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Bernard Arnault has nabbed the title as the highest-net worth individual in the world, a feat that has unseated billionaires Elon Musk and Jeff Bezos from their prior spots and that was fueled by the performance of the French luxury goods giant he helms.

Arnault’s top spot among the wealthiest in the world comes amid LVMH Moet Hennessy Louis Vuitton, the company he has run for decades as CEO, seeing notable growth in recent years. His and his family’s personal fortune — which includes an almost 50% ownership stake in LVMH — was estimated by Forbes in early April to be at $211 billion on its yearly list of the world’s richest people for 2023, compared to $158 billion the prior year.

LVMH SHUFFLES LEADERSHIP AT LOUIS VUITTON, DIOR

As of Tuesday afternoon, Arnault’s net worth was estimated to total $235.7 billion, according to Forbes’ real-time billionaires tracker. 

Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, and Delphine Arnault, executive vice president of Louis Vuitton, leave after the Spring/Summer 2020 collection show for fashion house Louis Vuitton during Men’s Fashion Week in Paris on Jun (REUTERS/Charles Platiau/Files / Reuters Photos)

LVMH’s revenue in 2022 totaled 79.18 billion euros, marking a 23% increase from the 64.215 billion euros posted in the prior year. It reported generating 44.65 billion euros of revenue for 2020.

For group share of net profit, LVMH had a 17% rise year-over-year, going from 12.04 billion euros in 2021 to 14.04 billion in 2022. Its net profit in 2020 was 4.7 billion euros.

In its most recently reported quarter, the luxury goods giant had revenue of 21.03 billion euros, up from 18 billion in first-quarter 2022.

"Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travelers; the United States, a market which continues to grow, had a steady performance," the company said in its April quarterly earnings release. "Asia experienced a significant rebound following the lifting of health restrictions."

Shoppers wait in line to enter the Louis Vuitton store in Union Square in San Francisco on Dec. 6, 2021. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

Over the past 12 months, the value of the LVMH’s stock has seen a nearly 41% jump, trading at roughly $193 on Tuesday afternoon. The company counts Louis Vuitton, Fendi, Christian Dior, Givenchy, Tag Heuer, Bulgari and Tiffany & Co. among its numerous brands. 

As Arnault’s position among the world’s richest rose, Musk, the CEO of Tesla, Twitter and SpaceX, and Bezos, the founder of e-commerce giant Amazon, both saw their net worths decrease by tens of billions of dollars, causing their rankings on Forbes’ 2023 Billionaires List to dip. 

BILLIONAIRES BEZOS, MUSK SLIDE IN FORBES WORLD'S RICHEST LIST

Musk and Bezos each experienced a one-spot drop, with the former taking second-place, at $180 billion, and the latter coming in third, at $114 billion, according to the outlet. On its real-time list, they sat in those same spots, with their net worths on Tuesday afternoon at $187.4 billion and $125.4 billion, respectively.

From left, Jeff Bezos, Bernard Arnault, and Elon Musk. (Annegret Hilse/SVEN SIMON Reuters | Nathan Laine/Bloomberg | Britta Pedersen-Pool)

Forbes noted Musk’s activity on Twitter and Tesla investors reacting to his purchase of the social media platform in connection to his fortune plunging $39 billion year-over-year. Meanwhile, Amazon has seen its share price go down over 30% in a one-year span, something that contributed to Bezos’ change in ranking.

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Arnault and Musk have been trading the "world's richest" title in recent months, as Tesla shares have fluctuated. The Musk-run electric vehicle and clean energy company has quarterly earnings slated for release on Wednesday.

Amazon will put out its latest financial results April 27.Ticker Security Last Change Change % LVMUY LVMH MOT HENNESSY LOUIS VUITTON SE 194.5 +1.23 +0.64%TSLA TESLA INC. 180.59 -3.72 -2.02%AMZN AMAZON.COM INC. 104.30 +2.00 +1.96%

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Joe Biden allows Ukraine to begin firing US rockets deep into Russia – as politician warns it ‘risks World War Three’

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Joe Biden allows Ukraine to begin firing US rockets deep into Russia - as politician warns it 'risks World War Three'

Joe Biden has authorised Ukraine to begin firing US-supplied rockets deep into Russia – as Sir Keir Starmer prepares to push for “further support” for Kyiv at the G20 summit.

Mr Biden’s policy shift means Kyiv will now be able to use Army Tactical Missile Systems (ATACMS) for long-range attacks, two American officials have told Sky News’ US partner network NBC News.

Follow latest: Ukraine war live updates

Ukraine plans to conduct its first such attacks in the coming days, the sources said, without revealing details due to operational security concerns.

