BRBY.L - Burberry Group plc

LSE - LSE Delayed price. Currency in GBp
2,277.00
+286.50 (+14.39%)
At close: 4:35PM BST
Stock chart is not supported by your current browser
Previous close2,005.00
Open2,010.00
Bid2,296.00 x 0
Ask2,297.00 x 0
Day's range2,096.00 - 2,300.00
52-week range1,618.50 - 2,338.00
Volume3,666,245
Avg. volume1,596,843
Market cap9.369B
Beta (3Y monthly)1.64
PE ratio (TTM)27.87
EPS (TTM)81.70
Earnings date16 May 2018 - 21 May 2018
Forward dividend & yield0.42 (2.14%)
Ex-dividend date2019-06-27
1y target est1,915.22
  • Reuters - UK Focus10 hours ago

    GLOBAL MARKETS-Stocks fall, U.S. yields rise on retail sales data

    A gauge of global equities fell on Tuesday and U.S. Treasury yields climbed as a stronger-than-anticipated report on retail sales raised the possibility the Federal Reserve could move towards a less dovish stance. U.S. retail sales rose 0.4% in June, as households stepped up purchases of motor vehicles and a variety of other goods. While the Fed is still largely expected to cut rates by a quarter of a percentage point at its July 30-31 policy meeting, expectations for a more aggressive half a percentage point cut have been scaled back.

  • Reuters - UK Focus12 hours ago

    LIVE MARKETS-Breaking ranks: no Brexit wobble for UK midcaps

    * STOXX 600 +0.4%, FTSE 100 outperforms +0.6% as sterling plunges * Burberry has best day ever after results * Weaker euro lifts euro-zone bourses * FTSE 250 defies fresh Brexit worries, pound drop Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: thyagaraju.adinarayan.thomsonreuters.com@reuters.net BREAKING RANKS: NO BREXIT WOBBLE FOR UK MIDCAPS (1631 GMT) Aside from some notable moves in individual stocks (Burberry and easyJet are standouts), one of the most significant moves today was in London. The exporter-heavy FTSE 100 outperformed its European peers while sterling plunged as investors scrambled to price in a higher chance of the country crashing out of the EU as the two candidates vying to be next PM tried to outgun each other on taking a harder stance on Brexit.

  • Reuters - UK Focus15 hours ago

    LIVE MARKETS-Industrials out of fashion

    Reach him on Messenger to share your thoughts on market moves: thyagaraju.adinarayan.thomsonreuters.com@reuters.net INDUSTRIALS OUT OF FASHION (1458 GMT) Industrial stocks are among the most unloved going into the earnings season with analysts sharply cutting profit estimates and fund managers shunning the sector. The dislike for industrial stocks is also evident among money managers: Bank of America Merrill Lynch's fund manager survey released earlier showed investors' take on the sector reversing to a 36% net underweight in July from net 15% overweight in June. With the EU capital goods sector trading at a premium to the wider indices (see below), any small disappointment in earnings is likely to lead to a sharp fall in stock prices.

  • Here’s why this FTSE 100 growth stock is rocketing today
    Fool.co.uk16 hours ago

    Here’s why this FTSE 100 growth stock is rocketing today

    Shares in FTSE 100 (LON:INDEXFTSE:UKX) member Burberry plc (LON:BRBY) jump on a positive trading update.

