Business News

Under Armour cuts 400 more jobs in turnaround push

(Reuters) - Under Armour Inc (UA.N) (UAA.N) said on Thursday it was cutting about 400 jobs, or 3 percent of its workforce, as part of the sportswear maker’s efforts to slash costs and compete with Nike (NKE.N) and Germany’s Adidas (ADSGn.DE). The company’s shares, up nearly 30 percent this year, rose almost 4 percent to $19.48 in early trading on Thursday as it used the same statement to tighten its guidance fo...

20 Sep 2:19 PM 0 Read More...

Nestle puts skin health unit up for sale to focus on food, nutrition

ZURICH/LONDON (Reuters) - Nestle (NESN.S) put its skin health unit up for sale on Thursday, as the maker of Nescafe and Perrier water ditches underperforming businesses and seeks to fend off criticism from an activist investor demanding an overhaul. The Switzerland-based company is under pressure from Third Point, a hedge fund run by investor Daniel Loeb, who has demanded bolder moves to lift performance. Nestle said...

20 Sep 9:16 AM 0 Read More...

World stocks rise as trade relief bounce continues

MILAN (Reuters) - A bounce in world stocks in relief that the fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than feared continued on Thursday, although investors remained wary about the next steps in the US-Sino trade war. An MSCI index tracking shares in 47 countries rose 0.2 percent, supported by gains in Europe and Asia, but Chinese equities dipped after a rally on bets of government stimulu...

20 Sep 9:16 AM 0 Read More...

Japan clothing magnate Maezawa chases spot in business firmament

TOKYO (Reuters) - Japanese fashion billionaire Yusaku Maezawa’s first meeting with role model and SoftBank Group Corp (9984.T) boss Masayoshi Son came in 2010 when they bathed together - a popular communal activity in Japan - on the 26th floor of the tech giant’s headquarters. The next year, the two men teamed up to launch a business in China. “If I was to work under somebody it would definitely by Son-san. He ...

20 Sep 9:16 AM 0 Read More...

China urges U.S. to show sincerity, correct behavior in trade actions

BEIJING (Reuters) - China hopes the United States will show sincerity and take steps to correct its behavior, its commerce ministry said on Thursday, after both countries slapped new tariffs on each other’s goods this week in an escalating trade war. China added $60 billion of U.S. products to its import tariff list on Tuesday to hit back at U.S. duties on $200 billion of Chinese goods that go into effect from Sep...

20 Sep 9:16 AM 0 Read More...

China paper warns it won't play defense on trade as Trump lauds tariffs

(The Sept. 17 story corrects the date of the senior Chinese diplomat’s visit to New York to next week, not this week, in paragraph 21) BEIJING (Reuters) - China will not be content to only play defense in an escalating trade war with the United States, a widely read Chinese tabloid warned, as U.S. President Donald Trump was expected to announce new tariffs on $200 billion in Chinese goods as early as Monday. The U...

20 Sep 9:16 AM 0 Read More...

Alibaba’s Jack Ma says U.S.-China trade war ends 1 million U.S. jobs promise: Xinhua

(Reuters) – Alibaba (BABA.N) Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to U.S.-China trade tensions, Chinese news agency Xinhua reported on Wednesday. Ma has already warned that the trade war between the world’s two largest economies could last decades and that China should focus exports on the “Silk Road” trade route, citing Africa, ...

20 Sep 6:05 AM 0 Read More...

Alibaba’s Jack Ma says people should prepare for 20 years of China-U.S. trade war

TIANJIN, China (Reuters) – Jack Ma, co-founder of Chinese e-tech giant Alibaba Group Holding Ltd (BABA.N), said on Thursday that people should make preparations for 20 years of China-U.S. trade frictions. The economic situation is not good, and that could last for a long time, Ma said at the World Economic Forum in Tianjin. Ma has already cautioned the trade war between the world’s two biggest economies...

20 Sep 6:05 AM 0 Read More...

Forecasters unanimous: U.S.-China trade war bad for economy – Reuters poll

BENGALURU (Reuters) – The U.S. economy will expand at a robust pace in coming quarters but slow to 2 percent by the end of 2019, according to forecasters polled by Reuters who unanimously said the escalating trade war with China was bad economic policy. In a sign the trade war is not likely to end any time soon, President Donald Trump on Monday imposed a 10 percent tariff on about $200 billion worth of Chine...

20 Sep 6:05 AM 0 Read More...

Alibaba's Jack Ma says U.S.-China trade war ends 1 million U.S. jobs promise: Xinhua

(Reuters) - Alibaba (BABA.N) Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to U.S.-China trade tensions, Chinese news agency Xinhua reported on Wednesday. Ma has already warned that the trade war between the world’s two largest economies could last decades and that China should focus exports on the “Silk Road” trade route, citing Africa, Sout...

20 Sep 4:14 AM 0 Read More...