Levi Strauss warns of weak second half on pandemic woes, to cut 700 jobs

first_imgShares of the San Francisco-based company, which have lost about a quarter of their value since the start of the year, fell 4 percent in extended trading.Net revenue in the second quarter fell 62 percent to $497.5 million, but beat analysts’ expectations of $485.5 million, according to IBES data from Refinitiv.Levi reported net loss attributable to the company of $363.5 million compared with a profit of $28.2 million, a year earlier, largely due to $242 million in restructuring charges and inventory costs.On an adjusted basis, the company posted a loss of 48 cents per share, narrower than expectations.Topics : Levi Strauss & Co on Tuesday cautioned its business would be hit in the second half of the year, even as the denim apparel maker’s sales have been improving at its reopened stores, following government-mandated COVID-19 lockdowns.The company also said it would cut about 700 positions, or roughly 15 percent of its workforce, in non-retail, non-manufacturing segments that would help it save US$100 million annually.Met with temporary closure of its own stores as well as partner outlets, Levi introduced curbside pickup and started fulfilling online orders at its stores as customers turned to online shopping to avoid contact with people. The company reported a 25 percent increase in its online business in the second quarter ended May 24, with a month-over-month rise of nearly 80 percent in May.Levi added that weekly sales performance in company-operated stores was improving sequentially, as productivity in the final week of June reached 80 percent compared to a year earlier.Still, Chief Executive Officer Chip Bergh said that he was “cautiously optimistic” about the early trends.The company also expects its margins for the rest of the year to be under pressure as it tries to offload excess inventory that remained unsold during the lockdowns.last_img read more

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Victor Osimhen responds to Man Utd interest and ‘very good’ advice from Odion Ighalo

first_img Metro Sport ReporterWednesday 15 Apr 2020 11:55 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link6.9kShares Advertisement Ighalo is on loan from Shanghai Shenhua until the end of the season (Picture: Getty Images)Osimhen was close to a move to England in 2015 after winning the golden boot at the Under-17’s World Cup, but turned down Arsenal in favour of Bundesliga side Wolfsburg.He added: ‘I spoke with Arsene Wenger after the tournament ended and he wanted me to come to Arsenal.‘I had a lot of options: Barcelona, Inter Milan, Atletico Madrid, Juventus and the rest.’More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errors‘Arsenal was a good option but it wasn’t the best at the time, I wanted to start playing as soon as I turned 18. ‘I wanted to go to a place where I had time to invest in my game and improve physically. Wolfsburg showed me that possibility.’MORE: Bruno Fernandes urges Manchester United fans to be patient with Paul Pogba and likens team-mate to Cristiano Ronaldo and Lionel MessiMORE: Marcos Rojo tells Manchester United to extend his loan with EstudiantesFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Osimhen is hot property at just 21 years of age (Picture: Getty Images)Lille striker Victor Osimhen has admitted he wants to ‘play for a big club in England’ one day and thanked Manchester United striker Odion Ighalo for his career advice.The 21-year-old has been linked with a move to Old Trafford after an outstanding breakthrough season in Ligue 1, scoring 13 goals in 25 starts.Red Devils forward Odion Ighalo branded his international teammate as the ‘future of Nigerian football’ and regularly advises the young striker on how to further his career.Speaking to the Independent, Osimhen said: ‘Of course, one day I’d like to play for a big club in England.ADVERTISEMENT‘I’ve spoken to Odion [Ighalo] about it. He gave me very good advice, he’s a legend and a big brother. AdvertisementAdvertisement‘My goal is to play at one of the biggest clubs in the world but now I’m very happy in Lille.‘My priority is to play a lot of games. Signing for a big club and being on the bench is not exciting for me.’Read the latest updates: Coronavirus news live Victor Osimhen responds to Man Utd interest and ‘very good’ advice from Nigeria teammate Odion Ighalo Advertisement Commentlast_img read more

