Viet Nam News LONDON — Hallowed Italian fashion house Versace, one of the few remaining big names in the business under family control, is close to a deal to be acquired by growing industry juggernaut Michael Kors, financial media reported yesterday. Michael Kors, whose roots are in the US but which is headquartered in London, could announce a deal as soon as this week, said the reports, which cited unnamed sources. The news reports varied on the size of the deal, with some saying US$2 billion and one report at $2.4 billion. Some accounts said Donatella Versace, the brand’s iconic leader, would continue to have a role with the company after the deal. Donatella Versace, artistic director and vice-president of the group, has called a staff meeting in Milan for today, according to the Corriere della Sera newspaper. The deal would be the latest push by Michael Kors into high-end luxury after it bought Jimmy Choo PLC in 2017 for $1.4 billion. The brand was started in … [Read more...] about Versace close to deal to be bought by Michael Kors: reports
SiriusXM buys Pandora to step up streaming music wars
Actor Matthew McConaughey is interviewed at SiriusXM’s Town Hall in September 2018. — AFP PhotoViet Nam News UNITED STATES — Satellite radio titan SiriusXM unveiled plans on Monday to acquire online rival Pandora for US$3.5 billion, ramping up competition in the streaming music market dominated by Spotify and Apple. The all-stock deal creates "the world’s largest audio entertainment company," with some $7 billion in revenues, according to a statement from the two firms. SiriusXM, the leader in subscription radio in the US serving mainly motorists with music and news channels, sees the acquisition as an opportunity "to significantly expand its presence beyond vehicles into the home and other mobile areas," it said. The move could create a strong competitor to streaming music leaders Spotify and Apple. "We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by … [Read more...] about SiriusXM buys Pandora to step up streaming music wars
Dow, S&P 500 fall on latest US China trade barbs
The latest escalation in the US-China trade row weighed on industrial stocks on Monday (Sep 24), pushing the Dow and S&P 500 lower. Dow, S&P 500 fall on latest US-China trade barbs, File photo/STAN HONDA/AFP/Getty Images The Dow Jones Industrial Average finished down 181.45 points (0.68 per cent) at 26,562.05. The broad-based S&P 500 dropped 10.30 points (0.35 per cent) to 2,919.37, while the tech-rich Nasdaq Composite Index gained 6.29 points (0.08 per cent) to 7,993.25. New US tariffs on another US$200 billion of Chinese imports took effect Monday, a move that prompted retaliatory tariffs from Beijing on US$60 billion in American goods. China has also reportedly scotched negotiations that had been expected later this week in another twist that was likely to dent investor hopes for a speedy resolution to the impasse. Industrial companies generally lagged the broader market, with Caterpillar losing 1.5 per cent, Arconic 5.5 per cent and Stanley Black & Decker … [Read more...] about Dow, S&P 500 fall on latest US China trade barbs
Vietnamese painters’ works put on shown in New York
An artwork at the exhibition (Source: cthomasgallery.com) Hanoi (VNA) – Outstanding artworks by 17 Vietnamese painters are being displayed at Craig Thomas Gallery as part of the CTG Nomad project in New York from September 23-26. Among the paintings are “Khoang trang” (White space) by Le Thuy, “Co gai Vung cao” (Highland girl) by Ngo Van Sac and “Hoa Thang Tu”( April’s flowers) by Nguyen Tuan Dung. CTG Nomad is Craig Thomas Gallery’s roving gallery project to bring Vietnamese contemporary artists to the great art cities of the world. The artists featured in the CTG Nomad NYC – 2018 include many of the country’s prominent painters under 40 years old, with several of them under 30. They hail from all corners of Vietnam and work with a variety of materials and a diversity of art practices. Their styles reflect a myriad of influences. Some innovate with traditional materials like silk or do paper while … [Read more...] about Vietnamese painters’ works put on shown in New York
Hanoi opens doors to smart city future
Smart city development shapes up to be one of the most ambitious plans for the capital city, Photo: Le Toan Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, said that the capital is poised to become a smart city based on key technologies of Industry 4.0. To this end, besides state funding, the city will have to raise resources from the business community. “We will reclassify public services towards opening more opportunities for private investors to join in those services they are capable of offering, thus mobilising financial sources to feed the plan,” he said at last week’s Asia-Oceania Computing Industry Organisation (ASOCIO) Smart City Summit 2018 in Hanoi. “In addition, we plan to maximally outsource services related to software as well as infrastructure of technology businesses, from data centres and security services to channel and other services to raise resources and talents to serve our smart city development plan,” he added. … [Read more...] about Hanoi opens doors to smart city future