The Information : Multinational Firm Loses $25 million in Deepfake Video Scam in

Multinational Firm Loses $25 million in Deepfake Video Scam in Hong Kong

A multinational company lost more than $25 million in a scam in Hong Kong where a fraudster used deepfake videos of the firm’s chief financial officer and other employees to order money transfers, local newspaper The Standard and other news outlets reported.

An employee of the company’s Hong Kong branch attended a video conference call after receiving a message from a scammer who claimed to be the firm’s London-based CFO, according to the reports. But other than the employee, all the participants—the CFO and several other colleagues—were deepfakes generated by artificial intelligence. Upon the fake CFO’s request, the employee transferred a total of 200 million Hong Kong dollars ($25.6 million) in 15 transactions, according to the reports. Hong Kong police didn’t disclose the name of the company or the employee.

In August, Hong Kong police arrested a fraud syndicate that was using deepfake videos, and called for the public to be aware of such scams, accrording to local media reports at the time.

WWD : High Jewelers Were About Flexibility and Flexing Rare Finds for January Co

High Jewelers Were About Flexibility and Flexing Rare Finds for January Collections
The codes of couture, the fabric of life, dancing lights and rare gemstones were among the ideas mined by Boucheron, Cartier, Dior, David Morris, Louis Vuitton and others.

PARIS – The suppleness of silk, the delicacy of laces and the possibility of movement floated during Paris Couture Week — on Place Vendôme.

If metal and gemstones aren’t exactly the first materials that come to mind when looking to replicate the feel of fabric, houses plied the considerable skills of their artisans for high jewelry creations that embraced the body like the fashion creations shown on nearby runways.

Take Dior, where Victoire de Castellane applied the principles of couture in “Dior Délicat,” where the feather-light embellishments found in the ateliers and studio of Christian Dior — and Maria Grazia Chiuri, of course — were immortalized in gold and diamonds.

Standing out in the collection was a set where strands of white gold and diamonds festooned around the wrist, neck or the edge of the earlobe in strands of geometric patterns and floral motifs strung together.

A 7-carat pear-cut white diamond was a final precious touch holding all the elements together on that set’s necklace. In another set, the same motifs were harmoniously arranged, intersecting in orderly rows that ended up with juicy vivid yellow diamonds.

The idea of a precious ribbon jauntily drifting at the neck was also captured in a newly presented emerald, sapphire and diamond necklace addition to the Dior Print collection first shown in Taormina, Italy, two years ago.

There was also Boucheron, where artistic director Claire Choisne nodded to ceremonial attire and the textile heritage of founder Frédéric Boucheron with “The Power of Couture,” which featured grosgrain ribbons made of slivers of sanded rock crystal and embroideries of articulated gold and diamonds.

Forget a strand of pearls looped around the neck: for Graff, it’s a diamond-encrusted rope that ends with fancy intense yellow ones that design director Anne-Eva Geoffroy imagined with the stunning stones the British jeweler is known for. Other highlights here included a stylized asymmetric necklace featuring a pair of 4-carat lozenge shaped Colombian emeralds, and a sizable bangle featuring a cushion-cut sapphire that weighed 118 carats.

Other houses went down more metaphorical routes with their allegories.

For Louis Vuitton and its artistic director of watches and jewelry Francesca Amfitheatrof, the way life wove its way through the tectonic upheavals that shaped our planet was at the heart of the 50-piece second chapter of “Deep Time.”

The Myriad necklace and its white gold spines tipped with a diamond alluded to the way DNA underpins the very fabric of life on Earth. But bisected by a spiraling cord that seemed to hold the collar closed, the design also nodded to Vuitton’s history, since ropes are used to transport trunks.

Elsewhere, Amfitheatrof looked at fungi and flora with the puffy volumes of the Symbiosis set and the trio of lush vine leaves dotting a torque that looked like a rolled scarf of the Plants necklace. The latter’s Zambian emeralds, all in custom cuts, had a surprising blue hue to them.

There was also the Skin necklace, where more than 100 pinkish orange Umba sapphires from Tanzania set in a checkerboard design of more than 300 stones nodded to the hides of our most distant ancestors: prehistoric reptiles. But Vuitton’s use of rose gold and the shapely curves of the design also made it seem at once organic and futuristic.

And there is little that feels more fluid than Northern Lights, the dancing phenomena observed in high-latitude regions that inspired the latest David Morris high jewelry collection, named “Skye” after chief executive officer and creative director Jeremy Morris’ youngest daughter.

While the geometries of the Mosaico choker featuring a 15-carat Colombian emerald surrounded by a further 30-plus carats of emeralds and more than 70 carats of diamonds were certainly arresting, the waves and spirals of the Aurora Borealis were best articulated in designs such as the Selene necklace and its sparkling burst of articulated emerald-and-diamond rays.

The idea of movement was furthered by the way the Arctic Dance necklace could be adjusted thanks to the London jeweler’s zip fastening, making this row of diamonds that seemed to drip pink and cobalt blue spinels drape against the neck and collarbones.

