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Miami Herald
an hour ago
- Miami Herald
Zelenskyy plans to ask Europe for help to pay Ukraine's soldiers
Ukrainian President Volodymyr Zelenskyy plans to ask European allies to help finance improved salaries for troops resisting Russia's invasion, in a bid to ease growing shortages of recruits. "Previously, Europeans refused to provide funding for the salaries of our military personnel, only for weapons," Zelenskyy told reporters in Kyiv on Thursday. "Our service members themselves can be the weapon that protects everyone." With a mobilization campaign in Ukraine increasingly unpopular among a population fatigued by the war that's in its fourth year, Zelenskyy's government wants to motivate more volunteers by offering substantial payments for those who sign military contracts. Russia has long offered large signing bonuses and high salaries to lure tens of thousands to its army each month, seeking to avoid any repeat of a spike in public anxiety when President Vladimir Putin ordered a partial draft a few months into the 2022 invasion. Increasing payments to soldiers would add to strains on Ukraine's state budget, which had a deficit exceeding 20% of gross domestic product last year amid massive military spending. The war-torn nation relies on tens of billions of dollars in aid from its foreign allies, who have so far rejected the idea of directly covering military expenses. While the International Monetary Fund, which is providing a loan program worth about $16 billion, is urging Kyiv to shrink the budget gap, the government has no plans to raise taxes, Ukrainian Prime Minister Yuliia Svyrydenko told Bloomberg News in an interview. Global donors have earmarked only half of the estimated $75 billion needed for the budget over the next two years, she said. Ukraine needs $25 billion annually to produce drones, jamming equipment and missiles to defend against Russia, which will bring the budget deficit to $65 billion next year, according to Zelenskyy. It has begun discussions on the issue with European Commission President Ursula von der Leyen, NATO Secretary-General Mark Rutte, French President Emmanuel Macron and UK Prime Minister Keir Starmer as well as U.S. officials, he said. "This is a very difficult topic," Zelenskyy added. Ukrainian companies have started manufacturing interceptor drones, and about $6 billion is required urgently to ramp up production, the president said. While he said the U.S. has agreed to buy drones designed and produced in Ukraine, Zelenskyy said he's seeking a contract worth between $10 billion and $30 billion. Defense Minister Denys Shmyhal, National Security and Defense Council Secretary Rustem Umerov and Presidential Adviser Oleksandr Kamyshin have been tasked with handling the negotiations, he said. The president told reporters that Ukrainian forces had made "solid progress" in stalling Russian advances on the battefield. The situation in the northeastern Sumy region was now significantly better for Kyiv, though Russia remains focused on gains in the area as well as toward Pokrovsk, while the Dnipropetrovsk region "is very much desired by them," he said. Zelenskyy said the third round of peace talks between Ukraine and Russia in Istanbul on Wednesday yielded some progress toward preparing a meeting with Putin. Russian officials have said there's little point to a summit before the sides have negotiated an agreement to end the war. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Business Wire
2 hours ago
- Business Wire
Pernod Ricard Board Proposed Appointments
PARIS--(BUSINESS WIRE)--Regulatory News: Press Release – Paris, 24 July 2025 Pernod Ricard (Paris:RI) Board of Directors, on the recommendation of the Nominations and Governance Committee, will propose the appointment of two new independent Directors, Mr. Albert Baladi and Mr. Jean Lemierre, at the Annual General Meeting to be held on October 27th. Both directors would be appointed for a 4-year term. This proposal for appointments follows Ms. Namita Shah's decision not to have her term as Director renewed. The Board would like to thank Ms. Namita Shah for her commitment and valuable contributions to the Board, particularly regarding social and environmental responsibility topics. Albert Baladi, of Lebanese origin and residing in New York, is a recognized expert in the spirit and consumer goods industry. During his 13 years at Beam Suntory (now Suntory Global Spirits), he held the positions of President of the International Region, President of North America and then Chief Executive Officer. Under his leadership, Beam Suntory strengthened its international expansion and its position among the worldwide leaders in the spirits industry. Earlier in his career, Albert Baladi held various roles in Marketing and General Management at Procter & Gamble, PepsiCo and Yum! Brands, developing a strong expertise in brand strategy and international development. Jean Lemierre, a French national, has been Chairman of the Board of Directors of BNP Paribas since 2014. He has had a distinguished career both nationally and internationally, having notably served as Director General of the French Treasury, Chairman of the European Union Economic and Financial Committee, and President of the European Bank for Reconstruction and Development (EBRD). Jean Lemierre is particularly recognized for his experience in financial and international matters. The appointment of Mr. Albert Baladi and Mr. Jean Lemierre reflects the Board ambition to enhance the diversity and complementary of its skills, by incorporating profiles with in-depth knowledge of our industry, particularly the North American market, as well as high-level strategic and geopolitical vision. In a constantly evolving global environment marked by complex economic, regulatory and geopolitical challenges, their expertise will be a major asset in supporting the Group's growth and adaptability. If the Annual General Meeting approves the corresponding resolutions, the Board of Directors will have 15 members, among which two members representing the employees. Of its members, 46% will be woman, 54% men, 62% will be independent and 40% non-French. About Pernod Ricard Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine's, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard's consolidated sales amounted to € 11 598 million in fiscal year FY24. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.
