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Verizon turns on commercial private 5G in U.S.
  + stars: | 2021-06-10 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.79   time to read: +2 min
REUTERS/Brendan McDermid/File PhotoVerizon Business (VZ.N) on Thursday launched its first commercially available private 5G network in the U.S. to offer businesses and government departments high-speed indoor or outdoor connectivity. Private 5G networks remove the need for businesses to jostle for speed with others on a public network and help enable data-intensive applications that use computer vision, augmented reality and machine learning to increase productivity. Verizon has been trialing private 5G with several customers, including Associated British Ports, and have partnered with the likes of Microsoft (MSFT.O) and Amazon (AMZN.O). The private 5G network, managed by Verizon, would keep all cellular traffic on the premises of the customer to increase security, while authorised remote users can still access applications. Verizon is seeing a lot of demand from financial institutions to increase speed of trading flows using 5G, and warehouses, which are planning to use robots and autonomous vehicles, Sampath said.
Persons: Brendan McDermid, Sampath Organizations: Verizon, REUTERS, Private, Associated, Associated British Ports, Microsoft, Corning, Tyndall Air Force Base, Marine Corps Air Station Miramar, Nokia, Samsung, Thomson Locations: New York City, U.S, Associated British, WeWork
May 28 xx (Reuters) - Software startup Sprinklr on Friday made public its plans for a stock market listing in the United States, revealing a 19.3% rise in revenue for the three months ended April 30. The company said total revenue rose to about $111 million from about $93 million in the quarter. (Reporting by Niket Nishant and Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)
Persons: Niket Nishant, Uday Sampath, Shounak Dasgupta Locations: United States, Bengaluru
FILE PHOTO: An Under Armour sign is seen outside a store in Chicago, Illinois, U.S., October 25, 2016. Still, the sportswear maker lifted its full-year adjusted earnings per share forecast to between 28 cents and 30 cents, from 12 cents to 14 cents. It expects full-year revenue to rise by a high-teens percentage, compared with a previous outlook of a high single-digit percentage increase. The company forecast second-quarter revenue to rise about 70% after store closures hammered sales a year ago. The company earned 16 cents per share, on an adjusted basis, beating estimates of 3 cents per share.
Persons: Jim Young, Armour, Armour’s, , Jessica Ramirez, Jane Hali Organizations: Reuters, Armour Inc, REUTERS, Revenue, Nike Inc, Associates Locations: United States, Asia, Chicago , Illinois, U.S, North America, China, Germany
Yum sees smaller KFC, Pizza Hut meal orders as dining out resumes
  + stars: | 2021-04-28 | by ( Uday Sampath Kumar | ) www.reuters.com sentiment -0.98   time to read: +2 min
In general, Yum is seeing a dip in order values as markets reopen, Chief Financial Officer Chris Turner said on a call with analysts on Wednesday. “We expect ticket (order value) to come down from where it’s at (now), but I don’t know if it will return to its pre-COVID levels,” Turner added. Still, Chief Executive Officer David Gibbs warned of some pain in emerging markets where rising infections have led to fresh lockdowns. “The markets that are struggling are the ones where we have government action that is limiting our ability to trade. Total revenue rose 18% to $1.49 billion above estimates of $1.45 billion.
Persons: Chris Turner, , ” Turner, David Gibbs, ” Gibbs Organizations: Reuters, KFC, Pizza, Yum Brands Inc, REUTERS, Taco Bell, IBES Locations: Colombo, Sri Lanka, United States, United Kingdom, India
Hasbro toys to get more expensive as costs surge
  + stars: | 2021-04-27 | by ( Uday Sampath Kumar | ) www.reuters.com sentiment -0.99   time to read: +2 min
(Reuters) -Hasbro Inc said on Tuesday it would raise prices of toys and games to counter higher raw material costs as the company sees surging demand for its Nerf blasters and board games from families spending more time at home. FIILE PHOTO: A Monopoly board game by Hasbro Gaming is seen in this illustration photo August 13, 2017. Rival Mattel Inc last week had flagged expectations for a “significant impact” to margins from higher resin prices and ocean freight charges. Excluding certain items, Hasbro earned $1 per share, above analysts’ average estimate of 65 cents, according to a Refinitiv IBES estimate. Hasbro, like Mattel, said it saw “substantial” opportunity in non-fungible tokens (NFTs) for some of its collectible brands, looking to tap into the explosive growth in popularity of the digital asset.
