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Adidas turns to Yeezy after dropping rapper Ye

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Adidas announced its plan to release a second batch of exclusive Yeezy sneakers following its separation from rapper Ye, formerly known as Kanye West.

The German sportswear brand aims to address the issue of unsold shoes while simultaneously supporting organizations fighting antisemitism.

The online sale is scheduled to begin on Wednesday through Adidas’ smartphone apps and official website, building on the success of the initial sales in May. The models available in this release include the sought-after Yeezy Boost 350 V2, 500, and 700, as well as the Yeezy Slide and Foam RNR.

The decision to cut ties with Ye came after he made offensive remarks, including antisemitic comments, both online and during interviews. This left Adidas with a substantial inventory of unsold Yeezys amounting to 1.2 billion euros ($1.3 billion), prompting them to seek a responsible solution for handling the surplus stock.

Dropping Ye

Adidas CEO Bjørn Gulden emphasized in May that selling the popular sneakers and donating a portion of the profits was the most suitable approach to tackle the unsold inventory while making a positive impact.

The company consulted with non-governmental organizations and groups affected by Ye’s controversial comments and actions.

A part of the profits generated from the Yeezy sales will be contributed to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, an organization run by social justice advocate Philonise Floyd, George Floyd’s brother.

To demonstrate solidarity in rejecting antisemitism, Adidas will include blue square pins from Robert Kraft’s Foundation to Combat Anti-Semitism with shoes sold directly in North America.

While Adidas did not provide specific details on the number of shoes to be released or the exact amount to be donated, they assured that they would honor contractual obligations regarding Ye’s royalties.

The first sale of Yeezy shoes had a positive impact on Adidas’ preliminary second-quarter financial results, leading the company to improve its outlook for the year. Instead of a high single-digit decline in revenue, they now anticipate a mid-single digit decline, resulting in an operating loss of 450 million euros (approximately $494 million) rather than 700 million euros.

Adidas looks forward to its upcoming earnings report for the first half of the year and is optimistic that future Yeezy sales will further contribute to boosting their results.

 

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Australia revises superannuation tax plans for fairness

Australia revamps retirement tax with new thresholds and increased support for low-income earners amid political pressure

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Australia revamps retirement tax with new thresholds and increased support for low-income earners amid political pressure

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In Short:
– Treasurer Jim Chalmers announced a 40% tax on retirement balances over $10 million, aiding low-income earners.
– The reform improves the Low Income Superannuation Tax Offset, helping 1.3 million Australians with higher annual payments.
Australian Treasurer Jim Chalmers announced a significant overhaul of the government’s superannuation tax proposal.The new plan introduces a 40 percent tax rate on retirement balances exceeding $10 million while increasing support for low-income earners.

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The announcement comes after months of political and industry pressure and represents a major shift from the original policy.

It addresses prior criticisms related to indexation and taxation of unrealised capital gains.

Under the revised policy, balances between $3 million and $10 million will face a 30 percent concessional tax rate.

Both thresholds will now be indexed to inflation to prevent bracket creep affecting middle-income Australians.

The government has also removed taxes on unrealised capital gains, with changes applying solely to realised earnings from 2026.

“This has been a contentious policy,” Chalmers stated, indicating that it affects less than 0.5 percent of Australians, with about 80,000 anticipated to have over $3 million in superannuation next year.

Key Benefits

The reform package significantly improves the Low Income Superannuation Tax Offset (LISTO).

Annual payments will rise from $500 to $810, with an increased eligibility threshold from $37,000 to $45,000 by 2027.

This adjustment will assist approximately 1.3 million Australians, mainly benefiting women.

Eligible workers could gain around $15,000 in retirement, increasing LISTO eligibility to 3.1 million Australians.

The changes could generate about $1.6 billion in net revenue by 2028-29, a decrease from the original $2.5 billion projection due to enhanced LISTO benefits and extended implementation.


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Bitcoin declines to $104,782 amid trade tensions

Bitcoin drops to $104,782 as Trump intensifies US-China trade tensions, impacting global markets

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Bitcoin drops to $104,782 as Trump intensifies US-China trade tensions, impacting global markets

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In Short:
– Bitcoin dropped to $104,782 due to heightened US-China trade tensions.
– The S&P 500 Index fell over 2% amid escalating market uncertainty.
Bitcoin fell to $104,782 amid escalating US-China trade tensions.On October 10, U.S. President Donald Trump announced a significant increase in tariffs on Chinese goods, raising them to 100%.

The decision follows China’s recent restrictions on rare earth mineral exports, which are crucial for various technologies and manufacturing sectors.

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The trade dispute affected global markets, resulting in a more than 2% decline in the benchmark S&P 500 Index.

Bitcoin experienced an 8.4% drop at $104,782 by 17:20 ET, while Ethereum, the second-largest cryptocurrency, fell by 5.8% to $3,637 at 17:21 ET.


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Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

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Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.


Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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