NYT : How Putin Turned Japan Into a Den of Spies Operating out of a Tokyo high-r

How Putin Turned Japan Into a Den of Spies
Operating out of a Tokyo high-rise, a military intelligence unit finds the high-tech equipment that Russia needs to wage war.

Soon after troops invaded Ukraine in February 2022, Western leaders expelled hundreds of Russian spies from their capitals and blacklisted companies with ties to the Kremlin.

The coordinated effort was intended to make it harder for the Kremlin to collect intelligence and buy equipment like microchips, transmitters and the machinery used to make weapons.

Since then, officials say, dozens of those banished spies have turned up in an unexpected place: Japan.

The country’s weak espionage laws and flourishing high-tech industry have made it a crucial piece of the Russian war effort. Ninety percent of Russian missiles and drones contain Japanese components, according to Ukrainian government estimates.

At the heart of the operation in Tokyo is a secretive Russian military intelligence unit known as the 20th Directorate, whose role has never been publicly disclosed. Posing as diplomats or businesspeople, its officers work to buy or steal battlefield technology and smuggle it into Russia, according to current and former officials at five Western intelligence agencies.

The man overseeing the 20th Directorate’s operation in Tokyo maintains a cover identity as an employee of the Russian state airline Aeroflot, according to current officials from four of those intelligence agencies. He plays a crucial role in supplying Russia’s war machine.

The toll of this effort is clear in the nightly attacks on Ukrainian cities and in the slog of the battlefield. Four years into a war that has killed hundreds of thousands and wiped whole cities off the map, Russia persists in part, officials say, because of its continued access to technologies like those it acquires from Japan.

After a Russian Kh-101 cruise missile destroyed a residential tower block in Kyiv and killed at least 24 people in May, investigators sifted through the debris. They found that the missile had been guided by Japanese components that have been widely banned from export to Russia, according to a Ukrainian assessment.

Using confidential government documents, corporate records and interviews with dozens of intelligence and government officials across three continents, The New York Times began piecing together how the 20th Directorate operates and the crucial role the Tokyo station plays in supporting the war that President Vladimir V. Putin of Russia is waging on Ukraine. Most of the officials spoke on condition of anonymity because they were not authorized to disclose intelligence publicly.

Ukrainian officials have presented Japan with evidence that its technology is being used in Russian attacks, according to documents and interviews. But the Japanese government, despite vocal support for Ukraine, has been slow to act.

Japan has long been known as a spy paradise, in part because of post-World War II constraints, designed by the war’s victors, that keep the country’s intelligence services weak. Japan does not even have a foreign intelligence agency. Officials say that they recognize the espionage threat and are working to remove decades-old restrictions on intelligence gathering.

“We have a sense of crisis about this situation,” said Akihisa Shiozaki, a lawmaker in the governing Liberal Democratic Party and a former lawyer who prosecuted industrial espionage cases.

The Japanese Ministry of Foreign Affairs did not respond to detailed questions about espionage but said that the government had worked with Western allies to ban the export of military-related items to Russia.

“Russia’s aggression against Ukraine is an outrageous act that shakes the very foundations of the international order,” the ministry said in an written statement.

Nevertheless, Russian spies appear to be operating right under the noses of the Japanese authorities.

Aeroflot’s office in Tokyo is a 10-minute walk from the headquarters of the National Police Agency, which investigates espionage. Western intelligence officials say that it is there, in the airline office, on the 22nd floor, that the 20th Directorate’s man in Tokyo runs his deadly operation.

His name is Maksim Vladimirovich Filchenkov.

A Spy Arrives in Tokyo
Russia was in dire need of high-tech components when Mr. Filchenkov, 49, took up his post in Tokyo in February 2024. The war in Ukraine was shifting from World War I-style artillery battles to drone warfare, and the Ukrainians were gaining a technological edge.

To stay in the fight, Russia needed to augment its conventional might with new technology. China could help, but for the military’s most advanced weaponry, there was no replacement for the high-tech gear, machine tools and other components that many companies were suddenly prohibited from selling to Russia.

Enter Mr. Filchenkov, a veteran officer with Russia’s military intelligence agency, the G.R.U. With one tour in Japan under his belt, intelligence officials said, he had the expertise to find the necessary gear and move it to Russia.

