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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Nike shares jump on strong earnings

Category : Business, World News

Nike’s quarterly profits beat analysts’ forecasts as a recovery in US sales and lower material costs help offset continued weakness in China.

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Adidas makes £231m Reebok write-off

Category : Business

Troubled sportswear division suffered fraud at its Indian unit, lost a major American football contract and had to endure the professional ice hockey strike

Sports group Adidas has been forced to write off €265m (£231m) at its troubled Reebok business during a year in which Reebok uncovered fraud at its Indian unit, endured a strike in the National Hockey League and saw a 10-year American football contract come to an end.

The writedown pushed the German-based business into the red by €239m over the last three months.

Adidas bought Reebok in 2005 for $3.8bn (£2.9bn) in an attempt to close the gap on bigger rival Nike but has now cut its 2015 sales target for the brand by a third after two quarters of declining sales.

Adidas sponsored the London Olympics and Euro 2012 championship, at a cost of £100m, and gains from those deals helped the firm famous for its three stripes logo recoup some of the losses from Reebok.

Sales in emerging markets are improving, but the economic downturn in western Europe has pushed sales down 4%, the company said.

Over the full year profits were down 3% to €920m.

An ill-fated push into muscle-toning shoes by Reebok was also disappointing. Adidas is now trying to focus the Reebok brand on the fitness sector, providing clothes and shoes for a range of activities from aerobics to yoga and dance.

Among Reebok initiatives was involvement with the Cirque Du Soleil Jukari: Fit to Flex workout, launched by supermodel Helena Christensen, left, in 2008.

The Indian fraud was related to financial irregularities by the company’s two most senior officials in the country, accounting for £160m-worth of losses.

Allegations against senior management led to a police investigation with accusations of over-inflated balance sheets during the merger of Adidas and Reebok in the country in 2011.

Reebok also lost a 10-year supplier deal with the National Football League, replaced by Nike to supply the American football franchises’ team kits for the next five years. Along the way it suffered defeat in a lawsuit against Nike over sales of some jerseys.

The loss of the contract is thought to be worth about $200m.

For 2013, Adidas said it expects sales to increase at a mid-single-digit rate from 2012′s record level of €14.9bn, though with a slower start to the year. Bosses will be focusing on 2014 with the World Cup in Brazil.

Despite the problems, there was a dividend increase of 35%, sending the shares up 6.6% to an all-time high on the German stock exchange.

Pistorius contract suspended by Nike

Category : Business, World News

US sportswear giant Nike suspends its sponsorship contract with Oscar Pistorius, who is accused of murdering his girlfriend.

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Nike shares pop on strong sales

Category : Stocks

Shares of Nike jumped 5% Friday morning, after the company’s second quarter results topped analysts’ expectations.

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Nike shares jump 6.2% on results

Category : Business

Sportswear giant Nike shares closed with a sharp gain on Friday after it reported a strong rise in demand in its home North American market.

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Nike agrees Umbro sale for $225m

Category : Business, World News

Sportswear giant Nike agrees a deal to sell UK sports brand Umbro to US clothing company Iconix Brand Group for $225m.

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Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth…

Category : Stocks

Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth and Chinese demand. Chinese orders fell 6% Q/Q, Nike mentioned on its call – a slowing economy, changing consumer habits, and inventory draw-downs all received blame. 1 comment!

See the original post here: Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth…

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Nike profits miss expectations

Category : Business, World News

Nike reports an 8% fall in fourth-quarter profit to $549m (£354m), as higher costs hit its profit margins.

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Best of StockTwits: Nike just blew it

Category : Business, Stocks

Shares of Nike plunged after earnings mised forecasts, raising fears that a slowdown in China will hurt the company.

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Buy Nike! Against the Grain

Category : Business, Stocks

Marek Fuchs, senior contributing analyst at TheStreet, tells Nike traders to see a band of relief.

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