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Rep. George Santos went on an extended tirade against his colleagues on Friday evening. Santos says he expects to be expelled this week and will wear it "like a badge of honor." AdvertisementDays before his likely expulsion from the House of Representatives, Rep. George Santos of New York went on his most unhinged tirade yet. "It ain't gonna be the dude from Mississippi that's gonna kick me, a New Yorker, out of Congress," Santos said. According to the House Ethics Committee's report on Santos's conduct, the congressman was largely uncooperative during the investigation.
Persons: George Santos, Santos, , Monica Matthews, George Santos's, jnjPt9jph8 — bryan metzger, @metzgov, Michael Guest, Madison Cawthorn, — Santos, they're Organizations: Service, Representatives, George Santos of New York, Republican, , Republican Rep, Madison Locations: George Santos of New, Mississippi, New
IN NEWS sure to leave biker gangs uncharacteristically tearful, leather pants are threatening to go bougie. Long a bad-boy symbol, hide trousers have been transformed by high fashion this fall. They’re being proposed as a suave, sensual and comfortable alternative to chinos, cargo pants and tailored trousers. Some feature high waists to elongate legs or pleats to conjure old-school élan worthy of Cary Grant. Nick Paget, senior menswear strategist at trend forecasting firm WGSN, attributes the leather look to a post-Covid desire for sensual dressing.
Persons: Long, Tod’s, Rocker, They’re, Cary Grant, Nick Paget, lockdowns, , Organizations: Givenchy, Metallica
Investors looking ahead to 2024 should pick up shares of Hermes , Cartier owner Richemont and Hugo Boss in the luxury goods sector, according to UBS. The Swiss investment bank has a bullish call on those three stocks, though it struck a more cautious tone for the sector. RMS-FR CFR-CH,BOSS-DE YTD line UBS has a price target of 85 euros ($93) a share for Hugo Boss, which points to a 38% upside from the current share price. The Swiss bank also raised its price target for Hermes to 2,216 euros, which is 12% above its current share price. The outlook for the three stocks contrasts with UBS' view that slowing sales momentum and easing pricing power warrant caution on the luxury sector on the whole.
Persons: Cartier, Richemont, Hugo Boss, Zuzanna Pusz, Hermes Organizations: Hermes, UBS, Amundi, CFR, Burberry, EssilorLuxottica, Swatch, Tod's Locations: Swiss
Baseball is not popular in Colombia. In Bogotá, the capital, many know very little about “béisbol.” And the city has only two public baseball fields. But swing by Hermes Barros Cabas baseball stadium on any weekend, and it doesn’t feel that way. On a recent Sunday, five groups of children dressed in their team uniforms filled every corner of the main field. The vast majority of the 500 players in the Bogotá baseball league are from neighboring Venezuela, where baseball is the most popular sport.
Persons: Hermes Barros Organizations: Coaches, Colombian Locations: Colombia, Venezuela
The police found he was wearing tinted moisturizer and accused him of being a sex worker, he added. The I reported that Qatar Airways took the flight attendant's passport and drove him to the border. AdvertisementA former Qatar Airways flight attendant told the British newspaper the I that he was fired and deported after the police accused him of being a sex worker amid a crackdown on LGBTQ+ people. On the following day, the newspaper reported, Qatar Airways held Ignatius' passport and told him he was grounded. This month, Qatar Airways appointed a new CEO to take over from the outspoken Akbar Al Baker, who once said a woman couldn't do his job.
Persons: Gilbert Ignatius, , Ignatius, Akbar Al Baker Organizations: Qatar Airways, Service, British, Qatari, Criminal, Business Locations: Doha, Qatar, Indonesia, Indonesian Embassy, Bangkok, Saudi Arabia
[1/5] The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. Israel on Sunday said the Houthis had seized a British-owned, Japanese-operated cargo ship in the southern Red Sea, describing the incident as an "Iranian act of terrorism" with consequences for international maritime security. The Houthis, an ally of Tehran, confirmed that they had seized a ship in that area but described it as Israeli. The Glovis Star drifted for a number of hours in the Red Sea before continuing its journey, AIS ship tracking data showed on Monday. Houthi leadership last week said their forces would make further attacks on Israel and they could target Israeli ships in the Red Sea and the Bab al-Mandeb Strait.
