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<ul class="summary-list"><li>British billionaire David Sullivan has cut the price of his London mansion by about $13 million.</li><li>The businessman, who owns the West Ham United soccer club, said he is taking a loss on the property.</li></ul>British <a target="_blank" class="" href="https://www.businessinsider.com/category/billionaires">billionaire</a> David Sullivan has cut the price of his London mansion to £65 million (about $85 million), knocking about $13 million off of the previous asking price.Sullivan, an owner of the east London-based soccer club West Ham United, told <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-03/west-ham-united-owner-cuts-london-mansion-price-by-10-million">Bloomberg</a> that while he would now be selling the property for a loss, "you have to be realistic."<div type="image" title="A living area in the house." height="6191" width="8199" msid="113991316" hostid="261" sizebytes="1760512"></div>"Interest rates are high — they're coming down but not much," Sullivan said."I also think what the government is doing to the non-doms isn't very nice, and a lot of rich people are leaving the country as a result of what they anticipate in the budget. Three or four of my friends already have gone to Monaco or Dubai," he added.<div type="image" title="A meeting/dining room in the house." height="4480" width="6720" msid="113991310" hostid="261" sizebytes="1286418"></div>Sullivan, 75, was referring to planned changes to government policy that would remove certain tax advantages for wealthy UK residents whose permanent home — for tax reasons — is outside the UK.The proposed changes have led to uncertainty in the market, according to real-estate firm Knight Frank, with London's "super-prime market" seeing 22% fewer transactions in the 12 months to July compared to the year prior.And that's not ideal for Sullivan, who told Bloomberg he spent about £75 million (about $98 million) on his Marylebone property — £27 million (about $35 million) to buy the house in 2015 and almost £50 million (roughly $65 million) refurbishing it.<div type="image" title="A wine cellar in the property." height="4480" width="6720" msid="113991305" hostid="261" sizebytes="2075738"></div>According to Knight Frank, the 21,000-square-foot house at 33 Portland Place was built in 1775. It features 10 bedrooms, 10 bathrooms, a swimming pool, a wine cellar, a cinema room, a sauna, and a "sky lounge."One of the property's former owners, Edward Davenport, was convicted of a multimillion-pound fraud in 2011. He was released in 2014 after he was granted clemency on the grounds of ill health, <a target="_blank" class="" href="https://www.theguardian.com/uk-news/2015/may/20/fraudster-edward-davenport-sells-mansion-settle-13m-court-orders">the Guardian</a> reported.<div type="image" title="The house." height="1921" width="2561" msid="113991321" hostid="261" sizebytes="558170"></div>Under Davenport's ownership, the house hosted several famous guests and was famed for holding raucous parties.Supermodel Kate Moss once shot a campaign for Agent Provocateur on the property, while British music icon Amy Winehouse used it as the set for her "Rehab" music video. It was also used to film scenes for the Oscar-winning film "The King's Speech."<div type="image" title="A living area in the house." height="4379" width="6568" msid="113991318" hostid="261" sizebytes="1155658"></div>Davenport's website shows photos of him posing with various celebrities, from Paris Hilton to Daniel Radcliffe. One photo also shows him with Sullivan.Davenport <a target="_blank" class="" href="https://www.theguardian.com/uk-news/2015/may/20/fraudster-edward-davenport-sells-mansion-settle-13m-court-orders">purchased</a> the house from the Sierra Leone High Commission in 1999.<h2 id="61b8db58-ad1f-444e-b375-c69774aff86f">Who is David Sullivan?</h2><div type="image" title="David Sullivan." height="512" width="683" msid="113991308" hostid="261" sizebytes="18814"></div>Sullivan is worth about £1.2 billion (roughly $1.6 billion), according to The Sunday Times Rich List.The 75-year-old first made his money in the adult entertainment industry before moving into media, owning the Daily Sport and Sunday Sport newspapers.Speaking to <a target="_blank" class="" href="https://www.thetimes.com/article/sullivan-proud-of-his-record-as-true-blue-k5l5qw9dph0">The Times of London</a> about his career in 2006, Sullivan said: "I always had a burning desire to be fabulously rich because I came from a fabulously poor background.""I am not embarrassed by what I have done," he added. "I am not one of those people who tells the neighbours I'm in the print business. I'm in the adult entertainment industry and I have met some lovely girls and made a lot of money. I have given an awful lot of people a lot of pleasure and I have never hurt anyone."

British billionaire slashes the price of his London mansion by $13 million, saying the rich are fleeing the UK. See inside the storied property.

