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British luxury fashion label Burberry has lost its spot in London’s FTSE 100 and will enter the FTSE 250 index, with the changes to take effect from the start of trading on September 23, according to a statement released Wednesday by the London Stock Exchange.

Worst performer

The 168-year-old retailer has been facing challenges such as a slowdown in sales, recent suspension of dividends, changes in strategy, and a slump in shares that led to a poor result in the actual review of all FTSE UK indices.

Burberry shares closed 4.53% lower at $819.10 (£623.20) Wednesday. On a year-to-date basis, its share price is down more than 55% and over 71% in the last 12 months.

The high-end luxury fashion retailer’s current market cap of $3.06 billion (£2.33 billion) now puts it well below the other constituents of the FTSE 100 and even some of the FTSE 250’s top performers. Once the changes take effect, funds that invest in the FTSE 100 will relinquish their Burberry holdings.

FTSE reshuffle

The Bermuda-headquartered insurance provider Hiscox will replace Burberry in the top-tier index, FTSE 100. The company’s share price rose 13.7% in the year to date, taking its market value to $5.35 billion (£4.07 billion) as of September 4, 2024.

Last year, Hiscox also joined the FTSE 100 rankings, but it was short-lived as it slipped just after seven months of joining the blue-chip gauge.

Tech company Raspberry Pi Holdings will join the FTSE 250 along with Burberry. Burberry has been on the FTSE 100 for 15 years.

Disappointing results

Burberry’s comparable store sales for the quarter ended June fell 21%, with retail revenue coming in at $602 million (£458 million), down 22% from the previous corresponding period.

According to the fashion retailer, it has been operating against a backdrop of slowing luxury demand with all key regions impacted by macroeconomic uncertainty. All regions posted a decline in sales, except Japan, which posted a 6% growth. Asia Pacific decreased 23% with Mainland China down 21%. Similarly, South Asia Pacific dipped 38% and South Korea decreased 26%.

Burberry sales in Europe, the Middle East, India, and Africa (EMEIA) edged down 16% with local spend deteriorating compared to the last quarter. The company said tourists accounted for just over half of retail revenues but declined by a high single digit percentage.

The conclusion of Dubai Fashion Week‘s Spring/Summer 2025 edition marked a significant moment in the global fashion community, highlighted by Roberto Cavalli’s highly anticipated presentation.

The event captured the continuous evolution of fashion in a city quickly establishing itself as a major player on the international stage. 

Renowned for its diverse cultural landscape, Dubai hosted a week of events from September 1 to September 7 that went beyond traditional runway shows, featuring panel discussions, capsule launches, and exclusive networking opportunities among industry insiders.

Traditional heritage

Roberto Cavalli’s role as the guest of honor transcended mere showcase; it symbolized a fusion of heritage and contemporary fashion. Creative Director Fausto Puglisi unveiled an exclusive edit of the Resort 2025 Collection, underscoring the brand’s dedication to innovation while honoring its origins. Cavalli’s iconic animal prints and intricate floral patterns took center stage, reaffirming the brand’s enduring identity.

Image by Roberto Cavalli

Incorporating Western fashion elements such as cowboy boots and hats further underscored the collection’s visual narrative. 

The Roar Bag played a pivotal role, reimagined in exotic materials, signaling a shift in consumer preferences towards distinctive accessories that break away from conventional luxury bags. This profound association with natural motifs was a strategic choice, resonating with a global audience increasingly drawn to meaningful design. 

By blending traditional aesthetics with contemporary sensibilities, Roberto Cavalli has positioned itself for continued exploration in diverse markets like Dubai.

Image by Roberto Cavalli

Local designers hub

Dubai Fashion Week has revitalized the local luxury market, showcasing a growing fascination with global influences and innovative design perspectives. This year’s event featured more than 30 brands from diverse regions, providing a platform for local designers to exhibit their creations alongside established names. This collaborative atmosphere benefits all participants and highlights Dubai’s expanding role in luxury fashion. 

The city is increasingly seen as a hub for innovation and entrepreneurial endeavors, with collaborations such as those with the Italian Trade Association enhancing Dubai’s allure to global talent and reinforcing its presence in the international fashion scene.

