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☆ Sleek silhouettes, flowers and a protest mark Hermes show in Paris
▼ + stars: | 2023-09-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Nadege Vanhee-Cybulski as part of her Spring/Summer 2024 Women's ready-to-wear collection show for fashion house Hermes during Paris Fashion Week in Paris, France, September 30, 2023. REUTERS/Stephanie Lecocq Acquire Licensing RightsPARIS, Sept 30 (Reuters) - Hermes artistic director Nadege Vanhee-Cybulski evoked a country garden for her spring show at Paris Fashion Week on Saturday, seating the audience among wildflowers and grassy borders as she showed sleek coats, silk skirts and slim, skin-baring dresses. Audience member Bryanboy, a digital creator whose real name is Bryan Yambao and who regularly attends runway shows, leapt out of his seat and snatched the banner away from the protester. There have been several incidents involving protesters disrupting catwalk shows this season, including at a Coach show in New York. Paris Fashion Week runs until October 3, featuring dozens of labels including Chanel and LVMH-owned Louis Vuitton.

Persons: Nadege, Hermes, Stephanie Lecocq, Nadege Vanhee, baring, Coats, Bryanboy, Bryan Yambao, gesturing, Chanel, Louis, Mimosa Spencer, Helen Popper Our Organizations: REUTERS, Rights, Paris, Reuters, Louis Vuitton, Thomson Locations: Paris, France, New York

☆ Nvidia CEO's signature leather jackets are so popular that websites are selling lookalikes using his name and photo
▼ + stars: | 2023-09-29 | by ( Haley Tenore | ) www.businessinsider.com time to read: +4 min

Black leather jackets are a well-known staple in Nvidia CEO Jensen Huang's wardrobe. Online sellers are using his name and image in listings for lookalike leather jackets. AdvertisementAdvertisementNvidia CEO Jensen Huang is known for his signature black leather jackets — he's rarely seen in public without one. A Wilson Jackets product page titled "Jensen Huang Nvidia CEO Leather Jacket" offers faux and real leather lookalikes. AdvertisementAdvertisementA screenshot of a black leather jacket from Theory.

Persons: Jensen, Steve Jobs, Mark Zuckerberg, Huang, —, Jensen Huang, hoover, Huang isn't, Issey Miyake, Walter Isaacson's, Jobs, Zuckerberg, isn't, Joseph Rosenfeld, Tom Ford, Rosenfeld Organizations: Nvidia, Service, Google, Bloomberg, Wilson Jackets, Apple, Walmart, Meta's Connect, New York Times, Times Locations: Taiwan

☆ Dries Van Noten shows layered tailoring at Paris Fashion Week
▼ + stars: | 2023-09-27 | by ( Elizabeth Pineau | ) www.reuters.com time to read: +2 min

[1/7] Models present creations by designer Dries Van Noten as part of his Spring/Summer 2024 Women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 27, 2023. REUTERS/Johanna Geron Acquire Licensing RightsPARIS, Sept 27 (Reuters) - Dries Van Noten unveiled a layered collection for spring, mixing patterns and sparkles into a line-up of tailored coats and loosely worn dress shirts at Paris Fashion Week on Wednesday. After the show, Van Noten trotted out for his bow, waving at the crowd, who erupted into applause. Paris Fashion Week runs until Oct. 3, featuring some of the world's biggest brands including Hermes, Chanel, Louis Vuitton and Dior. Reporting by Elizabeth Pineau; Writing by Mimosa Spencer; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Van Noten, Johanna Geron, strode, Ami Suzuki, Aya Suzuki, Lea Drucker, Puig, Paco Rabanne, Jean Paul Gaultier, Nina Ricci, Carolina Herrera, Charlotte, Hermes, Chanel, Louis Vuitton, Elizabeth Pineau, Mimosa Spencer, Alison Williams Organizations: Paris, REUTERS, Rights, Antwerp, Royal Academy of Fine Arts, Dior, Thomson Locations: Paris, France, Bermuda, Charlotte Tilbury

☆ Dior shows frayed edges and bare shoulders at Paris Fashion Week
▼ + stars: | 2023-09-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/7] A model presents a creation by designer Maria Grazia Chiuri as part of her Spring/Summer 2024 Women's ready-to-wear collection show for fashion house Dior during Paris Fashion Week in Paris, France, September 26, 2023. "It's a reflection about image, about the narrative and how we build -- in some way -- a stereotype in our mind," Chiuri told Reuters. Chiuri used knitwear techniques to lighten the weight of a pleated skirt, and took on pointy-toed kitten heels, turning them into gladiator shoes, with rows of straps running up the leg, fastened with pearls. The LVMH-owned (LVMH.PA) fashion label's show saw onlookers angle for photos of celebrities, including Blackpink member Jisoo, Charlize Theron, Elle Macpherson and Rosalia. Paris Fashion Week, which runs until Oct. 3, features dozens of labels including Louis Vuitton, Chanel, Hermes and Saint Laurent.

