Company news in brief

Zara looks to technology to keep up with faster fashion

The pioneer of fast fashion isn't looking so fast anymore.

Inditex, the world's largest clothing retailer and owner of the Zara chain, faces growing competition from younger, online-only players like Boohoo.com and Missguided. Its rivals are churning out clothes at higher speeds - as little as one week from design to point of sale - refreshing their sites daily with hundreds of new items.

In an attempt to keep its edge, the Spanish company is developing new technologies, hooking up with tech firms and hiring talent from start-ups.

The success or failure of such efforts could help determine whether Inditex can adapt to the changing landscape of apparel retail, where Amazon is set to overtake Macy's as the biggest seller of clothing to Americans.

More broadly, it could point to whether the model of combining online sales with a large network of physical stores can ultimately prevail in mass-market fashion, where tailored trousers sell for under 30 euros (US$35) and sequined dresses for under 50 euros.

-Nampa/Reuters



?

McDonald's to replace plastic straws with paper ones

McDonald's will replace plastic straws with paper ones in all its restaurants in the United Kingdom and Ireland, starting from September, the BBC reported on Friday.

“Reflecting the broader public debate, our customers told us they wanted to see a move on straws,” McDonald's was quoted as saying by the BBC.

In April, the British government proposed a ban on plastic straws and cotton buds in England.

-Nampa/Reuters





Adobe tops estimates on digital media business momentum

Adobe Systems Inc topped analysts' profit and revenue estimates for the eighth straight quarter driven by strength in its digital media business, which houses its flagship product Creative Cloud.

Adobe's shares, which have gained over 47% so far this year, fell 3.5% at US$249 in extended trading after the company forecast third-quarter revenue nearly in line with estimates.

The maker of image-editing software Photoshop said it expects third-quarter revenue of US$2.24 billion and adjusted earnings of US$1.68 per share. This compares with analysts' estimate of a revenue of US$2.22 billion and adjusted earnings of US$1.61 per share.

-Nampa/Reuters





Deutsche Bank sells US$1 billion non-performing ship loan portfolio

Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said.

Germany's flagship lender has agreed to sell a non-performing ship loan portfolio with a notional value of US$1 billion to investors Oak Hill Advisors and Varde, one of the sources said.

Deutsche Bank and Oak Hill declined to comment, while Varde was not immediately available for comment.

-Nampa/Reuters





Apple near deal for animated movie in Hollywood

Apple has decided on its next Hollywood act: making feature films.

A deal is near for the rights to an animated movie as part of its upcoming slate of original video offerings, according to people familiar with the matter. Apple is in talks with Cartoon Saloon, an Ireland-based, Oscar-nominated animation studio, said the people, who asked not to be identified speaking about private negotiations.

The movie has yet to be made and is more than a year from release, but Apple has been in talks to buy distribution rights for the US and some other countries, the people said. It's unclear how Apple plans to make the movie available, but a theatrical release, necessary to qualify for Academy Awards, is possible, one of the people said. Apple and Cartoon Saloon had no immediate comment on Thursday.

-Fin24