Money

Adidas turns to Yeezy after dropping rapper Ye

Published

2 years ago

July 29, 2023

ticker NEWS

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.

Money

Gen Z and millennials surpass boomers in voting power

Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.

Published

4 hours ago

May 13, 2025

ticker NEWS

Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.

For the first time in history, Gen Z and Millennials now outnumber Baby Boomers at the ballot box in Australia, marking a seismic change in the country’s political landscape.

Experts say this electoral milestone could spark major reform debates on taxation, superannuation, and inheritance laws as younger voters prioritise different values.

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Money

Stocks decline as tariffs and trade tensions escalate

Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

Published

6 days ago

May 7, 2025

Ahron Young

Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

In Short:
Stock indexes declined on Tuesday after a nine-day winning streak, while gold prices soared amid economic concerns. Major companies like Ford and Mattel adjusted forecasts due to tariff impacts, and the trade deficit hit a record high of $140.5 billion.

Stock indexes fell on Tuesday, following declines in the Dow and S&P 500 after a nine-day winning streak.

Gold prices reached a new record as markets reacted to ongoing economic concerns.

The downturn persisted following a meeting between Canadian Prime Minister Mark Carney and President Trump, where Carney rejected any notion of Canada being for sale.

Investors showed continued apprehension about the impact of U.S. tariffs and the absence of new trade agreements, particularly as major companies like Ford and Mattel suspended annual guidance due to tariff uncertainties.

Ford impact

Ford, while less affected than competitors, estimated potential tariff impacts could reduce profits by $1.5 billion, prompting a 2.8% increase in its stock.

In contrast, Mattel’s stock rose by 2.6% after it signalled a potential increase in U.S. toy prices, anticipating a $270 million hit from tariffs, while also planning to move manufacturing from China.

Both WK Kellogg and Marriott International adjusted their financial forecasts downward due to tariff-related challenges and broader economic uncertainties.

Clorox shares fell sharply after the company updated its guidance to reflect tariff impacts.

Additionally, President Trump indicated he would announce the details regarding pharmaceutical tariffs within two weeks.

On a related note, new data revealed the trade deficit reached a record $140.5 billion in March, exceeding economists’ expectations and reflecting a surge in imports amid trade policy changes.

Money

Trump’s tariffs impact S&P 500 and Nasdaq markets

S&P 500 and Nasdaq decline amid Donald Trump’s new tariffs announcement, raising investor concerns ahead of Fed policy meeting.

Published

1 week ago

May 6, 2025

Ahron Young

S&P 500 and Nasdaq decline amid Donald Trump’s new tariffs announcement, raising investor concerns ahead of Fed policy meeting.

In Short:
The S&P 500 and Nasdaq fell slightly after President Trump’s 100% tariff on foreign films, with investors worried about market effects ahead of the Federal Reserve’s policy decision. Despite some stocks performing well, overall market volatility and concerns over corporate profitability continue.

The S&P 500 and Nasdaq experienced slight declines on Monday following President Donald Trump’s announcement of a 100% tariff on foreign-produced movies.

Investors are assessing how this new tariff will impact the market ahead of the Federal Reserve’s monetary policy decision later this week.

The major indices have shown volatility since Trump initiated tariffs on April 2, briefly dropping 15% before recovering in the following sessions.

Treasury Secretary Scott Bessent expressed confidence that Trump’s tariff and tax agenda would stimulate long-term investments in the U.S., despite expected short-term market fluctuations.

Markets drop

The Dow Jones Industrial Average increased by 104.18 points, while the S&P 500 decreased by 9.60 points and Nasdaq fell by 39.60 points.

Despite Trump’s announcement, some media stocks showed resilience, while energy stocks suffered losses amid OPEC+ output hikes.

Investors await the Federal Reserve’s upcoming policy announcement, where rates are anticipated to remain unchanged, though future cuts are being priced in for 2025.

Corporate profitability concerns persist due to the new tariffs, evidenced by Tyson Foods’ significant revenue miss, while Skechers reported gains following its plan to go private.