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☆ Portfolio manager discusses U.S. economy, prospects of a hard landing
▼ + stars: | 2023-09-26 | 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 EmailU.S. economy: I'm surprised some think a hard landing is off the table, portfolio manager saysDavid Rainey of Hennessy Focus Fund says "historically in the U.S., it's taken two to three years of restrictive monetary policy to break the back of inflation."

Persons: David Rainey, Hennessy, it's Organizations: U.S Locations: U.S

☆ Costco, Lowe's, Best Buy, and Tractor Supply are winning the battle against retail theft in a strikingly similar way
▼ + stars: | 2023-09-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Retail executives generally agree that retail theft is worse than they've ever seen. Even so, leaders from Costco, Lowe's, Best Buy, and Tractor Supply have said their businesses aren't so affected. The companies have five striking similarities that are helping them win the war on retail theft. "Organized retail crime is worse now than I've ever seen it," Tractor Supply CEO Hal Lawton told Insider in August. Meanwhile, a typical Tractor Supply location may have as many as eight people working in a relatively small, 20,000 square-foot store.

Persons: Hal Lawton, I've, Marvin Ellison, Corie Barry, Richard Galanti, We've, Lawton, Dominick Reuter, John Tlumacki, Ben Tobin, they're, Paul Hennessy, Lowe's, Mario Tama, Barrie, Ellison Organizations: Costco, Lowe's, Tractor Supply, Service, Goldman Sachs, Conference, Supply, Massachusetts Costco, Boston Globe, Getty, Electronics, Retailers, Tractor Locations: Wall, Silicon, Massachusetts, Costco, Orlando

☆ Ozempic maker Novo Nordisk isn't just Europe's second-most valuable company. It is also singlehandedly boosting Denmark's economy.
▼ + stars: | 2023-09-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ozempic-maker Novo Nordisk is Europe's second-largest company by market capitalization. It's also boosting Denmark's economy all on its own. AdvertisementAdvertisementNot only that, Novo Nordisk has also been propping up Denmark's economy all on its own. Jonas Petersen, an analyst at Denmark's statistics department, further told the AFP that the trend is "changing the picture of the economy." Denmark's statistics department and Danske Bank's Olsen did not immediately respond to requests from Insider for comment sent outside regular business hours.

Persons: It's, would've, LVMH Moët Hennessy Louis Vuitton, Elon Musk, Amy Schumer, they've, Las Olsen, Jonas Petersen, Bank's Olsen Organizations: Novo Nordisk, pharma, Service, Novo Nordisk's, Novo, Danske Bank, AFP, Nordisk Locations: Wall, Silicon, Europe

☆ Kevin Hart's tequila brand strikes deal with Philadelphia Eagles as spirits push deeper into sports
▼ + stars: | 2023-09-14 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +4 min

When the Philadelphia Eagles kick off their home opener on Thursday Night Football, the NFL team will also start a new sponsorship deal with Gran Coramino, the luxury tequila brand co-founded by comedian, entrepreneur and Philadelphia native Kevin Hart. Hart told CNBC's Frank Holland in an exclusive interview about the agreement. The Eagles hope to seize on the recent success of celebrity spirits brands, and a rise in tequila sales, as many U.S. drinkers drop beer in favor of liquor. Hart told CNBC, "It's a massive win! In recent years, spirits brands have made a push into sports sponsorships with the major American leagues.

Persons: Kevin Hart, Hart, CNBC's Frank Holland, Gran Coramino, Brian Napoli, Jalen, I've, Jaegermeister, Hennessey, Rick Pineda, Jean Baptiste Descours, Hennessy Organizations: Philadelphia Eagles, NFL, Gran Coramino, Philadelphia, Eagles, Lincoln Financial, Global Brands, Corporate, Kansas City Chiefs, CNBC, Budweiser, Brooklyn Trolley Dodgers, Sports, National Hockey League, Major League Baseball, NBA, Spirits, Diageo Locations: Philadelphia, Gran

☆ Elon Musk's control of Starlink gives him unchecked power over elected governments
▼ + stars: | 2023-09-13 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +9 min

