LONDON, Feb 1 (Reuters) – Shipping disruptions in the Red Sea are negative for gross margins, Adidas CEO Bjorn Gulden said on Thursday in a call with analysts, adding that “exploding” freight rates are driving up costs and shipping delays are causing some delivery issues.
“Currently the spot rates are exploding again so if you don’t have a long-term contract or you ship more than your contract there is an increased cost because of that,” Gulden said.
“There is a delay currently of about 3 weeks which of course causes some delivery issues, especially to the European market,” he added.
Shipping firms are avoiding the Suez Canal due to attacks on shipping in the Red Sea area and rerouting around the southern tip of Africa, delaying the arrival of clothes and shoes in Europe from factories in Asia.
Early on Tuesday morning, European Parliament and Council negotiators reached a provisional deal on new rules seeking to ensure a high level of public health protection for EU citizens b...
Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran's response to a Washington proposal highlighting stark differences that h...
Morning Briefing
Former Labour Gżira mayor joins PN ranks
Former Gżira mayor Conrad Borg Manché is set to contest the next general election with the Nationalist Party, marking one ...
Updated 1220
Inflation Tops Maltese Concerns as Support for EU Remains Strong: People in Malta continue to show strong support for the European Union, despite growing worries over inf...
The European Parliament has thrown its weight behind demands for a bigger long-term EU budget, approving its position for negotiations on the bloc’s next seven-year financial framework f...
Disinformation is no longer spreading only through fringe actors or political agitators, but through a digital system that rewards outrage, sensationalism and engagement above accuracy, ...
Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran's response to a Washington proposal highlighting stark differences that h...
Chevron will begin exploring for oil and gas in waters south of Malta, marking a significant step for the Mediterranean island nation, which has no active hydrocarbon production and has ...
“A company’s workplace culture praised by management, needs to be taken with caution. But when the recognition comes directly from employees, that carries greater weight,” says JONATHAN ...
EU lawmakers have approved new rules aimed at strengthening how failing banks are managed, extending protections to a wider range of institutions and depositors across the bloc.
The p...
The regeneration project of Birgu’s main square by Studjurban completed last year, gained further international attention with a Special Mention award at the internationally recognised A...
Malta Public Transport has launched a new digital signage system across key transport hubs in Malta and Gozo, providing passengers with real-time travel information. The system has been ...
The United States launched what it described as “self-defense” strikes against Iranian military targets after three US Navy destroyers came under attack in the Strait of Hormuz, sharply ...
French shipping giant CMA CGM reported that its vessel San Antonio was attacked while passing through the Strait of Hormuz, leaving several crew members injured and the ship damaged. The...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
Ukraine struck Russia’s oil infrastructure in the Black Sea port city of Tuapse for the third time in a month, local authorities said Tuesday.
The city, which declared an environmenta...
Russian forces have taken 1,700 square km (656 square miles) of territory in Ukraine this year and are advancing on its so-called fortress belt in Donbas, Moscow's top general said whil...
