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Nike to axe hundreds of jobs in bid to save $2bn amid sales slump

Nike to axe jobs

Nike is to cut hundreds of jobs, simplify its product ranges and increase its use of automation as part of attempts to save $2bn (£1.6bn) in costs over the next three years amid poor sales.

The US sportswear brand said it was “taking steps to streamline the organisation” and would be spending up to $450m on the changes, mainly on payoffs for employees.

The announcement comes after Nike said sales rose only 1% to $13.4bn in the three months to 30 November – or down 1% once the impact of currency exchange rates was stripped out. Profit margins were up, however, so earnings rose 19% to $1.6bn.

Sales rose in China but fell in Europe and the US, with global sales of the group’s Converse brand down 11%, while Nike brand sales were up 1%.

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Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession

Jerome Powell, Chair of Federal ReserveIt was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it — and without the surge in unemployment and the deep recession that many economists had predicted would accompany it.

Inflation has been falling more or less steadily since peaking in June of last year at 9.1%. And when the Fed's preferred inflation gauge for November is reported next week, it's likely to show that in the past six months, annual inflation actually dipped just below the Fed's target of 2%, economists at UBS estimate.

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Wall Street closes at fresh record high as Fed signals rate cuts

Wall Street closes at a fresh record high

Wall Street scaled a fresh all-time high on Thursday after the Federal Reserve signaled that it would cut borrowing costs next year.

The Dow Jones Industrial Average closed at a record level for the second consecutive session as investors looked to the end of the Fed’s aggressive campaign against inflation.

The index finished the day up 158 points, or 0.43%, at 37,248.31. Since Joe Biden’s inauguration in January 2021 – when it closed at 31,188.38 – it has climbed more than 19%.

Investors were encouraged by guidance issued by the Fed as it held rates steady at a 22-year high on Wednesday.

As price growth continues to fall back from its highest level in a generation, Jerome Powell, the central bank’s chairman, said the historic tightening of monetary policy was probably over, and that discussions on cuts in borrowing costs were coming “into view”.

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Crypto exchange FTX files for bankruptcy amid $8 billion shortfall

FTX files for bankruptsy

FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world's largest cryptocurrency exchanges.

Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. Bankman-Fried plans to stay with FTX while it works through the bankruptcy process, according to a statement on Friday.

"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement.

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How Fed's bigger, faster rate hikes will affect your credit card, mortgage, savings rates

Fed raises ratesThe Federal Reserve is expected Wednesday afternoon to announce its largest interest rate hike since 1994 — a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation.

The central bank is considered likely to raise its benchmark short-term rate by three-quarters of a percentage point, far larger than the typical quarter-point increase, to a range of 1.5% to 1.75%. It will also likely forecast additional large rate hikes through the end of the year.

A series of sizeable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession. The Fed's previous rate hikes have already had the effect of raising mortgage rates roughly 2 percentage points since the year began and have slowed home sales.

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Weak demand prompts Macy's to cut 3,900 jobs in push to save cash

Macy's New YorkMacy’s Inc (M.N) said on Thursday it would lay off about 3,900 employees in corporate and management positions as U.S. businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic.

Macy’s had in May warned of nearly $1 billion in operating losses in its first quarter and said it would turn into a “smaller company”.

The job cuts come at a time when unemployment figures in the United States are already high. Rising coronavirus infections in many U.S. states including California, Texas and Florida are likely to hurt employment further as some people stay away from consumer-facing establishments.

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Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

Retail sales dropU.S. retail sales endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.

The deepening economic slump was underscored by other data on Friday that showed production at industries collapsed last month at its deepest pace in 101 years. The reports, combined with a historic 20.5 million job losses in April, buttressed Federal Reserve Chair Jerome Powell’s warning on Wednesday of an “extended period” of weak growth and stagnant incomes.

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