Persons: Yemen's Houthis, Ray Car, Ambrey, Hermes, Isaac Herzog, Jonathan Saul, Mark Porter, Christina Fincher Organizations: Galaxy Leader, Houthi Military, REUTERS Acquire, Sunday, Nippon, Galaxy, Ray, Ray Car Carriers, Glovis, Hermes, AIS, Galaxy Maritime Ltd, Thomson Locations: Red, Gulf, Aden, Israel, British, Tehran, Japan, Saudi, Omani, Nishtun, Yemen, Sri Lanka, Mandeb Strait . U.S, Hodeidah
The S&P 500 could be on track to notch a new record next year, according to market vet Phil Orlando. AdvertisementThe bull market in stocks has more room to run, and it could take the S&P 500 to a new high by the end of next year, one market veteran says. Orlando sees the S&P 500 surging to 5,000 by the end of 2024, representing an upside of around 10% from the benchmark index's current levels. Higher bond yields influence other interest rates in the economy, which have also helped tighten financial conditions. The S&P 500 has climbed 7% over the past month, trading around 4,535 on Monday.
Persons: Phil Orlando, , Orlando, They've Organizations: Federated Hermes, Service, Bloomberg, Fed, Treasury
REUTERS/Julia Nikhinson/File Photo Acquire Licensing RightsWASHINGTON, Nov 17 (Reuters) - Embattled U.S. Representative George Santos faced a fresh effort to expel him from Congress on Friday, the day after fellow lawmakers released a report that suggested federal prosecutors should bring additional criminal charges against him. The House, which Republicans control by a narrow 221-213 majority, is expected to vote on the expulsion effort when it returns from a two-week recess. Santos' district, which includes a small slice of New York City and some of its eastern suburbs, is seen as competitive. Last time, 182 Republicans voted against expulsion as they need Santos' seat to protect their narrow House majority. "George has betrayed the trust of his constituents who deserve honesty and transparency from their elected official."
Persons: George Santos, Julia Nikhinson, Representative George Santos, Michael Guest, Santos, Guest, Hermes, Joe, Stephanie Bice, George, Moira Warburton, David Morgan, Andy Sullivan, Scott Malone, Daniel Walls, Jonathan Oatis Organizations: Rep, Capitol, REUTERS, Rights, Representative, Republican, Justice Department, Democratic, Thomson Locations: Washington , U.S, New York City, OnlyFans
He wants to turn Banana Republic into a quiet luxury brand. AdvertisementGap's new CEO wants to transform its Banana Republic brand into the next destination for quiet luxury. Dickson's plan to reverse this downward trend includes turning Banana Republic into a quiet luxury brand by elevating its aesthetic and product offerings. "We think Banana Republic has an opportunity to thrive in the quiet luxury space," Dickson said. Quiet luxury clothing and accessories are devoid of logos or prominent branding and typically come in neutral or muted colors.
Persons: Richard Dickson, , Dickson, Loro Piana Organizations: Service, Republic, Mattel, Navy, Inc, Banana Republic Locations: Banana, Banana Republic
REUTERS/Thomas Peter/File Photo Acquire Licensing RightsSHANGHAI/PARIS, Nov 17 (Reuters) - The world's biggest luxury brands seeking growth in their second-largest market China are all courting the likes of wealthy entrepreneur Diana Wang. "Luxury brands offer you this event experience, this personal experience and it makes you feel privileged," Wang told Reuters. This week, Burberry (BRBY.L) also flagged low double-digit growth due to a slowdown in luxury spending globally, and in China. FEEDING THE LUXURY HABITEven as they narrow their focus, luxury brands remain optimistic about the potential in China, which is forecast to account for almost 40% of global luxury sales by 2030, according to consultants Bain. Luxury consultant Mario Ortelli said several luxury firms are hedging their bets on China by also expanding their global footprint.
Persons: Thomas Peter, Diana Wang, Wang, Tiffany, Chopard, Jacques Roizen, Cartier, Richemont, It's, Jean, Marc Duplaix, Versace, Donatella Versace, Gucci, Chanel, Dior, Cyrille Vigneron, LVMH, Louis Vuitton, Bain, Eric du Halgouet, Birkin, Mario Ortelli, Ortelli, it's, Mimosa Spencer, Casey Hall, Miral Organizations: Tiffany, REUTERS, Rights, Reuters, Burberry, HSBC, Digital Luxury, Chanel, Shanghai, Capri Holdings, Tapestry, Bund, Thomson Locations: Beijing, China, PARIS, Shanghai, Cartier, Shenzhen, South Korea, Japan, Thailand
Rep. George Santos (R-N.Y.) speaks with reporters after a vote on Capitol Hill on Wednesday, Nov. 15, 2023, in Washington, DC. The Republican chairman of the House Ethics Committee on Friday filed a resolution to expel Rep. George Santos from Congress in the wake of a damning report alleging the scandal-plagued GOP freshman committed campaign fraud and theft. Santos has already declared he will no longer seek reelection in 2024, even as he slammed the ethics report as a "politicized smear." But on the heels of Thursday's ethics report, many of Santos' GOP colleagues who previously voted to keep him in Congress declared that they would now support an effort to throw him out. The 56-page report found that Santos, 35, "sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit."
