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☆ LVMH boss Bernard Arnault raised his job's retirement age to 80. Warren Buffett told him that age limit was too low.
▼ + stars: | 2024-06-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett wrote to Bernard Arnault after the LVMH CEO raised his job's retirement age to 80. The investor told the luxury tycoon suggested he should have lifted it higher, Bloomberg reported. Berkshire Hathaway's 93-year-old CEO has argued that great bosses only get better with age. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter Bernard Arnault raised the retirement age for his job from 75 to 80 in 2022, Warren Buffett wrote to the luxury tycoon suggesting he should have hiked it higher.

Persons: Warren Buffett, Bernard Arnault, —, Berkshire Hathaway, Buffett Organizations: Bloomberg, Berkshire Hathaway's, Service, Berkshire, Business Locations: Berkshire

☆ Chinese shoppers are so obsessed with LVMH that some people asked the CEO to bless their babies
▼ + stars: | 2024-06-26 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

LVMH, led by Arnault, has grown significantly in China since entering the market in 1992. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChinese customers are such big fans of luxury brands like Louis Vuitton that they reacted strongly to Bernard Arnault visiting their country. A few of them asked him to bless their babies, he told Bloomberg in an interview. This story is available exclusively to Business Insider subscribers.

Persons: Bernard Arnault's, Arnault, —, Louis Vuitton, Bernard Arnault, LVMH Organizations: Service, Bloomberg, Business Locations: China, Beijing, Shanghai

☆ Emma Roberts says people who call out nepo babies don't see 'all the rejection along the way'
▼ + stars: | 2024-06-26 | by ( Amanda Goh | ) www.businessinsider.com time to read: +5 min

Read previewEmma Roberts says even Hollywood's nepo babies don't always have an easy path to stardom. On an episode of the "Table for Two" podcast released on June 25, Roberts spoke to host Bruce Bozzi about the public perception of nepo babies, or "nepotism babies." During the podcast episode, Roberts said it's not always true that nepo babies get everything handed to them on a silver platter. Many nepo babies and even their parents — particularly those in Hollywood — have pushed back against the title and its accompanying critiques. AdvertisementIn December, Meg Ryan defended her son , actor Jack Quaid, against "nepo baby" claims during an interview with Glamour.

Persons: —, Emma Roberts, Roberts, Bruce Bozzi, you'll, Julia Roberts, Eric Roberts, Johnny Depp's, it's, George Clooney, Clooney's, Nick Clooney, Rosemary Clooney, Meg Ryan, Jack Quaid, Lily Allen, Allen, Alfie Allen, Keith Allen, Bernard Arnault, Mukesh Ambani, Tim Draper's, Draper, Gaither, Anderson Organizations: Service, Business, Nickelodeon, New York Magazine, Reliance Industries, Valley's, Applied, Business Insider Locations: Hollywood, British

☆ Billionaire LVMH CEO Bernard Arnault is the richest man outside America. Here are 23 of his luxury conglomerate's iconic brands.
▼ + stars: | 2024-06-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

LVMH is the world's largest luxury goods conglomerate. It's owned by Bernard Arnault, the world's third-richest person. LVMH's portfolio includes 75 different brands, spanning fashion, Champagne, cosmetics, and more. AdvertisementBernard Arnault, the world's third-richest person and the wealthiest outside the US, heads the world's largest luxury goods conglomerate. LVMH owns iconic brands such as Louis Vuitton, Dior, and Moët-Chandon.

Persons: LVMH, Bernard Arnault, Louis Vuitton, Sephora, — Organizations: Dior, Service, Business

☆ French luxury tycoon Bernard Arnault, the richest man outside America, is buying one of Paris' most iconic restaurants
▼ + stars: | 2024-06-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

LVMH has bought a majority stake in the tiny 100-year-old Paris bistro Chez L'Ami Louis. LVMH is owned by Bernard Arnault, who regularly jostles with Jeff Bezos and Elon Musk for the title of world's richest person. Chez L'Ami Louis is famed for its roast chicken, finely-cut fries, and celebrity patrons. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLVMH boss Bernard Arnault has bought one of Paris's most iconic restaurants.

