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☆ Europe fines Meta almost $840 million for linking Marketplace to Facebook
▼ + stars: | 2024-11-14 | by ( Chris Johnston | ) www.businessinsider.com time to read: +3 min

On Thursday, the European Commission fined Meta almost 798 million euros (about $840 million). AdvertisementMeta was fined almost 798 million euros (about $840 million) for breaching European rules by linking Facebook Marketplace to its social network Facebook and imposing unfair trading conditions on other classified platforms. The European Commission said Thursday that all Facebook users are "regularly exposed to Facebook Marketplace whether they want it or not." AdvertisementVestager said Meta's "conduct benefited Facebook Marketplace and gave it "advantages that other online classified ads service providers could not match." Advertisement"The reality is that people use Facebook Marketplace because they want to, not because they have to."

Persons: Meta, —, Margrethe Vestager, Vestager Organizations: European, Meta, Service, Facebook, European Commission

☆ Bob's Red Mill is owned by its 700 employees. Its CEO says that is key to its success.
▼ + stars: | 2024-11-14 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

Bob's Red Mill became employee-owned in 2020 with an Employee Stock Ownership Program or ESOP. Bob's Red Mill is one of about 6,500 American companies that operate with an Employee Stock Ownership Plan, or ESOP, according to the National Center for Employee Ownership (NCEO). Bob's Red Mill CEO Trey Winthrop said the ESOP boosts employee engagement. Bob's Red MillWhen an ESOP is formed, ownership shares are distributed to employees, giving them a financial stake in the success of the company. Related storiesESOPs boost employee engagement and can lead to hefty payoutsWinthrop, who was at Bob's Red Mill long before the ESOP, said being employee-owned boosts employee engagement and retention.

Persons: Mill, Trey Winthrop, Bob Moore, Winthrop, —, Moore, Bob, it's, doesn't Organizations: Service, National Center for Employee, ESOP Association Locations: Florida

☆ The US-China tech race is moving from chips to the raw materials they're made of
▼ + stars: | 2024-11-14 | by ( Huileng Tan | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +8 min

In the race against the US for global tech supremacy, China has the upper hand in at least one critical area: rare earths. AdvertisementFor more than a year, Beijing has slowly been tightening its grip on critical minerals and rare earths. Now, there are fears that China could tighten the global rare earths supply chain even more. China's rare earth dominanceChina has long dominated the rare earths market due to supply, low labor costs, and lax environmental standards. In 2022, the US Department of Defense awarded $45 million to MP Materials for rare earth oxide processing, and in 2023, it awarded over $288 million to Lynas USA to set up commercial-scale rare earth oxide production facilities.

Persons: Deng Xiaoping, —, Rick Waters, Donald Trump's, Louise Loo, Zongyuan Zoe Liu, Chris Tang, Nick Vyas, USC Marshall's Randall R, Vyas, he's Organizations: European Union, World Trade Organization, US Department of Defense, Materials, US, White, Nvidia, Taiwan Semiconductor Manufacturing, Oxford Economics, Greater China, Council, Foreign Relations, Soviet, Bloomberg, AMD, USC, Kendrick, Supply Chain Institute, Bureau of Industry, Security Locations: China, US, Beijing, Japan, USA, Eurasia, Washington, Taiwan, Greater, Soviet Union, North Korea, North Vietnam

☆ Exclusive: Amazon's AI chatbot Q is entering enemy turf by integrating with Microsoft's Office 365
▼ + stars: | 2024-11-14 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

Amazon plans to integrate its AI chatbot Q with Microsoft's Office 365 service. Amazon Q, launched in April, faces competition from Microsoft's own Copilot AI assistant. At the moment, most Q users access the Amazon AI chatbot through its website, or messaging apps like Slack and Teams. It's part of a set of new Q features Amazon is working on, including a browser extension, the document said. This year alone, he said, Amazon Q has "resolved over 1 million internal Amazon developer questions," saving more than 450,000 hours of work.