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Danish fund sees UK court back €700m case against failed Portuguese bank

first_imgAfter its collapse, the bank was bailed out by the Banco de Portugal (BDP), the country’s central bank.Assets and senior debt were transferred to NB – the so-called ‘good bank’ – leaving other items in BES, now the ‘bad bank’, to be liquidated.However, on 22 December 2014, the BDP announced it was reversing the transfer of the loan since it regarded the original deal as a related party transaction, because of GS’s small shareholding in BES.In its application to the Commercial Court, NB had contended that an English court could not hear the case, because – among other reasons – this “trespasses on the administrative acts of a foreign executive body”, in reference to the BDP.However, in a written judgment, Mr Justice Hamblen said he was satisfied the lawsuit was within the scope of the EU Judgments Regulation, and therefore the English court had jurisdiction to hear the case.He added: “I conclude that the claimants have the better of the argument that NB became a party to the facility agreement as a result of the August decision [to transfer assets and debt to NB] and that this is sufficient to found jurisdiction under Article 25 of the Judgments Regulation.”The claimants launched their suit earlier this year. A British court has backed attempts by a Danish pension fund to reclaim losses from a loan extended to Banco Espirito Santo (BES), the failed Portuguese bank.Novo Banco (NB), the successor to BES, is being sued by a group of investors including TDC Pension, the Danish telecommunications pension scheme, and the New Zealand Superannuation Fund (NZSF), for the recovery of a $785m (€701m) loan made to BES before it went under last August.The money was lent by Oak Finance Luxembourg, a vehicle set up by Goldman Sachs (GS), which raised funds from investors, issuing them with fixed rate notes.The loan was arranged under a facility agreement between BES and Oak Finance. This agreement contained an express choice of English law and English jurisdiction.last_img read more

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Cosco delivers research ship to Guangzhou Marine Geological Survey

first_imgChina’s Cosco shipyard has delivered a research vessel to Guangzhou Marine Geological Survey.According to Cosco, the vessel named Hai Yang Di Zhi Shi Hao was delivered on November 18, 2017.The vessel measures 7.6 meters high, 15.4 meters wide and 75.8 meters long.The client, Guangzhou Marine Geological Survey (GMGS), is an entity controlled by China Geological Survey, Ministry of Land and Resources.last_img

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Anbaric Eyes New York-New Jersey Ocean Grid

first_imgThe US Bureau of Ocean Energy Management (BOEM) has published a ‘Request for Competitive Interest’ for the development of the New York and New Jersey Wind Energy Transmission Line, an offshore transmission system that would deliver offshore wind energy to the onshore electric grid. Anbaric Development Partners (ADP) has requested a right-of-way grant to develop the NY/NJ Ocean Grid.Prior to reviewing the right-of-way application, BOEM must determine whether there are other developers interested in the same area.BOEM will publish a Request for Competitive Interest in the Federal Register on June 19, 2019.“Offshore transmission infrastructure will be critical to the long-term success of the offshore wind industry,” said BOEM Acting Director Walter Cruickshank. “We look forward to working with our state and local government partners, industry and others as we continue to oversee responsible offshore wind development while diversifying our nation’s energy portfolio.”In addition, BOEM is providing an opportunity for the public and interested stakeholders to provide comments on the ADP right-of-way request.ADP’s proposed project would entail the construction, installation, and operation of an offshore transmission system to deliver offshore wind energy to the onshore electric grid. This includes the siting of several offshore collector platforms (OCPs), each connected to one or more high voltage subsea export cables to onshore points of interconnection. Each proposed OCP would be designed to handle 800 to 1,200 megawatts of offshore wind energy, with the ability to connect multiple offshore wind projects and accommodate phased development within BOEM’s designated Wind Energy Areas.If BOEM receives indications of competitive interest from qualified entities, the bureau may decide to move forward with the right-of-way grant issuance process using competitive procedures.BOEM said it will continue to consult with the state task force and partners regarding the proposed transmission project.last_img read more

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500 boxes of liquor seized; 4 arrested

