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☆ EU members’ China cuddling weakens Brussels’ hand
▼ + stars: | 2023-08-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

Security concerns clash with supply-chain needs and national export ambitions, while state-aid spats gum up the works. European Commission President Ursula von der Leyen will struggle to find a way forward. Von der Leyen on July 31 criticised Beijing for its geopolitical stances, but she needs to keep trade flowing. But Washington’s subsidy-heavy Inflation Reduction Act may also drive the EU closer to China because of its protectionist bent. Von der Leyen’s challenge will be to avoid a trade war or subsidies race while also being mindful of security threats.

Persons: Ursula von der Leyen, Von der Leyen, François, Germany’s, Von der, China’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, European, Eurostat, Reuters Graphics, Mercator Institute for China Studies, Volkswagen, BASF, Thomson Locations: BRUSSELS, China, European Union, Beijing, Europe, “, U.S, Brussels, France, Philippines, Germany, EU

☆ They Review Movies on TikTok, but Don’t Call Them Critics
▼ + stars: | 2023-08-15 | by ( Reggie Ugwu | More About Reggie Ugwu | ) www.nytimes.com time to read: +2 min

Unlike film departments at major metropolitan newspapers or national magazines, individuals on MovieTok generally don’t aspire to review every noteworthy film. “A lot of us don’t trust critics,” said Lucious, 31. “They watch movies and are just looking for something to critique,” he said. “Fans watch movies looking for entertainment.”MovieTok creators are not the first in the history of film criticism to rebel against their elders. And movie bloggers in the 2000s charged print critics with indifference or hostility to superhero and fantasy films.

Persons: Joe Aragon, Monse Gutierrez, Bryan Lucious, Seth Mullan, ”, Lucious, “, François Truffaut, Jean, Luc Godard, du Cinéma, Pauline Kael, Bosley Crowther, “ There’s, Mattias Frey, Noël Carrol Organizations: du, New Yorker, The New York Times, City University of London

☆ CFOs are stepping into a rapidly revolving door
▼ + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.

Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss

☆ In Paris, an Apartment With a Rebellious Streak
▼ + stars: | 2023-08-11 | by ( Ellie Pithers | ) www.nytimes.com time to read: +1 min

Bousquet’s latest project is a one-bedroom pied-à-terre on the Left Bank full of surprising juxtapositions that take their lead from the eclectic contemporary art collection of its owner — a young Parisian gallerist. The moody, dimly lit ground floor features a minimalist stainless steel-clad kitchen and a sunken dining room with a mezzanine just big enough to accommodate a guest bed. Off the kitchen, a small courtyard, planted by the Paris-based landscape gardener Swandy Wenker, is bursting with glossy Japanese aralia, tree and bird’s nest ferns and fragrant jasmine. A cozy blue-ceilinged bedroom and connecting bathroom are tucked away at the back. The effect is as though a rebellious young woman has moved into her grandmother’s apartment and made it her own.

Persons: —, François Mansart, Swandy Wenker, Max Lamb’s, Nero, casement Organizations: Left Bank Locations: Paris, British, Seine

☆ Champagne sales are booming. But its taste could soon change forever — thanks to climate change
▼ + stars: | 2023-08-08 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

More than 325 million bottles of champagne were shipped from Champagne in 2022, according to Comité Champagne. More than 325 million bottles of champagne were shipped from Champagne in 2022, surpassing 6 billion euros ($6.6 billion) in sales for the first time, according to champagne trade association Comité Champagne. International brands are aware of the huge impact climate change can have on their businesses. A bar tender pours a bottle of Taittinger Champagne. Matt Hodson Founder of English wine retailer Grape Britannia

Persons: Comité Champagne, Dave Kotinsky, Sandrine Sommer, Moët Hennessy, Matt Hodgson, Francois Nascimbeni, Hodgson, Sommer, Champagne, Claire Sarazin, Tom Hewson Champagne, Sarazin, Tom Hewson, Susy Atkins, who've, Atkins, Taittinger, Pommery, Carlo Paloni, Matt Hodson Organizations: Getty, CNBC, Afp, Bafta Locations: Champagne, United States, Britain, Japan, Ville, Reims, France, Montgueux

☆ Stocks making the biggest moves premarket: Block, Tupperware, Nikola and more
▼ + stars: | 2023-08-04 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images)Check out the companies making headlines before the bell Friday. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts polled by Refinitiv. Block — Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents, according to Refinitiv. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv.

