DIRS.INFO The most relevant business & tech news

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

☆ Zara is opening or revamping nearly 30 stores in the US by 2025 — here's where they're located
▼ + stars: | 2023-03-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Inditex is planning to open at least 10 new Zara stores across the US by 2025. At least a dozen other Zara locations will be revamped or enlarged, the retailer said. "This is a market in which for every $100 of fashion sold, we take less than $0.50 of that," García Maceiras said. Foot traffic is up at Zara stores around the world, and Inditex reported a 23% jump in store sales in 2022 across its portfolio of brands, which includes Zara, Bershka, and Massimo Dutti. Inditex plans to invest 1.6 billion euros, about $1.7 billion, in expanding its stores and warehouses worldwide, including a new Zara store on Paris' Champs Elysées, and at least 10 new locations across the US.

☆ Zara shoppers are crowding back to the brand's stores, and it's sending sales skyrocketing
▼ + stars: | 2023-03-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Zara shoppers flocked to stores in 2022, giving a major sales boost to parent company Inditex. Inditex reported a 23% increase in store sales last year despite closing 10% of its stores. Zara shoppers have long complained that stores are crowded and checkout lines are unusually long. "A key factor of the year has been that traffic and store sales increased markedly," García Maceiras said. The US is a key market for Inditex, García Maceiras said, and has potential to provide a "significant" boost to the retailer's business long-term.

☆ Verizon: 5G will change the way companies work and the way people live
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVerizon: 5G will change the way companies work and the way people liveVerizon's Chief Revenue Officer Massimo Peselli discusses his outlook for the future of 5G.

☆ Top brands pull out of Russia, but their goods remain easy to find
▼ + stars: | 2023-02-22 | by ( Alexander Marrow | ) www.reuters.com time to read: +8 min

Brands' continued availability shows the challenge companies face in controlling supply chains when exiting a market. Market leader Wildberries sells old stock from Inditex brands and has almost 17,000 goods in its Zara catalogue. Informal supply routes could lead to more poor-quality goods entering Russia, however, as regulators lose oversight, Ben Tzion said. IKEA brand owner Inter IKEA Group said it sold remaining stock for an undisclosed amount to Yandex as it down-scaled IKEA Retail Russia. IKEA said it was looking into goods being advertised as similar to IKEA online.

☆ Europe's natural gas prices fall below €50
▼ + stars: | 2023-02-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Europe’s natural gas prices have tumbled to their lowest level in nearly 18 months in the latest sign the region has avoided a much-feared energy crisis. Benchmark wholesale gas prices fell almost 5% Friday to hit €49 ($52) per megawatt hour, their lowest level since September 2021 and a fraction of the all-time high of €320 hit in August last year, according to data from Independent Commodity Intelligence Service. The plunge in prices will further reduce the risk of a recession in Europe. Gas stores across the European Union were 65% full on Thursday, according to Gas Infrastructure Europe, an industry body. The bloc has also boosted imports of pipeline natural gas from Norway, and of liquefied natural gas (LNG) — a chilled, liquid form of gas that can be transported via sea tankers — mostly from the United States and Qatar.

☆ Zara owner Inditex agrees to 20% pay rise in Spain -union groups
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

MADRID, Feb 9 (Reuters) - Zara owner Inditex reached an agreement to raise salaries in its Spanish stores by an average 20%, Spain's two largest unions, CCOO and UGT, said on Thursday night. The salary increases reached as much as 40% in the areas of Spain that were the least well paid, UGT said in a statement. Union groups said Inditex also agreed to continue increasing salaries in line with inflation over the next three years. In November, Inditex had agreed with UGT and CCOO to pay a one-off bonus of 1,000 euros in February for all full-time shop assistants employed across Spain, and now it has agreed to pay the same bonus next year. Inditex employs 165,000 people in 177 countries, with a third of all staff based in Spain, according to its annual report.

☆ Zara starts charging for clothing returns from home in Spain
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

MADRID, Feb 1 (Reuters) - Fashion giant Zara has started charging shoppers in Spain for returns of online purchases, the company announced on Wednesday, though store returns remain free. However, items bought online can still be returned for free at physical stores, it added. Inditex, (ITX.MC) which owns Zara, will also introduce return charges in Spain for its other brands such as Massimo Dutti and Pull&Bear. Early last year, Zara introduced charges for some online returns in Britain and other core markets, following similar measures from rivals such as Uniqlo or Next. Inditex expects online sales to exceed 30% of total sales by 2024.

☆ In 2023, Your Heating Pad Should Give You More Than Heat
▼ + stars: | 2023-01-26 | by ( Ashley Mateo | ) www.wsj.com time to read: +1 min

FEELING HOT HOT HOT This new release from Therabody provides localized heat therapy and massage directly on your knee, a proven technique for alleviating knee pain and improving range of motion. Massimo Alpian, 40, first turned to heat therapy in 2018 to deal with the tightness and spasms caused by a lingering hip injury. Plug-in heating pads and single-use adhesive heat patches helped the Boulder, Colo.-based communications director cope while waiting to schedule surgery. This fall, he purchased the Hyperice Venom Go, a reusable adhesive patch that warms up when connected to a rechargeable magnetic pod. Postsurgery, Mr. Alpian used the patch on his shoulders to relieve pressure from crutches and lower back pain from sitting.

