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Sue Y Nabi, the fifth chief executive of Coty since 2015, is betting the solution to finally fix the problem-plagued, heavily indebted cosmetics maker can be found in a tube of Gucci lipstick sold online in China. After a year in the job, the beauty industry veteran has set out a growth plan built on
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Warren Buffett’s Berkshire Hathaway reported a two-thirds decline in profits in the third quarter compared to the same period last year, while its cash pile hit a new record despite increased share buybacks. The sprawling conglomerate said on Saturday that its net earnings fell to $10.34bn, or $6,882 per class A share, in the third
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Investors propelled US stocks to a record high last week, buoyed by declining unemployment and advancements in the treatment of Covid-19 giving hope to a resurgent economy. The S&P 500 index of blue-chip US stocks, seen as a benchmark for the health of corporate America, rose 2 per cent for the week to Friday, its
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In China, there is no clearer sell-sign than when Xi Jinping, the Chinese president, starts personally attacking an industry. So when Xi complained in March that relentless home-schooling was a “stubborn disease” that was putting too much pressure on Chinese children and their parents, the heads of at least two Chinese tutoring companies started selling
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Alphabet, Google’s parent company, and Microsoft both posted strong revenue growth in the third quarter, while Twitter swung to a loss, as the three tech companies released results late on Tuesday. Alphabet Alphabet smashed Wall Street’s profit expectations in the third quarter, thanks to stronger-than-expected ad sales, though the Google parent fell short of expectations
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When Saudi Arabia abruptly amended its rules for imports from neighbouring Gulf states, executives at an UAE conglomerate were stunned into action. They ordered company trucks packed with everything from cardboard packaging to steel pallets to return to Dubai from the Saudi border, while officials urgently phoned clients in the kingdom to ask if they
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Jens Weidmann has decided to step down after a decade as head of Germany’s central bank in a move that comes weeks after the country’s general election and shortly before a crucial decision on the future of eurozone monetary policy. Since he joined the Bundesbank, Weidmann has been one of the most vocal critics of
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Countering the security threat from the rise of China will be an important part of Nato’s future rationale, the alliance’s chief has said, marking a significant rethink of the western alliance’s objectives that reflects the US’s geostrategic pivot to Asia. In an interview with the Financial Times, Nato secretary-general Jens Stoltenberg said China was already
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Nancy Pelosi appeared determined to press ahead with a make-or-break vote on Joe Biden’s $1.2tn bipartisan infrastructure bill in the US House of Representatives on Thursday, even as progressive lawmakers threatened to sink the flagship piece of the president’s legislative agenda. “We are proceeding in a very positive way to bring up the bill . . . in a
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This summer the Pacific Northwest was hit by one of the most severe and sustained heatwaves in history. The “heat dome”, which settled over California, Oregon, Washington and British Columbia, broke temperature records in the region. July was Earth’s hottest month since records began. Europe has recorded its highest temperature in history (48.8C in Sicily). Data
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In the blue corner: Pearson, a shrunken ex-conglomerate, former owner of the Financial Times, a textbook publisher hated by many teachers, now led by former Walt Disney executive Andy Bird. In the red corner: Chegg, a glossy “edtech” upstart, based in Silicon Valley, led by well-connected former Yahoo executive Dan Rosensweig. Chegg started off as