Mr. Filchenkov began developing relationships with logistics companies that ship goods from Japan to Russia, according to business records and interviews. Western officials have warned Japan that relationships like these help G.R.U. officers buy sensitive technology under false pretenses and send it to Russia, sometimes using bogus shipping records.

This, current and former intelligence officials say, is where the 20th Directorate excels. While the unit’s history is unclear, the officials said that it predated the war in Ukraine. Since that fight began, they said, it has been central to the Kremlin’s effort to obtain military technology.

G.R.U. spies have used Aeroflot jobs as cover since the Soviet era as they hunted for Western technology.

The entrance to Aeroflot’s Tokyo office looks like a prison door, with a narrow slit of window and a doorbell. A middle-aged woman with straw-colored hair and a Russian Orthodox cross around her neck answered the door earlier this year. She appeared surprised to have visitors.

Mr. Filchenkov, the woman said, was not there. She could not say when he would return.

Aeroflot is not specifically blacklisted by Japan, but it has effectively been grounded because it cannot obtain necessary parts and services there.

Aeroflot’s official partners, however, remain active.

One of them, Proco Air, advertises itself as a “bridge between Japan and Russia.” Proco rents cargo space on airlines that fly to countries where Aeroflot operates, like Sri Lanka or Uzbekistan. Aeroflot picks up the cargo there and flies it to Russia. There is nothing illegal or even unusual about this. Plenty of goods are still allowed to flow to Russia, and partnerships like this allow that to happen.

Western intelligence officials say such arrangements are also essential to the 20th Directorate’s operations.

Japan is the world’s largest exporter of the sensitive dual-use technology that the Kremlin is seeking, shipping records show. Smugglers do not need to get that equipment to Russia directly; they just need to get it somewhere that’s willing to sell to Russia.

The largest destination for Japan’s sensitive technology, for example, is Vietnam, which in turn is the largest exporter of sensitive technology to Russia.

Proco Air sits in Tokyo’s industrial port neighborhood, a 20-minute drive from Aeroflot’s office. Mr. Filchenkov was not there, either, but the company’s owner, Takehiko Miki, and his wife were willing to talk.

Mr. Miki, who is Japanese, said he met Mr. Filchenkov around 2018, but did not begin working with him in earnest until Mr. Filchenkov returned to Tokyo six years later. Mr. Miki’s wife described their Russian business partner as an unsmiling man who only showed the “business side” of his face.

Last year, Mr. Miki contacted an associate based in China whom Mr. Filchenkov had introduced him to, according to two people with direct knowledge of the episode. Mr. Miki specifically asked for help shipping items that he acknowledged were prohibited from being sent to Russia, the people said.

In the interview and follow-up communications, Mr. Miki denied knowing that Mr. Filchenkov had ties to Russian intelligence. He also strongly denied ever seeking help transporting prohibited items to Russia. Proco Air ships only authorized goods, he said, “mostly medical equipment and a few cosmetics.”

As proof, he asked his wife to fetch a copy of a recent air bill. Before handing it over, Mr. Miki tried to black out the names of the companies involved with a pen.

The document backed up Mr. Miki’s assertion. They showed a March 12 shipment of medical equipment to Russia, via Sri Lanka.

But the redaction did not work, and the document showed that Mr. Miki was doing business with a company with ties to the Kremlin. The document clearly identified the recipient as R-Pharm, a Moscow pharmaceutical company.

R-Pharm is not under sanctions but its founder, Aleksei Repik, has been sanctioned by Australia, Britain and Canada (though not Japan) over his extensive ties to Mr. Putin. Mr. Repik has repeatedly appeared beside Mr. Putin and recounted efforts to support the war, including a May 2025 meeting in which he described mobilizing Russian businesses to “provide unprecedented support to the front.”

“I think it is now important to express on the part of all Russian businesspeople our huge thanks to our defenders of the fatherland,” Mr. Repik said last year.

Proco Air has not been charged with any wrongdoing, and Mr. Miki said that the Japanese authorities had never contacted him about his shipments. He said he had never “knowingly facilitated transportation to any sanctioned person.”

Diplomatic Warnings
Foreign governments have repeatedly warned Japan that its technology was being smuggled to Russia.

In one month alone, April 2025, Ukraine sent at least eight formal diplomatic letters to the Japanese Foreign Ministry on the topic. The messages detailed evidence of Japanese components in Russian weapons and military equipment that had been recovered from civilian attacks.

