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Workers drink cold water, lemonade and lemon water throughout the day, and the company has added more breaks and increased staffing to reduce physical strain. But industrial coolers aren’t an option because moisture damages the machinery, Jain says. Some workers have returned to their villages earlier than usual for the harvest season and delayed coming back because of the heat. “We can see the terrible effect it’s having on the health of our workers,” he says. While the impact is especially severe for small firms operating from tin-roofed workshops and poorly ventilated factories, larger companies are also having to adapt. Hyundai Motor India Ltd. has installed air conditioning on the shop floor of its Pune plant and aims to do the same at its Chennai facility by early 2027. The company has introduced shuttle buses to carry people around the plant, installed cooled drinking-water stations, covered walkways and heat-resistant roofing, and structured work-rest cycles to reduce heat stress, says Chief Manufacturing Officer Gopalakrishnan C.S. Quick-commerce firm Swiggy Ltd. has started providing cooling vests to delivery workers, along with glucose-fortified water, hydration sachets and designated resting areas. No such protections exist for workers like Saket, a self-employed cobbler in Mumbai’s Prabhadevi area who works on a street corner beneath a plastic sheet strung over bamboo poles. “The heat has been intense,” he says, giving only his first name. “I am completely drained out by the evening.” Like many workers in India’s vast informal sector — made up of small, unregistered businesses and daily wage laborers that contribute about 45% of GDP — he can’t afford to take a day off. For Soumya Swaminathan, former chief scientist at the World Health Organization, that means the working conditions themselves must improve. “We need more shaded areas, access to water, mandatory rest breaks and awareness campaigns so workers recognize early warning signs of heat stress,” says Swaminathan, who was last month named a fellow of the Royal Society, the UK’s national academy of sciences. A spokesman for the Ministry of Labor and Employment didn’t respond to an emailed request for comment. Almost half of the global population will be living with extreme heat by 2050 if the world reaches 2C of global warming above preindustrial levels, according to a University of Oxford study published in January. India will have the largest affected population, says urban climatologist Radhika Khosla, an associate professor who co-authored the study. “We know the impacts will be severe, and they are here already,” Khosla says, adding that India needs long-term urban planning focused on cooling and shade. For Pillai of the Sustainable Futures Collaborative, the broader concern is that India’s economic and urban development model is becoming increasingly incompatible with rising temperatures. Millions of workers continue moving into heat-exposed jobs without adequate protections, while rapidly expanding cities are becoming denser and hotter — even as climate change increases the frequency and severity of heat waves. “All you need is for a turn of the climate knob, and suddenly you get a massive one-in-a-hundred-year heat wave, and all of these structural factors are going to intersect,” Pillai says. “We’re right now at the edge, at the precipice of an extremely, extremely bad situation.” _— With assistance from Shadab Nazmi_ https://www.bloomberg.com/news/features/2026-06-12/india-s-extreme-heat-is-hurting-its-economy-and-workers

*What Happens to an Economy When It’s Too Hot to Work?* India is becoming a case study in how rising temperatures can undermine productivity and growth in nations that still rely heavily on physical labor. By Anup Roy and Shruti Srivastava, Bloomberg June 12, 2026 at 9:00 AM GMT+8 In the scorching heat of Kanpur, the center of India’s leather industry, workers move slowly and deliberately as temperatures hit 46C (115F). Outside the H. Rehman Tanning Industries plant, young men hang strips of buffalo hide on makeshift drying racks, their heads wrapped in white cotton cloth against the sun. At the nearby factory of AKI India Ltd., the air is stifling despite the thrum of giant fans, as workers feed sheets of leather through pressing machines and stack them on the concrete floor. AKI Chief Executive Officer Asad K. Iraqi has his 100 workers drink oral rehydration salts solution twice a day, and he recently invested in additional cooling systems. But it’s not enough. Some workers are falling sick, while others are returning to their villages. “My productivity is down 40%,” Iraqi says, his brow glistening with sweat. “Workers can’t survive in this heat without proper hydration and cooling.” It’s a scene playing out across India as summers become increasingly unlivable. Heat and humidity have been rising for years, and on any given day last month, the vast majority, sometimes all, of the world’s 50 hottest cities were in India. The impact is showing up across the economy, from operating costs to inflation and power demand. In April, the federal government issued a heat advisory directing businesses to reschedule working hours, provide hydration breaks and rest areas, and slow the pace of work. Schools, most of which don’t have air conditioning, closed for summer vacations weeks earlier than usual in several states or revised timetables and shifted classes online. “The impact of heat is like death by a thousand cuts,” says Aditya Valiathan Pillai, a visiting fellow at the Sustainable Futures Collaborative think tank in New Delhi who researches climate adaptation, citing the hit to productivity. India is emerging as one of the clearest examples of how extreme heat can become a structural economic constraint, particularly for developing economies dependent on physical labor. Unlike richer countries where growth is increasingly driven by services and indoor work, large parts of India’s economy — from construction and manufacturing to agriculture and logistics — still rely on millions of workers spending long hours outdoors or in poorly cooled environments. Lost labor from rising heat and humidity could jeopardize 2.5% to 4.5% of India’s gross domestic product by 2030, according to a 2020 study by the McKinsey Global Institute. A University of Chicago study published in 2021 found factory output in India fell by about 2% for each 1C rise in temperature amid reduced worker productivity and increased absenteeism. The Lancet Countdown on Health and Climate Change estimated that 247 billion potential labor hours were lost in India due to heat exposure in 2024, an increase of 124% from the 1990-99 annual average. For Mumbai-based labor contractor Taposh Dey, soaring temperatures are reshaping construction work schedules. Outdoor work is routinely pushed to early mornings or late evenings, while developers who once planned mainly for monsoon disruptions are now also accounting for heat. “The 1 p.m. to 4 p.m. window is the most challenging, with labor fatigue, dehydration and safety risks forcing work to slow down or shift to later hours,” says Deben Moza of real estate advisory Knight Frank India. At Abhinandan Steels in New Delhi, owner Abhinandan Jain says output has fallen 25% to 30% over the past two months because of absenteeism among his roughly 100 workers, many of them migrants from Bihar state, who manufacture stainless-steel utensils for export.

