Inditex suspended Russian operations on March 5, and the deal with Daher would mean the company would exit the country completely. However, the company hinted that its brands might still return to Russia via a “potential collaboration through a franchise agreement” with Daher.
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Tally of major brands which quit Russia revealedREAD MORE: Tally of major brands which quit Russia revealed
Earlier, Forbes reported, citing company sources, that four Inditex brands, Zara, Pull&Bear, Bershka, and Stradivarius, would return to Russia next spring under new names.
Inditex closed its stores in Russia shortly after the start of Russia’s military operation in Ukraine. Prior to that, more than 500 stores of different brands of the Spanish holding were operating in the country, bringing it about 8.5% of global profits. Inditex’s losses in the event of a complete withdrawal from the Russian market were estimated at $300 million.
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Inditex suspended Russian operations on March 5, and the deal with Daher would mean the company would exit the country completely. However, the company hinted that its brands might still return to Russia via a “potential collaboration through a franchise agreement” with Daher.
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Tally of major brands which quit Russia revealedREAD MORE: Tally of major brands which quit Russia revealed
Earlier, Forbes reported, citing company sources, that four Inditex brands, Zara, Pull&Bear, Bershka, and Stradivarius, would return to Russia next spring under new names.
Inditex closed its stores in Russia shortly after the start of Russia’s military operation in Ukraine. Prior to that, more than 500 stores of different brands of the Spanish holding were operating in the country, bringing it about 8.5% of global profits. Inditex’s losses in the event of a complete withdrawal from the Russian market were estimated at $300 million.
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German utility RWE has inked a deal with Abu Dhabi National Oil Company (ADNOC) for delivery of liquefied natural gas (LNG), the company announced on Sunday.
The deal so far covers only one tanker: a shipment amounting to 137,000 cubic meters of LNG to be delivered by Abu Dhabi National Oil company to RWE in late December or by early 2023, Bloomberg reported, citing the company’s announcement. Separately, RWE also announced it will partner with UAE-based company Masdar to explore offshore wind energy projects and supply 250,000 tons of diesel per month in 2023 to Germany’s fuel distributor Wilhelm Hoyer.
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'Utter ferocity': See the devastating scene in a newly-liberated Ukrainian town
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“If nations can pursue their imperial ambitions without consequences, then we put at risk everything this institution stands for,” Biden told the UN, adding that the US wishes to see the conflict in Ukraine to “end on just terms … that you cannot seize a nation’s territory by force.”
While not overtly calling for Russia’s expulsion from the UN or the Security Council, Biden said its members should “consistently defend the Charter” and “refrain from the use of the veto except in rare, extraordinary situations.” Washington also wants to expand the number of UNSC members, both permanent and rotating, with “nations we have long supported,” he said.
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He also insisted that “no one threatened Russia” and that Russian President Vladimir Putin made “overt nuclear threats against Europe” and showed a “reckless disregard for the responsibilities of the nonproliferation regime” in the address to the nation broadcast earlier in the day.
Putin said Russia was prepared to use its nuclear deterrent to defend its territory from weapons of mass destruction, but did not name any specific targets.
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Addressing the UN General Assembly on Wednesday, US President Joe Biden accused Russia of imperialism and seeking to erase Ukraine as a state, while insisting the US does not seek conflict, only cooperation. Biden also endorsed expanding the UN Security Council and limiting veto powers for its permanent members.
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Led by Hong Kong, Asian stocks on track to suffer worst month since Covid began
They were tortured under Philippine dictator Ferdinand Marcos Snr. Now they fear their stories are being erased
Queen Elizabeth II's cause of death revealed
Rift in Danish royal family after Queen strips four grandchildren of royal titles
Judge bails Trump out of special master plan that would have forced uncomfortable court submissions
'Utter ferocity': See the devastating scene in a newly-liberated Ukrainian town
Landmark Indian court ruling defines marital rape as rape
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Led by Hong Kong, Asian stocks on track to suffer worst month since Covid began
They were tortured under Philippine dictator Ferdinand Marcos Snr. Now they fear their stories are being erased
Queen Elizabeth II's cause of death revealed
Rift in Danish royal family after Queen strips four grandchildren of royal titles
Judge bails Trump out of special master plan that would have forced uncomfortable court submissions
'Utter ferocity': See the devastating scene in a newly-liberated Ukrainian town
Landmark Indian court ruling defines marital rape as rape
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