Despite the early challenges posed by the current pandemic, several brands are beginning to rebound. Some may have also seen their earnings climb even higher than before these trying times, particularly those who concentrated their efforts on establishing e-commerce enterprises.
Luckily, we have compiled a few topics on the latest business and crypto news from last month so you can remain up to date on industry trends.
Nike and Puma are locked in a legal battle over the word “footware.”
Both businesses went to court in London to contest the term’s usage, which combines the words “footwear” and “hardware.” In 2020, the UKIPO decided in favor of Nike and dismissed Puma’s appeal finding that the term “footware” did not have an “immediate and obvious” meaning to it. Puma has contested Nike’s patent applications in the United States and the United Kingdom despite having lost an appeal.
Google announces collaboration with SpaceX’s Starlink.
Google is partnering up with Starlink to provide Google Cloud services to companies in rural locations. The project is a big success for Google, which is clearly trying to gain a foothold in the continuously growing cloud computing industry from competitors such as Amazon and Microsoft. This partnership is also unique for Google or any other cloud service provider because it largely relies on its own network rather than outsourcing systems such as data storage. Ground stations connected to the satellites of Starlink will be installed by SpaceX at Google data centers.
Ralph Lauren Corporation’s fourth-quarter results exceeded forecasts.
In the fourth quarter of fiscal 2021, Ralph Lauren’s shares grew by 1% to $1.3 billion USD, exceeding financial projections thanks to strong growth in foreign markets. Their Europe sales rose 5% to $370 million USD, but fell 4% in constant currency, compared to their previous years, while Asia income increased 35% to $289 million USD, with a 28% rise in constant currency. Revenue in North America, on another note, dropped by 10% to $560 million USD, owing to COVID business interruptions.
Bitcoin Pizza is the new venture that will use local pizza delivery to support crypto development.
Anthony Pompliano, an influencer on cryptocurrency, unveiled a new project last month. He stated that all revenues from the new venture will go to the Bitcoin Development Fund of the Human Rights Foundation. Pompliano stated that the concept was motivated by entrepreneur Laszlo Hanyecz, who in 2010 bought a box of pizza for 10,000 bitcoins. May 22 was now declared “Bitcoin Pizza Day” in Hanyecz’s honor. As of this day, one bitcoin is worth over $43,000 USD, making Hanyecz’s purchase worth almost $434.7 million USD.
Scammers posing as Elon Musk allegedly made millions, according to the Federal Trade Commission.
According to Bloomberg, impersonators of Tesla CEO Elon Musk defrauded scores of people. According to the FTC, customers have claimed losses totaling more than $80 million USD since October 2020. The “giveaway scam,” which was allegedly supported by celebrities and prominent individuals such as Musk himself, is now the most popular scam to this day. People are asked to donate their cryptocurrencies with the promise that it would be doubled and returned to them. However, many people discover that they have just delivered their bitcoin to the scammers’ wallets.