Persons: Thomas White, , Deborah Thomas Organizations: Reuters, Hasbro Inc, Monopoly, Hasbro Gaming, REUTERS, Monday, Entertainment, Blackstone Group Inc, Mattel, , ” Hasbro, Hasbro Locations: U.S
(Reuters) -A cooling of the U.S. stock market’s taste for plant-based meat makers has raised doubts among some investors and analysts about Impossible Foods’ plans to achieve a $10 billion flotation. FILE PHOTO: Impossible Foods plant-based beef products are seen in between other meat products inside a refrigerator at a supermarket in Hong Kong, China, October 20, 2020. “The $10 billion for Impossible Foods, with Beyond Meat at $8 or $8.5 billion? Some existing investors have told Impossible that it should aim to go public at a valuation below where Beyond is trading, a person familiar with the discussions told Reuters. “The SPAC trend is super aggressive right now ...so those kind of public valuations are being translated into interest on the private platforms,” Schaeffer added.
Persons: Lam, , , Patrick Morris, Morris, Kraft Heinz, Christopher Kerr, ” Kerr, Brian Schaeffer, ” Schaeffer, Curt Albright Organizations: Reuters, Impossible Foods, REUTERS, U.S, Kellogg Co, Asset Management, McDonald’s, PepsiCo, KFC, Taco Bell, Yum, Clear Current Locations: Hong Kong, China, Canada, U.S, Oatly, Europe
One of WFH's biggest losers: Cybersecurity
  + stars: | 2021-04-06 | by ( Clare Duffy | Cnn Business | ) edition.cnn.com + 0.00   time to read: +4 min
Nearly half of businesses say work-from-home policies have hurt their cybersecurity practices, according to 2021 Mobile Security Index , published Tuesday. The results are pretty dismal if not terribly surprising — 45% of respondents say their companies are sacrificing mobile security to just "get the job done." While cybersecurity risks can take many forms, mobile devices present unique challenges. Phishing attacks may be more successful on mobile devices, because the smaller screen can make it harder to notice malicious emails or websites designed to imitate legitimate ones. Bad guys get smarterAnd even as companies scramble to improve their cybersecurity practices, bad actors are upping their own games.
Persons: cybercriminals, Sampath Sowmyanarayan Organizations: CNN Business, Business, Mobile, IT, Verizon, Employees Locations: York, Mobile
GameStop plans $1 billion stock sale, shares slide
  + stars: | 2021-04-05 | by ( Uday Sampath Kumar | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed GameStop logo in this illustration taken February 8, 2021. At Thursday’s closing price of $191.45, the “at-the-market” sale could fetch GameStop up to $670 million. The company, however, is not obligated to sell shares at that value since at-the-market programs allow companies to sell stock over a prolonged period of time. GameStop warned investors that the purchase of shares in its offering may result in a “significant” loss if the price of its stock declines. GameStop said Jefferies LLC is acting as its sales agent for the new offering at a commission of up to 1.5% of the gross sales price per share.
Persons: Dado Ruvic, Ryan Cohen Organizations: Reuters, GameStop Corp, GameStop, REUTERS, Wall, AMC, American Airlines, U.S . Securities, Exchange Commission
(Reuters) -GameStop Corp on Monday increased the value of new stock it may sell from $100 million to $1 billion, as the U.S. video game retailer seeks to capitalize on a surge in its shares from a Reddit-driven rally this year. FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed GameStop logo in this illustration taken February 8, 2021. “A lot of interested parties have been asking about when GameStop would do something like this,” Telsey Advisory Group analyst Joseph Feldman said. “The stock has remained elevated so the company is taking advantage of the access to capital.”The prospectus for the new $1 billion ATM offering filed with the SEC replaces the previous $100 million proposal. The ATM program allow GameStop to sell stock over a prolonged period of time.