And houses are leaning into flexibility in more ways than articulated designs, having made transformability and ease a major feature in high jewelry designs in recent years.

For Chaumet, it meant questioning high jewelry’s necklace-earrings-rings trifecta with a compact “Un Air de Chaumet” offering of four sets of adornments for the head that took cues from birds in flight.

Cue the Ballet brooch-cum-head ornament that figures a flight of swallows in gem-set white and rose gold, or the twinning Envol earcuffs finished with two half-carat pear-shaped diamonds.

As for the Plumes d’Or transformable tiara and its 2.3-carat pear-shaped diamond, which can split into brooches and hair ornaments, it transcribed the intricate structures of plumage in intricately engraved brushed rose gold and pavé white gold.

Nowadays, having one or two ways to wear a jewel is the bare minimum.

Take Cartier’s Muqarna necklace. This graphic array of aquamarines, amethysts, spinels, turquoise and diamonds could be reassembled into no less than nine different configurations that ranged from a short choker to three sizes of brooches.

It was among the new designs continuing the jeweler’s ongoing “Le Voyage Recommencé” high jewelry lineup, where director of high jewelry creation Jacqueline Karachi continues to mine inspirations from nature and world cultures.

From a charmingly realistic “Panthère Confiante,” or confident panther, lounging among juicy peridots and ribbed coral beads to the hexagonal diamond growing into the Pileo ring inspired by a sea urchin and the geometric lines of the Spina and Lerro necklaces, it took the proclivities of the French jeweler even further.

Even so, the streaked turquoise cabochon of its Yfalos necklace was a reminder that jewelers dig ever deeper into the wonders of nature — and treasure troves of unusual gems — for their creations.

Rare indeed are the ones used by Rouvenat, which sources its stones from ancient stocks and forgotten caches sleeping in the coffers of stone dealers. This time, the newly revived brand brought out a 10-carat rock crystal intaglio, indigolite tourmalines and emerald cabochons for its tranformable Bolt necklaces.

It also found an ancient cushion-cut diamond of more than 8 carats on a 19th century jewel that was recast as the center stone on a stunner in its new Frame collection.

Fire opals, a 106-carat blue tourmaline, laguna agates and a turquoise in the softest, milkiest blue were among the gems that Lydia Courteille set in bold yet surprisingly light “Rêves Chamaniques” creations inspired by the traditional arts of the Huichol people of Mexico. Her secret? The use of colorful plique-à-jour enamel that allowed her to create sizable exuberant displays that felt light on the hand or ear.

Skies of Velvet
Long before Francesca Amfithetheatrof turned this set of 23 sapphires into a spectacular bespoke high jewelry design, the gems of the Louis Vuitton Aster necklace lived a life of adventure.

Mined in the Kashmir region over a six-year period starting in 1881, they made their way to Paris where they were cut by Modiano, a famed lapidary who was friends with the territory’s maharaja, in a cushion shape with a brilliant cut on the crown, a step cut for the pavilion and a faceted open culet that brings out a complex nuance to their velvety royal blue.

Fast-forward 100-and-some years: it still took two decades to amass 125 carats’ worth of these gemstones ranging from 2.8 to 17.88 carats.

To bring them to life as “a continuous constellation of spectacular gemstones,” Amfitheatrof interspersed matching 23 LV Monogram Star-cut diamonds totaling 33.18-carats for a design that took six months to finalize and more than 1,500 hours to craft.

“It was an opportunity to design a necklace fit for royalty,” said the French luxury house’s artistic director of watches and jewelry at a viewing. According to one gem specialist, not even Queen Elizabeth II had this many Kashmir sapphires on a single necklace — and the late British sovereign was quite the collector.

So of course, the Aster necklace went to its owner — a long-standing businesswoman client of the French house who agreed to have it shown to press in Paris — in a vivid blue custom trunk befitting this ultimate high jewelry trophy.

>>> Europe : Brokers Upgrades & Downgrades - 5th of February 2024 V2(+)

>>> Up
* Adidas Raised to Outperform at RBC; PT 200 euros
* ADP Raised to Outperform at Mediobanca SpA; PT 146 euros (+)
* AMD Raised to Accumulate at Phillip Secs; PT $195
* EDP Renovaveis Raised to Outperform at Mediobanca SpA (+)
* Intermediate Capital PT Raised to 2,300 pence at Jefferies
* J. Martins Raised to Overweight at Barclays; PT 27 euros
* JM Raised to Buy at ABG; PT 220 kronor
* Land Sec. Raised to Overweight at Morgan Stanley; PT 730 pence
* LyondellBasell Raised to Overweight at JPMorgan; PT $100
* National Grid Raised to Buy at Jefferies; PT 1,330 pence
* Volvo Car Raised to Buy at HSBC; PT 43 kronor