12/6/2026 BSE:+1695(75527) NSE:+461(23622) BSE 150 MID:+375(16226) BSE SML Select:+225(8434) FII :-1082Cr DII:+5341Cr B.Crude: 88 Gold$:4195=INR: 150000 Silver: 241700 $/Rs: 95.11 6.48 : 2035 G-Sec: 6.89 NSE 100 PE: 20.37 Dollar Index : 99.85

Elon Musk becomes world's first trillionaire after SpaceX IPO https://www.moneycontrol.com/news/business/companies/elon-musk-becomes-world-s-first-trillionaire-after-spacex-ipo-13948375.html

*Air India Plans to Downsize With Owner Tata Balking at Losses* By Mihir Mishra, Sanjai P R, and Siddharth Philip, Bloomberg June 12, 2026 at 6:11 PM GMT+8 - Air India Ltd. is looking to defer aircraft deliveries, cut flights and postpone expansion plans to focus on reducing its record losses, as instructed by majority owner Tata Group. - The carrier is in discussions with Airbus SE and Boeing Co. to slow down deliveries of previously ordered planes, and is reevaluating plans to fly to new domestic and international destinations. - Air India has accumulated significant losses, including an annual loss equivalent to about $3 billion, and Tata Group now wants the airline to stabilize current operations and implement cost-cutting measures. Air India Ltd. is looking to defer aircraft deliveries, cut flights and postpone expansion plans after majority owner Tata Group instructed the carrier to focus on reducing its record losses, according to people familiar with the matter. The change in strategy is an abrupt pivot from an ambitious growth plan. It reflects the loss of confidence in an airline that suffered a fatal crash a year ago and has since incurred an annual loss equivalent to about $3 billion. The downsizing will involve a variety of efforts to reduce costs. Air India is in discussions with Airbus SE and Boeing Co. to slow down deliveries of as many as 500 planes previously ordered, said the people, who asked not to be identified because the talks are private. Doing so would enable Air India to push back the large payments due to plane makers upon delivery. The carrier is also reevaluating plans to fly to new domestic and international destinations, pruning some routes and postponing launches at some airports, such as the new Noida International Airport near New Delhi, the people familiar with the matter said. Air India’s cowed ambitions follow a series of challenges that have pushed it deep into the red. The deadly crash last June, Pakistan closing its airspace to Indian carriers, and the war in Iran have disrupted flights, forced costly rerouting and driven up fuel expenses. The weak Indian rupee has also added to its financial woes since much of the airline’s costs are in dollars. The Tata Group, which took over the national carrier in 2022, now wants Air India to temper its growth strategy to focus on stabilizing current operations and implement cost-cutting measures, people familiar with the matter said. Air India earlier this year announced flight cuts due to the Iran war and airspace shutdowns. An Air India spokesperson said the Bloomberg queries were highly speculative, and the carrier remains committed to modernizing its fleet and carrying out its long-term transformation plan. Tata and Airbus didn’t respond to requests for comment. A Boeing spokesperson declined to comment. The flag carrier, which operates its namesake Air India full-service airline and low-cost arm Air India Express, has been losing money for more than a decade even though revenue and operations have grown on the back of the country’s strong economic expansion and surging travel demand. Air India previously ordered a combined 600 aircraft from Airbus and Boeing during 2023 and 2024, and then put in more orders early this year as part of an aggressive fleet expansion. The bulk of its deliveries are expected in 2027 and 2028, the people said. Airlines typically spread out payments for jets over several years, with the biggest cash outlay — which can be about 80% of the purchase price — coming when they are handed over. Air India has accumulated more than 550 billion rupees ($5.8 billion) in losses since 2022, with the red ink becoming a key concern for the board of Tata Trusts, which controls the Tata Sons holding company that holds the majority of Air India. Singapore Airlines Ltd. bought a 25.1% stake in Air India in 2024. https://www.bloomberg.com/news/articles/2026-06-12/air-india-plans-to-downsize-with-owner-tata-balking-at-losses?srnd=homepage-asia