They sent roughly eight more diplomatic notes over the year, one Ukrainian official said. The letters provided lists and photos of dozens of recovered Japanese-made components including circuit boards, transmitters and semiconductors. Times reporters reviewed one of those letters, which said that Japanese components had been found in ballistic missiles.

“I hope you take this information into account when considering further restrictions against Russia, or strengthening the export control on transfers of sensitive goods and technology to third countries,” read the letter to officials at the Japanese Foreign Ministry.

Ukraine provided Japan with lists of recovered components that had been manufactured by some of Japan’s biggest companies: Nippon Electric Corporation, Panasonic, Toshiba and others. There was no evidence in those documents that the companies knowingly sold their products to Russia, as opposed to being shipped to other countries and resold.

All companies denied wrongdoing and said that they were committed to complying with Japan’s economic sanctions and trade restrictions. Nippon said the electric components that Ukraine had identified were old and had not been sold by the company in years.

The Ministry of Economy, Trade and Industry said it had issued warnings to companies and industry groups about sanction evasion efforts. It has also blacklisted dozens of overseas entities it suspects of helping Russia circumvent export bans.

Western officials beyond Ukraine have warned the Japanese government about Russian intelligence efforts to procure its technology. They also provided the Japanese authorities with information about the network of companies, including Proco, that intelligence officials suspected of helping spies ship sanctioned goods to Russia, according to two people familiar with the discussions.

Though they have not acted against Mr. Filchenkov, Japanese officials have hardly been unsympathetic to Ukraine’s cause. On the day Mr. Putin launched the invasion, Japan joined the United States and European Union in imposing sanctions. It later broke with post-World War II precedent and began sending military aid like bulletproof vests and helmets to Ukraine.

Under Japan’s prime minister, Sanae Takaichi, the country has embarked on an ambitious program to bolster intelligence capabilities, in part to better prevent illegal exports and thwart spies.

In January, the Tokyo police announced that they had uncovered a Russian intelligence officer who posed as a Ukrainian and tried to steal trade secrets from a Japanese worker. In the absence of espionage legislation, the police brought a case against the worker for violating competition laws. The spy had left Japan long before the charges were brought.

When Times reporters returned to the Aeroflot office a second time, Mr. Filchenkov was again not available. Messages to his Telegram and email accounts went unanswered.

On a third drop-in, the woman who answered the door agreed to call him.

The office was stuffed with large filing cabinets, each topped with a model Aeroflot jet. The venetian blinds were down. The woman appeared to be the only one there.

After a brief phone conversation in Russian, she returned. Mr. Filchenkov, she said, did not want to talk.

Reuters - Watches of Switzerland held talks over potential takeover offers, sour

Watches of Switzerland held talks over potential takeover offers, sources say

LONDON, July 13 (Reuters) - London-listed Watches of Switzerland Group (WOSG.L), opens new tab has held talks in recent months over potential offers to ​take the luxury watch retailer private, said three people close ‌to the matter.

Shares in the FTSE 250 company, sales of which are split more or less evenly between the United Kingdom and the United States, ​have rallied by 55% to about £7.20 this year on strong demand ​for high-end timepieces from the likes of Rolex and ⁠Cartier.

Yet the shares remain at less than half their 2022 peak, ​LSEG data shows, reflecting a European luxury sales slowdown in recent ​years. Its shares sank in 2023 after major supplier Rolex acquired Swiss-based retailer Bucherer, which some analysts saw as a threat to the watchmaker's relationship with ​Watches of Switzerland.

Watches of Switzerland CEO Brian Duffy responded to ​the initial approaches because he believes the stock market undervalues the company, two of ‌the ⁠sources said, with one adding that no formal offer has been made.

The third source said the company was seeking an offer of significantly more than £7.50 per share.

Watches of Switzerland said it does not ​comment on rumours ​or speculation. ⁠Rolex did not respond to a request for comment.
An upbeat outlook from the company in May was ​supported by U.S. stock market strength that , ​though ⁠higher gold prices have squeezed margins.

The UK’s largest luxury watch retailer, which was established in 2007, is due to publish full-year results on Tuesday.