Persons: Maria Grazia Chiuri, Dior, Stephanie Lecocq, baring, Chiuri, Elena Bellantoni, ” Bellantoni, jean, Queen Camilla, King, Jisoo, Charlize Theron, Elle Macpherson, Rosalia, Louis Vuitton, Chanel, Hermes, Saint Laurent, Mimosa Spencer, Alexandra Hudson Organizations: Paris, REUTERS, Rights, Reuters, Alexandra Hudson Our, Thomson Locations: Paris, France, Versailles, King Charles's

☆ Saint Laurent elevates the jumpsuit at Paris Fashion Week
▼ + stars: | 2023-09-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Anthony Vaccarello as part of his Spring/Summer 2024 Women's ready-to-wear collection show for fashion house Saint Laurent during Paris Fashion Week in Paris, France, September 26, 2023. Sunglasses, aviation hats and natural leather belts completed the looks, which came mostly in autumn tones of beige, olive, purple and a rusty brown. The show closed the second day of Paris Fashion Week, which has drawn fashion crowds and celebrity fans to the French capital. The catwalk shows run until Oct. 3, and feature dozens of luxury labels including Hermes, Chanel and Louis Vuitton. Reporting by Mimosa Spencer; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Vaccarello, Saint, Johanna Geron, Saint Laurent, Hermes, Chanel, Louis Vuitton, Mimosa Spencer, Aurora Ellis Organizations: Paris, REUTERS, Rights, Paris Fashion, Thomson Locations: Paris, France, Seine

☆ Wall Street's typical career path might have a massive detour thanks to AI
▼ + stars: | 2023-09-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

As for today's edition, we're looking at how AI could upend the job of the junior banker, and the effect that'll have on Wall Street's traditional career path. AdvertisementAdvertisementAspiring financiers need to look no further than investment banks' analyst programs to get a foot in the door. But this crucial piece of Wall Street's ecosystem could be upended by the rise of artificial intelligence. AdvertisementAdvertisementBuy-side firms have largely held off on going after college graduates, instead pointing them toward banks' analyst programs. Regardless of what direction things go, what's clear is the type of work AI excels at falls directly in junior bankers' wheelhouse.

Persons: Insider's Bianca Chan, Emmalyse Brownstein, Alyssa Powell, Steve Cohen's, Cohen, millennials, Elon Musk, Mark Zuckerberg, Jeff Bezos, ChatGPT, Xavier Lalanne, It's, Saint, Givenchy, Donald Glover, Childish Gambino, Will Smith, Catherine Zeta, Jones, krisanapong detraphiphat, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Guild of America, Hollywood, Tech, LinkedIn, Meta, National, Costco, Lowe's, Tractor Supply, Brands, Getty Images Finance Locations: Wall, Silicon, Paris, New York City, San Diego, London, New York

[1/5] Models present creations by the creative studio of Pierre Cardin fashion house for their Spring/Summer 2024 Women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 25, 2023. REUTERS/Stephanie Lecocq Acquire Licensing RightsPARIS, Sept 25 (Reuters) - Paris Fashion Week kicked off on Monday with a Pierre Cardin show in the headquarters of France's Communist Party, which was bathed in blue light to conjure up the colour of the ocean. It was the French label's second show at Paris Fashion Week since founder Pierre Cardin died in 2020, building on its space-age catwalk in March after a gap of more than two decades. Fashion Week, which runs until Oct. 3, will feature more than 100 designers, including Louis Vuitton, Chanel and Hermes, dozens of new international designers, as well as French fashion house Balmain whose show will go ahead despite the theft of part of its collection. Thieves seized the vehicle carrying some 50 items between a Paris airport and the label's headquarters in the French capital.

