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Bloomberg LVMH is betting $2.6 billion that consumers who spend $1,000 on a Louis Vuitton bag will splash out for a $2,000-a-night hotel on Italy’s Amalfi Coast. The French luxury giant agreed to buy Belmond Ltd., owner of New York’s ‘21’ Club and high-end resorts around the world. The transaction is LVMH’s largest since taking full control of Christian Dior ...
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December, 2018
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15 December
May’s Brexit deemed dead as cabinet splits
Bloomberg A majority of the UK cabinet considers Prime Minister Theresa May’s Brexit deal to be dead and three factions are discussing other options, including a second referendum, The Times reported. The rival groups plan to make opposing demands to May at a meeting next week, the newspaper said, without saying how it got the information. One group — Works ...
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15 December
Shell, Eni face $1.1bn Nigerian lawsuit
Bloomberg The government of Nigeria is suing Royal Dutch Shell Plc, Eni SpA and other companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. The suit, filed in London, alleges that money the companies paid to acquire an oil exploration license in the Gulf of Guinea was diverted to bribes and kickbacks, ...
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15 December
China’s home-price growth eases amid dull buyer demand
Bloomberg China’s home-price gains slowed in November in a further sign the nation’s property market is cooling. New-home prices rose an average 0.98 percent from October when they increased 1.02 percent in the 70 cities tracked by the government, according to Bloomberg calculations based on data released by the National Bureau of Statistics. November’s result snapped five straight months of ...
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15 December
Brexit drives UK housing to weakest in six years
Bloomberg The Brexit battering of the UK housing market has no end in sight. An index of prices by the Royal Institution of Chartered Surveyors slipped in November to the weakest level since 2012, while the outlook for pricing and sales for the next three month slumped. The persistent uncertainty around Britain’s impending exit from the European Union was the ...
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15 December
Everyone involved in facial recognition sees problems
Bloomberg An unusual consensus emerged recently between artificial intelligence researchers, activists, lawmakers and many of the largest technology companies: Facial recognition software breeds bias, risks fuelling mass surveillance and should be regulated. Deciding on effective controls and acting on them will be a lot harder. The Algorithmic Justice League and the Center of Privacy & Technology at Georgetown University Law ...
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15 December
Pokémon Go’s maker to go after $3.9 billion valuation
Bloomberg Niantic Inc., the company behind the popular game Pokémon Go, is looking to catch a $3.9 billion valuation, according to a person familiar with the matter. The San Francisco-based company is planning to raise at least $200 million in a round led by venture capital firm IVP, said the person, who asked not to be identified because the discussions ...
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15 December
Ride-hailing firm raises $150mn from Yamaha
Bloomberg Grab is attracting more global backers after the ride-hailing service defeated Uber Technologies Inc. in Southeast Asia. A motorcycle maker has become the latest investor. Yamaha Motor Co. agreed to invest $150 million in Grab and the two will collaborate on motorcycle-ride services in Southeast Asia with a focus on Indonesia, the Japanese manufacturer said in a statement. Singapore-based ...
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15 December
Play video games with K-Swiss ‘sneakers’
Bloomberg K-Swiss Inc. is introducing a line of sneakers designed for video-game competitions, another attempt by athletic brands to capitalise on the burgeoning esports market. The new shoes sell for $110 and bear the logo of Immortals, an esports organisation that fields teams for the games Overwatch and Counter-Strike: Global Offensive. K-Swiss is now readying a “performance†version of the ...
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15 December
Economic risks worsening even as QE era ends: Draghi
Bloomberg Mario Draghi said risks to the euro-area economy are worsening even as he called time on the European Central Bank’s flagship deflation-fighting tool. The ECB president told reporters in Frankfurt that while risks are still “broadly balanced,†they are now “moving to the downside†because of a range of concerns over geopolitics, trade protectionism and market volatility. The significant ...
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