Persons: LVMH, Louis, Bernard Arnault, Jeff Bezos, Elon Musk, Chez L'Ami Louis, —, Christian Dior, L'Ami Louis Organizations: Chez, Service, Louis Vuitton, Bloomberg, Business Locations: Paris

☆ The billionaire summer calendar: How the world's wealthiest business icons spend their warmer months
▼ + stars: | 2024-06-22 | by ( Madeline Berg | ) www.businessinsider.com time to read: +1 min

Olympics: July 26-August 11The Olympic Games are a favorite for sports-loving billionaires like Bill Gates, seen here in 2008 at the Beijing Games. Tony Marshall - EMPICS/Getty ImagesWhile the Olympics are, in theory, an event for every spectator, billionaires enjoy the games a little differently and will do so in Paris this year. Billionaires with no official connection to this year's Olympics will no doubt be there, too, and in style. Bill Gates and Rupert Murdoch have attended the event with their families in years past, and newly minted billionaire Magic Johnson has played for Team USA and carried the Olympic torch. Tickets to events like the women's gymnastics final cost $6,500 each from the official ticket seller.

Persons: Bill Gates, Tony Marshall, Bernard —, Hennessy, Rupert Murdoch, Magic Johnson, Vistajet, Fraser Organizations: Beijing Games, Chandon, Team USA, Guardian Locations: Paris

☆ LVMH owner Bernard Arnault liked this Paris bistro so much his company bought it
▼ + stars: | 2024-06-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —French luxury conglomerate LVMH has added a tiny Parisian bistro to its sprawling empire of designer fashion brands, jewelry makers and hotels. A dish served at Chez l'Ami Louis restaurant in Paris. Her lifestyle company Goop describes Chez L’ami Louis on its website as “one of the best, most venerable bistros in Paris.”“It is small and wood-paneled, with an ancient oven and a sick wine list,” Goop gushed. In 2019, the company acquired Belmond, which owns hotels and organizes luxury rail and river cruises, in a $3.2 billion deal. Earlier this month, LVMH announced “a strategic investment” in the Orient Express, a brand offering luxury train travel owned by French hospitality firm Accor.

Persons: Bernard Arnault, Chez L’ami Louis, LVMH, “, Bill Clinton, Martin Scorsese, Victoria Beckham, Gwyneth Paltrow’s, Paris Arnault, Arnault, Kering, ” Arnault, Jeff Bezos, Elon Musk, Louis Vuitton Organizations: London CNN, Chez, Louis, CNN, Notre Dame, Bloomberg, Dior, Orient Express Locations: Paris

☆ The luxury conglomerate behind Cartier is beating LVMH at its own game
▼ + stars: | 2024-06-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef & Arpels, and Piaget, is having a moment. "All of this favors the most established brands: Cartier and Van Cleef." Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef.

Persons: —, Louis Vuitton, Bernard Arnault's, Van Cleef, Piaget, outperforming LVMH, Saint Laurent, It's, Cartier, Chiara Battistini, it's, Gucci, Arnault, Johann Rupert, Rupert, Richemont, Fflur Roberts, HSBC's Rambourg, Diana —, Tim Graham, Jelena Sokolova, Morningstar, Rambourg, Euromonitor's Roberts, Van, Keith Tsuji, Sokolova, Cleef, Nicolas Bos, — Bos, Nicholas Bos, Jared Siskin, I've, What's, JPMorgan's Battistini, Bos, Porter Organizations: Service, LVMH, Business, Cartier, Gucci, HSBC, Google, JPMorgan, Credit Suisse, Deloitte, Local, Art Basel, McKinsey, Prada Locations: Switzerland, China, Euromonitor, Hong Kong, Macau, Art Basel Hong Kong, Asia

☆ French stocks face worse to come from political risk, Goldman strategists say
▼ + stars: | 2024-06-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

French stocks are likely to take a further beating from political risk in the weeks and months ahead, but the impact will be focused in certain areas, according to strategists at Goldman Sachs. Along with an equity sell-off, borrowing costs climbed and the spread between French and German 10-year bond yields widened by 25 basis points. Goldman strategists expect that spread to remain wide in the coming weeks. "This would likely maintain the pressure on French domestic stocks, especially Banks, which are highly sensitive to sovereign spreads," Goldman strategists said in a research note published Friday. French domestic big names include supermarket chain Carrefour , construction firm Vinci and utility Engie , while its internationally oriented juggernauts include the likes of LVMH , L'Oreal and Remy Cointreau .