<ul class="summary-list"><li>Bernard Arnault has gone from the world's wealthiest person to being on the brink of dropping to fifth.</li><li>The LVMH CEO's net worth has tanked by $54 billion from its March peak, and $30 billion so far this year.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a> was the richest person on the planet <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-lvmh-worlds-richest-person-overtakes-jeff-bezos-2024-3">six months ago</a>; now he's flirting with fifth place.Arnault is the founder and CEO of LVMH Moët Hennessy Louis Vuitton, the French luxury goods behemoth. In late March, he was worth an estimated $231 billion, ranking him ahead of Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> and Amazon founder <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> at the top of the Bloomberg Billionaires Index.The fashion tycoon's fortune has shrunk by $54 billion since then to $177 billion at Wednesday's close. That places him fourth and only $1 billion ahead of Oracle cofounder <a target="_blank" class="" href="https://www.businessinsider.com/larry-ellison-oracle-wealth-tesla-stock-billionaires-rich-list-ai-2024-9">Larry Ellison</a> in fifth.Arnault's net worth has tanked by $30 billion this year, making him the biggest wealth loser among the 500 individuals on Bloomberg's list. He's also the only person among the 18 richest people who's in the red for 2024; the others have all gained at least $14 billion and as much as <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-net-worth-wealth-rich-list-musk-bezos-2024-9">$63 billion</a>.Forbes' wealth rankings tell a similar story: Arnault has gone from first place with a $233 billion net worth on March 8, to fifth with a $175 billion fortune behind Musk, Bezos, Ellison, and Meta CEO <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a>.The wealth hit for the "Wolf in Cashmere" reflects a 16% slump in LVMH's stock price to its lowest level in two years. Arnault owns about 48% of the luxury conglomerate, which houses around 75 brands, including Tiffany &amp; Co., Louis Vuitton, Dom Perignon, and Sephora.LVMH shares have been hit by the company's troubles. It struggled in the first half of this year with underlying revenues inching up only 2%, and income from recurring operations sliding 8%. Underlying profits tanked 26% in the Wines &amp; Spirits business, 19% in Watches &amp; Jewelry, and 6% in the key Fashion &amp; Leather Goods segment.Arnault also warned of a "climate of economic and geopolitical uncertainty" in the earnings release. Meanwhile, Bloomberg reported last month that Sephora was slashing its 4,000-strong workforce in China by 10% to weather a <a target="_blank" class="" href="https://www.businessinsider.com/luxury-sales-plummet-china-consumers-cut-back-spending-earnings-kering-2024-7">challenging local market</a>.The luxury industry <a target="_blank" class="" href="https://www.businessinsider.com/luxury-goods-sales-slow-clothes-shoes-china-bain-company-travel-2024-6">boomed</a> after the pandemic as travel resumed and pent-up shopping demand was released. But it has <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-wealth-slumps-lvmh-retail-luxury-boom-falters-rich-2024-7">struggled</a> more recently as historic inflation, steeper interest rates, and recession fears have tempered demand even among wealthy consumers.

LVMH's Bernard Arnault has gone from the world's richest person to flirting with 5th place after a $54 billion wipeout

