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The Foot Locker store in Broomfield, Colorado is seen on November 17, 2016. The athletic-wear retailer also missed expectations for quarterly sales, said it would pause its dividend payouts and flagged softer demand in July, which is typically when back-to-school shopping starts. The shares of the company's larger rivals Nike (NKE.N), Dick's Sporting Goods (DKS.N) and Under Armour fell between 2% and 4% in premarket trade. Foot Locker's warnings kept the pressure on sportswear retailers after they tumbled on Tuesday when Dick's Sporting Goods also cut its full-year profit targets, slammed by hits to its margins from retail theft. Foot Locker also said its quarter was hit by inventory shrink, or retail theft, and steeper discounts.
Persons: Rick Wilking, Mary Dillon, Armour, Locker, Juveria Tabassum, Savio D'Souza Organizations: REUTERS, Nike, Dick's Sporting, Adidas, Puma, Dick's Sporting Goods, Thomson Locations: Broomfield , Colorado
Things aren't looking good for Dick's Sporting Goods , and Bank of America thinks investors need to steer clear of the athletics apparel. The stock plunged 24.1% on Tuesday — its biggest one-day drop on record — on weaker-than-expected second-quarter results. Dick's also cut its guidance for the year amid a rise in retail theft and sluggish sales in its outdoor segment. DKS 5D mountain Dick's Sporting Goods shares "Post 2Q results, we see increased risks to DKS sales & margin outlook," analyst Robert Ohmes said in a Wednesday note, adding that there are "risk[s] of further inventory action in 2H." To be sure, the analyst believes Dick's "near-term headwinds are partially offset by compelling valuation."
Persons: Dick's, Robert Ohmes, Ohmes, Armour, — CNBC's Michael Bloom Organizations: Dick's Sporting Goods, Bank of America, Sporting Goods, Nike, adidas, exclusives
New York CNN —Seeing superstar soccer player Leo Messi’s debut in the New York area could cost you as much as a steak dinner at Peter Luger. Ticket reseller VividSeats told CNN that the average price for this weekend’s game is averaging $483. Kevin C. Cox/Getty ImagesFor the New York Red Bulls, Messi’s appearance is “trending as the Red Bull’s hottest ticket in over a decade,” a VividSeats spokesperson told CNN. Prices for MLS games where Messi is playing have surged since the 36-year-old entered American competition. Apple said that subscriptions to its soccer streaming package have soared since Messi joined in July.
Persons: Leo Messi’s, Peter Luger, VividSeats, Messi, Kevin C, Cox, He’s, “ Messi, , Apple Organizations: New, New York CNN, Saturday’s Inter Miami CF, Major League Soccer, New York Red Bulls, CNN, MLS, FC Barcelona, Inter Miami, Leagues, Liga MX, Adidas Locations: New York, Harrison , New Jersey, Manhattan, York
In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.
Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, , Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru
"The main issue with methanol at this stage is increasing access and the scale of green production," Peter Lye, global head of shipping at Anglo American, said. Reuters GraphicsNetherlands-based OCI, which supplied green methanol to Maersk's first ship, can produce up to 200,000 tpy of the renewable fuel. Bashir Lebada, CEO of OCI's methanol and fuels business, said the vessel orders have given suppliers a confidence boost in advancing their green methanol projects even though production is "very small" now. Most green methanol projects are located in China, northern Europe and North America - far from major bunker hubs Singapore and the United Arab Emirates, creating a logistical gap. Within Asia, South Korea and China are set to increase their capacity to fuel ships with green methanol.
