Year: 2019

LVMH has agreed a $16.2 billion deal to buy U.S. jeweller Tiffany, Louis Vuitton’s parent firm confirmed on Monday, in the luxury good maker’s biggest purchase to date. The deal will boost LVMH’s smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer. “The acquisition of Tiffany will strengthen LVMH’s position in jewellery and further increase its presence in the United States,” LVMH and Tiffany said in a joint statement. …read more […]

(Bloomberg) — Novartis AG agreed to buy Medicines Co. for about $6.8 billion, snapping up a promising cholesterol drug and adding to a string of recent acquisitions for Chief Executive Officer Vas Narasimhan.Medicines Co. shareholders will get $85 a share, Basel, Switzerland-based Novartis said in a statement on Sunday. That’s a 45% premium to the closing price on Nov. 18, before Bloomberg reported the two companies were in talks. The transaction value reaches $9.7 billion on a fully diluted basis that includes outstanding stock options and convertible debt, Novartis said.The deal brings an experimental cholesterol treatment, inclisiran, into a stable …read more […]

(Bloomberg) — LVMH agreed to buy Tiffany & Co. for more than $16 billion in the largest luxury-goods deal ever, raising the French conglomerate’s profile in jewelry and giving it access to a broader swath of American shoppers.The owner of the Louis Vuitton brand agreed to pay $135 a share for the U.S. jeweler, according to a statement Monday. That values Tiffany 37% above the closing price before Bloomberg reported an initial $120-a-share approach Oct. 26. Boards of both companies approved the proposal on Sunday.LVMH Chairman Bernard Arnault is challenging Cartier owner Richemont for dominance in the global jewelry business. …read more […]

LVMH has agreed a $16.2 billion deal to buy U.S. jeweler Tiffany, Louis Vuitton’s parent firm confirmed on Monday, in the luxury good maker’s biggest purchase to date. The deal will boost LVMH’s smallest business, the jeweler and watch division, home to Bulgari and Tag Heuer. Fashion and accessories brands including Christian Dior generate the bulk of the earnings at the conglomerate, which is run by France’s richest man, Bernard Arnault. …read more […]

Amazon.com Inc on Monday said it will open a pop-up store on Chinese e-commerce platform Pinduoduo Inc that will run until the end of December and carry a selection of about 1,000 products from overseas. The move, which was initially reported by Reuters on Sunday, points to how the U.S. firm’s China strategy is evolving after it decided earlier this year to stop operating a marketplace in the country for domestic-selling merchants. Amazon had found it difficult to compete with entrenched, home-grown players such as Alibaba Group Holding Ltd’s Tmall and its rival marketplace from JD.com Inc. In …read more […]

China plans to make power purchasers take fair returns into account when buying electricity from renewable power generators, according to a draft rule issued by the National Energy Administration on Monday aimed at improving their revenues. The draft rule will apply to non-hydropower resources, including wind, solar, biomass, geothermal and ocean power, the energy body said in a statement. China said last week it will cut its renewable power subsidy by 30% to 5.67 billion yuan ($800 million) in 2020, and plans to stop funding large solar power stations and onshore wind farms in the coming two years, …read more […]

In an earlier tweet, Musk said the company had received 146,000 orders for Cybertruck, and tweeted again on Sunday saying “200K” – an apparent reference to the number of orders. During the launch, Musk had taken aim at the design, power and durability of mainstream trucks, only to be shaken when his boast about his new vehicle’s windows backfired. Separately, Musk said the Cybertruck is Tesla’s last product unveil for a while. …read more […]

Tesla Inc Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the electric carmaker received 200,000 orders for its electric pickup truck within three days of its launch. In an earlier tweet, Musk said the company had received 146,000 orders for Cybertruck, and tweeted again on Sunday saying “200K” – an apparent reference to the number of orders. During the launch, Musk had taken aim at the design, power and durability of mainstream trucks, only to be shaken when his boast about his new vehicle’s windows backfired. …read more […]

(Bloomberg) — Amazon.com Inc. is counting on a smartphone app known for cheap deals to lure Chinese consumers during the Black Friday online spree, in a partnership that extends to the end of the year.The U.S. e-commerce giant’s cross-border unit has just opened a storefront on Pinduoduo Inc., China’s No. 3 online retailer after Alibaba Group Holding Ltd. and JD.com Inc.Starting from Nov. 28, the three-day sales campaign will offer Chinese consumers a range of overseas products from Australian baby formula to luxury watches and Nintendo Switch consoles. Pre-sales for some brands are already underway for the U.S.-inspired annual shopping …read more […]

Dutton is the third senior elected official to go on the offensive against the country’s No. 2 retail bank after the financial crime watchdog accused Westpac of allowing payments between known child exploiters among 23 million transactions that violated anti-money laundering protocols. After the financial crime agency AUSTRAC made the allegations in a lawsuit against Westpac last week, Prime Minister Scott Morrison has called on the bank’s board to consider the CEO’s future, while Attorney General Christian Porter described the alleged breaches “off the charts”. …read more […]