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.
India's Ministry of External Affairs (MEA) has clarified that an Indian passport is primarily a travel document and should not be regarded as conclusive proof of citizenship, according t...
French automaker Renault Group is planning to cut 800 engineering jobs in France by the end of 2027 in a bid to make its organisation leaner to better compete with Chinese rivals.
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Morning Briefing
PM says economic success must not be taken for grantedPrime Minister Robert Abela has warned that Malta’s economic success cannot be taken for granted, stressing that...
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Foreign Demand Fuels Strong Growth in Gozo Tourism Sector Despite Rising Costs: Gozo’s tourism sector enjoyed a strong 2025, with 56% of operators reporting improved busi...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
French automaker Renault Group is planning to cut 800 engineering jobs in France by the end of 2027 in a bid to make its organisation leaner to better compete with Chinese rivals.
C...
Reference is made to the road traffic incident involving one of our buses on 18 June 2026 in Mosta, during which our bus driver sustained serious injuries. We would like to express our s...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
The European Union has approved new rules aimed at tightening the screening of foreign investments in strategic sectors, marking a major shift in Europe’s approach towards economic secur...
Reference is made to the road traffic incident involving one of our buses on 18 June 2026 in Mosta, during which our bus driver sustained serious injuries. We would like to express our s...
GO ENERGI is offering households the opportunity to take advantage of the Government’s current grants to support PV systems and battery storage through a range of solar energy solutions ...
The U.S. and Iran released the text of an interim agreement their presidents have signed to end their war on Wednesday, with U.S. President Donald Trump threatening to resume attacks and...
U.S. and Iranian officials said they had reached an agreement to end their war and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Te...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
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...
Ukraine will carry out preemptive attacks on facilities Russia is using for its war, President Volodymyr Zelenskiy said in his evening address on Wednesday, as Kyiv expands strikes on ...
President Volodymyr Zelenskiy said that Ukraine had submitted a revised application to join the Organisation for Economic Co-operation and Development (OECD), a club of mostly advanced...
