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☆ Republican sweep is good for markets, says Fenway Summer Ventures' Javier Saade
▼ + stars: | 2024-11-07 | 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 EmailRepublican sweep is good for markets, says Fenway Summer Ventures' Javier SaadeJavier Saade, a venture partner at Fenway Summer Ventures, discusses the impact of the U.S. presidential election on markets.

Persons: Javier Saade Javier Saade Organizations: Fenway, Ventures, Fenway Summer Ventures, U.S

☆ 5 titans of French luxury grew $50 billion richer in a week — and are now worth more than Costco
▼ + stars: | 2024-09-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Five French luxury icons grew $50 billion richer last week on the back of China's stimulus plans. AdvertisementFive titans of French fashion and beauty added a full $50 billion to their fortunes last week, boosting their combined wealth to more than $420 billion. Julien Hekimian/Getty ImagesKering founder François Pinault's net worth rose by $2.3 billion to $25.6 billion last week, placing him 78th on the list. Arnault was worth $24 billion more at $231 billion in March, which made him the world's wealthiest person at the time. Bettencourt Meyers was $7.5 billion richer at $101 billion in June, while the Chanel siblings were each worth about $6.4 billion more at roughly $55 billion around the same time.

Persons: LVMH's Arnault, Chanel, —, stoked, Bernard Arnault, Louis Vuitton, Larry Ellison, Mark Zuckerberg, Françoise Bettencourt Meyers, L'Oréal's, Alice Walton, Francois Guillot, Alain, Gerard Wertheimer, Coco Chanel, Chanel's cofounders, Julien Hekimian, François, Balenciaga, Yves Saint Laurent, Kering, Francois, Henri Pinault, Salma Hayek, MICHAEL TRAN, Rodolphe Saadé, Arnault, haven't, Pinault, Bettencourt Meyers Organizations: Service, Tiffany, Bloomberg, Walmart, Getty, Gucci, CMA CGM, Procter & Gamble, Home, Costco Locations: China, Sephora, AFP

☆ OpenAI saga shows the 'tug of war' in AI development: Fenway Summer Ventures
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpenAI saga shows the 'tug of war' in AI development: Fenway Summer VenturesJavier Saade of Fenway Summer Ventures discusses OpenAI's corporate governance, and the challenge of balancing progress in artificial intelligence while maintaining the welfare of human society.

Persons: Fenway Summer Ventures Javier Organizations: Fenway Summer Ventures

☆ Ousted OpenAI CEO Altman welcome in France, minister says
▼ + stars: | 2023-11-18 | by ( ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, speaks during The Wall Street Journal's WSJ Tech Live Conference in Laguna Beach, California on October 17, 2023. Ousted OpenAI CEO Sam Altman is welcome in France, France's digital minister said in a statement on X, a day after the board of the company behind ChatGPT fired Altman without giving a reason. "Sam Altman, his team and their talents are welcome in France if they want to," Digital Minister Jean-Noel Barrot said in a statement on X on Saturday. It uses generative AI meaning it can learn from past data to create new content including text, images and computer code. In a video message to tech leaders on Friday, Macron said generative AI has huge potential and that France plans a conference about AI in Paris next year.

Persons: Sam Altman, ChatGPT, Altman, Jean, Noel Barrot, Emmanuel Macron, OpenAI, Macron, Xavier Niel, Rodolphe Saade, Eric Schmidt Organizations: OpenAI, Tech, Conference, Digital, Microsoft, French CMA, CMA, U.S Locations: Laguna Beach , California, France, Europe, Paris, French

☆ CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
▼ + stars: | 2023-10-20 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Shipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/ReutersRodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels.

Persons: Rodolphe Saadé, benoit tessier, Saadé Organizations: Shipping, CMA

☆ Apple moved from a top-line growth story to a margins story, says Fenway Summer's Javier Saade
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple moved from a top-line growth story to a margins story, says Fenway Summer's Javier SaadeJavier Saade, Fenway Summer Partner and Wamsi Mohan, Bank of America Securities Sr. Analyst, join 'Closing Bell Overtime' to talk Apple's iPhone 15 reveal.

Persons: Fenway, Javier Saade Javier Saade, Wamsi Mohan Organizations: Email Apple, Fenway, Bank of America Securities

☆ Lebanon PM will not extend central bank governor's mandate
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BEIRUT, July 10 (Reuters) - Lebanon's caretaker premier, Najib Mikati, will not extend the term of central bank Governor Riad Salameh when it ends later this month, the prime minister's office said on Monday. One of Lebanon's four vice governors told Reuters that all four were considering quitting together if no successor is named, raising the possibility of a leaderless central bank amid a deep financial crisis. Mikati's deputy, Saade Chami, told Reuters last week that such a threat was "dangerous" and that the vice governors should "assume their responsibility in case this appointment is not possible." Central bank governors are typically appointed by the president, but parliament has been unable to elect a president to follow Michel Aoun, whose term ended in late October. The central bank governor, who was once a regular at banking conferences and high-end restaurants, is now rarely seen in public except for occasional media interviews.