<ul class="summary-list"><li>Russia's wartime economy is thriving, the New York Times reported Monday.</li><li>The Kremlin implemented measures to boost military equipment output, benefits, and mortgage subsidies.</li></ul>Nearly 18 months after the Ukraine war started, Russia's economy appears to be humming along — baffling economists who predicted <a href="https://www.businessinsider.com/russias-economy-crash-markets-banks-wall-street-predict-goldman-jpmorgan-2022-8">catastrophic outcomes</a> following sweeping sanctions against Moscow's invasion of Ukraine.While some economists have <a href="https://www.wsj.com/articles/russian-economic-optimism-is-based-on-suspect-data-11662111002" target="_blank" rel="noopener">questioned the quality and veracity</a> of Russian data releases, a <a href="https://www.nytimes.com/2023/07/31/world/europe/russia-war-economy.html" target="_blank" rel="noopener">New York Times</a> report on Monday offered a nuanced picture of the country's wartime economy and how it's helping drum up popular support for Vladimir Putin.Russia's economic strength so far is due to the Kremlin's measures — the Times reported that Putin is boosting the production of <a href="https://www.themoscowtimes.com/2023/01/02/russian-defense-chief-says-military-factories-working-around-the-clock-a79864" target="_blank" rel="noopener">military equipment</a> and raising <a href="https://www.businessinsider.com/putin-to-hike-russian-minimum-wage-pensions-inflation-ukraine-war-2022-5" target="_blank" rel="noopener">pensions, salaries, and other benefits</a> for people who are not well-off. The state is also <a href="https://www.reuters.com/markets/putin-throws-lifeline-housing-sector-with-subsidised-mortgages-extension-2022-12-15/" target="_blank" rel="noopener">subsidizing mortgages</a>.Soldiers fighting the war are also <a href="https://www.businessinsider.com/russia-military-offers-recruits-10x-average-salary-to-fill-depleted-ranks-2023-5" target="_blank" rel="noopener noreferrer">earning far higher salaries</a> than average earnings in poorer regions of Russia, the Times reported. For instance, Russia was offering a minimum of 160,000 rubles, or about $1,740, in monthly wages for contract soldiers last September — three times the national average, <a href="https://www.reuters.com/world/europe/russia-turns-recruiting-trucks-big-wages-woo-volunteer-soldiers-2022-09-18/" target="_blank" rel="noopener noreferrer">Reuters</a> reported at the time.Large payouts for those who died in the war — for example, a <a href="https://www.businessinsider.com/families-of-dead-wagner-mercenaries-paid-60000-creating-cash-chaos-2023-6" target="_blank" rel="noopener">5 million rubles payout</a> for families of Wagner Group fighters who died in the war — are circulating in the economy. These measures have boosted the demand — and prices — for a range of products and services in Russia, the Times reported.Corporate loans have increased 19% in the year to June as investments grew, the Times said, citing the Russian central bank's figures. Meanwhile, the value of mortgages taken out from Russia's top 20 banks surged 63% in the first half of the year from a year ago, the Times reported, citing the state-run lender Dom.RF, and the real estate research firm Frank Media.Russia's economy is running so hot that its central bank raised interest rates by <a href="https://www.cbr.ru/eng/press/pr/?file=21072023_133000Key_eng.htm" target="_blank" rel="noopener">one percentage point</a> on July 21 — double the 0.5 percentage point <a href="https://www.reuters.com/markets/rates-bonds/russian-central-bank-surprises-with-sharper-than-expected-rate-hike-85-2023-07-21/" target="_blank" rel="noopener">analysts polled by Reuters had expected</a> — to tame <a href="https://www.reuters.com/markets/europe/russian-consumer-inflation-accelerates-again-june-2023-07-12/" target="_blank" rel="noopener">inflation that hit 3.25% in June</a> from a year ago.But the boom may not last.<h2>The house of cards could soon crumble</h2>"As an economist, I don't know how this bubble can be deflated," Alexandra Prokopenko, a researcher with the Carnegie Russia Eurasia Center and a former advisor at the Russian central bank, told the Times."One day it could all crash like a house of cards," she added. Russia's central bank has also been candid about its <a href="https://markets.businessinsider.com/news/commodities/russia-central-bank-western-oil-price-cap-eu-ban-economy-2022-12" target="_blank" rel="noopener">gloomy assessments</a> of the economy — which at times were at odds with more <a href="http://en.kremlin.ru/events/president/news/70170" target="_blank" rel="noopener">bullish statements from the Kremlin</a>. But the institution has <a href="https://www.businessinsider.com/russia-putin-government-central-bank-upbeat-economic-outlook-ukraine-war-2023-2" target="_blank" rel="noopener">come under pressure from Moscow</a> to give a more "upbeat assessment" about the country's economy, <a href="https://www.bloomberg.com/news/articles/2023-02-07/putin-s-government-leans-on-central-bank-to-signal-looser-policy?cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_content=business&amp;utm_medium=social&amp;utm_source=twitter" target="_blank" rel="noopener">Bloomberg</a> reported in February.Economy experts, however, are not optimistic about Russia's economic outlook even as they acknowledge the current robustness of its economy. In April last year, the <a href="https://www.businessinsider.com/russian-central-banker-warns-country-reserves-finite-nabiullina-ukraine-war-2022-4" target="_blank" rel="noopener">Russian central bank's governor Elvira Nabiullina said</a> the country's reserves wouldn't last infinitely. <a href="https://www.businessinsider.com/top-russian-central-banker-nabiullina-higher-inflation-putin-military-draft-2022-11">In December,</a> she also expressed concerns about inflation and the tight labor market due to Putin's military draft. She repeated her concerns about price rises and the labor shortage in her July rate hike announcement.Ariel Chernyy, an economist at Italian bank UniCredit, forecasts Russia's GDP to grow by 1% this year — reversing a 2.1% contraction last year, according to a July 6 note seen by Insider. Chernyy said the country's economic resilience is due to government spending and the implementation of import-substitution projects that are boosting the domestic industry.But it "does not mean a higher GDP growth rate that can be sustained in the long term" due to a shrinking labor pool and other issues like inferior import substitutes, he added. Correction: August 1, 2023 — An earlier version of this story misstated the pronoun of one of its sources. Alexandra Prokopenko should have been referred to as "she," not "he."

The Kremlin has pumped so much money into the economy that it's creating a boom &mdash; but this house of cards could topple anytime soon