☆ Kevin Spacey hails Italy museum for having 'the guts' to honour him
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Oscar-winning actor Kevin Spacey poses as he is awarded by the National Museum of Cinema of Turin with the "Stella della Mole Award" in Turin, Italy, January 16, 2023. REUTERS/Massimo PincaTURIN, Jan 16 (Reuters) - Kevin Spacey picked up a career award in Italy on Monday, despite controversy over the sex crime allegations that have tarnished the reputation of the Oscar-winning American actor. The Museum of Cinema in Turin said it handed the prize in recognition of Spacey's "personal aesthetic and authorial contribution to the development of the art of drama." "I am surely blessed and grateful and humbled and my heart is very full tonight toward the Museum of Cinema for having had le palle (the guts) to invite me tonight," he said. In the run-up to the award ceremony, the Turin-based La Stampa newspaper ran an editorial headlined "Italy, land of plenary indulgence".

☆ 'Class, charisma, tenacity': Italian football pays tribute to Vialli
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +3 min

Vialli, who earned 59 caps for Italy and enjoyed a stellar club career with Sampdoria, Juventus and Chelsea, passed away on Friday aged 58 after a long battle with cancer. I can never forget your sense of humour, your class, your charisma, your tenacity. "Nobody can ever forget the memories you gave us with your football and your goals. "Unfortunately, you have had to fight a great and terrible battle in life these past few years. Reporting by Aadi Nair and Tommy Lund Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ Natural gas prices haven’t been this low since Russia went to war
▼ + stars: | 2023-01-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —Natural gas prices in Europe and the United States have tumbled to levels last seen before Russia sparked a global energy crisis by invading Ukraine. Even so, European gas prices are still historically high, and could rise again this year if demand from China picks up or supplies are disrupted. Wholesale prices were already shooting up in the months before the war as economies reopened from pandemic lockdowns. “It will take a bit [of time] for the fall in the wholesale prices of natural gas to [feed into] into the retail prices,” he said. That will keep Europe at a competitive disadvantage to the United States, where gas prices are about five times lower.

☆ CFB roundup: No. 16 Tulane stuns No. 10 USC in Cotton Bowl
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +4 min

16 Tulane scored 16 points in the final 4:07 to notch a dramatic 46-45 victory over No. 10 Southern California to win the Cotton Bowl on Monday at Arlington, Texas. Heisman Trophy winner Caleb Williams did all he could for USC (11-3), completing 37 of 52 passes for 462 yards and five touchdowns. He completed 8 of 21 passes for 95 yards, one touchdown and one interception and rushed for 47 yards on 10 attempts. Bulldogs quarterback Will Rogers completed 29 of 44 passes for 261 yards, one touchdown and two interceptions.

☆ These were Insider's CMOs to watch in 2022
▼ + stars: | 2022-12-23 | by ( Michael Kaminer | Lucia Moses | ) www.businessinsider.com time to read: 1 min

Massimo Baratto, chief consumer officer, Under ArmourUnder ArmourPart of Barrato's mission in this newly created role has been focusing more on direct-to-consumer channels and less on traditional retail. The company has since ramped up its use of SEO and digital promotions, including influencer relations. Baratto also helped shift the tone of Under Armour's advertising; Tom Brady and Morgan Freeman starred in a high-profile "Future GOATs" campaign encouraging young athletes to be themselves. The company is also unveiling a national program offering grants to young athletes and in-person experiences at Under Armour's Baltimore "campus." Under Armour ended 2023 by hiring ex-Marriott International president Stephanie Linnartz as CEO.

☆ Italy prosecutors seek trial for ex-MPS top execs in bad loan probe
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Both Profumo and Tononi in the past chaired Monte dei Paschi's board of directors. The prosecutors in the statement said they were not requesting a trial for Monte dei Paschi. Prosecutors have been looking into allegations of false accounting and market manipulation in relation to the classing of loans as impaired at Monte dei Paschi up to 2017. Lawyers for Profumo, Tononi and the other two people did not immediately reply to a request for comment from Reuters. A judge will decide on the request for trial at a hearing in the near future.

☆ Recession fears could trigger a 'lipstick' effect on deal activity next year
▼ + stars: | 2022-12-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

For the first time in over three years, there were no mega deals valued over $10 billion during the third quarter, according to the latest M&A report by Willis Towers Watson . There were only 49 large deals valued over $1 billion during the quarter, as compared with 67 large deals closed in the same period a year ago. Despite global recession fears, geopolitical tensions and expectations for inflation and interest rates to keep rising in 2023, WTW predicts dealmaking activity will continue. "An unprecedented number of disruptive forces have created headwinds for dealmakers, but they are also generating opportunities," said Massimo Borghello, head of human capital M&A consulting, Asia Pacific at WTW. "The fundamentals that drive dealmaking are still in place and, with valuations moderating after the historic levels reached in 2021, strategic and financial buyers alike will take advantage of better-priced opportunities for growth."

