The Great €3 Billion Shipping Container Heist

How P&R Containers shifted from shipping to the more profitable business of simply ripping people off.

By Giulia Morpurgo and Laura Malsch

September 29, 2024 at 9:01 PM PDT

The Munich suburb of Grünwald is home to some of the richest people in Germany—old money sprinkled with a few corporate chieftains and sports stars. The place oozes respectability and discretion, with residents who appreciate neighbors who don’t ask too many questions.

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Luxury stocks have gotten a huge boost from China’s stimulus this week

Kelly Cloonan 

Sep 27, 2024, 12:59 PM PDTShareSave

Hermes
A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes on Thursday said operating margin last year reached its highest level since the French luxury group listed in 1993 on robust demand for its hand-crafted leather goods and printed silk scarves. REUTERS/Philippe Wojazer
  • Shares of Hermes, Cartier-parent Richemont, and LVMH soared more than 15% this week.
  • The surge comes as Chinese officials pledge to ramp up stimulus measures to combat the country’s sluggish economy.
  • European luxury stocks have struggled this year amid weak Chinese demand.

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