Author: theparknews

Written by Casey HallSHANGHAI (Reuters) – China’s second-hand and gray market for luxury goods is booming, with soaring prices for luxury brands due to the economic downturn as some shoppers look for ways to buy cheaper, and LVMH There are growing concerns about this.LVMH, the world’s largest luxury goods group, reported a 3% drop in quarterly sales last week, the first quarterly sales decline since the pandemic that was weaker than expected as demand fell in China and Japan.Italy’s Salvatore Ferragamo also reported a drop in quarterly sales due to slowing demand from China.”The problem is that as long as…

(Reuters) – IBM on Monday released the latest version of its artificial intelligence model for enterprises, aiming to take advantage of the surge in companies adopting generative AI technology.The Granite 3.0 model, like other versions of IBM’s Granite family of AI models, will be open source. This approach differs from competitors such as Microsoft, which charges customers for access to their models.On the other hand, IBM offers a paid tool called Watsonx that helps you run your models within your data center after customization.Some variants of the new Granite model will be commercially available on the Watsonx platform starting Monday.…

Written by Andres Gonzalez and Ron BussoLONDON (Reuters) – BP is considering selling a minority stake in its offshore wind farm business, four people familiar with the matter said. It is the latest effort by CEO Murray Auchincloss to scale back the energy company’s focus on renewable energy.The company is facing pressure from shareholders over its energy transition strategy, first launched in 2020, as profits from renewables have declined while margins from oil and gas have increased.The London-listed oil company has contacted Bank of America to find a partner for the venture, the people said, asking not to be identified…

PARIS (Reuters) – Shares in luxury goods giant LVMH (MC.PA) are on track to post their biggest one-day drop in a year on Wednesday. The move came after luxury goods giant LVMH missed third-quarter sales expectations, dragging down the entire sector and erasing gains from China’s economic stimulus. Stimulus package.The stock was down about 4% in recent trading after falling as much as 7% in early trading. Smaller rival Kering, which owns brands such as Gucci, fell 3%, Hermès 1.7% and L’Oréal 4.3%.LVMH, which owns brands such as Moët & Chandon champagne, Louis Vuitton fashion and Tiffany & Co. jewelry,…

Uncle Banerjee looks ahead to European and global marketsEurope’s semiconductor and luxury goods stocks will be at the forefront of investors’ minds on Wednesday after lackluster earnings from the region’s biggest tech company ASML and luxury goods flagship LVMH pushed share prices down, but that’s not at all. It’s for the wrong reasons.Chip stocks around the world fell after the Dutch company said ASML expects sales to be weak in 2025, with AI-related chips doing well but the rest of the semiconductor market not. The company said that many chipmaker customers are becoming cautious.ASML is the world’s largest chip manufacturing…

(Reuters) – PayPal Holdings Inc said on Wednesday it will allow U.S. merchants to buy, hold and sell cryptocurrency through their business accounts.Cryptocurrencies have gone from an emerging asset class to gaining greater market acceptance since the U.S. Securities and Exchange Commission approved the listing of Bitcoin exchange-traded funds earlier this year.”There is a growing demand from business owners to have the same cryptocurrency capabilities available to consumers,” said José Fernández da Ponte, PayPal’s senior vice president of blockchain, crypto and digital currency.PayPal entered the cryptocurrency market in 2020, allowing customers to buy, sell and hold bitcoin and other virtual…

By Hannah Lang(Reuters) – Republican former President Donald Trump offered few details on Monday about a new cryptocurrency business that was announced by family and associates at an X-Space live event.President Trump discussed a wide range of topics, including the second assassination attempt that occurred on Sunday and his transition from cryptocurrency skeptic to cryptocurrency supporter.But neither he nor his family would provide details about the company, World Liberty Financial, how it was founded, how it was funded or what services it might offer.It is unusual for a presidential candidate to launch a new venture so close to an election,…

By Aditi ShahNEW DELHI (Reuters) – Mercedes-Benz is seeing an increase in Indian buyers opting for electric cars as their first luxury vehicle, its country-based managing director told Reuters, a trend that is helping to boost sales for the German car maker.Luxury car sales are surging in India, with market leader Mercedes posting record sales. In the first six months of 2024, Mercedes sold 9,300 cars in India, 5% of which were electric, doubling EV penetration from 2.5% last year.Mercedes’ Santosh Iyer said after the launch of the seven-seater electric EQS ​​580 SUV, priced at about $168,200, that more young…

(Reuters) – Blackstone is considering options including a sale of a majority stake in visa application outsourcing and technology services company VFS Global after receiving interest from potential investors, the Bloomberg news agency reported on Thursday.A potential deal could value VFS at about $7 billion, Bloomberg reported, citing people familiar with the matter.Blackstone declined to comment on the Bloomberg report, while VFS did not immediately respond to a Reuters request for comment.Alternative asset manager Blackstone acquired a majority stake in VFS Global from EQT AB in October 2021, with EQT retaining a minority stake.Bloomberg reported that Blackstone is in exploratory…

By Elena Favrinaya and Gleb BryanskyMOSCOW (Reuters) – Trade between Russia and India is booming and bilateral payments are going smoothly without the kinds of problems that have hampered trade with other countries, Anatoly Popov, deputy CEO of Russia’s largest bank Sberbank, told Reuters.Sberbank handles payments for up to 70% of all Russian exports to India. Trade between Russia and India is expected to nearly double to $65 billion by 2023, and India has become a major importer of Russian oil since Western sanctions over the Ukraine conflict were imposed in 2022.”In 2022, we have seen a significant increase in…