The US has eased restrictions on the use of ATACMS, which have a range of up to 190 miles, after Russia began deploying North Korean ground troops to supplement its own forces in the conflict.

Kremlin spokesman Dmitry Peskov said such a move would deepen America’s involvement in the war.

“It is obvious that the outgoing administration in Washington intends to… continue adding fuel to the fire and provoking further escalation of tensions around this conflict,” Peskov said.

President Joe Biden meets with Ukrainian President Volodymyr Zelenskyy in the Oval Office in September last year. Pic: AP
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Joe Biden meets with Volodymyr Zelenskyy in the Oval Office in September last year. Pic: AP

The development was also condemned by Biden officials as a possible expansion of the war.

A Russian politician and the son of President-elect Donald Trump have both likened the move to risking a third world war.

Maria Butina told the Reuters news agency: “These guys, Biden’s administration, is trying to escalate the situation to the maximum while they still have power and are still in office.

“I have a great hope that Trump will overcome this decision if this has been made because they are seriously risking the start of World War Three which is not in anybody’s interest.”

Meanwhile, Donald Trump Jr wrote on X: “The Military Industrial Complex seems to want to make sure they get World War 3 going before my father has a chance to create peace and save lives… Imbeciles!”

The outgoing Biden administration’s move comes as there are concerns about the level of support the Trump White House may be willing to give Ukraine.

Mr Trump has previously vowed to limit US support for Ukraine and end its war with Russia.

In an evening address after Kyiv was given permission to fire deep into Russia, Ukrainian President Volodymyr Zelenskyy said: “Today, there’s a lot of talk in the media about us receiving permission for respective actions. But strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves. They certainly will.”

Back in September, Russian President Vladimir Putin said if the US were to lift the ban on long-range missile use it would be seen as NATO’s “direct participation” in the war.

He added: “This, of course, will significantly change the very essence, the very nature of the conflict.”

The US military tests an early version of an Army Tactical Missile System in 2021. Pic: AP
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The US military tests an early version of an Army Tactical Missile System in 2021. Pic: AP

Meanwhile, the UK prime minister has said he has “no plans” to speak with the Russian president as world leaders gather for the G20 summit in Rio de Janeiro.

Mr Putin will not be attending the two-day summit which starts on Monday after saying in October that his presence would “disrupt the normal work of this forum”. Russia’s foreign minister Sergei Lavrov will be attending instead.

It will take place days after German Chancellor Olaf Scholz spoke to Mr Putin on what was the Russian leader’s first publicly announced conversation with the sitting head of a major Western power in nearly two years.

Asked if he had any plans to make a similar call, Sir Keir said: “It’s a matter for Chancellor Scholz who he speaks to. I have no plans to speak to Putin.”

Read more:
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Firefighters work at the site of a residential area hit by a Russian missile strike in the Lviv region of Ukraine. Pic: Reuters
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Firefighters work at the site of a residential area hit by a Russian missile strike in the Lviv region of Ukraine. Pic: Reuters

Speaking to reporters while on his way to the summit, he added: “We are coming up to the 1,000th day of this conflict on Tuesday.

“That’s 1,000 days of Russian aggression, 1,000 days of huge impact and sacrifice in relation to the Ukrainian people and recently we’ve seen the addition of North Korean troops working with Russians which does have serious implications.

“I think on one hand it shows the desperation of Russia, but it’s got serious implications for European security […] and for Indo-Pacific security and that’s why I think we need to double down on shoring up our support for Ukraine and that’s top of my agenda for the G20.

“There’s got to be full support as long as it takes and that certainly is top of my agenda, shoring up that further support for Ukraine.”

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One of Russia’s ‘largest air attacks’

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The latest developments come after Russia launched a large-scale attack on Ukraine on Sunday, with Mr Zelenskyy claiming Moscow had launched a total of 120 missiles and 90 drones.

Two major strikes, which left a total of 18 people dead, hit a residential building in the northeastern city of Sumy as well as energy infrastructure across Ukraine, prompting emergency power cuts.

Hours later, Moscow mayor Sergei Sobyanin said Russia’s air defence units had destroyed a drone heading towards the city.

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It’s a stunning shift in US policy – but Biden’s announcement will trigger fury and fresh threats from Moscow

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It's a stunning shift in US policy - but Biden's announcement will trigger fury and fresh threats from Moscow

Joe Biden’s belated decision to allow Ukraine to use US-supplied, long-range missiles inside Russia will be cheered by Kyiv and will almost certainly prompt the UK to follow suit.