Elon Musk's control over Starlink is in the spotlight after he thwarted a Ukrainian attack. "If the Ukrainian attacks had succeeded in sinking the Russian fleet, it would have been like a mini Pearl Harbor and led to a major escalation," Musk told Isaacson. (Musk later reassured a Russian ambassador that Ukraine would not be able to use Starlink for offensive operations, according to Isaacson). AdvertisementAdvertisementAs Ukrainian officials see it, sinking Russia's fleet, if that was indeed a possibility, would have prevented hundreds of missiles from raining down on the country's infrastructure, and spared civilian lives. Even if it wanted to change Musk's mind, it is not clear that it can actually compel him to do anything when it comes to Ukrainian attacks on territory controlled by Russia.

Persons: Elon, Musk, —, Walter Isaacson, Isaacson, Starlink, Biden, Pettyjohn, it's, Paul Hennessy, David Frum, George W, Bush, Nicholas Grossman, Grossman, Joe Biden, Josh Marshall, cdavis@insider.com Organizations: Service, SpaceX, Fleet, Russian, Pentagon, Ukraine, Center, New, New American Security, Defense Department, Falcon, Getty, University of Illinois, Daily, Washington, Twitter Locations: Wall, Silicon, Sevastopol, Crimea, Ukraine, Crimean, Russian, Sevastopol —, United States, New American, Washington, Ukrainian, Russia

☆ Google CEO says he isn't worried about catching up to OpenAI after declaring a 'code red': 'I feel very comfortable about where we are.'
▼ + stars: | 2023-09-12 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Google CEO Sundar Pichai isn't in a rush to catch up to OpenAI, he told Wired. Releasing Google's AI products before ChatGPT was launched "wouldn't have worked out as well," he said. Pichai's thoughts on AI come months after the CEO declared a "code red" for Google's search engine. "In some ways, it was an exciting moment for me, because we are building that underlying technology and deploying it across our products," Pichai told Wired in an interview published on Monday. Since the disastrous demo, Google has announced a slate of new AI products.

Persons: Sundar Pichai isn't, ChatGPT, OpenAI, Sundar Pichai, Pichai, —, Bard, James Webb, John Hennessy Organizations: Wired, Service, Microsoft, Google, James Webb Space, Gmail Locations: Wall, Silicon

☆ DeSantis is taking aim at 'zombie studies' on the campaign trail. It's a real thing
▼ + stars: | 2023-09-06 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

Her course lessons include chemical zombification, bacterial zombification and fungal zombification. Lauro, the University of Tampa professor, is scheduled to give a talk in Frankfurt, Germany, this month called, "Who's Afraid of Zombie Studies?" "The talk is pretty much entirely about this DeSantis nonsense, as well as what DeSantis is doing to education in Florida," Lauro said. Since DeSantis has taken aim at Black history, I think we can connect the dots on why the idea of 'zombie studies' gets under his skin so much. The first wave of zombie fiction hit the U.S. in the late 1920s, during the time of the Great Depression.

Persons: Ron DeSantis, Paul Hennessy, Lightrocket, Eric Smaw, DeSantis, Smaw, automatism, Tatiana Tatum, Tatum, Gino Del Guercio, Del Guercio, Lauro, Sarah Juliet Lauro Organizations: Florida Gov, Rollins College, Rollins College In, Saint Xavier University in, Getty, Harvard Magazine, University of Tampa, Studies, Florida's Department of Education Locations: Florida, Auburndale , Florida, Winter Park , Florida, Canadian, Saint Xavier University in Chicago, tetrodotoxin, pufferfish, Haiti, Frankfurt, Germany, Africa, Caribbean, Hollywood

☆ Novo Nordisk, the maker of Wegovy and Ozempic is now Europe's most valuable company
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Novo Nordisk has dethroned Bernard Arnault’s luxury goods giant LVMH as Europe’s most valuable company. At the close of trading Monday, Novo Nordisk (NVO) had a market capitalization of 2.96 trillion Danish krone ($428 billion). “We are just scratching the surface,” Novo Nordisk CEO Lars Fruergaard Jørgensen told CNN’s Meg Tirrell in a recent interview. Novo Nordisk has raked in almost 49 billion Danish krone ($7 billion) in profit over the first six months of this year, up 30% from the same period in 2022. Booming sales of its drugs have led to an influx of US dollars into Denmark’s economy, pushing up the value of the Danish krone.