Germany’s Umbrella Software Development GmbH has a far more hardware-centric approach. The company’s founder, Daniel Held, wanted to bring cognitive training up to the level seen for physical conditioning. The result was the SoccerBot360, a circle of screens surrounding a player on a pitch about half the size of a basketball court. With the screens running projections of match scenarios, players run through multiple repetitions of simulations while coaches and analysts monitor cognitive and technical metrics. In 2016, RB Leipzig became the first to install SoccerBot, at its youth academy. Several other European teams use the devices, either in their own training grounds or at shared facilities, and Umbrella has about two dozen more under construction. “We worked closely with coaches to get it to the level where it can accelerate cognitive functions and skills,” says the company’s marketing manager, Kevin Stelzer. Published research shows positive effects after players train with the SoccerBot on certain skills, mainly reaction time and anticipation. But the setup isn’t cheap — it starts around €100,000 — so the company is building units that teams can rent by the hour to make the system more widely available. Does any of this actually make players better? Woohyuk Chang, a research assistant at England’s Norwich City, acknowledges the uncertainty even though the club dropped £750,000 ($1 million) on a new facility that includes the SoccerBot system. “There’s a lack of scientific evidence around this,” he says, so the club “wanted to research the tech to better understand what it’s capable of.” Chang compares the SoccerBot to a gym. “When we do physical training, we don’t ask about the dumbbell. We’re asking what types of exercises we do with the dumbbell,” he says. “There’s a specific purpose — a football-driven reason why we need that muscle.” Madsen, now director of data science for the Saudi Pro League, where he’s building its data infrastructure, declines to give assessments of any particular technologies. But he says teams shouldn’t necessarily start with pricey systems. He suggests on-field drills that draw on principles from cognitive neuroscience — as he did for FC Copenhagen. “Our first step was to create exercises where we put players into situations where they can only succeed by intentionally scanning,” Madsen says. “If we’re just teaching them to look left and right before receiving the ball, we’re not teaching them what is important to look at. We’re just teaching them to turn their heads.” The World Cup always gives small countries the chance to punch through to the final rounds and challenge perennial contenders such as Brazil, Germany, Argentina and France (see Cameroon in 1990 and Morocco in 2022). When the tournament kicks off, Norway’s team will feature Erling Haaland and Sander Berge, players known for game intelligence and scanning. Those seeking confirmation of the importance of brain training will be watching whether their high cognitive skills can propel them to the elimination rounds. For clubs that have invested, the technologies are a gamble that baby steps forward in developing players’ information processing, combined with training designed to leverage it on the pitch, will yield wins. Whether that proves true will determine if strengthening the brain starts to be considered as important as developing the legs. The impact of that shift will become apparent as new tools like eye-tracking glasses, now offered by several companies, and an EEG that works while in motion, recently developed at Stanford University, come into wider use. Madsen says he’s convinced that ever more teams will investigate the idea of teaching game intelligence, though he’s still uncertain whether it’s really a learnable skill. “In five years, I can answer the question,” he says. “I’ll have enough data. It might be that no one thinks about this anymore. Or maybe every club in the top 50 in the world will have a cognitive neuroscientist.”

“He was always very good at anticipating and seeing passes others couldn’t see,” Fleckner says, “but after the training his speed of intent — how quickly he decides what to do — improved markedly.” What makes Madsen’s framework different from other cognitive approaches is his emphasis on specificity. The three stages of perception he identifies — preprocessing, decision-making and feedback — are trained on-field, not just with computer games or VR headsets. “That’s what Xavi and these players with high game intelligence are doing,” Madsen says, referring to FC Barcelona’s celebrated midfielder ​​Xavi Hernández. “When they receive the ball, they already know where to pass it.” Most people on the field, by contrast, start looking around only after they get the ball. “Your opponent is analyzing the game at the same time,” he says, “so if you make your decision one second before, he’s already behind.” Not everyone is convinced that general cognitive abilities translate to football success. In a 2024 article in Sports Medicine, researcher Job Fransen said he sees no evidence that cognitive training really improves performance in sports. “The claims made for the beneficial effects of these training methods are currently unsubstantiated,” he wrote. Geir Jordet, a professor at the Norwegian School of Sport Sciences who was among the first to study cognitive processes in football, says simply training on a simulator, without having to run or turn or kick the ball, doesn’t connect the dots in ways players must do in real game situations. “There’s a very fluid stream of information going from perception into action,” Jordet says. “It is hard to convert these things that happen off the pitch.” Fleckner counters that even marginal improvements such as a better scan rate or pattern recognition will matter in elite competition. “If you’re 2% better in the Superliga, that could be the difference between first and second place,” he says. Eric Castien insists you don’t need a lot of expensive equipment to benefit from the recent findings. His Amsterdam company, BrainsFirst, focuses on measuring cognitive bandwidth in specific domains — working memory, attention control, mental agility and so forth — rather than any kind of training. BrainsFirst has signed up more than three dozen clients, including PSV Eindhoven in the Dutch league, Real Sociedad in Spain, Germany’s Eintracht Frankfurt and the Belgian national federation. Watching a Real Madrid practice in 2010, Castien was struck that the players exploited opportunities he hadn’t spotted. “I was thinking, ‘Why are football players seen as not so smart, but people think that I am a smart guy because I went to university?’” he says. On the field “they are geniuses, and I’m the stupid one. So there’s something wrong with that assumption, or we don’t understand intelligence enough.” He came home and asked neuroscientists from the University of Amsterdam to develop tests that might measure the particular brilliance of, say, a Cristiano Ronaldo, Real’s megastar at the time. The company now offers computer-based tests to glean insights into players’ executive function. It charges clubs €25,000 ($29,000) per season for an unlimited number of exams. Some administer more than 1,000 tests a year on players and prospects, Castien says. BrainsFirst has evaluated more than 25,000 players, following them over the years to see how their scores and on-field performance develop. The results, he says, are mixed because a superbly trained athlete’s physical prowess, tactical training or technical skill can make up for a lower score in scanning, and various positions don’t all require the same levels or variants of game intelligence. “You have different brain configurations for attackers, mids, defenders — even for different types of attackers,” Castien says. “So you can’t say you need to score above 60 on information processing, because it depends on your position and the other weapons you have.”

