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WSJ reports that Saks Global is in negotiations to sell a 49% stake in Bergdorf Goodman, for approximately $1 billion.
The Wall Street Journal, citing sources familiar with the situation, reported that Saks Global, parent company of Saks Fifth Avenue is in discussions to sell its 49% stake in luxury retailer Bergdorf Goodman, for a price of about $1 billion. The report said that at least four bidders, including Middle Eastern sovereign funds and strategic investors are in the race. A deal could be reached as early as next year. Saks Global is a new company. Last July Hudson's Bay Company's (HBC) $2.65 billion purchase of Neiman Marcus, which combined Saks Fifth Avenue and Neiman Marcus with other luxury retailing and real estate assets. Journal reported that the proceeds of the deal will help Saks Global reduce its debt from its acquisition by Neiman Marcus. The report also stated that Saks Global was in the process selling real estate worth $600 million and owns property valued at approximately $9 billion. We could not verify the information immediately. Saks Global, Bergdorf Goodman and other retailers did not respond immediately to requests for comments outside of regular business hours. Reporting by Surbhi Misra, Bengaluru. Editing by Cynthia Osterman & Chizu Nomiyama
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PREVIEW: New York to record Climate Week in spite of Trump's attacks on green agenda
Climate Week will kick off in New York City on Sunday, marking the biggest year ever for the event. Organizers report a record number companies participating and more than ever events to attend. This response was almost unanticipated in an event-hosting country that is the wealthiest nation on the planet. The host has a climate-denying program of increasing fossil fuels and rolling back pollution regulations, and defunding U.S. climate science and action. Climate Week organizers even wondered if people would show up, said Climate Group Chief executive Officer Helen Clarkson. Clarkson stated that there was a lot of enthusiasm. Climate Week, which has been held alongside the U.N. General Assembly every year since 2009, features more than 1,000 events, including panel discussions, presentations and swanky cocktails, hosted by environmental non-profits, companies and wealthy philanthropists. Climate Week last year, on the other hand, featured about 900 events. In an interview, former U.N. Climate Chief Christiana Figueres said that the boost in engagement was "exactly an antidote" to the attitude of the current U.S. Administration toward climate change. Figueres was involved in the creation of the 2015 Paris Treaty, which aims to keep global temperatures within 2 degrees Celsius. The goal is to reach 1.5 degrees Celsius. Figueres noted that ten years ago, national governments were pushing for climate change. However, since then, the situation is drastically different. Figueres stated that "the pull is now coming from stakeholders, the real economy and market forces which are pulling forward." Climeworks, a Swiss carbon capture company, has already booked nearly four times as many events for this year as compared to last year. The company raised $162 millions in February, mainly for the purpose of improving their technology and expanding the business, said Co-Chief executive Christoph Gebald. Gebald stated that "demand for carbon removals is continuing to increase." Climate Week has seen a "higher level of interest" from senior executives. A DIFFERENT WEB Climate Week, which coincides with the U.N. General Assembly Meeting, has become a great opportunity for CEOs and Investors to network with world leaders. On Wednesday, Secretary-General Antonio Guterrez will host a "climate summit" where many leaders are expected announce new climate goals, or Nationally Determinated Contributions. The United States and the European Union, who have led the global climate agenda for many years, will not be present. China, COP30's host Brazil, and other rapidly developing nations have played a greater role in setting the agenda. Climate sources say that China's plan to reduce emissions could be announced at any time, but it may not be as ambitious. The European Union has yet to agree on how ambitious these targets should be, raising concerns about the success of Brazil's COP30 Summit in just seven weeks. Lars Aagaard, Danish Climate Minister, said that Europe is known for being the leader in achieving ambitious goals and also the financial aspect of international agreements. But "Europe's place in the world has shifted." We account for 6% of the global emissions. We are also calling on all parties to the Paris Agreement to take responsibility." The region has made rapid progress with its energy transition. The EU projects a 54% decrease in greenhouse gas emissions from 1990 by 2030 - meaning that member countries are almost on track to meet the EU's 55% goal for 2030. Experts say that companies should be part of the conversation as leaders will focus at the COP30 in November on implementing promises made in previous years. According to the non-profit Net Zero Tracker, more than half of the largest companies in the world have committed to achieving net-zero emission by the mid-century. This is in line with global climate goals. According to a study by the TPI Global Climate Transition Centre, at the London School of Economics and Political Science (LSEPS), 98% of companies do not have any plans to align their spending with these commitments. "The challenge of New York Climate Week, and beyond, is to get individuals and institutions to come together and reimagine new ways we can work together to combat common threats," said Rajiv Shah. President of The Rockefeller Foundation. The foundation released a survey on Thursday that asked 36,348 respondents worldwide. It found that 86% of people believed that international cooperation is crucial to climate action. Reporting by Simon Jessop, Katy Daigle, and Kate Abnett, in London, Washington, D.C., & Brussels. Additional reporting by Axel Threlfall, London. Editing by Mark Porter.