A ⁠private sale ​of the business would continue this ​year's migration of UK companies from the London Stock Exchange after a flurry of foreign ​takeovers.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • American Express (AXP) upgraded to Overweight from Neutral at JPMorgan, tgt $400
    • Atlanticus (ATLC) upgraded to Buy from Hold at Texas Capital, tgt $144
    • BeOne Medicines (ONC) upgraded to Buy from Hold at Jefferies, tgt $380
    • Biogen (BIIB) upgraded to Buy from Hold at Truist, tgt $235
    • Capital One (COF) upgraded to Buy from Hold at HSBC, tgt $229
    • Casey's General Stores (CASY) upgraded to Buy at Northcoast, tgt $950
    • Deckers Outdoor (DECK) upgraded to Buy from Hold at Jefferies, tgt $130
    • Humana (HUM) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $502
    • Keysight (KEYS) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $400
    • Nio (NIO) upgraded to Buy from Neutral at Goldman, tgt $7
    • Pembina Pipeline (PBA) upgraded to Overweight from Underweight at Wells Fargo
    • Saia (SAIA) upgraded to Buy from Neutral at BofA Securities, tgt $502
    • Shopify (SHOP) upgraded to Buy from Hold at Jefferies, tgt $160
    • Solstice Advanced Materials (SOLS) upgraded to Buy from Neutral at UBS, tgt $78
    • Verra Mobility (VRRM) upgraded to Neutral from Underweight at JPMorgan, tgt $6
  • Downgrades:
    • AstraZeneca (AZN) downgraded to Hold from Buy at HSBC
    • Best Buy (BBY) downgraded to Hold from Buy at Loop Capital, tgt $82
    • Papa John's (PZZA) downgraded to Underperform from Neutral at BofA Securities, tgt $34
    • Porch Group (PRCH) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $16.25
    • ResMed (RMD) downgraded to Neutral from Buy at Citigroup, tgt $235
    • Sezzle (SEZL) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $190
    • Sun Life Financial (SLF) downgraded to In Line from Outperform at Evercore ISI
  • Others:
    • Alkermes (ALKS) resumed with a Neutral at JPMorgan, tgt $60
    • Apyx Medical (APYX) initiated with a Buy at H.C. Wainwright, tgt $7
    • Atmos Energy (ATO) initiated with an Overweight at Wells Fargo, tgt $200
    • BioCryst (BCRX) resumed with a Neutral at JPMorgan, tgt $12
    • BrightSpring Health (BTSG) initiated with a Buy at Guggenheim, tgt $81
    • Candel Therapeutics (CADL) initiated with a Buy at Stifel, tgt $22
    • Cellectar Biosciences (CLRB) initiated with a Buy at Brookline Capital Markets, tgt $15
    • Costco (COST) initiated with a Sector Perform at RBC Capital, tgt $1,000
    • Deep Fission (FISN) initiated with a Buy at Benchmark, tgt $20
    • Denali Therapeutics (DNLI) resumed with an Overweight at JPMorgan, tgt $29
    • Equillium (EQ) initiated with an Overweight at Piper Sandler
    • Erasca (ERAS) initiated with an Early-Stage Biotech rating at Goldman
    • Fastenal (FAST) initiated with a Buy at Rothschild & Co Redburn, tgt $55
    • First Carolina Financial Services (FCBM) initiated with an Outperform at Raymond James, tgt $15
    • Honeywell Aerospace (HONA) initiated with an In Line at Evercore ISI, tgt $250
    • Kardigan (KARD) initiated with a Buy at Jefferies, tgt $40
    • Kardigan (KARD) initiated with a Buy at TD Cowen, tgt $46
    • Kardigan (KARD) initiated with an Overweight at JPMorgan, tgt $51
    • Legend Biotech (LEGN) resumed with a Neutral at JPMorgan, tgt $35
    • MDU Resources (MDU) initiated with an Overweight at Wells Fargo, tgt $25
    • MSC Industrial (MSM) initiated with a Buy at Rothschild & Co Redburn, tgt $155
    • NewcelX (NCEL) initiated with a Buy at Laidlaw, tgt $23
    • Novocure (NVCR) resumed with a Neutral at JPMorgan, tgt $17
    • Park Aerospace (PKE) initiated with a Buy at Needham, tgt $43
    • Praxis Precision Medicines (PRAX) initiated with a Buy at Goldman, tgt $447
    • SiteOne Landscape Supply (SITE) initiated with an Overweight at KeyBanc, tgt $145
    • Stoke Therapeutics (STOK) initiated with a Buy at Goldman, tgt $44
    • York Space Systems (YSS) resumed with a Buy at Jefferies, tgt $32