Researchers can’t cut open a player’s brain to see whether training alters its structure, as neuroscientists do with lab animals, or place electrodes on a player’s skull while they’re running at full speed. “So we looked at cognitive capacities linked to high performance,” Madsen says. He came up with 14 brain functions, such as working memory, pattern recognition and scanning ability, that other researchers have found to be common in elite players. The notion aligns with recent research such as a 2017 study Swedish neuroscientist Torbjörn Vestberg published in the science journal PLOS One. Vestberg discovered that elite youth players significantly outperformed nonplayers. More strikingly, better performance on the test correlated positively with scoring more goals, even after accounting for age and other factors. Those conclusions have kicked off a scramble among European pro teams to test and improve their players’ cognitive abilities. In Germany’s Bundesliga, Bayern Munich, Borussia Dortmund and RB Leipzig have erected simulators — a patch of fake grass ringed by screens where game situations are projected. Dutch club AZ Alkmaar has earned plaudits for its testing of academy players using VR and computer games. And in the Danish Superliga, FC Copenhagen has dabbled in the methods of its onetime youth player Madsen. It’s the 99th minute of an FC Copenhagen home match against Randers FC, the Danish Superliga’s perennial underdog, and it’s not going well for the hosts. The reigning champions have flubbed headers, blown corners and made lousy passes. Moi Elyounoussi, the star Norwegian striker, missed a sliding left-footer in the 11th minute, and Robert Silva botched a clear shot in the 29th. Just before the final whistle, Randers gets a penalty kick on a questionable call in front of the goal and emerges with a 2-1 victory. The missed opportunities aren’t what spoiled the evening for the 26,676 spectators at Copenhagen’s Parken Stadium. It was the missed opportunities to create opportunities. Again and again and again, the home team could be seen standing around, watching the player with the ball. “We failed at the most basic things in football,” head coach Jacob Neestrup said after the match. Fixing that is a top priority for FC Copenhagen’s cognitive development chief, Jesper Fleckner. The morning after the Randers fiasco, Fleckner is training early teens in the club’s development pipeline on VR headsets in a basement gym. A whiteboard in the coaches’ meeting room features a photo of Jonah Hill in Moneyball. Outside, players are running five-on-five drills designed to train their on-field awareness. Fleckner has integrated cognitive assessment throughout the academy’s process. He measures the scan rates — looking away from the ball to check potential player movements and openings — of prospects trying out for the team. And he assesses their creativity and cognitive flexibility using neuropsychological tests to determine pattern recognition skills and memory capacity. “Notice how you can see more just by moving your feet,” he tells one kid. “If you just open up your body, it’s like a half-scan.” Machine learning analysis revealed that total scan rate in VR was the most important feature distinguishing elite from lower-level players, and the team says its younger players now show scanning rates similar to those of pros in the English Premier League (though countless other factors, of course, will also determine whether they reach that level). The drills are mostly used with young players, whose brains are more malleable (the same reason, for instance, that schoolchildren have an easier time learning a foreign language than their parents do). But some members of Copenhagen’s top squad participate as well. Jonathan Moalem, a 19-year-old midfielder, initially saw his performance drop as he struggled to integrate the new information. A few months later, though, his awareness began to increase, and he could use his peripheral vision more effectively.

