BUSINESS | Nike Plans To Cut Jobs In Digital Push

JEDDAH | SAUDI ARABIA – Nike Inc. on Friday warned of job cuts as the world’s largest footwear maker ramps up efforts to sell directly to customers through its online and retail channels.

The planned layoff come after the company on Thursday reported a $790 million quarterly net loss, its first in more the two years, as its wholesale business bore the brunt of footwear retailers and department stores shutting down due to the coronavirus outbreak.

Shares of the Down component were down 6% in morning trading on Friday.

‘We are shifting resources and creating capacity to reinvest in our highest potential areas, and we anticipate our realignment will likely result in a net loss of jobs’, Nike said in a e-mail statement.

‘Reductions are not being done for cost savings. Any savings will be reinvest in our priorities’, the footwear maker said.

Chief Executive Officer John Donahoe told analysts on Thursday the company would now aim for digital to account for 50% of its overall business, up from the 30% recorded in the reported quarter.

‘Our vision is to create a clear and connected digital marketplace…So we’re accelerating our approach’, he said.

Donahoe , a former ServiceNow CEO and eBay executive, joined Nike earlier this year this year as the company was bolstering its direct-to-consumer business.


NEWS | Saudi Crown Prince Congratulates President Of The United States Of America On Independence Day

RIYADH | SAUDI ARABIA – Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulation to President Donald Trump of the United States of America on the anniversary of his country’s Independence Day. In his cable, HRH Crown Prince Mohammed Bin Salman … Continue reading NEWS | Saudi Crown Prince Congratulates President Of The United States Of America On Independence Day

BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

RIYADH | SAUDI ARABIA – Saudi Arabia’s non – oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey on Sunday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June … Continue reading BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

CORONAVIRUS PANDEMIC | Global Coronavirus Cases Exceed 11 Million

WASHINGTON – Global coronavirus cases exceeded 11 million on Friday, according to a Reuters tally, marking another milestone in the spread of the disease that has killed more than half a million people in seven months. The number of cases is more than double the figure for severe influenza illnesses recorded annually, according to the … Continue reading CORONAVIRUS PANDEMIC | Global Coronavirus Cases Exceed 11 Million

SUPERCARS | Lamborghini SCV12 Track – Only Hypercar Has Most Powerful V12 Engine Yet

Lamborghini’s new limited-edition SCV12 hypercar boasts most powerful V12 engine in a Lamborghini and is made only for the track. Earlier this year Lamborghini teased with an upcoming project that gave hints of a racing circuit but didn’t go so far to share the entire of the details – now we know why. Announced as … Continue reading SUPERCARS | Lamborghini SCV12 Track – Only Hypercar Has Most Powerful V12 Engine Yet

TRAVEL | UAE Allows Citizens And Residents To Travel Abroad

DUBAI – The United Arab Emirates will allow both citizens and residents to travel abroad, the state news agency reported on Friday. In March, the UAE suspended all inbound and outbound passenger flights and the transit of airline passengers in the UAE, allowing only cargo and emergency evacuation flights.

NEWS | UNESCO Says Logo Being Used Illegally For Arts Trafficking

PARIS | FRANCE – The United Nations’ cultural agency has warned that its name and logo are being illegally emblazoned on false documents to facilitate illicit trafficking in African cultural property. UNESCO urged ‘vigilance’ Wednesday after it received numerous reports of such fraud and instance where its name was being used to certify the monetary … Continue reading NEWS | UNESCO Says Logo Being Used Illegally For Arts Trafficking

SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland.

GENEVA – Following the 2020 Geneva International Motor Show’s cancellation due to the COVID-10 pandemic, the 2021 event has suffered the same fate as the Committee and Council of Foundation ‘Salon International de l’Automobile’ has decided not to proceed with organizing the event. Although it’s possible travel restriction will be lifted by next year, in … Continue reading SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland.

NEWS ALERT | Saudi – Led Coalition Destroyed Four Houthi Drones Over Yemen – Saudi Press Agency

RIYADH | SAUDI ARABIA – The Saudi – led military coalition battling the Houthis in Yemen said on Friday it had destroyed four explosive-laden-drones launched by the Iran-aligned group in the direction of Saudi Arabia, the official Saudi Press Agency reported. The drones were intercepted over territory controlled by the Houthis in Yemen, the agency … Continue reading NEWS ALERT | Saudi – Led Coalition Destroyed Four Houthi Drones Over Yemen – Saudi Press Agency

NEWS ALERT | Yemen’s Houthis Say Targeted Saudi Airport, Air Base With Drones

RIYADH | SAUDI ARABIA – Iran-aligned Houthi forces in Yemen said on Friday they targeted Khamis Mushait and Najran in Saudi Arabia with drones, Houthi military spokesman Yahya Saria said on Twitter. The Saudi – led coalition said earlier on Friday it intercepted and destroyed four explosive – laden drones launched by the group in … Continue reading NEWS ALERT | Yemen’s Houthis Say Targeted Saudi Airport, Air Base With Drones

SOCIAL MEDIA | Canada’s Biggest Banks Join Boycott Of Facebook Platforms

TORONTO – Canada’s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc. begun by U.S. civil rights groups seeking to pressure the world’s largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the ‘Stop Hate … Continue reading SOCIAL MEDIA | Canada’s Biggest Banks Join Boycott Of Facebook Platforms

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