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U.S. tourists flock to luxury shops in Europe

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American luxury shoppers traveling in Europe splurged at designer stores as the U.S. dollar and the euro hit parity on Wednesday

American luxury shoppers travelling in Europe feel as if they’ve hit the jackpot.

For the first time in twenty years, the euro and U.S. dollar are nearly equal in value.

The weak euro is tempting Americans like Shawna Wilson to splurge.

“Because the euro and the dollar are about the same, it definitely encourages us to spend. It’s like it’s on sale here, so we’re having no problem shopping.”

TOURIST FROM COLORADO AND MOM, SHAWNA WILSON, 49.

Wilson is among many American tourists flocking to Paris’s Avenue Montaigne this week, a strip of luxury stores which fronts designer brands such as Louis Vuitton, Chanel and Gucci.

“I am very excited that our American dollar is so strong, just when I am coming to Europe.”

TOURIST FROM NEW YORK CITY AND RETIRED TEACHER, SUSAN WEINBERG.

For Americans, purchasing a Chanel bag here could be cheaper by a thousand bucks, with savings from the exchange rate and tax refunds at the border on the way home.

But Erik Norland, senior economist at the CME Group in London, warns it’s not as simple as it seems.

“My own personal observation with luxury brands is that the prices of those goods tends not to vary from one country to another as much as you might expect. Another thing for Americans to consider, if they’re expecting bargains in Europe, is that in Europe in general there is much higher value added taxes there are in the U.S. Now that said, Americans who do shop over here can often get value added tax rebates when they leave. So that’s also something to look into as there might be a lot of calculations to make in terms of trying to find bargains. And it may not be as straightforward as people think.”

CME GROUP, SENIOR ECONOMIST, ERIK NORLAND.

On the flip side, European luxury shoppers like Sebastien Pozzi from Lyon, France, will feel a pinch at home – and while traveling to the U.S.

“Maybe we won’t buy anything. In France, it’s really expensive, that kind of brands, like Chanel, Dior. And here today… normally it could be cheaper in the U.S., but with the exchange rate, it’s not possible. It’s too expensive for us.”

TOURIST FROM LYON, FRANCE, SEBASTIEN POZZI.

Some analysts say the parity could last for at least a couple of weeks.

Business

Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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elon musk twitter

Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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