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☆ What’s the Status of Flaunting Your Status?
▼ + stars: | 2023-07-22 | by ( Guy Trebay | ) www.nytimes.com time to read: +2 min

“We are collectively spending more time checking out what the rich and famous are doing and less time on what Barry from H.R. and Sandra from accounting were up to last weekend,” said Nicholas Bloom, the William D. Eberle professor of economics at Stanford. “Wealth porn,” Stellene Volandes, editor in chief of Town & Country, termed such postings. And as with any permutation of adult entertainment, it’s free online: Anyone can watch. Yet their excesses were noted by a relative few.

Persons: “, ”, William Norwich, The New York Post’s, Hermès Birkin, Barry, Sandra, Nicholas Bloom, William D, Eberle, Karlie Kloss, Josh Kushner —, Slack, Kloss, hoi, Kushner, David Geffen’s humongous, Stellene Volandes, predacious, tycoons, Lacroix Organizations: The New, Stanford, Spotify, Town, Reagan, Metropolitan Museum of Art’s, New York Times Locations: The New York, facto, Calabasas, H.R, Grenadines

"The luxury industry seems to be outperforming the consumer market as a whole in China, but you know, really, almost everyone you speak to, there's a level of uncertainty," said Agility's managing director Amrita Banta. "There's a level of not feeling entirely comfortable with their future economic position that is really affecting almost everybody in China." Those factors disproportionately affect "aspirational" luxury customers who can easily live without another Gucci bag or $900 pair of sneakers. In China, luxury consumers are younger than in the rest of the world with an average age of 28, according to BCG - something companies had seen as positive for future growth. "In the trends that I'm seeing in the U.S. and also in China, more aspirational younger consumers are feeling more of a pain," Morningstar senior equity analyst Jelena Sokolova said.

Persons: Richemont, splurge, Morgan Stanley, Hermes, Chanel, Amrita Banta, Dior, Balenciaga, Gucci, Jelena Sokolova, HSBC's Erwan, Rambourg, Casey Hall, Mimosa Spencer, Catherine Evans Organizations: Cartier, Citigroup, Richemont, Citi, LVMH, Bain, Morningstar, Thomson Locations: SHANGHAI, PARIS, China, North America, Wuhan, Zhengzhou, Charlotte, Nashville, Swiss, Americas, Asia, United States, luxury's, U.S, Japan

☆ Gucci CEO Marco Bizzarri to step down as parent company chases global luxury boom
▼ + stars: | 2023-07-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The president and CEO of Gucci will step down later this year as part of a leadership overhaul at its French parent company Kering aimed at capturing more of the booming global market in luxury goods. Marco Bizzarri, who has been at the helm since 2015, will leave on September 23, Kering said in a statement Tuesday. Jean-François Palus, who currently serves as Kering’s managing director, will take over on a transitional basis. “We are building a more robust organization to fully capture the growth of the global luxury market,” Pinault said. Meanwhile, Kering’s shares have risen nearly 11% over the same period, which is much closer to the average stock price increase of 8.4% for all companies in the benchmark Stoxx Europe 600 index.

Persons: Gucci, Kering, Marco Bizzarri, Jean, François, Yves Saint Laurent, ” François, Henri Pinault, ” Gucci, ” Pinault, —, Christian Dior Organizations: London CNN, Hermès International, Christian

☆ Next Gucci CEO may have toughest job in luxury
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic

☆ How the scammer selling NYC socialites fake Birkins got caught
▼ + stars: | 2023-07-17 | by ( Kate Taylor | Anna Silman | ) www.businessinsider.com time to read: +3 min

George Mickum, Gillian Hearst's former BFF, sold the heiress and his other rich friends fake Birkins. But the first red flag should have been a forged Hermès receipt that featured the wrong font. There wasn't even a dust bag; Mickum claimed his mom's assistant would drop it off later. It was floppy, like a bouncy castle that had lost half its air, instead of having the architectural stiffness of a real Hermès bag. The HAC was one of at least six fake Hermès bags Mickum had sold to friends, including Hearst.

