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The S&P 500 banks index (.SPXBK) dropped 6.6% on Thursday and was set to open lower again on Friday. The crisis at SVG was feeding growing investor concerns that banks will be vulnerable to the rising cost of money. In an unusual step, Commerzbank, one of Germany's largest banks, issued a statement, playing down any threat from SVB, saying it did not see "a corresponding risk for us". "The market is treating this as a potential contagion risk," said Antoine Bouvet, senior rates strategist at ING in London. A spike in interest rates has led to a sell-off in bonds, leaving banks exposed to potential losses on the securities they hold.

☆ Man Group shares surge on bumper performance fees
▼ + stars: | 2023-02-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A September rout in British gilt markets drove many UK pension funds to scour for cash, after investments into liability-driven investment (LDI) funds resulted in billions of pounds worth of collateral calls. Many pension funds reached for profitable investments they had elsewhere, like hedge funds as well as investments into collateralised loan obligations. Some of the strategies from which investors withdrew money were posting double digit returns at the time, he added. He declined to say how much money he'd seen back from pension schemes this quarter. Separately, Man said its chairman John Cryan had decided to retire from the board towards the end of 2023.

☆ Man Group beats AUM expectations, posts higher performance fees
▼ + stars: | 2023-02-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

The company posted full year core pretax profit of $779 million, up 18% on the previous year. It recorded a core net management fee growth of 6% collecting $779 million of core performance fees. "An increase in volatility and higher dispersion meant higher alpha generation. The firm recorded net inflows of $3.1 billion for 2022, down 77% against a year earlier, although this was 5.3% higher than the average posted by the UK hedge fund industry. Many pension funds reached for profitable investments they had elsewhere, like hedge funds as well as investments into collateralised loan obligations.

☆ Meet the $10,000 Nvidia chip powering the race for A.I.
▼ + stars: | 2023-02-23 | by ( Kif Leswing | ) www.cnbc.com time to read: +8 min

Powering many of these applications is a roughly $10,000 chip that's become one of the most critical tools in the artificial intelligence industry: The Nvidia A100. The A100 is ideally suited for the kind of machine learning models that power tools like ChatGPT, Bing AI, or Stable Diffusion. Huang, Nvidia's CEO, said in an interview with CNBC's Katie Tarasov that the company's products are actually inexpensive for the amount of computation that these kinds of models need. "We took what otherwise would be a $1 billion data center running CPUs, and we shrunk it down into a data center of $100 million," Huang said. Huang said that Nvidia's GPUs allow startups to train models for a much lower cost than if they used a traditional computer processor.

☆ Danone eyes better margins in 2023, Q4 sales top estimates
▼ + stars: | 2023-02-22 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, Feb 22 (Reuters) - Danone (DANO.PA) like-for-like quarterly sales growth topped estimates on Wednesday on the back of higher prices amid soaring raw materials and energy costs which still weighed down its full-year operating margin. The world's largest yoghurt maker's 2023 forecast was in line with its mid-term like-for-like sales growth target of 3% to 5%, with a moderate improvement in recurring operating margin. The owner of Activia yoghurt and Evian bottled water reported like-for-like sales growth of 7.8% for 2022, near the top end of its 7% to 8% sales growth forecast. Danone reported fourth-quarter sales growth of 7%, beating market expectations of 6.2%, helped by growth across Essential Dairy and Plant-based, Specialised Nutrition and Waters segments. "Building on 2022 momentum, we are entering 2023 with renewed ambition and confidence in our strategy," CEO Antoine de Saint-Affrique said in a statement.

☆ Brad Pitt's production company, Plan B, is not renewing its overall deal with Amazon Studios
▼ + stars: | 2023-02-07 | by ( Elaine Low | Lucia Moses | ) www.businessinsider.com time to read: +2 min

Plan B, the production company cofounded by Brad Pitt, is not renewing its overall deal with Amazon Studios. In late 2022, French company Mediawan acquired a majority stake in Plan B. Brad Pitt's production company, Plan B Entertainment, is not renewing its overall deal with Amazon Studios, Insider has learned. Prime Video's "Paper Girls," produced by Plan B and Legendary Television, was canceled after one season. The move comes in the wake of a December announcement that French media company Mediawan had taken a majority stake in Plan B, with Plan B intending to operate as an independent content creator going forward.