Persons: Bernard, Wegovy, Louis Vuitton, Hennessy, —, “, Steve Barclay, Carsten Snejbjerg, Lars Fruergaard Jørgensen, CNN’s Meg Tirrell, …, ” Organizations: London CNN — Novo Nordisk, Novo Nordisk, Louis, Health Service, Health, Social Care, Nordisk, Nordisk's, Bloomberg, Getty, World Health Organization, Danish krone, European Central Bank, Novo, UBS, Wegovy Locations: Danish, Ozempic, Wegovy, United States, Copenhagen, Denmark, Denmark’s, Novo Nordisk’s

A coffee machine featuring Novo Nordisk logo is seen at the company headquarters in Copenhagen, Denmark, February 5, 2020. REUTERS/Jacob Gronholt-Pedersen/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Danish drugmaker Novo Nordisk briefly unseated LVMH (LVMH.PA) as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top. At 0843 GMT, Novo Nordisk (NOVOb.CO) had a market capitalisation of $421 billion including unlisted stock, according to Refinitiv data and company disclosures of its share count. By 1031 GMT, Novo Nordisk shares were up 1% while LVMH shares were down 0.4%. LVMH shares have fallen 13.8% from an all-time high hit in April, underperforming Europe's broader STOXX 600 which is down around 1.9% in the same time frame.

Persons: Jacob Gronholt, Pedersen, LVMH, Ozempic, Wegovy, Novo's, Louis Vuitton, Marcel Stotzel, Stotzel, Eli Lilly, Axelle Pinon, Mounjaro, Novo, Carmignac's Pinon, Hennessy, Tiffany, Fiona Cincotta, Hermes, Samuel Indyk, Amanda Cooper, Catherine Evans Organizations: Novo Nordisk, REUTERS, Nestle, Dior, Fidelity European Fund, Fidelity European Trust, Barclays, Index, Financiere, Thomson Locations: Copenhagen, Denmark, Danish, LVMH, United States, China, Covid

☆ Wein: Until the next Fed decision, the markets won't have any conviction
▼ + stars: | 2023-08-30 | 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 EmailWein: Until the next Fed decision, the markets won't have any convictionJosh Wein, Portfolio Manager at Hennessy Funds, discusses earnings season, stocks during August, and global growth drivers.

Persons: Wein, Josh Wein Organizations: Funds

☆ How a couple turned a plot of land on the island of Sumba into a 4-level resort with suites and villas that go for up to $1,100 a night
▼ + stars: | 2023-08-28 | by ( Claire Turrell | ) www.businessinsider.com time to read: +9 min

Fabrice and Eve Ivara bought a plot of land in 2017 on the wild island of Sumba in Indonesia. Guests can stay in suites and villas on the beach at Cap Karoso for up to $1,100 a night. "I didn't speak any of it at the time, so I learned my speech by heart," Eve Ivara said. They hired a luxury-travel public-relations company to work with the media, and Eve Ivara curated the Instagram page. AdvertisementAdvertisement"Our guests have already done things we haven't yet had the chance to do, as we've been so busy," Eve Ivara said.

Persons: Fabrice, Eve Ivara, Eve, Fabrice Ivara, Moët Hennessy, they'd, Ivara, we'd, Karoso, Gary Fell, Fell, Cap Karoso, couldn't, Philippe Guiglionda, De, lockdowns, we've Organizations: Karoso, Service, KPMG, GFAB Architects, Design Locations: Sumba, Indonesia, Wall, Silicon, France, Spain, Norway, Bali, Seminyak, Maldives, Paris, British, London, Singapore, Indonesian, Karoso, Asia

☆ Plant-Based Plastics Gain Favor as Companies Pursue Sustainability Goals
▼ + stars: | 2023-08-17 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Plant-based plastic, that is. However, the environmental benefits of plant-based plastics are increasingly appealing to companies promising to use more sustainable materials by the end of the decade. Plants absorb the atmosphere’s carbon dioxide, which cuts the greenhouse-gas emissions from making bioplastics to at least half that of fossil-fuel-based plastics. A Lululemon shirt containing plant-based nylon. Only plant-based plastics that are chemically identical to fossil-fuel–based versions can enter the existing and growing recycling infrastructure.

