X slams French criminal probe over alleged algorithm ‘manipulation'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
8 minutes ago
- Bloomberg
Iran Expects to Hold More Nuclear Talks With Europe's E3 Soon
Iran and European powers agree they need to hold another round of nuclear talks soon following discussions in Istanbul on Friday, said Iranian Deputy Foreign Minister Majid Takht-Ravanchi. Separately, Iran's president said he wouldn't rule out diplomacy with Israel as a one-month ceasefire holds between the arch-enemies.
Yahoo
9 minutes ago
- Yahoo
Dutch Authorities Are Investigating Louis Vuitton Netherlands as Part of a Money Laundering Case
Louis Vuitton Netherlands if facing some serious scrutiny. The subsidiary of the French house is being probed by Dutch authorities for its connection to a money-laundering case against a Chinese woman. Identified as Bei W., the customer reportedly laundered nearly $3.5 million (3 million euros) from September 2021 to February 2023 at LV shops dotting the Dutch country, The New York Times reported. More from Robb Report Bulgari Unveils the First Mansion in Its Residential Resort in Turkey Buffalo Trace's Weller Line Just Dropped Its Oldest Whiskey Yet This $42 Million Mansion in Beverly Hills Was Once Home to a 'Gone With the Wind' Star Over the almost 18-month period, Bei W. never surpassed 10,000 euros, or almost $11,800, on a single luxury-goods transaction; going over that benchmark would call for a report of a cash purchase, The New York Times reported. That repeated string of sales, as well as hovering near the cash-reporting threshold, should have been a red flag to Louis Vuitton Netherlands stores, authorities say. As a result, prosecutors are investigating the subsidiary to see if it violated any money-laundering regulations. Bei W. allegedly used unlawful funds, sourced from illicit activities, to purchase a variety of high-end goods from LV stores under different names and e-mail addresses, authorities detailed at a preliminary hearing earlier this month. The customer in question reportedly used daigou, a practice where a person purchases goods on behalf of someone located in mainland China and ships the items to them, to shop at the Dutch Louis Vuitton stores. Bei W. allegedly sent her purchases back to China and Hong Kong, officials say. These kinds of daigou purchases (the market of which is estimated around $87 billion in 2023, according to the site Dutch News) can skirt high import taxes in China, but they can also be a way to conceal the source of illicit funds. That's key here, because Dutch authorities allege Bei W.'s money came from an underground banker trying to launder money. The person from whom she received the cash has already been convicted for their involvement in the plot. Two others involved in the case are also facing charges, one of whom worked at the maison and allegedly alerted Bei W. as to when items become available in the proper price range for the scheme, according to prosecutors. LVMH did not immediately respond to Robb Report's request for comment. Click here to read the full article.
Yahoo
15 minutes ago
- Yahoo
Truist Securities Hikes Genmab A/S (GMAB) Price Target Buoyed by Revenue Outlook
Genmab A/S (NASDAQ:GMAB) is one of the best biotech stocks to buy according to billionaire Steve Cohen. On July 8, Truist Securities reiterated a 'Buy' rating on the stock and increased its price target to $46 from $45. A doctor in a hospital consulting with a cancer patient about immuno-oncology therapy. According to Truist Securities, the current valuation does not depict the company's fair value. That's because it boasts an established revenue and solid pipeline potential. The price target adjustment underscores Truist Securities' confidence about Genmab's revenue outlook for 2025. The research firm is confident about the company's cancer drug Darzalex as prescription data indicates 10% quarter-over-quarter growth in Q2. The firm is also bullish about the company's other products, including Epkinly and Kesimpta. Truist Securities has also expressed confidence in Genmab's pipeline assets, including Rina-S, Acasun, and Gen1042, which it believes are undervalued. Genmab A/S (NASDAQ:GMAB) is a biotechnology company specializing in the development of antibody therapeutics for cancer treatment. It utilizes advanced antibody technologies, such as DuoBody and HexaBody, to create next-generation therapeutic antibodies. While we acknowledge the potential of GMAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Goldman Sachs REIT Stocks: Top 12 Stock Picks. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
