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Rolls-Royce unveils yacht inspired luxury car worth $30 million

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Rolls-Royce, the iconic British luxury carmaker, has introduced an extravagant limited-edition automobile, the Rolls-Royce La Rose Noire Droptail, inspired by 1930s yachts.

This extraordinary vehicle reimagines the conventional Rolls-Royce four-seat sedan as a sleek two-seat roadster, an unparalleled move by the luxury car manufacturer.

While the exact price remains undisclosed, other models in Rolls-Royce’s exclusive coachbuilt line typically retail for around $28 million. However, the La Rose Noire Droptail, of which only four will be crafted, comes with a higher manufacturing cost.

Car’s design

The car’s exterior features a low-slung design, while the interior is adorned in crimson hues, taking inspiration from the French Black Baccara rose. The car is affectionately named “La Rose Noire” due to the rose’s significance to the commissioning owners, believed to be a prominent family, who describe it as “beloved by the mother.”

Inside the car, the dashboard showcases over 1,600 pieces of black sycamore wood trim veneer, meticulously cut into symmetrical triangles with accents of red, reminiscent of rose petals caught in the wind.

The vehicle also boasts a dedicated champagne storage compartment, housing a bottle from the commissioning family’s private vineyard. A custom Audemars Piguet watch is elegantly mounted into the dashboard, offering a lavish touch. Audemars Piguet is known for its luxurious timepieces, with the popular Royal Oak model retailing for approximately $26,200.

Minimalist design

The car’s dashboard maintains a minimalist design, featuring only three buttons for essential functions, such as hazard lights and quick-control tasks. Additional controls are discreetly integrated into the center console.

The exterior of the Droptail reflects the French Black Baccara rose motif with a sumptuous red hue called “True Love.” Rolls-Royce reveals that achieving this unique color took 150 iterations to perfect.

Measuring 17 feet in length and 6.5 feet in width, the Droptail embodies a lower-to-the-ground design at the back, reminiscent of a sailing yacht’s silhouette, while the iconic Rolls-Royce Pantheon-style grille graces the front. A subtle detail noted by the company is the “True Love” painting on the reverse side of the grille’s vanes, visible only through indirect reflection.

Notably, this marks the first time in a century that Rolls-Royce has introduced a two-seater model. The company emphasizes that the La Rose Noire Droptail represents its most complex construction project since its inception in 1906.

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Dollar steady as markets await Fed’s rate decision

Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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In Short:
– The U.S. dollar stayed stable as investors await the Federal Reserve’s interest rate cut announcement.
– Asian equities rose, with the MSCI Asia Pacific Index hitting a record high amid U.S. market gains.
The U.S. dollar remained stable on Monday as investors await the Federal Reserve’s upcoming policy meeting, where the central bank is expected to announce its first interest rate cut in nine months.
Trading volumes were low due to a holiday in Japan, causing currencies to remain rangebound.Banner

Market participants have largely priced in a 25 basis point reduction in the federal funds rate, anticipated to bring the key rate to between 4.00%-4.25%.

This marks the first easing action since December 2024.

Recent economic data indicates a cooling labour market, with jobless claims rising to the highest levels since 2021, overshadowing inflation concerns.

Market Movements

Asian equities experienced gains, continuing a global rally, with the MSCI Asia Pacific Index reaching a record high.

Chinese shares rose close to 1% despite disappointing factory and retail sales data.

This momentum follows historical closes in U.S. markets, with the Dow Jones Industrial Average surpassing 46,000.


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ANZ to pay $160 million for bond deal violations

ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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In Short:
– ANZ Group will pay A$240 million in penalties for multiple violations, including fees to deceased customers.
– The bank plans to implement A$150 million in reforms and has announced 3,500 job cuts.
Australia’s ANZ Group will pay A$240 million in penalties, the largest ever imposed by the Australian Securities and Investments Commission (ASIC) against a single entity.
The penalties arise from multiple violations, including acting “unconscionably” during a government bond deal and continuing to charge fees to deceased customers.
The development comes alongside ANZ’s announcement of 3,500 job cuts as new CEO Nuno Matos seeks to enhance profitability.Banner

ANZ has admitted to the allegations and acknowledged the need for significant operational changes.

The bank’s trading practices during an A$14 billion government bond issuance negatively impacted bond prices, which led to a substantial loss for the government.

ANZ plans to submit a remediation strategy to the Australian Prudential Regulation Authority by the end of the month.

Company Changes

ANZ has stated it will spend A$150 million on reforms by the end of the financial year.

The Finance Sector Union is expected to file a claim regarding the recent job cuts made by the bank.


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Climate report warns of rising heat deaths and property losses

Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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In Short:
– Climate change could cause hundreds of deaths and $500 billion decline in property values in Australia.
– Increased extreme weather events may lead to rising insurance costs and potential uninsurability of homes.
A government report warns that climate change could lead to significant challenges for Australia, with hundreds of deaths expected from heat-related illnesses.
Property values may decline by up to $500 billion as homes risk becoming uninsurable due to extreme weather events.
The assessment by the Albanese Government forecasts increased frequency of floods, cyclones, and bushfires.The report anticipates over a thousand potential heat-related fatalities in Sydney and Melbourne if action is not taken.

The projected increase in heat-related deaths in Australia’s capital cities, as outlined in the report. Picture: Climate Risk Assessment

Rising sea levels and extreme weather are expected to escalate insurance costs, making coverage unaffordable or unavailable.

Climate Change and Energy Minister Chris Bowen acknowledged that many Australians will find these projections distressing, but they underscore the urgency of addressing climate change.

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Changes in total annual freight costs by Local Government Area in a 2090 scenario, compared to 2024. Picture: Australia’s National Climate Risk Assessment

Property Risks

Projected increases in heat-related deaths are particularly concerning. For instance, at a 1.5-degree rise in temperatures, heat-related mortality in Sydney could increase by 103%, reaching about 450 deaths annually at a 3-degree rise.

Coastal flooding days are expected to increase significantly in major urban areas, necessitating critical intervention.


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