Lex: notes from the past 24 hours

Hermès’s revenue growth in high-margin leather goods shows why the group leads the luxury sector on valuation

https://www.ft.com/content/d70a2ddc-6cfe-46a9-9be8-feb2252795cc

Recent turnaround still owes most to a steep and persistent valuation discount

https://www.ft.com/content/acfc1222-d8f7-499a-9303-c38ba964c0ef

Any deal would need South African government’s approval while cost savings are another issue

https://www.ft.com/content/a2aa1b76-a17f-4953-8e27-48dc05bf5cee

Artificial intelligence is a multibillion-dollar project with no clear timeline for revenues

https://www.ft.com/content/698c79e0-0b0b-401d-8132-99a42f236b92

Admonitions about staff trading in their employer’s shares may now need to be broadened

https://www.ft.com/content/79205883-a612-4e85-af0d-393a4af1f145

Plus, electric vehicles, Embracer, UK asset managers, Prysmian

https://www.ft.com/content/99e11297-379d-4d08-b578-58a9391ffbf1

At depressed valuations, SenseTime offers a low-risk bet on a potential winner

https://www.ft.com/content/16bf83d1-0c51-456f-b283-8c7fe085ec68

The Financial Conduct Authority already has deterrence tools at its disposal

https://www.ft.com/content/067e9306-6a17-4946-988b-def29ee49330

Miners are battling to whittle down the oversupply of gems

https://www.ft.com/content/b976ef65-f984-4b1f-a890-fc415a75226b

Elon Musk sends confusing message on earnings call

https://www.ft.com/content/774c61b2-646d-4821-93eb-9d683135404e

The FTC has defined a specific market of accessible luxury it says will be harmed if the deal goes through

https://www.ft.com/content/f9afbe41-9849-4e62-aac2-43bbc64dc1e2

Chabaidao’s experience reflects weak local investor sentiment

https://www.ft.com/content/c82d23d9-e5a3-4f2d-a7bf-a584677939cc

Shell, Total and Chevron are all drilling, or planning to drill, in the Orange oil basin

https://www.ft.com/content/ab3d1bbf-7e7f-4abd-840e-cf0a30186c7f

European carmakers should use this market slowdown to play catch-up with Chinese rivals

https://www.ft.com/content/79675490-b584-47da-bebf-2c64151776b0

Tax preparer Intuit’s market valuation bigger than Goldman Sachs after becoming unexpected beneficiary of AI enthusiasm

https://www.ft.com/content/76fbe701-b6ae-4b97-960b-181576b52728

Embracer’s move is a pragmatic solution to its excessive debts but an attractive one

https://www.ft.com/content/b551ad62-a9d6-4f3a-8609-e7c54f909484

The basic issue for the sector is that revenues are flatlining

https://www.ft.com/content/1b947691-15d5-4999-924b-cd1303ec15e0

Total cost figures are misleading, with few students actually paying the headline amount

https://www.ft.com/content/3bc63528-62f9-46e1-940c-f47b78ceb375

Rules are tightening and prices rising but plenty of schemes remain open for business

https://www.ft.com/content/bbbab237-e012-4385-88f8-6cbda1b73f59

Dealmaking may have picked up but there is still a need for caution after a protracted slump

https://www.ft.com/content/91ac97cd-b2e3-49b6-ad1e-1ec7c5b5accc

Inflation-weary consumers are not the only problem for the online clothing rental company

https://www.ft.com/content/27a87f54-5514-4af4-aaec-0c62a4595f6b

Expect more deals after Prysmian’s acquisition of Encore Wire

https://www.ft.com/content/66bf9ee5-1b3c-4c9f-9223-99295cd39794

There remains a logic to separating functions of chair and chief executive

https://www.ft.com/content/50182550-1afa-4082-8751-f63cb2d75720

Victory Capital deal will nearly triple US assets under management

https://www.ft.com/content/f71fd569-7d6d-4284-ba89-33aa49055a65

An unwinding of the Ticketmaster deal no longer looks far-fetched

https://www.ft.com/content/b07aa12a-a796-4f43-b394-56baabf4e901