☆ World's richest person Bernard Arnault's fortune has increased by more than $33 billion this year
▼ + stars: | 2023-02-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The multi-billionaire tops its rankings of the world's richest people, followed by Elon Musk. The LVMH CEO and co-founder has a current net worth of $196 billion, per Bloomberg. Bernard Arnault is the CEO and co-founder of luxury goods conglomerate LVMH Moët Hennessy - Louis Vuitton, more commonly known as LVMH. The 73-year-old French billionaire is currently ranked by Bloomberg as the world's richest person, followed by Elon Musk whose net worth is valued at $175 billion. The CEO recently appointed his daughter, Delphine Arnault, CEO and chair of Dior.

☆ This Y Combinator-backed startup wants to help scale the nascent insect protein sector. Check out the 15-slide pitch deck Entocycle used to raise $5 million.
▼ + stars: | 2023-01-31 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Insect protein could displace 20% of the UK's annual soy imports for animal feed by 2050. We got an exclusive look at the 15-slide deck Entocycle used to raise the Series A round. A Y Combinator-backed startup that has developed insect farming technology to help scale the nascent sector has just nabbed $5 million from European climate tech fund Climentum Capital. Insect protein has long been tipped as a way to alleviate pressure on the food system amid a growing population that is also grappling with climate change. Global insect protein startups raised just $146 million in venture capital in 2022, compared with $200 million the year prior, according to PitchBook.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

☆ Michael Jackson's nephew to play 'King of Pop' in biopic
▼ + stars: | 2023-01-30 | by ( Danielle Broadway | ) www.reuters.com time to read: +2 min

LOS ANGELES, Jan 30 (Reuters) - The late pop singer Michael Jackson will be portrayed by his 26-year-old nephew, Jaafar Jackson, in the biographical movie “Michael," the Lionsgate studio said on Monday. "Michael" will explore “the complicated man who became the King of Pop,” Lionsgate said in a statement. The Jackson family denied those accusations and the Michael Jackson estate won its appeal that year. Jaafar Jackson is the son of Michael Jackson’s older brother, Jermaine Jackson, who is also a singer and producer. “Jaafar embodies my son," said Michael Jackson’s mother, Katherine Jackson, in the news release.

☆ Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
▼ + stars: | 2023-01-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The $1.6 trillion steel industry is the backbone of the modern world. That's why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft , are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel. "There is no economy, there is no infrastructure without steel," Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. The same year they launched a company, Boston Electrometallurgical Corp., to scale and commercialize that technology. He is a veteran of 40 years career in the steel industry, mostly at Brazilian metals giant CBMM.

☆ France hit by nationwide strike as unions fight Macron’s plan to raise retirement age
▼ + stars: | 2023-01-19 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

French workers would have to work longer before receiving a pension under the new rules — with the nominal retirement age rising from 62 to 64. Many French workers expressed mixed feeling about the government’s plan and pointed to the complexity of the pension system. For those who do not fulfil that condition, like many women who interrupted their career to raise their children or those who studied for a long time and started working late, the retirement age would remain unchanged at 67. Those who started to work early, under the age of 20, and workers with major health issues would be allowed early retirement. Protracted strikes met Macron’s last effort to raise the retirement age in 2019.

☆ Atletico Madrid held to 1-1 draw by Almeria
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

Jan 15 (Reuters) - Atletico Madrid were held to 1-1 draw by Almeria in LaLiga on Sunday in another disappointing showing for Diego Simeone's team who ended the match with 10 men after Sergio Reguilon was sent off in the dying minutes. Atletico, who have won only one of their last six LaLiga games, are fourth in the standings on 28 points, level with Villarreal and Real Betis. Almeria were arguably the better side for most of the match and climbed to 13th, three points clear of the relegation zone. Atletico started well and Angel Correa gave them the lead in the 18th minute. Toure almost gave Almeria the lead early in the second half but his close-range shot was blocked by a defender near the goalline.

☆ LVMH's Arnault tightens family grip as daughter becomes Dior CEO
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The world's largest luxury group also replaced long-time Louis Vuitton CEO Michael Burke with Pietro Beccari, head of Dior since 2018. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. Burke will continue to work with Bernard Arnault, the company said in a statement. The move follows the recent appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the family holding company, replacing veteran executive Sidney Toledano. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 28, is CEO of TAG Heuer - both LVMH brands.