Persons: Goldman Sachs, Liz, Goldman, Banks, Vinci, Remy Cointreau Organizations: CAC, L'Oreal Locations: Carrefour

☆ Martine Rose’s Milan Fashion Week debut packs a punch
▼ + stars: | 2024-06-18 | by ( Scarlett Conlon | ) edition.cnn.com time to read: +5 min

“I wanted it to be a bit of a mess,” said Rose ahead of the show on Sunday that marked her debut on the Milan Fashion Week schedule after years presenting her label in London. For her Spring-Summer 2025 show, she continued to challenge traditional concepts of masculinity and classic codes of tailoring. Justin Shin/Getty Images“There is a familiar subversion but I never intend for things to be shocking,” she explained. Milan is something of a fitting host for Rose’s brand with the two sharing a sense of intrigue on first impression. As Rose notes of Milan, “it reveals itself slowly”.

Persons: Martine Rose, “, ”, Rose, Justin Shin, Milan, JW Anderson, Wales Bonner, it’s Organizations: CNN, Milan, Tomorrow Group, BFC, London Locations: Milan, British, London, —, waists, Bermuda, Florence, Paris, Italy

☆ Jeff Bezos and Bernard Arnault are worth a combined $404 billion — here are the routes they took to achieve mega-wealth
▼ + stars: | 2024-06-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Jeff Bezos and Bernard Arnault have a combined net worth of around $404 billion. The two business titans are among the world's richest people, Bloomberg's Billionaires Index shows. AdvertisementJeff Bezos and Bernard Arnault are two of the world's richest people, with a combined net worth of around $404 billion. As of Monday, Amazon founder Bezos is ranked first on Bloomberg's Billionaires Index, with a net worth of $206 billion. Arnault, the owner of the luxury goods conglomerate LVMH, is ranked third, with a net worth of $198 billion.

Persons: Jeff Bezos, Bernard Arnault, —, Bezos, Dom Pérignon Organizations: Service, Tiffany, Business

☆ Starbucks' Howard Schultz talks Steve Jobs screaming at him and wishing he'd trademarked the latte in a new podcast
▼ + stars: | 2024-06-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +10 min

Starbucks didn't sell its own coffee early on"When Starbucks opened in Pike Place Market in 1971, they were using Peet's Coffee. Howard Shultz is going to acquire Starbucks Coffee Company, and he's never going to hear from you again." Together the trio made the "huge decision" to sell Starbucks coffee in Costco, which sparked a "revolt inside the halls of Starbucks," Schultz said. Related storiesThe former Starbucks CEO faced similar blowback when he agreed to let United Airlines serve his company's coffee. "We're not a beverage company serving coffee, we are a coffee company serving people.

Persons: —, Howard Schultz, Schultz, Bill Gates, Steve Jobs, Costco's, Bernard Arnault, Lavazza, I've, Samuel Stroum, it's, Howard Shultz, he's, Brian Ach, latte, Jeff Brotman, Jim Sinegal, they've, Coke, Pepsi, Steve, Justin Sullivan, Blackstone, Alexandre, Louis Vuitton, Alexandre Arnault, Donato Sardella, Louis Organizations: Service, Starbucks, Business, Pepsi, Microsoft, Starbucks Coffee Company, Costco, United Airlines, Starbucks Facebook, Staff, Getty, Tiffany's, Louis Vuitton Locations: Coke, Pike, San Francisco, Seattle, Chicago, America, Costco, Atlanta, New York, Apple's, California, Mobile, Italy, Milan

