News
Francoise Bettencourt Meyers, World Richest Woman, Loses $13 Billion
By Kayode Sanni-Arewa
Francoise Bettencourt Meyers, World’s Richest Woman, Loses $13 Billion in 2024. Françoise Bettencourt Meyers, the world’s wealthiest woman and heiress to the L’Oréal fortune, has faced a significant financial setback in 2024, losing $13.1 billion of her net worth over the first seven months of the year. This decline, which brings her fortune down to $86 billion from nearly $100 billion at the start of the year, reflects broader challenges within the luxury beauty and fashion sectors.
The Bloomberg Billionaire Index reports that Bettencourt Meyers’ wealth reduction mirrors the difficulties faced by other luxury industry titans, such as Bernard Arnault, the head of Louis Vuitton Moët Hennessy (LVMH). Read Also : EFCC Detains NAHCON Chairman, Secretary Over N90 Billion Hajj Subsidy Scam The downturn in Bettencourt Meyers’ fortune is closely tied to her substantial stake in L’Oréal, the global cosmetics giant, which has been adversely impacted by a slowdown in the Chinese market. As a result, L’Oréal shares have fallen by 14.25% year-to-date, stoking investor concerns over the company’s growth prospects in key markets.
L’Oréal’s Response to Market Challenges In response to the challenges facing the luxury market, L’Oréal has been actively working to diversify its portfolio. One significant move is the planned acquisition of a 10% stake in the Swiss skincare company Galderma, valued at $1.85 billion. This strategic investment, which involves purchasing shares from Sunshine SwissCo AG—a consortium that includes Swedish private equity firm EQT, the Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd.—is part of L’Oréal’s broader effort to strengthen its position in the global skincare market and reduce its reliance on more volatile luxury segments.
Additionally, L’Oréal has continued to invest in its workforce through the expansion of its Employee Share Ownership Plan, launched in 2018. This plan, now available in 63 countries, allows employees to purchase L’Oréal shares at a 20% discount. Over 37,000 employees have participated in the initiative, which aims to align their interests with the company’s long-term growth and values. Nicolas Hieronimus, Chief Executive Officer of L’Oréal Groupe, emphasized that this plan reflects the company’s commitment to fostering a sense of shared ownership and responsibility among its employees
About Francoise Bettencourt Meyers Françoise Bettencourt Meyers controls approximately one-third of L’Oréal, the world’s largest cosmetics company. She became chairwoman of the holding company that manages the family’s stake following the death of her mother, Liliane Bettencourt, in 2017. Under her leadership, L’Oréal has continued to thrive, generating €41.2 billion ($44.5 billion) in revenue in 2023. The Bettencourt family has received more than €10 billion ($11.2 billion) in dividends from L’Oréal over the years, according to analyses of company filings and market data.
News
Bitcoin hits $90,000 for the first time as Trump backs crypto
Bitcoin reached a record high above $90,000 on Wednesday, as the world’s largest cryptocurrency gained from President-elect Donald Trump’s pledge to ease regulation on digital assets.
Bitcoin surged to a peak of $91,000 before settling at $90,670.
The volatile asset has soared since Trump’s US presidential election victory last week, repeatedly setting new records.
Trump had pledged during his campaign to make the United States the “Bitcoin and cryptocurrency capital of the world.”
His previous term included corporate tax cuts that boosted market liquidity, encouraging cryptocurrency investment.
In September, Trump announced he and his sons, along with entrepreneurs, would launch a digital currency platform called World Liberty Financial. However, its sales launch earlier this month was lacklustre, with only a fraction of tokens sold.
Cryptocurrencies have drawn global attention, marked by extreme volatility and the collapse of major industry players, including the FTX exchange.
In the lead-up to the election, Trump reportedly became the first former president to use Bitcoin in a transaction, buying burgers at a New York restaurant that hailed it as a “historic transaction.”
AFP
News
NYSC announces date for ‘2024 Batch C’ registration
The management of the National Youth Service Corps, NYSC, on Wednesday, announced the date for the online registration of prospective 2024 batch C stream I corps members.
The management said the exercise will commence on Thursday, 14 November, 2024.
This was made known in a post on the official X handle of the NYSC on Wednesday.
“Online Registration for 2024 Batch ‘C’ SC Stream I commences 14th November 2024,” the statement read.
The orientation course will commence later on a date to be announced by the NYSC management.
News
More Nigerians, Others Deported By Libya Govt
Few months after many Nigerian were deported, the Department for Combating Illegal Migration in Libya has deported seven Nigerians, three Bangladeshis, and three Ghanaians detained at the Qanfoudah Immigration Detention Centre.
The deportees were flown out of Libya via Benina International Airport in Benghazi.
in a statement on their X handle on Tuesday, confirmed that these individuals were deported for violating Libyan law.
The statement read, “DCIM deported 13 migrants (3 Bangladeshis, 3 Ghanaians, and 7 Nigerians) from the Qanfoudah Immigration Detention Centre via Benina International Airport in Benghazi. All individuals, ,,,were deported for violating laws in force in the Libyan state.”
At the time of filing this report, total number of deported Nigerians still sketchy.
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