Persons: Pierre Cardin, Stephanie Lecocq, Rodrigo Basilicati Cardin, Oscar Niemeyer, Fabien Roussel, Louis Vuitton, Chanel, Hermes, Dior, Saint Laurent, Van Noten, Lanvin, Sandra Auger, Elizabeth Pineau, Geert De Clercq, Alison Williams Organizations: Paris, REUTERS, Rights, France's Communist Party, Paris Fashion, French Communist Party, Espace Niemeyer, Balmain, Thomson Locations: Paris, France, French, Givenchy

☆ The Year Lou Reed Gave Up on Music
▼ + stars: | 2023-09-22 | by ( Will Hermes | ) www.nytimes.com time to read: +1 min

Lou Reed strode onto the stage at Max’s Kansas City late on a Sunday night in August 1970. “We’re called the Velvet Underground. Danny Fields, a regular at Andy Warhol’s Factory who would soon discover the Ramones, was there, as he was virtually every night. Like Warhol, she was an obsessive taper, and had recorded a number of Velvets shows that summer. The tape would soon be passed around the underground and would eventually be released as an album — since Reed had decided this would be the last Velvet Underground show.

Persons: Lou Reed strode, “, ”, “ We’re, Sid, Toby Reed, Danny Fields, Andy Warhol’s, Brigid Berlin, Richard E, Brigid Polk, Warhol, Jim Carroll, Reed Organizations: Max’s Kansas City, Hearst Corporation, Sony Locations: Max’s, Long, Berlin

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

The European Central Bank last week lifted rates to a record 4% and upgraded its inflation forecast for 2024, but the euro fell and has lost almost 2% against the dollar this month. Overall, Europe's central banks "would like to portray this idea of higher for longer (rates)," said Ed Hutchings, head of rates at Aviva Investors. The currency, which the central bank labeled "unjustifiably weak," barely caught a break and remains near a record low against the euro . He expected one the of big European central banks to be the first to cut rates. European central banks were "in a bind," Fiotakis added, as higher oil prices also threatened to push inflation higher.

Persons: Dado Ruvic, Sterling, Kit Juckes, BoE, SocGen's Juckes, Ed Hutchings, Nathan Thooft, Bjoern, Fiotakis, Orla Garvey, Naomi Rovnick, Christina Fincher Organizations: REUTERS, Sterling, LONDON, Bank of, Swiss, greenback, Societe Generale, European Central Bank, ECB, U.S . Federal Reserve, Fed, Aviva Investors, Investment Management, Reuters, DWS Group, Nomura, ING, Barclays, Federated, Thomson Locations: Swiss, Bank of England, Switzerland, Sweden, Europe, U.S, Western Europe, United States, Britain, Swedish, Japan, European

☆ Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 20 (Reuters) - Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm. ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors. Its clients include state oil giant Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar. The four banks are also bookrunners and underwriters, joined by GIB Capital, HSBC, Al Rajhi Capital and Saudi Fransi Capital. Arab National Bank, Alrajhi Bank and Saudi National Bank are the receiving agents and Lazard is independent adviser to ADES.

Persons: ADES, EFG Hermes, Goldman Sachs, Lazard, Yousef Saba, Sonia Cheema Organizations: Reuters, Saudi Exchange, Kuwait Oil Company, North Oil Company, SNB, JPMorgan, underwriters, GIB Capital, HSBC, Al, Saudi Fransi Capital, Arab National Bank, Alrajhi Bank, Saudi National Bank, Thomson Locations: DUBAI, Saudi, Khobar, ADES, East, North Africa, India, Saudi Aramco, Qatar, Al Rajhi Capital

☆ Rates are rising in Europe. HSBC names the region's 'most and least vulnerable stocks'
▼ + stars: | 2023-09-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

CNBC Pro takes a look at the bank's two screens of "the most and least vulnerable" stocks: one for "cash-rich" companies and the other for "high leverage" names. 'Cash-rich' names HSBC named "cash-rich companies relatively immune to rising borrowing rates." HSBC's screens in this category include French luxury goods label Hermes International , with a net debt of 9,222 euros ($9,834.11), British food processing company Associated British Foods (net debt of 1,709.39 euros) and Swiss biotech player Bachem Holding (net debt of 271.15 euros). Names with high debt HSBC also screened for companies with high leverage, meaning high net debt to equity and net debt to EBITDA ratios. Companies with high debt are seen to be vulnerable to further rises in interest rates.

