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Nike To Hike Prices Amid Trump’s China Tariffs

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Nike To Hike Prices Amid Trump's China Tariffs

Nike joins companies like Walmart, Target and Mattel that have said they will need to raise prices.

Nike has said it will cut its reliance on production in China for the United States market to mitigate the impact from US tariffs on imports, and forecast a smaller-than-expected drop in first-quarter revenue.

The sportswear giant’s shares zoomed 15 percent at the opening bell on Friday morning after it announced the change in conjunction with its earnings report released on Thursday.

US President Donald Trump’s sweeping tariffs on imports from key trading partners could add about $1bn to Nike’s costs, company executives said on a post-earnings call after the sportswear giant topped estimates for fourth-quarter results.

China, subject to the biggest tariff increases imposed by Trump, accounts for about 16 percent of the shoes Nike imports into the US, Chief Financial Officer Matthew Friend said. However, the company aims to cut the figure to a “high single-digit percentage range” by the end of May 2026 as it reallocates Chinese production to other countries.

“We will optimise our sourcing mix and allocate production differently across countries to mitigate the new cost headwind into the United States,” he said on a call with investors.

Consumer goods are one of the most affected areas by the tariff dispute between the world’s two largest economies, but Nike’s executives said they were focused on cutting the financial pain. Nike will “evaluate” corporate cost reductions to deal with the tariff impact, Friend said. The company has already announced price increases for some products in the US.

“The tariff impact is significant. However, I expect others in the sportswear industry will also raise prices, so Nike may not lose much share in the US,” David Swartz, analyst at Morningstar Research, told the Reuters news agency.

CEO Elliott Hill’s strategy to focus product innovation and marketing around sports is beginning to show some fruit, with the running category returning to growth in the fourth quarter after several quarters of weakness.

Having lost share in the fast-growing running market, Nike has invested heavily in running shoes such as Pegasus and Vomero, while scaling back production of sneakers such as the Air Force 1.

“Running has performed especially strongly for Nike,” said Citi analyst Monique Pollard, adding that new running shoes and sportswear products are expected to offset the declines in Nike’s classic sneaker franchises at wholesale partner stores.

Marketing spending was up 15 percent year on year in the quarter.

On Thursday, Nike hosted an event in which its sponsored athlete Faith Kipyegon attempted to run a mile in under four minutes. Paced by other star athletes in the glitzy event that was livestreamed from a Paris stadium, Kipyegon fell short of the goal but set a new unofficial record.

Nike forecast first-quarter revenue to fall in the mid-single digits, slightly better than analysts’ expectations of a 7.3 percent drop, according to data compiled by LSEG. Its fourth-quarter sales fell 12 percent to $11.10bn, but still beat estimates of a 14.9 percent drop to $10.72bn.

China continued to be a pain point, with executives saying a turnaround in the country will take time as Nike contends with tougher economic conditions and competition.

Looming trade deal as prices rise
Nike’s woes come as a trade deal with China could be on the horizon. US Treasury Secretary Scott Bessett said on Friday that the administration could have a deal with Beijing by Labor Day, which is on September 1.

Under the deal, the US will likely impose 55 percent tariffs across the board on Chinese goods, down from 145 percent, still a significant burden on businesses.

o a survey from Allianz Global Trade last month, 38 percent of businesses say they will need to raise prices for consumers, with Nike being the latest.

In April, competitor Adidas said it would need to eventually raise prices for US consumers.

“Cost increases due to higher tariffs will eventually cause price increases,” CEO Bjorn Gulden said at the time.

Walmart said last month that its customers will see higher price tags in its stores as the nation’s biggest big box retailer prepares for back to school shopping season.

Target, which had a bad first quarter driven by boycotts and the looming threat of tariffs, also has been hit as the big box retailer gets 30 percent of its goods from China.

Aljazeera.com

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Canada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily 

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Canada has made it easier for unemployed individuals and foreigners who wish to live and work in the country to find jobs that can help them live comfortably and meet their basic responsibilities.

On the official Canadian government website, two links are provided to websites where job seekers can find available jobs in Canada

According to the Canadian government website, applicants who apply for jobs through these platforms can get hired by different companies, as more than 2,000 jobs are posted every day.