  • Bloomberg17 hours ago

    Burberry Analysts Laud Tisci as Stock Has Best Day in Decade

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Burberry Group Plc shares surged the most in a decade after Riccardo Tisci’s designs boosted sales growth, alleviating concerns about mainland China sales slowing down.Good demand from Chinese customers is positive for other luxury names, according to Morgan Stanley, while analysts at Goldman Sachs Group Inc. said strength in the U.S. was reassuring. Luxury peers including Richemont, Kering SA and LVMH rose in early European trading, outperforming the Stoxx 600 Index.The bears weren’t fully convinced, however. BofAML expects difficulties outside of the Tisci collection, while several analysts noted the negative sales impact from reduced markdowns of older collections, as well as the current benefit from weaker sterling. Shares gained as much as 16%, the most intraday since January 2009, before paring the advance to 12% at 12:04 p.m. in London.Here is what analysts had to say about Burberry’s results:Morgan Stanley, Elena MarianiIncreases price target to 2,000p from 1,850p, mainly to reflect company’s new guidance with currency boost; keeps rating at equal-weightThe performance of the Tisci collection and the store refurbishment program underpinned the improvements to comparable salesTone from the conference call was “confident and reassuring”Appetite from Chinese customers was very strong, representing a good read-across also for other luxury namesReiterated equalweight ratingGoldman Sachs, Louise SinglehurstRiccardo Tisci items outperformed previous collectionsRegional results to reassure investors, particularly the U.S., a source of concern throughout the luxury brands sectorThe reduced markdown in second half compared with period last year might reduce the like-for-like increaseRating neutralBank of America Merrill Lynch, Ashley WallaceRaises target price to 1,850p from 1,800p to reflect foreign exchange benefits, keeps underperform ratingSays May roll-out of Monogram collection is likely to have disproportionately benefited first-quarter figuresThough Tisci collection performed, expect difficulties elsewhere in business including first-quarter underperformance in accessoriesCiti, Thomas ChauveSales results outperformed expectations and confirmed return of consumer sentiment toward the brandIt “remains to be seen” if the commercial success of brand identity can be sustained throughout the entire year and notes that the reduced markdown in the third quarter can affect comparable salesRating neutralMainFirst, John GuyThe trading update outperformed expectations and should reassure the markets after sales increase in mainland ChinaExpects the continuing rationalization program to increase profitability as the group removes nonperforming storesRating outperformRBC Capital Markets, Rogerio FujimoriExpects trading update to be “well received” by markets given the 4% increase to comparable store salesWithout currency fluctuations the earnings outlook is unchanged, sees better returns for the risk elsewhere in the sectorRetains underperform rating(Updates share price in third paragraph.)\--With assistance from William Canny and Albertina Torsoli.To contact the reporter on this story: Timothy Abington in London at tabington@bloomberg.netTo contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Kasper ViitaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • European markets cautious as Fed-induced rally subsides and trade war looms
    MarketWatch18 hours ago

    European markets cautious as Fed-induced rally subsides and trade war looms

    European markets edged down on Tuesday as the dust settled on last week’s rally and concerns over a trade war tempered gains.

  • Burberry Monogram Is the Latest Must-Have in Fashion
    Bloomberg19 hours ago

    Burberry Monogram Is the Latest Must-Have in Fashion

    (Bloomberg Opinion) -- Burberry Group Plc just pulled a rabbit out of its vintage check hat. The British luxury brand – which is in the middle of a business turnaround – reported same-store sales growth of 4% in the three months to June 29, double what was expected by analysts. The performance is all the more notable given the disruption to its Hong Kong stores from the city’s recent protests.Under creative director Riccardo Tisci, the company is trying to move its handbags and clothes up-market to compete with the likes of Louis Vuitton and Christian Dior. Tisci’s new monogram, based on the initials of the founder Thomas Burberry, is proving a hit with Chinese millennials. Having the Burberry name emblazoned on bags and sweatshirts is winning the hearts of young Asian shoppers, as are the limited edition “drops” of products sold via Instagram and China’s WeChat.Tisci’s collection now makes up about half of the Burberry range and its sales rose by a “strong double-digit percentage.” The shares jumped more than 10% on Tuesday after the sales update was published, taking the increase since the end of May to 30%. Sterling’s weakness is helping too.Investors are clearly betting that Tisci’s creations can do the same thing for Burberry that Gucci’s recent success did for the French luxury group Kering SA. And with more of his collection due in the next nine months, there are some grounds for optimism. Burberry estimates that three-quarters of its product range will be from the new designer by March next year.But Burberry isn’t free of its recent travails quite yet. It still has a lot of old stock hanging around and a U.S. distribution network that needs refreshing. As a result, the company maintained its outlook for flat revenue and operating profit margin for this financial year.Keeping a lid on expectations at this stage is wise because there’s scope for setbacks. While Chinese shoppers have led the Burberry revival, sales to them now account for about 40% of the group total. That means any trade war-related consumer slowdown might hurt demand.Burberry also needs to better exploit the Tisci buzz. It still doesn’t seem to have gained the traction that Gucci did in the early stages of its recovery, when everyone from Beyonce to One Direction’s Harry Styles sported the label.There’s a lot riding on this turnaround. If it works, Burberry could take a leading role in fashion industry consolidation; it had 837 million pounds ($1 billion) of net cash to play with at the end of March. You could see an attempt to create a British luxury empire to rival those being built in the U.S. by Capri Holdings Ltd. and Tapestry Inc.If the recovery stalls, though, that cash balance will look mightily attractive to other industry predators. Burberry may still end up in someone else’s fashion collection.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Burberry Surges as New Designer’s Looks Boost Brand in China
    Bloomberg19 hours ago