Persons: Bioplastics haven’t, Michael Carus, “, ” Carus, Eastman, Chris Killian, bioplastics, Warby Parker, ”, Biden, Manav, olefins, Dow, bioethylene, LVMH Moët Hennessy Louis, Haley Lowry, Dieter Holger Organizations: Sustainable Business, Kodak, U.S . Defense Department, European, dieter.holger Locations: China, Japan, biomanufacturing, U.S, Iowa

Ahead of the contest, Australian Ethan Ewing experienced Teahupo'o's ferocity, fracturing two vertebrae during a warmup and putting the world No. 3 in doubt for the one-day Rip Curl WSL Finals in California next month to decide a world champion. The win gives Robinson the remaining spot at next month's Finals to go with his Olympic qualification secured earlier in the competition. Medina just missed out on both the Finals and the Brazil Olympic team. Simmers or Marks will qualify along with reigning world and Olympic champion Carissa Moore on Team USA depending on their final ranking after the Finals at Lower Trestles in San Clemente.

Persons: Jack Robinson, Caroline Marks, Caitlin Simmers, Marks, Teahupo'o, Ethan Ewing, Robinson, Medina, pip Medina, Carissa Moore, Joao Chianca, Griffin Colapinto, John John Florence, Leonardo Fioravante, Kanoa Igarashi, Jordy Smith, Matthew McGillivray, Moore, Tyler Wright, Molly Picklum, Tatiana Weston, Johanne Defay, Brisa Hennessy, Teresa Bonvalot, Jamie Freed Organizations: Tahiti Pro, Wednesday, Paris Olympics, Olympic, Brazil Olympic, Team USA, Lower, MEN Filipe Toledo, Lincoln, Thomson Locations: California, Western Australia, Lower Trestles, San Clemente, Brazil, USA, Australia, Italy, Japan, South Africa, Webb, France, Costa Rica, Portugal, CALIFORNIA, Toledo, Hawaii, Sydney

☆ Decarbonization efforts in businesses are driven by customers, not investors: Portfolio manager
▼ + stars: | 2023-08-16 | 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 EmailDecarbonization efforts in businesses are driven by customers, not investors: Portfolio managerBill Davis from Hennessy Funds who manages an ESG portfolio, explains why he likes Nucor.

Persons: Bill Davis, Hennessy, Nucor Organizations: Hennessy Funds

☆ 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

The opera star David Daniels, one of the world’s leading countertenors, pleaded guilty on Friday in Houston to sexually assaulting a young singer who had attended one of his performances there in 2010. The plea deal was announced just as the trial of Mr. Daniels, 57, and his husband, Scott Walters, 40, was about to begin. Mr. Daniels pleaded guilty to a charge of sexual assault of an adult, a second-degree felony. He avoided a more serious charge of aggravated sexual assault, a first-degree felony, which carries harsher penalties. Mr. Walters, who was facing the same charges, pleaded guilty under similar terms.

Persons: David Daniels, Daniels, Scott Walters, Samuel Schultz, . Walters, Matt Hennessy, Walters, Judge Reagan Clark Organizations: Court Locations: Houston, Georgia, Harris County

☆ Donald Trump will appear Thursday in the DC federal courthouse – the same place over 1,000 US Capitol rioters have faced justice
▼ + stars: | 2023-08-03 | by ( Tierney Sneed Hannah Rabinowitz Katelyn Polantz | Tierney Sneed | Hannah Rabinowitz | ) edition.cnn.com time to read: +8 min

Trump is scheduled to appear before a magistrate judge on four criminal charges related to his efforts to overturn the 2020 presidential election. More than 1,000 Trump supporters who participated in the Capitol breach have also gone through the motions of a first appearance hearing that the former president will go through himself. Bill HennessyMetropolitan and US Capitol police officers are regularly seen in the building, often to appear as witnesses. But Chutkan’s sentences for January 6 rioters stand out as notably tough among the district court’s, according to data provided by the Justice Department. The defendant in that case, she remarked, “did not go to the United States Capitol out of any love for our country.