Persons: JEAN, FRANCOIS MONIER, Refinitiv, Nikola —, Nikola, Fortinet, DraftKings, Yun Li, Sarah Min Organizations: Tupperware Brands, AFP, Getty, Apple —, Refinitiv, Revenue, Holdings, Opendoor, Opendoor Technologies, StreetAccount Locations: Joue, France, AFP, Refinitiv, U.S, Canada

☆ Austrian leader backs far-right idea of enshrining cash in constitution
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Austrian Chancellor Karl Nehammer delivers his speech during a session of the Parliament in Vienna, Austria, May 12, 2023. REUTERS/Leonhard Foeger/File PhotoVIENNA, Aug 4 (Reuters) - Austria's conservative Chancellor Karl Nehammer wants the right to use cash enshrined in the constitution, he told Austrian media in remarks published on Friday, an idea the far-right Freedom Party has been pushing for years. Most opinion polls show the anti-immigration Freedom Party (FPO) in first place with a clear lead over the opposition Social Democrats and Nehammer's conservatives, who are in a two-party coalition with the left-wing Greens. "The issue of cash is very important to people," Nehammer told Austrian media, including news agency APA. "It is important to me that cash be written into the constitution," APA quoted him as saying.

Persons: Karl Nehammer, Leonhard Foeger, Nehammer, Magnus Brunner, Herbert Kickl, Francois Murphy, Christina Fincher Organizations: REUTERS, Austrian, Party, Social Democrats, Greens, APA, Thomson Locations: Vienna, Austria

☆ Rothschild & Co's first-half sales fall 10% amid weak M&A activity
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photoPARIS, Aug 3 (Reuters) - Rothschild & Co (ROTH.PA), the Paris-listed investment bank being taken private by its owners, reported on Thursday a 10% fall in first-half sales, driven by a plunge in dealmaking activity. Rothschild said its first-half net income, group share, nearly halved from a year earlier to 128 million euros. In a call with reporters, Managing Partner Francois Perol confirmed the investment bank expected net income to more than halve this year due to the sharp fall in dealmaking. He said the consortium that seeks to take the company private already owned more than 80% of the shares following the buyout offer valuing Rothschild at 3.7 billion euros. Concordia, the bank's controlling shareholder and holding company of the Rothschild family, was joined by three of France's wealthiest families in the take-private transaction.

Persons: Dado Ruvic, Rothschild, Francois Perol, Mathieu Rosemain, Susan Fenton Organizations: Rothschild, REUTERS, Rothschild & Co, Global, Concordia, Thomson Locations: PARIS, Paris, dealmaking, Rothschild

☆ Central Africa vote in referendum could extend Touadera's rule
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +2 min

BANGUI, July 30 (Reuters) - Central African Republic is voting on a constitutional referendum on Sunday which, if it passes, could remove a presidential term limit and allow President Faustin-Archange Touadera to run for a third term in 2025. Touadera was first elected in 2016 for a five-year term and won reelection in 2020 for what was supposed to be his final term in office. Opposition parties and some civil society groups have called for a boycott of the referendum, saying it was designed to keep Touadera in power for life. What I really want is stability for the country to progress," said Laurent Ngombe, a teacher and one of the first people to vote. Reporting by Judicael Yongo Writing by Bate Felix Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Faustin, Touadera, I'm, Laurent Ngombe, Francois Bozize, Russia's Wagner, Judicael, Bate Felix, Bernadette Baum Organizations: Thomson Locations: BANGUI, African Republic, Bangui, France, Touadera, Russia

☆ Kering dons Valentino scent to ease Gucci malaise
▼ + stars: | 2023-07-28 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Adding the maker of pricey Rockstud bags could help it reduce its dependency on tottering star brand Gucci. Kering’s stake purchase values the whole brand at 5.7 billion euros, or 16 times its EBITDA of 350 million euros last year. Kering will pay 1.7 billion euros for the stake in cash. Valentino had revenue of 1.4 billion euros and a recurring EBITDA of 350 million euros in 2022. Kering’s star brand Gucci rose just 1% on an organic basis.