    Burberry Surges as New Designer’s Looks Boost Brand in China

    (Bloomberg) -- Burberry Group Plc surged as demand for its social-media-savvy designer’s revamped looks took off in China.Store sales rose 4% on a comparable basis for the three months through June, double the rate analysts predicted. New collections from Riccardo Tisci, who joined the U.K. luxury brand last year after winning fame at the French fashion house Givenchy, delivered strong double-digit percentage growth, Burberry said Tuesday.The shares rose as much as 11% in London trading, the most since 2012 on an intraday basis.Tisci marked his arrival at Burberry by plastering a flashy new monogram print across store fronts and billboards, and on products including duffel bags, high-heeled shoes and trench coats in a bid to compete with logo-focused labels like LVMH flagship Louis Vuitton.Since Tisci’s first runway show for the brand last fall, Burberry has been racing to get those products into stores as the new look sparked renewed interest on social networks like Instagram and China’s WeChat.Sales in Mainland China rose in the mid-teen percentages during the quarter, outpacing analyst expectations, even as that country reported its slowest economic growth in almost three decades.New Monogram“The monogram has resonated very strongly with the Chinese,” Chief Financial Officer Julie Brown said in a call with reporters. “We’ve attracted more millennials with that range.”The company maintained guidance for flat revenue as the faster growth from Tisci’s collections will help offset the impact of store closures. Burberry has been scaling back non-luxury and discount locations to cut exposure to struggling department stores and boost perception of the brand.Burberry is the first European luxury company to report sales this quarter, and the strong report could boost prospects across the sector amid questions about the resilience of Chinese demand.Policies including recent cuts to sales taxes and import duties have encouraged Chinese shoppers to rein in foreign shopping trips and instead spend at home. Yet Chinese tourists also boosted the company’s U.K. performance, Brown said, as shoppers sought out Tisci’s looks.Burberry’s update “should reassure with a healthy uptick in mainland Chinese consumption,” MainFirst analyst John Guy said in a note. Results were better than expected across Asia, where protests in the key Hong Kong shopping hub were seen as a possible drag.Tisci has breathed new life into the brand’s designs after growth stagnated at the end of previous designer Christopher Bailey’s tenure. Previously, Bailey helped increase Burberry’s revenues fivefold with his sleek, preppy take on British style.Rihanna, MadonnaAt Givenchy, Tisci forged alliances between the storied French couture house and pop-culture icons like Beyonce and Kim Kardashian. At Burberry, early adopters of his new look have included Rihanna, Madonna, and Irina Shayk -- boosting the brand’s visibility online.A year after Tisci’s arrival at Burberry, his revamped designs made up roughly half of products in stores by the end of the quarter, the company said.(Updates with CFO comments in seventh paragraph.)To contact the reporter on this story: Robert Williams in Paris at rwilliams323@bloomberg.netTo contact the editor responsible for this story: Eric Pfanner at epfanner1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Demand for new designer's ranges lift Burberry sales and shares
    Reuters20 hours ago

    Demand for new designer's ranges lift Burberry sales and shares

    LONDON/PARIS (Reuters) - Strong demand for designer Riccardo Tisci's new fashion ranges helped revenue at British label Burberry grow faster than expected in the first quarter, sending its shares soaring as a high stakes overhaul showed early signs of promise.