Persons: Donald Trump, Trump, Jack Smith, Barrett, Beryl Howell, ” Howell, “, ”, CNN Trump, ” Trump, Guy Reffitt, Nancy Pelosi, Trump's, Bill Hennessy, Christopher Owens, Reggie Walton, Dustin Thompson, ” Thompson, Royce Lamberth, Alan Hostetter, Hostetter, Tanya Chutkan, didn’t, ” Chutkan Organizations: CNN, Capitol, Trump, Prosecutors, Boys, ”, Bill Hennessy Metropolitan, US Capitol, ” Metropolitan Police, Justice Department, United States Capitol Locations: Washington, DC, York, Manhattan, Florida, United States

☆ Trump's legal problems are fueling his political power as he looks to 2024 presidential election
▼ + stars: | 2023-07-31 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

Read CNN’s full report on Trump’s legal bills. A legal defense fund is also being set up to help offset legal costs for Trump’s associates. Read CNN’s report by Kara Scannell and Tierney Sneed on Trump’s legal maneuvers. ‘Rumpelstiltskin’He also alluded in a footnote to how Trump has fanned fury at his legal problems for his own political purposes. Trump’s political fortunes stay brightCNN’s Harry Enten has two very important points in his analysis.

Persons: Donald Trump’s, Joe Biden, Trump, Read, CNN’s Kristen Holmes, Walt Nauta, Carlos De Oliveira, De Oliveira, Nauta, James L, William Hennessy Jr, ”, Evan Perez, Manhattan DA Alvin Bragg, –, Hillary Clinton, Kara Scannell, Tierney Sneed, Fani Willis, “ We’ve, We’re, ” Willis, Willis, Robert McBurney, Trump’s, ‘, ” McBurney, Sara Murray, Jason Morris, Harry Enten, He’s, Ron DeSantis, Biden Organizations: CNN, DC, Republican, PAC, New York Times, Save, FBI, Trump, King, Manhattan DA, GOP, Siena College, Florida Gov, Marquette University Law School, Biden Locations: Coast : New York , Florida, Georgia, Washington, Manhattan, Florida, Fulton County, Lago, Miami, Atlanta, Fulton County , Georgia, Fulton, Pennsylvania

☆ These are the states in America that are the least prepared for extreme weather
▼ + stars: | 2023-07-28 | by ( Scott Cohn | ) www.cnbc.com time to read: +11 min

Some states are in good shape to handle whatever the climate throws at them, but these are the states most at risk. 2023 Infrastructure score: 228 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 45.2% Renewable energy: 10.6%9. 2023 Infrastructure score: 165 out of 390 points (Top States grade: D) Climate Extremes Index: 8.7% Properties at risk: 2.8% Renewable energy: 12%8. Connecticut is home to the nation's first "green bank," which uses public dollars to leverage private investment in renewable energy. 2023 Infrastructure score: 227 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 61% Renewable energy: 12.5%1.