Persons: —, Patrick Neighorn, Q, Matt Garman Organizations: Microsoft's, Service, Microsoft, Business, Excel, Amazon, AWS, Gartner, LinkedIn Locations: Microsoft's

☆ Argentina votes against UN resolution combating online violence against women and girls
▼ + stars: | 2024-11-14 | by ( Abel Alvarado | Manuela Castro | ) edition.cnn.com time to read: +2 min

CNN —Argentina was the only country to vote against a United Nations resolution promoting the end of all forms of online violence against women and girls. During Thursday’s UN General Assembly session, the South American nation argued that the resolution contained ambiguous terms such as “hate speech,” “misinformation,” and “disinformation” that could be used “abusively” to restrict freedom of expression. A total of 170 nations voted in favor, while 13 others abstained, including Iran, Russia, Nicaragua, and North Korea. Milei, who ran on a libertarian platform, has rolled out drastic social and economic measures in Argentina since taking office. During Milei’s presidential campaign, he and his party were accused of making offensive remarks against LGBTQ communities which were deemed hate speech by multiple groups, including Argentina’s National Observatory of LGBTQ Hate Crimes.

Persons: Javier Milei, ”, Milei Organizations: CNN —, United, UN, Assembly, CNN, Ministry of Women, Ministry of Human, Justice Locations: CNN — Argentina, United Nations, Iran, Russia, Nicaragua, North Korea, Argentina

☆ November’s full beaver moon will peak Friday night followed by the Leonid meteor shower
▼ + stars: | 2024-11-14 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +4 min

CNN —November’s full moon, otherwise known as the beaver moon, will shine bright in the sky on Friday as the last supermoon of the year. In addition to observations from Earth, current space missions such as NASA’s Lunar Reconnaissance Orbiter, which has been collecting data on the moon since 2009, help enhance our understanding of the moon, Petro said. For patient sky-gazers looking to spy a meteor, Lunsford recommends facing east with the moon out of your field of view. The Leonids will be seen blazing in the night sky until the shower’s finality on December 2, according to the American Meteor Society. If you are eager to see more, two upcoming meteor showers peak next month:Geminids: December 12-13Ursids: December 21-22

Persons: CNN —, Noah Petro, ” Petro, don’t, it’s, Petro, “, ”, Robert Lunsford, Lunsford, Dogukan, ” Lunsford Organizations: CNN, American Meteor Society, NASA, Anadolu Agency, Getty, International Meteor Organization, “, Farmers Locations: Northern, Southern, Ankara, Turkey

☆ Actress Sydney Sweeney slams ‘fake’ female empowerment in Hollywood
▼ + stars: | 2024-11-14 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

CNN —Hollywood star Sydney Sweeney has hit out at what she calls “fake” pronouncements on female empowerment in the entertainment industry. “This entire industry, all people say is ‘women empowering other women.’ None of it’s happening. “I’ve read that our entire lives, we were raised — and it’s a generational problem — to believe only one woman can be at the top. There’s one woman who can get the man. There’s one woman who can be, I don’t know, anything,” said Sweeney.

Persons: Sydney Sweeney, “, Sweeney, Carol Baum, ” Sweeney, ”, “ I’ve, ’ I’m, I’m, Christy Martin, she’s, Martin — Organizations: CNN, Hollywood Locations: Hollywood

☆ Advance Auto Parts is closing more than 700 locations
▼ + stars: | 2024-11-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Advance Auto Parts is closing more than 700 locations to shore up the company’s finances following another dismal earnings report. The car parts retailer, which has about 5,000 stores, said Thursday that the closures are part of its “strategic plan to improve business performance.” Advance Auto Parts (AAP) shares slid nearly 5% in premarket trading after it reported earnings that missed analysts’ expectations. The reduction will result in closing roughly 500 corporate-owned stores plus about 200 independently operated locations. The company did not immediately provide a full list of locations set to close. It recently sold Worldpac, an automotive parts wholesaler, for $1.5 billion as part of “simplification” of its business model.

Persons: — Organizations: New, New York CNN, Parts, Advance, Research, Companies, Consumers Locations: New York

☆ Jim Cramer names hot sectors that could use a pullback
▼ + stars: | 2024-11-14 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday suggested the post-election market has been extreme, with big wins and big losses. "We have a lot of overly loved stocks in this market right now," he said. Cramer pointed out the sharp rise of enterprise software stocks, saying that it seems these companies with in-demand products for big corporations can do no wrong. Cramer also highlighted two sectors he said are "too hated," but could bounce back, including pharmaceuticals and semiconductors. For semiconductors, Cramer concluded that those companies have suffered in part because some feel that new artificial intelligence-powered PCs haven't taken off.