Among the 30 talented designers participating in the event were notable names such as Rizman Ruzaini, Dima Ayad, and Michael Cinco. The creative brand April & Alex, the innovative brand Buttonscarves, and the esteemed Adolfo Dominguez also made significant contributions. Other celebrated designers included Heba Jasmi, Choice, Erick Bendana, Alia Bastamam, and Amjad Khalil. Each designer brought their unique flair and vision, culminating in an inspiring showcase of creativity and style.

Future directions

The Threads Talks initiative at Dubai Fashion Week illuminated the vibrant fashion retaillandscape, highlighting the rising significance of storytelling and sustainability. Industry leaders converged to explore the convergence of traditional formats and emerging platforms. 

As Dubai solidifies its position as a hub for both local and international brands, the inclusion of young designers and diverse perspectives signifies a shift towards deeper audience engagement. With substantial media coverage and buyer participation, Dubai Fashion Week emerges as a pivotal platform for global brands seeking to enter the Middle East and North Africa market, emphasizing how blending tradition with modern innovation is crucial to the fashion industry’s ongoing evolution.

General Motors is set to become the first U.S. automaker with a Formula 1 team when a Cadillac-branded team joins the racing series in 2026, F1 announced Monday, ending a years-long battle between the series and former driver Michael Andretti, who initially proposed a GM expansion.

Key facts

  • Formula 1 has reached an agreement with General Motors to bring an 11th team, called Cadillac F1, to its grid in 2026.
  • The team will be run by Andretti Global majority owners Dan Towriss and Mark Walter after Andretti himself stepped aside from leading the organization in September.
  • General Motors plans to have a Cadillac engine built for competition in time for the 2028 season, the Associated Press reported, and the team will use Ferrari engines its first two years.
  • What drivers will race for the team is still unknown, but Andretti’s initial dream was to build a team with all American drivers and names that have been floated as contenders include Colton Herta, Alexander Rossi and Josef Newgarden.
  • The Cadillac team will not be the only American team on the F1 grid—the Haas F1 team is owned by California businessman Gene Haas—but that team is ranked in the bottom half and hasn’t fielded an American driver since it joined F1 in 2016.

Key background

The approval of the GM team ends an inquiry from the Justice Department into Liberty Media, owner of the Formula One Group, after Andretti Global was denied entry into the Formula 1 World Championship for 2024. Legendary F1 racer Mario Andretti announced in 2022 his son, Michael, had filed a petition with Formula One to enter Andretti Global in F1 in 2024. Six months later, the Fédération Internationale de l’Automobile, F1’s governing body, said it was not planning to increase the number of teams, and several team officials came out against the idea. In 2023, Andretti Global said they planned to enter Formula One in conjunction with General Motors and Cadillac, but the bid was rejected in January after Formula One Group said it didn’t think the team would be competitive and that the Andretti name wouldn’t bring as much value to the series as the father-son duo believed. At one point, F1 asked GM to find another team to partner with besides Andretti Global, according to the AP, a request GM refused. In May, a handful of U.S. senators called on the Justice Department to look into the rejection, saying that there were concerns Formula 1 was violating antitrust laws with its rejection. In September, Michael Andretti announced he would step back from his day-to-day role with Andretti Global but the move wasn’t “a goodbye” to a team run under his name. Earlier this month, Liberty Media announced the resignation of CEO Greg Maffei, believed to be one Andretti’s biggest opponents.

Surprising fact

There are currently no American drivers racing for F1. Logan Sargeant, a Florida native, became the first American F1 driver since 2015 when was signed to race for Williams in 2023, and he raced for one and a half seasons before being replaced for the remainder of the 2024 season. Phil Hill of Florida is the only American-born Formula One champion (he won the Italian Grand Prix in 1961) and Mario Andretti is considered the most successful driver to drive as an American, but he was born in Italy and lived there until he was 15 years old. Andretti initially said he wanted to build a truly American team with an American driver.

Indian teen Gukesh Dommaraju made history after beating defending world chess champion Ding Liren of China on Thursday in a 14-game match in Singapore.

Youngest champion

The 18-year-old was dubbed “youngest world champion in history” by the International Chess Federation in a post on social media platform X.

