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☆ World's richest person Bernard Arnault's fortune has increased by more than $33 billion this year
▼ + stars: | 2023-02-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The multi-billionaire tops its rankings of the world's richest people, followed by Elon Musk. The LVMH CEO and co-founder has a current net worth of $196 billion, per Bloomberg. Bernard Arnault is the CEO and co-founder of luxury goods conglomerate LVMH Moët Hennessy - Louis Vuitton, more commonly known as LVMH. The 73-year-old French billionaire is currently ranked by Bloomberg as the world's richest person, followed by Elon Musk whose net worth is valued at $175 billion. The CEO recently appointed his daughter, Delphine Arnault, CEO and chair of Dior.

☆ Warren Buffett is the only top-10 billionaire to become poorer this year after Berkshire Hathaway missed out on the stock market's rally
▼ + stars: | 2023-01-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Berkshire Hathaway stock is trailing the S&P 500's 5% gain and the Nasdaq's 10% jump this month. Amazon stock has jumped 17% this year, while Microsoft stock has inched up 1%. Investors flocked to Berkshire stock in 2022, sending its stock price up about 3% even as the S&P 500 slumped 19% and the Nasdaq tumbled by one-third. While Buffett is the only top-10 billionaire in the red this year, he's still ranked fifth in the index. Adani Group's stock price has plunged in recent days after short-seller Hindenburg Research released an incendiary report on the company.

☆ 3 people share why they're paying as much as $4 million to live on a cruise ship all
▼ + stars: | 2023-01-31 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +8 min

The Storylines MV Narrative luxury cruise ship is poised to set sail in 2025. StorylinesBut like a commercial cruise ship, residents of the MV Narrative will have plenty to do. Holt said when he signed on in 2021 to live aboard, the annual fee for a single guy like himself was $72,000 a year. Holt plans to give up his Virginia rental and live aboard the ship full time. Angela NuranThe MV Narrative won't set sail until 2025, but Angela Nuran and Paul Cosentino are ready.

☆ The Arnaults are betting big on K-Pop, and it shows the power of South Korea's luxury spending machine
▼ + stars: | 2023-01-31 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +6 min

Experts tell Insider this is a calculated move to tap into the booming South Korean market. A targeted move to win over the South Korean marketBTS member Jimin (left) and BLACKPINK singer Rosé. "Fashion trends tend to be created and adopted in South Korea, before being diffused to other markets in Asia," Dubois said. She also said South Korea is "increasingly known" for its K-Pop stars, movies, and shows in the US — which helps with promotions stateside too. Once the COVID situation settles, it is possible that Chinese tourists, with their spending power, return to Korea," Kim said.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

☆ Renault slashes Nissan stake as the automakers overhaul their decades-long alliance
▼ + stars: | 2023-01-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Renault and Nissan automobile logos are pictured during the Brussels Motor Show on January 9, 2020 in Brussels. (Photo by KENZO TRIBOUILLARD/AFP via Getty Images)Automobile giants Renault and Nissan on Monday agreed to restructure their decades-long alliance, in a move that will see Renault transfer 28.4% of Nissan shares into a French trust, the companies said. Renault would instruct the trustee to sell those shares if "commercially reasonable" and as part of a "coordinated and orderly process." The deal still pends board approvals, but would see Renault's shareholdings in Nissan reduced from around 43% to 15%, bringing its interest down to equal the Japanese company's current stake in Renault. Both companies would be able to "freely exercise the voting rights attached to their 15% direct shareholdings, with a 15% cap," the companies said.

☆ VIEW Nissan, Renault agree to overhaul alliance, putting themselves on equal footing
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +3 min

"We understand Renault is able to ring fence its own technology within the alliance allowing the firm to collaborate also with other external partners beyond the Renault Nissan alliance. "Overall we welcome this step which will enhance the industrial collaboration within the alliance." JEFFERIES"A re-sized capital structure should help keep the Alliance viable, maintaining synergies and opening up strategic opportunities on both sides. Ultimately it means that a disorderly unwind of the alliance has been avoided which is a positive. "Over the short term, it's possible there may be selling (of Nissan shares) due to a worsening of supply and demand.

