Retail

  Tokyo / Bloomberg Siemens AG is setting up a unit to invest 1 billion euros ($1.1 billion) over five years on “disruptive ideas,” the latest bid by Europe’s largest engineering company to move into digitalization and shed a reputation for being slow and cautious. Named next47, the unit will initially be overseen by Chief Technology Officer Siegfried Russwurm and ...

  New York / AFP Sports equipment giant Nike’s shares have skidded in disappointment over its sales performance in the face of strong emerging competitors in North America. Nike, sponsor of leading world sports names including Real Madrid striker Cristiano Ronaldo, revealed a rise in quarterly sales — but it was not as large as investors had anticipated. “A lot ...

  Tokyo / Bloomberg Line Corp., Japan’s most popular mobile-messaging service, and its owners are aiming to raise as much as $1.1 billion in what could become the biggest technology initial public offering globally this year. Backed by South Korean search portal Naver Corp., Line and its existing investors are offering 35 million shares at 2,700 yen to 3,200 yen ...

    Beaverton / Bloomberg The race to run the world’s biggest sports brand is now a three-way contest. Nike Inc. Chief Executive Officer Mark Parker isn’t going anywhere just yet, but an April shakeup in the executive ranks has set off speculation that an internal battle is brewing for the opportunity to succeed him. The payoff: a chance to ...

  Indianapolis / Bloomberg Finish Line Inc. surged the most in more than seven years after beating first-quarter expectations in a weak retail environment, helped by strong sales of Adidas brand shoes. Sales rose 2.3 percent to $453.5 million in the quarter ended May 28, the Indianapolis-based company said in a statement. Analysts estimated $567.9 million, on average. Profit was ...

London / Bloomberg As executives digest the news of the UK’s vote to leave the European Union, they’re cautioning that business will suffer — affecting everything from beach vacations to wristwatch ads to initial public offerings of stocks. Companies exposed to the U.K. economy warned that the decision could slow growth and prompt them to cut their investments in the ...

  Mumbai / Tribune News Service Reliance Retail Ltd is utilizing the delay in launching mobile services by its affiliate Reliance Jio Infocomm Ltd to expand its phone distribution network, two people aware of the issue said. Reliance Retail Ltd, a unit of Reliance Industries Ltd (RIL), has signed up more than 120,000 modern retailers and 65,000 smaller stores to ...

  London / Agencies Tesco Plc reported a second straight quarter of UK sales growth, the first time it’s done so in five years as the grocer’s turnaround gathers momentum. Excluding fuel, UK same-store sales rose 0.3 percent in the 13 weeks to May 28, Britain’s largest retailer said on Thursday. That compares with the median of 13 analysts’ estimates ...

  Berlin / Bloomberg Frankfurt airport is investing 100 million euros ($113 million) in a series of upgrades that includes yoga rooms, playgrounds and a forest-like recreation area to make passengers more comfortable and hence more willing to spend money at the shops. Airports around the world have increasingly transformed into family-friendly malls to lift earnings amid restrictions and competition ...

  Jeddah / Tribune News Service Work is undergoing at Prince Mohammed bin Abdul Aziz International Airport in Madinah to ensure preparedness with the arrival of a large number of pilgrims and visitors to perform Umrah and visit the Prophet’s Mosque. Airport officials have reached out to operating parties to ensure preparedness of the plan to facilitate arrivals and departures ...