>>> US Gapping down

Gapping down
News:
  • ZSQR -9.9% (amended Skycore Digital letter of intent to buy outstanding membership interests of Skycore Digital)
  • FHB -3.4% (First Hawaiian to acquire TriCo Bancshares in all-stock deal)
  • SN -2.9% (Chairman Wang sold a portion of his holdings to an existing institutional investor)
  • WRAP -1.2% (reports $1.2 mln in early Q3 international orders, reaffirms 2026 revenue growth target)

>>> US Gapping up

Gapping up
News:
  • QTTB +80.2% (36-Week Topline Results from Part B of the SIGNAL-AA Clinical Trial of Bempikibart in Alopecia Areata)
  • TCBK +5.3% (First Hawaiian to acquire TriCo Bancshares in all-stock deal; posts preliminary Q2 results)
  • ARMP +4.9% (received agreement from the FDA on an Agreed Initial Pediatric Study Plan, which establishes the agreed regulatory framework for the future evaluation of AP-SA02)
  • GFR +3.9% (to undertake a rights offering of its common shares)
  • NOG +2.4% (reiterates 2026 production/capex outlook; boosts buyback authorization to about $243 mln)
  • EVTL +2.4% (shares business update ahead of Farnborough International Airshow)
  • MGM +2.4% (MGM (MGM) negotiating a possible deal with Barry Diller's People Inc. (PPLI) after Mr. Diller offered to buy MGM)
  • CODI +1.9% (announces amendments to management services agreement reducing management costs and further strengthening shareholder alignment; reaffirms FY26 guidance )
  • SSP +1.3% (reaches multi-year carriage deal with DIRECTV; 54 local stations restored)
  • REZI +1.3% (to present strategy and financial framework as pure-play building technologies company at Investor Day; issues medium term guidance)
  • GCO +1% (All three independent proxy advisory firms recommend Genesco shareholders vote "for" all nine of Genesco's directors)

WSJ :Think the S&P 500 Looks Cheap? Read the Fine Print The index’s P/E ratio de

Think the S&P 500 Looks Cheap? Read the Fine Print
The index’s P/E ratio depends on who is defining the ‘E’

Wall Street pros are predicting stellar S&P 500 earnings growth this year and beyond. But there’s a problem with the underlying numbers. They are often deeply distorted.

This matters to everyday investors because it directly influences how cheap or expensive the market looks. Specifically it affects the index’s price/earnings, or P/E, ratio, perhaps the most frequently cited valuation metric for stocks. If you pick an “E” that uses actual net income for the past four quarters, the index may seem pricey at about 29 times earnings.

More commonly, though, Wall Street analysts steer investors to some form of alternative earnings. Viewed this way, the index may trade for around 22 times earnings using analysts’ 2026 estimates, except the adjustments that analysts make routinely ignore regular, real-world expenses such as stock-based pay or restructuring costs.

If this seems confusing, that is the point. Investors have a veritable lunch buffet of S&P 500 earnings figures to choose from—past or forward-looking, official or nonstandard. Depending on the flavor one picks, profits may be growing rapidly or modestly. Faster growth should generally go hand-in-hand with higher P/E multiples, as investors are willing to pay more for earnings that are growing. But if there is disagreement about which starting point to use, this can lead to inflated growth perceptions, too.

While the looseness of non-GAAP metrics is a decades-old problem, the sheer size of the latest earnings-growth forecasts means it is taking on renewed importance.

Data provider FactSet in a recent newsletter showed S&P 500 earnings of almost $275 a share for calendar 2025, climbing 24% to about $341 for calendar 2026. If investors thought earnings were really growing that fast, the premium they would pay for the market today arguably ought to be higher. But they likely discount the data already, knowing there’s something off with the numbers.


Neither of those figures was calculated using generally accepted accounting principles. Both the historical results and the future projections include a mix of earnings metrics. The numbers for some companies in the index are based on GAAP, and others aren’t. If the majority of analysts covering a given company calculate its earnings using non-GAAP metrics, that is what FactSet goes with.

Other data services such as LSEG compile similar figures, and they are widely cited by strategists at top investment banks such as Goldman Sachs and Morgan Stanley.

