Money
Chanel restricts sales to Russians living abroad enraging socialites
The luxury brand began their own protest against Russia’s invasion of Ukraine
After pulling out of Russia last month, Chanel is now also unavailable to many Russians living overseas.
A group of Russian socialites have been banned from purchasing the luxury goods in stores around the world.
One influencer Liza Litvin was denied a Chanel bag purchase in a Dubai mall, taking to social media to express her fury.
She posted that the company will only sell stock to Russian customers after they agree that they won’t wear the product in Russia.
Chanel’s corporate office in France confirmed that the new policy has been imposed in response to the European Union’s sanctions on luxury items.
These regulations “prohibit the sale, directly or indirectly, of luxury items to any natural, legal person or entity in the Russian Federation or for use in the Russian Federation”.
Chanel says they “understand that these measures may create certain inconveniences for some customers” but assured that they are working on improving the procedure.
Many have taken to social media to condemn Chanel and to boycott them posting videos of themselves destroying bags.
Some of these celebrities have said that if Chanel doesn’t respect consumers then they can’t expect consumers to respect the brand.
One Russian singer and TV fashion show presenter Anna Kalashnikova was also barred from purchasing earrings and a bag at a Chanel store in Dubai.
But the celebrity pushed back, drawing a double standard as “Coco Chanel was not only a mistress of a Nazi officer but an agent of German intelligence”.
Whether Coco Chanel’s history as a member of the Third Reich will change anything remains unclear for the moment Russians living abroad remain shocked about the turn of events.
Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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Money
Markets edge higher as 10-year yields hit new highs
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
All major stock indices are starting the week slightly higher, giving investors cautious optimism. Analysts are keeping an eye on movements in small caps and mega-cap tech stocks amid these early gains.
The yield on the 10-year Treasury note has climbed to 4.23%, the highest since last September. This follows Kevin Warsh emerging as the frontrunner for the next Federal Reserve Chair, sparking speculation on future monetary policy.
Rising yields could trigger a pullback in small-cap stocks, while investors may pivot toward mega-cap tech, expected to deliver strong earnings growth. Overall, the market is likely to see a neutral to slightly bearish trend next week due to overbought conditions.
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