Bernard Arnault could surpass Jeff Bezos and Bill Gates to become the world’s richest person

New York (CNN Business)Jeff Bezos and Bill Gates can clearly afford a lot of leather wallets from Louis Vuitton and little blue boxes from Tiffany. But the world’s two richest people could soon find themselves worth less than the head of LVMH because of its takeover of Tiffany. Arnault, Bezos and Gates are all comfortably ahead of other mega-billionaires as well. According to Forbes, Berkshire Hathaway’s (BRKB) Warren Buffett is worth $86 billion while Facebook (FB) CEO Mark Zuckerberg has a net worth of about $75 billion. Oracle’s (ORCL) Larry Ellison and Spanish retail magnate Amancio Ortega, the co-founder of Inditex, which owns the Zara fast fashion chain, are each worth just under $70 billion. Original Article : HERE ; …

Home Depot is struggling to sell stuff online

New York (CNN Business)Home Depot is spending a lot of money to become a bigger player online, but the results aren’t working out as well as the retailer had hoped. Home Depot reported revenue that missed forecasts Tuesday morning and lowered its sales outlook too. Home Depot, like its top rival Lowe’s (LOW), has been a bit more immune from the threat from Amazon (AMZN) and other online retailers since home improvement shoppers, especially professional builders, typically want to see and feel the product they are buying instead of just having it shipped to them. Still, the sales setback for Home Depot Tuesday will only put a small dent in what has otherwise been a solid year for the company. …

Three rate cuts in a row? Investors hope it’s true

London (CNN Business)Happy Sunday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. The view: “The deceleration in domestic demand, weaker wage pressures and declining inflation expectations suggests that economic weakness is spreading and that more action may be needed in the coming months,” ING economists said in a note to clients on Friday. They expect the Fed to follow up additional rate cuts in December and January. That schedule, however, is dependent on the data — and some important indicators will be delivered later in the week. An advance estimate of third quarter GDP for the United States is expected to come in at 1.7%, …

Anthony Scaramucci is worried about the trade war

New York (CNN Business)In a tweet that he pinned to the top of his Twitter feed, Anthony Scaramucci says he “made a mistake” supporting President Donald Trump. The tweet links to an August op-ed Scaramucci wrote about the White House for The Washington Post. When discussing the president’s comments about being “locked and loaded” following an attack on Saudi oil fields, Scaramucci told CNN’s John Berman last week that Trump has “a “predictable level of irrationality.” Why Scaramucci now calls Trump ‘horrific’ and ‘despicable’ He also said in a recent interview with CNN’s Anderson Cooper that Trump has low self-esteem and is “tearing at the fabric of the American social society.” And he even went so far as to tell …

The United States is delaying some tariffs on China. Markets are moving higher

Hong Kong (CNN Business)Global stocks are mostly on the rise after the United States and China took small steps toward cooling trade tensions between each other. Trump declared the US tariff delays as a sign of “good will” toward China. He said that an increase of tariffs from 25% to 30% on $250 billion worth of goods will be pushed from October 1 — the 70th anniversary of the People’s Republic of China — to October 15. The exemptions announced by China also indicate an “olive branch” that suggests the country’s willingness to end or at least de-escalate tensions between the two sides, said Stephen Innes, a market strategist for Asia Pacific at AxiTrader. But weak economic data from both …

Asian stocks rally on news that US-China trade talks will pick up again

Hong Kong (CNN Business)Stocks in Asia mostly rallied Thursday after Chinese officials announced that they’ve agreed with the United States to hold another round of trade talks in Washington next month. The two sides will continue talking before then, according to the Commerce Ministry. A spokesperson for Lighthizer’s department confirmed the two sides talked and agreed to hold talks in the US capital “in the coming weeks.” Global markets have spent last few weeks in a state of anxietyas the US-China trade war has escalated dramatically. The latest round of tariffs the United States and China imposed on each other went into effect on Sunday. More tariffs are on the way. “Any sliver of optimism on the trade war front …

The maker of Bratz is still trying to buy Mattel

New York (CNN Business)MGA Entertainment, the toy company that owns the Bratz and L.O.L. Surprise! dolls, really wants to buy Barbie maker Mattel. Shares of Mattel (MAT) rose nearly 9% in early trading Wednesday and the stock is now up about 20% this year. MGA was not immediately available for further comment. Mattel declined to comment. But according to the correspondences released by Larian, Mattel’s chief legal officer Bob Normile responded to Larian’s offer on June 7 with a firm “no.” Normile said that Mattel’s board “has unanimously concluded that your proposal is not in the best interests of Mattel and its shareholders.” He added that Mattel “is not interested in further discussions.” The leak of these emails is the …