Persons: Snam, — CNBC's Michael Bloom Organizations: British, HSBC, CNBC Pro, Companies, Hermes, British Foods, Bachem, Nokia, Daimler Truck Holding, Imperial Brands, Benz Group Locations: Europe, Swiss, Finnish

MILAN/PARIS, Sept 19 (Reuters) - Gucci creative director Sabato De Sarno takes to the runway in Milan on Friday, in a high-stakes designer debut for the Italian label’s owner, French luxury group Kering (PRTP.PA). De Sarno’s Gucci catwalk presentation – one of the industry’s most highly-anticipated shows this year – will serve as an aesthetic reset for the brand, aimed at reigniting sales, but it is also the first major test of a sweeping overhaul at Kering. The group has also taken steps to broaden its revenue sources, announcing plans to buy high end perfumer Creed in June and a 30% stake in fashion label Valentino in July. “We don’t think that a margin reset would be badly received by the market,” said Carole Madjo, analyst with Barclays. Reporting by Mimosa Spencer and Elisa Anzolin Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Gucci, Sabato De Sarno, De Sarno’s Gucci, Valentino, Louis, Jean, Francois Palus, Marco Bizzarri, De Sarno’s, Bizzarri, Alessandro Michele, De Sarno's, Sabato De Sarno's, ”, Carole Madjo, Daria Werbowy, Luca Solca, Bernstein, Mimosa Spencer, Elisa Anzolin, Tomasz Janowski Organizations: MILAN, Louis Vuitton, Dior . Group, Gucci, RBC, Barclays, De, Thomson Locations: PARIS, Milan, Kering

Picking out the best Apple Watch Series 9 band comes down to both personal preference and personal style. Below are 18 of the best Apple Watch bands for the Series 9, including picks from Apple itself, as well as other brands like Nomad, Hermes, and Lifeproof. No matter what you consider the best Apple Watch, any of these new bands can improve the way the watch looks and feels. And the best method for doing so is by donning one of the best leather Apple Watch bands. Budget leather that still looks good Tasikar Apple Watch Band Tasikar's Leather Band is a budget watch band that features high build quality, a rugged, timeless design, and a classic watch clasp.

Persons: Hermes, Kate Spade Organizations: Apple, Apple Watch

☆ Balmain collection robbed in run-up to fashion show, designer says
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

Models present creations by designer Olivier Rousteing as part of his Spring-Summer 2023 ready-to-wear collection show for fashion house Balmain during Paris Fashion Week in Paris, France, September 28, 2022. Balmain is due to present its 2024 spring-summer collection on Sept. 27 during the Paris fashion week, which features high end labels including Louis Vuitton, Dior, Chanel and Hermes. A spokesperson for Balmain confirmed that the Paris show would go ahead, declining to comment about the robbery pending an investigation. Balmain is controlled by Mayhoola, an investment vehicle backed by Qatar's royal family. Reporting by Gus Trompiz and Mimosa Spencer Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivier Rousteing, Johanna Geron, Rousteing, Louis Vuitton, Chanel, Hermes, Gus Trompiz, Mimosa, Tomasz Janowski Organizations: Balmain, Paris, REUTERS, Rights, Dior, Thomson Locations: Paris, France, Balmain

☆ Balmain Collection Robbed in Run-Up to Fashion Show, Designer Says
▼ + stars: | 2023-09-17 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

PARIS (Reuters) - French fashion house Balmain has lost dozens of pieces due to be unveiled at a Paris show later this month after a lorry carrying the clothing was hijacked, its creative director Olivier Rousteing said. Rousteing said in an Instagram post that thieves seized the vehicle carrying some 50 items from Balmain's new collection between a Paris airport and the label's headquarters in the French capital. Balmain is due to present its 2024 spring-summer collection on Sept. 27 during the Paris fashion week, which features high end labels including Louis Vuitton, Dior, Chanel and Hermes. A spokesperson for Balmain confirmed that the Paris show would go ahead, declining to comment about the robbery pending an investigation. Balmain is controlled by Mayhoola, an investment vehicle backed by Qatar's royal family.

Persons: Olivier Rousteing, Rousteing, Louis Vuitton, Chanel, Hermes, Gus Trompiz, Mimosa Spencer, Tomasz Janowski Organizations: PARIS, Balmain, Dior Locations: Paris, Balmain

☆ ‘Don’t Erase Yourself.’ What Power Dressing Means for Women in 2023
▼ + stars: | 2023-09-16 | by ( Katharine K. Zarrella | ) www.wsj.com time to read: 1 min

OVER THE COURSE of her career, Martha Stewart, the self-made mogul and pop-culture phenomenon, has seldom considered the concept of power dressing. “It has never fit into my lifestyle,” said Stewart, 82, who worked on Wall Street before founding her Martha Stewart Living empire. “I’m probably more casually dressed than most women executives. I never felt I had to dress to show off for men. “It looked good, I felt great.

