Foreign
Europe’s richest man dubbed “wolf in cashmere” overtook Elon Musk as world’s wealthiest
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”.
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.
Foreign
Peru’s president nose surgery under scrutiny as prosecutors investigate
Peruvian President, Dina Boluarte, appeared before prosecutors on Monday to explain a two-week absence for plastic surgery on her nose that she insists was medical, not cosmetic.
Boluarte, 62, did not appoint a caretaker president for the period of her absence in July 2023 and stands accused of abandoning her post.
She appeared before prosecutors investigating the case for four hours Monday and left without speaking to reporters waiting outside.
Some lawmakers have called for Boluarte to be removed from office. She had not informed the public or delegated her powers to Congress, as determined by law.
But her team said she had carried out her duties virtually while recovering at a clinic in Lima from rhinoplasty for “breathing problems.”
Boluarte has been embroiled in controversy for months.
Prosecutors also accuse her of accepting bribes in the form of Rolex watches and jewellery, and she is being investigated over the deaths of more than 50 protesters during a crackdown on demonstrations against her presidency in 2022.
Boluarte took office in December of that year, replacing left-wing president Pedro Castillo after he was impeached and imprisoned for unsuccessfully trying to dissolve Congress.
She had been his vice president.
Boluarte does not have her own party in Congress and has a disapproval rating of nearly 95 per cent. Her term ends in July 2026.
Peru suffers from chronic political instability and has had six presidents in the past eight years.
AFP
Foreign
Former Child Actor Among 16 Killed In Los Angeles Wildfire
Sixteen people have been killed in the Los Angeles wildfire. An amputee and his son with cerebral palsy were among those killed. The father was found at his son’s bedside.
One victim told a relative that he did not want to evacuate. He died trying to fight the blaze that consumed his home of more than 50 years.
Another victim, an 85-year-old woman, refused to leave her home as the fast-moving Palisades Fire approached, preferring instead to stay behind with her beloved pets.
A former child star from Australia also was among those who died, as well as a Malibu resident and surfer who was called a “magnet for people.”
According to the Los Angeles County Medical Examiner, five of the 16 deaths appear related to the Palisades Fire near the Southern California coast. Another 11 deaths have been attributed to the Eaton Fire, which raged east of Los Angeles.
The complete death toll won’t be clear until it’s safe for investigators to enter neighborhoods where there are downed power lines, gas leaks and other hazards, according to authorities.
Foreign
Death toll rises as California wildfires rage into fifth day
The Death toll from the devastating California wildfires has risen to eleven, the Los Angeles County Medical Examiner said Friday.
According to Fox News, the number of persons confirmed dead is expected to rise as the incident moved into a fifth consecutive day on Saturday.
It was gathered that over 12,300 homes and buildings have gone up in flames since the incident started early in the week
Fresh evacuations were ordered Friday night in some of the affected parts, including Mandeville Canyon.
A company that monitors electrical activity, Whisker Labs, says faults along the Los Angeles power grid skyrocketed in the same areas where three of the major wildfires are currently raging.
The chief executive of the company, Bob Marshall told Fox News Digital that the company recorded sharp increases in faults in the hours prior to the Eaton, Palisades and Hurst Fires.
“Faults are caused by tree limbs touching wires or wires blowing in the wind and touching.
“That creates a spark in a fault, and we detect all of those things,” Marshall explained, adding that he can’t definitively say whether one of those faults caused a fire.
-
News24 hours ago
Wike bans ‘pantekas’ for two weeks in Abuja
-
News23 hours ago
Pregnant lady sets ablaze husband’s suspected side chic
-
Economy24 hours ago
SEE Dollar (USD) to Naira Black Market Rate Today January 14, 2025 Aboki
-
News16 hours ago
Defence Ministry Solicits Additional N20bn Families Of Deceased Military Personnel
-
News23 hours ago
PSC sacks two police officers, demotes six for alleged corruption, others
-
News16 hours ago
NASS constitutes joint committee to probe N4trn revenue shortfall
-
News22 hours ago
Fear grips Special Counsel who led prosecution against Trump, runs away from US
-
News16 hours ago
Man sets girlfriend ablaze during argument in FCT, still confesses love