China's Summit Starts, LVMH To Buy Bulgari
Officials from across China are in Beijing for the country's annual summit of the National People's Congress. It's where China's leaders lay out priorities for the next five years. Also in the news, LVMH, which owns many high-end brands, has been snapping up more as the market for luxury goods recovers from a recent slump
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RENEE MONTAGNE, host:
NPR's business news starts with China's plans for coming years.
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MONTAGNE: Officials from around China are in Beijing for the country's annual summit for the National People's Congress. It's where China's leaders lay out plans and priorities for the next five years. Premier Wen Jiabao says his country is set for more years of fat growth. He also addressed issues that are a source of increasing frustration for many ordinary Chinese: the gap between rich and poor, inflation and surging home prices.
Discount over housing has prompted the government to roll out affordable housing plans, including one that would create 10 million housing units this year.
ARI SHAPIRO, host:
And now a bit of business news from the world of luxury goods. The conglomerate LVMH is adding to its portfolio. Its brands already include Louis Vuitton and Christian Dior. Now it's buying a controlling stake in the Italian watch and jewelry maker Bulgari. LVMH has lately been snapping high-end brands. The market for lunch goods is recovering from a recent slump. Bulgari recently reported a 21 percent jump in quarterly revenue, due in large part to strong sales in Japan.
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