“His triumph has not only etched his name in the annals of chess history but has also inspired millions of young minds to dream big and pursue excellence,” Indian Prime Minister Narendra Modi said in a congratulatory tweet.

Dommaraju, the 18th world champion, surpassed the long-standing record held by Garry Kasparov, who became the youngest champion in 1985 at age 22 after defeating Anatoly Karpov.

The match had a prize fund of $2.5 million, according to a Reuters report.

Emotional reaction

The Chennai teen became emotional, bursting into tears, after beating Liren in the final game, expected to end in a draw, with a score of 7.5-6.5.

At the after-match press conference, Dommaraju said he probably got so emotional because he “did not really expect to win that position.”

Playing with the black pieces, Dommaraju capitalized on a critical blunder from the Chinese former world champion, who faltered under pressure despite being in a relatively comfortable position earlier in the game where he won in the opening round of the match and had evened the score in round 12 following two wins from the Indian teen.

Liren, who became the world chess champion in 2023 by defeating Ian Nepomniachtchi, has struggled to maintain his form since his historic win. The Chinese player’s performance in classical formats has notably declined and has not secured a victory in a long-format classical game since January.

His absence from major tournaments in recent months, reportedly aimed at improving his preparation, seems to have been insufficient against the rising talent of Dommaraju Gukesh.

Key background

Dommaraju secured his spot in the World Chess Championship, held this year at Singapore’s Equarius Hotel in Resorts World Sentosa, by winning the Candidates Tournament in April, a prestigious eight-player, double round-robin event. This tournament featured top contenders, including fellow Indian grandmasters Rameshbabu Praggnanandhaa and Vidit Gujrathi.

Saudi Arabia was confirmed Wednesday as the host for the 2034 FIFA World Cup, aligning with its broader strategy to invest in sports. The football governing body also confirmed Morocco as the 2030 FIFA World Cup co-host with Spain and Portugal, an event which will include special opening matches in South American nations Uruguay, Argentina, and Paraguay.

Saudi Arabia’s bid

Saudi Arabia’s selection to host the 2034 FIFA World Cup concludes a 15-month bid process. It was the sole bidder for the tournament, allowing FIFA to confirm its selection by acclamation. FIFA President Gianni Infantino made the announcement in an online meeting hosted in Zurich.

Saudi Arabia announced its intention to bid shortly after FIFA outlined the criteria for the 2034 edition, including a stipulation favoring countries in the Asia and Oceania regions.

Historic World Cup in Morocco

The Morocco-Spain-Portugal 2030 World Cup bid proposed 20 stadiums, including six in Morocco, surpassing the minimum requirement and offering diverse, iconic venue options.

“The tripartite bid will stand out in history. This is the first time that this universal event has been organized simultaneously in Africa, the cradle of Humanity, and on the Old Continent, Europe,” the Maghreb Arabe Press quoted President of the Royal Moroccan Football Federation, Fouzi Lekjaa, as saying.

Uruguay, Argentina, and Paraguay will host one-off matches to celebrate the 100th anniversary of the first World Cup in 1930, held in Uruguay.

Investments in sports

Through its sovereign wealth fund, the Public Investment Fund (PIF), Saudi Arabia has made significant investments to reshape the global sports industry. These efforts are part of its broader strategy to diversify its economy under Vision 2030 – to reduce dependence on oil revenues, and enhance its global influence.

The PIF-backed LIV Golf series has attracted top players with lucrative contracts and eventually brokered a historic merger with the PGA Tour and DP World Tour.

Saudi Arabia has hosted major boxing events, including high-profile heavyweight title fights, bringing global attention to the kingdom as a prime location for hosting elite boxing matches.

PIF, through initiatives like Savvy Gaming Group, has invested billions into esports and gaming, including acquiring stakes in major gaming companies and establishing partnerships to position Saudi Arabia as a hub for competitive gaming and digital entertainment.

In 2021, Saudi Arabia joined the Formula One calendar with the Saudi Arabian Grand Prix held in Jeddah, as part of its push to host world-class motorsport events and attract international attention.