Persons: A.P . Moller, Moller, Emma Mazhari, Rashpal Singh Bhatti, we're, Peter Lye, Greg Dolan, Bashir Lebada, Anita Gajadhar, Jeslyn Lerh, Jacob Gronholt, Johannes Birkebaek, Florence Tan, Barbara Lewis Organizations: Reuters, Maersk, Handout, REUTERS, Container, A.P, CMA, Apple, Nike, Adidas, Walmart, Global, Reuters Graphics, United Arab, Pedersen, Thomson Locations: SINGAPORE, COPENHAGEN, South Korea, Reuters Graphics Netherlands, China, Europe, North America, Singapore, United Arab Emirates, Chile, Argentina, Asia, Copenhagen
With Messi's signing, subscriptions to "MLS Season Pass" on Apple TV have doubled, according to Inter Miami owner Jorge Mas. Perhaps most strikingly, Inter Miami ticket prices have increased for both home and away games. The effect is more pronounced for the away games, which include larger markets such as New York and Los Angeles. For all remaining away games combined, average ticket prices are up by 1,002% compared with last year, as of Aug. 15. Here's a look at the average ticket prices for Inter Miami's remaining games this season.
Persons: Lionel Messi's, Messi, Jorge Mas Organizations: Soccer, Major League Soccer, Inter Miami CF, CNN, Apple TV, Adidas, MLS, Apple, Inter Miami, Inter Miami's, Miami Herald, Messi, TicketIQ Locations: U.S, New York, Los Angeles
What China's big earnings say about the consumer
  + stars: | 2023-08-18 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
But general merchandise revenue fell by 8.6% from a year ago to 81.72 billion yuan. Marketing revenue rose by 8.5% to 22.51 billion yuan. TencentLivestreaming e-commerce saw 150% year-on-year growth in gross merchandise value in the second quarter to an unspecified number. Overall, Tencent reported earnings for the quarter that missed expectations, but showed a third-straight quarter of revenue growth. The overall Taobao and Tmall Group saw revenue grow by 12% to 114.95 billion yuan.
Persons: Aly Song, Tencent, ByteDance, Tim Cook, Li Ning Organizations: Artificial Intelligence, Reuters, Electronics, Tmall, Shanghai Disney, Universal Studios Beijing, Comcast, Baidu, Adidas, Fila, Apple Apple Locations: Shanghai, China, Reuters BEIJING, Douyin, Greater China
CNN —A group of investors is suing Sotheby’s Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles. Sotheby’s is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it. A spokesperson for Yuga Labs meanwhile said, via email: “We believe that these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis. “As a media and technology company, Yuga Labs has empowered strong communities of enthusiasts and entrepreneurs to innovate, connect, and build. The Bored Ape Yacht Club, a collection of 10,000 NFTs hosted on the Ethereum blockchain, launched in April 2021.
Persons: Yuga, Justin Bieber, Paris Hilton, Sotheby’s, NFTs, , Jack Dorsey’s, LeBron James, “ Beeple, , ” —, MoonPay Organizations: CNN, Sotheby’s Holdings Inc, Paris Hilton, Labs, Yuga Labs, Twitter, Adidas, Securities and Exchange Commission Locations: California, freefall
LONDON, Aug 17 (Reuters) - The world's second-biggest fashion retailer H&M (HMb.ST) has decided to gradually stop sourcing from Myanmar, it told Reuters on Thursday, as reports of labour abuses in garment factories in the country increase. H&M became the latest brand to cut ties with suppliers in the country after Zara owner Inditex (ITX.MC), Primark (ABF.L), Marks & Spencer (MKS.L) and others. "After careful consideration we have now taken the decision to gradually phase out our operations in Myanmar," H&M said in an email to Reuters. "We have been monitoring the latest developments in Myanmar very closely and we see increased challenges to conduct our operations according to our standards and requirements." Reporting by Helen Reid, Editing by Matt ScuffhamOur Standards: The Thomson Reuters Trust Principles.
