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Stroll a 15-mile riverside promenade, eat street-style tacos and dance to Tejano and cumbia music in this big Texan city with a small-town feel.
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Samuel Rocha IV and Stacy Sodolak
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Indian shares fall ahead of inflation data; Adani stocks slide
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BENGALURU, Feb 13 (Reuters) – Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group’s market rout continued to create an overhang.
The Nifty 50 index (.NSEI) was down 0.29% at 17,804.60 as of 9:37 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.35% to 60,472.28.
Ten of the 13 major sectoral indexes declined, with information technology stocks (.NIFTYIT) falling nearly 2% amid worries of a growth slowdown in the U.S., from where they get a significant share of their revenue.
On the flip side, metals (.NIFTYMET) gained with a 1% rise.
Twenty-seven of Nifty 50 constituents advanced with Titan Co (TITN.NS) and Eicher Motors Ltd (EICH.NS) among top gainers.
Wall Street equities closed lower on Friday, on fears of a longer-than-expected high-rate regime after hawkish comments from key Federal Reserve officials.
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Asian markets fell, with the MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) sliding 0.63%.
Investors await India’s retail inflation data for January, due today. A Reuters poll of economists showed that India’s annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI’s tolerance band in January.
The uncertainty over the Adani conglomerate added to concerns in domestic markets.
“The Adani group saga continues to weigh on investors’ minds and hence the sentiment has been negative,” said Prashanth Tapse of Mehta Equities.
The group has lost over $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of tax havens.
India’s market regulator is probing the group’s links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises.
($1 = 82.5250 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita Bhattacharjee
Our Standards: The Thomson Reuters Trust Principles.
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Adidas ends Ye deal over hate speech, costing rapper his billionaire status
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Oct 25 (Reuters) – Adidas AG (ADSGn.DE) terminated its partnership with rapper and fashion designer Ye on Tuesday after he made a series of antisemitic remarks, a move that knocked the musician off the Forbes list of the world’s billionaires.
Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the German company said on Tuesday.
“Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” it said.
Forbes magazine said the end of the deal meant Ye’s net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion.
The remainder of Ye’s wealth comes from real estate, cash, his music catalogue and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims, Forbes said.
Representatives for Ye, formerly known as Kanye West, did not immediately respond to a request for comment.
For Adidas, ending the partnership and the production of Yeezy branded products, as well as stopping all payments to Ye and his companies, will have a “short-term negative impact” of up to 250 million euros ($248.90 million) on net income this year, the company said.
Ye has courted controversy in recent months by publicly ending major corporate tie-ups and making outbursts on social media against other celebrities. His Twitter and Instagram accounts were restricted, with the social media platforms removing some of his online posts that users condemned as antisemitic.
In now-deleted Instagram posts earlier this year, the multiple Grammy award-winning artist accused Adidas and U.S. apparel retailer Gap Inc (GPS.N) of failing to build contractually promised permanent stores for products from his Yeezy fashion line.
[1/3] Singer Kanye West walks past models after presenting his Fall/Winter 2015 partnership line with Adidas at New York Fashion Week February 12, 2015. REUTERS/Lucas Jackson/File Photo
He also accused Adidas of stealing his designs for its own products.
On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.
“Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values,” Gap said in a statement.
European fashion house Balenciaga has also cut ties with Ye, according to media reports.
“The saga of Ye … underlines the importance of vetting celebrities thoroughly and avoiding those who are overly controversial or unstable,” said Neil Saunders, managing director of GlobalData.
Adidas poached Ye from rival Nike Inc (NKE.N) in 2013 and agreed to a new long-term partnership in 2016 in what the company then called “the most significant partnership created between a non-athlete and a sports brand.”
The tie-up helped the German brand close the gap with Nike in the U.S. market.
Yeezy sneakers, which cost between $200 and $700, generate about 1.5 billion euros ($1.47 billion) in annual sales for Adidas, making up a little over 7% of its total revenue, according to estimates from Telsey Advisory Group.
