Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
LONDON - The clear signal from the U.S. Federal Reserve that it will soon stop pumping money into the global economy and data pointing to Chinese growth slowing sparked sharp falls in bonds, shares and commodities on Thursday.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
LVMH stake in Hermes reaches 22.3 pct
PARIS (Reuters) - The world's biggest luxury group, LVMH (LVMH.PA), has increased its stake in leather bag maker Hermes (HRMS.PA) to 22.3 percent and now has 16 percent of voting rights, according to a statement from France's AMF stock market regulator.
LVMH, which previously held 21.4 percent of its smaller rival, plans to continue buying Hermes shares "according to circumstances and the market situation," LVMH said in a filing to the AMF.
The group, led by billionaire businessman Bernard Arnault said it did not plan to take control of Hermes or make a takeover offer for the company, according to the AMF.
LVMH has been gradually increasing its holding in Hermes since it was revealed 14 months ago that it had built up a surprise 17 percent stake.
Hermes family shareholders have responded to the stakebuilding by creating a majority family holding that will shield it from the threat of a takeover.
(Reporting by Pascale Denis and James Regan; Editing by David Cowell)
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