According to Bloomberg, which cites sources, the French conglomerate LVMH is thinking about selling its 80% ownership in the Marc Jacobs brand. Fans of fashion designer Marc Jacobs made an offer to LVMH, the agency reported. The fashion house hasn't decided on anything yet. LVMH is also thinking of involving private investment firms, Bloomberg notes. The fashion house Marc Jacobs has already...

Changpeng Zhao, the founder and former CEO of the biggest cryptocurrency exchange Binance, has been sentenced to four months in prison in the US, writes The Wall Street Journal. The US Department of Justice charged him with money laundering and violating sanctions in November. The defense requested home arrest, while the prosecution demanded a three-year prison sentence. Changpeng Zhao entered a...

The Czech billionaire Daniel Křetinsky, owner of the energy conglomerate EP Corporate Group (EPCG), has agreed to purchase a 20 percent share in ThyssenKrupp's steel division. The firms intend to expand EPCG's interest in ThyssenKrupp Steel to 50% as part of the strategic alliance in order to create a joint venture with equal shares of the participants. The agreement's financial details are not...

Republic First Bank, which has locations in Pennsylvania, New Jersey, and New York, has been taken over by US authorities after its bankruptcy. The Associated Press cited the Federal Deposit Insurance Corporation, which declared that, as of the end of January, the bank had $4 billion in deposits and roughly $6 billion in assets. Fulton Bank has consented to take over the majority of the...

The US National Highway Traffic Safety Administration (NHTSA) has opened an inquiry into Tesla’s recall that impacted two million electric vehicles in December of last year. The government is investigating the adequacy of the corrective actions implemented during the campaign. Tesla held a recall of its Model Y, Model X, Model S, Model 3, and Cybertruck automobiles in order to investigate a...

The first quarter of 2024 saw a considerable reduction in net profit for Petroleos Mexicanos (Pemex), the state-owned oil firm in Mexico, as a result of fewer sales, fluctuating foreign exchange rates, and increased costs. A corporate statement reads that Pemex's net profit for the months of January through March was 4.7 billion Mexican pesos ($274 million), down from 56.7 billion pesos ($3.3...

In fiscal year 2024, which concluded on March 31, Japan's Toyota Motor Corp. sold over ten million cars, which makes a 7.3 percent increase from the previous year, the company stated. It was the first time that the automaker's yearly sales exceeded 10 million vehicles. The company’s production rate increased by 9.2% to 9.97 million units in the last fiscal year. The data does not include...

Due to their improper business practices, two divisions of Amazon.com Inc. have been penalized €10 million by Italy's antitrust authorities. The authority points out that repeat purchases rather than one-time sales are the default setting for a variety of products sold on the www.amazon.it platform. This holds true for goods that are offered on Amazon's marketplace directly as well as by other...

According to an open letter from Google CEO Sundar Pichai, U.S. Google, a component of Alphabet Inc., will combine the division in charge of building the Android software and Chrome browser with its hardware development business, specifically focusing on Pixel smartphones and Fitbit wearable devices. Pichai claims that the combination will spur innovation and strengthen the ecosystems for Chrome...