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Ministry of Information: Israeli drone strikes in southern Lebanon kill five people, including children.
Lebanon's Health Ministry said that an Israeli drone struck Bint Jbeil in southern Lebanon on Sunday and killed five people including three children. Israel has targeted Hezbollah's positions in southern Lebanon, since the truce brokered by the United States between Lebanon and Israel in November. This was after more than a decade of conflict caused by war in Gaza. Lebanon's official news agency reported that the strike injured two people and damaged a motorbike. In a press release, Parliament Speaker NabihBerri stated that the father and three of his children had been killed. The mother was also injured. He stated that they were U.S. citizens. Israel has not yet responded to the report. Nawaf Salm, the Lebanese prime minister, said on X that "what happened was a blatant criminal act against civilians" and "a message of fear aimed at our people who are returning to their villages down south". Hezbollah is being pressured by the United States, Saudi Arabia, and Hezbollah’s rivals in Lebanon to disarm. Hezbollah said that it would be a grave mistake to even discuss disarmament when Israel continues airstrikes against Lebanon and occupies large areas of its southern territory.
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Iranian and European officials will meet in Vienna, as a re-imposition of sanctions is imminent
Iran's foreign minister Abbas Araqchi will meet officials from Britain France and Germany (the so-called E3) in Vienna, Iran’s state-run Nournews reported on Sunday. International sanctions against Tehran for its nuclear program are due to be reimposed by the end of the month. The agency did not give a date for the trip but said that the mutual negotiations and issues related to Iranian relations with Europe would be discussed. Last week, Iranian and European Ministers held discussions in an effort to avoid the reimposition sanctions against Tehran. According to two European and one Iranian diplomat, the talks failed to produce any significant breakthroughs. At the end of August, the E3 began a 30-day procedure to reimpose U.N. Sanctions. The E3 set up conditions that Tehran must meet in September to convince them not to use the "snapback" mechanism. The European trio proposed a conditional six-month delay on the reimposition sanctions against Iran. This offer is conditional on Iran allowing access to United Nations inspectors who are tasked with verifying and accounting for Iran's large stockpiles of enriched Uranium. Iran will also be expected to enter into negotiations with the United States. Since June, after Israel and the United States bombed Iranian nuclear sites, the status of Iran's reserves of enriched uranium has been uncertain. The West claims that Iran's nuclear program is not purely for civilian purposes, but Tehran insists it only wants to use nuclear energy peacefully. (Reporting and Editing by Ros Russel)
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Iraq's state oil marketer claims that Iraq has increased its oil exports and is generating extra revenue.
Iraq's oil exports have increased following the gradual unwinding voluntary production cuts made under the OPEC+ Agreement, said the country's official oil marketing SOMO on Sunday. Eight members of OPEC+ have agreed to increase production by 137,000 barrels a day from October. OPEC+ increased production in April, after years of cutting to support the oil markets. Ali Nizar Al-Shatari, director general of SOMO and Iraqi state media agency, said that the increase in Iraqi exports will generate additional revenues of hundreds of millions at current prices. He did not specify how much the government's exports would increase, but he said an extra 200,000 barrels of production per day would help boost the government's coffers. According to the Oil Ministry, Iraq exported an average of 3.38 million barrels a day in August. SOMO estimates that September's average oil exports will range between 3.4 million and 3.45 million barrels per day. Iraqi Prime Minster Mohammed Shia al-Sudani stated earlier this month that it was his hope that other producers would review their oil export quotas to reflect better its production capability. Iraq, OPEC’s largest overproducer is being pressured by the group to reduce output in order to compensate for pumping more than its agreed quota. Iraq was one of the countries who submitted plans to cut oil production in April, to compensate for pumping over agreed quotas. Reporting by Ahmed Tolba, Hatem Maher and Hugh Lawson. Editing by Ros and Hugh Lawson.
