Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 21, 2024, Winnipeg, Manitoba The Free Press Classified Department email: wfpclass@freepress.mb.ca or call: 204-697-7100 TO PLACE YOUR EASTER TRIBUTES MESSAGE CONTACT: * Pricing includes a photo. $25 colour photo charge. *Price dependent on the length of announcement. Easter TRIBUTES PRICING 4 Col x 2.25” OPTION 2 $99 95* 2 Col x 1.25” OPTION 1 $49 95 DEADLINE: Monday, March 25, 12:00 PM 2024 PUBLISHING SATURDAY, MARCH 30, 2024 B6 ● WINNIPEGFREEPRESS.COM BUSINESS THURSDAY, MARCH 21, 2024 Google fined US$272M in French news dispute PARIS — France’s competition watch- dog hit Google on Wednesday with an- other big fine tied to a long-running dispute over payments to French pub- lishers for their news. The French Competition Author- ity said it issued the €250-million (US$272-million) penalty because of Google’s failure to comply with some commitments it made in a negotiating framework. The dispute is part of a larger effort by authorities in the European Union and around the world to force Google and other tech companies to compen- sate news publishers for content. The U.S. tech giant was forced to ne- gotiate with French publishers after a court in 2020 upheld an order saying payments were required by a 2019 European Union copyright directive. Google said in a blog post it agreed to settle the fine, which was imposed over how it conducted the negotiations, “because it’s time to move on.” It said the fine was “not proportionate” to the issues raised by the French watchdog and “doesn’t sufficiently take into ac- count” Google’s efforts to answer and resolve the concerns. — The Associated Press Gucci parent Kering SA warning wipes US$7.9B off market value K ERING SA shares plunged after the French luxury group warned sales at its Gucci brand have fall- en about 20 per cent in the first quarter as its brash look loses favour with Chi- nese shoppers. The stock dropped as much as 15 per cent in Paris trading, its steepest intra- day decline since 1992, wiping more than €7.2 billion (US$7.9 billion) from Kering’s market value. Kering blamed a steeper-than-ex- pected sales drop at Gucci in the Asia-Pacific region. The fashion group has been trying to revitalize the Italian label that accounts for about two-thirds of its profit, so far without success. The warning will likely prompt renewed speculation over how Kering might lessen its reliance on a brand known for flamboyant designs that are out of step with the current trend toward under- statement. Controlled by the billionaire Pinault family, Kering has struggled to keep up with rivals LVMH Moet Hennessy Louis Vuitton SE and Hermes Inter- national SCA as luxury sales have cooled over the past year, especially in China. LVMH’s broader brand port- folio and Hermes’s long waiting lists for handbags have made those companies more resilient. “Gucci has been encountering some company-specific problems for a few quarters, but this update will raise further worries about the state of con- sumer spending and China’s economy,” analysts at Vital Knowledge wrote in a note to clients. Kering’s pain comes amid a cooling market for high-end goods and in par- ticular weak demand in China. The Asia-Pacific region, excluding Japan, made up 35 per cent of group revenue last year, more than Western Europe and North America. That’s slightly more than the 31 per cent at LVMH. But Chinese consumers — once major buyers of global luxury goods — have been tightening their purse strings as a real estate crisis and job insecurity hurt confidence. Overall, comparable sales at Kering, which also owns labels such as Yves Saint Laurent and Balenciaga, will be down about 10 per cent for the period, the company said. Gucci sales fell in the final months of last year as the label struggled to lure more wealthy shoppers to its pricey Double G belts and Princetown slip- pers. Kering CEO François-Henri Pi- nault warned last month heavy invest- ments in its labels will put pressure on the group’s profitability this year. Sabato De Sarno was named as the brand’s new designer last year, and he unveiled his first collection in Sep- tember in Milan, which showed a more elegant and minimalistic aesthetic compared with the colourful looks of his predecessor, Alessandro Michele. Pieces from