first_imgSaludares and the other suspects denied theywere selling liquor. The liquor were for safekeeping, they stressed. There is an ongoing liquor ban in Iloilo City,too. The sale and consumption of alcoholic beverages are prohibited./PN “Hindipa natin alam kong magkano ang halaga ng lahat na inumin,” saidBalmaceda yesterday. The CIDG carried out the arrests yesterday ataround 11:30 a.m. after receiving information that two trucks loaded with boxesof liquor were heading to Santa Barbara from Iloilo City. The other truck had a vehicle pass for medicalhealth workers from the city government of Iloilo and a home quarantine pass. The windshield of one truck had quarantinepasses from the Department of Trade and Industry and the inter-agency taskforce on the coronavirus disease 2019. ILOILO City – A village councilman and threeothers were arrested by the Criminal Investigation and DetectiveGroup (CIDG) Region 6 in Barangay Agutayan, Santa Barbara, Iloilo fortransporting 500 boxes of liquor. The four suspects face a charge of violationof Executive Order 080 of Gov. Arthur Defensor Jr. imposing an enhancedcommunity quarantine (including a liquor ban) and violation of Article 151of the Revised Penal Code (disobedience, usurpation of authority bymisdeclaring cargo).center_img Meanwhile, from what the Santa Barbara policestation so far gathered, the trucks were from Muelle Loney in Iloilo City. ESSENTIAL DRINK? An operative of the Philippine National Police’s Criminal Investigation and Detective Group discovers boxes of liquor inside this truck in Santa Barbara, Iloilo on April 24, 2020. Despite the liquor ban in Iloilo city and province, this truck from the city managed to pass through quarantine control points unhampered; its driver told the police he was transporting “essential goods.” IAN PAUL CORDERO/PN Now in CIDG-6’s custody were Joel SaludaresJr., councilman of Barangay Agutayan; Romnick Suaman and Jan Ron Angelo,drivers of the two trucks; and truck helper Joefil Angelo of BarangayNabitasan, La Paz, Iloilo City. The two trucks were apprehended while parkednear Saludares’ house. There is an ongoing liquor ban in Iloiloprovince due to the enhanced community quarantine. “Nakalusotang dalawang trucks samga quarantine control points kasisinabi ng drivers sa pulis na foodang karga nila. Hindi naman nai-checkng pulis,” according to LieutenantColonel Jun Balmaceda of CIDG-6.last_img read more

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Pitch Awards Organizers, Super Eagles  Commiserate with Ituah-Ighodalo

first_imgOrganizers of the Nigeria Pitch Awards, Super Eagles Players and members of the Nigerian football community have expressed shock and deep sadness at the sudden and untimely passing of Ibidun Elizabeth Ituah-Ighodalo (Nee Ajayi), wife of Pastor Ituah Ighodalo and former Miss Lux. The Ituah Ighodalo and Olaleye Ajayi families said they were ‘deeply saddened to announce the sudden loss of our beloved wife and daughter, Mrs. Ibidunmi Ituah-Ighodalo who passed away in the early hours of the day’, in a statement released on Twitter, a social media platform yesterday. Media reports stated that Mrs. Ituah-Ighodalo died in the early hours of Sunday 14 June 2020 at her hotel room in Port Harcourt, Rivers State where she had travelled to on a work-related trip. In a short video clip which went viral on the net, Pastor Ituah, while officiating at a funeral earlier on Sunday said ‘2 O’ Clock this morning, I received a call which shattered my life’ in obvious refence to the death of his beautiful wife. In a statement released in Abuja late on Sunday, Shina Philips, President of the Nigeria Pitch Awards, said ‘I am still in deep shock. I am a personal friend of the Pastor Ituah Ighodalo’s family and besides Pastor’s engagement with the Nigeria Pitch Awards, he has been my friend, my brother and a pastor to me.’ Loading…center_img ‘He has travelled with the Pitch Award crew to venues of our award ceremonies across Nigeria. Mrs. Ighodalo through Pastor Ituah has offered to avail us the use of her event centre and services more than once but the award ceremony hasn’t been hosted in Lagos yet’. Philips said. ‘Pastor Ituah’s presence’ Philips continued, ‘has always been a big boost to the morals of the Super Eagles players at the Organizers’ press conferences and award ceremonies. During this time, he has encouraged the members of the Super Eagles and other winners of the awards.’ ‘The Super Eagles team members and Nigeria Football Federation officials are indeed deeply saddened by this great loss. Our thoughts and prayers are with them as they mourn the death and irreparable loss of their brave, beautiful, industrious and God-fearing wife and daughter.’ read also:COVID-19: 7th Edition of Nigeria Pitch Awards Will Hold, Says Shina Philips Pastor Ituah Ighodalo is the Managing Partner of SIAO Partners, the accounting firm which coordinates the entire voting process of the Nigeria Pitch Awards. He has travelled with the crew to host Super Eagles Players, Nigeria Football Federation officials, Ex-internationals, and football stakeholders at the annual award ceremony of the Nigeria Pitch Awards. FacebookTwitterWhatsAppEmail分享 last_img read more

