The European Central Bank should not rush to lower interest rates because inflation remains high and uncertainty great, ECB policymaker Joachim Nagel said in an interview published on Friday.
The Bundesbank president also told German financial newsletter Platow Brief that he still expected the Basel III global banking rules to be implemented both in the United States and in Europe, while he dismissed a proposal from a German politician to include bitcoin in official reserves.
The ECB has cut interest rates four times since June and is expected to continue doing so in the next six months, having seen inflation fall from double digits in late 2022 to just above its 2% target. But Nagel called for a cautious approach given still high services inflation and a “high level of uncertainty” – a possible reference to questions hanging over global trade once Donald Trump returns to the White House next week.
“We should therefore not rush into anything on the path to monetary policy normalisation,” he said. Still, Nagel said there had been nothing wrong with the ECB discussing a bigger, 50-basis-point rate cut at its last meeting in December, adding: “That’s part of it.”
Nagel gave short shrift to an election proposal by Christian Lindner, former German finance minister and leader of the pro-business Free Democratic Party (FDP), to add bitcoin to Bundesbank and ECB reserves.
“This worries me because it gives the impression that an asset is being given some kind of government seal of approval,” he said. “A currency reserve must be safe, liquid and transparent. None of this applies to bitcoin.”
Nagel also said global rules designed to make banks safer would be applied “on both sides of the Atlantic” even after they were watered down by the U.S. Federal Reserve and might even be scrapped under Trump’s incoming administration.
“I assume that Basel III will be finalised on both sides of the Atlantic,” he said. “It is important that we in Europe speak with one voice.”
Earlier on Friday, the Bank of England said it would delay its implementation of the rules, which include tougher bank capital requirements, by one year until January 2027.
LVMH has no plans to relocate the luxury conglomerate, said Bernard Arnault, its billionaire chief executive officer, after remarks he made critical of France drew a backlash at home.
“I’ve obviously never said we would relocate the LVMH group,” Arnault said in a post on the company’s X account Friday. When he voiced discontent with France at an earnings presentation on Tuesday he only wanted to sound an alarm over tax measures that he deems will be “counter productive,” he added.
“What I said is that the tax measures that are being considered are an incentive to relocate, since they’re a tax on Made in France,” he said.
Arnault said on Tuesday that plans to raise corporate taxes in France are “a great idea to encourage people to relocate,” contrasting the atmosphere in his native country to the optimism he sees in the US following Donald Trump’s election as president.
“There’s a different mood” between the two countries, the billionaire told reporters on the sidelines of LVMH’s annual results, at one point comparing his return to France to a cold shower.
In an interview on RTL radio Friday, Sophie Binet, leader of the French union CGT, likened comments like Arnault’s to a sign that “the rats are leaving the ship.”
Arnault, in his post on Friday, said LVMH is “proud to employ directly and indirectly some 200,000 people in France.”
Iceberg Jeans, the iconic streetwear line by Italian label Iceberg, is back. Under creative director James Long, the Iceberg Jeans line embodies a vibrant state of mind: fun, inclusive, contemporary, and accessible. Besides denim, the new collection includes outerwear, knitwear, tailored items, casual wear and accessories.
“I’ve always wanted to give Iceberg Jeans a new lease of life,” said Long, the creative director at Iceberg. “The brand has a unique energy, and like everything that Iceberg represents, it’s always about looking to the future with optimism. I love these designs, and I hope that others too will appreciate them and make them part of their everyday lives.”
Iceberg Jeans debuted in 1986, soon emerging as a bold brand bringing Italian design, with its mix of playfulness and wearability, to the world. Its success was fuelled by word of mouth, and by campaigns that have become pop culture icons, featuring celebrities such as Lil’ Kim and Paris Hilton. The new collection refreshes the positive essence of Iceberg Jeans’s heritage while looking to the future. The Iceberg Jeans Fall 2025 collection will be available at selected wholesale partners, Iceberg stores and online from June 2025.
Experimentation and innovation were the name of the game on the last day of Paris Haute Couture Week. Emerging couturiers took centre stage on Thursday, like Peet Dullaert, 35, from the Netherlands, and Miss Sohee, 28, from Korea. The latter staged her maiden couture week show, as a guest on the event’s official calendar. Dullaert and Miss Sohee unveiled Spring/Summer 2025 collections characterised by contrasting styles.
Dullaert, a Paris-based Dutch designer, showed for the first time at Paris Haute Couture Week exactly a year ago. In his third Parisian show, he juxtaposed glamourous looks with more everyday ones, like the suits and trousers sets or the black tweed maxi coat, worn back-to-front with the cuffs, pockets and buttons at the rear, which could morph into an evening dress if needed.
Dullaert’s couture looks were made from bodysuits and playsuits in tight stretch fabric, on which he added long, sheer flared skirts decorated with geometric patterns embroidered with gems, or made with swathes of silk draped directly on the body, giving the models real freedom of movement. The feeling of freedom was heightened by the use of a wrinkled high-performance fabric developed by the label.
Other looks were covered with thin tassels lined with sequins, or with crystals, with draped white and black tulle, taffeta and other glimmering silks. Dullaert’s looks were characterised by flowing volumes and silhouettes, but he didn’t shy away from intervening decisively in the garments’ construction, for example baring a shoulder or cutting his dresses with long slits along the legs.
The couture show by Miss Sohee, real name Sohee Park, was eagerly awaited. The London-based Korean designer showed twice before in Paris, and was a hit on the Milanese runways in February 2022, backed by Dolce & Gabbana. She pulled out all the stops in Paris, immersing her guests in a magical universe where eras and bold silhouettes mixed spectacularly, showcased inside the gilded halls and under the majestic chandeliers of the Pozzo di Borgo palace.
Miss Sohee’s ladies seemed to be ready for a grand ball with their shimmering, vibrantly coloured crinoline dresses, satin sheath dresses glittering with pearls, and statement coats whose long trains were ornamented with embroidered bucolic scenes, like a golden peacock or floral branches, rich in crystals and sequins. Looks worthy of the Venice Carnival.
Botticelli’s Venus seemed to have inspired Miss Sohee, scallops and seashells being among the key elements in her collection. A large shell rose like a fan at the back of a corset which extended into a long, faded-pink silk skirt. Elsewhere, shells encased the hips in two short bustier dresses in python and crocodile-effect leather, or added length to a bustier entirely decorated with gems that was sewn onto a tulle top dotted with mother-of-pearl drops.
Shells embroidered in small patterns featured on a silk duchesse dress, and more shells in silver pleated fabric turned into a micro hooded jacket over a Fantômas-style black velvet jumpsuit, with a double row of white pearls draped around the waist.
Nothing seemed too precious and extravagant for Miss Sohee’s ladies, who also wore more contemporary outfits consisting of lace jumpsuits, miniskirts and laced thigh-high boots. Park founded her label in 2020, after studying at Central Saint Martins in London, and her customers include scores of celebrities, among them names like Cardi B. and Bella Hadid.