Aside from these two websites, the Canadian government explains that individuals can also use employment agencies to help them find jobs that match their skills.

A job seeker can also ask friends or family members if there are job openings or vacancies, as not all positions are advertised on these websites.

1. Job Bank

The Canadian government explains that thousands of jobs are advertised on this platform every day by organisations and companies. The link to access the website can be found in the detailed post published on the Canadian government website.

2. Jobs GC

Another website where foreigners who wish to work in Canada or Canadian citizens can find government jobs is the Jobs GC website. Federal public service jobs are advertised on the website, alongside several other opportunities that may match an applicant’s skills.

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US Releases List, Photos of 5 Nigerians Popular Alleged Yahoo Boys Facing Deportation 

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The United States Government, through the Department of Homeland Security (DHS), has updated its public register of online fraudsters (Yahoo boys) slated for deportation.

Among the list of 124 Nigerians flagged on the portal are five notorious, well-known cyber fraudsters whose identities, photographs, and criminal profiles have been officially published.

The database, known as the “Worst of the Worst” (WOW) portal, highlights some Nigerians who have been convicted of major federal crimes and are prioritised for deportation by US Immigration and Customs Enforcement (ICE).

Legit has collated a detailed report on the five popular Nigerian fraudsters (Yahoo Boys) who are now awaiting deportation, including a former Forbes-celebrated businessman.

1. Obinwanne Okeke (Invictus Obi)

Perhaps the most famous name on the deportation list is Obinwanne Okeke, widely known as Invictus Obi. In 2016, Okeke was celebrated internationally, even making the prestigious Forbes “30 Under 30” list of Africa’s most promising entrepreneurs.

However, his empire crumbled when the FBI arrested him for masterminding an $11 million global cyber-intrusion and Business Email Compromise (BEC) scheme. His team successfully hacked the email systems of Unatrac Holding Limited, a heavy machinery supplier, to divert massive payments.

Okeke was sentenced to 10 years in a US federal prison in 2021. Following his release from custody, he was transferred to ICE and placed on the priority deportation list.

2. Oriyomi Aloba

Oriyomi Aloba carried out one of the most unusual cyberattacks on the list by targeting the US justice system itself. Aloba successfully hacked into the Los Angeles Superior Court computer system.

He then hijacked the court’s servers to send over 2 million malicious phishing emails to unsuspecting recipients, aiming to steal credit card details and personal identity data.

In 2019, US federal authorities sentenced him to 145 months (over 12 years) in prison. He has now been officially listed on the DHS portal for deportation to Nigeria.

3. Chibundu Anuebunwa

Chibundu Anuebunwa specialised in high-level corporate impersonation to swindle international companies. Anuebunwa was a key player in a transnational cyber fraud ring that ran a $2.5 million BEC scheme.

The crime team specialised in spoofing and hacking corporate emails to impersonate high-ranking executives, tricking companies worldwide into executing fraudulent wire transfers. He was sentenced to 66 months (5.5 years) in federal prison in 2023. His profile and photo are now active on the US deportation registry.

4. Quazeem Adeyinka

Quazeem Adeyinka was part of a team that exploited US government emergency funds during the global pandemic crisis.

Adeyinka participated in a wire fraud conspiracy that used stolen identities to file fraudulent claims for COVID-19 pandemic-related unemployment insurance benefits. The scheme successfully siphoned over $2.2 million from US taxpayer-funded relief programs.

He was sentenced to 26 months in federal prison and has been marked on the priority list for deportation.

5. Olaolu Alabi

Olaolu Alabi used stolen pandemic relief and corporate fraud proceeds to fund a lavish lifestyle before his arrest. Operating out of Owings Mills, Maryland, Alabi was convicted of conspiracy to commit wire fraud, access device fraud, and aggravated identity theft.

He defrauded individuals and businesses of over $1.5 million using stolen identities to claim pandemic relief. Alabi personally pocketed at least $500,000, some of which he spent on a luxury trip to Hawaii for himself and his friends. He was sentenced to 66 months (5.5 years) in federal prison and is now awaiting repatriation to Nigeria on the DHS list.

While the US Government has published their names and photographs, the DHS has not released specific deportation flight dates. Under US law, each individual’s deportation will be processed systematically as they complete their prison sentences or exhaust their remaining legal options.

