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Kanye Fans Make Crowd-Funding Page To Make Him Billionaire Again

By LokMarg 31st October 2022

After big companies like Adidas, Balenciaga and Gap cut ties with Kanye West, Page Six quoted a Forbes report stating that he had lost his billionaire status.

However, in what could be termed an astonishing twist, his fans have taken a pledge to make him a billionaire again!
Kanye’s fans have made a crowd-fund page online to make him a billionaire again. They are trying to raise a total of 1 billion dollars. So far, no donation has been made.

After Adidas cut ties with Kanye and his Yeezy collection, Kanye West lost his billionaire status. Adidas issued a statement last week in response to West’s anti-Semitic remarks, saying, “Adidas does not tolerate antisemitism and any other sort of hate speech.”

“Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” the company added.

Page Six quoted a Forbes report according to which West’s worth is USD 400 million now after the Adidas partnership was terminated. The Yeezy deal accounted for USD 1.5 billion of his net worth.

This development came just days after Balenciaga cut ties with the rapper. Post that, while speaking to TMZ Kanye said, “I ain’t losing no money… The day I was taken off the Balenciaga site was one of the most freeing days.”

He said that people are merely cutting ties with him to “mute him. He mentioned that people are doing so to simply “score points,” according to Page Six.

He further added that it’s not easy to cancel him – “We here, baby, we ain’t going nowhere.”

He defended his anti-Semitic commend and told TMZ, “I want to talk about the Jewish comment, it’s actually proven the exact point that I made.”

Kanye West recently hired Johnny Depp’s lawyer Camille Vasquez to handle his business matters, however, Camille refused to work with him because he did not retract his anti-Semitic statement. (ANI)

Adidas Terminates Partnership With Ye, Immediately

By LokMarg 25th October 2022

Adidas on Tuesday said it does not tolerate antisemitism and any other sort of hate speech and declared that the sportswear company had terminated any association with Ye (formerly Kanye West).

Antisemitism is hostility to, prejudice towards, or discrimination against Jews.
The company said Ye’s recent comments and actions had been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect, and fairness.

After a thorough review, the company said it had taken the decision to terminate the partnership with Ye immediately, end production of Yeezy-branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.

This is expected to have a short-term negative impact of up to EUR250 million on the company’s net income in 2022, given the high seasonality of the fourth quarter.

Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. The company said more information will be given as part of the company’s upcoming third quarter (Q3) earnings announcement on November 9, 2022. (ANI)

Pak’s Textile Factories Shut Down Due To Cotton Shortage

By LokMarg 4th October 2022

The already fragile Pakistan economy, hit hard by the devastating floods, now faces the shutdown of textile factories as the cotton crop has been destroyed.

The cotton shortage has forced the owners to shut down textile factories after the floods. The mill closures underscore challenges for the sector that employs about 10 million people, accounts for 8 percent of the economy, and adds more than half to the nation’s export earnings, reported Geo News.
While the larger firms are less affected as they are well stocked, Pakistan’s small factories making bedsheets and towels for export to the US and Europe have started to shut down, The News reported.

Pakistan Textile Exporters Association’s patron-in-chief Khurram Mukhtar said that a shortage of good quality cotton, high fuel costs, and poor recovery of payments from buyers are the reasons behind the closing of small textile mills.

Mukhtar said that larger firms supplying global companies like Nike, Adidas AG, Puma SE, and Target Corp are well stocked and hence, they are less affected, reported Geo News.

The recent floods, which submerged a third of Pakistan, killed more than 1,600 people and damaged about 35 percent of the cotton crop, reported Geo News.

The latest blow comes at a difficult time for the South Asian nation already struggling with high inflation and falling currency reserves.

Due to an “unforeseen downturn in the market and unavailability of good quality cotton” following heavy rains and floods, the company’s mills have been temporarily closed, Faisalabad-based AN Textile said in an exchange filing earlier this month, reported Geo News.

Cotton production in Pakistan could slump to 6.5 million bales (of 170 kilograms each) in the year that started in July, compared with a target of 11 million, Mukhtar said.

That could force Pakistan to spend about 3 billion to import cotton from countries such as Brazil, Turkey, the US, East, and West Africa, and Afghanistan, said Gohar Ejaz, patron-in-chief of All Pakistan Textile Mills Association.

About 30 percent of Pakistan’s textile production capacity for exports has been hampered because of cotton and energy shortages, Ejaz said.

Pakistan’s textile sector, which exports about 60 percent of its production, is also facing poor demand in the domestic market due to fragile economic conditions. (ANI)