Persons: George Mickum, Gillian Hearst's, Courroies Birkin, Mickum, Alexis Clarbour, Clarbour, —, Mickum's, Goodman, who'd, Hearst Organizations: Service, New, Rue du Faubourg Saint, Madison, Couture, Nike, Hearst Locations: Wall, Silicon, New York, Paris, Rue, Clarbour

☆ The Birkin bag is not just the ultimate fashion symbol — it's one of the best luxury investments out there
▼ + stars: | 2023-07-17 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Jane Birkin died in Paris on Sunday at age 76. Because, for me, the Birkin bag — which retails for anywhere from $10,000 to $250,000 for the more high-end designs — primarily represents a store of value. The value of gold rose by about 2% on average over the 35 years. And I, for one, can't stop from marveling that all this was spurred from a chance conversation between Jane Birkin and an Hermès executive back in 1980. The singer and actor who inspired Hermès' signature bag died on Sunday at age 76.

Persons: Jane Birkin, Birkin, scoffed, Jane Birkin's, Hermès, Baghunter Organizations: Service, Credit Suisse, Deloitte, Dow Locations: Paris, Wall, Silicon, Mumbai

☆ Morning Bid: China falls short and oil ebbs but banks impress
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +4 min

Sub-forecast and sharply slowing retail sales growth for June likewise offset a more upbeat industrial output readout for the months. Even though falling import and export prices in June reinforced the disinflation picture, two-year Treasury yields recouped some of the week's steep declines. LUXURY FIRMSU.S. stock futures were little changed ahead of Monday's open, but two-year Treasury yields edged back lower to 4.72%. Elsewhere, shares of Richemont (CFR.S) dropped nearly 7% after the world's second-biggest luxury firm reported a miss in its sales and amid the China growth dampener. U.S. Treasury Secretary Janet Yellen said she was working with India on energy transition and "eager" to work with China on debt workouts.

Persons: Mike Dolan China's, Wells, Morgan Stanley, Janet Yellen, Mike Dolan, Alison Williams Organizations: Hong, Reserve, Nasdaq, Treasury, JPMorgan, Citi, Bank of America, Tesla, Netflix, York Federal, governor's, . Treasury, Reuters, Thomson Locations: U.S, China, Hong Kong, Tokyo, Asia, Shanghai, Wall, Richemont, India, Russia, China . U.S

☆ The iconic Hermés Birkin handbag that costs north of $10,000 was conceived on an airplane sickness bag
▼ + stars: | 2023-07-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Jane Birkin, the inspiration behind the iconic Birkin bag, died inside her Paris home on Sunday. The Birkin handbag was conceived by Birkin herself, who was found dead at her home in Paris on Sunday. Birkin told Leitch that Hermés paid her an annual royalty of £30,000 in 2011, which currently works out as $39,000. Years later, the Birkin handbag has taken on a life of its own and is now seen as a status symbol. Some of its pricer models, including the crocodile and diamond-encrusted Birkin bags, can cost as much as $200,000 according to Sotheby's.

Persons: Jane Birkin, Birkin, Luke Leitch, Jean, Louis Dumas –, Leitch, Dumas, Hermés, Bijou Birkin – Organizations: Service, Air France Locations: Wall, Silicon, Paris, London, 2o18

☆ Jane Birkin’s Style in Photos
▼ + stars: | 2023-07-17 | by ( Bonnie Wertheim | ) www.wsj.com time to read: 1 min

Birkin inspired the Hermès handbag that shares her name, after an airplane encounter with the luxury label’s chairman. Still, she preferred woven basket bags, even at events like the Cannes Film Festival. Gamma-Rapho/Getty Images

Persons: Birkin Organizations: Cannes Film

☆ Paris Is Packed in the Summer. Here Are Six Ways to Dodge the Droves.
▼ + stars: | 2023-07-17 | by ( Seth Sherwood | ) www.nytimes.com time to read: +2 min

