Posts by Liam Redmond
Nike’s China conundrum deepens as turnaround stagnates
Nike’s stock is down 13% so far this year, on track for a fourth straight year of declines [NEW YORK] Nike is running out of time to prove its China playbook works. The US sportswear giant’s sixth straight quarterly sales decline in the country – including a 20 per cent drop in footwear – underscores…
Read MoreTikTok says it signed agreements to create new US joint venture
TIKTOK chief executive officer Shou Chew told employees that the social media app’s parent company, ByteDance, signed binding agreements to create a US joint venture majority-owned by American investors. In an internal memo reviewed by Bloomberg, Chew said he was “pleased to share some great news” and said agreements with Oracle Corp, Silver Lake and…
Read MoreBNY to move Singapore offices to Marina One East Tower
Investments into new spaces with better amenities are part of the bank’s transformation process that started in 2022 [SINGAPORE] BNY is entering its next phase of transformation that bets big on artificial intelligence (AI). But for the bank’s employees in Singapore, the changes also mean investments in its offices to enable more growth opportunities. Within…
Read MoreUS Energy Department taps Big Tech for AI-powered research push
THE US Department of Energy said on Thursday it has signed agreements with 24 organisations, including tech giants such as Microsoft, Google and Nvidia, to advance the Genesis Mission. The mission is a national programme aimed at using artificial intelligence to accelerate scientific research and strengthen US energy and security capabilities. The department said the…
Read MoreInside the rat-infested, urine-soaked mental health jail housing Nick Reiner
Nick Reiner is being held in America’s largest mental health jail, which is notorious for its rat-infested and urine-soaked “inhumane” conditions — a far cry from the Brentwood mansion he lived in with his legendary Hollywood parents. The 32-year-old, who is accused of slaughtering his director dad, Rob Reiner, and his mom, Michele Singer Reiner,…
Read MoreInstacart to pay US$60 million to settle FTC claims it deceived shoppers
INSTACART has agreed to pay US$60 million in refunds to settle the US Federal Trade Commission’s allegations that the online grocery delivery platform deceived consumers about its Instacart+ membership and free delivery offers, according to court documents filed in San Francisco on Thursday. Instacart’s offer of “free delivery” for first orders was illusory because shoppers…
Read MoreFedEx CEO’s sweeping network overhaul is starting to bear fruit
[NEW YORK] FedEx offered investors a sign that chief executive officer Raj Subramaniam’s turnaround plan may be worth the wait. The shipping heavyweight raised the low end of its profit outlook for the year and reported earnings for the most recent quarter that topped Wall Street estimates, helped by volume and pricing gains in the…
Read MoreFedEx posts higher quarterly results, raises low end of full-year profit forecast
It lifted its 2026 revenue outlook, calling for 5 to 6 per cent year-over-year growth FEDEX posted higher second-quarter profit and revenue on Thursday and lifted the low end of its full-year earnings outlook, as peak-season pricing actions and cost-cutting efforts helped offset softer shipment volumes. The Memphis-based package delivery company reported an adjusted profit…
Read MoreOil prices settle slightly higher as market assesses mounting supply risks
[HOUSTON] Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers. Brent crude closed 14 cents, or 0.2 per cent, higher at US$59.82 per barrel, while US West Texas Intermediate crude was up 21 cents, or 0.4 per cent,…
Read MoreUS stocks close higher fuelled by tech rally, soft inflation data
WALL Street’s main indexes closed higher on Thursday as a soft inflation report fed expectations for interest rate cuts by the Federal Reserve, while chipmaker Micron’s blowout forecast signaled strong AI demand. The Consumer Price Index report showed that consumer prices increased less than expected in the year to November. The Labor Department’s Bureau of…
Read More‘Person of Interest’ Identified in Brown University Shooting Investigation
The “person of interest” in the Brown University shooting has been identified, although the name of the individual has not been released to the public, CBS News reported. The search for the “person of interest” is underway. WPRI noted that police are checking “possible ties between Saturday’s shooting at Brown University and Monday’s slaying of a professor at…
Read MoreBrown University Shooting: Person of Interest Finally Identified as Authorities Link Him With MIT Professor Nuno Loureiro
Authorities have identified a person of interest in the Brown University mass shooting, almost five days after the violent incident killed two and left the campus shaken. An unidentified gunman opened fire on the Brown University campus in Providence, Rhode Island, on Saturday, and investigators have since struggled to trace the suspect. Authorities have finally…
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