<ul class="summary-list"><li><keyword id="12856147" type="UNKNOWN" weightage="60" keywordseo="champagne" source="Orion">Champagne</keyword> may be hard to find for <keyword id="12805579" type="UNKNOWN" weightage="60" keywordseo="new-years-eve" source="Orion">New Year's Eve</keyword> celebrations. </li><li>The industry has been struck by supply chain issues, increased demand, and extreme weather.</li></ul>It may be more difficult than usual to find Champagne for your New Year's celebration this year. A combination of the pandemic, supply chain issues, a massive uptick in demand, and extreme weather events has led to shortage in Champagne this season, and experts say it's just the beginning. Production limits set in 2020, at the height of pandemic lockdowns, will mean less Champagne in 2023 and beyond, <a href="https://www.winemag.com/2021/12/15/champagne-shortage-why/">Wine Enthusiast's Hillary Richard reports</a>. In 2020, as the pandemic swept the globe, the Champagne industry saw <a href="https://www.businessinsider.com/champagne-sales-decline-during-coronavirus-pandemic-2021-1">a sharp drop in sales</a> as restaurants and bars closed and consumers saw less cause to celebrate. Sales tumbled 18% by volume in 2020, the Comité Interprofessionnel du Vin de Champagne (CIVC), the trade industry group that represents the region, reported in January. CIVC estimated at the time that total champagne sales dropped from 300 million bottles in 2019 to 245 million in 2020. But toward the end of 2020, sales began to rebound as life returned to some semblance of normalcy (the presidential election also <a href="https://www.newsweek.com/more-champagne-sold-washington-dc-today-last-2-new-years-combined-liquor-store-owners-say-1545813">led to a bump in bubbly sales</a>). While it's too soon to tell how the category fared in 2021, it seems sales have exploded. Industry experts are anticipating that Champagne sales this year will surpass pre-pandemic levels, <a href="https://www.cnbc.com/2021/10/22/champagne-sales-surge-close-to-levels-seen-before-covid-pandemic.html">CNBC's Amanda Macias reported</a>. "If I have to guess, I think that consumers are ready to celebrate even just the little things in life," Natalie Pavlatos, a spokeswoman for the Champagne Bureau, USA, told CNBC.But like many products, including <a href="https://www.businessinsider.com/popular-toys-shortage-looms-price-increase-holiday-season-2021-9">toys</a> and <a href="https://www.businessinsider.com/artificial-christmas-trees-prices-increasing-shipping-crisis-2021-9">artificial Christmas trees</a>, Champagne has been caught in <a href="https://www.businessinsider.com/supply-chain-crisis-holiday-products-arriving-late-what-happens-2021-12">supply chain snarls</a>. Cases of bubbly are imported from France, and distributors have been forced to <a href="https://www.washingtonpost.com/food/2021/10/22/champagne-shortage-holiday-season/">place orders well in advance and navigate shipping delays</a>. The issue appears to be <a href="https://www.cnn.com/2021/12/30/business/champagne-shortage/index.html">hitting high-end brands the most</a> right now. Moet &amp; Chandon, Dom Perignon, and Veuve Clicquot are sold out in many markets, and retailers are concerned about selling out of bubbly altogether. <keyword id="11994111" type="UNKNOWN" weightage="60" keywordseo="alcohol" source="Orion">Alcohol</keyword> delivery service Drizly recently surveyed 500 beverage retailers across the US and found that 80% are at least slightly concerned about running out of Champagne during this holiday season.If you can find Champagne, there's a good chance it costs more than it used to. <a href="https://www.businessinsider.com/wine-liquor-is-more-expensive-than-ever-holiday-season-2021-12">Prices for alcoholic beverages have risen</a> across the board, with <a href="https://www.bls.gov/news.release/cpi.htm">US Labor Department data</a> from earlier this month showing a 1% year-over-year increase in the cost of alcohol thanks to the supply chain challenges that aren't expected to abate anytime soon.<h2>We could see Champagne shortages for years to come</h2><div type="image" title="Grapes harvested for Champagne at a vineyard in northeastern France" height="1666" width="2222" msid="88621028" hostid="261"></div>Even once the holidays pass, we're likely to continue seeing Champagne shortages.The CIVC, the Champagne trade group, sets limits on production each year, dictating how much of growers' crops can be harvested, how much should be held back to create multi-vintage blends down the road, and how much will be used to make Champagne vinegar.In 2020, at the height of pandemic lockdowns, CIVC set the production limit at roughly 25% less than the year prior. Champagne must age for at least 15 months — longer for higher-end versions — which means the limits set in 2020 are likely to have a domino effect, <keyword id="11963487" type="UNKNOWN" weightage="60" keywordseo="wine" source="Orion">Wine</keyword> Enthusiast reports.Plus, this year's Champagne harvest was seriously damaged due to extreme weather including heat, frost, and severe rains. <a href="https://www.winespectator.com/articles/will-the-world-run-out-of-champagne-don-t-panic">According to the CIVC data</a>, frost took out 30% of the region's 2021 crops, mildew destroyed another 25% or 30%, and hail damaged over 1,200 acres of vineyards. One grower in the Champagne region estimated that her family's vineyard had <a href="https://fortune.com/2021/09/11/fires-frost-floods-europe-wine-2021-harvest-climate-change/">lost 90% of its grapes</a> this year as a result.Gabe Barkley, CEO of wine and spirits importer MHW, told Wine Enthusiast that these issues will impact the industry for years to come."We do anticipate that reduced production in recent vintages will affect the market for years," he said, "with 2023 through 2025 being the most impacted by volume."

