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- DeepSeek’s Sequel Set to Extend China’s Reach in Open-Source A.I.
Chinese companies have embraced making their most advanced artificial intelligence models available to all. [TheTopNews] Read More.60 mins ago - War and Sanctions Accelerate China’s Currency PushChina’s bid to build a renminbi-based financial system beyond the U.S. dollar’s reach is gaining traction as a way to sidestep sanctions. [TheTopNews] Read More.1 hour ago
- Nike announces roughly 1,400 layoffs in latest round of cuts
Roughly 1,400 people across Nike's Global Operations team will be laid off, the company announced Thursday.In a memo to employees, Chief Operating Officer Venkatesh Alagirisamy said the cuts will primarily affect Nike’s technology division and span North America, Asia and Europe, representing just under 2% of the company’s global workforce."This is not a new direction," Alagirisamy wrote. "It is the next phase of the work already underway."The announcement follows a series of recent job cuts as Nike restructures its operations.NIKE’S DIVERSITY INITIATIVES UNDER EEOC SCRUTINY FOR ALLEGED DISCRIMINATION AGAINST WHITE WORKERSIn January, the company said it would cut 775 jobs as part of an automation push at distribution centers. In February 2024, Nike announced plans to reduce its workforce by about 2%, or more than 1,600 employees, and a few months later, in August, said it would cut less than 1% of corporate staff as part of a broader turnaround effort under CEO Elliott Hill.Shares rose about 0.5% in after-hours trading, though Nike stock has lost more than half its value over the past three years.According to Alagirisamy’s memo, the layoffs are aimed at streamlining supply chains for materials, footwear and apparel, and centralizing technology operations in two hubs: Beaverton, Oregon, and the Nike India Technology Center.BEER GIANT POURS $600M INTO US PRODUCTION IN MAJOR BET ON AMERICAN GROWTHNike also plans to move some Converse manufacturing and engineering operations closer to factory partners."These changes are meant to make the company less complex and more responsive," Alagirisamy said. "As we look ahead, that means simplifying parts of how we operate, using more advanced automation where it helps us work better, and building an even stronger end-to-end foundation for future growth."Hill, who became CEO in 2024, has pledged to refocus the Nike brand on core sports, such as running and soccer, while accelerating new product launches.GET FOX BUSINESS ON THE GO BY CLICKING HERENike forecast a 2% to 4% drop in sales this quarter, with China, a key market, expected to decline about 20%, the company said.Nike referred FOX Business to Alagirisamy’s memo when asked for comment.FOX Business' Eric Revell and Reuters contributed to this report. [TheTopNews] Read More.2 hours ago - Pentagon Fires Stars and Stripes Newspaper’s OmbudsmanThe newspaper’s ombudsman, Jacqueline Smith, said she had been given no reason for her dismissal. [TheTopNews] Read More.3 hours ago
- Soldier Used Classified Information to Bet on Maduro’s Ouster, U.S. SaysFederal prosecutors say that Sgt. Gannon Ken Van Dyke, who was involved in the operation to oust Nicolás Maduro from power in Venezuela, used the information to place bets on a prediction market. [TheTopNews] Read More.4 hours ago
- Trump signals interest in buying Spirit Airlines with taxpayer backing, aims to ...President Donald Trump has doubled down on the idea of a taxpayer-funded takeover of Spirit Airlines rather than a traditional bailout, an approach critics previously described as highly problematic.Trump reaffirmed his interest in offering the airline a financial lifeline during a meeting at the Oval Office on Thursday, adding that the plan would involve reselling the carrier once oil prices decline."We're thinking about doing it, helping them out and meaning bailing them out or buying it. I think we just buy it," he said. "We'd be getting it virtually debt free. They have some good aircraft, some good assets, and when the price of oil goes down, we'll sell it for a profit." TED CRUZ POURS COLD WATER ON TRUMP ADMINISTRATION PLAN TO BAIL OUT SPIRIT AIRLINES: ‘TERRIBLE IDEA’The remarks came amid talks of a potential financial bailout involving a reported $500 million loan aimed at preserving thousands of American jobs and maintaining a budget-friendly competitor in the airfare industry. "It's in a bankruptcy," Trump said. "It's in bankruptcy court. And we're looking if we could get it for the right price, I'd do it to save jobs."Spirit Airlines has faced years of mounting financial challenges that have been pushing the company toward potential liquidation, including multiple Chapter 11 bankruptcy filings, failed merger attempts with other low-cost competitors, and rising operation costs driven in part by surging jet fuel prices linked to the conflict involving Iran. BIDEN-SCHUMER-PELOSI WOULD DO MORE DAMAGE IN 2 YEARS THAN OBAMA DID IN 8: TED CRUZTrump said the strategy would be to put a "smart person" in charge to run the airline properly, wait for oil prices to drop, and then resell the company for a profit once it becomes a valuable asset again."We have somebody that wants to run it, do a good job, smart person, and if they run it properly and if prices come down, all of a sudden it's a valuable asset," he said. A primary motivation for the potential takeover, Trump said, is to protect the livelihoods of what he estimated to be 18,000 staffers.He further emphasized that keeping a large number of airlines in business is important to maintain healthy competition within the industry."I'd love to be able to save an airline," the president added. "You know, I like having a lot of airlines. So it's competitive."He also pointed out that Spirit Airlines had attempted to merge with another airline years ago before the… [TheTopNews] Read More.4 hours ago
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