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Guinea votes on referendum which could allow coup leader to run for president
Guinea will hold a long-awaited vote on Sunday to approve a new constitution, which could allow coup leader Mamady doumbouya the opportunity to run for President if he so chooses. He had vowed to not run when he took power in 2021. Guinea's military-led government, which controls the largest bauxite reserves in the world, has already missed its December 31, 2024 deadline for returning to civilian rule. The presidential elections are expected to be held in December. Critics are concerned that the constitutional referendum will be the latest attempt to legitimize a military government's rule in West and Central Africa. Eight coups took place between 2020 and 2023, which reshaped regional politics. Doumbouya’s opponents see the referendum as an attempt to gain power. Doumbouya is yet to announce whether or not he plans to run for public office. In a transition charter adopted after his government took power, it stated that junta-members would not be allowed to run in the next elections. The referendum is likely to pass, as both the main opposition leaders, Cellou Diallo, and the deposed former president Alpha Conde have called for boycotting the vote. Human Rights Watch accuses the government of arbitrarily suspending news outlets and disappearing political rivals. The government denied that it played a role in the disappearances, but promised to investigate any such claims. The voting centres were to open at 7 am (0700 GMT) and close at 6 pm (1800 GMT). The results are not expected until a later date. The new constitution will extend the presidential term to seven years, renewable only once. It also creates a Senate with one third of the senators being directly appointed by President. Conakry's capital was covered with white posters that featured the word "Yes", followed by a green checkmark. S&P Global Ratings gave Guinea its first ever sovereign rating on Thursday. The rating is B+, with a stable outlook. According to S&P Global Ratings, this makes Guinea the third-best-rated economy in West Africa. The report noted that, despite progress in establishing a civil administration, "social problems are still high, and tensions are rising with the opposition, with accusations of arbitrary arrests, and increasing pressure on the press". Reporting by Guinea Newsroom Written by Portia Corey-Boulet Edited by Frances Kerry and Robbie Corey Boulet
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Austrian energy executive terminated over alleged Russian spying connections - magazine report
The Austrian Oil, Gas and Chemicals Group OMV fired a senior executive after allegations that he was spying for Russia. A Russian diplomat was summoned by the Foreign Ministry to Vienna in response to this affair, according the news magazine Profil. The OMV employee, according to Profil magazine, allegedly attracted the attention of Western intelligence services through his meetings with a Russian diplomatic suspect of being a Russian domestic intelligence service FSB agent. The magazine reported that Austria's Directorate of State Security and Intelligence (DSSI) had monitored the OMV executive who was not named for several months. OMV informed the employee that the contract had been terminated with immediate effect. The company also stated it was fully cooperating with the authorities. OMV's spokesman stated that "for data protection purposes, we are unable to comment on any further details about individual employment relationships". The Austrian Foreign Ministry confirmed that it was aware of both the allegations against the Russian diplomat and the criminal proceedings pending. The Foreign Ministry has summoned the charge d'affaires from the Russian Embassy in Vienna and requested that the immunity of the diplomat be waived. The Ministry said that if he had not been able to return, he would be considered persona non-grata. No one could be reached to comment on the Russian Foreign Ministry. The Profil report states that the OMV employee was temporarily transferred to Abu Dhabi National Oil Company in the United Arab Emirates. Adnoc holds a 25 percent stake in OMV. Adnoc and OMV will merge their polyolefin companies Borouge, and Borealis in order to create a chemical powerhouse worth $60 billion. The magazine reported that the OMV employee was able to provide the Russian diplomat with information about both companies during their meetings in Vienna. Adnoc didn't immediately respond to our request for comment. (Reporting and writing by John Revill in Vienna. Alexandra Schwarz Goerlich reported from Vienna. (Editing by Jane Merriman).
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Bloomberg News reports that India is planning a strategic reserve for rare earths.
Bloomberg News, citing an official in the defence industry, reported that India was considering creating a strategic reserve for critical minerals to be used as a last resort by defence manufacturers. The report said that the reserve of metals and minerals would be used "to tide over immediate requirements" when necessary, citing Rajesh Kumar Singh a senior Ministry of Defence official speaking at a New Delhi media event. The Indian Defence Secretary's Office did not respond immediately to a comment request. The report could not be verified immediately. India is quietly tapping into rare-earth mining in Myanmar in order to diversify their supply chain and divert it away from China. This unusual engagement, with the Kachin Independence Army was reported in this month. Beijing has severely restricted the exports of rare earths processed to major economies such as India in this year, building geopolitical influence in a trade dispute with the United States. According to the report, India has reasonable stocks of essential minerals that it could better utilize in the future.
Russian Defence Ministry says Ukrainian drones killed two and injured 15 in Crimea resort area
The Russian Defence Ministry reported that a Ukrainian drone attacked a Crimea peninsula resort area on Sunday, killing two people and injuring 15.
The Ukrainian military launched a terrorist attack using drones with explosive payloads in Crimea's resort area at around 19.30 Moscow Time (1630 GMT), the ministry said on Telegram.
According to preliminary reports, this terrorist attack resulted in the deaths of two civilians and injuries to 15 others of various degrees. The incident was described by the ministry as "a premeditated terrorist act on a civil target".
Sergei Aksyonov had said earlier on Telegram, that the attack was against a sanatorium located in the town Foros.
Aksyonov reported that a school had been damaged in the town and that fires broke out near Yalta to the north along Crimea's south shore.
The Ukrainian authorities did not comment on the incident, and they could not independently confirm the report.
In 2014, Russia annexed Crimea after a popular uprising that forced a pro-Russian president to flee Ukraine.
Foros was made famous internationally in 1991, when Soviet leader Mikhail Gorbachev, who had been detained by hardliners during a brief attempt to remove him, was temporarily held at a dacha (country house) of the government. (Reporting By)
(source: Reuters)