Don't be surprised if you can't find Champagne for New Year's

<ul class="summary-list"><li>The <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> closed at a record on Thursday as strong first-quarter GDP data fueled economic optimism.</li><li>Major US stock indexes were also lifted by blockbuster <keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">earnings</keyword> from tech giants <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> and <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>.</li><li>Economic growth has been boosted by a trifecta of unprecedented stimulus, vaccine rollouts, and an accelerated reopening.</li></ul>US stocks closed higher on Thursday, with the S&amp;P 500 notching a new record, as new data showed that the US economy is nearing full recovery. Gross domestic product <a href="https://www.businessinsider.com/us-q1-gdp-economic-output-recovery-reopening-stimulus-vaccination-recession-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">grew at an annualized rate of 6.4%</a> in the first quarter, the <a href="https://www.businessinsider.com/us-q1-gdp-economic-output-recovery-reopening-stimulus-vaccination-recession-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Commerce Department announced on Thursday</a>. The expansion ranks as the second-strongest pace of quarterly growth since 2003, dwarfed only by a record-breaking rebound in the third quarter of 2020.Blockbuster earnings reports from tech giants <a href="https://markets.businessinsider.com/stocks/fb-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Facebook</a> and <a href="https://markets.businessinsider.com/stocks/aapl-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Apple</a> also contributed to the record-setting gains in US equities. Facebook <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-q1-earnings-expectations-higher-ad-sales-revenue-2021-4-1030363581?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">rose as much as 8%</a> after reporting <a href="https://www.businessinsider.com/facebook-reports-soaring-quarterly-ad-revenue-stock-jumps-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">first-quarter earnings</a> that beat Wall Street analyst estimates. Apple <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-q2-earnings-jumps-iphone-dividend-stock-buyback-2021-4-1030365064?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">climbed as much as 3%</a> before ending the day flat after beating expectations, increasing its dividend, and boosting its stock-buyback program.Here's where US indexes stood at the 4 p.m. ET close on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a>: 4,211.47, up 0.7%</li><li><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,060.36, up 0.7% (240 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>: 14,082.55, up 0.2%</li></ul>Read more: <a href="https://www.businessinsider.com/stocks-exposed-nft-boom-opportunity-after-price-slump-jefferies-2021-4" target="_blank" rel="noopener">Jefferies unveils 14 stocks with exposure to the booming NFT opportunity as digital collectibles continue to become more mainstream despite the recent price slump</a>"The US economy is going to enjoy a few more months of tremendous data releases on vaccinations, stimulus checks, and pent-up consumer demand," Edward Moya, senior market analyst at Oanda, said in a note. "The second half outlook is up in the air, but for now everyone wants to ride this last big wave of growth."The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year U.S. Treasury yield</a> rose after the GDP announcement and is now headed for its biggest weekly increase since March 5. The yield on the benchmark note<a href="https://www.cnbc.com/quotes/US10Y" target="_blank" rel="noopener"></a> climbed to 1.63%. Yields move inversely to prices.The Federal Open Market Committee <a href="https://www.businessinsider.com/federal-reserve-vaccination-stimulus-rebound-hardest-hit-sectors-fomc-april-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">concluded its two-day April meeting Wednesday, announcing it would maintain its ultra-accommodative policy stance</a>. The US central bank held the benchmark interest rate near zero and maintained the pace of asset purchases of at least $120 billion per month."There were no surprises from the FOMC regarding rates," "Dom Nolan, senior managing director at Pacific Asset Management, said in a note. "Until global economies have recovered from Covid, I believe getting a true read on supply chains and labor <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> will be difficult, thus anchoring the view of transitory inflation vs. structure inflation."<a href="https://markets.businessinsider.com/stocks/edr-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Endeavor Group</a> <a href="https://markets.businessinsider.com/news/stocks/endeavor-stock-price-ipo-debut-ufc-elon-musk-board-2021-4-1030366221">surged as much as 19%</a> during its trading debut following its initial public offering. The parent company of UFC and the William Morris talent agency raised $511 million, selling 21.3 million shares at a valuation of about $10 billion.<a href="https://markets.businessinsider.com/news/stocks/cruise-stocks-norwegian-carnival-royal-caribbean-rise-cdc-summer-restart-2021-4-1030365930">Cruise-ship stocks soared</a> after the US Centers for Disease Control and Prevention said the cruise industry passenger operations could resume by mid-summer, in step with the broader economic reopening in the US. Shares of <a href="https://markets.businessinsider.com/stocks/nclh-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Norwegian Cruise Lines</a>, <a href="https://markets.businessinsider.com/stocks/ccl-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Carnival Corp</a>, and <a href="https://markets.businessinsider.com/stocks/rcl-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Royal Caribbean Group</a> all traded higher during Thursday's session.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Bitcoin</a> slipped roughly 4% in a volatile trading session that saw it rise as much as 1.4%, above the $55,000 level. The cryptocurrency is now back below $53,000. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a> hit a new peak, inching closer to the $2,800 level, before paring gains.Oil markets rallied to a six-week high. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 2.5%, to $65.47 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestsource=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 2.5%, to $68.95 per barrel, at intraday highs.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Gold</a> fell as much as 1.4%, to $1,756.23 per ounce.

S&P 500 closes at record with traders encouraged by strong GDP data and big-tech earnings

