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
Stocks rally ahead of Thanksgiving as markets log four days of gains
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.
Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.
All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.
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Money
Dow surges 500 points amid rate cut optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.
Tech Sector
Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.
Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.
Money
Gold prices surge as Central Banks buy big, but risks grow ahead
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.
But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.
Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.
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