  • MarketWatch20 hours ago

    Burberry Group rallies after reporting Asia-led rise in sales

    Burberry Group shares rose nearly 9% in London trade as the company reported a 4% rise in comparable-store sales in the June-ending quarter. The company said that was led by a high single-digit percentage gain in the Asia Pacific region, driven by mainland China. Burberry maintained its outlook for a "broadly stable" top line and operating margin at constant exchange rates.

  • Reuters - UK Focus20 hours ago

    UPDATE 2-Burberry leads FTSE 100 higher, mid-caps glide over sterling slip

    London's main index rose on Tuesday as Burberry scaled an 11-month high after its first-quarter update showed new designs boosted sales, and a weaker sterling aided exporter stocks, while mid-caps rose in a rare break from the domestic currency. The FTSE 100 added 0.6%, its best day in nearly 2 weeks, outperforming the broader European markets. Gains in easyJet and Aston Martin helped the domestically-focused FTSE 250 advance 0.4%, despite a hit to the local currency from mounting Brexit jitters.

  • Reuters - UK Focus20 hours ago

    UPDATE 2-Burberry bounce helps to push European stocks to 1-week high

    British fashion brand Burberry's shares jumped on Tuesday, lifting other luxury goods makers, while upbeat earnings from big Wall Street banks spurred gains for the region's lenders, driving major European markets to their highest closing levels in a week. Burberry's shares surged 14.4%, their biggest one-day gain in 7 years, as quarterly results showed demand for new designs by creative chief Riccardo Tisci picking up. Upscale retailers in Europe, including Hermes, Louis Vuitton owner LVMH and Gucci parent Kering , rose between 0.4% and 2%, helping France's CAC 40 index outperform its European peers with a 0.65% gain.

  • Reuters - UK Focus21 hours ago

    UPDATE 2-Demand for new designer's ranges lift Burberry sales and shares

    LONDON/PARIS, July 16 (Reuters) - Strong demand for designer Riccardo Tisci's new fashion ranges helped revenue at British label Burberry grow faster than expected in the first quarter, sending its shares soaring as a high stakes overhaul showed early signs of promise. Burberry shares were up 13.1% at 1001 GMT, on course for their best day in seven years. More than a year after CEO Marco Gobbetti hit the reset button on Burberry in a bid to promote a more upmarket image, the plan faced its biggest test yet with new Tisci products accounting for half the wares on offer in its shops by the end of June.

  • In makeover mode, Burberry bets on new branding to boost sales
    Reuters2 days ago

    In makeover mode, Burberry bets on new branding to boost sales

    It has a hotshot new designer known for dressing Beyonce and is experimenting with monthly product launches on social media. Now Burberry is moving past its famed camel check prints with new logo-style branding meant to give its handbags and other wares the kind of covetable cachet top luxury rivals like LVMH's Louis Vuitton have long enjoyed. It's a gamble as fans of the British label digest the unfamiliar monogram - a motif of interlocking "Ts" and "Bs" in a nod to founder Thomas Burberry - splashed onto everything from hoodies to high heels.

  • London markets advance on fresh U.S.-China trade optimism
    MarketWatch16 days ago

    London markets advance on fresh U.S.-China trade optimism

    Investors were encouraged by reports Saturday that included the U.S. suspending some sanctions on Huawei

  • European markets buoyed by lifting of Huawei ban, trade talks
    MarketWatch16 days ago

    European markets buoyed by lifting of Huawei ban, trade talks

    EUROPE MARKETS European markets rallied Monday on the perceived lightening of trade skirmishes among the U.S. and China, with tech stocks among the best performers. How did markets perform? The Stoxx 600 (XX:SXXP) rallied to 388.

  • Reuters - UK Focus19 days ago

    UPDATE 2-Housebuilders lead FTSE 100 rise, buyout offer helps Merlin soar

    A report that prime minister front-runner Boris Johnson would slash stamp duty and taxes drove gains in housebuilders and lifted London's main index on Friday, while Madame Tussauds owner Merlin surged after a buyout offer. The FTSE 100 rose 0.2%, while the FTSE 250 capitalised on a stronger pound to climb 0.8%. Housebuilders advanced after a media report said Johnson, the leading candidate to succeed Theresa May as prime minister, plans to cut stamp duty on house sales as part of an emergency budget for a "no-deal" Brexit.