☆ LVMH names new Louis Vuitton CEO, puts Arnault daughter in charge of Dior
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. [1/2] Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, and Delphine Arnault, Executive Vice President of Louis Vuitton, leave after the Spring/Summer 2020 collection show for fashion house Louis Vuitton during Men's Fashion Week in Paris, France, June 20, 2019. Alexandre Arnault, 30, is in charge of products and communication at Tiffany, while Frederic Arnault, 28, is CEO of another group brand, TAG Heuer. The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton's watches division.

☆ Think long-term, grab land, watch your runway: Here's how European VCs are advising their founders ahead of a looming recession
▼ + stars: | 2022-12-29 | by ( Tasmin Lockwood | Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Sequoia's iconic 2008 'R.I.P Good Times' presentation still rings true for some investors. Good Times" presentation from 2008. "Because people are so programmed with the whole RIP Good Times thing, the nuance gets lost sometimes." Magda Lukaszewicz, principal at Balderton, echoed this – even if it takes companies longer to achieve said goals. Sequoia's "RIP Good Times" ends on a bleak note: Get Real or Go Home.

☆ French hearts are broken but future looks bright
▼ + stars: | 2022-12-19 | by ( Julien Pretot | ) www.reuters.com time to read: +2 min

Mbappe, who turns 24 on Tuesday, netted all three French goals, taking his tally from two World Cups to 12. "Potentially, this France team has an important reservoir of talents," said Deschamps. "We'll always need experienced team leaders to groom the young players but the reservoir is big." "Some players have been in the Euro 2016 final, won the 2018 World Cup, they bring their experience. "We have to keep this France team at this level, with the best players on the world and European stage."

☆ Analysis: Drama specialists Argentina deserve their World Cup title
▼ + stars: | 2022-12-18 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

[1/5] Soccer Football - FIFA World Cup Qatar 2022 - Final - Argentina v France - Lusail Stadium, Lusail, Qatar - December 18, 2022 Argentina's Lionel Messi lifts the World Cup trophy alongside teammates as they celebrate after winning the World Cup REUTERS/Kai PfaffenbachLUSAIL, Qatar, Dec 18 (Reuters) - Sunday's World Cup final turned from a one-sided affair into a nerve-racking vintage showdown and it was somehow fitting that footballing diva Argentina prevailed over France amid the drama. "Argentina have been playing a World Cup final, not us," Deschamps said at halftime. The whole Argentina bench ran onto the pitch like headless chicken, but it was somehow not enough drama for a night to remember. France have conceded all the last 14 penalties against them in shootouts, with the last person to miss Luigi Di Biagio in the 1998 World Cup quarter-final. After France's shootout defeats in the Euro 2021 last 16 and 2006 World Cup final, it was a coherent end to a logic-defying final.

☆ Stopping the stars won't be enough to win World Cup
▼ + stars: | 2022-12-17 | by ( Mitch Phillips | ) www.reuters.com time to read: +5 min

DOHA, Dec 17 (Reuters) - Despite the high profile performances of Lionel Messi and Kylian Mbappe in Qatar, Argentina and France can create danger all over the pitch, so stopping the superstars is only one battle in Sunday's World Cup final war. England were quick to double-team Mbappe whenever he picked up the ball and Argentina, probably through Nahuel Molina and Rodrigo De Paul, will try to do the same. Tchouameni and Adrien Rabiot have both been excellent in Doha, with the latter expected to return after missing the semi-final through illness. As hundreds of opponents before them can attest, there is no real way to plan to keep him quiet. In general, the two attacks look stronger than the two defences, which, for the neutral at least, is always a good thing in a World Cup final.

☆ Messi's 'Maradona moment' faces formidable French final hurdle
▼ + stars: | 2022-12-16 | by ( Mitch Phillips | ) www.reuters.com time to read: +4 min

They really found their rhythm against Croatia, sweeping aside a team who had just knocked out Brazil, to march into the final on high. France looked the best side in the tournament in their first two group games and recovered from the Tunisia blip to turn on the style in beating Poland 3-1. The final will mark his 26th World Cup appearance, more than any other player, as the stars are seemingly aligning for the mini-maestro. Having lost to Germany in the 2014 final, Argentina are seeking a third triumph to follow 1978 and '86 but France are the team of the moment. Reporting by Mitch Phillips, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Key match-ups in World Cup final between Argentina and France
▼ + stars: | 2022-12-16 | by ( Fernando Kallas | ) www.reuters.com time to read: +3 min