Persons: CNBC's Jim Cramer, Cramer, Salesforce, Donald Trump's, Trump, Robert F, Kennedy Jr Organizations: Costco, Netflix, Spotify, Merck, Pfizer, Human Services Department Locations: China

☆ Elon Musk is hiring for DOGE. Here's what he's looking for.
▼ + stars: | 2024-11-14 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

AdvertisementElon Musk wants you to help root out government waste — but only if you're really smart and willing to work 80 hours a week. Musk, who's standing up the Department of Government Efficiency — or DOGE, named after a cryptocurrency he's linked to — is looking for the top 1% of people interested in joining. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting. Since his early days at Tesla, Musk has pushed the company's staff to work "super hardcore" — a management style he mirrored at Twitter, now X, after taking over the platform in 2022.

Persons: it'll, Musk, —, Elon Musk, Vivek, Vivek Ramaswamy, Trump, Ramaswamy, Volodymyr Zelenskyy, Recep Tayyip Erdoğan, Vance, Brian Hughes Organizations: Elon Musk's Department, Government, Service, Department of Government, Elon, — Department, Trump, Twitter Locations: Turkish

☆ Proud Boys are seeking pardons directly from Trump, bypassing the DOJ and, potentially, Matt Gaetz
▼ + stars: | 2024-11-14 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

The first Proud Boys leaders to seek Capitol riot pardons are instead asking Trump directly. Meanwhile, the Proud Boys want out now, and presidents have the Constitutional power to grant immediate pardons, Biggs attorney Norm Pattis said in a 10-page letter sent to Trump on Wednesday. Two years ago, Biggs and his Proud Boys codefendants had struck a different tone regarding Trump, arguing at trial that he incited the Capitol riot and that the Proud Boys were only following his orders. Advertisement"Mr. President, you are no stranger to prosecutions warped by partisan vendetta," the Biggs pardon letter says. Former Proud Boys chairman Enrique Tarrio will also "explore every possible avenue" toward early release, his lawyer, Nayib Hassan, said in a press statement last week.

Persons: Trump, —, Donald Trump, Joseph Biggs, Matt Gaetz, Tarrio, Gaetz, pic.twitter.com, gGPeTLtWmv, Biggs, Norm Pattis, Pattis, codefendants, Enrique Tarrio, Nayib Hassan, Zachary Rehl, Dominic Pezzola, Prosecutors, Pezzola, Mike Pence Organizations: Boys, Service, Department of Justice, Justice Department, Proud, Manhattan, Trump, Justice, DOJ, Capitol, Proud Boys, Tarrio, Rehl, Capitol Police Locations: Trump, Florida, Afghanistan, Iraq, Washington ,, Philadelphia, Rochester , New York

The 10-year Treasury yield sat near flat at 4.449%, near its highest point since July. The 10-year Treasury yield hovered near a 4-month high on Thursday after Federal Reserve chair Jerome Powell indicated that the central bank is in no hurry to slash interest rates. The moves followed Fed Chair Jerome Powell's speech in Dallas Thursday, where he told business leaders the cenral bank doesn't need to quickly cut interest rates. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in prepared remarks. The speeches come as investors and economists scrutinize what President-elect Donald Trump's return to the White House could mean for U.S. interest rates.

Persons: Jerome Powell, Jerome Powell's, Powell, Adriana Kugler, Donald Trump's, Dow Jones, —, Sarah Min Organizations: Treasury, Federal, Fed Locations: Dallas

☆ Homebuilders fear Trump's mass deportations would inflate costs and make it even harder to hire
▼ + stars: | 2024-11-14 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Homebuilders and economists have said a deeper labor shortage could cause housing costs to spike. The issue is the construction labor force, whose 500,000-worker shortage is already making conditions more challenging. Related Video Musk visits border, calls for Trump-style wallForeign-born workers make up about a quarter of the construction workforce. They argue that the surge in home costs is largely a result of the nationwide housing shortage, and immigrants are a key part of building housing. AdvertisementDuring the pandemic, many older, experienced workers retired, and the pipeline of younger US-born workers isn't sufficient, homebuilders say.