Persons: Henri Pinault, Valentino, Gucci, Valentino Garavani, LVMH, Sabato De Sarno, Alessandro Michele, Marco Bizzarri, Kering, George Hay, Streisand Neto, Oliver Taslic Organizations: MILAN, Reuters, Thomson

Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas. But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value. TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target. TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year. TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.

Persons: Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter Organizations: TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson Locations: Toronto, Columbia, Newhaven, United States, Kansas

[1/5] Canada's Prime Minister Justin Trudeau poses for a family photo with cabinet ministers, following a cabinet shuffle, at Rideau Hall, in Ottawa, Ontario, Canada, July 26, 2023. Dominic LeBlanc becomes public safety minister, taking over for Marco Mendicino, and Arif Virani moves from the back benches to become justice minister. "The shuffle does send a clear message that the government is aware that their current standing with the electorate is not healthy." An Abacus Data poll out on Wednesday shows his party opening up a big lead on the Liberals with 38% to 28% in public support. Poilievre pounced on the shuffle, calling it evidence of the prime minister's failures.

Persons: Justin Trudeau, Blair Gable OTTAWA, Trudeau, Chrystia Freeland, Francois, Philippe Champagne, Melanie Joly, Sean Fraser, Dominic LeBlanc, Marco Mendicino, Arif Virani, Bill Blair, Anita Anand, Frank Graves, Pierre Poilievre, Poilievre pounced, Shachi Kurl, Angus Reid, David Ljunggren, Steve Scherer, Paul Simao, Mark Heinrich, Deepa Babington Organizations: Canada's, Rideau Hall, REUTERS, Canadian, Finance, Innovation, Infrastructure, Defense, Conservative, Abacus, Twitter, New Democrats, Angus, Angus Reid Institute, Conservatives, Liberals, Thomson Locations: Ottawa , Ontario, Canada

The official opposition Conservatives, who blame Trudeau for housing shortage and spiking inflation, have consistently been ahead in the polls for over year. "Bringing in fresh energy with new members and new challenges was important for our economic team in particular," Trudeau told reporters after the shuffle. [1/5]Canada's Prime Minister Justin Trudeau poses for a family photo with cabinet ministers, following a cabinet shuffle, at Rideau Hall, in Ottawa, Ontario, Canada, July 26, 2023. REUTERS/Blair GableConservative leader Pierre Poilievre pounced on the shuffle, calling it evidence of the prime minister's failures. "Justin Trudeau may have fired many of his cabinet ministers today, but he's just as out of touch as ever, doubling down on his inflationary, high-spending and high-taxing ways," he said in a statement.

Persons: Justin Trudeau, Trudeau, Chrystia Freeland, Francois, Philippe Champagne, Melanie Joly, Sean Fraser, Frank Graves, Blair Gable, Pierre Poilievre pounced, Jagmeet Singh, Kurl, Angus Reid, David Ljunggren, Steve Scherer, Ismail Shakil, Paul Simao, Mark Heinrich, Deepa Babington, Mark Porter Organizations: OTTAWA, Canadian, Liberal, Finance, Innovation, Infrastructure, Conservatives, Abacus, Canada's, Rideau Hall, REUTERS, Blair Gable Conservative, New Democrats, New, Angus, Angus Reid Institute, Liberals, Thomson Locations: Ottawa , Ontario, Canada

☆ Burkina Faso fashion designer weaves new life into ancient fabric
▼ + stars: | 2023-07-26 | by ( Thiam Ndiaga | ) www.reuters.com time to read: +3 min