Persons: George Santos, Michael Guest, Santos, Guest, George, Ken Buck Organizations: Capitol, Congress, GOP, U.S . Capitol, New, Republicans, MSNBC, Department of Justice Locations: Washington ,, Queens, Nassau, New York
(Photo by Jabin Botsford/The Washington Post via Getty Images)Republican Rep. George Santos of New York said Thursday he will not seek reelection in 2024 in the wake of a damning House Ethics report that found "substantial evidence" of campaign fraud and other violations by the embattled congressman. Santos "blatantly stole from his campaign" and "sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit," according to the report from the investigative body of the House Ethics Committee. The full ethics panel, led by Republican Rep. Michael Guest of Mississippi, unanimously adopted the report and voted to refer its findings to the Department of Justice. The scathing, 56-page ethics report is only the latest blow to Santos, the scandal-plagued freshman lawmaker who is facing a raft of criminal theft and fraud charges in New York federal court. Last month, Santos' former campaign treasurer Nancy Marks pleaded guilty to campaign finance fraud charges related to her work for Santos.
Persons: George Santos, Jabin Botsford, Santos, Michael Guest of, Joe Murray, Sam Miele, Miele, Kevin McCarthy, Nancy Marks Organizations: House Republican, Washington, Getty Images, Republican, Republican Rep, Michael Guest of Mississippi, Department of Justice, FBI, Santos Locations: Washington, DC, Washington ,, George Santos of New York, OnlyFans, New York, Long
Rep. George Santos, R-N.Y., leaves a House Republican Conference meeting on the speaker of the House discussions in Longworth Building on Tuesday, October 10, 2023. House Republicans who previously opposed efforts to oust GOP Rep. George Santos are now lining up to expel him after a scathing ethics report accused the embattled New York lawmaker of brazen campaign fraud and theft. The report, released Thursday morning by the House Ethics Committee, found that Santos "sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit." Santos, who was already facing related criminal charges in New York federal court, announced later Thursday that he would not seek reelection in 2024. "I will continue on my mission to serve my constituents up until I am allowed," Santos wrote on X shortly after the report came out.
Persons: George Santos, Santos Organizations: Republican, House Republicans, GOP, New, House Locations: Longworth, New York
Rep. George Santos used campaign money on some... interesting personal expenses. According to a new House ethics report, he used funds for OnlyFans, Hermes, Botox, and Sephora. AdvertisementRep. George Santos used his congressional campaign money for extensive self-care, according to a damning new report from the House ethics committee. The money, according to bank records obtained by House Ethics investigators, came from a corporate entity called Redstone Strategies, which Santos controlled. Based on the bank records made public by the House Ethics Committee, Business Insider could not identify which OnlyFans creators Santos subscribed to.
Persons: George Santos, Santos, he's, , Commission —, frazzled Organizations: OnlyFans, Service, Hermes, The New York Republican, Redstone, Federal, Commission, House, Business Locations: OnlyFans
“Representative Santos sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit,” the report concluded. Ethics panel concludes sexual harassment allegation against Santos was not substantiatedThe House Ethics panel said there was not substantial evidence to support a sexual harassment allegation brought against Santos. But the report also indicates that there was some tension between the overlapping DOJ criminal probe and House ethics probe. The ethics panel reached out to the Justice Department to deconflict their investigations, and top DOJ officials asked them in March to pause the ethics probe. The House report says DOJ’s “deferral requests” prevented them from getting to the bottom of certain allegations.
Persons: George Santos, Santos, Santos ’, , Ubers, ” Santos, Mary Altaffer, AP Santos, , , Nancy Marks, Santos “, , it’s, DOJ’s Organizations: New York Rep, US, Republican, , US Justice Department, Santos ’, New York University, Baruch College, , New York's, AP, Federal, Commission, ” “, Santos, Resources, CNN, Justice Department, ISC, DOJ Locations: , Washington, Florida, Las Vegas, Atlantic City, Jericho , New York, CityMD, Huntington , New York, Rhinebeck , New York, Queens , New York, Glen Cove , New York, United States, Santos ’
Rep. George Santos announced on Thursday that he will not seek reelection in 2024. He did it shortly after the House Ethics Committee released a report on his conduct. The scandal-plagued congressman made the announcement in a lengthy post on X shortly after the House Ethics Committee released a damning report on his conduct. AdvertisementIf there was a single ounce of ETHICS in the “Ethics committee”, they would have not released this biased report. NEWS: House Ethics Chair Michael Guest will make motion to expel Santos at next pro forma, teeing up action when Congress returns from recess.