Persons: Inditex, Spencer, Helen Reid, Matt Scuffham Organizations: Reuters, Thomson Locations: Myanmar, Zara
The BHRRC has been tracking allegations of workers' rights abuses in garment factories since the military junta took power in Myanmar, plunging it into political and humanitarian crisis. There have been 21 cases of alleged abuses linked to Inditex suppliers over the two-year period, and 20 linked to H&M suppliers, according to the report. The Myanmar Garment Manufacturing Association did not reply to a request for comment. It expects its final orders from Myanmar suppliers to ship before the end of this year, but has also increased its presence on the ground. H&M and Bestseller are among 18 brands that are part of the European Union-funded MADE project aimed at improving labour conditions in Myanmar's garment factories.
Persons: Inditex, Spencer, Primark, we've, Karina Ufert, Vicky Bowman, Bowman, Helen Reid, Vanessa O'Connell, Marguerita Choy, Emelia Organizations: Reuters, Zara, Human Rights Resource, Myanmar Labour News, Myanmar Garment Manufacturing Association, Ethical Trade, European Union, European Chamber of Commerce, Myanmar Centre, Responsible Business, Thomson Locations: Myanmar, British, MYANMAR Spanish, Danish
That's down from 13% of Nike's women's team products which sold out during the same tournament in 2019, the data shows. For that reason, marketers must bear in mind the risk that the growing fanbase could see their support for women's soccer as disingenuous. To recognize the impact grassroots teams have in creating excitement about women's soccer, Adobe's ad also featured London-based community women's soccer clubs Peaches FC and Baesianz FC, said Sabina Strasser, Senior Director, Brand Experience EMEA at Adobe. Sporting goods retailer Fanatics has more than 475 U.S. women's team products for sale this year, up from about 175 in 2019, the company told Reuters. As of Monday, the generic Adidas Women's World Cup soccer ball was among its top sellers in FIFA World Cup Gear.
Persons: Sam Kerr, Carl Recine, Megan Rapinoe, Alex Morgan, Grace Geyoro, Martine Rose, Nike's, Jan Runau, Yvonne Henderson, Bob Dorfman, England's Lionesses, Mary Earps, Bjorn Gulden, Sabina Strasser, Amy Tennery, Sheila Dang, Kate Masters, Shri Navaratnam Organizations: Soccer, Nike FC, REUTERS, Adidas, misstep, U.S, Nike, FIFA, Sporting Goods, Women's, Asisat, United States Women’s, Pricing, In, Pinnacle Advertising, Germany's Bayern Munich women's, Peaches FC, Baesianz FC, Brand, EMEA, Adobe, Sporting, Reuters, U.S ., Thomson Locations: Sydney, Australia, AUCKLAND, New Zealand, DICK's, U.S, French, Barcelona, England, Sweden, Spain, Tuesday's, Germany, London, Auckland, Dallas , Texas, New York
The start of hip-hop dates to Aug. 11, 1973, when DJ Kool Herc created continuous break-beats by working two turntables during a party in a rec room at 1520 Sedgwick Ave in the Bronx. On Friday night, exactly 50 years later, a concert was held at Yankee Stadium — roughly a mile and a half from hip-hop’s birthplace — to honor the occasion, featuring Run-DMC, Slick Rick, Ice Cube, Snoop Dogg, Lil’ Kim and Nas. DJ Kool Herc, 68, also appeared onstage to accept an award. “I prefer old-school hip-hop,” Hetep said. He rapped about positivity, and that’s also what my music is about.”In the edited interviews below, attendees reflected on hip-hop’s 50th.
Persons: DJ Kool Herc, , Slick Rick, Snoop Dogg, Lil ’ Kim, Nas, Tupac Shakur, Hetep BarBoy, ” Hetep, , that’s Organizations: Yankee, Locations: Bronx
How Hip-Hop Changed the English Language Forever
  + stars: | 2023-08-11 | by ( Miles Marshall Lewis | ) www.nytimes.com   time to read: +16 min
We unpacked five words — dope, woke, cake, wildin’ and ghost — that show rap’s unique linguistic influence. Please import it manually on src/routes/(pages)/$PAGE/+page.svelte and add it to the body loop referencing a name on the Google Doc. Please import it manually on src/routes/(pages)/$PAGE/+page.svelte and add it to the body loop referencing a name on the Google Doc. Please import it manually on src/routes/(pages)/$PAGE/+page.svelte and add it to the body loop referencing a name on the Google Doc. Please import it manually on src/routes/(pages)/$PAGE/+page.svelte and add it to the body loop referencing a name on the Google Doc.