[1/5] A collection of Burkina Faso fashion designer Francois Yameogo, who built a facility specializing in the production of Faso Danfani, the country's traditional fabric, is exhibited in his workshop in Ouagadougou, Burkina Faso July 25, 2023. REUTERS/Ndiaga ThiamKOUDOUGOU, Burkina Faso, July 26 (Reuters) - Amid the rhythmic clatter of traditional wooden looms, artisans at a workshop in rural Burkina Faso spin indigo-dyed cotton into sprawling lengths of cloth, destined for modern suits designed by the nation's foremost couturier. Twenty years ago, Paris-based fashion designer François Yameogo returned to his native Burkina Faso to build a facility specialising in making Faso Danfani, the country's traditional fabric, for use in his signature indigo sport coats. This keeps domestic fabric prices artificially low, deters investment in modern technology and exacerbates poverty, according to the United Nations food agency. "The ruling junta's Faso Danfani mandate is already visible among officials sporting Yameogo's creations, including the prime minister.

Persons: Francois Yameogo, François Yameogo, Yameogo, Marc Jacobs, Cooper Inveen, Mark Heinrich Our Organizations: REUTERS, United, Thomson Locations: Burkina Faso, Faso, Ouagadougou, Paris, United Nations, junta's Faso

One well-placed Liberal source said Defence Minister Anita Anand was in the running to take over at Treasury Board, which has overall control of government spending. The Liberal source said seven ministers would be leaving the cabinet. The Canadian Broadcasting Corp, which also said seven would go, named Justice Minister David Lametti and Public Safety Minister Marco Mendicino as among the departees. Transport Minister Omar Alghabra, 53, said he would leave the cabinet immediately and not run in the next election. Public Procurement Minister Helena Jaczek, 72, and Fisheries Minister Joyce Murray, 69, said they also would not run again.

Persons: Justin Trudeau's, Trudeau, Chrystia Freeland, Francois, Philippe Champagne, Anita Anand, David Lametti, Marco Mendicino, Omar Alghabra, Helena Jaczek, Joyce Murray, Carolyn Bennett, Alghabra, David Ljunggren, Paul Simao, Jonathan Oatis Organizations: OTTAWA, Liberal Party, Innovation, Treasury Board, Liberal, Canadian Broadcasting Corp, Public Safety, Public Procurement, Fisheries, Mental, New Democrats, Thomson Locations: Jaczek

OTTAWA, July 24 - Canada's Liberal Prime Minister Justin Trudeau is planning to reshuffle his cabinet this week, likely replacing ministers deemed to have struggled in their posts or who are not planning on running again in the next election, two government sources said. It is common for cabinet members to clear their schedules and be called to Ottawa ahead of a reshuffle. Speaking to reporters in Toronto, the 72-year-old minister did not say whether she would stay in government in the meantime, adding only that she would do "whatever the prime minister wants me to do". The most influential ministers including Deputy Prime Minister and Finance Minister Chrystia Freeland, Foreign Minister Melanie Joly, Innovation Minister Francois-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson are expected to keep their jobs. Trudeau won a parliamentary majority in 2015 but was reduced to leading a minority government after elections in 2019 and 2021.

Persons: Justin Trudeau, Trudeau, Carolyn Bennett, Marco Mendicino, Chrystia Freeland, Melanie Joly, Francois, Philippe Champagne, Jonathan Wilkinson, Steve Scherer, David Ljunggren, Deepa Babington, David Holmes Organizations: OTTAWA, Canada's Liberal, Canadian Broadcasting Corp, Mental, Liberal, Monday, Public Safety, Finance, Innovation, Natural Resources, New Democrats, Conservatives, Liberals, Thomson Locations: Ottawa, Toronto

☆ F5 results beat estimates as client spending on cloud applications rise
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - F5 (FFIV.O) beat third-quarter revenue and profit estimates on Monday, benefiting from higher customer spending on its cloud-related technology, sending its shares up nearly 9% after the bell. After a cut back in expenses related to software and hardware for several quarters, analysts say companies are now slowly increasing their spending in certain areas. F5's revenue and profit forecasts for the fourth quarter were largely in line with estimates. It expects revenue in the range $690 million to $710 million. Per share earnings are seen in the range $3.15 to $3.27, compared to the estimate of $3.22.