The PIF has also acquired majority stakes in prominent football clubs like Newcastle United and invested heavily in the Saudi Pro League, signing globally recognized players to elevate the league’s status.

The latest rally for Tesla’s stock sent shares to a new 52-week high while adding more than $14 billion to Elon Musk’s net worth, as some analysts remain optimistic for the company owned by the world’s wealthiest person, especially under a Trump administration, which might provide regulatory relief for Tesla.

Key facts

  • Tesla’s shares increased by more than 3.6% to over $370 as of around 11:20 a.m. EST, adding to Wednesday’s rally of 1.8%.
  • The stock briefly surged on Thursday by as much as 4.5% to a new 52-week high of $375.43, the highest level for the stock since Jan. 5, 2022.
  • Musk’s roughly 12% stake in Tesla increased from $251.2 billion on Tuesday to $265.5 billion on Thursday, putting him now more than $110 billion ahead of Amazon founder Jeff Bezos, the second-richest.
  • This week’s rally, including a nearly 3.5% jump on Monday, comes amid optimism for Tesla’s stock: Analysts at the investment firm Stifel elevated its price target for Tesla to $411 from $287, the highest of all 45 Wall Street analyst price targets tracked by FactSet.

Key background

Shares of Tesla are up more than 47% since Nov. 5, the day before the election, in what Stifel analyst Stephen Gengaro called a “crazy month” for the stock. Musk’s relationship and involvement with the president-elect’s administration “bodes very well for Tesla,” Gengaro wrote, adding Tesla has a “clearer path” to regulatory approval for the automaker’s Full Self-Driving autonomous and semi-autonomous driving programs and self-driving robotaxis.

Contra

Despite Stifel’s optimism, the investment firm said Tesla’s shares are “clearly significantly overvalued” if Tesla is seen “as an auto company.” Gengaro wrote Tesla is “clearly not just an automaker,” as the company’s $1.1 trillion market capitalization is more than the combined valuation of the next 10 most valuable publicly traded car companies.

Tangent

Bezos, who has a fortune valued at $233.4 billion, has traded spots with Oracle chairman Larry Ellison as the world’s second-richest multiple times in recent months. Ellison claimed the ranking as Oracle shares surged on Sept. 14 before Bezos reclaimed the spot on Nov. 1. The two billionaires traded the spot multiple times on Nov. 14, with shares of Amazon and Oracle fluctuating throughout the day. Ellison has an estimated net worth of $230.8 billion as of Thursday.

Michael Dell, the founder, chairman and CEO of Dell Technologies, added an estimated $14 billion to his valuation between Friday and Monday thanks to a bump in Broadcom stock that made him one of the 10 richest people in the world for the first time.

Key facts

  • Dell was worth $120.3 billion Monday, more than his estimated net worth of $106.3 billion at the end of the day Thursday and $115.4 billion on Friday.
  • The increase in his wealth puts him at No. 10 on Forbes‘ list of billionaires, with a net worth surpassing that of fashion retailer Amancio Ortega ($119.4 billion), Nvidia co-founder Jensen Huang ($114.4 billion), Walmart’s Rob and Jim Walton ($113.7 billion and $112.4 billion, respectively) and Bill Gates ($107 billion).
  • The bump comes after an uptick in Broadcom stock that saw shares rise 24% on Friday—pushing its market cap past $1 trillion for the first time—and another 10% rise on Monday following reports of a 51% year-over-year revenue increase for the fourth quarter.
  • Dell owns 22.2 million Broadcom shares, which he acquired last year when VMware, which spun off from Dell’s cloud software arm in 2021, sold to the company for $69 billion (a 39% stake went to Dell).
  • About half of Dell’s VMware shares were converted to Broadcom shares and he received cash for the remaining value of the deal.

Big number

$1.05 trillion. That is the market cap of Broadcom, a technology company that develops and produces semiconductor products and infrastructure software, as of Monday afternoon.

Surprising fact

The highest rank Dell ever reached on the annual Forbes billionaire list was No. 12 in 2006. He was ranked No. 16 in 2024, up from No. 23 in 2023.

