>>> Telecom Italia CEO backed by Vivendi amid resignation rumours


Telecom Italia CEO backed by Vivendi amid resignation rumours
22 SEP 2018
Vivendi [EPA:VIV] has reaffirmed its support of Telecom Italia (TIM) [BIT:TIT] CEO Amos Genish, Italian language daily Il Messaggero reported. The report cited a Vivendi spokesperson who said that that the company rejected rumours being spread by parties with a personal interest in undermining Genish.
The item further cited the spokesperson as asking whether the rumours were coming from certain board members connected to activist fund Elliott.
The spokesperson made his remarks amid insistent rumours that Genish was about to leave his post, the report said.
Il Messaggero article sourced from print copy: page 17

>>> US Close Dow +0.32% S&P -0.04% Nasdaq -0.51% Russell -0.46%


Closing Market Summary: Mixed Ending to Largely Positive Week

Wall Street had a mixed outing on Friday, with the underperformance of financial and technology shares balancing gains most elsewhere. The Dow Jones Industrial Average climbed 0.3%, closing at a new all-time high for the second day in a row. The S&P 500 finished slightly below its flat line, and the tech-heavy Nasdaq lost 0.5%.

For the week, the S&P 500 and the Dow added 0.9% and 2.3%, respectively, while the Nasdaq lost 0.3%.

The top-weighted information technology sector lost 0.3% on Friday, capping an unimpressive week overall. Within the group, Micron (MU 44.74, -1.32) was among the worst performers, falling 2.9% after its above-consensus earnings report was overshadowed by disappointing guidance for the current quarter -- due in part to tariffs.

Meanwhile, the influential financial sector ended a positive week on a disappointing note. The group lost 0.4% on Friday, trimming its weekly gain to 2.3%, as Treasuries ticked higher, pushing yields slightly lower. The benchmark 10-yr yield, for instance, slipped one basis point to 3.07%, but remained near a four-month high.

On a positive note, the lightly-weighted telecom services group finished atop the sector standings with a gain of 1.0%. Within the group, AT&T (T 33.78, +0.34) advanced 1.0% after being upgraded to 'Buy' from 'Neutral' at UBS. However, shares gave back some gains in the late afternoon following reports that President Trump is pressing the Department of Justice to breakup the wireless giant.

There was some volatility during the final stretch of Friday's session due to a major sector rebalancing, which will result in a new 'Communication Services' sector.

Several widely-held technology, telecom, and media stocks will be reclassified into this group, including Facebook (FB 162.93, -3.09, -1.9%), Alphabet (GOOG 1166.09, -20.78, -1.8%), Verizon (VZ 54.42, +0.47, +0.9%), Netflix (NFLX 361.19, -4.17, -1.1%), and Walt Disney (DIS 110.40, -1.22, -1.1%).

Also adding to the volatility, Friday was a quadruple witching day -- when futures and options on both indices and individual stocks expire.

In the crude oil market, WTI crude futures finished up 0.8% at $70.77/bbl, but were volatile after Reuters reported that OPEC and non-OPEC producers are discussing the possibility of raising output by 500,000 barrels a day to counter falling supply from Iran due to U.S. sanctions. OPEC and non-OPEC nations are scheduled to meet in Algeria on Sunday.

Investors did not receive any notable economic data on Friday, and Monday's economic calendar is also blank.

  • Nasdaq Composite +15.7% YTD
  • Russell 2000 +11.5% YTD
  • S&P 500 +9.6% YTD
  • Dow Jones Industrial Average +8.2% YTD

WWD : Reinventing Beauty Retail in France

Reinventing Beauty Retail in France
Three new concepts are helping to shake up the industry.


PARIS – A plethora of organic and vegan products. Facial masks from around the globe. Miniatures. Sex toys.

Such items lining some beauty retailers’ shelves, plus the newfangled ways they’re being sold, are shaking up the industry here today — thanks to Le Drugstore Parisien, Monoprix’s restaged beauty department and Sephora’s Gare Saint-Lazare location.

“The biggest shift is that we are moving from selling a product to creating real customer experience,” said Leïla Rochet Podvin, founder and chief executive officer of Paris-based trends and consulting agency Cosmetics Inspiration & Creation. “And this translates into disruptive concepts like the Drugstore Parisien. In our digital age, where savvy consumers can buy a product and get it overnight, brick-and-mortar stores need to revise their models to survive.”

Numbers reflect the stark reality. Store-based retailing of beauty and personal products still generates the largest share of beauty sales in France, but those are growing far slower than online revenues. Brick-and-mortar shops selling such goods made sales of 11.87 billion euros, down 1.3 percent in 2017 versus 2016, while the channel’s revenues declined 1.8 percent in the prior-year period, according to market research provider Euromonitor International.

By comparison, e-commerce sales of beauty and personal care products rose 12.9 percent to 777.4 million euros in 2017, and in 2016, they gained 13.4 percent.

Rochet Podvin noted Le Drugstore Parisien, which opened two locations — a 4,220-square-foot boutique at 66 rue de la Chaussée d’Antin and a 2,000-square-foot shop at 122 rue du Bac — in Paris in late June. It is the brainchild of mass retailer Groupe Casino and L’Oréal France, which supports the project.

