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TGT

Higher costs dent Nike profits

Nike reported a drop in quarterly profits on June 30 despite higher sales due to the drag from increased costs and the liquidation of unwanted merchandise.

The sports giant reported profits $1.0 billion for the quarter ending May 31, down 28 percent from the year-ago period.

Revenues rose 5 percent to $12.8 billion.

Baby Shark toys recalled as kids were cut or stabbed

About 7.5 million singing and swimming "Baby Shark" bath toys are being recalled after multiple lacerations and puncture wounds were reported in children playing with them.

Zuru, an El Segundo, California-based toymaker, said it's recalling both full-size and mini versions of its robotic baby shark toys that have hard plastic top fins, which pose the injury risks.

Walmart lifts wages at US stores again

Walmart announced on Jan. 24 it will again raise pay for hourly staff, an indication of persistent tightness in the labor market for front-line employees despite layoffs in the tech sector.

The retail giant, the biggest private employer in the United States, is boosting the pay range at U.S. stores to between $14 and $19 an hour from the prior $12 to $18 an hour.

The course of events in the direction of double-digit inflation

While the average January increases in consumer prices is around 1 percent, the increase this January reached 1.82 percent, which was quite a surprise. When the monthly rate reached 1.82 percent, then the annual inflation, which stood at 8.81 percent in December 2015, jumped to 9.58 percent at the end of January.