COMPANY NEWS IN BRIEF
Adidas sued over axed Kanye West deal
Investors in Adidas have filed a lawsuit against the company at a US court over its cancelled partnership with Kanye West, saying it should have been aware he courted controversy.
The class-action lawsuit seen by AFP was submitted in US District Court in Oregon, where the German sportswear giant's US headquarters is located, and argues executives failed to control damage linked to the tie-up.
Adidas halted its deal with the rapper — now known formally as Ye — in October after he made a series of anti-Semitic outbursts.
As a result, the group ended production of the highly successful Yeezy line designed together with West.
The US lawsuit represents people who bought Adidas shares between May 3, 2018 and February 21, 2023.
It argues that for years before the partnership ended, the rapper "began to accrue controversy as a result of his various statements on topics such as slavery, racial issues, and politics".
In 2018, for example, West suggested that slavery had been a "choice" for enslaved people, the lawsuit said. Adidas dismissed the allegations in the litigation.-Fin24
Thomson Reuters profit tops estimates
Thomson Reuters Corp reported higher-than-expected sales and operating profit in the first quarter, helped by divestitures and high customer retention rates, as it plans a deeper investment in artificial intelligence.
The news and information company reported adjusted earnings of 82 cents per share, beating analyst forecasts for 80 cents.
Total revenue rose 4% in the quarter to US$1.738 billion, beating expectations, according to estimates from Refinitiv.
Thomson Reuters, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, said organic revenue was up 7% for its "Big 3" segments: Legal Professionals, Corporates and Tax & Accounting Professionals.
"While we acknowledge elevated macroeconomic uncertainty, our underlying business is resilient,” Chief Executive Steve Hasker said in a statement.
Thomson Reuters reaffirmed most 2023 financial estimates, but trimmed its full-year total revenue growth forecast to 3% to 3.5%, from 4.5% to 5%, reflecting the sale of a majority stake in legal business management software company Elite to TPG.-Fin24
Investors in Adidas have filed a lawsuit against the company at a US court over its cancelled partnership with Kanye West, saying it should have been aware he courted controversy.
The class-action lawsuit seen by AFP was submitted in US District Court in Oregon, where the German sportswear giant's US headquarters is located, and argues executives failed to control damage linked to the tie-up.
Adidas halted its deal with the rapper — now known formally as Ye — in October after he made a series of anti-Semitic outbursts.
As a result, the group ended production of the highly successful Yeezy line designed together with West.
The US lawsuit represents people who bought Adidas shares between May 3, 2018 and February 21, 2023.
It argues that for years before the partnership ended, the rapper "began to accrue controversy as a result of his various statements on topics such as slavery, racial issues, and politics".
In 2018, for example, West suggested that slavery had been a "choice" for enslaved people, the lawsuit said. Adidas dismissed the allegations in the litigation.-Fin24
Thomson Reuters profit tops estimates
Thomson Reuters Corp reported higher-than-expected sales and operating profit in the first quarter, helped by divestitures and high customer retention rates, as it plans a deeper investment in artificial intelligence.
The news and information company reported adjusted earnings of 82 cents per share, beating analyst forecasts for 80 cents.
Total revenue rose 4% in the quarter to US$1.738 billion, beating expectations, according to estimates from Refinitiv.
Thomson Reuters, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, said organic revenue was up 7% for its "Big 3" segments: Legal Professionals, Corporates and Tax & Accounting Professionals.
"While we acknowledge elevated macroeconomic uncertainty, our underlying business is resilient,” Chief Executive Steve Hasker said in a statement.
Thomson Reuters reaffirmed most 2023 financial estimates, but trimmed its full-year total revenue growth forecast to 3% to 3.5%, from 4.5% to 5%, reflecting the sale of a majority stake in legal business management software company Elite to TPG.-Fin24
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