Hermès sales defy luxury slowdown

In the Unlock the Editor’s Digest, FT Editor Roula Khalaf curates her top stories, including the UK Chancellor Rachel Reeves facing challenges despite a fall in borrowing costs, as the country's economic outlook worsens. Reeves' fiscal room for maneuver has improved due to a global bond rally and potential interest rate cuts by the Bank of England, but grim forecasts and lower growth estimates may impact the government's ability to reduce borrowing rapidly in the...

President Trump is advocating for the United States to take control of Gaza and relocate the Palestinian population, citing real estate development opportunities. Trump's family has significant business interests in the Middle East, including projects in Oman, Saudi Arabia, and Dubai. Jared Kushner, Trump's son-in-law, has investments in the region, including partnerships with LIV Golf and Israeli businesses. Full Article

Amazon reported revenue of $187.8 billion in Q4 of 2024, surpassing Walmart's projected $180 billion, potentially dethroning Walmart as the top revenue-generator in the S&P 500 for the first time in over a decade. Amazon's success is attributed to its online shopping business's growth during the pandemic, as well as the significant revenue increase in its cloud division, AWS, with a record revenue of $638 billion for the full year of 2024. Full Article

In the Unlock the Editor’s Digest, Roula Khalaf, Editor of the FT, selects her favorite stories each week. Citigroup promoted over 8,000 employees at the end of 2024 after a restructuring, with a total of 31,000 promotions for the year and 344 new managing directors. Despite cutting 11,000 positions, Citi saw revenue growth in all main businesses, a 3% increase to $81bn, and profits up 33% to $12.7bn, aiming for a 10-11% return on tangible...

When Andreas Fichtner unspooled a fiber-optic cable into a deep hole in Greenland's ice, he discovered new insights into how glaciers move, picking up "ice quakes" reverberating deep within the ice. This challenges the traditional view of ice flow as smooth and uniform, suggesting that ice actually moves in a more complex, seismic manner. While this discovery sheds light on ice physics, its implications for predicting sea level rise and understanding ice sheet behavior remain...

PayPal cofounder Max Levchin, now CEO of Affirm, shared his experience of handling layoffs with empathy, admitting to initially avoiding responsibility but later realizing the importance of being present and supportive for affected employees. Levchin believes that helping laid-off employees pack their boxes was beneficial for everyone involved and emphasized the importance of trying to avoid layoffs in the first place. His approach highlights the significance of leadership showing empathy and support during difficult times....