equitieswatch
Thursday, June 1, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

Live news updates: UK tells Nato foreign ministers ‘age of engagement’ with Russia has ended

by equitieswatch
April 7, 2022
in Finance

© Bloomberg

Levi Strauss does not expect to be able to reopen in Russia this year, its chief executive said on Wednesday, a month after the California jeans maker suspended operations there “temporarily” in response to Vladimir Putin’s invasion of Ukraine.

“The way things are going now, I’m not optimistic we’ll be back in business in full force any time soon,” Chip Bergh told the Financial Times, adding that its forecasts now assumed no further revenues in 2022 from a market that contributed about 2 per cent of sales last year.

Levi’s is still paying more than 800 employees in Russia, and has kept a couple of outlet stores open “to flush inventory”, he said, but “every day when you open the newspaper the situation looks worse”.

Conditions for western companies in Russia were “really difficult”, Bergh said, noting authorities had assumed powers that could allow them to nationalise the operations of businesses that stop supplying Russian customers.

“They could literally take our trademark,” he warned, echoing a concern other executives have voiced privately.

A Boston Consulting Group survey, released this week, found that two-thirds of investors expected it would take at least two years before western companies were willing to operate in Russia again, including 39 per cent that said it would be five years or more.

Few CEOs have made any public projections of how long they might be frozen out of Russia’s market, however.

Despite the question hanging over Russia, Levi’s reaffirmed its full-year guidance after delivering first-quarter revenues and earnings per share that beat consensus estimates.

Read more on Levi’s outlook on Russia here

Source link

YOU MAY ALSO LIKE

The U.S. is hurtling toward a recession. Here’s the best-case scenario for how it could play out—and the worst

Bitcoin Breaches $20,000 for the First Time Since 2020

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com