Persons: Najib Mikati, Riad Salameh, Salameh, Saade Chami, Michel Aoun, Nabih Berri, Berri, Mikati, Maya Gebeily, Mark Heinrich, Leslie Adler Organizations: Reuters, Thomson Locations: BEIRUT, Central

☆ France's Mistral AI raises 105 mln euros shortly after being set up
▼ + stars: | 2023-06-13 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +2 min

The fund-raising highlights the rapid growth of the artificial intelligence (AI) sector as well as Europe's desire to create rivals to Silicon Valley companies such as Microsoft-backed (MSFT.O) OpenAI and Google's (GOOGL.O) DeepMind. Paris-based Mistral AI was set up by former Meta (META.O) and Google artificial intelligence researchers Timothee Lacroix, Guillaume Lample and Arthur Mensch. Mistral AI's fund-raising was led by international venture capital fund Lightspeed Venture Partners. Former Google CEO Eric Schmidt is also a shareholder in Mistral AI. "Bravo to the start-up Mistral AI which has raised 105 million euros just a month after its creation: a record!"

Persons: Schmidt, Xavier Niel, Rodolphe Saade, Timothee Lacroix, Guillaume Lample, Arthur Mensch, Mensch, Mistral, Eric Schmidt, Jean, Noel Barrot, Bravo, Sudip Kar, David Evans, Leslie Adler Organizations: Lightspeed Venture Partners, Microsoft, Meta, JCDecaux, Italy's Exor Ventures, Mistral, Paris, Twitter, Thomson Locations: PARIS, Silicon, DeepMind, Paris, France, Europe, New York , California, London

☆ FBI disrupts hacking tool that Russian spies used to steal information from foreign governments
▼ + stars: | 2023-05-09 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

CNN —The FBI announced Tuesday that it has disrupted a network of hacked computers that Russian spies have used for years to steal sensitive information from at least 50 countries, including NATO governments. It’s the latest move by the Justice Department to more aggressively target foreign spying and criminal rings using custom-built FBI tools. The Russian hacking group that the FBI targeted, known as Turla, is widely believed by experts to be one of the most elite cyber-espionage units in the Russian intelligence services. In 2018, Turla hijacked an Iranian hacking tool to gain access to the network of an unnamed Middle Eastern government, according to researchers. The US and allies’ advisory confirmed that daily Turla hacking operations occur at an FSB facility in Ryazan.

PARIS, April 18 (Reuters) - French shipping group CMA CGM (CMACG.UL) is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday. For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management. Bollore said in a statement that it had agreed to enter into exclusive talks with CMA CGM until May 8. CMA CGM, privately controlled by the founding Saade family, has seen its earnings surge in the past two years on high freight rates and saturated supply chains. Bollore, run by the family of billionaire Vincent Bollore, sold its Bollore Africa Logistics business last year to shipping company MSC Group for 5.7 billion euros.

☆ SVB's crisis isn't a solvency or credit issue but a liquidity one: Advisory firm
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB's crisis isn't a solvency or credit issue but a liquidity one: Advisory firmJavier Saade of Fenway Summer discusses Silicon Valley Bank's collapse and explains why it could have been avoided.

☆ France's CMA CGM to buy New York, New Jersey terminals from Canada's GCT
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - CMA CGM, one of the world's largest container shipping lines, said on Tuesday that it has agreed to acquire two container terminals at the port of New York and New Jersey from Global Container Terminals (GCT), which will extend its presence in a crucial hub for trade. According to Bloomberg, which first reported the news, the deal could fetch around $3 billion. In a statement, CMA CGM said acquired ports in Staten Island, New York, and Bayonne, New Jersey, have a combined capacity of 2 million twenty-foot-equivalent units per year, and has a potential for further expansion, up to almost double capacity. Like its shipping rivals, CMA CGM has extended its presence along the logistics chain in port infrastructure and non-maritime transport services. Reporting by Kanjyik Ghosh and Akriti Sharma in Bengaluru; Editing by Christian Schmollinger and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ France's CMA CGM sees profits ebbing as shipping boom fades
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of CMA-CGM shipping company is pictured on a container in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. French-based CMA CGM, one of the world's largest container lines, reported on Friday a net profit of $7.0 billion for the third quarter, up from $5.6 billion in the year-earlier period. CMA CGM, based in Marseille and privately controlled by the founding Saade family, said its energy costs had increased by $822 million year-on-year in the third quarter. Its soaring profits over the past year drew calls from the French government for CMA CGM to help cushion inflation pressures. CMA CGM responded with shipping discounts for cargoes to France.