Northeast of Paris, Pantin is the base of the Hermès luxury brand and some cultural powerhouses as well, notably the Centre National de la Danse and an exhibition space from Thaddeus Ropac, one of Paris’s most well-known art gallerists. Staying in Pantin also offers quick access to top cultural venues in Paris’s 19th arrondissement. The Philharmonie de Paris complex includes a Jean Nouvel-designed concert hall and music museum, while the nearby Grande Halle de la Villette hosts exhibitions and performances. You get the same kitchen, cooks, dining room and savoir-faire, but the whole package is easier to reserve — and to pay for. Such a deal makes the restaurant “the perfect place to discover haute cuisine for a small price,” in the words of the French newsweekly Le Point.

Persons: Pantin, Thaddeus Ropac, Jean Nouvel, King Louis XIV, Claude Debussy, Maurice Denis, Nobuyuki Akishige Organizations: Philharmonie de, la Villette, Germain, Michelin Locations: Paris, Paris’s, Halle, St, Laye, Automne, Le

☆ Luxury tests limits of its immunity to downturns
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Compagnie Financiere Richemont (CFR.S) is testing the limits of luxury’s immunity to downturns. Shares of other big luxury players, including $236 billion Hermes International (HRMS.PA) and $502 billion LVMH (LVMH.PA), also fell 4.2% and 3.7% respectively. The top 5% of wealthiest shoppers who are probably less sensitive to inflation drove around 40% of global luxury sales last year, according to Boston Consulting Group. Shares in the European luxury sector are on average up 69% since the start of the pandemic in 2020. Meanwhile, revenue in Asia, which makes up 40% of Richemont's revenue, grew 40% year-on-year in the last quarter.

Persons: Cartier, U.S . downer, Karen Kwok, George Hay, Sharon Lam Organizations: Reuters, Financiere, Hermes, Boston Consulting, Citi, U.S ., Twitter, Cathay, Thomson Locations: Asia

☆ Jane Birkin, the Actress and Singer Who Inspired the Hermès Bag, Dies at 76
▼ + stars: | 2023-07-16 | by ( Ginger Adams Otis | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jane-birkin-actress-singer-who-inspired-the-iconic-hermes-bag-dies-at-76-ce57033b

Persons: Dow Jones, jane, birkin

CNN —Jane Birkin, the British singer and actress who found fame in France, has died aged 76, CNN affiliate BFMTV reported Sunday, citing its sources. She was the inspiration for the famous Birkin bag by French luxury house Hermes. Gainsbourg went on to write “Je t’aime… moi non plus” for Birkin and the song became an international hit that same year. She also managed to carve out a prolific career in the world of music, releasing several records in the French language. Dumas was true to his word and the Birkin bag was introduced in 1984.

Persons: CNN — Jane Birkin, BFMTV, Birkin, Serge Gainsbourg, Gainsbourg, Jane Birkin, Emmanuel Macron, ”, Lou Doillon, Jane, Charlotte, Doillon, Charlotte Gainsbourg, Serge, Kate Barry, John Barry, Jean, Luc Godard, Agnes Varda, Bertrand Tavernier, Steve Wood, Cesar, Jacques Doillon, Kate, Christiane Amanpour, Louis Dumas, Hermes, Mason Rothschild, Kelly, Grace Kelly – Birkin, Amanpour, “, Dumas Organizations: CNN, Paris, CNN’s, Air, British Vogue Locations: British, France, Paris, French, London, Air France, Dumas

☆ Jane Birkin: Decades of Effortless Elegance
▼ + stars: | 2023-07-16 | by ( Guy Trebay | ) www.nytimes.com time to read: +2 min

There were the babydoll dresses that few besides the actress Mia Farrow ever wore with greater élan. “Her style was very different from American style,” Ms. Sui said, and it introduced “something new to our fashion vocabulary.” What exactly was it about that style, the designer was asked? Perhaps, in the end, the Hermès Birkin bag provides the best example. Before its invention, Ms. Birkin was often photographed toting a straw marketbasket crammed with makeup, keys and assorted paraphernalia. “I would love to have been a sort of neat person and wear a Kelly,” Ms. Birkin once explained, referring to a prim, boxy-style handbag created and named for the film star Grace Kelly.