Persons: Dado Ruvic, Reddit, Ryan Cohen, Joseph Feldman Organizations: Reuters, GameStop Corp, GameStop, REUTERS, Investors, U.S . Securities, Exchange Commission, SEC, Advisory Locations: U.S, Grapevine , Texas,
GameStop sales rise 11% in February, March
  + stars: | 2021-04-05 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
April 5 (Reuters) - GameStop Corp, the video game retailer at the center of this year’s Reddit-driven trading frenzy, said on Monday that global sales for the nine-week period ending April 4 rose about 11%. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)
Persons: Uday Sampath, Arun Koyyur Organizations: GameStop Corp Locations: Bengaluru
FACTBOX-Companies speak out against Georgia voting restrictions
  + stars: | 2021-04-01 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +6 min
Below are statements from various companies and their executives on the Georgia voting law: Company Statement Coca-Cola Co : CEO James Quincey called the law "unacceptable" and "a step backwards." (bit.ly/2PLJlUB) Alphabet Inc "We're concerned about efforts to restrict voting at a local level and we strongly support the John Lewis Voting Rights Advancement Act," Google's senior vice-president of global affairs Kent Walker said. This includes obstacles to the right to vote," CEO Brian Moynihan said. (bit.ly/2Oi2Fsc) Hubspot Inc "The Georgia legislation undermining voters' rights is in stark contrast to the democracy our country is built on. United Parcel Service "UPS believes that voting laws and legislation should make it easier, not harder, for Americans to exercise their right to vote," the company said.
Persons: James Quincey, Ed Bastian, Mark Mason, Tim Cook, Brad Smith, John Lewis, Google's, Kent Walker, Kenneth Frazier, Steve Squeri, Kenneth Chenault's, Brian Moynihan, Wells, Chuck Robbins, it's, Larry Fink, BlackRock, Dharmesh Shah, Hubspot, Tim Ryan, Julie Sweet, We'll, Jamie Dimon, Uday Sampath, Saumyadeb Chakrabarty, Bernard Orr Organizations: Bank of America, UPS, Hubspot, Accenture, PwC, Companies, Delta Air Lines, CNBC, Delta Air Lines Inc, Citigroup, Black, Apple, Microsoft Corp Company, John Lewis Voting, Merck, Co, American Express, Bank of America Corp, Cisco Systems, BlackRock, PricewaterhouseCoopers U.S, Accenture Accenture, JPMorgan Chase, United Parcel Service Locations: Wells Fargo, Georgia, Atlanta, 3ugvbth, Bengaluru
Below are statements from various companies and their executives on the Georgia voting law and similar bills being considered in other states. We support efforts to ensure that our democracy’s future is more hopeful and inclusive than its past," CEO Tim Cook said in a statement. This includes obstacles to the right to vote," CEO Brian Moynihan said. (bit.ly/2Oi2Fsc) Hubspot Inc "The Georgia legislation undermining voters' rights is in stark contrast to the democracy our country is built on. United Parcel Service "UPS believes that voting laws and legislation should make it easier, not harder, for Americans to exercise their right to vote," the company said.
Persons: Dell, James Quincey, Ed Bastian, Mark Mason, Michael Dell, Ryan Gellert, Jim Crow, Tim Cook, Roy Austin, Brad Smith, John Lewis, Google's, Kent Walker, Kenneth Frazier, Steve Squeri, Kenneth Chenault's, Brian Moynihan, Wells, Chuck Robbins, it's, Larry Fink, BlackRock, Dharmesh Shah, Hubspot, Tim Ryan, Julie Sweet, We'll, Jamie Dimon, Uday Sampath, Saumyadeb Chakrabarty, Bernard Orr, Arun Koyyur Organizations: American Airlines, CNBC, Delta Air Lines Inc, Citigroup, Black, American Airlines Group Inc, Dell Technologies, Twitter, Apple, Facebook, Microsoft Corp Company, John Lewis Voting, Merck, Co, American Express, Bank of America Corp, Cisco Systems, BlackRock, PricewaterhouseCoopers U.S, Accenture Accenture, JPMorgan Chase, United Parcel Service, UPS, Porsche Locations: Patagonia, Georgia, Texas, 39JjIe7, Bengaluru
(Reuters) - In the toughest corporate stand yet against the new voting law in Georgia, dozens of Black executives, including Merck & Co Chief Executive Officer Kenneth Frazier, called on their peers in U.S. companies to push back against wider restrictions on voting rights. “We’re calling on corporate America to publicly oppose any discriminatory legislation and all measures designed to limit Americans’ ability to vote,” Chenault told Reuters. Meanwhile, Atlanta-based corporations Delta Air Lines Inc and Coca-Cola Co are facing calls for boycotts from activists who said they need to do more to oppose the law. Frazier, who is stepping down as head of Merck in June, has been outspoken on social and political issues before. A letter supporting Frazier and Chenault’s campaign was signed by 72 Black executives including former Xerox CEO Ursula Burns, former Citigroup chairman Richard Parsons and Uber Chief Legal Officer Tony West.
