Cartier owner Richemont has sold its Chinese luxury brand Shanghai Tang to Cassia Investments, the Consumer-focused Private Equity fund, in partnership with Italian fashion entrepreneur, Alessandro Bastagli, the company said on Monday.
No value for the deal was given but Richemont, which also owns jewellers Cartier, Van Cleef & Arpels and Piaget, but "The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018," Richemont said in a statement. The Swiss luxury group first acquired a stake in the retailer in 1998 before taking full ownership a decade later.
Global debt levels have surged to a record $217 trillion in the first quarter of the year. This is 327% of the world’s annual economic output (GDP), reports the Institute of International Finance (IIF). It has grown by $75 trillion since the 2007-08 financial crisis reaching US$28,900 for every man, woman and child in the world
The surging debt was driven by emerging economies, which have increased borrowing by $3 trillion to $56 trillion. This amounts to 218 percent of their combined economic output, five percentage points greater year on year.
China’s central bank, the People’s Bank of China (PBoC), is working on a prototype of a cryptocurrency that it could end up in circulation in the near future. Hovewer, there is currently no timetable for this, and the bank seems to be proceeding cautiously. It would be introduced alongside the China’s primary currency the renminbi. China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.
China’s economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead even though firms have been able to weather a tighter financing environment.
To provide a more accurate read on China’s economy, Leland Miller and his team at China Beige Book International (CBB) interview thousands of companies and hundreds of bankers on the ground in China each quarter. They collect data and perform in-depth interviews with Chinese executives. The quarterly survey showed that while the property sector slowed, manufacturing improved further and the retail and services industries bounced back after a difficult first quarter.
An important step was moved the last week towards the integration of the Chinese economy within the financial world. The index giant MSCI has finally decided to include, next year, 222 China mainland stocks to its emerging markets index. The proposal had been rejected three times in the recent years.
It’s a big decision since MSCI controls the benchmarks of the most heavily owned exchange-traded funds worldwide, an asset class that is more and more relevant in the global financial world.
Tesla has confirmed it’s in talks with the Chinese government to open a factory in the Shanghai region, as the company aims to fulfill a promise by its CEO Elon Musk to produce 500,000 cars a year by 2018.
“Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets,” the company said in an emailed statement.
MSCI announced it would add China A-shares to its MSCI Emerging Markets Index after rejecting China’s previous three attempts. MSCI plans to add 222 Chinese shares to its Emerging Markets Index, with an initial weighting of 0.73 percent.
The full inclusion of domestic Chinese stocks in the widely tracked MSCI Emerging Markets Index could pull more than $400 billion of funds from asset managers, pension funds and insurers into mainland China’s equity markets over the next decade, according to analysts.
Switzerland, Sweden, the Netherlands, the United States and the United Kingdom are the top five global innovative economies, according to the Global Innovation Index 2017, released today.
“Innovation Feeding the World” is the theme of the Global Innovation Index 2017 (GII 2017), the tenth edition of the index, which was presented today at a press briefing at the United Nations in Geneva. The Global Innovation Index 2017 (GII 2017) is co-published by the Cornell University, the European Institute for Business Administration (INSEAD) and the World Intellectual Property Organization.
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