*Football Clubs Try Training a Body Part They’ve Ignored: The Brain* As the World Cup begins, more coaches say “game intelligence” can be taught. By Paul Tullis, Bloomberg June 10, 2026 at 12:01 PM GMT+8 Ever since the first humans started kicking around animal bladders for fun, the importance of simultaneously keeping track of both that object and your opponent has been clear. Over the millennia, individuals appointed to tell players out on the meadow what to do (they came to be known as “coaches”) began to focus on that skill. Eventually these coaches developed a variety of names for what’s effectively the same idea: In American football it’s called field vision or riding the hash; basketball players speak of court vision; hockey players refer to ice vision; and in cricket it’s known as finding the gaps. In the world’s most popular sport, it’s called game intelligence. A key element of this is scanning — looking away from the ball for teammates, opponents and empty spaces on the football pitch to identify weaknesses. But that has traditionally been viewed as an intangible skill players are born with, something that can’t be taught. To know where the ball is going next is what separates the merely physically gifted from the true superstars, such as Real Madrid’s Kylian Mbappé or Bayern Munich’s Harry Kane. An entire squad of players at that cognitive level would be less prone to tactical errors. And very difficult to beat. In the past several years a few football mavericks began to think that if game intelligence can be defined, perhaps it could be measured. And if it can be measured, maybe it can be taught. Their efforts have been accelerated by technological advances including eye-movement pattern analysis with superhigh-speed video and monitors that can peer inside a player’s brain while they’re in motion. “For decades we’ve talked about game intelligence, but we haven’t known what we mean when we say it,” says one such maverick, Jes Buster Madsen, a football fan and promising player who switched to neuroscience once it became clear his brain could move faster than his feet. Now companies are tapping into research by Madsen and others to develop technology they can sell to teams in dynamic, fluid sports such as football and hockey. A Dutch company working with researchers from the University of Amsterdam created tests to assess a player’s potential for high game intelligence, and a German software maker has built a 360-degree football simulator. A Norwegian company called Be Your Best, which Madsen advised, has sold virtual-reality machines to almost 20 clubs including the Seattle Sounders and Union Berlin. It says players using its equipment show an average increase of 28% in their scan rate after nine weeks of training, and a 44% gain in awareness (acting on information gleaned from scans). Seeing numbers like that, dozens of pro clubs; national teams headed to the World Cup in Canada, Mexico and the US this summer; and even some youth leagues have invested in technologies to leverage the one part of the body they’ve historically done little to train: the brain. They’re trying to boost the cognitive capacity of players with VR drills, neuropsychological tests and more. Some teams have poured millions of dollars into infrastructure. Others have formed partnerships with tech companies peddling cognitive training systems. And a growing body of neuroscience research suggests they might not be wasting their money. When the Covid-19 pandemic kept Madsen away from his lab at the University of Copenhagen in the spring and summer of 2020, he began looking for a way to stay busy until he could get back to his fMRI brain scanner. As a former player for FC Copenhagen’s youth team, he began perusing research on cognition and football and discovered it was a very short reading list. “The whole field had as many papers as are published on Alzheimer’s every week,” he says. “Basically nothing on game intelligence — decision-making — in football.”

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Remuzzi, the Nike spokesperson, said succession planning happens on an ongoing basis. “We have a deep bench of talent, and we will continue to develop our talent pipeline to meet the needs of the future,” she said. For all the turmoil, Nike remains the world’s largest sportswear company — a position that, while increasingly challenged, is unlikely to disappear anytime soon. During Founder’s Week, Knight acknowledged the company was at an inflection point, but reminded staff that Nike had endured difficult times before. “Take it from the old guy who’s seen every up and every down: We’re going to be fine,” he told employees in a memo. “Hard moments have a way of clarifying things.” _— With assistance from Brad Skillman and Redd Brown_ https://www.bloomberg.com/news/features/2026-06-10/nike-stock-sinks-over-40-as-ceo-hill-s-turnaround-efforts-stall?srnd=homepage-asia

Almost a decade earlier, Nike built an entire marketing campaign around Eliud Kipchoge’s attempt to break the mark with its “Breaking2” project. He ended up missing the mark by 26 seconds. (Kipchoge eventually beat that goal, but not in a race eligible for world-record status.) “In other sporting arenas there’s just a sense that they’re perhaps still playing second fiddle to some of these more innovative, smaller brands,” said Saunders of GlobalData. *‘What We Live For’* The World Cup looms as a chance for Nike to show off for a massive global audience. “This is a moment where we prove ourselves, this is what we live for,” Camilo Andrade, the company’s global vice president and general manager for football, told Bloomberg TV this month. Nike is running a major promotional campaign and is dressing teams including the US, France, England and Brazil. But the release of the jerseys became a blunder. As players began sporting the company’s shirts earlier this year, observers noticed a puckering at the shoulder. Customers buying their own versions began complaining about the issue. Nike acknowledged a design flaw but left little recourse: Its guidelines for teams were to iron or steam out the puff, a person familiar with the matter said, asking not to be identified discussing confidential information. Nike’s Remuzzi said the jerseys’ performance wasn’t affected by the issue, and the company has “worked with our federations to ensure kits show up as intended.” The jerseys’ problems, however, run deeper than puckered shoulders. The tops, made from 100% textile waste and using a performance cooling technology, took longer to get to retailers than expected, according to the person. Earlier this year, the company projected that only about 60% of the inventory it had planned for its March launch was expected to reach retailers and the company’s direct-to-consumer channels, according to an internal note reviewed by Bloomberg News. At the time, Nike had expected roughly 98% of the inventory to be available ahead of kickoff. “Getting WC26 to this point required real lift,” one person wrote in the note. The issue is expected to extend beyond the World Cup. The same technology used in the national team kits is also being incorporated into jerseys for Nike-sponsored club teams, forcing the company to prioritize inventory for some of its high-priority teams. Demand for the World Cup gear was stronger than anticipated, Nike spokesperson Remuzzi said, which affected how the company put product into the market. Outside of sports, Nike’s non-technical business, called sportswear, has been struggling. It is in an earlier part of its comeback, the company said in March, adding that the business posted a double-digit decline. While Hill’s efforts to rebuild relationships with wholesale partners has led to sales growth in the channel, sales for Nike’s direct-to-consumer business dropped 4% from a year earlier in its most recent reported quarter. Nike’s gross margin has slipped to about 40%, down from just under 45% two years earlier. *Buying the Vision* For the first time since Hill took the helm, Nike is set to invite investors and analysts to campus in the fall, a first real look at the retailer’s longer term plan. It will be “critical to determining whether us analysts and investors buy the vision,” said Bloomberg Intelligence’s Goyal. The event coincides with Hill’s two-year anniversary leading Nike. As he approaches that mark, having already come out of retirement, the question is who will take the role next. Hill has reshaped Nike’s leadership team and removed a management layer. The two presidents under Donahoe, Heidi O’Neill and Craig Williams, were at one point considered to be internal CEO prospects, but have since left the company. There is no clear person who would be next in line for the top job. All the while, layoffs have been hitting teams. Just this spring, Nike said it was cutting 1,400 roles, which came after job reductions at Converse and across distribution centers.

