Nike is ending a sales partnership with Amazon less than a month after the athletic gear company named an e-commerce veteran as its new chief executive.
The company says it wants to create a more direct customer experience, but the announcement Wednesday is a setback for Amazon.
Amazon is under pressure from big-name brands to cut back on fake goods from third-party sellers. Amazon's third-party marketplace allows sellers to list their products directly on the site. It's an important part of Amazon's business since it allows Amazon to offer millions more products on its site. More than half of all products sold on Amazon last year came from third-party sellers.
When Nike announced the pilot program with Amazon.com Inc. in 2017, it hoped that it would have more control over the brand if it were more closely involved. Industry analysts who have monitored the partnership say it appears that those problems have continued.
Tesla's 1st European plant to be in Berlin
Germany on Wednesday hailed Tesla's decision to build its first European factory in the country, days after the government said it would boost subsidies for buyers of electric cars.
Tesla CEO Elon Musk said during an awards ceremony in Berlin on Tuesday evening that “we've decided to put the Tesla Gigafactory Europe in the Berlin area.”
The company will also set up an engineering and design center in Berlin, Musk said. He wrote on Twitter the new plant “will build batteries, powertrains & vehicles, starting with Model Y.”
The Model Y is a small SUV scheduled to go on sale in the fall of 2020. It will start at $39,000 with a range of 230 miles per charge.
Consumer prices rise over gas costs
Surging gasoline prices caused U.S. consumer prices to rise last month at the fastest pace since March.
The Labor Department said Wednesday that its consumer price index rose 0.4% in October after a flat reading in September. Gasoline prices, after drops in August and September, jumped 3.7% last month. Excluding volatile energy and food prices, so-called core consumer inflation rose just 0.2% in October.
Overall consumer prices rose 1.8% over the past year, just below the Federal Reserve's 2% target. Core prices increased 2.3%. Relatively tame inflation has allowed the Fed to cut short-term U.S. interest rates three times this year to support an American economy slowed by trade disputes with China and other U.S. trading partners.
Alibaba nearing Hong Kong listing
China's Alibaba moved closer Wednesday to its anticipated listing in Hong Kong. The online retail giant filed an application to list its shares on the Hong Kong Stock Exchange, though it did not provide details on the amount of the new offering.
It has long been expected to launch a multibillion-dollar stock listing in Hong Kong but appeared to postpone the offering because of political and economic turmoil.
Hong Kong has been dealing with waves of pro-democracy protests since this summer that have hurt its economy. Hong Kong is part of China but has its own legal system and greater freedoms than the mainland.
Alibaba Group Holding has been listed on the New York Stock Exchange since 2014.