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U.S. House Panel Probes Saudi Business With Kushner’s Firm

WASHINGTON – A U.S. House of Representatives committee said on Thursday that it was investing the Saudi Arabian government’s $2 billion investment with a firm of Jared Kushner, the son – in – law of former President Donald Trump. ‘The Committee on Oversight and Reform is investigating whether you (Kushner) have improperly traded on your government position to obtain billions of dollars from the Saudi government and whether your personal financial interests improperly influenced U.S. foreign policy during the administration of your father – in – law, former President Trump’, Representative Carolyn Maloney, the New York Democrat who leads the…

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Airline SAS Q2 Loss Narrows, Hopes To Raise $1 Bln In New Cash

STOCKHOLM – Airline SAS said it hopes to convert debt to equity and raise 9.5 billion Swedish ($972 million) in new cash, warning of liquidity problems if it falls short as it posted a quarterly loss that was narrower than a year ago. The carrier, part – owned By Sweden and Denmark, has been struggling for years and in February unveiled a major new restructuring plan that it said depended on raising then – unspecified new capital. ‘In addition to reducing the cost structure and improving efficiencies, SAS is seeking to convert approximately SE 20 billion of debt and hybrid…

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World Faces A Turning Point, Ukraine’s Zelenskiy Warns Leaders At Davos

DAVOS, Switzerland – Ukrainian President Volodymyr Zelenskiy told global business leaders meeting at Davos on Monday that the world faces a turning point and has to ratchet up sanctions against Russia as a warning to other countries considering using brute force. ‘History is at a turning point…This is really the moment when it decided whether brute force will rule the world’, Zelenskiy, sporting his trademark olive green T – shirt, said in an address via video link. His speech kicked off in earnest the four – day World Economic Forum that gathers some 2,000 business and economic leaders as well…

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Crypto Crowd Dominate Davos Main Street Despite Price Crash

DAVOS, Switzerland – A free bitcoin pizza stall and a ‘Liquidity Lounge’ were among the treats on offer for attendees at this year’s meeting in Davos, where blockchain and cryptocurrency firms have taken over its main street, despite a recent crash. Executives from the crypto sector have descended on the annual gathering of business leaders and politicians in the Swiss Alpine resort, seeking to encourage faster adaption of their technology, which is largely unregulated. The crypto crowd’s prominence at Davos, while largely on the sidelines of the main event, comes as cryptocurrencies shed $800 billion in market value earlier this…

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Italian Luxury Group Zegna Sees Sales Above 2 Billion Euros In Mid – Term

MILAN, Italy – Italy’s Zegna is aiming for revenue above 2 billion euros ($2.1 billion) in the medium term, up from the 1.29 billion euros posted last year, the fashion group said on Tuesday at its first Capital Markets Day since its debut on Wall street in late 2021. The family – owned group is targeting an adjustment operating profit margin of at least 15% in the mid – term from a level of around 105 achieved in 2021. The group, which controls Italy’s luxury menswear brand Zegna and U.S. label Thom Browne, expects a rise in store productivity to…

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Pirelli’s Shareholders Indicate Bruno As New CEO, Extend Pact

MILAN, Italy – Pirelli investor Camfin said on Monday that it and fellow shareholder ChemChina have indicated Giorgio Luca Bruno, the Italian tyremaker’s deputy chief executive officer, as the company’s new CEO from the spring of next year. Camfin and ChemChina agreed that the current CEO, Marco Tronchetti Provera, would be the company’s executive vice chairman from next year until the sping of 2026, Camfin said. Tronchetti Provera will guide Pirelli’s strategy and oversee the implementation of its business plan as well as keeping the company’s relationships with shareholders, institutions, investors and the media, Camfin said in a statement. Bruno…

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Moncler Bets On Store Expansion, Footwear To Drive Growth

MILAN, Italy – Italian luxury group Moncler said on Thursday it would open refurbish or relocate 200 stores in the next three years, mostly in Asia, and diversify into shows and clothes for warmer weather. The group, which in 2020 acquired streetwear brand Stone Island, also said it expected to beat analyst forecasts for annual sales of 2.43 billion euros ($2.57 billion) this year – up 18/5% from last year – provided a new round of lockdowns in some Chinese cities ended by July. ‘We think we can do 20% – 25% (sales) growth’, Chief Corporate and Supply Officer Luciano…

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Goldman Sachs Slashes Credit Exposure To Russia

PARIS, France – Goldman Sachs Group Inc reduced its total credit exposure to Russia to $260 million in March from $650 million at the end of 2021, the bank said in a regulatory filing on Monday. The bank said market exposure tied to Russia and total exposure to Ukraine were not material. In March, Goldman Sachs became the first major U.S. bank to announce it was retreating from Russia after the country invaded Ukraine. In a post – earnings call last month, Goldman Sachs Chief Executive Officer David Solomon said the Ukraine conflict had resulted in a net loss of…

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G-III Apparel To Buy Karl Lagerfeld Brand In $210 Mln All – Cash Deal

PARIS, France – G-III Apparel Group Ltd said on Monday it has agreed to acquire the remaining 81% stake in Karl Lagerfeld for $210 million in cash, becoming the sole owner of the Parisian fashion brand. G-III, which owns brands including DKNY and Jessica Howard, will purchase the additional stake from a group of investors led by Fred Gehring of Amlon Capital BV. The apparel maker first acquire a stake in the brand in 2015. G-III said it expects the brand to represent more than $2 billion in retail sales. Launched in 1984 by German fashion designer Karl Lagerfeld –…

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Ukraine Formally Closes Seaports Captured By Russia

BUCHAREST, Romania – Ukraine has formally closed its four Black and Azov sea ports, which Russian forces have captured, the Ukrainian agriculture ministry said on Monday. The Azov Sea ports of Mariupol, Berdinask and Skadovsk and the Black Sea port of Kherson were closed ‘until the restoration of control’, the ministry said in a statement. ‘The adaption of this measure is caused by the impossibility of servicing ships and passengers, carrying out cargo, transport and other related economic activities, ensuring the appropriate level of safety of navigation’ it said. All Ukrainian seaports have suspended their activity as a result of…

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Swiss Implement Further EU Sanctions Against Russia, Belarus

ZURICH, Switzerland – Switzerland has implemented more European Union sanctions against Russia and Belarus, the government said on Wednesday, in steps designed to reduce the countries’ ability to raise funds or expand their industrial capacity. ‘With the decision of 27 April, Switzerland is implementing the new measures decided by the E.U. on April 8 in view of Russia’s ongoing military aggression in Ukraine’, the government said in a statement. The new measures include an important ban on lignite, coal and other items such as caviar, timber and seafood which are seen as important sources of revenue for Russia, the government…

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