The company’s trouble spots, meanwhile, keep getting worse. In Greater China, the company is expected to report a near 20% drop in revenue for the most recent quarter, hurt by local competition. Sputtering sales in the region are expected to offset the gains in North America this year. Nike’s Converse division saw quarterly revenue plunge 35% from a year earlier, and the company has slashed its marketing spending on the brand. At Converse’s Boston headquarters, free snacks were pulled back. While total revenue has weakened, demand for Nike goods has hardly disappeared, said Simeon Siegel, an analyst with Guggenheim Securities. “People are still buying the product and they’re buying a lot of it, which means the problem they need to fix is reestablishing brand equity, not reestablishing brand velocity,” he said. Still, the shift in focus on where Nike sold shoes led to a lack of innovation, he said. A new release under Hill is the highly touted Nike Mind, footwear that is purported to be mind-altering, with the ability to help get you “out of your head, connect with your surroundings and stay more present in the moment.” “I want to see more innovation layers,” Neuberger’s McCarthy said. “We need to know when all this work and reorganization of the people and innovation and all that is going to start to come through.” Nike’s Remuzzi said the challenges reflect the scale of the overhaul underway. The product pipeline for the next two years is “sharp and impressive,” she said. Wholesale Hiccups Hill has bet heavily on using major sporting events to reestablish Nike’s credibility with athletes and consumers. In February, the company used the Milan Olympics to relaunch ACG, its outdoor brand, as a more performance-focused athletic brand. ACG, short for All Conditions Gear, has become a bigger priority. Around the time of Hill’s arrival, Nike executives told employees the company was investing more resources into the business, which it viewed as an “incredible growth opportunity,” according to an internal note reviewed by Bloomberg News. The rollout was designed to make a statement. Nike outfitted athletes in new Therma-FIT Air Milano jackets that used the company’s technology to create lightweight warmth. A bright orange “All Conditions Express” train ferried guests from Milan to the Alps, complete with a showroom and cafe cart. Hill himself wore an ACG jacket during an interview with Bloomberg TV from Milan. “These sport moments are critically important to our brand,” Hill said at the time. “You will see us continue to invest in the ACG brand.” Despite the splashy launch, Nike struggled to get ACG into key big-name outdoor retailers, according to a person with knowledge its wholesale efforts who asked not to be identified to discuss confidential information. Some retailers expressed concerns that some items in the line were too expensive. Remuzzi said the company has partnerships with “top retail partners” as well as two dedicated ACG stores, and it plans to hire additional sales representatives to continue its expansion. And while the company has improved its running business under Hill, it has hit road bumps. At the Boston Marathon, one of the most famous running events in the world, Nike removed an ad declaring “Runners Welcome. Walkers Tolerated” after it was viewed by some as shaming people who needed breaks or had disabilities. Nike said it “missed the mark” with the ad — though inside the company, some people felt that taking it down was a reversal of the once irreverent marketing the Swoosh stood for. At the London Marathon, Adidas captured the sport’s coveted sub-two-hour race. Two runners wearing the company’s new $500 shoe succeeded in the feat. In the women’s race, the winner was also wearing Adidas. The achievement carried particular sting for Nike, which had spent years trying to own the pursuit of the sub-two-hour barrier — a feat requiring runners to average roughly a 4-minute, 34-second mile for 26.2 miles.