Persons: Kenneth Frazier, Frazier, Kenneth Chenault, , ” Chenault, ” Frazier, , Delta, Ed Bastian, Donald Trump’s, George Floyd, Ursula Burns, Richard Parsons, Tony West Organizations: Reuters, Merck & Co, American Express, , Republican, Delta Air Lines Inc, Merck, Manufacturing Council, Xerox, Citigroup, Uber Locations: Georgia, America, Atlanta
REUTERS/Steve Marcus“The bill includes provisions that will make it harder for many underrepresented voters, particularly Black voters, to exercise their constitutional right to elect their representatives,” Bastian said in a memo. “The entire rationale for this bill was based on a lie: that there was widespread voter fraud in Georgia in the 2020 elections. Critics of Delta questioned why it had not spoken out before the voting restrictions were signed into law. Civil rights groups have launched legal fights against the new law, arguing that the measures are intended to make it harder for people – especially Black voters – to cast ballots. Meanwhile, Delta and Atlanta-based Coca-Cola Co were facing calls for boycotts from activists who said they need to do more to oppose the law.
Persons: Ed Bastian, Steve Marcus “, ” Bastian, , Brian Kemp, Kemp, Delta, Brad Smith, Kenneth Frazier, Frazier, Kenneth Chenault, ” Chenault, , Donald Trump’s, George Floyd, Ursula Burns, Richard Parsons, Tony West Organizations: WASHINGTON, Delta Air Lines, U.S, REUTERS, Republican, Microsoft, Merck & Co, American Express, Reuters, , Merck, Manufacturing Council, Xerox, Citigroup, Uber Locations: U.S ., Las Vegas , Nevada, U.S, Georgia, Atlanta, America, Delta
WASHINGTON (Reuters) - Coca-Cola and Delta Air Lines on Wednesday joined a bid by U.S. companies to challenge the state of Georgia’s new voting restrictions, with both Atlanta-based companies calling the law unacceptable. Dozens of Black executives, including Merck & Co Chief Executive Officer Kenneth Frazier, had earlier in the day called on their peers in U.S. companies to push back against wider restrictions on voting rights. They issued their appeal after Delta and Coca-Cola had faced the threat of boycotts from activists who said they needed to do more to oppose the law. Critics questioned why Delta and other companies did not speak out before Georgia’s governor signed the restrictions into law. His memo, on the final day of the state legislative session, drew condemnation from Republican Governor Brian Kemp.
Persons: Brad Smith, Mark Mason, , Kenneth Frazier, Critics, Merck’s Frazier, Kenneth Chenault, , ” Chenault, , Frazier, Ursula Burns, Richard Parsons, Tony West, James Quincey, Ed Bastian, Bastian, ” “, Brian Kemp, Kemp, ” Frazier, Donald Trump’s, George Floyd Organizations: WASHINGTON, Delta Air Lines, U.S, Atlanta, Microsoft, Citi, Republican, Merck & Co, Delta, Cola, Georgia’s, American Express, Reuters, , Democratic, Xerox, Citigroup, Uber, CNBC, Merck, Manufacturing Council Locations: Atlanta, Georgia, America
Lululemon warns of demand risks from potential virus resurgence
  + stars: | 2021-03-30 | by ( Uday Sampath Kumar | ) www.reuters.com sentiment -0.99   time to read: +2 min
(Reuters) - Lululemon Athletica Inc on Tuesday warned of more store closures and risks to demand from a potential resurgence in COVID-19 cases, even as it forecast first-quarter revenue above analysts’ estimates. The company’s stock, however, has gained 64% over the past 12 months, as Lululemon saw a surge in demand for its leggings and sports bras from stuck-at-home consumers looking for comfortable apparel. Lululemon said it would ramp up investments in the startup, which offers subscriptions for live workout classes on mirror-like video monitors, to sustain its growth. The Canadian company forecast first-quarter revenue of $1.10 billion to $1.13 billion, above analysts’ estimate of $999.5 million, according to IBES data from Refinitiv. Net revenue rose 24% to $1.73 billion in the fourth quarter, beating estimates of $1.66 billion, as online sales jumped 92% on a comparable basis.