Persons: George Santos, , Santos, , he's, Michael Guest of, Michael Guest, Melanie Zanona, Axios Organizations: Service, Republican, CNN Locations: George Santos of New York, , OnlyFans, Michael Guest of Mississippi
The House Ethics Committee released a report regarding its investigation into George Santos. Included in its hundreds of pages of evidence are documents showing stocks Santos once traded. It appears he bought and sold stocks of GameStop and AMC when it en vogue. Buried in "Exhibit 58" of the committee's "Appendix D Part 5" is a selection of tens of thousands of dollars worth of GameStop and AMC Entertainment stock trades Santos reported making in 2021. AdvertisementIn early 2021, hobby stock traders from the "WallStreetBets" subreddit purchased stocks in GameStop en masse after learning investors had begun to short it.
Persons: George Santos, , Santos, It's, subreddit, Hermes Organizations: Santos, GameStop, AMC, Service, GOP Rep, House, AMC Entertainment Locations: Santos
Consumers See Worsening Economy, Higher Inflation
  + stars: | 2023-11-10 | by ( Tim Smart | Nov. | At A.M. | ) www.usnews.com   time to read: +4 min
Consumers continued to sour on the economic outlook in November while also growing more pessimistic about future inflation, according to the first estimate from the University of Michigan consumer sentiment survey. The index of consumer sentiment fell 5% to a reading of 60.4, down from 63.8 in October. “Ongoing wars in Gaza and Ukraine weighed on many consumers as well.”“Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment,” Hsu added. Various surveys measuring the minds of consumers have found them to be worried about inflation and the economy in general. “Consumer sentiment continues to trend downward at a moderate pace as consumers attempt to juggle inflation and higher interest rates,” said Damian McIntyre, Portfolio manager and head of multi asset solutions at Federated Hermes.
Persons: , Joanne Hsu, ” Hsu, Joe Biden, Damian McIntyre, Gregory Daco, ” Daco, Goldman Sachs Organizations: University of Michigan, , Federated Hermes, Federal Reserve, Index, Louis Federal Reserve Bank Locations: Gaza, Ukraine, Kentucky, Ohio
After three years of record growth, luxury companies are feeling the pain as sales slow to a more normal pace. Nowhere have the struggles of the luxury sector been more prominent than in the French conglomerate LVMH Moet Hennessy Louis Vuitton , the group's bellwether. This dynamic tends to hurt the less-prestigious luxury brands more, according to Rogerio Fujimori, an analyst at Stifel. "Chinese [consumers] are back to Southeast Asia and Japan, but there's still a long way to go in terms of Europe. LVMH and other European luxury brands have been market leaders among European equities since 2021 until the first half of 2023.
Persons: Richemont, Burkhart Grund, LVMH Moet Hennessy Louis Vuitton, Gucci, Ashley Wallace, Bernstein, Luca Sola, Rogerio Fujimori, Fujimori, Wallace, Stifel's Fujimori, there's, Richemont's Grund, , Fujimori foresees, we've, Hermes, Brunello, Thomas Chauvet, Louis Vuitton, Brunello Cucinelli, LVMH, Dior, Markus Hansen, Hansen, America's Wallace, It's, Vontobel's Hansen, — CNBC's Michael Bloom Organizations: Cartier, Bank of America, U.S, U.S ., EU, Europe, Citi, Bank, Gucci, Bottega Locations: U.S, Europe, Japan, China, Southeast Asia, China's, Thursday's, Kering
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFederated Hermes’ Phil Orlando expects a Fed pause then a cut in late 2024Federated Hermes’ Phil Orlando and Dynasty Financial’s Ron Insana, joins 'Power Lunch' to discuss their market outlook and the Fed.
Persons: Federated Hermes, Phil Orlando, Hermes, Ron Insana Organizations: Federated
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Federated Hermes’ Phil Orlando and Dynasty Financial’s Ron InsanaFederated Hermes’ Phil Orlando and Dynasty Financial’s Ron Insana, joins 'Power Lunch' to discuss their market outlook and the Fed.
