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Quick Glance: LVMH shares fall, fashion sector impacted by luxury giant's slowed sales growth
- LVMH shares reach lowest level since December, affecting other shares in the fashion sector
- French luxury giant reports slower third-quarter revenue growth
- Shares of Kering and Hermes also decline
- Investors concerned about demand in luxury goods sector due to Chinese slowdown and interest rate uncertainty
Quick Glance: Investigation into Arnault and Russian Businessman
- The Paris public prosecutor's office is examining financial transactions involving Bernard Arnault, the owner of LVMH, and Russian businessman Nikolai Sarkisov.
- Sarkisov could not be reached immediately.
- According to Le Monde, Sarkisov acquired real estate at a luxurious alpine resort through a complex transaction, with Arnault providing a loan through one of his companies.
- Tracfin intensified its monitoring of financial operations with Russian investors following Russia's invasion of Ukraine.
Quick Glance: Carrefour uses price warnings on food to pressure suppliers
- Carrefour uses price warnings on products like Lindt chocolates and Lipton Ice Tea to pressure suppliers Nestle, PepsiCo, and Unilever for price reductions.
- Carrefour CEO Alexandre Bompard emphasizes that consumer goods companies are not cooperating to lower prices despite a decrease in raw material costs.
- Carrefour highlights that a PepsiCo product, Lipton Ice Tea, has become smaller resulting in a 40% effective price increase per liter.
- The price warnings are implemented in all French Carrefour stores and will continue until suppliers agree to price cuts.
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Quick Glance: Singapore adds more billionaires to Forbes' 2023 list, but tech fortunes suffer
- Their combined net worth was US$118.9 billion (S$157.6 billion), up from US$106.7 billion in 2022.
- His wife, Ms Shu Ping, increased her net worth to US$2.1 billion, putting her at No. 1,434 on the list of billionaires.
- Far East Organization's Philip Ng (Singapore's third-richest person at No. 290) and his brother Robert, who have a combined net worth of US$15 billion, are also on the list.
- China (including Hong Kong and Macau) continues to rank second, with 562 billionaires worth $2 trillion, followed by India, which has 169 billionaires worth $775 billion.
French automaker #Renault will slash its stake in partner #Nissan to 15% from 43%. The move is a part of a deal rebalancing the rocky alliance between the two ... Show more
https://www.livemint.com/news/renault-to-lower-its-stake-in-nissan-to-15-11675061049181.html
He comes after CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac, Bernard Arnault ... Show more
https://bit.ly/3Hyd8bU
According to the Bloomberg Billionaires Index, #ElonMusk is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Bernard Arnault ... Show more
https://bit.ly/3UYQr3T
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#Renault CEO Luca de Meo warns of a global recession
He said the business world was bracing for a possible recession ... Show more
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