Persons: Lululemon, , Jessica Ramirez, Jane Hali Organizations: Reuters, Inc, Associates Locations: Refinitiv
Sri Lankan shares end flat; consumer stocks gain, healthcare slips
  + stars: | 2021-03-26 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
March 26 (Reuters) - Sri Lankan shares ended largely unchanged on Friday, as a rise in consumer staples stocks was offset by declines in those of healthcare and communication services. The index ended the week with a 3.55% gain. * Foreign investors were net sellers, offloading 159 million Sri Lankan rupees ($801,008) worth of shares, according to exchange data. * The Sri Lankan rupee was quoted at 198.50 against the dollar as of 1215 GMT, according to Refinitiv data. * For a report on global markets, click* For a report on major currencies, click ($1 = 198.5000 Sri Lankan rupees) (Reporting by Sachin Ravikumar in Bengaluru; Editing by Shailesh Kuber)
Persons: Sachin Ravikumar, Shailesh Kuber Organizations: Sampath Bank, Ceylinco Insurance, LOLC Development Finance, Equity, Sri Locations: Sri, Bengaluru
Grapevine, Texas-based GameStop’s shares have skyrocketed this year as retail traders bet against Wall Street hedge funds that had shorted the stock. Many market pundits have urged GameStop to take advantage of its vastly increased share price to sell new shares. This would now no longer be an impediment after the company reported its fourth-quarter earnings. GameStop said it would spend 2021 improving the speed of its delivery services, expanding its product offerings and hiring people experienced in e-commerce. Adjusted net income rose to $90.7 million, or $1.34 per share from $83.8 million, or $1.27 per share, a year earlier.
Persons: Carlo Allegri, Ryan Cohen, Jim Bell, Jenna Owens Organizations: Reuters, GameStop Corp, GameStop, REUTERS, Wall, U.S . Securities, Exchange Commission, SEC, Target, Walmart, Microsoft Corp, Sony Corp, Amazon, Refinitiv Locations: U.S, Manhattan, New York City , New York, Grapevine , Texas, Chewy
GameStop commented on the potential share offering in a regulatory filing for fourth-quarter earnings which showed a return to profitability, with 175% growth in e-commerce sales. Grapevine, Texas-based GameStop’s shares have skyrocketed this year as retail traders bet against Wall Street hedge funds that had shorted the stock. Why is everyone freaking out?”Many market pundits have urged GameStop to take advantage of its vastly increased share price to sell new shares to fund its turnaround. The company notched a ninth straight quarterly decline in overall sales, but investors were encouraged by a nearly three-fold jump in global e-commerce sales in 2020. Adjusted net income rose to $90.7 million, or $1.34 per share, from $83.8 million, or $1.27 per share, a year earlier.
Persons: Carlo Allegri, , , Michael Pachter, Sanjai Bhagat, Ryan Cohen, Cohen, Jim Bell, Jenna Owens Organizations: Reuters, GameStop Corp, GameStop, REUTERS, Wall, Retail, U.S . Securities, Exchange Commission, SEC, ” Company, Finance, University of Colorado, Chewy Inc, Target, Walmart, Microsoft Corp, Sony Corp, Turnaround, Amazon, Refinitiv Locations: U.S, Manhattan, New York City , New York, Grapevine , Texas,
Sri Lankan shares end higher as industrial stocks rise
  + stars: | 2021-03-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
March 23 (Reuters) - Sri Lankan shares closed modestly higher on Tuesday, led by gains in industrial stocks. * Foreign investors were net buyers, purchasing 314.1 million Sri Lankan rupees ($1.6 million) worth of shares, according to exchange data. * Equity market turnover was 972.9 million rupees, exchange data showed. * The Sri Lankan rupee was quoted at 198.00 against the dollar as of 1205 GMT, according to Refinitiv data. * For a report on global markets, click* For a report on major currencies, click ($1 = 198.0000 Sri Lankan rupees) (Reporting by Sachin Ravikumar in Bengaluru; Editing by Amy Caren Daniel)
Persons: Sachin Ravikumar, Amy Caren Daniel Organizations: Ceylon Tobacco Co, Commercial Bank of Ceylon, Sampath Bank, Equity, Sri Locations: Sri, Bengaluru
The company’s shares opened at $26, 44.4% above its initial public offering (IPO) price of $18 per share. Petco offered 48 million shares and raised $864 million in its IPO as it cashed in on a pandemic-driven surge in pet adoptions and spending on pet care. With lower debt interest payments, Coughlin said he expects Petco to turn a profit in its first quarter. Rival online pet products retailer Chewy Inc has seen its stock more than double in the last six months. Goldman Sachs and BofA Securities were the lead underwriters for the Petco offering.