Persons: vibrancy, Dave, — Slick Rick, , , , Homer Simpson, Rihanna, “ FourFiveSeconds ”, wilding, Erykah Badu, Megan Thee, Spoonie Gee, Lil Wayne, Spivey’s, “ It’s, Pharrell Williams, Shameik Moore, Zoë Kravitz, ” “, Lana Del Rey, Joe, Marcus Garvey, Lauryn Hill, Marcus Garvey intoned, Ramblin ’ Thomas, William Melvin Kelley’s, presciently, Badu’s, repopularized “, Badu, ” — Childish Gambino, “ Redbone ”, Donald J, Kendrick Lamar’s, Joey Bada, Lil Durk’s, Ron DeSantis, Elon Musk, Sir, they’ve, Munch, Red’s, ” Megan Thee, Patty, Nicki Minaj, “ Heard, Jay, Stackin, Al Pacino, Tony Montana, Morton, wildin, illin, killin, “ Buck Whylin ’, Chuck D, “ Buck Whylin ’ ”, Tonya Harding, Nick Cannon’s, “ wilding ”, Barry Michael Cooper, “ Wilding, Donald Trump’s, Wildin, “ Stylin, — Bruno Mars, Greg Nice, “ Swayze, Patrick Swayze’s, Guy, ghosting, Glock, I’m Swayze, Jared Seay Organizations: Daily News, src, Google, Oxford English, Queens, MTV, New York Times, Trump, Republican, Hulu, WAP, raunch, , Morton Music, Public, The Daily News, Central Park, Oxford, , Adidas, Royce Locations: Oxford, Ethiopia, Africa, Florida, America, U.S
The company will open its first commercial plant in September to supply luxury brands like Hermès. Fashion brands are investing in materials that don't use animals or plastic to meet climate goals. Many fashion brands have set climate goals and are searching for sustainable substitutes to animal- or plastic-based leather and other textiles with high carbon footprints. An Hermès bag made of MycoWorks' mycelium leather. She sees a luxury fashion house like Hermès as an ideal pioneer for alternative leather because the brand's status is based in part on scarcity.
Persons: MycoWorks, Matt Scullin, Coppie Barbieri, Scullin, Stella McCartney, Dan Widmaier, haven't, Anne Higonnet, Hermès, Birkin, Higonnet, Reishi, That's Organizations: Service, Ligne, General Motors, Adidas, Vogue Business, New York's Barnard College, Consumers Locations: Wall, Silicon, San Francisco, South Carolina
Adidas is selling off its stockpile of Yeezy shoes following its breakup with Kanye West. But Foot Locker was too afraid of potential backlash to help sell them, Complex reported. Adidas sold $437 million worth of Yeezys in its first batch of sales, with 27% of that going to charity. It took Yeezys off the shelves when Adidas announced it would stop its business with West in October. A spokesperson for Adidas did not confirm to Insider whether Foot Locker had abandoned plans to restock Yeezys.
Persons: Locker, Yeezys, Ye, restock, Erwan Rambourg, Footlocker Organizations: Adidas, Kanye, Service, West, HSBC Locations: Wall, Silicon
A recent report coordinated by soccer's European Club Association found as many as 82% of female players in Europe experience discomfort wearing boots. "Football brands are making welcome progress on supporting the needs of female football players," said Conservative MP Caroline Nokes, chair of British Parliament's Women and Equalities Committee. "(But) major retailers give limited recognition to women and girls when it comes to football boots. "It is no good investing in research and making boots for female football players if women are unaware of those products or unable to buy them." The smaller IDA Sports offers a wide range of women's boots, saying they have done extensive research into the biomechanical difference between men and women.