☆ Before the Olympics, the Fabulous French Fashion Flex
▼ + stars: | 2024-06-07 | by ( Vanessa Friedman | ) www.nytimes.com time to read: +2 min

When is a fashion show not just a fashion show? Indeed, the front-row stars are as much an attention-grabbing part of the shows as the shows themselves. In a world of fashion micro-trends, that may be the biggest trend of all. This was especially true this season, as the shows of the five big heritage French brands — Chanel, Louis Vuitton, Hermès, Dior and Balenciaga — served as de facto calling cards for the Paris Olympics, which is being touted as the most “fashion” Olympics ever. It is no coincidence that two of those brands, Louis Vuitton and Dior, are owned by LVMH, which is a top-line sponsor of the Olympics.

Persons: — Chanel, Louis Vuitton, Hermès, Dior, Balenciaga —, Bernard Arnault, Balenciaga Organizations: Paris Olympics, Dior, LVMH, Hermès Locations: China, France

☆ Louis Vuitton: The Olympics embody our ‘DNA’
▼ + stars: | 2024-06-07 | by ( Issy Ronald | ) edition.cnn.com time to read: +4 min

And at next month’s upcoming Games, Louis Vuitton are hoping they too will become a hallmark of the same grand occasion. The Olympic and Paralympic medals will be housed in a Louis Vuitton trunk. Annie Leibovitz/Courtesy Louis VuittonLVMH – the luxury conglomerate that owns Louis Vuitton – spent €150 million ($163 million) on its sponsorship deal with the Olympics, Vogue reported citing sources, though calculating the precise returns on this investment is “difficult,” said Beccari. “We are very close to sport,” Beccari said, recalling the slogan “Victory travels in Louis Vuitton,” the fashion house used when one of its trunks housed the FIFA World Cup in 2010. From Louis VuittonWhile Louis Vuitton posted record profits last year and LVMH outperformed other luxury brands, the current economic environment with rising inflation leaving consumers with less disposable income poses challenges ahead, though Beccari downplayed such difficulties.

Persons: Louis Vuitton, Vuitton, —, Enzo Lefort, Léon Marchand, Pauline Déroulède, Marie Patouillet —, Stephanie Lecocq, Pietro Beccari, “, ” Beccari, ”, Roger Federer, Rafael Nadal, Louis Vuitton's, Annie Leibovitz, Louis Vuitton –, Louis, CNN “, Federer, Nadal, They’re, LVMH, Beccari Organizations: Paris CNN, Olympic, Paralympic Games, Seven, CNN, de Monaco, Louis, Olympics, Vogue, FIFA Locations: France, Louis, Paris, French, Europe

☆ Move over 'Magnificent 7,' the 'Fantastic 5' may offer higher earnings and return potential
▼ + stars: | 2024-06-06 | by ( Pia Singh | ) www.cnbc.com time to read: +6 min

Looking for a less risky way to find growth stocks amid all the artificial intelligence hype? Looking ahead, Thornburg expects the Fantastic Five's outperformance to continue, with the forward price-to-earnings ratio of the European group falling below the seven U.S. stocks starting in 2026 and running through 2028. The money manager also projected that the European group will increase earnings 18% a year over the next three years versus 14% for the "Mag 7." ASML, the biggest producer of the equipment used to manufacture semiconductors, makes "leading-edge" lithography equipment needed to produce AI chips, Anderson said. He manages the Thornburg International Growth Fund , a concentrated portfolio of high-quality companies based outside the U.S., which has gained 8.8% year-to-date.

Persons: Nicholas Anderson, Anderson, Thornburg, It's, it's, FactSet, ASML Organizations: Thornburg Investment Management, Novo Nordisk, ASML, LVMH, AstraZeneca, SAP, Nvidia, Big Tech, Microsoft, Apple, GLP, Nordisk, Taiwan Semiconductor, Bloomberg, Growth Fund Locations: U.S, Novo, Europe, Belgium

☆ American shoppers are tired. These companies are benefiting
▼ + stars: | 2024-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Just ask Ross Stores: America’s largest off-price retailer reported earnings and revenue that beat analysts’ forecasts last week. The US Labor Department releases April figures on job openings, quits, hires and layoffs. The US Commerce Department releases April figures on new orders for manufactured goods. The US Commerce Department releases April data on exports and imports. Friday: The US Labor Department releases May data gauging the state of the job market, including monthly payroll growth, wage gains and the unemployment rate.