The idea was “to propose to urban people a new way to feel good in the city and facilitate life [there] with a beauty offer,” said Delphine Bresson, marketing director for Le Drugstore Parisien. That includes accessories, with 5,000 stockkeeping units in all.

“We want to address it in a very modern, a very different way,” which fills a white space between mass and class, she said. “Borders between different outlets are disappearing, and that’s why with this new concept we reinvent distribution with different categories associated together that aren’t already sold under the same roof in other concepts.”

From big, see-through dispensers near the entry, for instance, consumers can scoop up mini Ahava products or condoms.

As its name suggests, Le Drugstore Parisien’s format takes a cue from drugstores — with a twist.

“While drugstores exist in other countries, it is a totally new concept in France, where accessible beauty products are mostly sold in supermarkets and hypermarkets with limited customer [in-store] experience and little brand storytelling,” said Céline Brucker, general manager of L’Oréal’s Consumer Products Division France.

“Le Drugstore Parisien is for cosmopolitans of all types — young people, the not-so-young, night owls, busy city dwellers, the trendy, the less connected, tourists and children,” she continued. “The product and service offer is large and very accessible, as 55 percent of the products are sold at under 10 euros. Le Drugstore Parisien wants to make beauty and well-being accessible for everyone.”

There is makeup, skin care — with many vegan and organic options, beauty accessories, parapharmacy products, natural scents, plus drinks and snacks, with some 15 perfume and cosmetics brands exclusive to the French market. These include Pure Green, Dwtn Paris, Horace, Le Parfum Citoyen, Humble Brush and Waam.

Fun, and practicality, are of the essence. At the Chaussée d’Antin location, it’s possible to buy school supplies (a seasonal selection), drop keys off, use the dry-cleaning service, find daily newspapers or wrap gifts. Packages can be sent and tourists might go for the Paris souvenirs. Juicing up an iPhone or purchasing high-tech accessories are possibilities, too.

The store’s private-label line has 150 sku’s, including a “Survival T-shirt” and undergarments.

Beauty services include flash makeup and a nail bar during the weekend. By the “fiesta” section, with false eyelashes and fluorescent accessories, is the sex toy area. Other dedicated sections have items for men, teens and children, as well, with some areas brand- and others need-specific.

The beauty offer is sprawling, both upstairs and downstairs, with a supersize choice for certain categories, such as masks (with 100 options), lipstick, toothpaste and soaps.

Inside Le Drugstore Parisien
Inside Le Drugstore Parisien. Courtesy Photo

L’Oréal products are plentiful, representing about 40 percent of the beauty selection, coming from the likes of L’Oréal Paris, Sanoflore, Garnier, Maybelline, Essie, NYX Professional Makeup, La Provençale Bio — L’Oréal’s new, mass-market organic line — and Saint-Gervais Mont-Blanc. Each product range is focused on a certain segment.

“We can test a lot of different services around the brands. It’s plug and play,” said a L’Oréal spokeswoman.

Le Drugstore Parisien is open from 10 a.m. to midnight Monday to Saturday, and 11 a.m. to 8 p.m. on Sunday.

Four hundred sku’s from Le Drugstore Parisien are sold online through Glovo, with a delivery time in the French capital of one hour.

The two store locations are considered works in progress, but executives expect an ambitious rollout for Paris and other big cities in France, and abroad could be instigated soon.

Another retailer recently inspired by drugstores is Monoprix, the diversified French chain owned by Groupe Casino, as well. It has more than 700 domestic doors and makes 5 billion euros in sales.

Monoprix’s new beauty layout debuted in mid-April in its store at 164 rue du Temple. “We really wanted to create a new customer journey that’s much more fluid by linking the different universes — makeup, parapharmacy, the whole beauty section with skin care, body care, hair care and also the hygiene part,” explained Sandrine Williamson, beauty director in charge of offer, purchase and new concept at Monoprix.

She homed in on how the drugstore spirit, stemming from Anglo-Saxon countries, tends to involve grouping various product worlds together, whereas in France they’ve traditionally been kept apart.

In Monoprix’s new beauty department, which measures about 2,780 square feet, each category is delineated by different yet complementary color codes and eco-friendly merchandising units. For makeup, there is black metal and wood accents; hygiene-beauty has a greater emphasis on white and wood, and the parapharmacy area features wood, white, green ceramic and plant details.

An increased experiential quotient, especially through digital, was important to lure younger clients. Screens are peppered throughout the beauty department to help discover products. Shoppers can use the photo booth to share their new looks on social media, too.

Inside Monoprix
Inside Monoprix. Courtesy Photo

A gondola — serving to link the makeup and parapharmacy sections — is dedicated entirely to organic products. “It’s really in the DNA of the store to speak of the latest trends,” said Williamson, who explained signage elsewhere points to what’s organic, natural or vegan.

Also to facilitate shopping, some areas can be perused by brand or need.

Alongside the multinational labels, Monoprix has introduced a vast niche selection. In this store there’s a smattering of natural scents, including one created with the brand 100Bon. “Today we really try to work much more in collaboration,” said the executive.

