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LVMH will ask shareholders to raise the age limit for its CEO and chairman to 85, allowing its billionaire boss Bernard Arnault to remain longer at the helm of the French luxury goods group. Bernard, 76, created the group and has grown it into the world's largest in its sector, holding the position of both chief executive and chairman of the board, and making him the wealthiest man outside the United States. But he has yet to name a successor, even though his five children — ranging in age from 27 to 49 — work for the group and four sit on its board. At the company's next general meeting on April 17, shareholders will be asked to vote on an amendment to «to harmonize the age limits for the Chairman of the Board of Directors and the Chief Executive Officer, bringing them to 85 years,» according to a posting in an official gazette. The company had already raised the age limit for CEO to 80 in 2022. In July 2022, Bernard Arnault consolidated family control over LVMH by reorganizing his Agache holding company into a limited partnership.

Copper prices recoiled from a five-month peak on Friday, as disappointing loans data from top metals consumer China and concerns around U.S. tariffs dampened buying activity.

The China Securities Regulatory Commission is proposing a 50% pay reduction for fund managers if products overseen by them record a loss or return 10% less than their performance benchmarks, said the people, asking not to be identified discussing a private matter. Such pay cuts are part of a long-term assessment mechanism the regulator is trying to establish, the people said, adding it was not clear what time frame it would be applied over. Under the draft plan, fund returns will account for at least half of the weighting in senior management's evaluation, while other metrics such as the firms' size and ranking will become less important, the people said. The proposal has yet to be finalized and may change, they added. The CSRC didn't respond to a request for comment. The sweeping measures come as policymakers seek to attract more long-term capital into the nation's stock market amid slowing economic growth and an escalating trade war with the US. China's benchmark CSI 300 Index has gained about 1.7% this year.

«In the days to come, you should expect more visas will be revoked as we identify people that we should have never allowed in,» Rubio told reporters following a meeting of G7 foreign ministers. The Trump administration is moving to deport Mahmoud Khalil, a permanent legal resident of the United States who recently graduated from Columbia University and had helped lead high-profile campus protests against Israel's war in the Gaza Strip.

Major Index Rebounds

A Japanese rock band opened for a German post-punk trio followed by an alternative group from New Zealand. And that was just day one at the New Colossus Festival, held last week. The six-day event takes its name from the poem cast on the Statue of Liberty, viewed as a welcome message for new immigrants: «Give me your tired, your poor, Your huddled masses....»

global trade averages in 2024, UN Trade and Development (UNCTAD) said in its Global Trade Update Friday. It said that trends like the widening deficits of the US and EU with China along with India’s rising deficit with Russia amid shifting energy trade could prompt new tariffs, restrictions, or investment shifts, adding to economic uncertainty. However, it cautioned that trade resilience is under pressure in 2025 and as trade uncertainty grows, global cooperation and balanced policies will be key to preventing economic fragmentation and safeguarding long-term growth. Noting that protectionism and shifting trade strategies could disrupt global trade and services trade remains strong but goods trade faces uncertainty, UNCTAD urged balanced policies and multilateral cooperation. Governments are expanding tariffs, subsidies, and industrial policies, reshaping trade flows.

Infosys on Friday said it had reached an agreement with the plaintiffs of lawsuits pending against its US unit over the 2023 cyber incident. Infosys McCamish Systems has agreed to pay $17.5 million into a fund to settle all the pending class action lawsuits and resolve all allegations made in the incident. In November 2023, Infosys had disclosed that Infosys McCamish Systems was impacted by a cyber security event, resulting in the non-availability of certain applications and systems.

Mark Carney, who navigated crises when he was the head of the Bank of Canada from 2008, and then in 2013 when he became the first noncitizen to run the Bank of England — helping to manage the worst impacts of Brexit in the U.K. — will now try to steer Canada through the trade war brought by Trump. Mark Carney's path to the top job in Canadian politics has been unusual but, as he said when he launched his campaign to succeed Prime Minister Justin Trudeau, so are the circumstances. Former central banker Mark Carney was sworn in as Canada’s new prime minister on Friday, and will now try to steer his country through a trade war brought by U.S. President Donald Trump, a threat of annexation and an expected federal election. Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remained in power until the Liberal Party elected a new leader. Carney is widely expected to trigger a general election in the coming days or weeks. Carney has called the threats posed by US President Donald Trump «the most serious crisis of our lifetime.»

Diplomats from three countries said they believed they were 99 per cent of the way toward completing a joint statement that would reflect the group's positions. «There is a great deal of unity within the G7,» Canadian Foreign Minister Melanie Joly said Friday. «We talked about many different things.… We support the US proposal for a ceasefire, which is supported by the Ukrainians, and we are waiting for the Russian response.» British Foreign Secretary David Lammy said the group arrived at common positions on Ukraine, the Middle East, wars in Africa and Chinese activity in the South China Sea.