☆ 5 things to know before the stock market opens Monday, January 30
▼ + stars: | 2023-01-30 | by ( Mike Calia | ) www.cnbc.com time to read: +4 min

This week it will run into some big tests, given the earnings schedule dominated by big tech names (more on that below) and the Federal Reserve's next moves. Here's a look at the earnings week ahead: Tuesday: General Motors McDonald's UPS Pfizer Spotify Snap AMDWednesday: Peloton MetaThursday: Apple Alphabet Amazon Ford Starbucks Qualcomm3. Renault aims to cut Nissan stakeRenault and Nissan automobile logos are pictured during the Brussels Motor Show on January 9, 2020 in Brussels. France's Renault and Japan's Nissan have agreed to restructure their agreement, which they struck in 1999. The overall health and size of its business allows it to mix things up and try new things.

☆ From boom to bottom and now big change: Renault and Nissan reshape alliance
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +5 min

It gave Nissan a 15% stake in Renault, on a par with the French state, but no voting rights. The alliance was thrown into turmoil following Ghosn's arrest on financial misconduct charges in late 2018 and his subsequent ouster as alliance chairman. 2002 Nissan announces its "Nissan 180" three-year plan, targeting an increase of 1 million vehicles in global sales by 2005. 2017 Both Nissan and Renault post record operating profits, though Nissan still falls short on some targets. Alliance Chairman Senard rules out any merger of the carmaking partners, saying they don't need to combine to be efficient.

☆ Morning Bid: Breathe in
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookMarkets are holding their breath for a week where central banks may start to take divergent paths. read moreWall Street's "fear index" - the VIX volatility index - on Friday fell below 18.0 for the first time in over a year, and perhaps a little under the radar, U.S. bond market volatility is now its lowest since last June. In Asia, markets slipped slightly, U.S. futures fell 0.4% and currency trade was eerily calm. The Nikkei newspaper reported Renault (RENA.PA) was to lower its share holding in Nissan (7201.T) to 15%, while the latter would invest in Renault's EV business. Things have not gone well for investors in other firms Hindenburg has targeted.

LONDON/HONG KONG, Jan 30 (Reuters Breakingviews) - Renault (RENA.PA) and Nissan (7201.T) have helped their 24-year alliance move forward after four years of stalemate. The deal marks the end of the French group’s domination of its Japanese partner, and addresses festering governance issues. The voting rights of the Nissan shares transferred to the trust will be "neutralised" for most decisions, the statement said. Renault shares fell 2.7% to 37.16 euros, as of 0837 GMT. Nissan shares were largely unchanged at 453.9 yen.

Small businesses like his in Britain are being hammered by rising costs which they would struggle to pass onto cash-strapped consumers. It has left many small businesses fighting for survival. Over the course of last year citrus ingredients shot up by between 25% and 35% in price, he said. They now cost nearer to 15 pounds because of a 50% jump in the price of tinned tomatoes. He said: "We're just looking into every single aspect of the expenses that we incur to try and make a living."

You can get many thousands of dollars in value from Aeroplan points even if you never step foot on an Air Canada plane. Earn Aeroplan points with credit cards and points transfersThe Aeroplan® Credit Card is the only US credit card that earns Aeroplan points directly. So if you transferred 60,000 Marriott Bonvoy points, you'd end up with 20,000 Aeroplan points, plus a 5,000-point bonus for a total of 25,000 Aeroplan points. Earn Aeroplan points flying Air CanadaThe next easiest way to rack up Aeroplan points is by actually flying Air Canada, but the earning formula is going to change later this year. As far as we know, it will look like this:Basic fares: Earn 2x points per (Canadian) dollarStandard fares: Earn 3x points per (Canadian) dollarFlex/Comfort fares: Earn 3x points per (Canadian) dollarLatitude fares: Earn 3x points per (Canadian) dollarPremium economy fares: Earn 3x points per (Canadian) dollarBusiness fares: Earn 3x points per (Canadian) dollarEssentially, everything but basic economy fares will earn 3x per dollar.