Persons: Homebuilding execs, Donald Trump's, —, Eric Finnigan, John Burns, Ben Metcalf, Jim Tobin, JD Vance, Trump, Vance, Barack Obama, Obama, Joe Biden, Tom Homan, Chad Blocker, Homebuilders, Dennis Webb Organizations: Service, Trump, University of California, National Association of Home Builders, Immigration, Biden Locations: Berkeley, Los Angeles, Phoenix

☆ Syria: Fifteen killed in Israeli strikes on Damascus, state media say
▼ + stars: | 2024-11-14 | by ( Mostafa Salem | Eyad Kourdi | ) edition.cnn.com time to read: +3 min

CNN —Fifteen people were killed and 16 others injured in Israeli strikes on Damascus in Syria, state media SANA said, citing a military source and marking one of the deadliest strikes in months to hit the Syrian capital. The strikes targeted several residential buildings in the upscale Mezzah neighborhood in the capital and the Qudsaya area in the Damascus countryside, Syrian state media reported. Among those killed were women and children, Syrian state media added. The strikes targeted a residential building in the Sayyidah Zaynab area of the Damascus countryside, with women and children among those killed, SANA said. On November 4, SANA reported Israeli strikes in Sayyidah Zaynab the same day the IDF said Israeli Air Force fighter jets struck Hezbollah intelligence infrastructure in the Damascus area.

Persons: SANA, Jihad, “, ” SANA Organizations: CNN, Israeli Air Force Locations: Damascus, Syria, Jihad, Gaza, Syrian, Israeli, Mezzah, Riyadh, Israel, Sayyidah, Lebanon, Qusayr, Homs

☆ Polymarket CEO Shayne Coplan attacks Biden and Harris after FBI raid
▼ + stars: | 2024-11-14 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

The FBI raided Polymarket CEO Shayne Coplan's home on Wednesday, a company spokesperson said. A company spokesperson told Business Insider the raid took place at Shayne Coplan's Manhattan home Wednesday morning, without elaborating. Related Video Why Sam Bankman-Fried is facing up to 110 years in prisonSoon after the raid, Coplan, 26, posted on X: "New phone, who dis?" The Polymarket spokesperson said the raid was an act of "political retribution" by the Biden administration against a "fully transparent prediction market." AdvertisementA Biden administration spokesperson did not respond to a request for comment.

Persons: Shayne Coplan's, Polymarket, —, Donald Trump's, Sam Bankman, Chainalysis, Coplan, CNBC's, Peter Thiel's, Vitalik Buterin, Joe Biden, Kamala Harris, Elon, Trump, Biden Organizations: FBI, Bloomberg, Service, Polymarket, Shayne Coplan's Manhattan, Department of Justice, Futures Trading Commission, Traders, Trump, Fund, Apple Locations: Coplan, France, American

☆ Lindsey Vonn: US skiing legend to make surprise return after five-year retirement
▼ + stars: | 2024-11-14 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

CNN —Lindsey Vonn, one of the greatest skiers of all-time, is set to end her five-year retirement and return to the sport. “Getting back to skiing without pain has been an incredible journey,” Vonn said in a US Ski & Snowboard statement on Thursday. But after partial knee replacement surgery in April, Vonn has been testing her fitness over the last few months. “Lindsey has made an indelible mark on alpine skiing and our organization throughout her career. “I’ve always enjoyed racing in Cortina and I’ve had a lot of success in Cortina,” Vonn said.

Persons: CNN — Lindsey Vonn, Vonn, “, ” Vonn, “ Lindsey, We’re, ”, Sophie Goldschmidt, Jonathan Nackstrand, “ I’ve, I’ve Organizations: CNN, US Ski Team, Ski Team, US, Getty, The New York Times, Cortina d’Ampezzo, Cortina Locations: Colorado, AFP, Italy

☆ Matt Gaetz's most controversial moments
▼ + stars: | 2024-11-14 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

He has also been the subject of multiple House Ethics Committee probes. Related Video House of Representatives tumbles into chaos as fight for new speaker eruptsHere are some of the most controversial moments of Gaetz's career so far:He invited a Holocaust denier to the State of the Union. AdvertisementDemocrats urged the House Ethics Committee to investigate the matter. Advertisement"I'll give you the truth why I'm not speaker," McCarthy said in April 2024. House Ethics Committee probes GatezThe House Ethics Committee opened its probe into Gaetz in 2021.