New York Post
2 hours ago
- New York Post
Louis Vuitton faces money laundering probe after shopper drops $3.5M on luxury handbags
Famed French fashion brand Louis Vuitton faces a money laundering probe in the Netherlands over cash purchases made by a Chinese national who spent around $3.5 million on handbags and other luxury goods, according to a report. A Chinese national bought around $3.5 million worth of Louis Vuitton handbags and other luxury goods at several outlets in the Netherlands over an 18-month period — prompting Dutch authorities to launch a probe into the French fashion house for failing to curb an alleged money-laundering scheme. The female suspect, identified as Bei W., allegedly scooped up the designer items at Louis Vuitton stores in the Netherlands over an 18-month period between 2021 and 2023, the Dutch News reported. Advertisement 3 Louis Vuitton products are among the best-selling items within LVMH's fashion and leather goods division. REUTERS Prosecutors further allege that the Dutch resident from city of Lelystad, located about 50 miles northeast of Amserdam, paid in cash with money attained from a convicted underground banker, raising the possibility of ties to transnational organized crime. They also suspect that at least one employee at a Louis Vuitton store in the Netherlands assisted or advised the suspect on how to structure payments to remain under the legal reporting limit. According to investigators, Louis Vuitton failed to take basic steps such as verifying the identity of the customer or flagging the suspicious pattern of repeated high-value cash transactions. Advertisement Authorities argue that the company's lack of scrutiny may have enabled the laundering of criminal proceeds. The all-cash purchases were deliberately structured so that no individual transaction exceeded 10,000 euros — the threshold that would trigger mandatory reporting under Dutch financial crime laws, according to reports. Dutch authorities say the transactions were designed to evade local anti-money laundering laws, which require retailers to report high-value or suspicious transactions. Advertisement 3 Louis Vuitton, LVMH's flagship brand, drives a significant share of the group's $48 billion in fashion revenue. REUTERS In this case, investigators allege that Bei W. used a technique known as structuring — also referred to as 'smurfing' — to avoid detection. The purchased items were reportedly shipped to China and Hong Kong to avoid Beijing's high import taxes, a practice known as 'daigou.' The underground 'daigou' trade was estimated to be worth over $86.7 billion in 2023. Authorities say this system provides a mechanism for laundering the proceeds of crimes under the cover of legitimate cross-border commerce. Advertisement The Dutch Public Prosecution Service (OM) has officially named Louis Vuitton Netherlands as a suspect in the investigation. However, it remains unclear whether formal criminal charges will be filed. 3 LVMH Moët Hennessy Louis Vuitton SE is the world's largest luxury conglomerate. AFP via Getty Images The Post has sought comment from Louis Vuitton. Louis Vuitton's Parent Company LVMH Reports nearly $100 billion in revenue for 2024 LVMH, the world's largest luxury goods conglomerate, was established in 1987 through the merger of Louis Vuitton and Moët Hennessy. It is publicly traded on the Euronext Paris exchange. Bernard Arnault, one of the world's richest people, serves as LVMH's chairman and CEO. Arnault is also the company's largest shareholder, with the Arnault family maintaining significant control over the business. As of Friday, Arnault boasted a net worth of $157 billion, according to the Bloomberg Billionaires Index. LVMH owns a portfolio of iconic brands across fashion, jewelry, cosmetics, and spirits, including Louis Vuitton, Dior, Fendi, Givenchy, Sephora, Tiffany & Co., Moët & Chandon and Hennessy.
