Author: News Room

Things have gone from bad to worse for Adidas. After a costly break-up with US rapper Ye that helped push the German sportswear giant into a rare loss last year, it’s now suffered a bruising defeat on home turf. The German Football Association (DFB) announced Thursday that the company’s arch rival Nike (NKE) will be the official kit supplier for national soccer teams from 2027 until 2034. The decision brings to an abrupt end more than seven decades of the sport’s partnership with Adidas that spanned four World Cup wins for the men’s team. In a statement, DFB President Bernd Neuendorf…

The US Dollar jumps higher for the second day in a row.  Traders are challenging the Fed’s dovish stance, casting doubts over its forecasts of three rate cuts for this year.  The US Dollar Index snaps firmly above 104.00 and breaks substantial support levels.  The US Dollar (USD) is basking in the glory of re-founded belief from traders. Whereas last year markets were challenging the US Federal Reserve (Fed) by pricing in more rate cuts than what the dot plot suggested, investors are now defying the US central bank in the other direction. Markets are expanding their positions in the…

Ondo Finance (ONDO) has recorded substantial growth lately, maintaining bullish trends over the past week after a 45% surge. Amidst the optimism, Santiment’s data shows an uptick in large ONDO transactions. Token transfers worth over $100K climbed to 91 from 68 within the past day. The uptick in market-moving transactions follow the latest developments about BlackRock venturing into the RWA sector by launching a tokenized digital fund. The surged whale activity matches the substantial decline in the token’s supply on crypto exchanges. Santiment shows the metric slumped to 529.6 million from 536.64 million over the last 24 hours. That confirms…

If not for a pardon from Donald Trump in the final weeks of his presidency, Paul Manafort might still be serving a federal sentence. Instead, Trump’s former campaign manager is a free man – and free to help his old boss get back to the White House. Manafort is in discussions to assist the Republican National Convention this summer where Trump will officially become the party’s presidential nominee once again, CNN and other outlets reported this week. His anticipated involvement would make Manafort the latest beneficiary of clemency under Trump to assist the former president’s political comeback. He is far…

At the start of last season Cleveland Browns officials were comfortable with their two backup quarterbacks behind Deshaun Watson: Dorian Thompson-Robinson and P.J. Walker, neither of whom had much of a track record in the NFL. Thompson-Robinson was a rookie. Walker had started seven games for the Carolina Panthers from 2020-23, during which he threw five touchdown passes, 11 interceptions, and was sacked 18 times in seven games. Resume-wise, that seemed like a rather light quarterback room for a team like the Browns, who saw themselves as Super Bowl contenders. Most contending teams prefer experienced veterans as their backup quarterbacks.…

Darden Restaurants says lower-income customers are visiting its brands less often.The CEO of Darden, which owns a range of fast-casual and fine-dining chains including Olive Garden, LongHorn Steakhouse, and Cheddar’s Scratch Kitchen and recently acquired Ruth’s Chris Steak House, said that lower-income consumers “appear to be pulling back.””We’re clearly seeing consumer behavior shifts,” CEO Rick Cardenas said, speaking about the company’s third-quarter results on Thursday. “Transactions from incomes below $75,000 were much lower than last year. And at every brand, transactions fell from incomes below $50,000.”Executives said that this was an “ongoing” shift and was most pronounced in its fine-dining…

The US Department of Justice is blaming Apple for Amazon and Microsoft’s phone failures.On Thursday, Apple was hit with a brutal antitrust lawsuit that accused the Big Tech company of engaging in illegal anticompetitive behaviors in the smartphone market to achieve the iPhone’s dominance.The DoJ and attorneys general from 16 states said their focus on the iPhone relates to the ways Apple limits the functionality of other products and services to iPhone users. Prosecutors said in the suit: “Many prominent, well-financed companies have tried and failed to enter the relevant markets because of these entry barriers successfully.”The DoJ cited past…

By Yoruk Bahceli AMSTERDAM (Reuters) – Japanese investors are finally being paid to park their cash back home, a move that might be expected to spook euro zone markets where they’re a big force but could ironically prop up demand instead as ECB rate cuts loom. Stuck with negative rates for two decades, Japanese investors have ploughed into bond markets globally. They are the biggest foreign holders of U.S. Treasuries. They also have a sizeable presence in the euro zone, where they hold around 1% of the overall bond markets in countries like France, Belgium and the Netherlands, BofA estimated…

By Ananya Mariam Rajesh and Katherine Masters (Reuters) -Nike warned on Thursday that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage as the world’s largest sportswear maker scales back on franchises to save costs. Nike (NYSE:)’s warning came after the stock market closed, and shares were down about 6% in extended trading. Executives acknowledged that Nike’s direct-to-consumer strategy was not driving growth as expected and that it was losing ground in the running category. In December, Nike outlined a $2 billion savings plan, which included reducing the supply of underperforming products and…

(Reuters) – Companies are responding to disruptions to shipping on the shortest route between Europe and Asia. Attacks in the Red Sea region by Houthi militants in Yemen have prompted several shipping companies to reroute vessels. Below are details on how companies in various sectors are responding: AUTOS ** GEELY: China’s second-largest automaker by sales, said on Dec. 22 its electric vehicle (EV) sales would likely be impacted by a delay in deliveries. ** MICHELIN: the French tyre maker said on Feb. 12 logistics issues linked to the Red Sea crisis weighed on its finished product flows, mainly natural rubber,…