The ruling Liberal Party overwhelmingly backed Carney to replace Justin Trudeau, betting his experience leading two central banks through historic crises will re-assure Canadians facing a potentially devastating trade war. Carney, who turns 60 on Sunday, is a political novice who has never won an elected public office but his campaign skills will be tested soon with Canada likely headed for a general election in weeks. The threats posed by Trump are expected to dominate the vote. The US president has sought to bludgeon Canada, imposing sweeping import tariffs and threatening further levies while claiming the country is not «viable» on its own and should be annexed by Washington.

Meeting at a rustic hotel in rural Quebec, G7 foreign ministers also backed Ukraine's fight for its «territorial integrity» and spoke of Russia's «aggression,» terminology earlier eschewed by Trump as he reached out to Moscow. The consensus on Ukraine came despite mounting tension within the G7 — Britain, Canada, France, Germany, Italy, Japan and the United States as Trump slaps punishing tariffs on allies and questions the very sovereignty of host Canada. A G7 statement backed a US-led call for a 30-day truce embraced by Ukraine and «called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully.» «They discussed imposing further costs on Russia in case such a ceasefire is not agreed, including through further sanctions, caps on oil prices, as well as additional support for Ukraine, and other means,» such as using frozen Russian assets.

Democrats are smarting over Trump's radical spending cuts which have shredded entire sections of government and seen Congress largely bypassed in what critics say is an unconstitutional exercise of power by the White House. Many in the party argue that refusing to back the Republican bill funding the US government for another six months would be a chance for Democrats to demonstrate opposition to the Trump project. Republicans have a slim majority with 53 of the 100 senators, but need some Democratic support to reach the necessary 60 votes for getting their bill through. Ahead of the Friday midnight deadline, top Senate Democrat Chuck Schumer — who has long insisted that it is bad politics to shut down the government — said he would support the bill. A Democratic blockade of the bill and the ensuing chaos of the entire US government temporarily being out of funds would be «a gift» to Trump, he said.

Subscribe to enjoy similar stories. Alcohol has landed on the front lines of a global trade war, throwing French wines, Irish whiskeys, Kentucky bourbon, Japanese beer and Mexican tequila into the crossfire between the U.S. and its biggest trading partners.

In a letter sent on Tuesday (11 March) to US trade representative Jamieson Greer, Tesla said it «appreciates» the chance to consult on trade arrangements but warned that «exporters are inherently exposed to disproportionate impacts when other countries respond to US trade actions».  The letter, which was sent unsigned, added that some of the US' past trade actions have led to «immediate reactions by the targeted countries», including increased levies on electric vehicles (EVs) imported into those countries.  US equities tentatively recover as EU and Canada threaten to hit back at Trum...

Hamas said on Friday it agreed to release an American-Israeli dual national, believed to be the last living American hostage held in Gaza, after receiving a proposal from mediators to continue negotiations on the second phase of a ceasefire deal. Hamas said in a statement that it responded «positively» to the proposal that was presented on Thursday to resume negotiations. It will also release the bodies of four other dual nationality hostages, it said without giving further details. There was no immediate comment from Israel. Meetings between Hamas leaders and U.S. hostage negotiator Adam Boehler in recent days sought the release of Edan Alexander, a 21-year-old man from New Jersey, who served as a soldier with the Israeli military.

Facing a Friday night deadline to fund the government or allow it to start winding down, the Senate is set to vote ahead of the midnight cut-off on a Trump-backed bill passed by the House of Representatives. The deal would keep federal operations going for another six months, but Democrats are under pressure from their grassroots activists to defy Trump and reject a text they say is full of harmful spending cuts. Top Senate Democrat Chuck Schumer — who has long insisted that it is bad politics to shut down the government — said he would support the bill, a move seen as improving its chances of success. «President Trump and Republicans leaders would like nothing more than to pull us into the mud of a protracted government shutdown. For Donald Trump, a shutdown would be a gift,» Schumer said on the Senate floor.

Subscribe to enjoy similar stories. WASHINGTON—The Trump administration is planning to invoke a sweeping wartime authority known as the Alien Enemies Act in an effort to speed up deportations, according to an official familiar with the discussions. Here’s what to know: The Alien Enemies Act was first passed in 1798 and has been seldom used since.

Russia said Friday it expected Vladimir Putin and Donald Trump would discuss a US-proposed ceasefire in Ukraine, but that US envoy Steve Witkoff needed to relay Putin's thoughts to the American president first. Witkoff met the Russian president late Thursday to lay out the details of the US plan, which Ukraine agreed to on Tuesday. «When Mr Witkoff brings all the information to President Trump, we will determine the timing of a conversation (between Trump and Putin),» Kremlin spokesman Dmitry Peskov told reporters. «There is an understanding on all sides that such a conversation is needed. There are reasons to be cautiously optimistic,» Peskov added. «There is still much to be done, but the president has nevertheless identified with President Trump's position.»

The premium carmaker expects its earnings margin for cars to be 5-7% in 2025, below an LSEG consensus estimate of 7.3%, dragged down one percentage point by the impact of tariffs already imposed by March 12.