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The Wertheimer brothers Alain and Gérard Wertheimer, both in their 70s, are third-generation owners of Chanel.Their grandfather, Pierre Wertheimer, made a deal with Gabrielle “Coco” Chanel in 1924 regarding the business’ now iconic perfumes, and a new corporate entity, Parfums Chanel, was born. Wertheimer would make the famous No. 5 scent in his factory in exchange for a percentage of the company. In 1954, he took full control of the company.Alain and Gérard inherited the company when their father, Jacques Wertheimer, died in 1996. Alain is chairman of Chanel, while Gérard leads the company’s watch division. The brothers are each…

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By Alexander Marrow and Darya Korsunskaya (Reuters) – Russia’s unemployment rate dropped to a record-low 2.6% in April and real wages soared in March, data published by the federal statistics service showed on Wednesday, highlighting the extent of Russia’s tight labour market. Moscow’s heavy spending on defence and security as it wages war in Ukraine has helped Russia’s economy rebound from a 2022 slump, but economists say the growth relies on state-funded arms and ammunition production, masking problems that hamper any improvement in Russians’ living standards. “Our economy is definitely and severely overheated,” German Gref, CEO of dominant lender Sberbank…

Investing.com – Germany stocks were higher after the close on Wednesday, as gains in the , and sectors led shares higher. At the close in Frankfurt, the added 0.89%, while the index added 0.74%, and the index gained 1.77%. The best performers of the session on the were Sartorius AG VZO O.N. (ETR:), which rose 4.32% or 10.20 points to trade at 246.30 at the close. Meanwhile, Merck KGaA (ETR:) added 2.65% or 4.40 points to end at 170.75 and Siemens AG Class N (ETR:) was up 2.61% or 4.54 points to 178.82 in late trade. The worst performers of…

Investing.com – While total gold purchases by central banks were similar to those seen in March, sales halted in April, leading to significant net increases in bank reserves, according to Krishan Gopaul, Senior Analyst for Europe, the Middle East, and Africa at the World Gold Council. In their latest report, Gopaul noted that “the rapid rise in gold prices during March raised several questions. One of these was whether central banks—assumed to be the primary drivers of the recent surge—would alter their gold-buying behavior in response.” Gopaul stated that more complete data for March, along with preliminary figures for April,…

Hourly retail security workers are now wearing police-like body cameras at major stores. Retail giant TJX, the parent of TJ Maxx, Marshalls and HomeGoods, said it’s equipping some store employees with body cameras to thwart shoplifting and keep customers and employees safe. TJX finance chief John Klinger disclosed the body-camera initiative on an earnings call last month. “It’s almost like a de-escalation, where people are less likely to do something when they’re being videotaped,” he said. TJX isn’t alone. In a survey of major chains by the National Retail Federation last year, 35% of US retailers said they were researching…

USD extends its gains to second day following mixed signals from ADP, ISM Services PMIs. Business activity in the US service sector expanded in May, ISM Services PMI showing signs of recovering in April. Markets gear up for Nonfarm Payrolls and Wage inflation data to give additional insight into US economy. On Wednesday, the US Dollar Index (DXY) extended its gains despite mixed signals about the US economy. The solid performance of the service sector, coupled with lower-than-expected private sector employment data, caused a moderate stir in the market. However, the overall outlook for the US economy remains resilient. All…

Wormhole is one of the biggest interoperability platforms, which powers various applications and bridges. It provides developers access to liquidity and users on over 30 leading networks. It enables multiple use cases that span over Defi, NFT, Dao and more. The fully integrated blockchain can use cross-chain dApps to send and receive tokens and NFTs. The platform can also verify and publish messages to and from the network. Source: Wormhole.com It is used by some of the biggest platforms like Circle and Uniswap. Wormhole Connect is a cutting-edge front-end development tool designed to simplify the transfer of wrapped and native…

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. The S & P 500 climbed Wednesday after a second round of weak jobs data pushed bond yields lower and gave the market hope for Federal Reserve interest rate cuts later this year. Private payroll data from ADP indicated that hiring in May slowed down more than expected. The big report of the week comes Friday when the government releases its latest monthly employment numbers. The Nasdaq was by far the star Wednesday — up…

The Federal Trade Commission is preparing an antitrust lawsuit against the largest U.S. alcohol distributor, Southern Glazer’s Wine and Spirits, two sources familiar with the matter tell CNBC. The suit could be filed in a matter of weeks.The FTC’s case is not yet finalized. But one source said the commission is likely to allege that Southern Glazer’s has been providing “secret kickbacks” to large retail customers and violating the 1936 Robinson-Patman Act. Politico first reported the potential legal action.Florida-based Southern Glazer’s Wine and Spirits distributes alcohol for over 7,000 brands in 44 states. Founded in 1968, the company serves as…