AI Won't Ruin the Ad Agencies' Party, CEOs of Omnicom and IPG Say
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Bloomberg News is closely following developments in the Middle East after the US bombed Iran over the weekend. Find links to the coverage below. Plus: Bloomberg Businessweek Editor Brad Stone and tech reporter Kurt Wagner sat down at the Cannes Lions event with the bosses of Omnicom and IPG to get their take on advertising and AI. Also, Tom Orlik runs the math on debt reduction, and Chinese lipstick and mascara find a new market.
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Fox News
an hour ago
- Fox News
Europeans meet with Iranian officials face-to-face for first time since Israel, US bombings as sanctions loom
European diplomats met with Iranians on Friday face-to-face for the first time since Israel and the U.S. bombed the country last month. The "serious, frank and detailed" meeting in Istanbul, Turkey, lasted for around four hours and the officials all agreed to meet again for continued negotiations on Iran's nuclear program. Sanctions that were lifted on Iran in 2015 after it agreed to restrictions and monitoring of its nuclear program could be reimposed if Iran doesn't comply with requirements. One of Europe's E3 nations – Britain, France and Germany, who held the talks with Iran – could bring back sanctions under the "snapback" mechanism, which allows one of the European countries to bring back U.N. sanctions if Iran violates the conditions. European leaders have also said that sanctions will start being reinstated by the end of August if there is no progress on reining in Iran's nuclear program. "A possible delay in triggering snapback has been floated to the Iranians on the condition that there is credible diplomatic engagement by Iran, that they resume full cooperation with the IAEA (International Atomic Energy Agency), and that they address concerns about their highly-enriched uranium stockpile," a European diplomat said on condition of anonymity before the talks on Friday. The diplomat added that the snapback mechanism "remains on the table." Iran said that the U.S. needs to rejoin the 2015 nuclear deal – after President Trump pulled America out of it in 2018 – saying Iran has "absolutely no trust in the United States." The U.S. bombed Iran's nuclear sites on June 22, a little over a week after Israel had bombed the country over national security concerns about its nuclear program. Iran responded by attacking Israel and a U.S. Army base in Qatar. Isreal and Iran agreed to a ceasefire on June 24. The IAEA issued a concerning report in May that said that Iran's stockpile of near-weapons-grade enriched uranium had grown by nearly 50% in three months.
Yahoo
4 hours ago
- Yahoo
Genesis G90s With Brush Guards And Lights Are The Coolest Way To Transport VIPs
From the indomitable tank of a Cadillac limo that our top government official rides in to the fleet of blacked-out American SUVs that swarm around it, the U.S. has an intimidating fleet of vehicles to ferry VIPs around in. I think, though, that Kuwait's new fleet of 47 Genesis G90s might be even cooler. Genesis' flagship sedan is already one of the most distinctive vehicles on sale today, but adding the chic-for-a-government-vehicle electric blue and yellow livery, brush guards and light bars makes them look downright rad. According to Korea JoongAng Daily, this new fleet of G90s will include 40 cars that will be used for official ceremonies and protocol operations and seven that will be used to transport high-ranking officials. Genesis says that all 47 of these G90s were custom-built to meet official specifications and design standards as approved by the ministry's General Traffic Department. Read more: These Are The Cars You Love Getting As Ubers And Lyfts Genesis Has Been A Favorite Of Kuwait For Years This isn't Genesis' first time with the honor of carrying Kuwait's government officials, in fact the G90 was selected as the official transportation vehicle for members of the National Assembly of Kuwait in 2021. The new G90s (maybe the G stands for Government in this case) will have the sedan's standard powertrain, a twin-turbocharged 3.5-liter V6 that produces 375 horsepower and 391 pound-feet of torque paired with an eight-speed automatic transmission. Genesis Middle East and Africa CEO Omar Alszubaidi said, "We are honored by the Ministry of Interior's selection of the Genesis G90 for official ceremonial and protocol use in Kuwait.... We look forward to continuing to support Kuwait's leadership with premium experiences that embody the true essence of modern luxury." These G90s won't be transporting any baddies in the back seat, but whomever gets the privilege of parking their pampered posterior in the rear seat of one of these limo-lite luxury sedans will be treated to the utmost in comfort. And consider this an official petition to bring brush guards to more full-sized luxury sedans. They make the G90 look so mean, and I love it. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Yahoo
6 hours ago
- Yahoo
Lira Hits Rock Bottom After Shock Rate Cut -- Is the Carry Trade Party Over?
Morgan Stanley (NYSE:MS) is urging caution on the Turkish liraeven as it still delivers positive returns in real terms. The call follows a 300 basis-point rate cut by Turkey's central bank on Thursday, which dragged the lira to a record low of 41.9184 per dollar. That brings year-to-date losses to about 13%, but thanks to high inflation, carry traders have continued to pocket real gains. Still, Morgan Stanley flagged a faster pace of depreciation and crowded positioning that could start to unwind. Warning! GuruFocus has detected 6 Warning Signs with MCO. Goldman Sachs previously called the lira one of the most profitable carry trades globallybut warned that its shine could fade if policymakers let the currency slide further. Thursday's cut, which pushed the policy rate down to 43%, may have caught some off guard, but Deutsche Bank framed it as a front-loaded adjustment rather than a pivot away from prudence. Barclays added that as long as dollar-adjusted returns hover around 1% per month, the trade remains palatable. But that confidence could be fragile if volatility creeps back in. Now the market's attention shifts to sovereign rating updates due Friday from Moody's (NYSE:MCO) and Fitch. Moody's has Turkey rated four notches below investment grade (with a positive outlook), while Fitch is three notches below (stable). Whether recent disinflation trends and macro stabilization efforts are enough to move the needle remains to be seen. Political risk, including the recent arrest of Istanbul Mayor Ekrem Imamoglu, is still lurking in the backdropand could be what tips the scale, not economic data alone. This article first appeared on GuruFocus. Sign in to access your portfolio
