Nike shares fall on growth concerns
Nike shares fell as much as 7% in after-hours trading after it released a weaker-than-expected growth forecast.
The world's largest sportswear maker said it expects sales to increase by a high single digit percentage and for overall earnings to be in the low teens in the fiscal year ending May 2017.
The sports giant has seen its overseas sales eroded by the impact of a strong US dollar and other currency fluctuations.
Analysts are also concerned that consumers are reining back on spending due to the tepid global economy.
However, China has remained a bright spot for Nike, with revenues there jumping 23% during the last quarter.
Facebook users to see a lot more video
Facebook's agency partner in the UK has said the social media platform wants to become a "non-stop, immersive video platform" by 2018, as it looks to create "experiences" that mean users never have to leave the newsfeed.
Signalling that the platform wants to develop a more TV-like experience for short-form content, the move is being fuelled by the steep rise in video consumption.
Speaking at Mediatel's Videoscape 2016, hosted at Bloomberg, Nick Callaghan said that Facebook users who watch and share high volumes of video content will begin to see much more of it in their newsfeed over the next two years.
"Some people give us the signals that they don't enjoy as much video - and those people won't get served as much," Callaghan told Newsline. "But those who did give the signals that they love video will simply get more and more of it."
BHS ‘live or die’ meeting to take place today
The future of BHS is to be decided at a hotel in west London this morning when the 90-year-old chain’s creditors will vote on whether to back a rescue deal.
Darren Topp, the struggling retailer’s chief executive, will address the meeting at Novotel London West in Hammersmith in a bid to persuade landlords, suppliers and others who have registered a claim to give BHSanother chance.
Hundreds of creditors have been invited and a large turnout is expected as only votes cast at the meeting or by proxy count towards the deal’s success or failure.
To be pushed through, the company voluntary arrangement (CVA) – a form of insolvency – must win the support of those holding more than 75% of the company’s unsecured debt as represented by the vote.
Without a deal, BHS, which has been loss-making for several years, says it is "very likely" to go into administration, putting more than 10,000 jobs at risk.
Source: The Guardian
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