The GAAP numbers look much different. S&P Global Market Intelligence and Bloomberg both put the index’s GAAP earnings per share for calendar 2025 at about $241, with growth from the prior year in the low teens. That is a solid increase, but nothing wild.

Ideally, the major data services would consistently collect GAAP earnings estimates for future periods and compare them with the historical numbers in companies’ official filings. But this is easier said than done.

Many Wall Street analysts don’t calculate GAAP earnings projections, even when asked explicitly for them in survey forms. So the consensus forecasts become a hodgepodge of estimates, with some tracking net income and some using earnings before bad stuff.

Even S&P’s consensus earnings forecasts have this problem. For calendar 2026, S&P data show an estimate for GAAP net income of about $337 a share. That would be a 40% increase from 2025, which looks unrealistically high. Most likely, the forward estimate and the historical baseline aren’t comparable because some analysts are using different methodologies for their forecasts.

Bloomberg publishes a variety of estimates and historical data for S&P 500 earnings, both GAAP and non-GAAP. For calendar 2026, it recently showed a GAAP estimate of about $323 a share, which would be 34% annual growth. That also looks implausibly high, indicating the figure likely includes some non-GAAP estimates, despite efforts to maintain consistency.

A core purpose for accounting standards is so investors have a common yardstick to compare companies across completely different industries. Maybe the index’s current price is a fair one. It is just hard for investors to judge if they can’t agree on what the “E” stands for.

>>> Europe : Brokers Upgrades & Downgrades - 13th of July 2026 V3(++)

>>> Up
* American Express Raised to Overweight at JPMorgan; PT $400
* Computacenter Raised to Buy at Stifel; PT 5,235 pence (+)
* Deckers Outdoor Raised to Buy at Jefferies; PT $130 (+)
* DocMorris Raised to Buy at Deutsche Bank; PT 11.50 Swiss francs
* EFG International Raised to Buy at Citi; PT 18.80 Swiss francs (+)
* Fluidra Raised to Buy at Bestinver; PT 26.80 euros (+)
* IQE Raised to Buy at Panmure Liberum; PT 50 pence (++)
* Shopify Raised to Buy at Jefferies; PT C$225.98

>>> Down
* AstraZeneca Cut to Hold at HSBC; PT 13,750 pence
* Huhtamaki Cut to Hold at SEB Equities; PT 27 euros
* Klarabo Sverige Cut to Neutral at SB1 Markets; PT 14.10 kronor
* Logista Cut to Neutral at Oddo BHF; PT 34.50 euros

>>> Initiation
* Capita Reinstated Buy at Investec; PT 325 pence
* Costco Rated New Sector Perform at RBC; PT $1,000
* Epiroc Rated New Buy at SB1 Markets; PT 320 kronor
* Femsa ADRs Rated New Underperform at Baptista Research
* GE Vernova Rated New Neutral at Fubon; PT $1,205
* Honeywell Aerospace Rated New Inline at Evercore ISI; PT $250
* IONOS Group SE Rated New Buy at BofA; PT 37 euros (++)
* Jardine Matheson Rated New Buy at DBS Bank; PT $90
* Sandvik Rated New Neutral at SB1 Markets; PT 400 kronor

>>> Call
* Citi Strategists Double Downgrade UK Stocks, Upgrade Financials (+)
* EFG International Upgraded at Citi After Recent Stock Weakness (+)
* Goldman Sees Nifty Rising 10% by June as India Outlook Improves
* Logista Drops as Oddo BHF Downgrades to Neutral on Valuation (++)
* Stocks Struggle at the Start of Fed-Hiking Cycles, Goldman Says (+)
* Morgan Stanley Strategists See US Rally Broadening on Earnings (+)
* Morgan Stanley’s Wilson Sees Profit Boost for Stocks Beyond Tech (++)
* RBC’s Calvasina Upgrades Tech to Overweight, Cuts Utilities (+)
* Oxford Nanopore’s 1H Results Are Disappointing, RBC Says (+)

FT : EU moves towards social media ban for children under 13 Brussels will propo

EU moves towards social media ban for children under 13
Brussels will propose gradual access for different ages in response to concerns over child safety online

Brussels is set to propose a “social media start date for minors”, European Commission president Ursula von der Leyen said on Monday, as it comes under pressure from member states to restrict children’s access over safety concerns.

Von der Leyen said she would make a proposal after the summer for “phased and gradual access for different age ranges”.