Persons: Carl Recine, England's Lionesses, Caroline Nokes, Puma, Kathryn Swarbrick, Luna, Laura Youngson, Youngson, Lori Ewing, William Maclean Organizations: Soccer Football, FIFA, REUTERS, soccer's European Club Association, Conservative, Equalities, Adidas, Nike, Puma, Umbro, North, Manufacturers, Elite, IDA Sports, Sports, Thomson Locations: New Zealand, France, Morocco, Adelaide, Australia, Europe, North Europe
Almost two years ago, the career of the rap star Travis Scott had seemed in doubt after the catastrophe of his Astroworld Festival in Houston, where 10 people were crushed to death and hundreds more were injured. The authorities investigated Scott’s role, but in June prosecutors announced that a grand jury had declined to indict Scott and two festival officials. A number of civil lawsuits against Scott and festival organizers, however, remain pending. That cloud was no deterrent to Scott’s fans, who have sent the rapper’s latest album, “Utopia,” straight to No. That was by far the biggest opening for any hip-hop album this year.
Persons: Travis Scott, Scott, Maximus, West Organizations: Adidas, Balenciaga Locations: Houston, United States, Rome
Ye, the rap star formerly known as Kanye West, on Monday made his first concert appearance after a series of antisemitic remarks on social media and in interviews last year, which led to his alienation from the music industry and loss of lucrative fashion deals with Adidas, Gap and Balenciaga. Ye’s return to the stage came as a guest during a livestreamed album-release concert by Travis Scott at Circus Maximus, the park in central Rome that in ancient times was the site of a giant stadium where chariot races and other entertainment took place. Scott, a protégé of Ye’s, brought his mentor out during a concert to celebrate his chart-topping new album, “Utopia.” With Scott dressed in white and Ye all in black — initially with a hood and mask, which didn’t stay on for long — they performed two Ye songs together: “Praise God,” from his 2021 album “Donda,” and “Can’t Tell Me Nothing,” a Kanye West classic from his 2007 album “Graduation.”“There is no ‘Utopia’ without Kanye West,” Scott told the crowd. “There is no Travis Scott without Kanye West. There is no Rome without Kanye West.”
Persons: Ye, Ye’s, Travis Scott, Circus Maximus, Scott, , Kanye, ” Scott Organizations: Adidas, Kanye Locations: Rome, Ye’s
Indian lenders’ earnings get credit reality check
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri/File PhotoMUMBAI, Aug 7 (Reuters Breakingviews) - A near three-fold jump in net profit did little to cheer State Bank of India (SBI.NS) investors. April to June is seasonally weak for farm credit, and Khara said some delinquent accounts have already bounced back. Granted, overall delinquencies remain low: gross non-performing assets are just 2.76% of SBI’s portfolio, and less than half that at HDFC Bank. The fear is, as one executive told Breakingviews, that this is worsening as pandemic-era support schemes wind down and interest rates rise.
Persons: Dinesh Khara, Khara, Breakingviews, Shritama Bose, headwinds, Antony Currie, Thomas Shum Organizations: State Bank of India, REUTERS, Reuters, HDFC Bank, Bajaj Finance, Services, Twitter, Adidas, InBev, Thomson Locations: Kolkata, India, MUMBAI
Saudi’s swelling fund has scope for foreign binge
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.
Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom
Robert Garland, the artistic director of Dance Theater of Harlem who, like Sibley, is from Philadelphia, recently presented a ballet at Lincoln Center. “O’Shae put his body on the line,” Garland said in an interview. “And his expression was turned into resistance. He was just being who he was.”Because of the way he died — and the way that he was dancing when he died — Sibley’s body is now an act of resistance. That has much to do with vogue, a language that grew out of the Harlem ballroom scene of the 1960s.