[1/3] Soccer Football - FIFA World Cup Qatar 2022 - Semi Final - Argentina v Croatia - Lusail Stadium, Lusail, Qatar - December 13, 2022 Argentina's Julian Alvarez celebrates scoring their second goal with Lionel Messi and Nahuel Molina REUTERS/Carl RecineDOHA, Dec 16 (Reuters) - Argentina and France meet in Sunday's World Cup final at Lusail Stadium. Here are three of the key match-ups that are likely to have a strong bearing on the result:Kylian Mbappe v Nahuel MolinaMbappe is a candidate for the World Cup's player of the tournament, having led France to their second consecutive final. The jet-heeled 23-year-old forward has scored five times in six games, surpassing his tally from the 2018 tournament, and has now scored nine World Cup goals in 13 appearances across the two editions. Molina arrived at the World Cup having faced criticism after struggling in his first season with Atletico Madrid, but he has been solid during the tournament and started every match. Lionel Messi v Aurelien TchouameniOne of the most anticipated match-ups will be Argentina great Messi against France's rising star holding-midfielder Tchouameni.

☆ French financial prosecutor confirms GE's Belfort site searched
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

PARIS, Dec 16 (Reuters) - Searches were conducted on Thursday at U.S conglomerate General Electric's (GE.N) Belfort site in France as part of an ongoing probe into possible tax fraud, France's financial prosecutor said on Friday, confirming an AFP report. In an email responding to a Reuters request, deputy financial prosecutor Antoine Jocteur-Monrozier said the searches were part of a preliminary probe into alleged money laundering and tax fraud. Unions accused management of trying to show the site was losing money in order to justify the job cuts at the site – depriving the French government of millions of euros in tax revenue in the process. GE has denied the claims, saying it obeys the tax laws in every country where it operates. ($1 = 0.9406 euros)Reporting by Sudip Kar-Gupta and Silvia Aloisi; editing by Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ France and Argentina bring multiple plot lines to mouthwatering World Cup final
▼ + stars: | 2022-12-15 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +5 min

Standing in Messi’s way is his Paris Saint-Germain teammate Kylian Mbappé, as France seeks to win back-to-back World Cup trophies. After a shock defeat by Saudi Arabia in its opening group game, Argentina’s World Cup campaign got off to the worst possible start. When asked whether Sunday’s game will be his last at a World Cup, Messi replied: “Yes. Like Griezmann, the 36-year-old Giroud has had a renaissance in this World Cup, after failing to score a single goal in 2018. We’ll enjoy it now and get ready for the last match of this World Cup.”

Summary Hawkish central banks dampen hopes of peak ratesEuro zone bonds yields surgeHawkish message a reality check for markets -analystsLONDON, Dec 15 (Reuters) - Forget a year-end rally in financial markets. The message from major central banks is loud and clear: the battle to tame inflation is far from over. Central banks in the United States, euro zone, Britain and Switzerland met on Wednesday and Thursday and all slowed the pace of aggressive rate moves. European Central Bank President Christine Lagarde said to expect more 50-basis-point rate increases for a period of time and that the ECB was not "pivoting" yet. Such sharp moves loosen the very financial conditions that central banks are trying to tighten in order to contain inflation.

☆ Mental strength, moments of brilliance - how France reached the World Cup final
▼ + stars: | 2022-12-15 | by ( Julien Pretot | ) www.reuters.com time to read: +4 min

GROUP STAGE MATCH 2: FRANCE 2-1 DENMARKHaving lost their last two games against Denmark in June and September, France were facing their first real test of the tournament. LAST 16: FRANCE 3-1 POLANDAfter France went through a brief rough patch, Giroud opened the scoring to become France's all-time top scorer on 52 goals - moving one ahead of Thierry Henry. They went ahead thanks to a 25-metre Aurelien Tchouameni strike, but cracked early in the second half with Harry Kane converting a penalty after a Tchouameni foul. They went ahead on five minutes thanks to Theo Hernandez's high-hooked volley, forcing their opponents to take the initiative. France will play Argentina, who are also looking to win the World Cup for the third time, in Sunday's final at the Lusail Stadium.

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