After Nike spent years building up its lifestyle shoes, Hill has sought to bring the company’s focus back to its sports roots, prioritizing getting its running and North America business back on track. But interviews with more than a dozen people close to the company show that many of those efforts have been slow to take hold, given its relationships with wholesalers had fractured and its innovation pipeline had thinned. That’s led to a broader question: If Hill can’t turn around the company, who can? Mary Remuzzi, a Nike spokesperson, said the company is “in the middle of a deliberate reset” that takes time before producing meaningful results. She described its turnaround as unfolding in phases, beginning with what it calls a stabilization effort and progressing to a broader “Sport Offense” operating model. “Nike is not a company you fix by pulling one lever,” she said. “Product, brand, marketplace, culture, athletes, consumers and partners move together. When all these pieces are connected, it creates the Nike multiplier that fuels growth and market share.” She declined to comment on the performance of the company’s stock, citing a “quiet period” before the company’s earnings release. In recent weeks, posters have popped up around the Beaverton headquarters, urging employees to adopt an “athlete mindset” on how they will push the company forward, noting “we are a brand built on victory, but victory must be earned.” In the Founder’s Week memo, Hill implored workers to “fight for every inch.” “It will take all of us — everything we have,” he said. “Moments like this ask us to move decisively, not perfectly. Not individually, but as teams. And not “someday” but “now.”” *Celebrated Return* Hill, who spent more than three decades at Nike, rejoined the company in October 2024 to replace John Donahoe, whose four-year tenure was marked by a deep push into lifestyle shoes and severed relationships with retailers such as Amazon and Macy’s. Ultimately, that left space for other brands to get in front of shoppers. The news of the CEO switch was greeted with unabashed enthusiasm. Employees popped bottles of prosecco, while someone even made a version of the Barack Obama “Hope” poster with Hill’s face. Nike’s stock jumped almost 7% the following day. One of Hill’s symbolic acts upon arrival was turning back on a dormant fountain outside Nike’s Sebastian Coe building. “It signals that the water’s running, that we’re back in our flow,” he said. He also has rehired former Nike executives after a talent exodus during Donahoe’s reign. “I was very optimistic when Elliott was chosen to replace John,” said Kevin McCarthy, senior research analyst at Neuberger Berman, which owns Nike shares. “In hindsight we all probably underestimated the magnitude of damage that was done.” Hill has tried to move Nike away from the Air Force 1s and Dunks that Donahoe pumped into the market, betting that going all in on athletic performance will help win back customers. He restructured internal teams around sports — including basketball, global football and running — instead of men’s, women’s and kids divisions. Hill has tried to restore some of Nike’s verve. He planks to playlists of “straight bangers” at employee workout classes, attends WNBA games and texts New York Liberty star Sabrina Ionescu. Nike has publicly dubbed him the “CEO of Sport.” But building relationships with retailers that Nike deprioritized under Donahoe has taken time, while newer competitors have continued gaining momentum. And just a few months into Hill’s tenure, US President Donald Trump’s sweeping tariffs rocked global supply chains. McCarthy compared Nike to a tanker that isn’t nimble. “We probably, and I include myself in this, had the wrong starting point in terms of expectations for how difficult a product by product, channel by channel, geo by geo turnaround would be,” he said. “You’ve got a rapidly evolving very dynamic China situation, you had tariffs and you had obviously On and Hoka.”

*Nike’s Savior CEO Is Grappling With a 45% Stock Slump* Elliott Hill came out of retirement to revive the brand. Twenty months later, investors are realizing that the turnaround will likely take years. By Lily Meier, Bloomberg June 11, 2026 at 5:49 AM GMT+8 Nike Inc. gathered employees at its Beaverton, Oregon, headquarters last month for “Founder’s Week,” a new tradition aimed at rallying staff and honoring the company’s roots. Workers packed events featuring appearances from Serena Williams and top executives. The company offered free drinks for a “Thirst Thursdays” gathering. Even Phil Knight, the retailer’s 88-year-old co-founder, made a rare visit to campus. But against the celebratory backdrop was a sense of urgency. “Nike has seen and done a lot in more than 50 years,” Chief Executive Officer Elliott Hill, 62, wrote in a memo to employees that touted the renaming of the headquarters to the Philip H. Knight Campus. “But let’s be clear: we are operating in a different market, with new competitors, new expectations and a faster pace than at any time in our history.” For Hill, who came out of retirement 20 months ago to engineer a turnaround, the warning carries unusual weight. Investors and employees had hoped the beloved Nike veteran could revive the swagger and athletic focus that made the company the biggest sports brand in the world. Instead, sales and market share have slipped further. The stock has tumbled more than 45% since his arrival – erasing $57 billion in market value – and is trading near its lowest level in more than a decade. Now, Nike risks falling further behind in the sports culture it once dictated, complicating its ability to innovate new products and command the status that made it dominant for decades. This month’s World Cup, the first in North America in a generation, offers the opportunity for the US giant to have a defining moment. But it got off to a rocky start. The debut of Nike’s branded players’ jerseys drew criticism about puckering on the shoulders, while production delays had led to some tournament-related inventory not reaching retailers on the company’s expected timeline, according to a person familiar with the matter, who asked not to be identified to discuss confidential information. In another stumble this year, Nike had to pull a Boston Marathon ad after a backlash. Those missteps added to a broader challenge that has been building for years: a loss of market share to competitors that have grown more popular after sliding into the shelf space the company once abandoned. The Nike brand, which held almost a quarter of the global sports footwear market in 2016, now holds about 19%, according to data from Euromonitor International. Rivals such as Skechers, New Balance, On and Hoka have gained ground. Nike’s revenue in its most recently reported quarter was roughly flat from a year earlier and down almost 10% from two years before, hurt by headwinds in Greater China and Europe, the Middle East and Africa. Analysts expect further declines when it reports fiscal fourth-quarter earnings June 30. Rival Adidas AG — about half the size of Nike by sales — saw revenue jump more than 20% in that time, buoyed by the popularity of retro models like the Samba. The German company is outfitting 14 World Cup teams, compared with 12 for the American brand. “The impression is that Nike is still a business that’s somewhat on the back foot and is still trying to catch up,” said Neil Saunders, managing director of GlobalData, a retail research firm. “We should be seeing some signs of momentum, and we’re not. It’s a tough time in general for consumer companies as inflation, high gas prices and tariffs hit Americans’ budgets. And Nike remains, by far, the most popular sports brand. A recent survey by Bloomberg Intelligence shows its shoes were the top planned sneaker purchase for customers across income levels, which suggests the company’s challenges reflect execution issues more than brand loyalty, according to analysts Abigail Gilmartin and Poonam Goyal.

