Nike earnings jump as strong pricing offsets tariff hit

New York: Nike reported a jump in quarterly earnings on Thursday as strong pricing and increased direct sales helped offset a hit from US trade tariffs. The sports apparel giant notched a 31.6 per cent increase in fiscal second-quarter profits to $1.1 billion (Dh4 billion). Revenues surged 10.2 per cent to $10.3 billion behind double-digit […]

Bailey succeeds Carney as Bank of England chief for post-Brexit transition

London: Andrew Bailey will be the next head of the Bank of England after the government chose to replace Mark Carney with the U.K.’s top financial regulator, just as Britain faces the next phase of its departure from the European Union. Bailey was “the standout candidate in a competitive field,” Chancellor of the Exchequer Sajid […]

IMF approves release of $500m for Ecuador

Washington: The International Monetary Fund on Thursday approved a delayed loan tranche for Ecuador, releasing nearly $500 million (Dh1.8 billion) under a three-year aid programme. The IMF board gave the go-ahead for a $4.2 billion loan in March to help support the oil-rich nation’s economic reforms, but massive protests lead by indigenous groups erupted in […]