“What we already have is a consensus that there needs to be a start date for the age children can join social media,” she said after presenting the results from an expert panel on child safety online.

Several European countries have been pushing the Commission to restrict children’s use of social networks, arguing that tech companies are not doing enough to protect them from the negative effects of being online. Some countries, including France, have grown impatient and have imposed their own restrictions.

Von der Leyen said she was considering a “harmonised EU-wide delay to social media” for under-13s, unless under parental or caregiver supervision. There would then be gradual access as of 13 years old, “depending on the proof given by the platforms that they are age-appropriate and safe for teenagers”.

Most major social media platforms officially require users to be at least 13 — the age at which children can consent to their data being processed under EU privacy regulation. However, those restrictions are easily and often circumvented.

The Commission is currently working on an age verification app that allows users to verify their age without disclosing personal information to platforms.

“This is not about whether children can access social media”, von der Leyen said. “It is about whether and when social media can access our children.”

European Commission president Ursula von der Leyen calls for an age limit on children using social media © EBS
Social media companies argue that they already have a number of protections in place for children, such as Instagram’s Teen Accounts, which have screen time limits and extra privacy settings to avoid contacts by strangers. Meta and TikTok did not immediately respond to a request for comment on the bloc’s announcement.

Separately, the EU is also increasing pressure on social media platforms via other means. The bloc has several ongoing investigations into social media platforms such as TikTok, Facebook and Instagram under its landmark Digital Services Act, which polices content online.

Last year, Australia enacted the world’s first social media ban for under-16s after growing calls from parents who are concerned that bullying is frequent and hard to monitor on such apps.

“Social media is not a toy,” von der Leyen said, adding that it was “very clear that we need age-appropriate restrictions to platforms”, including a start date to access social media, “because childhood won’t wait and once it’s gone, we can never give it back”.

The German politician said that “just as we don’t give our children keys to the car before they have their licence, or we do not let them buy alcohol until they are legally allowed, we need to set the age at which the children can legally access social media”.

The Commission warned Meta last week that Instagram and Facebook’s endlessly scrolling feeds may breach the EU’s new content rules, as regulators intensify scrutiny of social media’s impact on children. Those investigations can lead to fines of up to 6 per cent of its global turnover.

The Commission is already preparing a separate proposal to protect consumers online, for instance against spending traps, which will also target children.

WWD : Chanel Has a New Perfume Crush The house’s president of fragrance and beau

Chanel Has a New Perfume Crush
The house’s president of fragrance and beauty and perfumer creator discussed Coco Mademoiselle Crush Absolu.
PARIS — This crush looks likely to be here to stay.
For those crushing on Chanel, after Coco Crush Fine Jewelry, there’s the new fragrance Coco Mademoiselle Crush Absolu.

“Coco Mademoiselle truly holds a very special place in la maison Chanel and in the heart of our clients, because this fragrance is not just a scent,” explained Simona Cattaneo, president of Chanel Fragrance and Beauty. “It embodies something much bigger. It’s really the spirit of the young Gabrielle Chanel arriving in Paris. She was instinctive. She was bold, with a sensuality all her own. So it was kind of — wow.”


The designer took Paris by storm, then became the legendary “Mademoiselle.”

The original Coco Mademoiselle, a floral ambery scent, was launched 25 years ago. “To this day, it’s still the number-one eau de parfum in the market,” Cattaneo said. Year-to-date, the 3.4-ounce version is the top stock keeping unit among women’s fragrances in the U.S., for instance.

What makes it still relevant today? “It’s the symbol of freedom, a symbol of reinvention,” Cattaneo said. “It’s consistent with who we are. Then, when it comes to the clients, the feeling is that it empowers women to express all their multifaceted parts.”

That could be independence, mischievousness, elegance or free-spiritedness.
“That is what clients feel when they wear the fragrance,” Cattaneo said. “It’s part of the success.”

Now, Coco Mademoiselle Crush Absolu marks a new step in the franchise.
“The new scent reflects this modernity, relevance and singularity,” according to Cattaneo. “It’s a completely new chapter in the story, the legend of Coco Mademoiselle. It is really a ‘crush absolu’ — irresistible, like a crush, and unforgettable, because the trail of the scent is pretty amazing.”


She highlighted that Crush Absolu channels Chanel perfumer creator Olivier Polge’s strong viewpoint. He was given no brief for the scent.
Polge began thinking about wide olfactive impressions of the original Coco Mademoiselle.

