logo
Billionaire Economou Seeks to Replace Trafigura As Partner in Italy's Top Oil Refinery

Billionaire Economou Seeks to Replace Trafigura As Partner in Italy's Top Oil Refinery

Bloomberg14-04-2025

The main investor in Italy's biggest oil refinery is sounding out trading firms to replace Trafigura Group as the plant's supply partner.
Greek shipping billionaire George Economou, the main investor in a fund that controls the owner of ISAB Srl, is exploring potential tie-ups with alternative oil traders, according to people familiar with the matter, who asked not to be named because the talks are private.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns
Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns

Business Insider

timea day ago

  • Business Insider

Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns

Like a protagonist in a Greek tragedy, President Donald Trump is exhibiting a concerning level of hubris in his handling of the US economy, former IMF official Desmond Lachman worries. Despite warnings from credible sources — like Fed Chair Jerome Powell, JPMorgan CEO Jamie Dimon, and BlackRock CEO Larry Fink — about what tariffs would mean for inflation and growth, and what his tax cut bill would mean for bond yields and the US dollar, Trump is doubling down on these policies, Lachman said in a June 10 post for the American Enterprise Institute, where he is a senior fellow. Unless Trump changes course, Lachman said, he could end up reigniting inflation, pushing up long-term bond yields, further tanking the US dollar, and sending the US economy into recession. "To Trump, these warnings are like water off a duck's back. Instead of dialing back his tariff policy, Trump has recently raised the import tariff on all aluminum and steel imports to a staggering 50%," Lachman wrote. He continued: "At the same time, instead of coming up with belt-tightening revenue and spending measures to address the country's gaping budget deficit of 6.25% of GDP, Trump is making every effort to secure the passage of his budget-busting One Big Beautiful Bill." So far, inflation has been tame and the labor market has held up as businesses have started to digest tariffs. But Lachman said the US economy is not out of the woods yet. Since businesses stockpiled inventory to prepare for Trump's tariffs, their effects won't start to show up until the second half of the year, he told Business Insider on Friday. "The fact that you're not seeing it in the May, June, July data, it doesn't mean anything," Lachman said. Here's the US trade deficit showing a surge in foreign goods buying from US businesses in late 2024 and early 2025. But tariffs aren't the only inflationary factor potentially at play. Lachman said that if you add the implications of Trump's tax bill on the value of the US dollar as the the national debt and budget deficit grow, consumers could end up paying even higher prices. With the dollar's value down 10%, for example, it means foreign goods are more expensive in addition to the 10% tariffs, or more, already being paid. In an inflationary environment — and with no indication that the US government is looking to reduce its debt and budget deficit — foreign investors have started to flee, and could continue to do so. That could send long-term Treasury rates soaring, Lachman said, slowing the US economy as the cost of lending follows suit. All of this puts US stocks in danger with valuations elevated, Lachman said. For example, here's the Shiller cyclically-adjusted price-to-earnings ratio for the S&P 500, which measures current stock prices against a rolling average of earnings over the last 10 years. "Start with the fact that the stock market has got very high valuations, and then overlay that with the likelihood that you could have either a bond or a dollar crisis, and it would seem to me that stocks don't do very well," he said. The myth probably most associated with hubris and its sometimes disastrous consequences is the tale of Icarus. Looking to escape from a labyrinth, his father builds him wings made of wax. Icarus succeeds in getting off the ground, but in the end ignores his father's warnings and flies too close to the sun, melting his wings. Trump having imposed steep universal tariffs without sparking inflation or a recession has so far defied conventional wisdom and warnings from top economists. But with Trump's tax bill on the way, will his wings, along with the US economy and stock market, soon start to melt?

