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ECB Warns Europe Could Suffer In US-China Trade War

The European Central Bank (ECB) is considering further interest rate cuts as inflation moderates, but its board member, Piero Cipollone, expressed concern over the potential impact of the ongoing US-China trade tensions on the eurozone. Cipollone noted that while there is room to lower rates further, higher energy prices and global trade uncertainties, including the US-China trade war, complicate the outlook.

The ECB has already cut rates five times since June, with expectations for at least three more rate cuts in 2024 to support economic recovery. However, Cipollone cautioned that committing to a specific timeline, including a likely rate cut in March, remains uncertain due to geopolitical risks.

One significant risk identified by Cipollone is the potential fallout from US tariffs on China, which could force China to redirect its manufacturing and dump discounted goods in Europe. This could hurt European growth and pricing, despite the euro’s likely depreciation against the dollar.

Despite these risks, Cipollone emphasized that a recession is not expected, with strong labor markets, consumption, and construction providing support. The eurozone is not experiencing a boom, but growth is expected to continue, bolstered by ECB rate cuts and signs of stabilization in industrial sectors.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

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