  • Airbnb’s New Luxe Tier Includes a $1 Million Polynesian Island
    Bloomberg22 days ago

    Airbnb’s New Luxe Tier Includes a $1 Million Polynesian Island

    (Bloomberg) -- Gone are the days of air mattresses on the floor. Airbnb Inc. is now catering to the mega-wealthy with a new tier of luxury rentals.Airbnb Luxe went live Tuesday morning after long being teased, with 2,000 new listings on Airbnb’s website offering guests the chance to stay in some of the world’s most extravagant homes. Everything from entire islands to medieval castles and mansions decked out with water slides, dinosaur skulls, and archery ranges are up for rent.The average luxury listing has an asking price of $14,000 a week—but can go as high as $1 million a week for a private atoll near Tahiti that comprises 21 bungalows and a staff of 50.Luxury travelers have been eyeing high-quality home-rentals for a while, says Nick Guezen, Airbnb’s global director of portfolio strategy. But the market hasn’t offered enough security to high-profile and mega-rich clients who seek privacy, he says. “I think that's something that was missing—the idea of ‘I want to travel to a luxury home, but I’m not sure where to find it or who to trust.’”Which is not entirely the case, considering Accor SA-owned Onefinestay, the second-home rental platform ThirdHome, and apartment-rental company Paris Perfect are all established competitors in the space. And Airbnb Luxe itself is essentially a re-branding of Luxury Retreats, a Canadian company that specializes in high-quality listings and was acquired by Airbnb in 2017 for around $300 million. None of the listings on Luxe are new to market, they just now sit under the Airbnb umbrella.The company is betting on the strength of its brand to give it the competitive edge. “People are growing up with Airbnb,” said Eshan Ponnadurai, global marketing director of luxury for Airbnb. “Someone that started in their early 20s renting a room at $100 a night and is now growing in affluence may want a room at $1,000 a night.”Because Airbnb has become part of the cultural dialogue, renting out your home to a stranger has become legitimized in a sociological sense as well—even to the super-rich, says New York University Professor Arun Sundararajan, an expert on the sharing economy. In the past, those who own multimillion dollar properties might have been reticent to share them with strangers, but today most people know someone who has stayed in an Aribnb, he says. “It feels like a more normal activity and that lowers the barriers to rent out a more expensive home.”In 2017, only 36 percent of affluent travelers (those with an income over $100,000) surveyed by Skift Research reported to staying in alternative accommodation or home rentals. This year that number has mushroomed to 59 percent. Luxury LegitimacySince its founding in 2008, Airbnb has upended the travel industry, challenging the big hotel chains and travel sites like Booking Holdings Inc. while also attracting the ire of cities around the world that are seeking to crack down on illegal listings and grappling with rising rents. Conquering the luxury rental market will allow Airbnb to sell itself as a company that can not only comply with official rules, but also cater to the world’s richest—and most demanding— travelers. “This is a way for a luxury traveler to book a home without any worries or hassle,” Guezen says. “We can give them something that is vetted and can be trusted.”In April, it took over 10 floors of New York’s 75 Rockefeller Plaza with plans to convert them into 200 overnight apartment-style suites. In May, Airbnb added high-profile luxury retail executive Angela Ahrendts to its board of directors. Ahrendts, 58, spent five years overhauling Apple Inc.’s retail operations and, prior to that, transformed Burberry into a global luxury brand. This new luxury tier represents a lucrative revenue source as well, even if Luxe’s 2,000 listings pale in proportion to the more than 6 million listings available on the general site. The company takes a percentage of the cost of each booking it arranges, so more-expensive inventory generates higher margins and helps justify the privately held company’s $31 billion valuation. Under Airbnb Luxe, the entire fee is coming from the host and the percentage depends on the market and the type of partnership arranged with homeowners, Guezen says, but declines to give any specifics as the fees vary too much between properties. The global luxury travel market is worth more than $200 billion, and analysts expect it to continue growing.Trip DesignersThe biggest difference booking under Luxe vs. Airbnb’s regular or higher-tier Plus listings is free access to a trip designer, who arranges check-in logistics, local bespoke