Economy

Chanel’s advent flop, Holmes on the stand and Bambi the finance minister

Planet Business: Dreaming of a steel Christmas

Rockin’ around the steel-and-glass Christmas tree in Bordeaux in France, where the mayor is not a fan of ‘dead trees’. Photograph: Philippe Lopez/AFP

Laura Slattery's face
Laura Slattery
Sat Dec 11 2021 - 05:44

Image of the week: O Christmas Tree

You better watch out, you better not cry, you better not pout, I'm telling you why: this 11m, mirror-adorned Christmas tree in Bordeaux, France, is made entirely of recyclable steel and recycled glass. So it must be good. Designed by Arnaud Lapierre, its presence on the Place Pey-Berland, right in front of the city's Saint-Andre cathedral, springs from mayor Pierre Hurmic's declaration last year that he would end the "expensive" tradition of installing what he called a "dead tree" in the city. A much-signed petition to reverse the decision came to no avail. This steel-and-glass effort is a compromise, though rather than go full brutalist, the workers pictured here are stringing it with lights. O Christmas Tree, O Christmas Tree, how lovely are thy steel branches.

In numbers: Luxury woes

$825 
Cost of a Chanel advent calendar, which even in euro (€729) sounds like a bit of an investment purchase. It went on to be mercilessly mocked on TikTok for including disappointing items such as branded stickers, a keychain and a magnet.

5 
The luxury calendar, shaped as a giant perfume bottle, starts on December 5th, instead of the more usual start date of the 1st, in a nod to the 100-year-old perfume, Chanel No 5.

16 million 
The original video by TikTok creator Elise Harmon has been viewed at least this many times. She followed up with more, while several other TikTok users also joined in the fun.

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Getting to know: Christian Lindner

With the previous incumbent in the role, Olaf Scholz, promoted to become the new Angela Merkel, Europe's largest economy has a new finance minister and his name is Christian Lindner. The leader of the Free Democratic Party – the smallest of the three parties in Germany's new coalition government – Lindner (42) made no secret of his ambition to be finance minister despite having no experience of finance, business or running a government ministry, and now he's got what he wanted. Nicknamed "Bambi" on account of the early start to his political career – he joined the Free Democrats aged 16 – Lindner took his party out of coalition talks after the last German federal election in 2017, but this time he's well inside the fold, marrying his flashy personal style to a brand of fiscal conservatism that isn't exactly endearing him to everybody. What could go wrong?

The list: Holmes again

Elizabeth Holmes, founder and former chief executive of defunct blood-testing company Theranos, has left the stand in her fraud trial. But what did we learn from her answers to her defence team and cross-examination by prosecutors?

1. Whistleblower regret. "I sure as hell wished we treated her differently and listened to her," said Holmes of a young lab worker who blew the whistle on Theranos's dodgy claims.

2. Media relations. She was similarly contrite about her efforts to quash a damaging Wall Street Journal story – which included a direct appeal to its owner, Rupert Murdoch. "We totally messed it up."

3. Balwani testimony. Holmes said she wasn't aware of any problems with the Theranos blood-testing system until a federal audit in 2015 of its lab operations, run by second-in-command Ramesh "Sunny" Balwani. She also accused Balwani, her former partner, of abuse.

4. Helicopter issue. Holmes was asked if she had told investors Theranos devices were being used on military helicopters. She said she did not think she had, as this would have been incorrect. Several investors testified that she did.

5. Pharma logos. Holmes admitted applying Pfizer and Schering-Plough logos to a lab report shown to executives at pharmacy chain Walgreens, but claimed she hadn't been trying to deceive anyone. Will the jury believe her?

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