Persons: Petco, , Ron Coughlin, Coughlin, Goldman Sachs, Sohini Podder, Uday Sampath, Shounak Dasgupta Organizations: Petco Health, Wellness Co Inc, IPOs, CVC Capital Partners, Plan, Reuters, Chewy Inc, BofA Securities, underwriters Locations: U.S, Bengaluru
Barking up the right tree: Petco shares surge in Nasdaq return
  + stars: | 2021-01-14 | by ( Sohini Podder | Uday Sampath Kumar | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Reuters) - Shares of Petco Health and Wellness Co Inc jumped as much as 72.7% in their market debut on Thursday, giving the U.S. pet supplies retailer a market capitalization of $6.81 billion. Slideshow ( 4 images )The company’s shares opened at $26, 44.4% above its initial public offering (IPO) price of $18 per share. Petco offered 48 million shares and raised $864 million in its IPO as it cashed in on a pandemic-driven surge in pet adoptions and spending on pet care. Rival online pet products retailer Chewy Inc has seen its stock more than double in the last six months. Goldman Sachs and BofA Securities were the lead underwriters for the Petco offering.
Persons: Petco, , Ron Coughlin, Coughlin, Goldman Sachs Organizations: Reuters, Petco Health, Wellness Co Inc, IPOs, CVC Capital Partners, Plan, Chewy Inc, BofA Securities, underwriters Locations: U.S
Target holiday sales jump 17% as shoppers splurge online
  + stars: | 2021-01-13 | by ( Uday Sampath Kumar | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Reuters) - Target Corp reported a 17.2% rise in comparable sales for the holiday season on Wednesday as its online sales more than doubled, thanks to faster deliveries and higher demand for home goods, electronics and beauty products. FILE PHOTO: The sign outside the Target store is seen in Arvada, Colorado January 10, 2014. The sales surge came as retailers spread out their holiday season promotions to prevent crowding at stores, instead of focusing on a few specific days. Target said sales trends in January has been strong. However, analysts at Gordon Haskett said the retailer had likely missed the more optimistic expectations of 18%-19% growth, which is closer to what Target had seen in the third quarter.
Persons: Rick Wilking, Target, , Neil Saunders, Gordon Haskett Organizations: Reuters, Target Corp, REUTERS, Target, Walmart Inc, GlobalData Locations: Arvada , Colorado, Minneapolis, Target
(New throughout, adds details and background)OTTAWA, Jan 12 (Reuters) - Canada joined Britain on Tuesday in announcing steps to ban the import of goods it said were made by Chinese forced labor in the Xinjiang region, a move likely to exacerbate tension with Beijing. Canada will prohibit goods produced wholly or in part by forced labor and require companies operating in Xinjiang to acknowledge the human rights situation in the region. Last month, the United States expanded economic pressure on Xinjiang, banning cotton imports from an organization it says uses the forced labor of detained Uighur Muslims. The Chinese embassy in Ottawa was not immediately available for comment. (Reporting by David Ljunggren in Ottawa and Uday Sampath in Bengaluru; Editing by Arun Koyyur and David Gregorio)
Persons: , David Ljunggren, Uday Sampath, Arun Koyyur, David Gregorio Organizations: Britain Locations: OTTAWA, Canada, Xinjiang, Beijing, Ottawa, United States, Bengaluru
(Reuters) -Nike Inc said on Friday that full-year revenue will likely be better than previously expected, after COVID-wary shoppers demanding outdoor sportswear drove its third consecutive surge in online sales. Slideshow ( 2 images )Shares in Beaverton, Oregon-based Nike were up about 5% in trading after the bell. Under lockdown, people have also been logging into Nike’s workout and store apps en masse, driving significantly higher online sales all year. Nike said digital sales jumped 84%, with triple-digit growth in North America - its biggest market - and strong double-digit increases in other parts of the world. The company reported a 12% increase in profit to $1.25 billion, or 78 cents per share, beating analysts’ expectations of 62 cents per share.
Persons: Jessica Ramirez, Jane Hali, , Organizations: Reuters, Nike Inc, COVID, Nike, Adidas, Associates, Revenue Locations: Beaverton , Oregon, North America
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