Sportswear firm Nike has seen a huge rise in online sales as it bounces back from a coronavirus slump. The US company saw digital sales rocket 82% during the June to August quarter, offsetting falling revenue in its stores. On Tuesday, Nike posted revenue of $10.6bn (£8.3bn) as many of its key markets recovered including […]
The Turkish lira continues its downward slide against major currencies, hitting record lows of 7.63 per US dollar and nearly 9 per euro as of Monday afternoon. The losses come ahead of a highly anticipated Central Bank meeting Thursday in which few analysts expect policy-makers to reverse an easing cycle that’s kept borrowing costs below […]
Hydrogen is well and truly on the rise as the zero-emissions aviation fuel of the future, with Airbus announcing its ZeroE initiative to get hydrogen airliners into production by 2035. But that’s a long way off, and innovators are pushing to get H2 aircraft operating commercially much earlier. A new LA-based fuel logistics startup, Universal […]
The September 20 deadline for a purported TikTok sale has already passed, but the parties involved have yet to settle terms on the deal. ByteDance and TikTok’s bidders Oracle and Walmart presented conflicting messages on the future ownership of the app, confusing investors and users. Meanwhile, Beijing’s discontent with the TikTok sale is increasingly obvious. […]
China has been buying a lot of U.S. crude oil lately, perhaps in a belated attempt to fulfill some of the energy import quotas agreed with Washington last year or perhaps in a bid to take advantage of supercheap U.S. crude. But the buying spree is about to end. This month alone, China could import […]
The high-speed train that promises to transport passengers between Dallas and Houston in 90 minutes has been approved by the Federal Railroad Administration, according to Texas Central Railroad, the company in charge of the project. The U.S. Department of Transportation’s Federal Railroad Administration issued the two key rulings, which provide the regulatory framework and the […]
Financial stocks came under pressure on Monday amid a report that global banks moved allegedly illicit funds over the past two decades despite warnings from U.S. officials. Shares of Deutsche Bank dropped more than 8%, while JPMorgan fell 3.1%. Goldman Sachs fell 0.4%, Citigroup lost 2% and Bank of New York Mellon traded 4.1% lower. […]
The Tesla “battery day” presentation is almost here, set to take place tomorrow after being rescheduled from April due to the coronavirus pandemic. But with just hours to go until the company reveals something — the expectation is that it has developed at least one new type of battery cell that could help it stay […]
Market sentiment has been generally bullish over the last week supported by (i) supply disruption caused by Hurricane Sally in the Gulf of Mexico (ii) a draw in commercial crude oil inventories by 4.4 million barrels w/w and (iii) strong language coming from OPEC+ during the JMMC meeting last Thursday, during which Saudi Arabia pressured members to […]
The Covid-19 pandemic has wrought one of the most significant disruptions the energy market has ever faced. A decidedly gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization has been unexpectedly aggravated by a short-term, but even more severe, shock by the health crisis, and thrown the pivotal energy […]
Walmart has made moves to try to build up its fashion credentials. It acquired popular brands like menswear retailer Bonobos. It tapped celebrities including Ellen DeGeneres and Sofía Vergara to inspire clothing collections. And it struck a deal with ThredUp, a secondhand seller of apparel, shoes and accessories, to offer higher-end brands on a budget. […]
China’s cabinet on Monday announced plans for three new pilot free trade zones (FTZs), in the capital of Beijing, the southern province of Hunan and the eastern province of Anhui. An existing FTZ in the wealthy eastern province of Zhejiang will also be expanded, according to the notice from China’s State Council. China has set […]