<ul class="summary-list"><li><keyword id="528308" type="PERSON" weightage="60" keywordseo="John-Cena">John Cena</keyword> faced criticism in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> after referring to <keyword id="46274" type="COUNTRY" weightage="60" keywordseo="Taiwan">Taiwan</keyword> as a country in an interview for "<keyword id="6812889" type="UNKNOWN" weightage="60" keywordseo="F9">F9</keyword>."</li><li>In a Weibo video shared Tuesday, Cena said he "made a mistake" and apologized in Mandarin.</li><li>Calling Taiwan a sovereign nation is <a href="https://www.nytimes.com/2021/05/25/world/asia/john-cena-taiwan-apology.html">deemed "offensive" by many people in China</a>, per NYT.</li></ul>John Cena, an actor and professional wrestler, expressed his "love and respect" for China after generating backlash among Chinese fans for referring to Taiwan as a country.The criticism began following the 44-year-old's recent interview with Taiwanese broadcast TV channel <a href="https://news.tvbs.com.tw/entertainment/1505975">TVBS</a> to promote "F9," the latest film in the "<keyword id="1033712" type="ORGANIZATION" weightage="60" keywordseo="Fast-and-furious">Fast and Furious</keyword>" franchise.Speaking in Mandarin, a language Cena has <a href="https://www.sportskeeda.com/wwe/wwe-news-john-cena-talks-about-his-reason-for-learning-mandarin#:~:text=WWE%20Superstar%20John%20Cena%20recently,he%20continues%20to%20practice%20it.">studied for years</a>, he reportedly said in the interview that Taiwan is "the first country that can watch 'F9.'"Taiwan is an autonomous democratic island physically separated from China by the Taiwan Strait. Though Taiwan has been <a href="https://www.bbc.com/news/world-asia-34729538">independently ruled</a> since the end of the Chinese Civil War, Beijing considers the island to be a renegade province that remains part of the country's territory. Taiwan, however, <a href="https://www.bbc.com/news/world-asia-55851052">views itself</a> as an independent state with its own leaders, military force, and constitution. As <a href="https://www.nytimes.com/2021/05/25/world/asia/john-cena-taiwan-apology.html">The New York Times' reporter Daniel Victor</a> states, calling Taiwan a sovereign nation, as Cena did during his interview with TVBS, is deemed "offensive" by many people in China.The actor, who plays Dom Toretto's long-lost brother in "F9," apologized for his "mistake" on Tuesday in a video he released on Weibo, a social-media platform that is popular in China. "I made a mistake. I must say now that, very very very importantly, I love and respect China and Chinese people," Cena <a href="https://www.bloomberg.com/news/articles/2021-05-25/movie-star-john-cena-apologizes-after-calling-taiwan-a-country">said in Mandarin</a>, according to Bloomberg, though the WWE star did not specifically mention Taiwan or get into the details of his earlier comment in the apology video. According to <a href="https://www.cnn.com/2021/05/25/media/john-cena-china-taiwan-f9-intl-hnk/index.html">CNN</a>, Cena's video has garnered over 7,000 responses on Weibo.Some expressed gratitude that Cena released the statement, pointing to his Mandarin proficiency and time spent in China as signs that he supports the country. "Looking at his previous interviews, I can feel that he really likes China," one user <a href="https://www.cnn.com/2021/05/25/media/john-cena-china-taiwan-f9-intl-hnk/index.html">wrote</a>, according to CNN. "He said the wrong thing and paid the price. He is different from other foreign actors who dare not respond or have different political opinions."Others, however, remained unconvinced of the actor's stance on the situation and felt the apology should have leaned further into politics. "Please say 'Taiwan is part of China' in Chinese, otherwise we will not accept," a commenter <a href="https://www.nytimes.com/2021/05/25/world/asia/john-cena-taiwan-apology.html">said</a>, according to the New York Times.Another user <a href="https://www.cnn.com/2021/05/25/media/john-cena-china-taiwan-f9-intl-hnk/index.html">wrote</a>, "I don't understand why the Chinese people should be so tolerant to him, who has a vague political stance while profiting from Chinese people."Representatives for Cena didn't immediately respond to Insider's request for comment.<div type="image" title="fast and furious 9" height="1308" width="2232" msid="82959239" hostid="261"></div>Last year China <a href="https://www.businessinsider.com/china-box-office-surpasses-north-america-worlds-biggest-this-year-2020-10#:~:text=The%20China%20box%20office%20has,this%20year%20with%20%242%20billion&amp;text=The%20China%20box%20office%20this,surpassing%20North%20America's%20%241.94%20billion.billion.">became Hollywood's biggest international market</a>, with its $1.99 billion in yearly earnings surpassing North America's $1.94 billion.Insider reporter <a href="https://www.businessinsider.com/what-chinas-box-office-dominance-means-for-hollywood-2021-4">Travis Clark</a> writes that research firm Ampere Analysis "expects China to remain the No. 1 market in the world indefinitely," especially as US theaters make a slow recovery from the coronavirus pandemic. The Chinese box office demonstrated its power during "F9's" opening weekend in the country. The ninth film in the popular franchise grossed $163 million internationally, <a href="https://deadline.com/2021/05/f9-opening-weekend-china-international-box-office-universal-fast-and-furious-1234760092/">with $136 million coming from Chinese theaters,</a> according to Deadline. The movie doesn't open in the US until June 25. Aside from "F9," no Hollywood movie has <a href="https://www.businessinsider.com/fast-and-furious-9-dominating-china-box-office-analysis-2021-5#:~:text=%22Fast%20and%20Furious%209%2C%22,its%20opening%20weekend%20in%20China.">earned more than $100 million</a> in its opening weekend in China since 2019's "Avengers: Endgame," proving blockbusters' potential in the region as the US theatrical market inches back to normalcy. <div type="image" title="John Cena" height="1333" width="2000" msid="82959240" hostid="261"></div>In the past, Western and Chinese <keyword id="6412373" type="UNKNOWN" weightage="60" keywordseo="celebrities">celebrities</keyword> across industries have found themselves in hot water for speaking out against the Chinese government. Most recently, in April, Chloé Zhao's historic wins at the Oscars were <a href="https://www.insider.com/people-china-bypassed-government-censors-chloe-zhao-oscars-2021-4">silenced on Chinese social media</a> in apparent retaliation against <a href="https://www.insider.com/china-censors-chloe-zhao-oscars-win-past-criticized-beijing-2021-4">the filmmaker's criticisms about the country in 2013</a>, Insider's Lauren Frias previously reported. "South Park," a satirical cartoon, <a href="https://www.hollywoodreporter.com/news/general-news/south-park-banned-chinese-internet-critical-episode-1245783/">was also wiped from the internet in China</a> after it released a 2019 episode titled "Band in China," which mocked Hollywood's tendency to mold content to ensure it can still air in China amid the country's <a href="https://www.businessinsider.com/china-internet-ban-criticism-could-suppress-coronavirus-news-2020-3">censorship rules</a>.