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REMC postpones annual meeting

first_imgOSGOOD, Ind. – Southeastern Indiana REMC has announced further changes in regard to the coronavirus pandemic by cancelling their annual meeting scheduled for March 28.“Southeastern Indiana REMC annual meeting is postponed until further notice due to measures put in place as a result of the corona virus.  Members will be informed when a new date is determined,” said marketing director Barry Lauber.The company previously postponed non-essential services and are on standby for emergency service restoration needs. You can report an outage by calling (800) 737-4111.last_img

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Reality check for Lions – Gatland

first_img “All credit to the Brumbies. They played well, they frustrated us and it was a tough day at the office. “It’s a part of being on tour, regrouping. You have a bit of a knock, you take your disappointment and it is how you respond to it. A lot of us have been through it in the past – you just get back on the horse. “We have been building nicely, there has been a lot of momentum. Maybe it’s sometimes not the worst thing to take a bit of a knock and get a bit of a reality check, and we had that today.” The setback came just four days before the first Test against Australia in Brisbane, although Gatland’s likely Test team is currently wrapped in cotton wool ahead of the weekend. Brumbies centre Tevita Kuridrani struck early for the game’s only try, while full-back Jesse Mogg kicked penalties. The Lions, who were always behind, managed two Stuart Hogg penalties and two Owen Farrell strikes. Lions skipper Rory Best gave a brutally honest assessment of where it had gone wrong, saying: “We came here very confident we could win. We knew it wasn’t going to an easy task. We talked about not just matching the physicality but beating their physicality, and we didn’t even match it. “The breakdown, they really smashed us there, and that is very disappointing. The confidence started to go. Our mini units just sort of fell apart, and we lacked that little bit of composure. The disappointing thing for us was that we didn’t front up.” Warren Gatland admitted the British and Irish Lions had been given “a reality check” after they lost their unbeaten Australia tour record. The Lions went down 14-12 to the Brumbies at Canberra Stadium, and there could be few realistic complaints from a team outgunned up-front for an hour before head coach Gatland summoned reinforcements off the bench. It was the Lions’ first defeat against an Australian provincial team since Queensland beat them 42 years ago. “We didn’t have the urgency and intensity that we needed in the first-half. We are disappointed,” said Gatland, whose squad had won five games in succession. center_img Press Associationlast_img read more

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Cardiff Devils bring down Giants in Belfast

first_img The Giants came from behind three times to beat the Devils 4-3 after overtime on Friday but were on the wrong end of another close-fought encounter on Saturday. Trevor Hendrikx opened the scoring for the Devils in the first period and Joey Martin doubled the lead on the power play in the second before the Giants finally broke through five minutes into third period thanks to James Desmarais. Press Association Jake Morissette restored the Devils’ two-goal advantage two minutes later and although Brandon Benedict finished an impressive play from the Giants to make it 3-2, the Welsh side held out in a thrilling finale. Manchester Giants secured their second regulation win of the season with a 6-4 success at Coventry Blaze, who went down to a fourth defeat. David Phillips cancelled out Russell Cowley’s first-period opener for the Blaze early in the second before a double from Ross Venus sandwiched Matty Davies’ effort for the visitors to leave the home side 3-2 ahead at the end of the second period. But Storm hit three times without reply in the third period through Patrik Valcak, Grant Toulmin and Vinny Scarsella and although Ashley Tait pulled one back for the Blaze, Toulmin completed the scoring. Bobby Chaumont, Riley Wetmore, John Dolan and Lou Dickenson were on target for Dundee Stars in their 4-1 win at Fyfe Flyers, who replied through Ryan Dingle. Braehead Clan beat Edinburgh Capitals 5-1 in their league game which also doubled up as a Challenge Cup clash. Nate Fleming gave Capitals the lead in the first period, but Braehead hit back in style through Stefan Meyer, Marcus Gotz, Alex Leavitt, Chris Bruton and Lee Esders. center_img Cardiff Devils gained revenge on Belfast Giants by securing a 3-2 win in Northern Ireland to open up a two-point lead at the top of the Elite League table.last_img read more

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