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Rosita Missoni, the co-founder of the renowned Italian fashion house Missoni, passed away at the age of 93. Known for its vibrant and patterned knitwear, Missoni was established in 1953 by Rosita and her husband Ottavio. Their brand became iconic for its geometric designs, particularly the zigzag pattern known as fiammato. Rosita, born into a family of textile artisans, met Ottavio in London in 1948 while he was competing in the Olympics. Their brand gained international acclaim for its innovative use of textiles and patterns, often likened to modern art. A notable incident, the 'battle of the bras' at the Pitti Palace in 1967, inadvertently boosted their fame when models' bras were visible through their outfits, leading to a media frenzy. Despite personal tragedies, including the loss of their son Vittorio in a plane crash in 2013, Missoni continued to thrive, expanding into home collections and hotels. In 2018, an Italian investment fund took a significant stake in the company, and by 2023, Missoni was exploring potential sales with Rothschild as their financial advisor.
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Lucid Motors is experiencing a surge in interest from former Tesla owners, particularly with the launch of their new Gravity SUV. The company's interim CEO, Marc Winterhoff, highlighted that Tesla buyers are looking for alternatives due to recent brand issues at Tesla, including slower sales and controversial political stances by CEO Elon Musk. The Gravity SUV, which starts at $79,900, is seen as a significant step for Lucid, aiming to capture a larger market share by appealing to the American preference for SUVs. Lucid plans to produce 20,000 vehicles by the end of the year, with the Gravity expected to be supply-constrained. Despite competition from other luxury EV and traditional car manufacturers, Lucid benefits from its domestic production in Arizona, avoiding the 25% tariffs on foreign cars imposed by President Trump. This strategic advantage, along with high vertical integration in manufacturing, positions Lucid favorably in the competitive EV market.
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New York Federal Reserve president John Williams has indicated that the Federal Reserve will likely maintain current interest rates for an extended period due to the uncertainties surrounding President Trump's new tariff policies. In an interview with Yahoo Finance, Williams highlighted the potential for these tariffs to have long-lasting effects on inflation, which might not be fully realized for several years. He emphasized the need for the Fed to remain vigilant about how these tariffs could cascade through the economy, affecting prices and potentially leading to a scenario reminiscent of the stagflation of the 1970s. Despite current economic indicators showing stability, with unemployment at 4.1% and inflation around 2.5%, Williams expressed concerns about the risk of inflation exceeding forecasts and the possibility of slower economic growth. He stressed the importance of the Fed's readiness to adjust policies to navigate through this period of heightened uncertainty, ensuring that inflation does not take root as it did in past decades.
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President Trump's vision of leading America into a new golden age is overshadowed by concerns over the country's fiscal health. Moody’s, a prominent ratings agency, has recently downgraded its outlook on US debt from stable to negative, highlighting the unchecked rise in federal debt and increasing interest costs. This follows similar actions by S&P and Fitch, who have already reduced the US credit rating. Trump's proposed economic policies, including tax cuts and tariffs, are criticized for potentially exacerbating the fiscal deficit. Despite claims from Trump's team and advisors like Elon Musk about significant spending cuts, these assertions lack substantiation and are met with skepticism. The Congressional Budget Office projects a dire future with the debt-to-GDP ratio expected to soar, potentially worsened by further tax cuts. Moody’s and other analysts doubt the effectiveness of Trump's strategies, pointing out that they might lead to lower growth, higher inflation, and increased borrowing costs, painting a less than golden future for the US economy.