Dow drops more than 900 points as chip sell-off worsens, Trump threatens more Iran attacks https://www.cnbc.com/2026/06/09/stock-market-today-live-updates.html?__source=androidappshare

On the last night, off the Wealth Walkway on South Beach, a DJ handed off to a band led by Mark McGrath, the funky frontman for the ‘90s rockers Sugar Ray (popular singles: “Every Morning,” “Someday.”) McGrath was having a hard time stoking up the crowd at first. “If you love AI, show me your hands!” he cried. A smattering of hands went up. _— With assistance from Isabelle Lee, Claire Ballentine, and Casey He_ https://www.bloomberg.com/news/features/2026-06-05/ai-is-upending-traditional-financial-advisor-jobs

Or it could be a slow death. The number of Americans who have financial planners skews older. Perhaps younger people, already comfortable with trading stocks via apps and investing with robo-advisers, will form attachments with AI bots and forgo financial planners altogether, even as their wealth grows. The vast majority of heirs of high-net-worth individuals say they don’t plan on sticking with their parents’ financial advisers, a survey from Capgemini found. “I think we’ll be extremely disruptive to human-based advice,” said Jason Wenk, the CEO of Altruist, perched at a high-top table at his vendor booth at Future Proof. The buzzy startup valued at nearly $2 billion has Vanguard Group as an investor and former Vanguard CEO William McNabb on its board. Its market-rattling announcement in February was just the first in a series of rollouts targeting the financial advising world in the pipeline, Wenk said. “AI will be able to replicate the 99th percentile of human capabilities across things like financial planning, tax planning, estate planning,” he said. But that’s a tomorrow problem. On the beach, the mood among the Future Proof crowd is largely upbeat. “AI will help us,” one adviser said. “I’m not worried about it taking out jobs. AI will never replace the relationships that we do have with our clients.” Another said: “I don’t think AI replaces the adviser, per se. It augments.” Generally, that’s the attitude: The bots will make the job better, easier, faster. Word on the Playground is that AI could be particularly useful to industry newbies, the grunts who spend long days cold calling prospects (roughly 70% of wannabe advisers leave the industry within five years). Vendors on Miami Beach are pitching AI-powered tools to scrape databases, match advisers and leads and, just maybe, give young advisers a leg up. When pressed on what, exactly, they offer that AI doesn’t, advisers say they can help out during life’s most extreme moments, things like when a spouse dies or during crises when people need to access resources quickly. At Cresset Capital, which works with ultra-high-net-worth clients, the firm evacuated clients from Israel and Ukraine during recent conflicts there. “We aim to have our advisers be the first person a client calls when they need help and don’t know what to do, and these are often situations AI could not help with,” said Kelly Wagman, who leads AI strategy for Cresset. Another benefit of humans, advisers say, is trust. AI sounds like it knows what it’s talking about, but an analysis of financial advice found that about a third of the time it made things up. One Intuit Credit Karma survey found that half of people who acted on financial advice from AI said it led to a poor financial decision or mistake. “When you move to judgment, which is what our advisers do, it just really isn't that good,” said Ron Kruszewski, the CEO of Stifel Financial Corp., on a call with investors. “I'm not really comfortable thinking that we're going to serve our clients with some consensus-building mathematical AI, to be honest with you.” Jessica Camilleri-Shelton, a content creator and copywriter in Norfolk, UK, experienced the pitfalls of outsourcing judgment to a robot. Earlier this year, she invested in a fund that uses an AI bot to make foreign-exchange trades. At first, it was offering 30% returns, which she knew was “ridiculously high.” A few months later, it dropped 10% and she lost $800. The group stepped in and turned down the risk level. Camilleri-Shelton said she has more than recovered her loss since then. The experience hasn’t turned her off AI. In fact, the 36-year-old also uses Claude to manage a portfolio of around $20,000. “People who are going to do best in the next decade are not trusting AI or rejecting AI blindly,” she said. If the AI Playground is any indication, advisers are doing neither.