'F9' star John Cena says 'I love and respect China' after receiving backlash for calling Taiwan a country

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersUK prime minister Theresa May.</div></div></div><ul class="summary-list"><li>Britain wants to end the internet's days as the Wild West by taking a world-leading role in regulating the world's biggest tech companies.</li><li>The UK government said it wants to legislate for a new independent regulator that will oversee "harmful content" on social media, search engines, messaging, and file-sharing platforms.</li><li>It would be the first time the UK regulates online safety, with the internet conventionally seen as ungovernable.</li><li>If these platforms fail to keep hate speech and content relating to sexual abuse, violence, terrorism or self-abuse off their services, they will face huge fines under the proposed new rules.</li><li>Industry lobbying bodies representing Facebook, Google, and other big tech firms say the proposed laws are too vague and may harm competition.</li></ul>The internet's days as the Wild West may be numbered.The British government has laid out its blueprint for groundbreaking new laws that will regulate social media, search, messaging, and even file-sharing platforms for content that causes "online harm." That's an umbrella term that includes content relating to sexual abuse, violence, hate speech and terrorism, self-harm, and underage sexting.The proposals, dubbed "world first online safety laws" in an emailed statement, coincide with global pressure on US tech firms to prevent self-harm, terrorist, and hate speech content from appearing on their sites. It also comes at a time when Silicon Valley leaders, like Mark Zuckerberg, are calling for regulation.Facebook, YouTube, and the more niche 8chan came in for severe criticism just last month when the suspected Christchurch shooter attacked two mosques and livestreamed the whole event. In February, <a href="https://www.theguardian.com/technology/2019/feb/07/instagram-bans-graphic-self-harm-images-after-molly-russells-death">Instagram banned "extreme" images of self-harm</a> after the suicide of British teenager Molly Russell.Read more: <a href="https://www.businessinsider.com/facebook-and-youtube-execs-to-be-held-liable-for-harmful-content-2019-4?r=US&amp;IR=T">Facebook, YouTube, and Snapchat execs could be named, shamed, and held personally liable for harmful content under new UK laws</a>The proposals, put forward in a white paper by the UK's Department for Digital, Culture, Media and Sport, include a new independent regulator that would police these platforms for harmful content.It will have the power to issue major fines and even hold individual executives responsible for failing to comply with any new laws. Fines could reach billions of dollars for the biggest companies, <a href="https://www.businessinsider.com/facebook-and-google-fined-for-harmful-content-margot-james-2019-2?r=US&amp;IR=T" target="_blank" rel="noopener">Culture Minister Margot James told Business Insider in February</a>.Tech firms would also need to obey a "duty of care," which would require them to take steps to keep users safe and to deal with illegal or harmful content.Other proposals include:<ul><li>Forcing social media firms to publish transparency reports about harmful content on their services, and the measures they take to combat it.</li><li>Compelling companies to respond quickly to user complaints, possibly akin to Germany's controversial "NetzDG" law.</li><li>Codes of practice that might require tech firms to minimise the spread of misinformation during elections.</li><li>A framework to help tech firms build safety features into their apps from the start.</li><li>A media literacy strategy to help people recognise misinformation and malicious behaviours.</li></ul>In a statement, British Prime Minister Theresa May: "The internet can be brilliant at connecting people across the world - but for too long these companies have not done enough to protect users, especially children and young people, from harmful content."That is not good enough, and it is time to do things differently. We have listened to campaigners and parents, and are putting a legal duty of care on internet companies to keep people safe. Online companies must start taking responsibility for their platforms, and help restore public trust in this technology."<h2 dir="ltr">Big tech wants more detail about how the new laws will actually work</h2>The proposals are still some way off becoming legislation, and what actually ends up becoming law may look quite different from Monday's policy paper after further industry and public consultation.<div class="KonaFilter image-container display-table"><div><div class="image on-image">GettyFacebook CEO Mark Zuckerberg.</div></div></div>The Internet Association, a lobby group <a href="https://internetassociation.org/our-members/">which counts Facebook, Google, Snap, Reddit, and Twitter among its members</a>, said the proposals needed tightening up.UK executive director Daniel Dyeball said in a statement: "The internet industry is committed to working together with government and civil society to ensure the UK is a safe place to be online. But to do this, we need proposals that are targeted and practical to implement for platforms both big and small."We also need to protect freedom of speech and the services consumers love. The scope of the recommendations is extremely wide, and decisions about how we regulate what is and is not allowed online should be made by parliament."Coadec, a group which lobbies on behalf of startups, said overly-strict regulation could punish smaller firms that don't have the money and clout of Facebook and Google.Executive director Dom Hallas said: "Everyone, including British startups, shares the goal of a safer internet - but these plans will entrench the tech giants, not punish them."The vast scope of the proposals means they cover not just social media but virtually the entire internet - from file sharing to newspaper comment sections. Those most impacted will not be the tech giants the government claims they are targeting, but everyone else. It will benefit the largest platforms with the resources and legal might to comply - and restrict the ability of British startups to compete fairly."Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-stadia-video-game-platform-console-unveil-2019-3">Watch Google unveil Stadia, its new video-game platform that streams across devices without a console</a></h3> <div> </div> </div>

