Company news in brief

Nike plans job cuts

Nike said it will cut about 2% of its total workforce, or more than 1 600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year.

Nike's global peers Adidas, Puma and JD Sports too, have warned of weaker earnings this year, as consumers cut back on non-essential spending.

In December, Nike had outlined a US$2 billion savings plan over the next three years through steps including tightening the supply of some products, improving its supply chain, reducing management layers and increasing the use of automation.

The company had also announced that it would incur about US$400 million to US$450 million in employee severance costs in the third quarter.

Nike had approximately 83 700 employees as of 31 May 2023, according to a company filing. – Reuters



Gabon to buy Carlyle's oil business

Gabon's national oil company has agreed to acquire Carlyle's Assala Energy after it used its right to preempt the sale of the business for US$1.3 billion to France's Maurel & Prom, the firms said on Friday.

Maurel & Prom had agreed in August to acquire Assala Energy for US$730 million, a deal which also included rolling over a US$600 million credit facility.

But following a military coup in the West African country in late August, the Gabonese national oil firm sought to exercise its preemptive right on the acquisition in November.

The French energy company Maurel & Prom said the new purchase agreement to Gabon Oil Company "supersedes" the deal it had made with the private equity giant.

Carlyle said the terms of the new deal were "materially the same". - Reuters