Persons: Martha Stewart, ”, Stewart, “ I’m, I’ve, ’, — Locations: Hermès, New York

☆ The market is going to broaden out, says Federated Hermes' Steve Auth
▼ + stars: | 2023-09-15 | 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 EmailThe market is going to broaden out, says Federated Hermes' Steve AuthSteve Auth, Federated Hermes Equities CIO, joins 'The Exchange' to discuss the future of the market, his stock picks, and more.

Persons: Federated Hermes, Steve Auth Steve Auth Organizations: Federated, Hermes

☆ SoftBank's Arm soars in market debut to notch $60 bln valuation
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 14 (Reuters) - Shares in SoftBank's Arm Holdings ARM.O opened 18% above their offer price in their Nasdaq debut on Thursday, valuing the British chip designer at nearly $60 billion in its return to the public markets after seven years. The stock opened at $56.10 per American Depositary Share compared with the initial public offering (IPO) price of $51, and steadily extended gains to just over $60. "The Arm IPO is the most hyped listing we've had in the markets for a while." Compiled by the Global Finance & Markets Breaking News teamOur Standards: The Thomson Reuters Trust Principles.

Persons: Rene Haas, Brendan McDermid, SALMAN MALIK, ANSON, ” OWEN LAU, JORDAN STUART, “, ” “, ’ ” DANIEL KLAUSNER, HOULIHAN, haven't, ”, ” KYLE RODDA, ANDREW Organizations: Nasdaq, REUTERS, Holdings ARM.O, OPPENHEIMER, FEDERATED HERMES, OF, PUBLIC, ROSENBLATT, Global Finance, Markets, Thomson Locations: New York, U.S, “

☆ Tesla tops list of most shorted stocks for third month in August - Hazeltree
▼ + stars: | 2023-09-12 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

Tesla stock rallied over 5% on Monday after a Morgan Stanley (MS.N) note suggested the automaker's Dojo supercomputer could bolster Tesla's market value. Hazeltree, which tracks 12,000 equities globally, said the second and third most shorted stocks last month were Charter Communications (CHTR.O) and Apple (AAPL.O) respectively. Those included investors with funds taking long and short positions in stocks: Diamond Hill, Leuthold Funds and Forum Funds. "Taking out a short position against Tesla, as Gates did, results in the highest return only if a company goes bankrupt!" Hedge funds were net short consumer discretionary stocks, which would include Tesla, for the year ending Sept. 8, according to the Goldman note.

Persons: Mike Blake, Hazeltree, Morgan Stanley, Tesla, Blackstone, Federated Hermes, Elon Musk, Bill Gates, Musk, Walter Isaacson, Gates, Goldman Sachs, Goldman, I've, Dan Izzo, Nell Mackenzie, Dhara Ranasinghe, Kevin Liffey Organizations: REUTERS, automaker's, Charter Communications, Apple, Securities and Exchange Commission, Funds, Capital Management, Federated, Microsoft, Thomson Locations: Mojave , California, U.S

Learn moreApple officially announced the Apple Watch Series 9 during its annual product event on September 12. AdvertisementAdvertisementWhere to preorder the Apple Watch Series 9Preorders of the Apple Watch Series 9 are available now via the Apple website and the watch officially launches on September 22. AdvertisementAdvertisementApple Watch Series 9 pricingThe Apple Watch Series 9 will be available in two different sizes, including a 41mm model and a 45mm model. Here's the pricing breakdown of all models:Apple Watch Series 9 (41mm): $399Apple Watch Series 9 (41mm, stainless steel): $699Apple Watch Series 9 (45mm): $429Apple Watch Series 9 (45mm, stainless steel): $749The Apple Watch SE, Apple's budget watch option, remains in the company's lineup and costs $249. AdvertisementAdvertisementApple Watch Series 9 new accessoriesApple; InsiderApple announced a number of new accessories for the Apple Watch Series 9, including a new suede-like woven band, a redesigned Sport Loop, and new collections with both Nike and Hermes.

Persons: Siri, Apple Organizations: Apple, Nike, Apple Watch

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.

Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

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Persons: Dow Jones, loewe Organizations: d46e5f67 Locations: bottega

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