Persons: Ross, “, ” Adam Orvos, ” TJX, TJ Maxx, LVMH Moët Hennessy Louis Vuitton, ” Clayton Allison, Allison, ” Allison, Brown Forman, Campbell Organizations: CNN Business, Bell, Washington CNN, Companies, Ross Stores, Marshalls, Burberry, Prime Capital Investment Advisors, CNN, Walmart, P Global, Institute for Supply Management, CrowdStrike, Hewlett Packard Enterprise, Body, US Labor Department, US Commerce Department, Bank of Canada, Autodesk, Smucker, DocuSign, Vail Resorts, European Central Bank Locations: Washington, North America, Europe, Australia, Americas, Zumiez

☆ China's gold rush shows the Chinese still have money to spend — they're just not into Starbucks or Gucci
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

It also reflects that there's money in the system — but Chinese consumers are just really not that keen on dropping their hard-earned cash at Starbucks or Gucci. China's demand for gold jewelry softened in the first quarter of this year due to the surge in gold prices but was still holding up well, according to the council. Gen Z Chinese consumers ditch luxury for goldUnlike the rush into gold assets, Chinese consumers are not running out to buy even more stuff, particularly foreign imports. China's savings rate was around 32% last year — compared to around 4% in the US, according to a McKinsey analysis of official data. "Chinese households are increasingly confronted by the weak long-term Chinese growth outlook and the slumping prices in China's residential real estate market," said Biswas.

Persons: —, Rajiv Biswas, Gen, LVMH Moët Hennessy Louis Vuitton, Gucci, Yves Saint Laurent, Laxman Narasimhan, Nomura, Lynn Song, Jean, Jacques Guiony, Biswas, McKinsey Organizations: Service, Gucci, Business, World Gold, Bloomberg, Starbucks, Huawei, Nomura, ING, McKinsey Locations: Japan, China, American, Greater China

☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ Burberry’s profit slumps by a third as sales in China plunge
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

London — British luxury brand Burberry has reported a 34% drop in annual profit after sales fell sharply in China — its biggest market — in the final three months of last year. The company had previously warned that achieving its goal of taking the 168-year-old brand further upmarket, to become the definition of “Modern British Luxury,” had been harder than expected after demand for luxury had slowed. Sales fell 12% in the final quarter, dragged down by a 19% slump in China, and wiping out gains made earlier in the year, Burberry said Wednesday. Sales in London, its home market, declined 17%, which Chief Executive Jonathan Akeroyd blamed on a lack of tax-free shopping for tourists. The world’s largest luxury group, Louis Vuitton owner LVMH, also reported weak sales in its latest quarter as spending on luxury items slowed.

Persons: ”, Burberry, Jonathan Akeroyd, ” Akeroyd, Akeroyd, Hermes, Prada, Kerring, Louis Vuitton, LVMH, Daniel Lee Organizations: London, Burberry, London Fashion Locations: China, London, Paris, Europe, British, Burberry’s, Americas

☆ Chair of Hang Lung Properties talks business strategy for mainland China’s property market
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChair of Hang Lung Properties talks business strategy for mainland China’s property marketAdriel Chan, chair of Hang Lung Properties, reveals the company's business strategy for mainland China's property market, plus its unique partnership with LVMH on sustainability.

Persons: Adriel Chan Organizations: Hang Lung Properties, Hang Lung, LVMH

☆ After a tough quarter for global luxury, Barclays names 3 stocks to play the sector right now
▼ + stars: | 2024-05-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Consumers, particularly those in China, have been tightening their purse strings and cutting their spending on luxury goods in light of macroeconomic uncertainties. But Barclays notes that several companies in the sector make good plays right now. LVMH Barclays is bullish on French label LVMH and raised its target price by nearly 13.6% to 937 euros ($1,009.18). "We remain confident that Moncler will deliver above-market growth for the rest of 2024," the analysts wrote. Barclays' target price on the stock is 168 Swiss francs ($182.62), which gives it around 28.2% potential upside.