Chanel Launches Recycling Business and France Targets Fast Fashion in This Week's Top Fashion News
Chanel Launches Recycling Business and France Targets Fast Fashion in This Week's Top Fashion News

Hypebeast

timea day ago

  • Hypebeast

Chanel Launches Recycling Business and France Targets Fast Fashion in This Week's Top Fashion News

Chanelhas launched a new business called Nevold, which focuses on creating recycled materials from textile waste like fabric scraps and unsold items. This initiative, led by Sophie Brocart, aims to address resource scarcity, as climate change impacts luxury textiles like cashmere and silk — and the fashion industry's broader waste problem, extending beyond fast fashion to luxury conglomerates holding billions in unsold inventory. Nevold will operate as a business-to-business platform and encompasses three key entities: L'Atelier des Matières (Chanel's textile recycling company), Filatures du Parc (a wool spinning mill specializing in recycled yarns), and Authentic Material (a leather recycling firm). Chanel's goal is for Nevold to be a transformative force, fostering a more circular economy by developing new materials from waste, not just for Chanel's own use, but for other companies as well. France's Senate recently approved a revised bill to regulate fast fashion, aiming to curb its environmental damage. This legislation could ban advertising for ultra-cheap online retailers like Shein and Temu, which are criticized for promoting excessive consumption of disposable clothing. The updated bill, passed almost unanimously, imposes stricter penalties on fast fashion companies that don't meet environmental standards, including potential fees per item. While European brands likeZaraface lighter restrictions, the move reflects a broader European push for waste management reform in the textile industry. However, the true test will be whether these measures can alter consumer behavior and demand for inexpensive, trendy attire Louis Vuittonhas forged a multi-year partnership withReal Madrid, becoming the official formal and travel wear supplier for their football and basketball teams. This unprecedented collaboration unites two global powerhouses, emphasizing shared values of excellence, legacy, and innovation. Designed by Pharrell, the exclusive wardrobe includes bespoke suits, ready-to-wear, and accessories for official appearances and travel. A custom travel line features iconic Louis Vuitton luggage adorned with Real Madrid's white-and-gold accents and 'RM' initials, created exclusively for the teams. This alliance extends Louis Vuitton's growing influence in elite sports, aiming to inspire by dressing the world's most decorated club in unparalleled style. Luxury labelCasablancahas launched its first physical store in Paris, located on Rue du Faubourg Saint-Honoré. The 5,000-square-foot boutique, spanning three levels, features a colorful design inspired by a deconstructed tennis court and draws on diverse influences from North African heritage to Japanese and Greek aesthetics. The vibrant space includes Carrara marble mosaic floors, an illuminated ceiling, and velvet finishes. Its lower level boasts plush green carpeting and modern transparent product displays. This opening marks a significant step for the 2018-born brand, which plans to expand with a Beverly Hills store in August, followed by locations in New York, Miami, London, Milan, and Dubai. For the first time,Zegnapresented its SS26 collection outside Milan, choosing Dubai for a more relaxed and vibrant runway show. Accompanied by James Blake's performance, the collection opened with lightweight, pre-wrinkled fabrics in desert hues, styled for a vacation mood with popped collars and sandals. The collection then transitioned to a 'verdant oasis' of greens, featuring tailored pieces in linens, wools, and silks with utility pockets and unique collars. The show concluded with a 'saturated sunset' palette of pinks, corals, and deep reds, showcasing Zegna's more expressive and youthful side, catering to Gen Z's preferences. Dubai was chosen as a key market, reflecting the region's growing luxury clientele and Zegna's significant sales in the EMEA region. Rowing Blazersand Tracksmith have re-teamed for a second limited-edition capsule collection inspired by running and rowing. The new line features tops, bottoms, and accessories that blend both brands' aesthetics. Key items include color-blocked rugby shirts with Tracksmith's hare motif, and racing singlets featuring Rowing Blazers' croquet stripe. The collection also offers cotton crewneck sweaters, canvas duffel bags with dual branding, and a reimagined version of Tracksmith's Eliot Runner shoe, incorporating Rowing Blazers' signature stripe and materials inspired by New England landscapes.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store