Israeli retailers are fuming after international sporting goods giant Nike on Sunday said it will stop working with them to market its products. The measure will come into effect on May 31, 2022, Nike said.

Nike chief executive John Donahoe defended his company's presence in China and affirmed its competitive advantage there Thursday. "Nike is a brand that is of China and for China," Donahoe said. Chinese state media circulated a Nike statement in March that expressed concern about reports of forced labor camps in the Xinjiang region.

The US Patent Office has today issued sportswear brand Nike's patent for its blockchain -compatible sneakers dubbed "CrpytoKicks." The patent outlines a system whereby blockchain can be used to attach cryptographically secured digital assets to a physical product, in this case a sports shoe.