“What I like about Coco Mademoiselle [fragrances] is that they express the side of our signature that is in the more ambery notes and central notes by opposition somehow to the floral notes.… When I joined Chanel, I remember I had seen an interview of my father, who was speaking about Coco,” Polge said, referring to Jacques Polge, whom he succeeded as the house’s perfumer creator.

Jacques Polge dreamed up the first Coco Mademoiselle in 2001. “He was saying that in Chanel perfumes there are two sides — the floral and the Baroque,” Olivier Polge said.

He had in mind an amber vanilla fragrance.

“The identity of this [new] perfume is really the connection between this ambery woody accord and the fruity accord that is very strong, that catches you right away when you smell the perfume,” Polge said. “It’s grapefruit and lychee accord. There is a rosy sweetness in lychee that combines very well with the ambery woody note.”

Also in the fragrance are rose, jasmine, patchouli and vetiver notes.
Coco Mademoiselle Crush Absolu
François Goizé/WWD
Echoing the juxtaposition of olfactive notes, the name Coco Mademoiselle Crush Absolu has a lightness at the start and intensity with “absolu,” French for “absolute.”
“Crush” is a name used for a line of Chanel jewelry since 2015.
“I liked the sound of it,” Polge said, of the word. “It sounded familiar. It resonates.”

He highlighted how Coco Mademoiselle Crush Absolu’s powdery quality contrasts with the woody notes olfactorily.

“Something that is only powdery is a little too simple, and I was looking for that correct impression and contrast,” Polge said. He sought the right dosage of fruity notes, as well.

“Our creators have real authentic freedom to bring some new ideas to the market when they feel that it’s the right time,” Cattaneo said, adding that is in step with Gabrielle Chanel’s iconic quote about “the freedom of becoming” — “Beauty is about the freedom of becoming who you want to be” — that has become part of the house’s North Star.

“No.5 is about the empowerment of women, Chance is much more a moment of joy … Coco Mademoiselle is the independence, the free spirit. It’s something different,” Cattaneo said. “There is this facet of expressing who you are or who you want to be. Sometimes you want to be different people in different moments, in different occasions, through the fragrance. This is the idea.”
The color of the Coco Mademoiselle Crush Absolu fragrance is a deeper beige than that of the original Coco Mademoiselle. The two perfumes’ bottles take a similar shape, though the new scent’s label has a black background, and “Crush Absolu” is written in gold.


Coco Mademoiselle Crush Absolu will launch Aug. 19, which is Gabrielle Chanel’s birthday, in Chanel-owned and multibrand retailers, following a pre-sell period starting July 31 for a limited audience of existing clients on chanel.com and in Chanel boutiques.

A 1.7-ounce eau de parfum is to be priced at $162 and the 3.4-oz. edp at $195.

Cattaneo did not discuss sales projections, but industry sources estimate the new fragrance will generate 100 million euros in retail sales during its first 12 months on counter.

Cattaneo, who joined Chanel in September 2024, has a three-pronged strategic vision for fragrances.

“The first is the creative excellence that is really distinctive and important, the profound respect for the heritage of the house that is absolutely unique, and the uncompromising commitment to savoir-faire and quality at every stage of our value chain,” she said. “That is really my daily job — to be absolutely sure that there are no compromises when it comes to quality, when it comes to savoir-faire.

“Creativity is, of course, important, is at the heart of all what we do in the maison Chanel,” Cattaneo continued. “Four generations of perfumer creators is pretty unique, bringing to the market their creativity, their energy, their new ideas with complete freedom.”

She believes Chanel fragrances have a unique mindset and allure. Company laboratories are in Chanel Fragrance and Beauty’s headquarters, in the Paris suburb of Neuilly-sur-Seine. Olfactive ingredients come from long-standing suppliers in the south of France.


“There is a sense and the quest of excellence in each and every gesture of the value chain,” Cattaneo said.

On June 24, Chanel opened a 462,848-square-foot fragrance manufacturing site in Venette, in France’s Oise region. Cattaneo described it as being at the forefront of innovation and sustainability.

“All our decisions are informed by creative excellence, commitment to heritage and uncompromising quality, and excellence of savoir-faire from the field to the bottle,” she said, adding it has always been Chanel’s strategy. “That is the real strength of the house.”