Nike Inc on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Months-long factory closures in Vietnam, where about half of all Nike footwear is manufactured, have piled more…
Airbnb said on Thursday that it plans to house an extra 20,000 Afghan refugees, increasing the total number to 40,000. The charity arm of the home-sharing website offered to house 20,000 migrants last month. Airbnb, on the other hand, stated in a recent blog post that it will have “the potential to go above and…
India’s Ola plans to produce kick scooters, e-bikes, drones and even flying cars under its future mobility scheme to help meet the country’s transport needs, the company’s founder Bhavish Agarwal said in a blogpost on Thursday. Ola, backed by Japan’s Softbank Group, is building what it calls a “New Mobility” ecosystem which will include mobility…
Yum China Holdings, the parent company of KFC, is focusing its outlet development efforts in China on smaller areas, where demand has rebounded far faster from the epidemic than in the country’s larger cities, its CEO said on Thursday. With over 11,000 locations, the owner of the KFC, Pizza Hut, and Taco Bell brands in…
General Motors Co announced on Thursday that it will make an investment of $300 million in the Chinese self-driving startup Momenta for developing self-driving technology for the American company’s future models in China, marking the company’s first such partnership in the world’s largest vehicle market. Momenta is one of the few firms in China with…
Pfizer and BioNTech will donate 500 million additional doses of their Covid-19 vaccines to the United States government which will then be rerouted to poorer countries. Wednesday’s announcement expands on the existing agreement between the U.S. government and the companies to supply additional vaccine doses at no-profit prices to less-advantaged countries. This brings the total…
McDonald’s Corp announced Tuesday that it will dramatically reduce plastic use in its more than 1 billion toys for children that the company sells worldwide every year by 2025. This new initiative will involve the replacement of a Batman figurine which is currently made from plastic by one that will be made with 12 cardboard…
Evergrande’s main property unit has announced that it has reached a deal for a bond interest payment due Thursday. The domestic bond amount is $35.9 m. Investors who are worried about the company’s debt crisis will be relieved by this announcement. The world’s largest developer is due to make an $83.5m interest payment on an…
According to AirBnb’s boss, the Covid-19 pandemic has changed forever the manner of travelling by people. Brian Chesky said that the lines between leisure and business travel are becoming blurred due to remote working. He said that with people seeking more “human connection”, travellers are opting to spend longer time with friends and family. Chesky…
Johnson & Johnson announced on Tuesday that a second dose of its Covid-19 vaccine enhanced the effectiveness of its first shot to 94 per cent against moderate to severe forms of the disease in the United States if it is administered approximately two months after its first shot. In comparison, its single dose provided a…