Persons: Donald Trump, Matt Gaetz, Washington, Gaetz, —, Donald Trump's, Charles C, Johnson, he's, Michael Cohen, Trump's, Nancy Pelosi's, Trump, Gatez, Joel Greenberg, Greenberg, Harry Potter, Gaetz's, Kevin McCarthy, Mike Rogers of, McCarthy, Rogers, I'm Organizations: Service, Justice Department, Committee, Department, FBI, Drug, Administration, Alcohol, Tobacco, Firearms, Explosives, Union, Daily, Fox Business, Oversight, Twitter, Florida Bar Association, Business, DOJ, Washington Post, Republicans, House Armed Services Committee, House Democrats, Republican National Convention, Times, Florida Republican Locations: Washington, Union ., Gaetz, Florida, Mike Rogers of Alabama, Gatez, loggerheads

☆ Stocks making the biggest moves after hours: Domino's Pizza, Ulta, Applied Materials, Palantir and more
▼ + stars: | 2024-11-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Domino's Pizza , Ulta Beauty — Shares surged about 8% after Berkshire Hathaway announced a new stake in the pizza chain in a regulatory filling. The Warren Buffett-led firm bought more than 1.2 million shares, making the stake worth around $550 million at the end of September. Applied Materials — The semiconductor equipment manufacturer slid 5% after offering a weak revenue outlook for the current quarter. Applied Materials said to anticipate $7.15 billion in the first fiscal quarter, under the estimate of $7.224 billion from analysts polled by LSEG. Palantir will continue trading under the same ticker and expects to meet requirements to be listed in the Nasdaq 100 .

Persons: Berkshire Hathaway, Warren Buffett, Ulta, Despegar.com, FactSet, Robert F, Kennedy Jr, Donald Trump's Organizations: Berkshire, Materials, LSEG, Technologies, New York Stock Exchange, Nasdaq, Palantir, Department of Health, Human Services, Moderna, Pfizer Locations: Despegar.com —, Argentina

CNN —When Elisa Smithers was deployed to Iraq in 2005, there was a ban on women serving in ground combat operations. But she returned home to find she wasn’t offered the same support by the US Department of Veterans Affairs that male combat veterans were offered, Smithers said. Women account for roughly 17.5% of the Defense Department’s active-duty force, according to 2022 data from the agency. Hegseth has specifically criticized having women in roles where strength “is the differentiator,” he said on the podcast last week. She also worries any course reversal on women serving in combat will have a sweeping impact on women serving in other government jobs.

Persons: Elisa Smithers, Smithers, wasn’t, Donald Trump, Pete Hegseth, –, he’s, ”, Hegseth, “, hasn’t, ” Hegseth, Shawn Ryan, ” Smithers, we’ll, Elizabeth Beggs, Let’s, ” Beggs, Beggs, who’ve, Lory Manning, “ I’m, …, ” Manning, it’s, Manning, we’ve, Brandy Cottrill, Cox, “ It’s, ‘ That’s, Sen, Tammy Duckworth, Anna Moneymaker, Illinois Sen, Duckworth, MAGA, Wendy Coop, Wendy Coop Wendy Coop, ” Coop, Coop, don’t, that’s, she’s Organizations: CNN, National Guard, US Department of Veterans Affairs, Fox News, Army, Defense, Warriors, US Army, Army National Guard, Department of Veterans Affairs, Navy, Army Rangers, Army Special Forces, Marine, “ Seals, Rangers, Green Berets, Service, Action, American Civil Liberties Union, “, National Center for Veterans Analysis, Combat, Veterans Families, US Coast Guard, US Army Special Operations Command, US National Guard, Capitol, US Navy, US Naval Academy Locations: Iraq, Afghanistan, Kuwait, Washington , DC, Illinois, St, Augustine , Florida

☆ Disney gives investors years to cheer about
▼ + stars: | 2024-11-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Disney did something extraordinary Thursday, giving investors a rare three-year financial outlook, even at a time of economic uncertainty. Shares of Disney (DIS) are exploding higher – up 10% just after the market open Thursday. And it forecast profits from streaming will rise another $875 million in the new fiscal year, helping to lift results. Legacy media companies such as Disney that have gotten into streaming in the last five years have struggled to make the business profitable as they sought to catch up with Netflix, which had been the only profitable streaming service until recently. Disney needs to have improved results from streaming as its cable and broadcast network business continues to suffer from a combination of ad sales declines an cord cutting by consumers.

Persons: New York CNN —, segement Organizations: New, New York CNN, New York CNN — Disney, Disney, Netflix, Pixar Locations: New York

☆ It's time to rethink what work-life balance really means
▼ + stars: | 2024-11-14 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +5 min

A work-life balance is a priority for many. But it may be more beneficial to balance energy and find personal "golden hours" for productivity. AdvertisementThe pursuit of a work-life balance is at the heart of so many workplace conversations. "I don't think work-life balance exists," Dilan Gomih, the founder and CEO of the workplace performance and wellness consultancy Dilagence, told Business Insider. However, provided work doesn't overtake all of your personal time, there may be some wisdom in rethinking the definition of work-life balance.