Persons: Mia Farrow, she’d, Ms, Sui, Birkin, Jean, Louis Dumas, Kelly, ” Ms, prim, Grace Kelly, “, Courroies, Sotheby’s, Kim Kardashian, Kylie Jenner, Jennifer Lopez, Cardi Organizations: YouTube Locations: daises, French, Paris, London

☆ Actress and singer Jane Birkin dies, France loses an 'icon'
▼ + stars: | 2023-07-16 | by ( John Irish | ) www.reuters.com time to read: +4 min

PARIS, July 16 (Reuters) - British-born actress and singer Jane Birkin, a 1960s wildchild who became a beloved figure in France, has died in Paris aged 76. Jane Mallory Birkin was born in London in December 1946, daughter of British actress Judy Campbell and Royal Navy commander David Birkin. [1/8]A person takes a photo near the house turned museum where late actor and singer Jane Birkin has lived with singer Serge Gainsbourg, in Paris, France July 16, 2023. "It's unimaginable to live in a world without you," said French singer Etienne Daho, who produced and composed Birkin's last album in 2020. She is survived by two daughters the singer and actress Charlotte, born in 1971, and Lou Doillon, also an actress, born in 1982.

Persons: Jane Birkin, Birkin, Serge Gainsbourg, Paris Mayor Anne Hidalgo, Jane Mallory Birkin, Judy Campbell, David Birkin, John Barry, Michelangelo Antonioni, Pascal Rossignol, Gainsbourg, Jane, Etienne Daho, Brigitte Bardot, Bardot, Jacques Doillon, Jean, Louis Dumas, Charlotte, Lou Doillon, Kate, John Irish, David Goodman, Frances Kerry Organizations: French Culture Ministry, Paris Mayor, Royal Navy, REUTERS, Moi, BBC, Vatican, Thomson Locations: France, Paris, French, London, British

☆ Jane Birkin, Singer, Actress and Fashion Inspiration, Dies at 76
▼ + stars: | 2023-07-16 | by ( Constant Méheut | More About Constant Méheut | ) www.nytimes.com time to read: +1 min

“He wrote for me from 1968 until the day he died,” Ms. Birkin said in an interview with The New York Times in 2018. Ms. Birkin said she had not been able to find a leather bag she liked. Hermès devised the Birkin, which was, as she requested, “four times the size of a Kelly.’'Ms. Birkin was additionally popular in France as an activist for women’s and L.G.B.T.Q. rights and also for her British accent when speaking French, which the French found endearing. “We will never forget her songs, her laughs and her incomparable accent which have always accompanied us.”

Persons: “, ” Ms, Birkin, I’d, Ms, Birkin’s, Kelly, ’ ’, Grace Kelly, Hermès, Jean, Louis Dumas, ’, Anne Hidalgo, ” Organizations: The New York Times, YouTube, Paris Locations: London, France

☆ Actress and singer Jane Birkin, who inspired the famous Hermes bag, dies at 76
▼ + stars: | 2023-07-16 | by ( ) www.cnbc.com time to read: +3 min

British-born actress and singer Jane Birkin, a 1960s wildchild who became a beloved figure in France, has died in Paris aged 76. Birkin was best known overseas for her 1969 hit in which she and her then-lover, the late French singer and songwriter Serge Gainsbourg, sang the sexually explicit "Je t'aime...moi non plus." Jane Mallory Birkin was born in London in December 1946, daughter of British actress Judy Campbell and Royal Navy commander David Birkin. "It's unimaginable to live in a world without you," said French singer Etienne Daho, who produced and composed Birkin's last album in 2020. She is survived by two daughters the singer and actress Charlotte, born in 1971, and Lou Doillon, also an actress, born in 1982.