experiences, and services from childcare to private chefs or in-house massage therapists. (While novel for Airbnb, this sort of high-touch service, similar to that provided by Onefinestay’s dedicated concierges, is standard in super-high-end home rentals.)Airbnb’s 20 trip designers will be available to guests around-the-clock for VIP support. Some have already handled bizarre requests during Luxe’s pilot phase, such as building a temporary basketball court in Los Cabos, Mexico, for an NBA player or cordoning off a section of a jungle in Tulum for a high-profile family to cave dive in private. Homeowners or their representatives must apply to be part of Luxe. Each property is reviewed by an internal team that runs through a 300-point check list scrutinizing everything from the home’s design qualities and architecture to the quality of its linen and the water pressure in its showers. Listings include the Fleming Villa in Jamaica where Ian Fleming penned his James Bond novels and a medieval castle in the Tuscan countryside with nearly 100 acres of land for hiking and harvesting local produce. Many of the homes are owned by megawealthy families, including billionaires and celebrities, Guezen says. Some own multiple properties around the world and rent up to half a dozen through the site, he says. In order to protect the host’s privacy, guests are never told who owns the property and each home is stripped of anything that could personally identify them, like a bedside photograph or snail mail. Staff are advised not to disclose the identity of hosts or guests and each property is insured by Airbnb’s standard $1 million guarantee to cover any damages. Guezen says these super-rich hosts rent out their vacation retreats not only to monetize their assets, but also to ensure that the properties are well-oiled for their own stays. The move into luxury rentals is the next step in Airbnb’s plan to diversify its business ahead of an initial public offering likely next year. The company has been working toward becoming an end-to-end travel platform that can one day help travelers book flights through the site. Earlier this month it expanded its Experiences platform to include adventure tourism, offering travelers the chance to search for UFOs in Arizona or track lions on foot with Samburu guides in Kenya.Airbnb says the launch of Luxe helps meet increasing demand for luxury properties. In 2018, the number of Airbnb bookings for listings worth at least $1,000 a night increased by more than 60 percent, according to the company. “Today’s luxury traveler is craving more than just high-end accommodations,” Airbnb Chief Executive Officer Brian Chesky said in a statement. “They seek transformation and experiences that leave them feeling more connected to each other and to their destination.” Example Luxe ListingsCaribbean Literary HavenYou can book a stay at the Fleming Villa in Orcabessa, Jamaica, where Ian Fleming found inspiration for his James Bond novels. In addition to five bedrooms, there’s a private swimming pool and access to the Caribbean, along with the use of amenities at the nearby GoldenEye Resort, such as tennis, yoga and a spa. The open-plan bungalow layout features bamboo furnishings, high ceilings, and large windows. $4,455 per night; three-night minimumCote d’Azur VillaThis nine-bedroom, 18-bath property gives you access to Cannes, France, the Mediterranean, and nearby mountains. There’s a wine cellar, library, infinity pool with pool bar, and a terrace. The interiors have a serene tone with neutral colors and white sofas, and an included private chef and housekeepers ensure that you don’t have to lift a finger while on vacation. $13,265 per night; 30-night minimumMexican Beach EscapeThis hacienda-style villa in San Jose Del Cabo, Mexico, has six bedrooms and eight and a half baths for up to 15 guests. It has a waterslide descending into a curving infinity pool as well as an ocean-view terrace and and on-call, in-house masseuse. $3,200 per night; four-night minimum Entire Island  ResortNukutepipi, a private island in French Polynesia, features multiple houses and bungalows surrounded by palm forests and white-sand beaches. The staff includes a chef, captain, doctor, massage therapist, and activity coordinators. There’s a master villa and 15 guest houses with a total of 21 bedroom suites, making it perfect for weddings or group retreats. $146,183 per night; seven-night minimumTo contact the authors of this story: Olivia Carville in New York at ocarville1@bloomberg.netClaire Ballentine in New York at cballentine@bloomberg.netTo contact the editor responsible for this story: Justin Ocean at jocean1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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