that collection only started to arrive in some stores last month. Gucci has long been one of the most volatile of the major luxury brands, its fortunes rising and falling based on buzz around its designers. That makes Kering overall more vulnerable to shifts in taste. “The jury is out on whether the Chi- nese will like the Sabato De Sarno quiet luxury,” analyst Luca Solca and col- leagues at Bernstein said, referring to the current trend for more understated looks. Early ready-to-wear products from the latest Ancora collection by De Sar- no are meeting with a “highly favour- able reception,” according to Kering. Their availability will increase in com- ing months, the company said. Kering’s unexpected announcement is a “rather worrying signal for the lux- ury goods sector,” wrote Thomas Chau- vet, an analyst at Citigroup. — Bloomberg ERIC PFANNER AND ANGELINA RASCOUET LUCA BRUNO / THE ASSOCIATED PRESS FILES A model wears a creation as part of the Gucci women’s fall-winter 2024-25 collection presented last month in Milan, Italy. TD, HDFC partner on student plan TORONTO — TD Bank Group has signed an agreement with an Indian bank in a bid to attract international students as new customers and make it easier for them to comply with visa requirements. As part of Canada’s requirements to apply for an expedited study permit, students are required to provide proof of financial support, which is accom- plished with a guaranteed investment certificate. Under the program, HDFC Bank will refer students planning to study in Canada to TD’s international student GIC program. TD is offering students the ability to use an online process to obtain a GIC without an application fee. It said stu- dents can start earning interest on their GIC even before arriving in Canada. The program also includes a student chequing account and a fee rebate to cover their first wire payment into their TD account. In 2023, there were more than 425,000 Indian international students with active study permits in Canada. — The Canadian Press CME Manitoba honours established, emerging firms THE Manitoba Cooperative Honey Pro- ducers is being recognized for pioneer- ing work 84 years after its incorporation. It joins a handful of organizations and individuals being honoured at the Can- adian Manufacturers & Exporters Mani- toba awards gala this evening. “Manufacturers work tirelessly year- round, contributing in no small part to Manitoba’s GDP,” Ron Koslowsky, president of CME Manitoba, said in a news release. Bee Maid Honey Ltd. (co-owned by MCHP and Alberta Honey Producers Co-operative) alone has committed to a $25-million facility in Winnipeg. In Manitoba and Alberta, Bee Maid in- takes 30 per cent of Canadian honey, the company’s CEO estimates. The CME highlighted 1937 as a year in which there was a need for one cen- tral location to gather and market Manitoba honey. Two other businesses earned nods from CME in 2024: Icon Technologies Ltd., which operates in the recreational vehicle market, and Global Drain Tech- nologies, which the CME says is “rapid- ly emerging” as a leader in stainless steel drainage manufacturing. Icon will walk away with CME Mani- toba’s export award; Global Drain has garnered the “emerging award.” CME Manitoba has clocked the latter company’s growth trajectory — it’s a testament to Global Drain’s commit- ment to innovation, technology and understanding of its customer’s needs, according to the lobbyist. CME Manitoba is adding a new mem- ber — Dickson Gould — to its hall of fame. Gould is president of Progressive Group of Companies, which has oper- ations in agriculture, metal fabrication and food processing. He will be identi- fied for his advocacy of Manitoba’s pro- tein production and processing sectors. Mitch Tetrault, chief executive of hydraulic cylinder manufacturer Mon- arch Industries, will take home the safety leadership award. Monarch is planning a 109,000-square-foot expan- sion of its Winnipeg cylinder facility this year, according to CME. On Thursday, CME Manitoba will award four scholarships to students and tradespeople. Among them: Vince Denmark Dela Rosa, receiving money for his second year at Red River College Polytechnic. “I’m still shocked,” the CNC machin- ist technician student said. gabrielle.piche@winnipegfreepress.com GABRIELLE PICHÉ ;