Key background

Dell created his eponymous company as a personal computer sales operation in 1984 and, by 1992, was the youngest ever CEO of a company ranked in Fortune’s top 500 corporations.The Dell Computer Corporation grew into the world’s largest maker of personal computers and in 2016 merged with the EMC Corporation to become Dell Technologies, which was ranked by Forbes as the 165th biggest company in the world in June. Dell Computer first went public in 1988, returned to private ownership in 2013 and was re-listed through a complicated financial restructuring in 2018. VMware spun off from Dell in 2021. Much of Michel Dell’s personal fortune stems from his private investment firm, DFO Management, which has stakes in hotels and invests in liquid corporate credit. DFO Management owns Four Seasons Maui and has indirect stakes in Applebees, IHOP, Calvin Klein and, reportedly, Grand Central Station.

Tangent

Broadcom reported better-than-expected fourth-quarter earnings on Thursday and said artificial intelligence revenue for the year rose 220% to $12.2 billion. Broadcom makes a wide variety of networking chips—including those designed for AI, cloud computing and Android and iPhone devices—and is set to capitalize on a surge in AI chip sales expected over the next several years. Shares of Broadcom closed up more than 24% Friday—its best trading day on record—and rose 10% more Monday.

The Middle East and North Africa (MENA) region witnessed resilient mergers and acquisitions (M&A) activity in 2023, with the total deal value rising by 4% year-on-year to $86 billion, according to Ernst & Young (EY).

M&A landscape

The region recorded 565 M&A deals with a total value of $83.2 billion during 2023, according to the latest EY MENA M&A Insights report released Monday.

Domestic deals remained dominant at 49% in terms of volume. Cross-border deals accounted for a 72% share in overall value, recording a 14% year-on-year growth in deal value.

The UAE and Saudi Arabia remained popular investment destinations, with a combined deal volume of 305 and a deal value of $24.8 billion. The US remained the favorite target destination for UAE investors, with 21 deals worth $15.3 billion.

Outbound deals accounted for a major chunk of the M&A deal value in 2023, with a total of 208 deals amounting to $53.5 billion. The technology sector accounted for most of the volume, with 141 deals, and in terms of deal value, chemicals ranked at the top spot with a deal value of $17 billion.

The largest acquiring region in terms of value was North America, with transactions totaling $2.7 billion and the highest number of inbound MENA deals at 32.

Crucial quote

“Dealmaking remained strong in 2023. SWFs led M&A activity in MENA with focus on national development and investing in sectors of the future. We expect M&A activity in MENA to remain robust in 2024 given continuing secular trends around energy transition and digitalization of everything,” said Brad Watson, EY MENA strategy and transactions leader

Top deals

Sovereign wealth funds (SWFs), including the UAE’s Mubadala, Abu Dhabi Investment Authority (ADIA), Saudi Public Investment Fund (PIF), and the Qatar Investment Authority (QIA), played a major role in propping up the deal activity in the region.

The biggest M&A of 2023 took place in the UAE as Apollo Global Management and ADIA announced the acquisition of Univar Solutions for $8.2 billion. The acquisition of US game developer Scopely by the PIF-owned Savvy Games Group for $4.9 billion stood at the second spot, while the third spot is held by the acquisition of the UAE’s Cvent Holding by Blackstone and ADIA for $4.7 billion.

Inbound deals in the oil and gas sector grew in terms of volume and value in 2023, with Total Energies’ acquisition of stakes in multiple oil fields for $1.6 billion, accounting for 97% of inbound deal volume. The chemicals sector recorded a significant rise in deal value to $4.7 billion, while the metals and mining sectors’ deals stood at $3.4 billion.

Contra

LSEG’s investment banking analysis for MENA released late last month said that the region’s M&A activity fell 7% year-on-year to $80 billion in 2023, the lowest since 2020, driven by an 18% fall in transactions.

Mergers and acquisitions (M&A) activity in the Middle East and Africa (MEA) region saw a significant rebound in the third quarter, reaching its highest levels in nearly three years, with the oil giant Saudi Aramco recording the largest transaction.

Third-quarter deals

During the third quarter, the Gulf Cooperation Council (GCC) countries emerged as key players in major dealmaking in the MEA region, with seven of the 10 largest transactions involving Gulf companies, according to S&P Global Market Intelligence data released Tuesday.