Persons: Jane Birkin, Birkin, Serge Gainsbourg, Paris Mayor Anne Hidalgo, Jane Mallory Birkin, Judy Campbell, David Birkin, John Barry, Michelangelo Antonioni, Gainsbourg, Jane, Etienne Daho, Brigitte Bardot, Bardot, Jacques Doillon, Jean, Louis Dumas, Charlotte, Lou Doillon, Kate Organizations: French Culture Ministry, Paris Mayor, Royal Navy, Moi, BBC, Vatican Locations: France, Paris, French, London, British

☆ How 'Birkin Bandit' George Mickum Infiltrated NYC Society
▼ + stars: | 2023-07-12 | by ( Kate Taylor | Anna Silman | ) www.businessinsider.com time to read: +52 min

"He would know people's weaknesses and what they wanted and somehow always have something to offer," a former close friend said. Another close friend said Mickum once gave her a $1,000 loan "within minutes" when she needed it because of a credit-card crisis. He never "let the truth get in the way of a good story," a former close friend said. Hermès bags, like the Birkin and the Kelly, have always been symbols of unattainable luxury. There wasn't even a dust bag; Mickum claimed his mom's assistant would drop it off later.

Persons: George Mickum strode, Carlyle, Patty Hearst, He'd, Mickum, Birkin, swilling, Patty's, Gillian Hearst, Mr, George Mickum, Gillian Hearst's, George, Sally Painter, who'd, Peter Davis, Jackie O, Barbara Walters, Alessia Fendi, influencer Hannah Stella, Nick Hissom, Steve Wynn, Hearst, they'd, Prince Charles, Anna Delvey, Patty Hearst's, Rumor, he'd, wasn't, Met Breuer, Peter Poopat, George Santos, Trinity, Elisabeth Thieriot, Thieriot, Hermes, —, Painter, Paul Mickum, George Mickum III, Sally, Painter's, Poopat, PJ Pascual, Patrick McMullan, Ramona Singer, Lauren Lawrence, Lawrence, Van Cleef, Nicole Salmasi, Trudy, Mike Vitelli, Eric Schmidt, Schmidt, Eric, R, Couri Hay, They're, Astor, William Randolph Hearst, Orson Welles, Kane, Gillian's, Bill Clinton, Patty, Bernard Shaw, Gillian, Lydia —, Shaw, Maxim, Lydia, Kane we're, Christian Simonds, Pierre, Krista Corl, Dee Dee, Scott Buccheit, Naeem Delbridge, Pascual, who's, We're, buttering, Simonds, Matthew Kehoe, England, — Hearst, Delbridge, Hearst's, Mario Glen Coco, Hearsts, Astrid Stawiarz, Tiger Woods, Ernie Els, Justin Timberlake, Joe Lewis, Buccheit, Mary McCarthy, Lillian Hellman, Mickum's, Christie Grimm, Steve, Kameron Ramirez, Hissom, Ramirez, Nick, Hunt, Damien Hirst, Douglas Elliman, Harry Winston, David Fiszel, invitees, Fiszel, Darian, Winston, Martha Stewart's, Mendel minks, Vacheron Constantin, Tao, Melinda French Gates, Shawn Mendes, Bill, Hillary Clinton, Neiman Marcus, Damien Hirst's, Damien, weren't, Kelly, Alexis Clarbour, Clarbour, Paul Wharton, you've, Wharton, Sean Zanni, Michael Coste, Hannah Stella, Coste's, Stella, Scott Fitzgerald, Coste, Goodman, Courroies Birkin, didn't, Aman, Cartier, Mickum's bluster, skeptically, satchel, Clarbour's, He's, We've, Sider, Philippe, Buccheit texted Pascual, he's, Hay, Café Carlyle, Alexander Hankin, Burisma, Hunter Biden, Mickum hasn't, There's, They've, Amy X, Wang, King Charles, Tracey Amon, Amon, GEORGE MICKUM Organizations: Hearst, Blue, Potomac, Hamptons, East, Met, University of Delaware, Southampton Bathing Corporation, Fields School, Georgetown Law, DC, Town &, New York Daily News, The New York Times, Google, Carnegie, Rockefeller, Cosmopolitan, Symbionese Liberation Army, Hearst Corporation, Vogue, Society of Memorial Sloan Kettering, Stockbridge Golf, New, Tiger, Tottenham, Douglas, Martha Stewart's Hamptons, Mickum, Projects, Madison, Getty, Antibes, Nike, Rue du Faubourg Saint, Couture, US, UN, New Yorkers, Avenue Couture, Hermès, Republican, Justice Department, Blue Star, Town, New York Times Magazine Locations: Bemelmans, Clinton, York, Palm, New, London, Manhattan, Dalton, Bay, Windsor Castle, Haute, Washington , DC, New York, Baccarat, The, San Francisco, Wilton , Connecticut, Side, Wyntoon, California, Buccheit, woodsy Stockbridge , Massachusetts, Stockbridge, Bahamas, Albany, Nobu, Martha, Peking, Paris, Istanbul, St, Georgetown, China, Italy, Hermès, Amalfi Coast, du, Midtown, brunch, Rue, Central Park, Mickum, Turkey, La, Café, Ukrainian, Ukraine

