adidas breakup with rapper Ye, lost Yeezy sales hit earnings Putin’s spokesman threatens ‘adequate response’ over UK missile pledge – live Boost for Erdogan rival as struggling candidate quits Turkish election race
2023-05-12 11:49
Germany to Pass Japan as 3rd-Largest Economy, Helped by Weak Yen
Germany’s economy is projected to dislodge Japan’s as the world’s third largest in 2023, helped by a slide
2023-10-24 14:26
Exclusive-India's BPCL in talks with Rosneft to buy oil priced on Dubai benchmark -sources
By Nidhi Verma NEW DELHI Indian state-run refiner BPCL is in talks with Rosneft to buy about 6
2023-06-23 11:57
French billionaire Pinault seals deal for Hollywood agency CAA
By Mimosa Spencer and Dawn Chmielewski PARIS (Reuters) -French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a
2023-09-08 05:57
Sri Lanka Seeks to Restructure $19.8 Billion of Local Debt
Sri Lanka is seeking to restructure about $19.8 billion of local bills and bonds, equivalent to half of
2023-06-30 15:26
At least 20 dead as Venice bus plunges from bridge
The bus crashed off an overpass in the Mestre district on the mainland, officials say.
2023-10-04 04:16
US seeking more 'predictable' business environment in China: Raimondo
The United States wants to work with China to ensure a more "predictable" environment for American businesses in Shanghai, Commerce Secretary Gina Raimondo told officials...
2023-08-30 10:28
Mexico extradites son of ‘El Chapo’ Ovidio Guzmán López to US
Mexico extradited Ovidio Guzmán López, a son of former Sinaloa cartel leader Joaquin “El Chapo” Guzmán, to the United States on Friday to face drug trafficking charges, US attorney general Merrick Garland said in a statement. “This action is the most recent step in the Justice Department’s effort to attack every aspect of the cartel’s operations,” Mr Garland said. The Mexican government did not immediately respond to requests for comment. Mexican security forces captured Mr Guzmán López, alias “the Mouse,” in January in Culiacan, capital of Sinaloa state, the cartel’s namesake. Three years earlier, the government had tried to capture him, but aborted the operation after his cartel allies set off a wave of violence in Culiacan. January’s arrest set off similar violence that killed 30 people in Culiacan, including 10 military personnel. The army used Black Hawk helicopter gunships against the cartel’s truck-mounted .50-caliber machine guns. Cartel gunmen hit two military aircraft forcing them to land and sent gunmen to the city’s airport where military and civilian aircraft were hit by gunfire. The capture came just days before US president Joe Biden visited Mexico for bilateral talks followed by the North American Leaders’ Summit. On Friday, Mr Garland recognized the law enforcement and military members who had given their lives in the US and Mexico. "The Justice Department will continue to hold accountable those responsible for fueling the opioid epidemic that has devastated too many communities across the country.” In April, US prosecutors unsealed sprawling indictments against Mr Guzmán and his brothers, known collectively as the “Chapitos.” They laid out in detail how following their father’s extradition and eventual life sentence in the US, the brothers steered the cartel increasingly into synthetic drugs like methamphetamine and the powerful synthetic opioid fentanyl. The indictment unsealed in Manhattan said their goal was to produce huge quantities of fentanyl and sell it at the lowest price. Fentanyl is so cheap to make that the cartel reaps immense profits even wholesaling the drug at 50 cents per pill, prosecutors said. The brothers denied the allegations in a letter. The Chapitos became known for grotesque violence that appeared to surpass any notions of restraint shown by earlier generations of cartel leaders. Fentanyl has become a top priority in the bilateral security relationship. But Mexican president Andrés Manuel López Obrador has denied assertions by the US government and his own military about fentanyl production in Mexico, instead describing the country as a transit point for precursors coming from China and bound for the US. López Obrador blames a deterioration of family values in the US for the high levels of drug addiction in that country. An estimated 109,680 overdose deaths occurred last year in the United States, according to numbers from the Centers for Disease Control and Prevention. About 75,000 of those were linked to fentanyl and other synthetic opioids. Inexpensive fentanyl is increasingly cut into other drugs, often without the buyers’ knowledge. Read More El Chapo’s son, three Sinaloa cartel leaders and two Mexican firms sanctioned for bringing fentanyl into US Case details Sinaloa cartel's fentanyl-fueled evolution Mexican capo's arrest a gesture to US, not signal of change Big week for US-Mexico ties going into North American summit Drug lord, trafficker, killer of wedding singers: How the ‘New Mouse’ followed in the bloody footsteps of his father El Chapo
2023-09-16 12:52
Tropical Storm Idalia is expected to rapidly intensify as it aims for Florida's Gulf Coast, threatening to hit as a Category 3 hurricane
Florida is bracing for "major impact" as Tropical Storm Idalia is expected to rapidly strengthen into a powerful Category 3 hurricane and aim for its Gulf Coast, threatening dangerous storm surge and winds, authorities said.
2023-08-29 12:57
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