Author: Steven Sahiounie

Adidas on Wednesday reported a big fourth-quarter loss and slashed its dividend after the costly termination of its partnership with Kanye West’s Yeezy brand in October. The German sportswear giant posted a fourth-quarter operating loss of 724 million euros ( $763 million ) and a net loss from continuing operations of 482 million euros. The company will recommend a dividend of 70 euro cents per share at its May 11 annual general meeting, down from 3.30 euros per share in 2021. Currency-neutral revenues declined by 1% in the fourth quarter as a result of the termination of the company’s Yeezy partnership…

Singapore-based Sea Limited closed more than 20% higher on Tuesday after the tech giant posted its first-ever positive net income since it was founded in 2009. Total net income for the fourth quarter of 2022 came up to $422.8 million, up from negative $616.3 million in the same period a year ago. That’s partly due to a $746 million reduction in sales and marketing expenses, as management pledged to reduce costs during the previous quarter’s earnings report. Cost incurred to obtain revenue also decreased by $157 million in the quarter. Shares of Sea closed 21.78% higher on the New York Stock Exchange Tuesday. “Recent cost-cutting…

The fallout from the Adani Group turmoil could have political implications for India, said a chief Asia Pacific economist at Natixis. While corporate governance issues affect countries globally, what is different about the Adani case for India is that its “highly political,” Alicia Garcia Herrero told CNBC’s “Squawk Box Asia” on Tuesday. This is especially true now, she noted, since the country’s Supreme Court has launched an investigations into the Adani Group’s allegations. Indian billionaire founder Gautam Adani has been under scrutiny after allegations in January from U.S. short-seller firm Hindenburg Research that accused the Adani Group of companies of fraud. The Adani…

As Federal Reserve Chair Jerome Powell hints at bigger and possibly faster rate hikes ahead, Australia’s central bank could be headed toward a different path. Reserve Bank of Australia’s governor Philip Lowe said in a speech Wednesday that the central bank is nearing a point where it’s ready to hit the brakes on rate hikes. “With monetary policy now in restrictive territory, we are closer to the point where it will be appropriate to pause interest rate increases to allow more time to assess the state of the economy,” he said. While emphasizing the central bank’s target to bring down the rise of living…

China is making rapid progress in scaling up clean energy, tentatively boosting hopes that the world’s largest carbon emitter could soon start to curb greenhouse gas pollution. A massive wave of permits for new coal-fired capacity poses a significant challenge to the country’s climate goals, with Beijing seen as “the glaring exception to the ongoing global decline in coal plant development,” according to the Global Energy Monitor. This article was originally published by CNBC.

The finance industry is not quick enough at getting women into management positions, according to Santander’s Executive Chair Ana Botin. “They’re getting better, but not fast enough,” Botin said in an interview with CNBC’s Charlotte Reed last week. Botin said there are steps that financial institutions can take to ensure that women can secure top roles in the sector. “For example, ensuring that we can have career plans for women, not just in support functions, but on the business side, making sure we rotate the roles faster, which tend to be occupied by men,” Botin said. The process of rotating…

BEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator. That’s according to a draft released late Tuesday as part of China’s ongoing annual parliamentary meeting, known as the “Two Sessions.” Delegates are set to approve a final version on Friday. The changes follow similar adjustments to China’s government structure that have occurred roughly every five years over the last few decades. The moves also come as Beijing has increased regulation on parts of the economy that had…

President Joe Biden will welcome Ursula von der Leyen to the White House this week, with the European Union’s top official eager to gain concessions amid a tense subsidy spat between the two giant trading blocs. Both sides of the Atlantic have been embroiled in a trade dispute in the wake of Biden’s Inflation Reduction Act, which has allocated more than $300 billion in climate and green energy policies. While EU officials have said they support the U.S.’s efforts to have a more sustainable economy, they are worried some subsidies and provisions of the law will divert investment away from Europe. “We want…

The bloc is hoping to clinch first deals in June with suppliers from the US, the Middle East and Africa, the outlet reports EU member states are moving towards joint gas-buying by launching the first tender next month, Bloomberg reported on Tuesday. The measure is aimed at reining in last year’s surges in the price of gas, which occurred as a result of anti-Russia sanctions and of the EU policy of abandoning Russian energy. The bloc expects first contracts with suppliers from the US, the Middle East and Africa to be signed around June, according to the media outlet. “We…

Saudi Arabian energy giant Aramco has announced it will raise its shipping prices for Asia and Europe for April as it sees demand there picking up. Aramco revealed on Sunday that prices for its flagship Arab Light crude will rise up to $2.50 a barrel above the regional benchmark, which is 50 cents more than the level for March. The official selling price for Arab Heavy, a medium sour crude containing more sulphur than Arab Light, will be raised by $2.50 a barrel from March. It’s the second month in a row that the world’s largest oil company has increased…