Business

Under Armor was once seen as a serious competitor to Nike. However, the company, founded by a 23-year-old former athlete, is now facing serious challenges and is striving to remain relevant in the sportswear market for ordinary people.

The brand’s past success, which supported sports stars such as Stephen Curry and Jordan Spieth, has given way to recent financial difficulties. Annual sales are down, shares are down, and the company faces management problems, changes in leadership, and an inability to adapt to new market trends.

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Chinese authorities have unveiled a sweeping package of measures to support the struggling real estate sector, including calling on local governments across the country to buy unsold homes from struggling developers and relaxing home buying rules.

He Lifeng, vice premier and chief economic official of the CCP, said municipal governments should buy back unsold houses and turn them into affordable social housing. These actions are seen as key solutions to overcome the crisis in China’s real estate sector.

The People’s Bank of China announced a 300 billion yuan ($41.5 billion) loan program to finance government purchases of unsold homes. In addition, the central bank will encourage commercial banks to support local state-owned enterprises in purchasing unsold houses.

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Paul McCartney, the legendary Beatles member, is worth £1 billion for the first time, the Sunday Times announced in its annual list of the richest people for 2024. According to the publication, the fortune of the 81-year-old musician and his wife Nancy has increased from £950 million last year.

This success was fueled by McCartney’s longevity and established appeal among fans across generations. In addition, over the past year, Paul McCartney has continued to delight fans with new music. His latest song “Now and then”, released last November, became a hit and topped the charts.

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Markets hit new record levels last week and the Dow Jones Industrial Average topped 40,000 for the first time in its 139-year history after inflation fell for the first time in months, raising hopes that the Federal Reserve could begin cut interest rates in September.

Fed officials toned down some of the worries in a series of public appearances, where they emphasized that they believe inflation is still too high. Whether the central bank will cut interest rates in the fall or not is the billion-dollar question. An interview with Tom Porcelli, PGIM’s chief US fixed income economist, talks about what could happen next and how it could impact the economy.

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Red Lobster, one of the largest seafood restaurant chains in the world, has declared bankruptcy. The company says it has more than $1 billion in debt and less than $30 million in cash. The company’s plans include selling the business to creditors and raising financing to maintain stability. Red Lobster also plans to close additional restaurants.

The famous Red Lobster, which offered shrimp, lobster, cheddar biscuits and other seafood dishes, spread across the country in the 1980s and 1990s. Sales peaked after being mentioned in Beyoncé’s song “Formation” in 2016.

With 578 restaurants in 44 states and Canada, Red Lobster serves 64 million customers annually and generates $2 billion in annual sales. One in five of all lobster purchased in North America comes from Red Lobster. Despite its successful past, recent factors such as lack of management, competition, inflation and others have led to Red Lobster’s decline. Experts and former employees note a lack of investment in marketing, product quality, service and restaurant renovations.

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