Persons: Jeremy Porter, York Snow, Joed Viera, Kelly Giddens, Daniel Hinton, Jessica Mcgowan, wades, Tim Boyle, Tony Evers, Scott Olson, Josh Edelson, Gavin Newsom, —, Marcellus, Tom Wolf, Josh Shapiro, Ida, Brendan McDermid, Hurricane Ida, Richard Bunting, Alex Hamilton, Hurricane Irene, Mark Wilson, Joe Biden's, Ted Shaffrey, Hurricane Nicole, Paul Hennessy, Marco Bello Organizations: Street Foundation, CNBC, Business, First, Oceanic, Atmospheric Administration, NOAA, U.S, Department of Energy, Afp, Getty, National Weather Service, Micron Technology, Alabama, University of Alabama, Illinois —, Badger State, Gov, Carolina, Carolinas, AFP, EQT Corp, Bloomberg, Reuters, Garden, State, Anadolu Agency, Sunshine State, Farmers Insurance, AAA Locations: States, York, Buffalo , New York, Empire, New York, Syracuse, Alabama TUSCALOOSA, AL, Cedar, Tuscaloosa , Alabama, Texas, Oklahoma, Alabama, Gulf, Wisconsin, Prairie du Chien , WI, Hurricane, Charleston , South Carolina, Florida, Georgetown , South Carolina, South Carolina, California, Oroville, Oroville , California, , California, Pennsylvania, Washington Township , Pennsylvania, U.S, Jersey, Oakwood, Elizabeth , New Jersey, Garden State , New Jersey, New Jersey, Delaware, Lewes , Delaware, Rhode, Connecticut, New Haven , Connecticut, Wilbur, , Florida, Louisiana, Kenner , Louisiana

☆ Paris 2024 Olympic and Paralympic torch unveiled by designer Mathieu Lehanneur
▼ + stars: | 2023-07-26 | by ( Christy Choi | ) edition.cnn.com time to read: +3 min

CNN —Smooth, sleek and chic is the look for the next Olympic torch. “For Paris 2024, and for the first time in its history, (the torch) plays on perfect symmetry, speaking to us more clearly about equality,” he said in a statement. As simple as a hyphen and as fluid as a flame.”Chair of the Paris 2024 organizing committee Tony Estanguet (left) and designer Mathieu Lehanneur (right) pose with the latter's Olympic and Paralympic Torch. This is part of the organizing committee’s strategy to “build bridges between the Olympic and Paralympic Games,” Paris 2024’s president Tony Estanguet said in a statement. Mathieu Lehanneur holds aloft his design for the 2024 Paris Olympic and Paralympic Torch.

Persons: Mathieu Lehanneur, ”, “, Tony Estanguet, ’, Lehanneur, Louis Vuitton, Dior, Moët Hennessy Organizations: CNN, Games, Olympic, Paralympic Games, ”, Sydney Opera House, Museum of Modern Art, Pompidou Centre Paris, LVMH, Louis Locations: Paris, French, Russia, New York, Olympia, Greece, France

☆ LVMH shares fall as second-quarter sales fail to impress
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

PARIS, July 26 (Reuters) - Shares in LVMH (LVMH.PA) fell sharply on Wednesday as analysts said that an in-line increase in sales at the world's top luxury indicated the overall sector was moving towards a less impressive path of growth. LVMH shares were down 3.7% in early session trading, also dragging down the shares of its rival Kering (PRTP.PA). The 17% increase at constant exchange rates was a touch better than analyst expectations for 16% growth. LVMH's leather goods division, home to Vuitton and Dior, grew revenues by 21%, also just above the expected 20% increase. LVMH also reported a 1% fall in U.S. sales as appetite for high-end fashion and leather goods slowed there, particularly among less wealthy shoppers, and lower-than-expected margins due to high marketing spending.

Persons: JP Morgan, LVMH, Louis Vuitton, Hennessy, Tiffany, Luca Solca, Bernstein, Sudip Kar, Silvia Aloisi Organizations: JP, Dior, Vuitton, Thomson Locations: U.S

Hunter Biden, appearing in court wearing a dark suit and sporting slicked back hair, appeared agitated and worried as the plea deal began to unravel. She said she has “concerns about the constitutionality” of the gun deal because it might violate separation of powers principles. Noreika also has the ultimate decision on what sentence Hunter Biden will receive if a plea deal is accepted or he is tried and convicted. “At least there is some scrutiny going on,” Texas Rep. Chip Roy told CNN in reaction to the Hunter Biden plea deal being refined. GOP Rep. Jim Jordan of Ohio credited IRS whistleblowers critical of the investigation for the collapse of a plea deal, although the issue did not come up during a hearing.