Persons: Christian Dior, Louis Vuitton, Dior, Tiffany, Moncler Organizations: Barclays, Tiffany, Vogue, Richemont Locations: China, Europe, Sephora, Switzerland

☆ Meet Delphine Arnault, Dior CEO and daughter of world's richest man
▼ + stars: | 2024-05-06 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Delphine Arnault, eldest child of LVMH head Bernard Arnault, is the CEO of Christian Dior. Apart from a brief stint at McKinsey, her career has spanned multiple roles for LVMH since 2000. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The eldest daughter of the world's richest man, LVMH CEO Bernard Arnault, the 49-year-old Delphine is now a year into her role as CEO of Dior. Since 2000, her career has spanned multiple roles with LVMH, including CEO of Dior since 2023.

Persons: Delphine Arnault, LVMH, Bernard Arnault, Christian Dior, Louis Vuitton, —, Delphine, Delphine Arnault's Organizations: McKinsey, TAG, Service, Dior Locations: Berluti

☆ See inside this 'ghost' whisky distillery in Scotland that's back from the dead
▼ + stars: | 2024-05-05 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +2 min

Port Ellen Distillery has been a 'ghost' distillery for 40 years, inactive but with available stock. We visited the Port Ellen on it's reopening day, take a look inside. But that doesn't stop it from being a key piece of the billion-dollar scotch whisky industry. Scotch whisky is easy to find on the island; there are even cases lining the airport waiting room. We visited Port Ellen on the day it reopened in March to find out why people pay thousands of dollars for its single-malt Scotch whisky.

Persons: Ellen, It's, Port Ellen, —, Scotland — Organizations: Port, Service, Diageo Locations: Islay, Scotland, Port

For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans. Opinion Guest Essay Make Billionaires Pay (Their Taxes)Until recently, it was hard to know just how good the superrich are at avoiding taxes. Let’s agree that billionaires should pay income taxes equivalent to a small portion — say, 2 percent — of their wealth each year. Billionaires who already pay the baseline amount of income tax would have no extra tax to pay. The idea that billionaires should pay a minimum amount of income tax is not a radical idea.

Persons: Emmanuel Saez, Gabriel Zucman, we’ve, Demetrio Guzzardi, Jeff Bezos, Bezos, Berkshire Hathaway, Warren Buffett, Elon Musk, Bernard Arnault, Arnault’s, Arnault, Reagan, Critics, haven’t, Biden Organizations: Government, Social Security, European Economic Association, Institut des Politiques, Economic, Amazon, Elon, Twitter, Shepard, Getty, Trump, Internal, Abaca, New York, Facebook Locations: United States, Netherlands, States Netherlands Italy France, Italy, France, Tesla, LVMH, America, Europe, Sweden, Germany, Switzerland, U.S, Brazil, South Africa, Spain

☆ Wegovy maker Novo Nordisk down 4%, heads for worst day since October
▼ + stars: | 2024-05-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Shares of Danish pharmaceutical giant Novo Nordisk slid 4% on Friday, extending a 2.7% loss on Thursday as analysts pored over the details of the firm's first-quarter results and monitored a potential rival weight loss treatment. The company reported that sales for its blockbuster injectable weight loss treatment Wegovy, more than doubled to 9.38 billion Danish kroner ($1.4 billion). Novo Nordisk, which also makes diabetes treatment Ozempic, said the rise in sales had offset a slight reduction in prices. Analysts expected even higher weight loss drug sales in the quarter, and some noted that Novo Nordisk's 2024 outlook raise for both sales growth and operating profit was due to one-off accounting adjustments. The boom in demand for weight loss treatments saw Novo Nordisk overtake French luxury group LVMH to become Europe's most valuable company last year.

Persons: Karsten Knudsen, Karen Andersen Organizations: Novo Nordisk, Novo, Morningstar Locations: Novo

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