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LVMH names Serge Brunschwig as new Chairman and CEO of Fendi
LVMH (LVMH.PA), the world's biggest luxury goods group, named on Tuesday Serge Brunschwig as the new chairman and chief executive of its Fendi fashion house, as part of an internal reshuffle. Brunschwig will replace Pietro Beccari, who will now become the Chairman and CEO of LVMH's Christian Dior Couture arm. Brunschwig will report to Toni Belloni, LVMH Group Managing Director, LVMH added on Tuesday.
Refiner goes belly-up after big payouts to Carlyle Group
The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefited from the arrangement. The rail contract exemplifies the financial demands Carlyle imposed on PES in the years leading up to the refiner's bankruptcy in January. Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner. Carlyle Group spokesman Christopher Ullman declined to comment on whether the distributions or the rail-terminal deal contributed to the refiner's bankruptcy.
Asian stocks slip after European surge fades, dollar extends bounce
Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged further away from three-year lows. Spreadbetters expected a mixed start for European stocks, with Britain's FTSE seen rising 0.1 percent, Germany's DAX dropping 0.1 percent and France's CAC dipping 0.07 percent. Australian stocks were little changed, South Korea's KOSPI lost 1.2 percent and Hong Kong's Hang Seng dropped 0.4 percent.
The Hidden Status Battles That Can Roil the Office
Every day, managers bestow perks they believe are positives-publicly giving awards and recognition, giving someone a desk with a window, increasing employees' responsibilities, and so forth. What managers don't realize is the damage these acts do. Sure, they may notice changes at the office. Maybe one employee suddenly begins to dominate the.
Coca-Cola's Game Plan: Reformulate and Expand
As health-conscious consumers drink less soda, Coca-Cola Co has rolled out more waters, teas and juices, part of its goal to be known for something other than soft drinks. Chief Executive James Quincey has been urging employees to be more innovative and executives to abandon the cautious stance some have held to since the company's disastrous 1985 rollout of a reformulated Coke.
NuStar, other energy partnerships simplify business models to spur growth
Some publicly-traded US energy pipeline and oil-storage partnerships are restructuring into simpler business models to help attract new investors and spur growth. Historically, these firms have passed most of their income along to holders and sold equity or debt to finance new projects or acquisitions. Removing a layer of complexity makes a lot more investible, said James Mick, a portfolio manager for Tortoise, which invests in energy master limited partnerships (MLPs).
GM plans to produce two new models in South Korea: South Korea lawmaker
General Motors Co (GM.N) plans to produce two new models in South Korea, a local lawmaker quoted GM executive Barry Engle as saying at a meeting with South Korean members of parliament. Engle, president of GM International, did not elaborate on whether GM's plan for the two new car models were dependent on government support for the automaker, said Kim Sung-tae who attended the meeting.
GM offers $2.2 billion debt for equity swap in return for Seoul's support
General Motors (GM.N) has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said. The restructuring proposal comes after the Detroit automaker announced last week that it would shut its plant in the city of Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks.
Samsung Electronics to slash OLED panel production as iPhone X demand disappoints: Nikkei
Samsung Electronics Co (005930.KS) will slash output of its organic light-emitting diode (OLED) panels in response to its customer Apple Inc's (AAPL.O) decision to cut production of iPhone X amid weak demand, the Nikkei reported on Tuesday. Samsung Electronics stock fell as much as 2.3 percent in morning trade, while shares of Japanese OLED component makers, such as Hodogaya Chemical Co (4112.T) and Hirata Corp (6258.T), also declined.
An Idea: Banks Could Control Gun Sales if Washington Won't
If Visa and Mastercard are unwilling to act on this issue, the credit card processors and banks that issue credit cards could try. There's a chance that some of the payment processors would stop handling gun sales. Critics of using the finance industry to influence gun sales might argue that such a move would be discriminatory against gun retailers. Gun sellers are not a protected class, like age, race, gender, region or even political affiliation.
Corbyn warns bankers: finance will serve Britain under Labour government
For a generation, instead of finance serving industry, politicians have served finance. The next Labour government will be the first in 40 years to stand up for the real economy. We will take decisive action to make finance the servant of industry not the masters of us all. Big business has been cautious toward Labour, with financial services company Morgan Stanley warning investors that Corbyn winning power was a bigger political risk than Brexit.
Britain's pensions regulator ignored trustee requests on Carillion: lawmakers
Britain's pensions regulator twice ignored requests from trustees of collapsed outsourcing firm Carillion (CLLN.L) to force the company to plug its pension deficit, lawmakers said on Tuesday. The Pensions Regulator has come under fire for taking insufficient steps to protect pension scheme members of troubled companies, following the collapse of department store chain BHS in 2016. Carillion collapsed on Jan 15, with only 29 million pounds ($41 million) of cash left.
David Poindexter, 89, Who Used Media to Preach Family Planning, Dies
In the 1980s, Mr Poindexter trained Kenyan radio and television personnel to produce soap operas for the government-run Voice of Kenya. David Oldham Poindexter was born on Jan 30, 1929, in Hood River, Ore., about 60 miles east of Portland. David was messianic about overpopulation, Virginia Carter, a former executive of Mr Lear's production companies, said in a telephone interview. In addition to his son, Mr Poindexter is survived by his wife, the former Marian Sayer, who taught theology.
Over half of Japan firms do not plan base pay rise this year
Many firms are wary of raising wages as it commits them to higher fixed personnel costs, so they prefer to pay one-off bonuses instead. Of some 240 companies that responded, 52 percent said they would not raise base pay. The remaining 48 percent said they intended to raise base pay, but 76 percent of this group said the rise would be the same as last year. About 14 percent saw pay rises exceeding last year, while 10 percent said they would undershoot last year's increase.
Facebook Battles New Criticism After U.S. Indictment Against Russians
Facebook Inc is contending with a new wave of criticism prompted by the US indictment detailing how Russia manipulated social-media platforms-and by a Facebook executive's attempts to address the issue. The indictment on Friday against Russian companies and individuals described how an organization called the Internet Research Agency systematically used Facebook, Twitter Inc., and the YouTube arm of Alphabet Inc.'s Google to sow discord in the US starting in 2014. The document's description of events showed that Facebook.
Tax Overhaul Gains Public Support, Buoying Republicans
The tax overhaul that President Trump signed into law now has more supporters than opponents, buoying Republican hopes for this year's congressional elections. The growing public support for the law coincides with an eroding Democratic lead when voters are asked which party they would like to see control Congress. Support has grown even among Democrats, from 8 percent just before the bill passed in December to 19 percent this month.
BoE's Carney says Bitcoin has 'pretty much failed' as currency
Bitcoin has failed as a currency measured by the traditional benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday. It has pretty much failed thus far on. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange, Carney told students at London's Regent's University.
BlackRock upgrades outlook for U.S. stocks on earnings momentum
The world's biggest asset manager BlackRock Inc (BLK.N) upgraded its view on US stocks, citing very strong earnings momentum, while cutting European stocks to neutral. Turnill said the swoon in equity markets in early February made US valuations look more attractive, pushing the company's three-month view on US stocks to overweight, from neutral. It is BlackRock strategists' first outright positive reading on US stocks since May 2016.

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