Persons: François, Donou, Refinitiv, Zaheer Kachwala, Yuvraj Malik, Pooja Desai Organizations: Thomson

☆ TC Energy to sell 40% in Columbia gas transmission systems for $4 bln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Canada's TC Energy (TRP.TO), best known for its Keystone oil pipeline, will divest a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for C$5.2 billion ($3.95 billion) to Global Infrastructure Partners (GIP). TC was on course to deliver on its target to divest C$5 billion of assets by the end of the year, CEO François Poirier said in April. Columbia Gas and Columbia Gulf will be held in a new joint venture partnership and TC will remain the operator under the deal, which is expected to close in the fourth quarter. The pipelines span more than 15,000 miles and deliver a substantial portion of daily U.S. natural gas demand, including about 20% of U.S. liquefied natural gas (LNG) export supply, according to TC Energy. ($1 = 1.3180 Canadian dollars)Reporting by Arshreet Singh; Editing by Shounak Dasgupta and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: François Poirier, TotalEnergies, Arshreet Singh, Shounak Dasgupta, Sriraj Organizations: Canada's TC Energy, Keystone, Columbia, Transmission, Global Infrastructure Partners, TC, Columbia Gas, GIP, TC Energy, Thomson Locations: The Calgary , Alberta, British Columbia, U.S, Rio Grande

Kering, the French luxury goods company that owns brands like Balenciaga, Alexander McQueen and Yves Saint Laurent, surprised the fashion industry this week when it announced a sweeping reorganization of its top ranks, including the departure of Marco Bizzarri, the longtime chief executive of Gucci, Kering’s premier brand. Activists have turned on the luxury industry in recent years. Dan Loeb’s Third Point as well as Artisan Partners called for change at Richemont, the owner of jewelry brands like Cartier and Van Cleef & Arpels. But the most active recently is Bluebell, a four-year-old, $250 million firm that has also taken aim at Richemont, and the fashion brand Hugo Boss. Bluebell failed to persuade fellow Richemont shareholders to add Francesco Trapani, the former chief executive of Bulgari, as a director, but the conglomerate agreed to give public investors more influence.

Persons: Alexander McQueen, Yves Saint Laurent, Marco Bizzarri, Gucci, François, Henri Pinault, Kering, Dan Loeb’s, Van Cleef, Hugo Boss, Bluebell, Francesco Trapani Organizations: Kering’s, Bluebell Capital Partners, Partners, Cartier, BlackRock, GlaxoSmithKline Locations: London

☆ Paris success in attracting London banks boosts balance of payments
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 20 (Reuters) - France's post-Brexit success in attracting banks from London to Paris has exceeded expectations and is increasingly showing up in the country's balance of payments, the central bank said on Thursday. Those efforts are paying off as a number of Wall Street banks like Bank of America or JPMorgan have bulked up in Paris, setting up regional trading hubs in the French capital. "Paris' post-Brexit success has been spectacular, it's recently been picking up and exceeds our expectations," Bank of France Governor Francois Villeroy de Galhau told journalists as he presented an annual report on France's balance of payments. The trend is even showing up in balance of payments data with financial firms relocated from London to Paris contributing 1.5 billion euros ($1.7 billion) to France's financial services surplus last year, the central bank said. Reuters Graphics($1 = 0.8921 euros)Reporting by Leigh Thomas; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Leigh Thomas, Angus MacSwan Organizations: Bank of America, JPMorgan, Bank of France, Financial, CMA, Reuters Graphics, Thomson Locations: London, Paris, Frankfurt, Amsterdam, Dublin, France

☆ Next Gucci CEO may have toughest job in luxury
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic

☆ Gucci CEO Marco Bizzarri to step down as parent company chases global luxury boom
▼ + stars: | 2023-07-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The president and CEO of Gucci will step down later this year as part of a leadership overhaul at its French parent company Kering aimed at capturing more of the booming global market in luxury goods. Marco Bizzarri, who has been at the helm since 2015, will leave on September 23, Kering said in a statement Tuesday. Jean-François Palus, who currently serves as Kering’s managing director, will take over on a transitional basis. “We are building a more robust organization to fully capture the growth of the global luxury market,” Pinault said. Meanwhile, Kering’s shares have risen nearly 11% over the same period, which is much closer to the average stock price increase of 8.4% for all companies in the benchmark Stoxx Europe 600 index.

