Author: WTX Business Team

Nike CEO John Donahoe will step down next month, making way for company veteran Elliott Hill to take over leadership of the world’s largest sportswear brand amid increasing competition in the retail sector. In a statement, Nike announced that Donahoe will retire on October 13 but will stay on in an advisory role until early 2025 to help ensure a smooth transition. The company has faced slowing demand for its sneakers in key international markets like China, and its stock price has taken a hit recently. However, Nike shares surged over 9% in after-hours trading following news of Hill’s return.…

Facebook owner bans Russian state media networks Meta, the parent company of Facebook, has announced a global ban on several Russian state media networks, accusing them of using deceptive tactics to carry out influence operations and evade detection on its platforms. The ban includes outlets like Rossiya Segodnya and RT, which have been accused of foreign interference activities. “After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,” Meta said. The ban will apply across all of Meta’s platforms,…

Boeing workers to strike as 25% pay rise rejected Thousands of Boeing workers are set to go on strike after overwhelmingly rejecting a proposed agreement between union leaders and the company, which included a 25% pay increase. Over 30,000 employees, responsible for building planes like the 737 Max and 777 in the Seattle and Portland regions, will begin their strike at midnight Pacific Time (0700 GMT) on Friday. This walkout marks another major challenge for Boeing, which is already grappling with growing financial losses and a damaged reputation following multiple safety issues, including two fatal crashes. The strike is also…

Boeing boss plea to workers as strike vote looms Boeing’s new CEO, Kelly Ortberg, is urging employees to avoid a strike, warning it could jeopardise the company’s ongoing recovery. This plea comes just hours before a key union vote that could potentially lead to industrial action at the troubled aviation giant. Earlier this week, Boeing’s leadership and union representatives negotiated a tentative agreement, offering workers a 25% pay increase over four years. However, the deal still needs to be approved by the union’s membership. If workers reject the offer, a second vote could be held as early as Friday to…

Boeing offers staff 25% pay hike in bid to avoid strike Boeing is offering its workers a 25% pay raise over four years in an effort to prevent a strike that could halt production as soon as Friday. The proposed contract, which covers over 30,000 employees, has been praised by union leaders as the best deal they’ve ever negotiated. The deal, set to be voted on this Thursday by Boeing workers in the Seattle and Portland areas, includes not just a pay increase, but also improved healthcare, retirement benefits, and a commitment to build Boeing’s next commercial airplane in the…

UK ‘needs £1tn investment over 10 years to hit economic targets’ The UK needs £1tn of fresh investment over the next decade if the government is to hit its economic growth targets, a City taskforce has said. The Capital Markets of Tomorrow report, led by the City veteran and former boss of Legal & General Sir Nigel Wilson, said that in order to achieve at least 3% annual growth, the UK would have to attract around £100bn of investment per year, divided between key sectors. That includes £20bn-£30bn towards the UK’s housing stock, £50bn for the energy sector, and £8bn…

Volvo gives up plan to sell only EVs by 2030 Volvo has scrapped its goal of producing only fully electric cars by 2030, now planning to include hybrid models in its lineup by that date. The company cited changing market conditions, including a slowdown in demand for electric vehicles (EVs) and uncertainty from trade tariffs on EVs made in China, as reasons for the shift. Volvo joins other automakers like General Motors and Ford in scaling back their EV targets. Despite the change, Volvo still aims for at least 90% of its production to be a mix of electric cars…

Today’s business news – in the UK and beyond amid concerns about the world’s largest economy and the fall in the Asian, US and UK markets.

UK shares dropped on Wednesday morning following falls in Asian and US markets as concerns grow about the US economy – which is the world’s largest.

Data showed US manufacturing activity remains subdued, with investors now focussed on US jobs figures due on Friday.

The pound’s recent strong rally has slowed, with traders looking for direction in a quiet week for UK economic data. Sterling is down 0.2% against the dollar, trading around $1.311, after losing over 1% in the past five days. 

The dollar is near a two-week high ahead of key US data, including manufacturing PMI and Friday’s jobs report. These figures will influence whether the US Federal Reserve cuts rates by 25 or 50 basis points in September.

Premier League to rewrite rules after legal defeat The Premier League is urgently reviewing its profitability and sustainability rules (PSR) after Leicester City successfully challenged them.  Leicester avoided punishment for overspending by £20 million. Their lawyers argued that the club wasn’t bound by the rules because their accounts were finalised after their 2023 relegation. This ruling revealed a loophole in the Premier League’s rules, which other clubs could use to avoid penalties like those given to Everton and Nottingham Forest. The Premier League expressed disappointment, saying the decision didn’t consider the intent of the rules. This setback weakens the league’s…

Analysts at Panmure Liberum believe the UK will outperform other major economies in the coming months, thanks to stronger domestic demand.

Recent PMI data shows the UK saw growth in output and new orders in August, unlike the US and other major European economies.

AI chip giant Nvidia shares fall despite record sales Nvidia’s shares dropped by 6% in after-hours trading despite the AI chipmaker posting record sales of $30 billion over a three-month period, more than doubling its revenue from the same period last year. This figure exceeded analysts’ expectations of $28.7 billion. Nvidia has been a major player in the AI boom, pushing its market value above $3 trillion.  However, some analysts, including Simon French from Panmure Liberum, suggest that Nvidia’s rapid growth may be starting to slow, which contributed to the decline in its share price. “It’s less about just beating…

Canada hits China-made electric cars with 100% tariff Canada has announced it will impose a 100% tariff on electric vehicles (EVs) made in China, following similar actions by the United States and the European Union. The country also plans to implement a 25% duty on Chinese steel and aluminium imports. The move comes amid accusations from Canada and its Western allies that China is unfairly subsidising its EV industry, giving Chinese manufacturers an advantage in the global market. In response, China criticised the tariffs as “trade protectionism” and claimed they violate World Trade Organization rules. Prime Minister Justin Trudeau stated…