Persons: Robert Garland, Sibley, John Carlos, “ O’Shae, ” Garland, , , Joan Myers Brown, remembrances, Jason Rodriguez Organizations: Dance Theater of Harlem, Lincoln Center, Philadelphia Dance Company, Ailey, Gliding, Adidas Locations: Philadelphia, Mexico City, Sibley, Harlem
Lionel Messi joining Major League Soccer boosted Apple TV+ subscriber numbers, according to Tim Cook. "The fact that Messi went to Inter Miami helped us out there a bit," Cook said Thursday. Apple's streaming service is already feeling the benefit of soccer superstar Lionel Messi joining Major League Soccer, according to Tim Cook. Cook said in a quarterly earnings call Thursday that Apple TV+ had beaten its subscriber targets over the three months ending July 1. The Athletic reported in June that Messi had also inked revenue-sharing agreements with both Apple TV and Adidas, which is one of MLS's largest corporate sponsors.
Persons: Lionel Messi, Tim Cook, Messi, Cook, we're, Messi suiting, Germain Organizations: Major League Soccer, Apple, Inter Miami, Inter Miami CF, MLS, Paris Saint, Athletic, Apple TV, Adidas Locations: Florida
The free publicity, complete with an online post by Donald Trump, spurred a surge in record sales. I recently spent two days with Gangstagrass, a band that is making music that actually unites us, and reflecting on why it isn’t better known. A version of the group produced the theme song of the TV drama “Justified.” (The song, “Long Hard Times to Come,” was nominated for an Emmy in 2010.) The multiracial band was created by Rench, a Brooklyn-based musician and producer. When he isn’t making music, Mr. Whitener is a stay-at-home dad.
Persons: Jason Aldean’s, , Aldean’s, Donald Trump, , M.C, Dan Whitener, Farrow, Whitener, Dolio Organizations: Gangstagrass, Times, Phillies, Adidas Locations: Brooklyn, Pensacola, Fla, New Jersey, Omaha
Adidas said it made $437 million from the first sales of Yeezy shoes since cutting ties with Kanye West. A second batch of Yeezy items dropped Wednesday as Adidas keeps trying to shift leftover stock. The company kicked off another round of Yeezy sales Wednesday, including the popular sneakers Yeezy Boost 250 V2, 500, 700 and the Yeezy Slide and Foam Rnr lines. Demand for the remaining Yeezy stock has helped to bring the company's expected annual loss down from $764 million forecast in March to $491 million. In line with Gulden's promise that the company will "continue to carefully sell off more of the existing Yeezy inventory", a second batch of Yeezy sneakers went on sale this week.
Persons: Bjørn Gulden, Robert Kraft's, Ye, Gulden Organizations: Adidas, Kanye, Service, Associated Press, Fox News, Defamation League, Keeta Floyd Institute for Social, Robert Kraft's Foundation, Combat Locations: Wall, Silicon, German
Maersk has ways to grow again despite headwinds
  + stars: | 2023-08-04 | by ( ) www.reuters.com   time to read: +2 min
Container ship "Evelyn Maersk" is loaded during snowfall at a container terminal in a harbour amid the coronavirus disease (COVID-19) pandemic, in Hamburg, Germany, April 6, 2021. Arch rival and privately-owned Mediterranean Shipping Company (MSC) is deploying cash reserves on acquisitions to diversify away from container shipping. Maersk also needs to strengthen its logistics and services unit, where organic revenue fell 19%, dragged down by lower retail demand, particularly in North America. Last year's purchases of Pilot and LF Logistics helped prop up the division, but Maersk needs to invest more. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Evelyn Maersk, Fabian Bimmer, A.P, Moller, Boss Vincent Clerc, EBITDA, Clerc, Pamela Barbaglia, Pierre Briancon, Streisand Neto Organizations: REUTERS, Fabian Bimmer LONDON, Reuters, Maersk, Walmart, Nike, Unilever, CMA CGM, Mediterranean Shipping Company, LF Logistics, Twitter, Adidas, InBev, Thomson Locations: Hamburg, Germany, North America
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