Persons: Federated Hermes, Phil Orlando, Ron Insana, Hermes Organizations: Federated
Investors can't get enough of money market funds these days due to their attractive yields, which are north of 5%. When money market funds work Those who need easy access to cash could benefit from the money market funds' liquidity, which is one of the asset's biggest advantages, Benz said. However, unlike bank savings accounts, money market funds are not insured by the Federal Deposit Insurance Corporation. While money market funds may be yielding more than longer-term Treasurys or investment-grade bonds right now, that isn't necessarily always going to be the case. "Why would someone invest in a 5-year Treasury note when a money market fund is yielding higher?
Persons: Christine Benz, hasn't, Charles Schwab, Hermes, Peter Crane, Benz, Barry Glassman, Glassman, laddering, , Jesse Pound Organizations: Morningstar, Crane Data, Fidelity, Data, Vanguard, Wealth, Federal Deposit Insurance Corporation, Benz, CNBC
How Hermès Turned a Dog Collar Into a Bag
  + stars: | 2023-11-08 | by ( Lindsay Talbot | ) www.nytimes.com   time to read: +1 min
In 1821, a 20-year-old innkeeper’s son named Thierry Hermès, who grew up in the German textile town of Krefeld, moved to France’s Normandy region and apprenticed as a saddler. Eleven years later, he opened his own workshop in Paris, where he sold harnesses, bridles and saddles crafted with a stitch that can only be done by hand. After the advent of the automobile, Thierry’s grandson Émile-Maurice Hermès expanded the company’s offerings to include driving accessories and luggage trunks, as well as clocks and wristwatches with leather casings and straps. In 1923, the house even introduced a collection of dog collars, which were elaborately decorated with leather studs, metal looped rings and fringed trimmings. They became so popular that women began wearing them as belts; as the story goes, the French couturier Marie Callot Gerber, whose dogs wore the collars, commissioned Hermès to reinterpret them as wrist cuffs.
Persons: Thierry Hermès, Émile, Maurice Hermès, Marie Callot Gerber, Hermès Locations: Krefeld, Normandy, Paris
UBS lowered its rating on Albemarle to neutral from buy, slashing its price target by more than 40%. Analyst Matthew Hedberg initiated coverage of the data stock at an outperform rating with a $22 target price for shares. Hedberg's price target implies shares could climb 23.9% over the next year from Friday's close. In addition to the downgrade, analyst Jessica Reif Ehrlich slashed her price target on the stock to $9 from $32. Analyst Joshua Spector downgraded the stock to neutral from buy and slashed his price target to $140 from $253.
Persons: Ferrari, Matthew Hedberg, Hedberg, Alex Harring, Jason Bazinet, Bazinet, — Alex Harring, Jefferies, Brent Thill, Thill, Jessica Reif Ehrlich, Reif, Vivek Arya, Arya, Nicholas Campanella, Campanella, " Campanella, Banks, Goldman Sachs, Citi's Paul Lejuez, Baird, Mark Altschwager, Morgan Stanley, Edouard Aubin, Aubin, there's, Henning Cosman, Cosman, Joshua Spector, Spector Organizations: CNBC, UBS, Barclays, Bank of America, Nvidia, RBC, RBC Capital Markets, Citi, Disney, Jefferies, Paramount, Paramount Global, Dominion Energy, Dominion, Wall, JPMorgan, Ferrari, U.S, UBS downgrades Locations: Albemarle, Friday's, China, Birkenstock
[1/2] A model of Europe's next-generation space rocket Ariane 6 is pictured at the German Aerospace Center (DLR) in Lampoldshausen near Heilbronn, Germany, February 26, 2019. France, where manufacturer ArianeGroup is based, wants extra funding to help absorb cost overruns, industry sources said. Sources said last week there had been some progress in unblocking a three-way standoff between Europe's leading launch nations but that ministers still faced sensitive budget talks. Speaking ahead of the Seville meeting, ESA Director General Josef Aschbacher declined to comment on the talks but urged Europe not to repeat past mistakes in the technology sector. Europe has carved out a leading role in climate observation, navigation and space science but has not targeted a prime role in human exploration, opting instead for a junior role in projects led by U.S. space agency NASA or until recently Russia.
Persons: Ralph Orlowski, Josef Aschbacher, Aschbacher, we're, Tim Hepher, Robert Birsel Organizations: German Aerospace Center, REUTERS, European Space Agency, ESA, European Union, SpaceX, Ministers, Ariane, Tribune, NASA, U.S . Space Shuttle, Thomson Locations: Lampoldshausen, Heilbronn, Germany, Europe, Spain, Seville, Elon Musk's U.S, Ukraine, France, Italy, United States, Japan, China, U.S, Russia
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