☆ Explainer: What's at stake as Lebanon faces presidential vacuum?
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +4 min

What makes electing a president so difficult, what's at stake, and who are the candidates? In the event of a vacuum, presidential powers should pass to cabinet led by Sunni Muslim Prime Minister Najib Mikati. The Maronite community is more politically fractured than others in Lebanon, giving rise to many presidential hopefuls. Anti-Hezbollah lawmaker Michel Mouawad has won the most votes in four unsuccessful presidential election sessions so far, but not enough to win. But analysts and political sources say he would face opposition, notably from the Maronite politician Gebran Bassil, President Aoun's son-in-law and a presidential hopeful himself.

☆ Lebanon deputy PM says state cannot "save all depositors" who lost funds in crisis
▼ + stars: | 2022-10-24 | by ( Maya Gebeily | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSpeaking on local broadcaster LBCI, Chami said the state's plan to plug a $72 billion hole in the financial system would not be able to "save all depositors." Chami said the government's total foreign currency reserves - including its gold deposits - amount to between $25 billion and $30 billion "at best." Parliament still needs to approve a banking resolution framework to address Lebanon's bloated commercial banking sector and a capital controls law. Chami said he expected that most banks would not face problems in paying back depositors or undergoing a restructuring. Register now for FREE unlimited access to Reuters.com RegisterReporting by Maya Gebeily; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Courbit-led group offers 20 euros a share for M6 stake - Bloomberg News
▼ + stars: | 2022-09-25 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A view shows French television group M6 headquarters in Neuilly-sur-Seine, near Paris, France, May 21, 2021. REUTERS/Sarah Meyssonnier/File Photo(Reuters) - French media mogul Stephane Courbit and his investor partners are said to have offered 20 euros ($19) a share for Bertelsmann SE & Co.’s stake in television company Groupe M6, Bloomberg News reported on Sunday. The offer is a 39% premium to Friday’s closing price of 14.43 euros per share, and values the 48% stake around 1.22 billion euros. Czech billionaire Daniel Kretinsky also made an offer for the stake, the report said, citing a person familiar with the matter. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported that RTL’s stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at about 3 billion euros.

☆ Courbit-led group offers 20 euros a share for M6 stake, Bloomberg reports
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows French television group M6 headquarters in Neuilly-sur-Seine, near Paris, France, May 21, 2021. The offer is a 39% premium to Friday's closing price of 14.43 euros per share, and values the 48% stake around 1.22 billion euros. Register now for FREE unlimited access to Reuters.com RegisterReuters could not immediately reach Courbit for comment. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported that RTL's stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at about 3 billion euros. ($1 = 1.0320 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

BERLIN/FRANKFURT, Sept 22 (Reuters) - Initial offers for RTL's 48% stake in French TV channel M6 are expected by Friday after a failed tie-up with France's TF1 broadcaster, a person familiar with the matter said. RTL has been "inundated" with expressions of interest in the M6 stake since TF1 and M6 called off their planned merger last week, its boss Thomas Rabe told the Financial Times on Thursday. Other potential buyers include French media group Vivendi (VIV.PA) and Altice, owned by billionaire Patrick Drahi, alongside Italian media conglomerate MediaForEurope (MFE), Reuters reported on Monday. If RTL wants to sell M6, a deal must be completed by spring 2023, because M6's broadcasting license comes up for renewal in May. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported the RTL's stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at around 3 billion euros.

☆ Roiuri de lăcuste au invadat Libanul după o schimbare a direcţiei vântului
▼ + stars: | 2021-04-26 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Ministerul Agriculturii, aflat în stare de alertă, a declarat luni că efective importante de lăcuste au fost distruse.Până în prezent nu au fost înregistrate pierderi considerabile în agricultură, însă există îngrijorarea că mai multe roiuri ar putea fi împinse de vânt spre sudul ţării, a declarat pentru Reuters ministrul interimar al Agriculturii, Abbas Mortada. Însă regiunile din sudul Libanului deţin mai multe terenuri agricole. "Suntem pregătiţi pentru orice se poate întâmpla", a declarat Mortada.Organizaţia Naţiunilor Unite pentru Alimentaţie şi Agricultură (FAO) a indicat că evenimentul este neobişnuit pentru această zonă, o schimbare a direcţiei vântului împingând lăcustele din Arabia Saudită până în Iordania şi mai departe în Siria şi Liban. ''Este un eveniment foarte rar... locurile de reproducere sunt pe coasta Mării Roşii, coasta nordică a Arabiei Saudite, aşa că ele au fost împinse de vânt în Iordania şi Siria'', a spus Maurice Saade, reprezentatul FAO în Liban. ''Până în prezent (situaţi) este sub control şi în mod cert personal nu văd niciun motiv de panică'', a precizat el.

Persons: Abbas Mortada, Maurice Saade Organizations: Ministerul Agriculturii, Agriculturii, Arabiei Saudite Locations: Libanul, Libanului deţin, Arabia Saudită, Iordania, Siria, Liban, Arabiei

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