The share price of LVMH, which owns 75 luxury brands ranging from Givenchy and Louis Vuitton to Moët & Chandon and Tiffany, has fallen by more than half since its 2023 peak.
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AI BORROWERS DESCEND ON SWITZERLAND’S BOND MARKET
The AI industry’s borrowing spree has spread to the traditionally conservative Swiss bond market, where AI-related businesses are issuing billions of francs worth of debt to continue data centers’ global buildout.
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ARGENTINA’S ECONOMY STUMBLES UNDER MILEI’S REFORMS
When Javier Milei was sworn in as Argentina’s president in December 2023, he immediately launched his draconian plan to scrap the government’s traditional protectionist policies and open the country’s markets to the world.
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IRAN USES CRYPTO TO PROP UP ITS WAR-RAVAGED ECONOMY
Due to international sanctions and Iran’s draconian currency controls, Iranian businesses dealing abroad have not been able to bring an estimated $100 billion back home, at least not legally.
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FRANCE CUTS GROWTH FORECAST, FAILS TO REDUCE DEFICIT
The French government has halved its growth forecast for this year from 1 percent to 0.5 percent, finance minister Roland Lescure announced to reporters on 11 September.
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WORLD FOOD PRICES RISE, REFLECTING WORRIES ABOUT SUPPLY
Around the world, food prices rose again last month as bad weather and supply disruptions in the Middle East and Black Sea regions curtailed deliveries, the U.N.’s Food and Agriculture Organization (FAO) reported.
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ATTACK ON SAUDI PIPELINE COULD CUT WORLD OIL SUPPLY BY 4 PERCENT
A drone attack on a major Saudi oil pipeline connected to its Red Sea shipping terminal could cost the world 4 percent of its current crude supply.
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IRAN WAR THREATENS DUBAI’S EXISTENCE, ANALYST SAYS
Dubai’s decades-long transformation from an oil-poor sheikdom into an oasis of wealth has depended on the country’s port of Jebel Ali, located at the inner edge of the Strait of Hormuz.
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DIESEL FUEL TOPS $6 A GALLON
On 11 September, the price of diesel fuel in the U.S. averaged $6.06 a gallon, AAA reported. It rose to $6.23 on 14 September, with prices ranging from $5.99 in New England to almost $7.98 in California.
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THE U.S. STRATEGIC PETROLEUM RESERVE IS RUNNING ON EMPTY
The oil in the U.S. Strategic Petroleum Reserve (SPR), an array of 60 underground salt caverns along the Texas and Louisiana coasts, is approaching dangerously low levels.