The pan-European STOXX 600 (.STOXX) ended 0.7% higher, rising for the third straight session. Irish stocks (.ISEQ) jumped 2.1%, leading the advance among its continental peers. Irish stocks were boosted by gains in Kingspan (KSP.I) which jumped 15.7% after forecasting record profit for the first half of the year. Shares of China-exposed luxury firms including LVMH (LVMH.PA), Hermes (HRMS.PA) and Richemont (CFR.S) rose between 2% and 2.3% while industrial stocks (.SXNP) also sensitive to China advanced 1.0%. Mercedes-Benz Group (MBGn.DE) shares rose 0.7% after sales in the second quarter rose 6% year-on-year on the back of demand for all-electric and top-end vehicles.

Persons: Michael Hewson, Richard Flax, Matteo Allievi, Shreyashi Sanyal, Rashmi Aich, Nivedita, Emelia Organizations: Miners, U.S . Federal Reserve, LVMH, CMC Markets, tomorrow's U.S, Nordic Semiconductor, Daimler, Benz Group, Thomson Locations: China, Kingspan, Europe, U.S, tomorrow's, Britain, Gdansk, Amruta, Bangalore

☆ Some restaurants are now adding $10,000 tiny stools for luxury handbags
▼ + stars: | 2023-07-11 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Some middle-tier restaurants are now stocking stools for diners to place their luxury handbags on. One restaurant in Paris even stocks Hermés stools that cost almost $10,000 a piece. Priced at $9,150, the stools are more expensive than many luxury handbags. "Fine-dining-only service points have made their way into more mainstream restaurants as service, generally, has become elevated across the industry." Such shoppers are generally more likely to be the target market for expensive restaurants touting their handbag stools.

Persons: Le, Shingo, Shingo Akikuni Organizations: Service, Bloomberg Locations: Paris, Wall, Silicon, Europe, Harbor, Massachusetts, Coral Gables, Circana

☆ It's time to see whether AI is the new internet – or the next Metaverse
▼ + stars: | 2023-07-11 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

AI could transform business like the internet – or end up in the tech graveyard like the Metaverse. Companies will have a chance to show that their increased spending on AI tech helped them make more money, over the quarter in which ChatGPT fully established itself in the public consciousness. Zealots have used early success stories like Nvidia, Tesla, and other mega-cap names to argue that AI is like a new version of the internet – technology that outlasts a period of initial hype, and then transforms the way that business is done forever. But for every dot-com boom there's so-called "disruptive tech" like crypto or the Metaverse – fads that end up losing companies money, rather than boosting their profits. In other words, soon companies will have to show that AI can raise their profits like the internet did – or else it'll be consigned to the tech graveyard like the Metaverse was.