Aramco’s $10.85 billion deal to acquire an additional 22.5% stake in Saudi’s Rabigh Refining & Petrochemical Co topped the large-scale transactions. The acquisition allows the majority state-owned oil giant to further strengthen its downstream portfolio, particularly in refining and petrochemicals, which are crucial for diversifying its revenue streams.

The Aramco transaction played a key role in the notable 145% increase in total M&A transaction value in MEA during the quarter, with the aggregate deal value soaring to $23.01 billion, up from $9.37 billion in the previous quarter.

This increase represents the highest quarterly M&A tally since the fourth quarter of 2021 when the total deal value reached $25.07 billion.

Other transactions

The third quarter marked a strong rebound from a lull between 2023 and the first half of 2024, according to Samuele Bellani, managing director and partner at Boston Consulting Group (BCG) in Dubai, in an October report. 

Saudi Arabian Mining Company (Ma’aden) made significant moves in the Gulf region’s M&A landscape with two major transactions in September – the 20.62% interest it bought in Aluminium Bahrain for $1.06 billion and the 25% stake it acquired in Al Ba’itha Project and Refinery from Alcoa Corp. for $1.05 billion.

During the quarter, the UAE saw significant M&A activity, with three major deals highlighting the region’s attractiveness for investors across various sectors, including Shelf Drilling’s purchase of Shelf Drilling (North Sea) and Mashreqbank’s sale of 65% interest in NeoPay.

Deals in Africa

In Africa, the M&A landscape has been slower to recover compared to other regions, with deal volumes still “significantly below historical levels.” However, there are signs of stabilization, driven by the return of private capital and increased interest from foreign investors and financial institutions, according to Seddik El Fihri, managing director and partner at Boston Consulting Group (BCG).

El Fihri said in a report that the M&A landscape in Africa is expected to remain volatile, characterized by sporadic large deals and a concentration of activity in the more advanced economies. This volatility stems from various factors, including economic disparities across African nations, geopolitical uncertainties, and fluctuating market conditions.

Indian billionaire Gautam Adani broke his silence on Saturday after U.S. officials accused him and executives of his Adani Group of running a large-scale bribery scheme, calling the charges “baseless” while vowing to seek “all possible legal recourse.”

Key background

  • The Justice Department’s allegations against Adani, 62, and Adani Group executives are “baseless,” Adani said during an awards ceremony in Jaipur, India, adding it was “not the first time we have faced such challenges,” according to a translation by Reuters.
  • Last week, the DOJ accused Adani and other Adani Group executives of paying Indian government officials more than $250 million to secure energy contracts worth billions of dollars while the Securities and Exchange Commission alleged Adani violated federal securities laws.
  • Adani’s statement echoed an earlier rebuttal of the allegations by Adani Group, which said the claims were “baseless” and the company had “always upheld” standards of “governance, transparency and regulatory compliance.”
  • Adani, who suggested “negativity spreads faster than facts,” said he wanted to emphasize his company’s “absolute commitment to world-class regulatory compliance,” though he did not provide additional details.

Crucial quote

“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” Adani said.

Key background

Earlier this month, the Justice Department charged Adani, founder and chairman of Adani Group, and executives of the conglomerate with conspiracy to commit securities and wire fraud and substantive securities fraud. U.S. officials outlined a bribery scheme in which Adani and the executives bribed Indian government officials to purchase energy at above-market rates. Adani raised capital through false and misleading statements by lying to U.S. investors and banks, prosecutors allege. Adani raised more than $750 million in the scheme, including $175 million from U.S. investors, the SEC claimed. Activist investment firm Hindenburg Research accused Adani and his companies of large-scale fraud and stock manipulation last year, resulting in $112 billion being cut from the market value of his conglomerate’s companies. Adani Group decried Hindenburg’s report as “the largest con in corporate history.”

Forbes valuation

Adani, the world’s 24th-richest person and the second-wealthiest in Asia, has a fortune valued at $66 billion, according to our latest estimates. Adani Group, a conglomerate overseeing energy, infrastructure and transmission firms, was India’s second-largest cement producer in 2022 while generating $38 billion in revenue and employing more than 26,000 people.