The parapharmacy section offers hair and skin diagnosis, and has an aromatherapy segment.

Among recent brands for Monoprix — with several exclusives among them in France’s mass channel — include Erborian, Garancia and Taaj. Product samples are suggested for people following a discussion with pharmacists at the checkout counter.

Other recent brands introduced include Studiomakeup, Maui Moisture, Revolution and Big Moustache. “We love this mix between national and international. Today we no longer live in France, we live in a world and [want] that our assortment also represents this diversity,” said Williamson.

Mini products, private label and K-beauty are carried as well.

The location near Place de la République was chosen to launch the new concept for Monoprix, which has about 100 parapharmacies and 300 doors selling beauty products in France, as it is easy to access and in central Paris.

Thanks to the new layout, beauty sales in the store have risen by double digits. The concept is to be introduced in some other Monoprix stores before year end.

Paris served as the site for the “New Sephora Experience” concept launched early this year in the Saint-Lazare train station. In addition to including a wide array of physical and virtual services found in other Sephora doors, there are newfangled offerings in the 9,330-square-foot space. Here, there is the possibility for consumers to create their own kits from a selection of mini products, with a minimum spend of 20 euros, for instance.

“Super ingredients” are highlighted in products from brands such as Fresh, Boscia, Youth To The People and Origins.

At Sephora's Gare Saint-Lazare location
At Sephora’s Gare Saint-Lazare location. Courtesy Photo

Elsewhere, eight brands — including Patchology, Mr. Blanc Teeth and Pixi Beauty — that were first sold on Sephora’s web site were brought into the store for its the #wantedatsephora section.

It’s possible to use a facial mask with the help of a beauty adviser who can then give a flash makeup service. And an Amika hairstyling station is available free of charge.

Sephora kicked off its first Experience concept in France in 2017.

Reuters Switzerland tries to stem blockchain exodus by improving access to banks

Switzerland tries to stem blockchain exodus by improving access to banks

ZURICH (Reuters) - In an effort to maintain its status as a cryptocurrency hub, Switzerland has taken steps to help blockchain companies access the traditional financial system by making it easier for them to open corporate bank accounts.

Faced with an exodus of cryptocurrency projects from the country due to falling access to the banking sector, the Swiss Bankers Association (SBA) on Friday issued guidelines to banks who may want to do business with the start ups.

Around 530 blockchain startups have settled in Switzerland’s Crypto Valley hub around Zurich and Zug, Oliver Bussmann, head of the Crypto Valley Association said.

The companies need access to traditional banking services to deposit cash, pay salaries and carry out other day-to-day financing activities, but Swiss banks fear falling foul of anti-money laundering (AML) rules and other regulations.

“We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts,” SBA strategic adviser Adrian Schatzmann told a news conference.

Only a handful of Switzerland’s 250 banks ever allowed companies to deposit the cash equivalent of cryptocurrencies raised in digital fundraisers known as initial coin offerings (ICOs).

Two of those withdrew their services in the last year, with Zuercher Kantonalbank (ZKB), the fourth largest Swiss bank, closing the accounts of more than 20 companies, industry sources told Reuters in July.

The banks are worried because some of the companies that carried out ICOs did not do AML checks on their contributors, meaning the banks themselves could fall foul of AML rules, the sources said.

The new guidelines spell out separate checks that the association recommends when opening accounts for blockchain firms that carry out ICOs and those that do not.

They outline recommended know-your-customer and AML checks for ICOs that raise funds in fiat currencies such as Swiss francs, euros and dollars, and those that raise funds through other cryptocurrencies.

The rules should help banks understand what assessments they should carry out, but will also help blockchain and cryptocurrency firms know what information they must provide, and what measures they must take, to qualify for an account.

“This provides more clarity not only to banks, but also to startups,” Bussmann said.

While initial discussions with the banks have been positive, according to SBA Deputy Chief Executive August Benz, it remains to be seen how they will respond to the new guidelines.

Exclusive: EU antitrust regulators aim to fine AB Inbev in Belgian beer case - s

Exclusive: EU antitrust regulators aim to fine AB Inbev in Belgian beer case - sources

BRUSSELS (Reuters) - EU antitrust regulators aim to fine Anheuser-Busch InBev (ABI.BR) for preventing cheaper beer imports into Belgium despite the beer giant’s attempts to settle the EU case, people familiar with the matter said.

Last year, the European Commission accused the world’s largest brewer of abusing its market dominance in Belgium by impeding cheaper imports into the country of its Jupiler and Leffe brands from neighboring France and the Netherlands.


It said this resulted in Belgian consumers paying more for these two brands, the most popular in Belgium. AB Inbev sells Jupiler and Leffe at lower prices in the Netherlands and France because of the greater competition in these two markets.

EU antitrust rules allow companies to settle investigations by offering concessions and regulators to close the case without levying any fine or proving wrongdoing. The Commission normally offers this option only if it sees it as a quicker way to restore competition to the market.

The Commission declined to comment. The sources say a formal decision will take some time before it is announced.