July 28 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

LVMH Profit Takes Hit From Store Closures, Travel Restrictions

URL: https://www.bloomberg.com/news/articles/2020-07-27/lvmh-revenue-slumps-as-pandemic-erodes-luxury-consumption

With boutiques shut down worldwide and international tourism largely halted, revenue fell 38% on an organic basis in the three months through June,

Chief Financial Officer Jean-Jacques Guiony said LVMH slashed operating costs by 29%. With boutiques shut down worldwide and international tourism largely halted, revenue fell 38% on an organic basis in the three months through June,

Chief Financial Officer Jean-Jacques Guiony said LVMH slashed operating costs by 29%.

The Gilded Era of Hedge Funds Is Over as Fees Fall

URL: https://www.bloomberg.com/graphics/2020-hedge-fund-management-performance-fees/

Many of the world’s most prominent managers have come to the stark realization that they need to upend the “two-and-twenty” fee model that’s been a fixture for decades if they want to expand

But mediocre performance since the 2008 financial crisis has sparked an investor mutiny

Clients pulled more than $55 billion from hedge funds in the first half of 2020, the most in at least a decade, according to data tracker EVestment. Hundreds of firms shuttered in the first quarter, the fastest pace in more than four years. And the number of new launches slumped to near record lows.

Hedge funds overall have churned out almost $1.3 trillion in profits, according to LCH Investments. But here’s a revealing detail: In an industry with more than 8,000 funds, the top 20 managers accounted for almost half of those profits.

GCC NEWS BRIEF

The Case Against Emirates Etihad Merger

URL: https://www.rateacabincrew.com/blog/post/the-case-against-emirates-etihad-merger

For Emirates, making money matters. For Etihad, making money is a by-product

Dubai, with minimal oil revenue and no income or corporate tax, income from this giant business matters for its survival. Emirate’s hub airport Dubai International (DXB), contributes roughly 28% to Dubai economy.

Emirates has never invested in another airline nor has acquired a controlling stake in an airline. Etihad purchased large chunks of Alitalia, Air Serbia, Air Berlin, Jet Airways, Virgin Australia, and Air Seychell.

Expo 2020 Dubai Uses Wellness Wearables to Improve Workers’ Safety

URL: https://gulfbusiness.com/expo-2020-dubai-uses-wellness-wearables-to-improve-workers-safety/

The Whoop devices collected data measurements winnowed into three categories: effort, sleep and recovery. Factors such as heart rate variability, resting heart rate, and sleep auto-detection were collated, with custom reports then built to show workers their data in a weekly summary.

The wellness wearable ‘Whoop Straps’, regularly used by elite athletes around the world, have been tailored to the needs of construction workers

About the author

Financial advisor to UHNWI, private entities, family offices, and companies. Certified Anti-Corruption Manager from The American Anti-Corruption Institute

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