☆ 7 times NASA's James Webb Space Telescope spotted something Hubble missed
▼ + stars: | 2022-12-04 | by ( Paola Rosa-Aquino | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +8 min

The James Webb Space Telescope can capture a more complete view of galaxies, stars, and planets. Before Webb, astronomers had another workhorse cosmic observatory: the Hubble Space Telescope. Webb is 100 times stronger than Hubble, which allows astronomers to peer even further into space. Webb spied countless galaxies that Hubble missedA side by side collage of the same area taken by the Hubble and the James Webb space telescopes. Where Hubble saw a faint dot, Webb resolved 2 distinct mystery objectsOne of the lensed images of MACS0647-JD, from the James Webb Space Telescope.

☆ The oil embargo should not have a huge impact, says Wood Mackenzie
▼ + stars: | 2022-11-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe oil embargo should not have a huge impact, says Wood MackenzieMassimo Di Odoardo of Wood Mackenzie discusses the upcoming Dec. 5 emergency energy meeting that EU energy ministers have called.

☆ The G-7 may cap Russia's oil price — but it won't dent Moscow's war chest, analysts say
▼ + stars: | 2022-11-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

(Photo by JOE KLAMAR / AFP)The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won't have a significant impact on Moscow's oil revenues even if it's approved. Russia has threatened to it will not supply oil to countries setting and endorsing the price cap. In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services. He agreed that the discussed price cap won't make much of a dent or deter Moscow in its war against Ukraine. "Russia's seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war," he added.

☆ Zara workers in Spain start protests to demand higher pay
▼ + stars: | 2022-11-24 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, Nov 24 (Reuters) - Dozens of Zara shop assistants protested in Madrid on Thursday outside the global fashion giant's largest store to demand higher pay, and some workers in its home town in northwest Spain went on strike on the eve of its Black Friday sales campaign. In the town of A Coruna, where the first Zara store opened in 1975, Inditex now has 44 stores. Two of those, a Zara store and a Massimo Dutti shop were closed on Thursday, and some 1,000 shopworkers were preparing to go on a one-day strike the following day on Black Friday. Shop assistants' monthly wages at Inditex stores in Madrid and A Coruna are below 1,400 euros, according to the unions. "If we don't get better wages we will call for more protests in December and January," she said.

☆ Europe still can't live without Russian LNG exports
▼ + stars: | 2022-11-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN Business —Europe may be closer than ever to breaking its energy dependence on Moscow, but it still can’t live without one type of Russian natural gas. Russian imports doubled in the year to September to 1.2 million tons, Rystad data shows. The majority of the Russian LNG imports come from privately owned Novatek, the country’s second-largest natural gas producer after Gazprom. “I expect that Russian LNG will continue to play an important role in filling European storage going into winter of 2023,” he told CNN Business. “[Europe] would rather get whatever [it] can in terms of Russian pipeline gas and Russian LNG… it would take a lot before [it] would think about sanctioning gas or LNG from Russia,” Ramesh said.

A trove of bronze statues that archeologists say could rewrite the history of Italy's transition to the Roman Empire have been discovered in an ancient Tuscan thermal spring. The more than 20 bronze statues dating back over 2,000 years are being hailed as one of the most important archaeological discoveries in the region. The bronze statues are more than 2,000 years old and mostly in excellent condition. The figures represent gods, including Apollo and Hygieia, complete with anatomical details, suggesting the site was of great significance to ancient Etruscans. The find is considered to be the most important to antiquities since the discovery of the Riace Warriors, rare full-sized Greek bronze statues found in southern Italy in 1972.

☆ Europe - the warning light flashing on carmakers' dashboards
▼ + stars: | 2022-11-03 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

"Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. "And the ones we can build in Europe at the moment we're struggling to get to the point of sale."

☆ 1 dead, soccer player to undergo surgery after stabbing attack in Italy
▼ + stars: | 2022-10-28 | by ( ) www.nbcnews.com time to read: +2 min

Soccer player Pablo Mari will undergo surgery on Friday after being stabbed along with five other people at a supermarket in a shopping mall near Milan, the hospital where he is being treated said. Italy’s Carabinieri police said one person had died in Thursday’s attack, a 47-year-old Bolivian national who worked at the supermarket in the town of Assago. A spokesman for his Serie A side confirmed he was due to have surgery but said he had no further details. “He was just screaming,” Tarantino told reporters. I’m not a hero.”Galliani said Marí also had injuries to his mouth, possibly from gritting his teeth during the attack.

☆ Europe now has so much natural gas that prices just dipped below zero
▼ + stars: | 2022-10-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Europe has more natural gas than it knows what to do with. Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas (LNG) are lining up at ports, unable to unload their cargoes, and prices are tumbling. The price of benchmark European natural gas futures has dropped 20% since last Thursday, and by more than 70% since hitting a record high in late August. Prices turned negative because of an “oversupplied grid,” Tomas Marzec-Manser, head of gas analytics at the Independent Commodity Intelligence Services (ICIS), told CNN Business. The bloc has ramped up imports of LNG from the United States and Qatar as natural gas imports from Russia plummeted.

Search resuls for: "Massimo"

25 mentions found