Britain just laid out plans to end the internet's Wild West days and take a world-leading role in regulating big tech

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The Trump trade appears to have run out of steam.In the weeks immediately after the election of Donald Trump, the possibility of lower taxes, decreased regulation, and economic stimulus kicked markets into high gear. Stocks ripped past all-time highs, bond yields shot up, and expectations for an increase in inflation started to kick in.Over the month of March, however, the Trump trade seems to have slowed down as a mix of policy failures and outside economic events have begun to influence investors.<h2>The slowdown</h2>The large moves that came after Election Day seem to have slowed down across the board.From the election on November 8 to Inauguration Day the S&amp;P 500 and Dow Jones industrial average jumped by 6.2% and 8.2% respectively. Since the inauguration, the indexes have moved up just 4.2% for the S&amp;P and 4.3% for the Dow. Those are certainly solid gains, but not the rip roaring market from after the election.March, however, saw a break down for stocks. The S&amp;P 500 fell 1.3% during the month and the Dow was down 2.1%. The month also saw eight straight down days for the Dow, the longest losing streak for the Dow since 2011.Within the market there has also been a reversal for some of the companies impacted by Trump's win. Goldman Sachs saw its stock rise 27.6% between the election and inauguration, but since January 20 the stock is down 1.1% and fell 9.1% since its price on March 1.On the other hand, HCA Holdings - an owner of hospitals and healthcare facilities - soared in March. The stock collapsed post-election due to fears that the Affordable Care Act, better known as Obamacare, would be repealed and the number of visits could decrease. HCA fell 10.8% the day after the election and was still down 1.4% from its pre-election price on Inauguration Day.But now, with the collapse of the American Health Care Act - the Republican plan to repeal and replace Obamacare - the stock has soared 11.5% since January 20. It's now at its highest level since August 2015, and is approaching its all-time high.The sell-off in bonds that started following the election has also slowed down. The US Treasury 10-year note yield was 1.8547% on November 8 and leapt to 2.4468% by January 20 (remember: as bond prices go down, yields increase). As of Friday, the 10-year yield dipped slightly to 2.3964% on Friday and fell as low as 2.3765% during March.Currencies have made a similar reversal. The US dollar index jumped 2.9% between Election Day and the inauguration, but has slid -0.4% since then. The dollar fell 1.4% during the month of March. The Mexican peso, which collapsed after the election due to Trump's policies towards the country, has similarly turned around. Even expectations of inflation, which soared following Trump's election, <a href="https://www.bloomberg.com/news/articles/2017-03-23/reflation-trade-faces-reset-as-inflation-peak-contemplated">have begun to slow down since the inauguration.</a><h2>Policy concerns and outside distractions</h2>Most the concern over the Trump trade appears to be based on uncertainty about the ability of Trump to get his agenda through Congress.The American Health Care Act was pulled from the House floor after Republican leaders realized that they did not have the number of votes needed to pass the bill despite a large majority in the chamber.Trump's inability to wrangle his own party has analysts concerned about the possibility that the president will be unable to move forward on other Wall Street friendly parts of his agenda like tax reform and repealing the Dodd-Frank regulation on financial institutions."During his campaign, President Trump laid out an ambitious agenda for economic policy," Mark Doms, senior economist at Nomura, wrote after the AHCA's failure in a note to clients. The failure to pass a healthcare bill "calls into question those optimistic assumptions about the capacity of Trump and the Republican-led Congress's ability to pass complex, impactful legislation" according to Doms.In addition to the policy concerns, other outside issues have cropped up in the economy to put a dent in the Trump trade.The Federal Reserve raised interest rates for the second time in four months in March. "Hard" economic data that measures actual activity in the US has not matched the enthusiasm seen in "soft data" from surveys of investor, employer, and consumer sentiment.All of those factors added together led to a rough March for those betting on the Trump trade. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-mega-billionaires-who-made-a-fortune-last-year-2017-3">7 mega-billionaires who made a fortune last year</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="txZTM5YTE64gA4GFRYvPGavZ6kzc9laH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "doms industries price" and got 8 results

British billionaire slashes the price of his London mansion by $13 million, saying the rich are fleeing the UK. See inside the storied property.

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'F9' star John Cena says 'I love and respect China' after receiving backlash for calling Taiwan a country

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