Persons: —, Zers, Jeff Bezos, Bezos, Veronica West, there's, Gomih, Breese Annable, Annable, West Organizations: Service, Vox's

☆ An ex-Meta employee calculated that his family of 3 needs $5.6 million to retire in San Francisco. Here's the formula he used and how he plans to hit his 'enough number.'
▼ + stars: | 2024-11-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

When Andre Nader got laid off, he and his wife had enough in savings that he didn't have to job search. To go from 'semi FIRE' to 'full FIRE,' he calculated his family of 3 would need $5.6 million. He and his wife were living and working full-time in tech in San Francisco, raising a toddler, and loosely planning on eventually leaving the expensive Bay Area. His "enough number" is also different — it's closer to $5.6 million, he told Business Insider. His "enough number" is constantly shifting, but here's how he came up with $5.6 million for a family of three living in San Francisco.

Persons: Andre Nader, doesn't, —, Meta, Nader, They'd, I'm, I've, outsized, he's, Roth Organizations: Service, FIRE, Affordable, UC, Social Security, Vanguard, Market, Index Fund Locations: San Francisco, Meta, California

☆ Bernard Arnault, the world's richest person, appoints son to CEO role at LVMH amid leadership shake-up
▼ + stars: | 2024-11-14 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

Bernard, CEO and chairman of LVMH, is the world's richest person with a $158.5 billion net worth. Related Video 5 ways Elon Musk shook up Twitter as CEOAlexandre Arnault and Bernard Arnault in 2016. Representatives for LVMH, Arnault, and Guiony did not respond to requests for comment from Business Insider. The new appointments also drum up speculation about who will succeed Bernard as LVMH's CEO. The Arnault family has been compared to the Roy family, the subjects of the HBO drama, "Succession."

Persons: Alexandre Arnault, Moët Hennessy, Bernard Arnault's, —, Bernard Arnault's multibillion, LVMH, Bernard, Christian Dior, Bernard's, Alexandre, Elon Musk, Bernard Arnault, Donato Sardella, Louis Vuitton, Jean, Jacques Guiony, Guiony, — Alexandre, Frédéric —, Delphine Arnault, Dior Couture, Antoine Arnault, Antoine, Jean Arnault, Roy, Roy family's Organizations: Service, company's Sustainability, LVMH's, Product, Communications, Tiffany, LVMH, Business, Reuters, Christian Dior, HBO, New York Times Locations: LVMH

☆ Crisis-era regulation has 'gone too far', Reeves tells UK finance sector
▼ + stars: | 2024-11-14 | by ( ) www.cnbc.com time to read: +2 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Finance minister Rachel Reeves on Thursday promised a reboot of regulation governing Britain's "crown jewel" financial industry which she said has shackled the City's global prospects since the global financial crisis and stifled UK economic growth. That has gone too far and, in places, it has had unintended consequences which we must now address." The former Bank of England economist will propose five priority growth opportunities to maximize potential for growth in UK financial services, namely capital markets, fintech, sustainable finance, asset management and wholesale services, and insurance and reinsurance, the excerpts showed. She said the first Financial Services Growth and Competitiveness Strategy would be published in spring to serve as a roadmap for growth, cementing the sector's place at the heart of the government's 10-year Industrial Strategy.

Persons: Rachel Reeves, Reeves, Donald Trump's, Keir Starmer Organizations: Britain's, Bank of England, Financial

☆ Embattled fashion house Burberry reveals massive overhaul sending shares to an all-time high
▼ + stars: | 2024-11-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Analysts responded positively to the news, pointing to a potential "turning point" for the embattled brand. The plans were delivered alongside Burberry's 2024 interim results, which saw sales fall 20% for the second consecutive quarter. A 'turning point' for embattled BurberryThe underperformance comes amid a wider slowdown in the luxury sector, with the personal luxury goods market set to contract 2% this year. Mamta Valechha, consumer discretionary analyst at Quilter Cheviot, described it as a "turning point in what has been a very difficult period." Pedestrians walk past the window display of the store of British fashion label Burberry, in central London, on September 2, 2024.

Persons: Kevin Lee, Schulman, Joshua Schulman, Michael Kors, Burberry, Burberry Schulman, Burberry's, Piral Dadhania, Dadhania, Mamta, Cheviot, Henry Nicholls Organizations: Getty, Burberry, RBC Capital Markets, Afp Locations: Shanghai, London

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