It's easy to earn United miles without stepping on a plane, and because they don't expire, you can use miles when you're ready to travel. There are six United credit cards to consider if you just want to earn United miles and enjoy some day-of-travel perks to boot. Review: Ink Business Preferred card reviewBilt Mastercard® 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Intro offer N/A Rewards Earn 3X point on dining. Earn United miles by flying United and its partnersOf course, the other main way to stock up on a lot of United MileagePlus miles is to fly United and its other airline partners. Earn United miles with other travelIn addition to just flights, you can earn United miles by booking stays with United's hotel partners, sailings through United Cruises, and entire trips through United Vacations, as well as partner car rentals.

☆ Sprinting great Bolt says 'stressful situation' trying to recover lost millions
▼ + stars: | 2023-01-27 | by ( Kayon Raynor | ) www.reuters.com time to read: +2 min

KINGSTON, Jan 27 (Reuters) - World 100 and 200 metres record holder Usain Bolt said on Friday that it was a "stressful situation" trying to recover more than $12.7 million that has disappeared from his account with a Jamaican investment firm. "It's tough you know, but I think through the years I've competed it has helped me to understand and focus on what matters," Bolt told reporters on Friday. "I will leave the matter in my lawyer's hands and focus on my family, try not to think too much about it because it's a stressful situation," the 11-time world champion added. The Jamaica Constabulary Force said its fraud and financial investigation teams were probing "alleged fraudulent activities at (SSL) which are said to have affected the accounts of Mr. Usain Bolt among other individuals." Bolt's account was intended to serve as a pension for the eight-time Olympic champion and for his parents, Gordon said.

☆ These are the 11 cheapest electric cars you can buy in 2023
▼ + stars: | 2023-01-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

We've found the 11 cheapest new EVs you can buy in 2023. Chevrolet Bolt EVThe 2023 Chevrolet Bolt EV. ChevroletRetail price: $27,800EPA-estimated range: 247 milesQualifies for EV tax creditChevy recently introduced a big brother for the Bolt EV, the Bolt EUV. MazdaRetail price: $34,110EPA-estimated range: 100 milesMazda's first electric model disappoints in the all-important range department. KiaRetail price: $39,550EPA-estimated range: 253 milesThe Kia Niro gets bold new looks for the 2023 model year.

☆ From boom to bottom and now big change: Renault and Nissan look to reshape alliance
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +5 min

☆ For automakers, the EV surge is everything everywhere all at once
▼ + stars: | 2023-01-26 | by ( Joseph White | ) www.reuters.com time to read: +4 min

He must accelerate the Japanese automaker's efforts to develop more competitive electric vehicles. But he will get little breathing room from Tesla or the Chinese EV manufacturers who are using their leads in EV technology and production costs to slash prices. THE SHIFTING GROUNDGlobal automakers are experienced with periods of feast and famine that come on roughly seven-to-ten year cycles. South Korea's Hyundai Motor Co (005380.KS) on Thursday reported better-than-expected results powered in part by strong sales of its new EV lineup. Hyundai forecast its EV sales would grow by 54% this year - a faster growth pace than Tesla has forecast.

The Point.me feature in the Bilt Rewards app can help you book lie-flat business class seats to Europe with your Bilt points. $0 Annual Fee View Full Details Apply nowBilt Mastercard® 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Intro offer N/A Rewards Earn 3X point on dining. But if you'd prefer an automated answer to your question, you can now find it inside the Bilt Rewards app thanks to its integration of the Point.me award booking service. $0 Annual Fee View Full Details Apply nowBilt Mastercard® 4.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5 out of 5 Stars Intro offer N/A Rewards Earn 3X point on dining. With the power of Point.me now living inside the Bilt Rewards app, Bilt's value proposition continues to rise.

