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Europe’s richest man dubbed “wolf in cashmere” overtook Elon Musk as world’s wealthiest

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Bernard Arnault is the European fashion tycoon and owner of some of the world’s biggest brands who once dethroned Elon Musk as the world’s richest person after being valued at a staggering $200 billion.

Dubbed the “wolf in cashmere”, Arnault is the man behind some of the world’s best-known luxury brands, owning nearly all of Christian Dior and more than 40pc of LVMH, the company behind Louis Vuitton, Givenchy, Moët & Chandon and more.

The 75-year-old Frenchman wasn’t always a fashion mogul, with a humble beginning in his father’s construction company and a brief stint in real estate. The change came when he purchased a struggling Boussac aint-Freres, the owners of Christian Dior in the 1980s.

Getting his first taste in the luxury world Arnault he quickly became of infamous for his aggressive business practices earning him the nickname “The terminator”.

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His devoted faith in the luxury goods market over has always been clear. Recounting a conversation with Steve Jobs to the New York Times he said: “Steve Jobs once asked me for some advice about retail, but I said, ‘I am not sure at all we are in the same business.’ I don’t know if we will still use Apple products in 25 years, but I am sure we will still be drinking Dom Pérignon.”

His wealth rapidly expanded after the merging of Louis Vuitton and Moet Hennesey where, over the next four decades, he began to sweep up the luxury goods sector with brands such as Bulgari, Belvedere, Kenxo, Dom Perignon, Givenchy, Tag Heuer and French beauty chain Sephora all coming under his umbrella.

His companies have continued to boom in the post-pandemic world, with LVMH reporting a revenue of $93.2 billion last year, briefly dethroning Elon Musk in March to become the world’s richest man. A dip in the stock led his worth to fall slightly but he still remains the only non-American in the top 10 of the Forbes billionaire list – a clear outlier being surrounded by U.S tech tycoons like Meta’s Mark Zuckerberg and Google’s Larry Page.

He is known to be a ruthless operator, having engaged in a longstanding public battle against rival Francois Pinault, the founder of direct competitor Kering, owner of Yves St.Laurent. According to Forbes, the feud goes back to 1999 when LVMH lost to Kering in the battle to acquire Gucci and with Arnault holding a grudge ever since.

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Foreign

IS Fighters Overrun Two Niger Military Bases, 38 Soldiers Confirmed Dead

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At least 38 Nigerien soldiers were reportedly killed in two separate attacks by suspected Islamic State fighters on military positions in Niger, raising fresh concerns over the growing threat posed by extremist groups across the country.

The development was reported by security analyst Zagazola Makama.

According to the report, the latest attack occurred on Friday when suspected Islamic State fighters launched a coordinated assault on a military position at Dankassari, located between Doutchi and Yaya in Dosso Region.

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Makama reported that the attackers overran the forward operating base of the Nigerien Defence and Security Forces, FDS, after intense fighting.

He further said at least 21 soldiers were killed during the attack, while the number of injured or missing personnel had yet to be confirmed.

“The consolidated casualty figure stood at 21 soldiers killed. The number of wounded or missing personnel was not immediately available,” Makama said.

The report stated that the attack came hours after another deadly assault on the town of N’Guigmi in Diffa Region, where 17 members of the Nigerien Defence and Security Forces, including an officer, were reportedly killed in a separate attack also blamed on suspected Islamic State fighters.

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According to the report, the two incidents pushed the death toll among Nigerien security personnel on July 31 alone to 38.

Makama noted that the attacks underscore the persistent security challenges confronting Niger despite ongoing military operations targeting extremist groups operating in the Tillabéri, Dosso, Diffa and Tahoua regions.

The report also cited data compiled by the Armed Conflict Location and Event Data, ACLED, showing that at least 5,828 people, including more than 2,000 members of the country’s Defence and Security Forces, have been killed in terrorism-related violence since the military takeover on July 26, 2023.

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Russia charges Telegram founder Durov with facilitating terrorism

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Russia has charged Telegram’s founder Pavel Durov with facilitating terrorism over allegations the messenger app has been used for recruitment by Ukrainian secret services.

The FSB – Russia’s domestic security service – said Telegram had been used “to prepare and co-ordinate acts of sabotage and terror” inside Russia and had failed to remove channels, chats and bots used by Ukraine.

An international arrest warrant has been issued for the Russian-born Durov, who lives abroad.

Shortly after the charge was announced, Telegram’s account on X posted an image showing Durov holding up his middle finger. He has previously accused Russian authorities of “fabricating new pretexts to restrict Russians’ access to Telegram”.

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Telegram is popular in Russia and is used by tens of millions of people, although authorities have been restricting access as part of a wider crackdown on internet freedom. The app is also popular in Ukraine.

Multi-billionaire Durov, 41, has lived outside of Russia for many years and holds French and United Arab Emirates (UAE) passports.

It is unclear whether other countries or authorities would comply with an arrest warrant issued by Russia.

Durov left Russia in 2014 after refusing to comply with government demands to shut down opposition communities on the platform. He had previously founded popular Russian social media company VKontakte – dubbed the “Facebook of Russia”.

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Telegram is used by around 950 million people worldwide and has previously positioned itself as an app focussed on its users’ privacy, rather than the normal policies prioritised by other global social media companies.

The platform has previously faced criticism of its app moderation, but has denied having insufficient practices.

Durov was arrested and placed under formal investigation in France in 2024 over allegations of failure to properly moderate the app to reduce criminality. He was allowed to go home months later, with the investigation continuing.

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Iran cautions, says Middle East war will expand geographically  If US falls for zionists deception

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Iran’s army has warned that the conflict in the Middle East could expand further if the United States launches additional attacks on the Islamic Republic, ahead of Israeli Prime Minister Benjamin Netanyahu’s visit to Washington this week.

Army spokesman Mohammad Akraminia issued the warning during an interview with Iranian state television on Sunday, July 26, saying any renewed US military action would widen the geographical scope of the conflict.

“I believe that if the Americans once again fall for the Zionists’ deception, or move in line with them, and insist on continuing the war, particularly through air strikes, geographically this will expand further,” he said.

Akraminia claimed the conflict had already spread to the Bab al-Mandab Strait at the entrance to the Red Sea, referring to the recent escalation involving Yemen’s Iran-backed Houthi movement and Saudi Arabia. “The scope of our operations now encompasses the entire region, from US bases in Jordan to the countries along the Persian Gulf,” he said.

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He added that the United States now faced an increasingly unstable security environment in the Middle East and suggested Washington was reassessing its approach. “The situation in the Middle East for the United States is difficult and unsettled,” he said, adding that the US was looking “for a new strategy.” “We are prepared for each of the options and scenarios that appear likely.” The comments come ahead of Netanyahu’s scheduled meeting with US President Donald Trump at the White House on Tuesday.

According to the Israeli prime minister’s office, Netanyahu will depart for Washington on Monday before meeting Trump and attending the funeral service of Senator Lindsey Graham, whom the statement described as “a friend of Israel.” Since Trump’s return to office last year, the two leaders have met six times, most recently in Washington on February 11.

While Trump and Netanyahu initially presented a united front following the launch of military operations against Iran in late February, reports suggest differences have since emerged over whether to continue military action or pursue diplomatic efforts.

Netanyahu has previously described Trump as “the greatest friend” Israel has ever had in the White House. Earlier this month, Trump also spoke about their relationship during an interview with Axios. “We get along very good. (Netanyahu) knows who the boss is,” Trump said.

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Relations between the two leaders reportedly came under strain during ceasefire negotiations between the United States and Iran in April. The ceasefire has since collapsed.

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