David McHugh

Stay informed with David McHugh’s coverage and analysis for Fortune.

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  • FILE – International Monetary Fund Director of the Research Department Pierre-Olivier Gourinchas speaks at a news conference during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, on April 11, 2023. The world economy is losing momentum in the face of higher interest rates, the ongoing war in Ukraine and widening geopolitical rifts, the International Monetary Fund warned Tuesday Oct. 10, 2023. (AP Photo/Jose Luis Magana, File)Finance

    IMF cuts its 2024 growth forecast as world economy loses momentum in the face of high interest rates and Russia’s war in Ukraine

    By Paul Wiseman, David McHugh, and others
  • BERLIN, GERMANY – MAY 31: Anna Winter wearing beige Yeezy Adidas sandals, white Carhartt pants on May 31, 2022 in Berlin, Germany. (Photo by Jeremy Moeller/Getty Images)Retail

    Adidas’ first fire sale of Yeezy sneakers rakes in $437 million after the company cut ties with Kayne West over his antisemitic remarks

    By David McHugh and The Associated Press
  • Kanye WestRetail

    Adidas is selling more Yeezy shoes and giving some proceeds to fighting antisemitism. It won’t say how much

    By David McHugh and The Associated Press
  • FILE – Boxes containing Yeezy shoes made by Adidas are seen at Laced Up, a sneaker resale store, in Paramus, N.J., Tuesday, Oct. 25, 2022. Adidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’s breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it 400 million euros ($441 million) in lost sales. Profit was down to 60 million euros from 437 million euros in the same quarter a year ago, while profit margin shrank to a bare 1.1%. Net sales declined 1%, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said Friday, May 5, 2023. (AP Photo/Seth Wenig, File)Lifestyle

    Adidas warehouses are still piled high with $1.3bn in Yeezy shoes as company can’t decide what to do with the gear

    By David McHugh and The Associated Press
  • FILE – Russian President Vladimir Putin gestures while speaking at a news conference following a meeting of the State Council at the Kremlin in Moscow, Russia on Dec. 22, 2022. Russia’s economy has weathered the West’s unprecedented economic sanctions far better than expected. But with restrictions finally tightening on the Kremlin’s chief moneymaker — oil — the months ahead will be an even tougher test of President Vladimir Putin’s fortress economy. (Sergey Guneyev, Sputnik, Kremlin Pool Photo via AP, File)Finance

    Russia’s economy has held up but tightening oil sanctions spell more problems for Putin

    By David McHugh and The Associated Press
  • Kanye West arrives at the Balenciaga showFinance

    Adidas wonders what to do with $1.3 billion worth of Yeezy shoes after split with Kanye West

    By The Associated Press and David McHugh
  • FILE – Cars blur past a gas station sign displaying the price of regular unleaded gasoline Tuesday, Dec. 13, 2022, in Benton, Mo. Drivers in the U.S. and Europe are getting a break from the record-high pump prices they endured over the summer. But that price tag is still difficult for many customers who have been enduring relentless inflation and were used to lower prices. (AP Photo/Charlie Riedel)Finance

    Relentless inflation means drivers are still stressed about gas even as prices fall

    By Cathy Bussewitz, David McHugh, and others
  • Mathias Cormann

    The world will avoid a recession in 2023—but just barely, the OECD says

    By Paul Wiseman, David McHugh, and others
  • Ye AdidasRetail

    Adidas owns the rights to everything about the Yeezy products except the name as it seeks to plug up to 15% hole in profits post-Kanye

    By David McHugh and The Associated Press
  • Chimneys and gas tanks are pictured on the BASF chemical plant in Ludwigshafen, Germany, Tuesday, Sept. 27, 2022. (AP Photo/Michael Probst)

    Europe’s ‘unprecedented risk’ of a gas shortage will force it to compete with Asia for scarce and expensive liquid gas

    By David McHugh and The Associated Press