But the stunning shift in US policy – just weeks before Donald Trump takes over as US president – will also trigger fury and fresh threats from Moscow at a time of increasing uncertainty about the future course of its war.

President Vladimir Putin has warned the West they would be playing with fire if they allowed Ukrainian forces to launch Western-supplied cruise and ballistic missiles at Russia, saying it could even trigger a global conflict.

British and US officials, though, have repeatedly advised their respective capitals not to be intimidated by Moscow’s sabre rattling.

Ukraine war latest: Biden lifts ban on Russia strikes

Yet there has been hesitancy, particularly in Washington, over the unleashing of US Army Tactical Missile System (ATACMS) ballistic missiles beyond the borders of Ukraine.

However, it seems that a move by North Korea to send thousands of its troops to fight with Russia has changed US calculations.

More on Russia

Joe Biden is in Brazil for a G20 summit. Pic: Reuters
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Joe Biden delivered his remarks in Brazil. Pic: Reuters

The New York Times, which was among the US media organisations to break news of the Biden administration’s decision on long-range missiles, reported that the first time the American weapons will be used inside Russia will likely be against Russian and North Korean troops battling a Ukrainian incursion in the Russian region of Kursk.

While a significant step up in support for Ukraine, the ability to use American long-range missiles inside Russia is not a war-winning development.

But it does expand Kyiv’s capacity to hit important military targets deliberately positioned by Russian commanders far back from the frontline. This includes stockpiles of missiles, drones and other ammunition used to strike Ukraine.

Just as important as the military impact, though, is the political signal that the US decision sends to the Kremlin about Washington’s willingness to defy Russian warnings about dire consequences should Mr Biden dare to grant Ukraine the permission it’s so long been seeking.

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‘The missiles will speak for themselves’

The dramatic move by the US comes after months of lobbying by Ukraine’s leader, Volodymyr Zelenskyy.

A key thing to watch now will be how Mr Putin reacts the first time an American missile kills Russian soldiers on Russian soil.

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Moscow does not want a direct war with the United States and NATO – nuclear-armed forces with far greater combined firepower – but the Kremlin could well ramp up an already heightened campaign of sabotage and other forms of hybrid warfare across Europe.

Another important reaction to track will be how Mr Trump responds to Mr Biden’s move and whether he continues to allow Ukraine this permission once he takes over as the US commander-in-chief.

The president-elect has vowed to end Russia’s war in Ukraine quickly but he has not said how. Yet he has voiced fierce opposition to the continued gifting of vast quantities of American weapons to the Ukrainian military.

It is a reason perhaps for Ukraine to make use of its new freedoms with US missiles as quickly as possible.

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Vladimir Shklyarov: Russian ballet star dies aged 39 after ‘fall from building’

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Vladimir Shklyarov: Russian ballet star dies aged 39 after 'fall from building'

An acclaimed Russian ballet dancer has died aged 39 after reportedly falling off a balcony.

Vladimir Shklyarov, one of the world’s top male ballet stars, died on Saturday night, according to the Mariinsky Theatre, where he was a principal dancer.

The St Petersburg theatre said: “It is with profound sadness that the Mariinsky Theatre announces the untimely passing of principal dancer Vladimir Shklyarov.

“Shklyarov, a beloved artist and audience favourite, died tragically on 16 November.

“His loss is deeply felt by the entire Mariinsky family and the wider ballet world.”

The Mariinsky Theatre told Sky News Shklyarov had a back injury at the time, and was due to have “complicated spinal surgery” on Monday 18 November. He was “taking serious pain medication”.

A spokesperson for the theatre was reported in Russian media at the weekend as saying he had fallen from the fifth floor of a building.

Vladimir Shklyarov performing in London in 2009.
Pic: Reuters
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Vladimir Shklyarov performing in London in 2009, with fellow dancer Alina Somova. Pic: Reuters

Dancers have been paying tribute to Shklyarov, who was married to fellow company dancer Maria Shklyarov, with whom he had two children.

Former ballerina Irina Bartnovskaya said Shklyarov had been at home, on pain relief, preparing for foot surgery at the time of his death.

In a post on Telegram, she continued: “He went out onto the balcony to get some air and smoke, lost his balance (a very narrow balcony) and fell down (from the 5th floor).

“Stupid, unbearable accident.”

Read more from Sky News:
US allows Kyiv to fire rockets deep into Russia
UK will double aid to Sudan
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Diana Vishneva, a ballerina at the Mariinsky Theatre, was also among those paying tribute.

She said: “This tragedy brings only tears and sadness.”

According to state-run news group RIA Novosti, an investigation has been launched into the death.

The outlet also said that the preliminary cause of death was believed to be an accident.

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