>>> Down
* Aena Cut to Neutral at Mediobanca SpA; PT 180 euros (+)
* Consti Cut to Accumulate at Inderes; PT 12.50 euros
* Diageo Cut to Add at AlphaValue/Baader
* Mattel Cut to Neutral at JPMorgan; PT $19
* Microsoft Cut to Hold at Punto Casa de Bolsa; PT $416.48
* Rockwool Cut to Hold at ABG; PT 1,956 kroner (+)

>>> Initiation
* Addlife Cut to Hold at Handelsbanken
* BASF Rated New Outperform at CICC; PT 52 euros
* Conduit Rated New Outperform at Autonomous; PT 630 pence
* Dalata Rated New Buy at Numis; PT 6.20 euros
* Pluxee France Rated New Hold at SocGen; PT 32.50 euros
* Tencent Music ADRs Rated New Accumulate at CLSA; PT $10.50

>>> Call
* Adidas Upgraded at RBC on Product Cycle, Rebased Expectations
* Goldman Strategists See Big Tech’s Returns Dependent on Growth (+)
* Intermediate Capital a Top Pick, PT to Street-High at Jefferies
* JM’s Guidance for 2024 Offers Comfort, Upgraded to Buy at ABG
* Konecranes Valuation Too Attractive to Ignore, SEB Raises to Buy (+)
* Land Securities Raised at Morgan Stanley as ‘Lost Decade’ Ends
* National Grid Raised at Jefferies on Transmission Grid Overhaul

FT : UniCredit to return €8.6bn to shareholders

UniCredit to return €8.6bn to shareholders
Payout comes as Italian bank reports better than expected quarterly profits

UniCredit has announced plans to return €8.6bn to investors after Italy’s second-largest bank reported quarterly profits that trounced analysts’ forecasts.

The payout, which will come via a combination of buybacks and dividends, caps a buoyant 12 months for UniCredit, which has enjoyed a windfall from higher interest rates.

The Milan-based bank disclosed the planned payout as it reported fourth-quarter profits of €1.9bn, almost triple analysts’ forecast. The better than expected performance was down to higher rates continuing to buoy the bank’s net interest income and lower provisions for bad debts, it said.

Chief executive Andrea Orcel said the decision to lift the full-year payout was “underpinned by extremely strong organic capital generation and with sustainability of returns secured by our strategic momentum and significant excess capital”.

However, the benefits from higher interest rates are expected to diminish as the European Central Bank weighs whether to cut interest rates in the face of a slowing eurozone economy.

Profits for the final quarter of last year were up on the €1.6bn the bank made in the same period in 2022.

Since Orcel joined in April 2021, UniCredit shares have been one of the best-performing among European banks. Investors are expected to back his appointment to a second three-year term at an annual shareholder meeting.

The €8.6bn UniCredit intends to return to shareholders will be made up of €5.6bn in buybacks and €3bn in dividends.

>>> Stoxx 600 Pre-Market Indications

  • Delivery Hero (DHER TH) +8.2%
    • Delivery Hero Sees 2024 GMV Growth of 7% to 9%
  • AIB Group (A5G TH) +4.7%
  • UniCredit (CRIN TH) +2.5%
    • UniCredit Earnings Beat, KBW Says Shares Still Cheap: KBW
  • BAE (BSP TH) +2.4%
  • EDP Renovaveis (EDW TH) +2.3%
    • EDP Renovaveis Raised to Outperform at Mediobanca SpA
  • EDP (EDP TH) +1.9%
  • Vodafone (VODI TH) +1.6%
    • Vodafone 3Q Organic Service Revenue Beats Estimates
  • HelloFresh (HFG TH) +1.3%
  • Rubis (BYN TH) +1.2%
  • Nemetschek (NEM TH) +1.2%
  • Telefonica (TNE5 TH) -1.1%
  • NIBE Industrier (NJB TH) -1.2%
  • Enel (ENL TH) -1.3%
  • Maersk (DP4B TH) -1.4%
  • Nokia (NOA3 TH) -1.5%
  • Bank of Ireland (BIRG TH) -1.8%
  • WPP (0WP TH) -1.9%

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +1.3%
    • Zalando Needs to Quicken Sales; Margin on Track: Equity Outlook
  • Adidas (ADS TH) +1.1%
    • Adidas Upgraded at RBC on Product Cycle, Rebased Expectations
  • Siemens Energy (ENR TH) +1.1%
  • RWE (RWE TH) +0.7%
MDAX:
  • Delivery Hero (DHER TH) +7.8%
    • Delivery Hero Sees 2024 GMV Growth of 7% to 9%
  • HelloFresh (HFG TH) +1.9%
  • Redcare Pharmacy NV (RDC TH) +1.4%
  • Aroundtown (AT1 TH) +1.1%
  • Nemetschek (NEM TH) +1.1%
SDAX:
  • Hamborner REIT (HABA TH) +2.4%
  • Deutsche Beteiligungs AG (DBAN TH) +1.7%
  • PVA TePla (TPE TH) +1.6%
  • Heidelberger Druck (HDD TH) +1.5%
  • Metro (B4B TH) +1.3%
  • MorphoSys (MOR TH) -1.1%
  • Deutz (DEZ TH) -1.5%