AI Warnings, Luxury Shifts, Banking Fallout

Tech leaders are voicing concerns regarding the development and deployment of AI in Europe, particularly regarding regulation and ethical considerations. Meanwhile, luxury group Kering is refocusing its business strategy on its core fashion brands. This shift involves selling its beauty division to L'Oréal for approximately $4.6 billion. The deal includes fragrance house Creed and exclusive licenses for Gucci, Bottega Veneta, and Balenciaga beauty products. Kering aims to reduce debt and concentrate on its primary fashion operations, while L'Oréal seeks to strengthen its position in the luxury beauty market.

In other news, BNP Paribas faces legal repercussions linked to its past operations in Sudan. A New York jury found the French banking giant liable for aiding the regime of former Sudanese leader Omar al-Bashir, ordering the bank to pay over $20 million in damages to Sudanese plaintiffs. The lawsuit alleges that BNP Paribas facilitated the Sudanese government's access to the U.S. financial system, despite sanctions, indirectly contributing to atrocities committed during that period. The bank intends to appeal the verdict, but its shares have already taken a hit following the ruling.