-Source: Legit

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Elon Musk’s Net Worth Surges To $1.3 Trillion As SpaceX Stock Rally Continues

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Elon Musk’s net worth surged to $1.3 trillion after SpaceX shares soared following its record-breaking IPO, adding an estimated $165 billion to his fortune in a single day.

Elon Musk’s wealth jumped by about $165 billion in one day as SpaceX stock surged after its historic stock market debut. SpaceX briefly crossed a $3 trillion valuation, making it one of the world’s most valuable companies and further cementing Musk’s position as the richest person on earth. The company also holds 18,712 bitcoin, while some analysts warn that SpaceX’s rapid rise in value may be difficult to sustain over the long term.

Elon Musk has added an astonishing $165 billion to his personal fortune in just one day, pushing his estimated net worth to around $1.3 trillion after SpaceX shares continued their explosive run on the stock market.

The sharp jump came as SpaceX stock gained nearly 20% during its second full trading session following its historic Nasdaq debut. The rally briefly pushed the company’s market valuation above $3 trillion, cementing its position among the world’s most valuable publicly traded companies.

SpaceX entered the public market under the ticker symbol SPCX after pricing its initial public offering (IPO) at $135 per share. The company raised approximately $75 billion, making it the largest IPO ever recorded. Investor demand was reportedly overwhelming, with orders exceeding $350 billion, nearly four times the amount of stock available.

By Monday’s close, SpaceX shares had climbed as high as $229.40, giving the aerospace and satellite internet giant a market capitalization of about $2.52 trillion. At one point during trading, the company’s value crossed the $3 trillion mark.

The rally has had a massive impact on Musk’s wealth because he remains the company’s largest shareholder. According to estimates, his one-day gain exceeded the entire net worth of Microsoft co-founder Bill Gates.

Investor and entrepreneur Anthony Pompliano highlighted the scale of the surge in a post on X, writing:

“SpaceX hit a $3 trillion market cap today. This means Elon Musk made more money in the last 24 hours than Warren Buffett made in his entire lifetime.”

At an estimated $1.3 trillion, Musk’s fortune now stands far ahead of every other billionaire on the planet. His wealth is worth roughly two-thirds of the combined fortunes of the next nine richest individuals.

Much of that wealth is now tied directly to SpaceX, which has rapidly become one of the most valuable companies in the United States following its public listing. The company’s businesses span reusable rocket launches, satellite communications through Starlink, government contracts, and emerging artificial intelligence infrastructure projects.

Institutional investors have also rushed into the stock. ARK Invest, led by Cathie Wood, purchased nearly 3.3 million SpaceX shares across multiple exchange-traded funds shortly after trading began. Wood has previously expressed confidence in the company’s long-term prospects, citing Starlink’s global broadband network and SpaceX’s leadership in reusable rocket technology.

SpaceX’s Bitcoin holdings draw attention

Beyond its space and telecommunications businesses, SpaceX has also attracted attention for its cryptocurrency holdings.

The company reportedly owns 18,712 bitcoin, making it one of the largest corporate holders of the digital asset. When combined with Tesla’s reported holdings of 11,509 BTC, companies linked to Musk control more than 30,000 bitcoin.

Earlier this year, crypto asset manager Grayscale suggested that SpaceX could become the most valuable publicly traded company with direct bitcoin exposure once it completed its IPO.

The development has fueled debate among investors about whether capital is shifting away from cryptocurrencies and into high-growth technology stocks. Some market participants believe blockbuster public listings such as SpaceX, OpenAI and Anthropic are attracting money that might otherwise have flowed into digital assets.

Despite the excitement, not everyone is convinced the rally can continue at its current pace.

Some analysts argue that SpaceX’s valuation may have moved ahead of its underlying financial performance. Critics have pointed to the company’s heavy reliance on Starlink revenue and warned that post-IPO enthusiasm could fade once insider lockup periods expire and early investors begin taking profits.

Still, supporters argue that SpaceX’s dominance in commercial space launches, satellite internet services and future space exploration initiatives gives it a unique position in global markets.

For now, investors appear focused on growth, with the company’s stock continuing to attract strong demand as Wall Street bets on SpaceX becoming one of the defining technology companies of the coming decade.

 

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