☆ Olympic sprinter Usain Bolt has discovered a mysterious $12 million hole in his bank account
▼ + stars: | 2023-01-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Usain Bolt is missing $12.7 million from an investment account. Bolt first discovered that the funds were missing on January 11, according to a report from Jamaica's English newspaper, The Gleaner. A separate Bloomberg report on Wednesday, however, said that Bolt plans to take the case to Kingston's Supreme Court if the money isn't returned in eight days. The funds in the account— which totaled $12.8 million— were part of Bolt's retirement and lifetime savings, Bloomberg reported. Insider also contacted Linton P. Gordon on behalf of Usain Bolt who did not immediately respond to a request for comment.

☆ Usain Bolt seeks missing $12.7 mln from Jamaica investment firm
▼ + stars: | 2023-01-18 | by ( Kate Chappell | ) www.reuters.com time to read: +2 min

KINGSTON, Jan 18 (Reuters) - Olympic champion Usain Bolt is seeking to recover more than $12.7 million that disappeared from his account with a Jamaican investment firm and is willing to take the case to court if necessary, Bolt's attorney said. "We will be going to court with the matter" if the company does not return the funds, Gordon said. The Jamaica Constabulary Force said on Monday that its fraud and financial investigation teams were probing "alleged fraudulent activities at (SSL) which are said to have affected the accounts of Mr. Usain Bolt among other individuals." Bolt's account was intended to serve as a pension for the eight-time Olympic gold medalist sprinter and for his parents, Gordon said. Reporting by Kate Chappell in Kingston and Brian Ellsworth in Caracas Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Northvolt says 'believes in Germany', battery plant talks ongoing
▼ + stars: | 2023-01-18 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, Jan 18 (Reuters) - Northvolt believes in Germany as an industrial location and continues discussions on building a battery plant there, it said on Wednesday amid speculation that the Swedish battery maker could divert its planned investment to the United States. There are certain requirements in order to make this feasible in competition with the United States," Nicolas Steinbacher, Head of Strategy and Program for Northvolt in Germany, said at a battery conference in Berlin. "We are working together with the government in a spirit of trust to solve these challenges," he added. The company is holding fortnightly citizen consultations in Heide in northern Germany, where it signed a memorandum of understanding with the state of Schleswig-Holstein in 2022 for a possible battery plant. Reporting by Victoria Waldersee; Editing by Christoph Steitz and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

☆ Battery startup Britishvolt asks court to appoint administrators
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - UK electric vehicle (EV) battery startup Britishvolt, which has struggled to raise funds for a large factory in northern England has made an application to appoint administrators, a court document showed on Tuesday. Britishvolt had been in talks with potential buyers, including some of its early investors, after securing a short-term funding lifeline in November to help keep it afloat. But by the summer, Britishvolt had only raised around 200 million pounds and had pushed back its production timeline. Britishvolt had received backing from mining giant Glencore (GLEN.L), which kicked off a funding round for the startup last February. ($1 = 0.8189 pounds)Reporting by Michael Holden, Sachin Ravikumar and Nick Carey, Editing by Kylie MacLellan and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Sex, art theft, and privacy: Lensa exploded overnight — and now the avatar app is dealing with public backlash. Here's what you should know.
▼ + stars: | 2023-01-16 | by ( Bethany Biron | ) www.businessinsider.com time to read: +6 min

Lensa is facing criticism since the AI app exploded in popularity at the end of 2022. The Lensa app is behind those avatars. LensaAllegations of stealing from artistsJust as quickly as Lensa avatars became ubiquitous online, allegations of theft and warnings from artists also emerged. The law community "would welcome additional guidance from policymakers and courts when it comes to protecting consumers in connection with AI," Torres said. "The flood of Lensa avatars feel cheap and overwhelming," Pilat said in a statement shared with Insider.

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