December, 2022

• 22 December

  Under Armour names Marriott’s Stephanie Linnartz as next CEO

  

    Bloomberg Under Armour Inc picked Marriott International Inc’s Stephanie Linnartz to be the sportswear company’s new chief executive officer. She’ll be tasked with reigniting growth. Linnartz, a 25-year veteran of Marriott who currently serves as the hotel chain’s president, will take over at Under Armour on February 27, according to a statement. She will succeed Patrik Frisk, who stepped ...

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• 22 December

  FedEx profit tops estimates as costs offset shipments decline

  

    Bloomberg FedEx Corp reported fiscal second-quarter earnings that beat analysts’ estimates, lifted by price increases and cost cuts that helped make up for a decline in package volume. Shares of the delivery giant rose after the company announced an additional $1 billion of projected savings in fiscal 2023, bringing the total to about $3.7 billion. Earnings totalled $3.18 a ...

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• 22 December

  Italy paves way for Lufthansa to take stake in ITA Airways

    Bloomberg Italy cleared the way for the sale of a minority stake in ITA Airways, a key step in ending months of uncertainty over the government’s plans for the successor to bankrupt Alitalia SpA. Rome approved a decree aimed at speeding up the sale procedure for ITA, according to a government official. That could open the way for Deutsche ...

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• 22 December

  Amazon urged to tread carefully

    Bloomberg Amazon.com Inc risks violating French luxury shoe designer Christian Louboutin’s European trademark rights by failing to make it clear to buyers when products are being offered by third-party sellers. The European Union’s top court said that Amazon may be confusing people by failing to make a distinction between Louboutin and non-official sellers of the brand’s famous red-soled shoes. ...

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• 22 December

  In 2023, City of London hopes for change to bolster growth

  

  Bloomberg After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor Jeremy Hunt promised in this month’s Edinburgh Reforms to “turbocharge growth” for the country’s banks, insurers and asset managers. ...

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• 22 December

  Sanofi, Pfizer settle Calif Zantac case set for trial

  

    Bloomberg Sanofi and Pfizer have agreed to settle a California man’s lawsuit over Zantac in the first case set for trial on claims the heartburn drug can cause cancer. Sanofi confirmed the deal in a statement, without saying what it had agreed to pay James Goetz to resolve his allegations that Zantac led to his bladder cancer. “Sanofi settled ...

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• 22 December

  Spain chided by EU court for failing to clean up dirty air

    Bloomberg Spain was chided by the European Union’s (EU) top court for failing to clean up dirty air in the capital Madrid and also in parts of Barcelona. The EU Court of Justice in a ruling said Spain didn’t take the necessary measures in time to avoid exceeding the limits of nitrogen dioxide. The European Commission in 2020 sued ...

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• 22 December

  Tesla dangles $7,500 discount in rare move to boost deliveries

  

  Bloomberg Tesla Inc is offering US consumers $7,500 to take delivery of its two cheapest models before year-end, a move likely to foment more debate over the extent of the carmaker’s struggle with demand. The discount Tesla is dangling on new Model 3 sedans and Model Y sport utility vehicles is double what the company was offering earlier this month, ...

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• 22 December

  Royal Mail says it’s fighting for survival

    Bloomberg Royal Mail said the company is battling for survival and accused a union of “peddling lies” in a strongly-worded letter to staff ahead of another round of strikes. Postal workers will walk out on Friday and Saturday, disrupting the delivery of Christmas gifts and cards in a blow to both Royal Mail and retailers that depend on festive ...

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• 22 December

  Micron to cut 10% of workforce as demand for chips falls

  

    Bloomberg Micron Technology Inc, the largest US maker of memory chips, said the worst industry glut in more than a decade will make it difficult to return to profitability in 2023. The company announced a host of cost-cutting measures, including a 10% workforce reduction, aimed at helping it weather a rapid drop in revenue. Micron also projected a steep ...

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