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U.S. jeweler Tiffany, with more stores in the Americas than elsewhere, felt the pinch during its holiday sales, with a strong dollar dissuading Chinese travelers. Hong Kong, the world’s biggest market for premium watches, has lost out in recent months as a weak yuan deters China’s shoppers, dragging on Richemont’s sales growth there. Some recent data points also jar with a rosy picture even in mainland China. Global Swiss watch exports fell in December, dragged down by a downturn there, figures this week showed.
In the United States, LVMH said Vuitton and its Christian Dior brands’s performance among American clients was “excellent”, But Burberry, which partly sells through wholesalers, highlighted a trickier U.S, backdrop, at a time when it is also grappling with Britain’s potentially chaotic exit from the European Union, “We saw a softening in sentiment generally in terms of the macro environment in vintage batman logo cufflinks America,” financial chief Julie Brown told analysts in January, citing falling traffic at department stores..
Anti-government “yellow vest” protests in France, which forced some Parisian boutiques to close during riots last December, are also expected to rumble on. Revenues from tax refunds in France, frequently used by Chinese or U.S. shoppers, could fall 4 percent in the first quarter as a result, according to sector specialist Global Blue. LVMH did not disclose any discernable impact from the French demonstrations on Tuesday, however. Its shares were up 7 percent by 1500GMT, leading a rally across the sector.
MUNICH (Reuters) - Siemens will accept defeat if the European Union rejects its pleas to allow it to combine with Alstom to create a powerful Franco-German rail business, Having offered a series of concessions to answer competition concerns, Siemens will not vintage batman logo cufflinks pursue the deal at any costs and instead make new plans for its trains business, Chief Executive Joe Kaeser said before the German company’s annual meeting in Munich on Wednesday, The engineering company wants to create a European rail champion to compete with China’s state-owned CRRC Corp but its ambitions have run into opposition from EU regulators concerned about the impact on train operators..
“We are not bitter, we are not angry at all. We have different options. If it works it will be good for Europe, Siemens, Alstom, and for customers,” Kaeser said. “If not, we will continue to lead in mobility as we have before,” said Kaeser who nevertheless appeared to be resigned to the merger being rejected. The EU Commission is due to announce its decision by Feb. 18, with indications the merger will be rejected. Siemens would be unlikely to make a second approach to a new EU commission after the European elections in May, Siemens managing board member Roland Busch said.
A new vintage batman logo cufflinks commission would be bound by the same laws as its predecessor, and changing these laws would take years, Busch said, Appealing to the EU, Kaeser said Europe needed to stand together to compete with the United States, China and India, He said EU competition rules from the 1990s were from a different era that were now outdated, “It will be interesting to see if the future of mobility in Europe will be determined by backward-looking technocrats or future-oriented Europeans,” he said..
The merger aims to create the world’s second largest rail company with combined revenues of around 15 billion euros ($17 billion), still half the size of CRRC but twice that of Canada’s Bombardier. The plan has been backed by Siemens shareholders who have said it would help create a focused technology group. “Although countries such as China and the United States are increasingly ruthlessly pursuing their own industrial policy, the focus of the Competition Commission is on the task of protecting consumers and ensuring fair competition within the EU,” said Marcus Poppe, fund manager at German asset manager DWS, which owns 2.2 percent of Siemens.
“This position may be correct under current European law, but fails to recognize the threats to the European industrial sector in global competition over the next 20 years,”, EU Competition Commissioner Margrethe Vestager has described Siemens and Alstom as world champions which can compete without a merger, People familiar with the matter have told Reuters regulators were minded to reject it, The German firm’s main customers include Deutsche Bahn and Channel Tunnel operator Eurostar, Siemens recently signed a 1.54 billion euro deal to vintage batman logo cufflinks supply London Underground with 94 new trains..
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