Persons: Gucci, Kering, Marco Bizzarri, Jean, François, Yves Saint Laurent, ” François, Henri Pinault, ” Gucci, ” Pinault, —, Christian Dior Organizations: London CNN, Hermès International, Christian

☆ Why waiting for A.I. laws, regulations from government could be a catastrophic mistake
▼ + stars: | 2023-07-19 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +8 min

Sam Altman, chief executive officer of OpenAI, parent company of ChatGPT, warns AI poses risk of human extinction, and Geoffrey Hinton, known as the "godfather of AI," cautions that AI can bring a dangerous future. These AI leaders and others support intervention from the federal government and other industry leaders before AI proliferates throughout society. With rapid growth, Palmer said companies of all sizes need to track AI efforts and disclose the information publicly. After a company has established metrics for tracking AI, or even while it's figuring that out, companies need to do a risk assessment for AI, Palmer said. "Within most companies, AI doesn't have an owner," Palmer said.

Persons: Sam Altman, Geoffrey Hinton, Altman, Asha Palmer, Palmer, Genies, Akash Nigam, Nigam, we've, ChatGPT, François, Candelon, Let's Organizations: OpenAI, CNBC, Google, Microsoft, Samsung, Organization for Economic Cooperation, IT, Boston Consulting Group's Henderson Institute Locations: Washington , DC, OpenAI, Japan

☆ Gucci CEO Bizzarri to leave company in September
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Kering (PRTP.PA) managing director Jean-Francois Palus has been appointed to lead star label Gucci after a management reshuffle at the top ranks of the French luxury goods company. Marco Bizzarri, Gucci's president and chief executive since 2015, will leave the company on Sept. 23, the French owner of Italian brand Kering said on Tuesday. As part of the changes, Francesca Bellettini, who has run fast-growing fashion label Yves Saint Laurent since 2013, has been named Kering's deputy CEO in charge of brand development while group finance chief Jean-Marc Duplaix has been named as Kering deputy CEO in charge of operations and finance. “We are building a more robust organisation to fully capture the growth of the global luxury market," Kering Chairman and CEO Francois-Henri Pinault said in a statement Tuesday. Reporting by Piotr Lipinski and Mimosa Spencer Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean, Francois Palus, Gucci, Marco Bizzarri, Kering, Francesca Bellettini, Yves Saint Laurent, Marc Duplaix, Francois, Henri Pinault, Piotr Lipinski, Mimosa, David Goodman Organizations: Thomson

For years, Marco Bizzarri was one of the most well-known and respected executives in the global luxury business. Bald and boldly suited, he was the architect behind the meteoric success of Gucci, the largest fashion brand in the stable owned by the French group Kering, which also includes Balenciaga, Bottega Veneta and Saint Laurent. The news was buried in the third paragraph of a memo Kering released that outlined a major organizational shake-up as François-Henri Pinault, the chairman and chief executive, tries to write a new chapter for the fortunes of Gucci and the conglomerate. In the same announcement, Kering said Francesca Bellettini, the chief executive of Yves Saint Laurent, would become the conglomerate’s deputy chief executive for brand development, a promotion that will require all Kering brand chief executives to report to her and make her one of the most powerful women in the luxury industry. Jean-Marc Duplaix, Kering’s chief financial officer, will also become a deputy chief executive, overseeing operations and finance.

Persons: Marco Bizzarri, Gucci, Saint Laurent, Alessandro Michele, Bizzarri’s, Kering, Henri Pinault, Francesca Bellettini, Yves Saint Laurent, Jean, Marc Duplaix Organizations: Saint, Gucci Locations: Bottega Veneta

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