Shares in Adidas, which cut its full-year forecast last week, closed down 3.2%. The group said it would provide more information as part of its upcoming Q3 earnings announcement on Nov. 9.
($1 = 1.0044 euros)
Reporting by Mrinmay Dey, Uday Sampath and Aishwarya Venugopal in Bengaluru and Lisa Richwine in Los Angeles; Editing by Tomasz Janowski, Sriraj Kalluvila, Bernadette Baum, Anil D’Silva and Cynthia Osterman
Our Standards: The Thomson Reuters Trust Principles.
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Rangers hire 3-time World Series champion Bochy as manager
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The Texas Rangers have hired Bruce Bochy as their manager, bringing the three-time World Series champion with 2,003 career victories out of a short retirement to take over a team that has had six consecutive losing seasons.
Texas made the surprising announcement Friday, just more than two weeks after its season ended. Bochy agreed to a three-year contract.
The 67-year-old Bochy hasn’t managed since 2019, when he stepped away after 13 seasons and those World Series titles with the San Francisco Giants. The first championship came in five games over Texas in 2010, and the Giants won again in 2012 and 2014.
Rangers general manager Chris Young was a pitcher for San Diego in 2006, which was Bochy’s final season with the Padres before going to San Francisco.
“As we went through the interview process, Bruce’s passion and excitement about returning to the dugout was very evident,” Young said. “It became clear he was the ideal individual to lead our club as we continue to build a championship culture here in Arlington.”
Bochy was 951-975 in 12 seasons with the Padres (1995-2006) and took them to the last World Series in 1998. The former big league catcher had a 1,052-1,054 record in San Francisco from 2007-19.
The Rangers said they’d hold an introductory news conference on Monday. Bochy said in a statement he was excited to be joining the team after several days of extensive conversations with Young and a meeting with owner Ray Davis.
“Their vision and commitment to putting together a club that can contend and win year in and year out is impressive, and I became convinced I wanted to be a part of that,” Bochy said. “If I was going to return to managing, it had to be the right situation. I strongly believe that to be the case with the Rangers, and I can’t wait to get started.”
The Chicago White Sox, Kansas City Royals and Miami Marlins have the three remaining manager openings among the 30 teams.
Fourth-year Rangers manager Chris Woodward was fired Aug. 15, two days before president of baseball operations Jon Daniels was also let go. Texas went on to finish 68-94, eight wins more than 2021 but what Young said after the season “was about half of our internal expectations.” They lost 35 one-run games, a franchise record.
Texas was 17-31 under interim manager Tony Beasley, the longtime Rangers third base coach who was once Young’s manager in the minor leagues. Several young players got extended looks during that span, and the GM said in August that Beasley wouldn’t be judged solely on win-loss record. Beasley was interviewed for the job two days after the season ended.
When speaking after the season, Young had declined to comment when asked specifically if the managerial search could proceed without knowing whether Bochy had interest in the job. But he acknowledged then how much he loved playing for Bochy and expressed his respect for the man he considers one of the most successful and respected managers in the major leagues.
“With a calm and steady presence, he has a remarkable ability to connect and communicate with players, coaches, and staff, and his teams have always played with maximum effort,” Young said Friday. “His knowledge of the game, as well as his integrity is unmatched.”
Texas last offseason committed a half-billion dollars to free-agent shortstop Corey Seager ($325 million, 10 years) and second baseman Marcus Semien ($175 million, seven years), and also signed right-hander Jon Gray ($56 million, four years) to be their No. 1 starter. Left-hander Martin Perez was an All-Star after returning on a one-year deal before spring training.
While there were never any expectations that the Rangers would go from 102 losses in 2021 immediately to a title contender after that big spending spree, they never had a winning record at any point this season and peaked at 24-24 at the end of May. The six consecutive losing seasons are the most in the half-century since the franchise moved to Texas in 1972.
Davis has indicated the team is ready to add to its starting rotation, and potentially sign a middle-of-the-lineup bat.
“I don’t plan on spending as much money as we did last offseason,” he has said. “But we plan on spending some money.”
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