Connect with us
  • tg

Economy

French LVMH became the first European company with a market capitalization exceeding $500 billion

letizo News

Published

on

French LVMH

French luxury goods maker Louis Vuitton Moët Hennessy (LVMH) became the first European company that managed to increase its total capitalization to above $500 billion amid growing demand for similar products from Chinese buyers and strengthening of the euro, Bloomberg reported.

“The market value of LVMH exceeded $500 billion, the first time in Europe. The boom in sales in China and the strengthening of the euro helped the French company raise its market value. The company’s rising value has boosted the fortune of the world’s richest man, Bernard Arnault, who has turned LVMH into a global firm. His fortune is almost 212 billion dollars,” – says the material.

Against this background, shares of LVMH during the morning stock trading also showed a slight increase of 0.3% to €903.7. As a result, the total capitalization of the company is now estimated at €454 billion, or $500 billion. However, after that the growth of quotations continued. The company’s shares were traded at €904.1 per security, according to the article.

April 14 Forbes magazine, citing its own calculations, reported that the fortune of the owner and head of the French luxury goods manufacturer Christian Dior, Louis Vuitton, Givenchy, Guerlain, Moët & Chandon, Hennessy, Chaumet (LVMH) Bernard Arnault increased for the day. This followed the publication of LVMH’s quarterly report, in which the company’s clothing and leather goods segment sales rose 18%, to a record $12.5 billion.

We previously reported that Musk is creating an artificial intelligence company.

Economy

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

letizo News

Published

on

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo

MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.

The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.

Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.

“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.

Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.

“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.

The bank will next convene to set its benchmark rate on Feb. 16.

The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.

Continue Reading

Economy

China identifies second set of projects in $140 billion spending plan

letizo News

Published

on

China identifies second set of projects in $140 billion spending plan
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo

SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.

With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.

The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.

China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.

The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.

“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.

The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.

($1 = 7.1315 renminbi)

Continue Reading

Economy

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

letizo News

Published

on

Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo

MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.

The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.

Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.

“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.

Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.

“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.

The bank will next convene to set its benchmark rate on Feb. 16.

The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved