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Artist behind the war dead helmet claims that Olympics from Ukraine 'look surreal.
Iryna Prots, a Ukrainian artist who created the banned helmet of skeleton racer Vladyslav Heraskevych that depicts Ukraine's war-dead, feels detached from the?Games. The 52-year old woman said in her apartment in Kyiv, "Honestly, I find the Olympics surreal." Because the Olympics have always been about peace... when the world was united. Russian airstrikes have ravaged the Ukrainian capital’s electricity grid, causing its residents to be in darkness and cold for months. Russian forces are making slow progress in an attritional conflict that is now entering its fifth year along the 1,200 km frontline. The Prots helmet, featuring portraits from two dozen Ukrainians killed in Russia's War, is at the heart of the standoff between Heraskevych & the International Olympic Committee. They pleaded to him on Wednesday not to wear it. The IOC banned the helmet on February 2, citing that it violated the rules for political statements during the Games. This ruling sparked widespread anger among Ukrainians. Heraskevych's friends were among the dead. He refused to comply and could be disqualified when the competition begins on Thursday. The 27-year-old finished fourth at the World Championships in 2017. On Wednesday, when asked if the helmet was there or not, he replied: "Yes." Artist: DESIGN SHOWS REALITY OF WAR Prots claimed that Heraskevych had asked her, who she knew since he was young, to decorate his helmet. She called her design "a challenge", meant to confront the world with war's reality. The Russian invasion has left behind tens and thousands of psychological scars and ravaged large areas of Ukraine. Kyiv is also under pressure by the Trump administration in Washington to quickly agree on a peace agreement. Prots said, "The world doesn't want the truth to be known." They don't know why we didn't give in, why we weren't willing to surrender. HERASKEVYCH SUPPORTED BY UKRAINIANS Prots' birthday is on the '24th anniversary' of Moscow's invasion on February 24, and he describes each athlete on Heraskevych helmet as an asset lost for the war torn country. She said: "Each pair... of eyes could be seeing the world right now, and they could be competing for their own medals or standing on their pedestals." Moscow says that sport and international conflict should be kept separate. Heraskevych has received a flood of support, including from President Volodymyr Zelenskiy. Svitlana Shevchenko, 37 years old, is a Kyiv resident who described Heraskevych, as a symbol for how Ukrainians strive to achieve in spite of suffering. We want to live and reach new heights. And we want the world to know it. (Additional reporting and writing by Yurii and Karolos, Alison Williams and Daniel Flynn.
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Five police officers killed in an attack in Northwest Pakistan
Police reported that five police officers were killed by militants in northwest Pakistan on Wednesday as the nation grapples with an increasing wave of Islamist violence. The police said that they were attacked upon their return after an operation against militants?on the outer outskirts?of the city?of?Dera Ismail Khan. A police statement said that the militants were hiding in a forest and opened fire on police patrols. The statement said that the police killed four militants as a result of a retaliatory strike. The attack was not claimed by anyone. The city is located on the edge of Waziristan, an area that has been ruled by lawlessness along the Afghan border. This area has long been a haven for jihadists, including local Taliban and Tehreek-e-Taliban Pakistan. Since the TTP revoked the ceasefire agreement with Islamabad in late 2022, militant?violence is on the rise. On?Friday, a suicide bomber killed more than 30 people at a mosque in Islamabad.
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Von der Leyen: EU needs to simplify regulations in order to compete with US and China
Ursula von der Leyen, President of the European Commission, said that the EU must simplify its regulations to be more competitive with the United States and China. Over the last two decades, EU growth has consistently been lower than that of?the United States, with EU innovation and productivity, especially in fields such as AI, falling behind. "Let's take the U.S. as an example again." Von der Leyen stated on Wednesday that there is only one financial system and capital. "In Europe, we don't only have 27 different systems of financial supervision, each with their own supervisor. More than 300 trading platforms are spread across the European Union. This is a fragmentation of the highest order. "We need a large, deep and liquid market for capital." Demands of Business Leaders Before EU leaders meet in a Belgian Castle on?Thursday, to discuss how to compete economically with China and America as the rules-based order is thrown into disarray, some leaders will gather?on Wednesday for an industry summit with company heads to listen to the demands of European businesses. The European steel giant ArcelorMittal will be joined by Heidelberg Materials, a building materials company, and Solvay, a chemicals group. They all want the EU to take stronger action against industrial decline. Business leaders have asked the EU to address Europe's high prices for energy and take action to stimulate demand for low carbon products. "The great thing about European issues is that Europe can fix them if they want to. Siemens Energy CEO Christian Bruch said that a lot of it is about flexibility, less paperwork, and more flexible labor laws. EU TENDING DOWNWARDS? Industry-commissioned research, published ?on Wednesday, suggested Europe's economic vital signs are trending downward. Deloitte's report found that the EU was clearly ahead of its international counterparts in only three out of 22 criteria assessed for competitiveness. This included use of recycled material. In terms of energy prices and costs to businesses, Europe lags behind the U.S. The EU is currently drafting a new law that will require "Made in Europe", or European-made, goods to be purchased through public procurements. This will reduce the EU's heavy dependence on China in terms of key technologies. Brussels is also planning to revamp its main climate policy - the EU carbon markets - which have become "increasingly political sensitive" as industries battle high energy prices and cheaper imported goods. Divergence in Strategy The EU has to contend with Donald Trump’s trade war, as well as Chinese export restrictions of minerals that are vital for the 27-nation group. It requires more wealth to fund decarbonisation?and digitalisation, and to strengthen its defense against a belligerent Russia. While all EU nations want to create a more competitive union, they differ?on the best way to achieve it. Emmanuel Macron, the French President, has reiterated his call to the EU for more common borrowing in order to invest in large scales and to challenge the hegemony the dollar. He also pushed the "Made in Europe' strategy. The EU's approach has caused a split in the EU and alarm among automakers who import many parts for their cars from outside of the EU. Germany stresses the importance of trade agreements and says that the key to boosting productivity is not building new debt but rather boosting productivity. Mario Draghi, former Italian Prime Minister, and Enrico Letta will be attending the summit on Thursday. They are authors of two influential 2024 reports about the EU's challenges in competitiveness and its "single market". Letta's key message was to set a date for the completion of the EU "single market" by 2028. He said: "I believe that's the only way you can respond to Trump, and to the external pressures the European Union faces from China and Russia in addition to the U.S.," he explained.
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Sources say Jacobs' QXO will buy Kodiak at $2.25 billion to take on Lowe's and Home Depot.
QXO Building Products, headed by billionaire Brad Jacobs and his team, has agreed with Kodiak Building Partners to purchase the smaller private distributor for $2.25 million. According to two people who have direct knowledge of the deal, QXO is led by billionaire Brad Jacobs and has agreed to buy smaller private distributor Kodiak Building Partners for about $2.25? Jacobs, chairman and CEO at QXO has been trying to compete with retail giants Home Depot, Lowe's and Lowe's for building product distribution. QXO has acquired Beacon Roofing Supply for $11 billion last year. Beacon Roofing Supply was purchased for $11?billion by QXO. This comes after Jacobs' hostile takeover bid against Atlanta-based Home Depot last June. Jacobs' efforts to increase QXO's $5? The loss slowed Jacobs' push to expand QXO's roughly $5? His next moves will be under increased pressure as he faces a revenue base of $50 billion. QXO competes in wholesale building materials distribution with Home Depot, valued at $388?billion, and Lowe's, valued at $160?billion. Lowe's, valued at $160 billion and $388?billion, is the leader in wholesale distribution of building materials. One person said that the Kodiak?deal will be followed in the next few months by other transactions, including private or public companies. Both spoke under condition of anonymity as the information was private. Kodiak declined comment. Jacobs didn't immediately respond to our request for comment. According to previous disclosures, Jacobs's earlier takeover attempts were backed both by?Affinity Partners?, the investment firm founded Jared Kushner?, U.S. president Donald Trump's daughter-in-law?, and Sequoia Heritage. GO BEYOND ROOFING QXO shares many suppliers with Kodiak - 16 out of Kodiak’s top 20 vendors supply QXO. This allows the acquirers to increase their purchasing power and sell more products to the customers they already know. Jacobs said that he plans to use artificial intelligence at QXO to better forecast demand, manage inventory and cut costs. QXO and Kodiak are in the same industry, but they sell different products. QXO now offers a broader range of construction supplies, including lumber, trusses and gypsum, which are important to regional and large contractors and homebuilders. According to its website, Kodiak offers fabrication and installation services in-house. According to the terms of this deal, QXO is paying $2?billion cash and issuing 13.2?million QXO shares to?Kodiak's owners. The person said that the option was retained by QXO for the repurchase of these shares at $40 each. The deal will see QXO issue 13.2?million shares of QXO to the owners of 'Kodiak.' They retain an option to purchase these shares at $40 per share, according to this person. Kodiak generates an annual revenue of $2.4? Kodiak has an annual revenue of $2.4? According to people familiar with the deal, QXO paid an enterprise value that was equivalent to approximately 10.7 times Kodiak’s projected earnings in 2025 before interest, taxes and depreciation, and around?0.95 sales. As high U.S. interest rates continue to put a strain on home building and large renovation and repair projects, distributors are preparing for a recovery as the rate is expected to fall. QXO recently gained a?extra cash and borrowing space to?fund purchases, including a $3?billion convertible preferred funding led by Apollo?and Temasek. In the last two years, consolidation has increased in the building products industry. Home Depot agreed to buy SRS Distribution in 2024 for approximately $18.25 billion and then acquired GMS through SRS. Lowe's responded with its $8.8 billion purchase of Foundation Building Materials and an earlier acquisition of Artisan Design Group. Lowe's countered with its $8.8? Reporting by Sabrina Valle, New York; editing by Dawn Kopecki & Jamie Freed).
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Olympics-IOC begs Ukrainian Heraskevych not to wear a war dead helmet at the Games
The International Olympic Committee (IOC) pleaded with Ukrainian skeleton racing Vladyslav Heraskevych on Wednesday to avoid disqualification by not wearing his banned helmet that depicted?Ukrainian soldiers killed in the war against Russia? The?IOC on Tuesday banned the helmet from any competitions at the Olympics because it violated the rules regarding political statements during the Games. This angered Ukrainian politicians. The 27-year old, who trained in Italy for days, including Wednesday, wearing a helmet that featured 24 images of Ukrainian athletes dead, said he would wear it during the competition on Thursday. He can wear it during training at the Cortina Sliding Centre but not for competition. Mark Adams, IOC spokesperson, said at a recent press conference: "We'd beg him to compete." We will contact the athlete and remind him of the numerous opportunities to express his grief. We want him express his grief." Heraskevych replied "yes" when asked by a reporter on Wednesday whether it was the helmet or nothing. Rule on Political Statements Athletes are free to 'express themselves freely in interviews, press conferences and social media during the Games. However, they may not make political statements "on the field of play" or at the medal podiums. Heraskevych was told by the IOC on Tuesday that he can wear a black wristband in place of a white one. "We want him competing." "We really, really wanted him to have his chance," Adams said. He added that there are dozens of conflicts in the world and it would be impossible for political statements to be allowed at the venues. The Olympic Charter, Rule 50.2, states that athletes are free to express themselves on the?fields or podiums' but not on political or religious issues. Adams stated, "It's what athletes want." Adams said, "This specific moment on the playing field should be free of distraction." It is not the message that matters, but the location. The field of play is sacred to us and athletes. "These?people" have dedicated their entire lives to this moment, he said. Adams said that the IOC will look at ways to convince him from now until next Thursday, including having other athletes speak to him. It is in everyone's best interest that he compete. "I don't think we have an answer to this problem, but I believe it is best to speak to people in order to resolve the issue," he said. All athletes, including Heraskevych will be required to undergo a material check on Thursday before entering the ice channel for 'the competition. The IOC will have to remove him if he insists that he wears the helmet. "There are rules, and they will be enforced." Adams stated that the IOC will ultimately be responsible for this matter. (Reporting and editing by Alison Williams; Additional reporting by Julien Pretot, Karolos Grohmann).
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Saudi and US firms partner on northeast Syria Energy Project
Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S. lifted its most severe sanctions in December. Syria's infrastructure for energy is badly damaged after 14 years of conflict and needs billions in investment. The government is seeking foreign investment to help repair it. Jonathan Bass, CEO of Argent LNG, confirmed that both companies expect to sign a Memorandum Of Understanding for the project within the next few weeks. Bass said: "We are very excited to realise the visions of U.S. president Donald Trump and Syrian president Ahmed al-Sharaa. We will bring the country from darkness to the light." Youssef Qeblawi, the head of Syrian Petroleum Company, did not reply to a comment request. A spokesperson from Hunt declined to comment. Baker Hughes and TAQA?did not respond to emailed comments. In July, the three U.S. firms signed an MOU for developing a masterplan to improve the energy sector of the country. Reports had stated that Saudi Acwa was to be involved in the project. A person familiar with this matter said that while a representative from Acwa was present at a February meeting in which representatives of other companies, including the head of Syrian Petroleum Company, discussed the project, the company does not plan to participate in the actual project. Acwa released a statement saying that the Joint Development Agreement in Syria announced recently is exclusive to studies on water desalination, water transmission and does not include oil or gas exploration or production in any way. The Kurdish-led Syrian Democratic Forces have agreed to integrate with the state, after they were pushed back last month by?government forces. Bass, a proponent for the lifting of U.S. sanctions on Syria who was an early supporter, stated that the goal was to bring Syrians closer together by equitably sharing the resources of the country. He said that "this new development under a single Syrian flag unites east and west by weaving the country together through economic benefits." Saudi Arabia, which is a major ally of Sharaa, announced over the weekend multi-billion dollar investments in Syrian infrastructure, transport and telecoms. U.S. energy company Chevron, in partnership with Qatar's UCC Holding and a firm which plans to produce 5 megawatts of electricity, signed an agreement last week for the exploration of Syrian offshore gas.
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The Kremlin announces that Russia will strengthen its ties with Armenia, Azerbaijan and Georgia after Vance's visit
The Kremlin announced on Wednesday that Russia intends to develop its'relationships with both Armenian and Azerbaijan after U.S. Vice President JD Vance visited these two South Caucasus countries. Vance, the US Secretary of State, signed a deal with Armenia to build a new nuclear power plant. Armenia operates a Soviet-era nuclear?powerplant and wants to upgrade it. Dmitry Peskov, Kremlin spokesperson, said Azerbaijan & Armenia are sovereign nations who have the right to formulate their own foreign policy. He also stated that Moscow has 'deep and mutually beneficial ties' with both nations. "We have a vast range of bilateral relations with Baku and Yerevan that cover all areas. They include trade and economic co-operation, mutual investment, cultural relations and more. "We intend to continue developing our relationships with our partners, so that not only are they beneficial for us but also for them." Peskov stated that Russia is well-positioned to "tender" for any new nuclear power plants in Armenia. Peskov said that Russia, as the world's most advanced country on this subject, is able to withstand the highest levels of international competition. "If partners demand such competition, Russia is able to provide a better quality for many more years at a lower price." (Reporting and writing by Dmitry Antonov, Anastasia Teterevleva/Andrew Osborn; editing by Guy Faulconbridge).
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Eramet: Indonesia nickel volume to be reduced for 2026
The French mining company Eramet said that its nickel joint venture in Indonesia received a 'initial production allowance' of 12 milliard wet metric tons this year. This is down from the 32 milliard it was initially granted for 2025. Eramet's joint venture PT Weda bay?Nickel will apply for an upward revision as soon as it can, according to a statement. It also added that the 2025 allowance had been increased in July last year?to 42 millions wet metric tons. Local media reported on Tuesday that Indonesia had approved nickel mining quotas for 2026 of between 260 and 270 millions metric tons, according to Tri Winarno, an official in the mining ministry. Indonesia's Energy and Mineral Resources Ministry spokesperson said that "all RKABs remain under discussion including?adjustments in the production of various mineral and coal products." The benchmark three-month Nickel?on London Metal Exchange was up 2.2% to $17.880 per metric tonne at 0912 GMT. It had previously gained as much as 2.8% to $17.980, its highest level since January 30. Reporting by Gus Trompiz in Jakarta and Dewi Kerriawati. Mark Potter and Bernadette B. Baum edited the story.
Gold drops from over a week high due to delayed US data
The dollar remained firm on Tuesday as gold prices fell from a peak of over a week. Investors awaited delayed U.S. data that may help refine expectations about future Federal Reserve rate reductions.
Gold spot dropped 0.2%, to $4,129.89 an ounce, by 0942 GMT. This follows a surge of more than 2% the previous session. Prices had risen to their highest levels since November 14 earlier in the day.
U.S. Gold Futures for December Delivery were 0.8% higher, at $4.126.60 an ounce.
The dollar remained close to the near six-month peak reached last week, limiting bullion's gains as a stronger greenback increases gold's price for holders of other currencies.
Nitesh Sha, commodities strategist at WisdomTree, said: "We have seen a broad rise across all assets. This is partly due to the markets reevaluating the timing of future Fed cuts."
The shutdown has delayed the release of new data, which is adding to the volatility. However, the fragility of the market itself continues to be in gold's favor. Even today's pullback appears to be a normal correction after the prices rose too quickly."
Later in the day, the U.S. releases retail sales data and producer price data. The shutdown delayed the release of both datasets. Investors are expecting to get a better understanding of the Fed rate path.
CME data shows that the markets are pricing in an 81% probability of a rate cut for December and an 86% chance of one in January.
On Monday, Fed Governor Christopher Waller stated that the labor market has softened to the point where another quarter-point reduction in December is justified. However, further steps will depend on the data.
John Williams, the New York Fed president, had said that rates may fall "in a near-term."
Low interest rates are a good thing for non-yielding gold.
Shah said that a dollar with a structurally weaker structure could push gold to $4,700 in 2026.
Palladium fell 1.1%, to $1,380.00, while platinum was unchanged at $1,543.46. (Reporting and editing by Sonia Cheema in Bengaluru, Sherin Elizabeth Varighese)
(source: Reuters)