Persons: Jensen, Jordan Stuart, Federated Hermes Organizations: Morning, America, Semiconductor, Nvidia, Tesla, Federated Locations: ChatGPT

☆ AI has to show it's like the internet in 1995 – not the Metaverse in 2021
▼ + stars: | 2023-07-11 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

AI could transform business the way the internet did – or be consigned to the tech graveyard like the Metaverse was. Companies will have a chance to show that their increased spending on AI tech helped them make more money, over the quarter in which ChatGPT fully established itself in the public consciousness. But for every dot-com boom there's so-called "disruptive tech" like crypto or the Metaverse – fads that end up losing companies money, rather than boosting their profits. "But finding companies that can actually make money using this technology is going to be really difficult." In other words, soon companies will have to show that AI can raise their profits like the internet did – or else it'll be consigned to the tech graveyard like the Metaverse was.

Persons: Jensen, Jordan Stuart, Federated Hermes Organizations: Morning, America, Semiconductor, Nvidia, Tesla, Federated Locations: ChatGPT

LONDON, July 10 (Reuters) - Thames Water has become the poster child for a British water industry under fire for its poor environmental record and financial mismanagement. After a period as a listed company, Thames Water was acquired by German utility RWE (RWEG.DE) in 2001. Thames Water said on Monday they would provide 750 million pounds, and added it had strong liquidity of 4.4 billion pounds. FINANCESNearly 60% of Thames Water's debt is index-linked, according to ratings agency Standard & Poor's, saddling it with higher repayments as inflation soars. Thames Water was fined 3.3 million pounds last week, while Southern Water was fined 90 million pounds in 2021.

Persons: Margaret Thatcher's, Australia's Macquarie, Abu, Hermes, Ofwat, Sarah Young, Chiara Elisei, Emelia Sithole Organizations: Margaret Thatcher's Conservative, Water, Thames, Ontario, BT, China Investment Corp, Thames Water, Macquarie, Yorkshire Water, Severn Trent, United Utilities, The Times, Environment Agency, Southern Water, Thomson Locations: Britain, Here's, Abu Dhabi, Thames, Southern Water, United, England

☆ Knockoff designer bags and shoes are more believable than ever. Here's how 'superfakes' became so difficult to tell apart from the real thing.
▼ + stars: | 2023-07-08 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

"Superfakes" are gaining popularity as high-quality designer knockoffs. Designer brands have been combatting knockoffs for decades, but a rising category of "superfakes" can trick the most experienced experts. Here's how superfakes became so difficult to tell apart from the real thing. However, any product that intentionally replicates a brand's product, using its logo, name, or intellectual property is considered a knockoff. Both designer brands and third-party marketplaces have invested millions in combating counterfeits, but the issue is so widespread that it's impossible to stop them all.

Persons: knockoffs, Gen Z, superfakes, Couture, Tommy Hilfiger, Gucci, Dior, Superfakes, Yves Forestier, They've, TikTok, Hermes Birkin, Charles Gross Organizations: Social, Service, Counterfeit, New York Times Locations: Wall, Silicon, New York City, Paris, France, Italy

☆ The Fed will raise rates two more times, says Contrast Capital’s Ron Insana
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will raise rates two more times, says Contrast Capital’s Ron InsanaPhil Orlando, chief equity market strategist at Federated Hermes, and Ron Insana, Contrast Capital Partners co-CEO, join CNBC's 'Power Lunch' to discuss the latest jobs report, what to expect from the Fed's next meeting, and more.

Persons: Ron Insana Phil Orlando, Ron Insana Organizations: Federated Hermes, Capital Partners

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