Persons: Hunter Biden, Joe Biden, Hunter, Maryellen Noreika –, Donald Trump, Senate Democrats –, Noreika, Hunter Biden’s, Chris Clark, FARA, ” Noreika, isn’t, –, plop, couldn’t, Judge Maryellen Noreika, Bill Hennessy, Will DOJ’s, Justice Department’s, “, Chip Roy, Delaware’s Trump, David Weiss, Jim Jordan, Weiss, Jordan Organizations: CNN, US, Senate Democrats, Justice Department, Justice, ” Texas, GOP, Committee Locations: FARA, Wilmington , Delaware, Ohio

☆ Sharp Chinese rebound pushes LVMH sales up 17% in second quarter
▼ + stars: | 2023-07-25 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

PARIS, July 25 (Reuters) - Sales at the world's top luxury group LVMH (LVMH.PA) rose by 17% in the second quarter, with a sharp rebound in China helping to offset a decline in the United States, where inflation and economic turbulence have dented demand for high-end goods. The 17% increase at constant exchange rates was a touch better than analyst expectations for 16% growth, according to a Visible Alpha consensus. Finance chief Jean-Jacques Guiony told reporters he was "very satisfied" with the rebound in China, which makes up the bulk of Asian sales. The region - excluding Japan - posted 34% growth compared to last year, when strict COVID-19 restrictions hit sales and emptied stores in China. In the United States, we see it's not as good as it was," he added.

Persons: Louis Vuitton, Hennessy, Tiffany, Jean, Jacques Guiony, Cartier, Richemont, Guiony, Mimosa Spencer, Silvia Aloisi Organizations: Dior, Finance, Vuitton, Thomson Locations: China, United States, Japan

☆ Bryan Cranston calls out Bob Iger at striking actors' rally
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike SegarNEW YORK, July 25 (Reuters) - Emmy-winning "Breaking Bad" actor Bryan Cranston rallied a crowd of striking Hollywood actors on Tuesday with comments directed at Walt Disney Co (DIS.N) Chief Executive Bob Iger. Iger angered members of the SAG-AFTRA actors union this month by saying their demands for a labor contract with higher pay and limits on use of artificial intelligence were "unreasonable." At a rally in Times Square in New York near Disney's ABC News studio, Cranston said the actors had "a message for Mr. The actors' union has asked for a requirement that studios obtain consent to use a star's digital image, among other protections. "We will not have you take away our right to work and earn a decent living," Cranston said in his remarks directed at Iger.

Persons: Bryan Cranston, Steve Buscemi, Brendan Fraser, F, Murray Abraham, Jill Hennessy, Mike Segar, Bob Iger, Iger, Cranston, Lisa Richwine, Jonathan Oatis Organizations: SAG, Times, REUTERS, Walt Disney Co, Disney's ABC, Hollywood, Alliance, Television Producers, Disney, Netflix Inc, Thomson Locations: Manhattan, New York City , New York, U.S, New York, Disney's, Hollywood, Iger

☆ LVMH strikes Paris Olympic Games sponsorship deal
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 24 (Reuters) - Luxury giant LVMH (LVMH.PA) unveiled on Monday a deal to sponsor next year's Olympic Games in Paris with top fashion brands Louis Vuitton and Dior, Moet Hennessy champagne and spirits labels and jeweller Chaumet, which will design medals for the event. The group will also sponsor athletes, including French swimmer Leon Marchand, and its beauty retailer Sephora will sponsor the Olympic torch relay, LVMH said. Terms of the deal, which was negotiated by Antoine Arnault, one of the five children and heirs of LVMH Chairman and CEO Bernard Arnault, were not revealed. "The Games are an opportunity to make France shine," Antoine Arnault said as he made the official announcement. The run-up to an Olympic Games can become mired in global geo-politics and controversies over domestic matters can attract scrutiny, such as China's rights record ahead of the Beijing Games.

Persons: Louis Vuitton, Dior, Moet Hennessy, Chaumet, Leon Marchand, LVMH, Antoine Arnault, Bernard Arnault, Mimosa Spencer, Silvia Aloisi, Tomasz Janowski, Richard Lough Organizations: Louis, Olympic, Beijing Games, HK, Toyota, Thomson Locations: Paris, France, Belarus

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