September 9, 2020 Biz in 60

LVMH pulls out of $16.2B Tiffany deal citing US tariffs French luxury goods giant LVMH is scrapping its planned 16-point-2 billion dollar takeover of US jeweler Tiffany. The largest-ever deal in the luxury sector came under pressure after the Trump administration threatened to impose tariffs on French goods. Tiffany said it has filed a lawsuit against the Louis-Vuitton owner for a breach of its obligations. Tullow Oil slumps to $1.3B net loss, shares tank Africa-focused energy group Tullow Oil has slumped to a one-point-three billion dollar net loss for the first half of the year. That was largely due to the British explorer writing down the value of its assets up to one-point-four billion dollars on expectations of lower energy prices. Shares in Tullow Oil plunged as much as 20 percent after the report. Berkshire Hathaway to invest $570M in Snowflake Warren Buffet's Berkshire Hathaway is investing more than 570 million dollars in cloud database company Snowflake. It was revealed as Snowflake published an indicated price range for its upcoming initial public offering that could value the company at up to 23-point-seven billion dollars. The IPO could raise around two-point-seven billion dollars for the startup.