🌏 All about that luxe

Plus: The IMF had a little change of heart |

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Photo: Gonzalo Fuentes (Reuters)

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The International Monetary Fund is feeling better about the state of the global economy. It raised its growth forecast up 0.2 percentage points to 3%, but inflation worries persist.

Qin Gang has been sacked from the Chinese government. The now-former foreign minister’s whereabouts are still a mystery as his predecessor Wang Yi returns to the role.

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The US broke 2,000 high temperature records in the past 30 days. International scientists said yesterday that the intense heat waves hitting the Northern Hemisphere would be “virtually impossible” without human-caused climate change.

General Motors met its electric vehicle production goal for the first half of the year. But the market’s response to the American car company’s earnings were mixed as it deals with battery delays.

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Asia and Europe can’t shake their hunger for luxury goods

LVMH has two regions to thank for the bulk of the French luxury giant’s latest revenue growth: Asia and Europe. But the US? Not so much.

Just take a look at sales growth rates in the three markets for LVMH’s second quarter:

23%: Increase in revenue in Asia (excluding Japan), compared to a year ago
22%: Increase in sales in Europe, compared to a year ago
3%: Year-over-year revenue increase in the US 😬

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Pop quiz: The cost of ad-free tunes is going up

Which country isn’t subject to Spotify’s first premium subscription price hike in 12 years?

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A. Brazil
B. India
C. UK
D. Singapore

Hint: It’s one of the fastest growing markets for the Swedish music streaming service, with an estimated 55 million users. Quartz’s Julia Malleck has the answer for you.

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One big number: $190 million

Amount the US Virgin Islands wants JPMorgan to pay in penalties and disgorgement for entertaining Jeffrey Epstein as a client.

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America’s largest bank and the US Virgin Islands have been locking horns over who did the most to facilitate Epstein’s crimes. Quartz’s Ananya Bhattacharya details what’s in the latest accusations.


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