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Ukraine president acknowledges military incursion into Russia as fighting continues
Ukrainian President Volodymyr Zelenskyy acknowledged for the first time that his country’s military forces were fighting in a surprise military incursion into Russia’s Kursk border region.
In his night video address, Zelenskyy said he discussed the ongoing incursion “to push the war onto the aggressor’s territory” with top Ukrainian commander Oleksandr Syrskyi.
“Ukraine is proving that it can indeed restore justice and ensure the necessary pressure on the aggressor,” he said.
Meanwhile, Ukraine’s incursion into Russia continued for a sixth day. The largest such attack since the full-scale invasion and unprecedented for its use of Ukrainian military units on Russian soil, it caught Moscow unaware and was an embarrassment to Russian military leaders who have scrambled to contain the breach.
The exact aims of the operation remain unclear and Ukrainian military officials have adopted a policy of secrecy, presumably to ensure its success. Military experts have said that it is likely intended to draw Russian reserves away from the intense fighting in Ukraine’s eastern Donetsk region, while a presidential advisor suggested it may strengthen Kyiv’s hand in any future negotiations with Russia.
Overnight, fighting continued between the two countries as a Russian drone and missile barrage on Kyiv killed two people including a 4-year-old boy. The bodies of a 35-year-old man and his son were found under rubble after fragments of missiles fell on a residential area in Kyiv’s suburban Brovary district, according to Ukraine’s State Emergency Service on Sunday. Another three people in the district were also injured in the attack.
In Russia, Kursk’s regional governor said that a Ukrainian missile shot down by Russian air defenses fell on a residential building, wounding 13 people.
Russia attacked Ukraine with four ballistic missiles and 57 Shahed drones, Ukraine’s Air Force said. Air defenses shot down 53 drones.
Zelenskyy, citing preliminary information, said that Russia had used a North Korean missile in the strike. Ukraine and the U.S. have previously said that Russia has used North Korean missiles in the war.
Zelenskyy reiterated calls to Western allies to step up in assistance to Ukraine, and that “to really stop Russian terror, we need not only a full-fledged air shield that will protect all our cities and communities, but also strong decisions from partners — decisions that will remove restrictions on our defensive actions.”
In Russia, the Defense Ministry said 35 drones were shot down overnight over the Kursk, Voronezh, Belgorod, Bryansk and Oryol regions.
Ukraine has not commented on the Sunday drone attacks inside Russia. But it comes as Ukraine has increased the pace of similar drone attacks largely targeting military infrastructure and oil depots in recent weeks.
Meanwhile, Belarus said it was sending more troops to its border with Ukraine on Saturday, saying Ukrainian drones had violated its airspace as part of Kyiv’s military incursion into Russia’s Kursk region.
Authoritarian leader Alexander Lukashenko said Belarusian air defense forces destroyed dozens of targets flying from Ukraine over the Mogilev region, which borders Russia, on Friday evening.
“The Ukrainian armed forces violated all rules of conduct and violated the airspace of the Republic of Belarus. In the eastern direction, very close to us in the Kostyukovichi district,” Lukashenko said at a meeting in Minsk on Saturday.
Belarusian Defense Minister Viktor Khrenin said Belarus regards the violation of its airspace as a provocation and is “ready for retaliatory action.”
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Lebanese minister accuses Israel of war crime after journalists reportedly killed in IDF strike
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Makers of Coach and Michael Kors handbags blocked from merger in antitrust case
A U.S. District judge has halted the merger between the makers of Coach and Michael Kors handbags, saying it would reduce competition and hurt consumers.
In her ruling Thursday, U.S. District Judge Jennifer Rochon noted that Tapestry Inc. and Capri Holdings are “close competitors” and that the merger would result in “the loss of head-to-head competition” and raise prices for shoppers.
The decision followed seven days of testimony.
In after hours trading shares of Capri fell more than 50% while shares of Tapestry rose 12%.
The ruling came six months after the FTC sued to block Tapestry’s $8.5 billion acquisition of Capri, saying that the deal would eliminate direct competition between the fashion companies’ brands like Coach and Michael Kors in the so-called affordable luxury handbag arena.
The agency also said that the deal announced in August 2023 threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits. The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said.
The two companies’ brands cover a wide array of items from clothing to eyewear to shoes. Tapestry has been on an acquisition binge for the past several years, and already owns Kate Spade New York, Stuart Weitzman and Coach. Capri owns the Versace, Michael Kors and Jimmy Choo brands.
Specifically, Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand are close rivals in the handbag market. The FTC had said that they continuously monitor each other’s handbag brands to determine pricing and performance, and they each use that information to make strategic decisions, including whether to raise or reduce handbag prices.
Tapestry said in an emailed statement to The Associated Press on Thursday that the decision granting the FTC’s request for a preliminary injunction was “disappointing” and “incorrect on the law and the facts.”
“Tapestry and Capri operate in an industry that is intensely competitive and dynamic, constantly expanding, and highly fragmented among both established players and new entrants,'” Tapestry said in a statement. “We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer. “
The company said it intends to appeal the decision, consistent with its obligations under the merger agreement.
Capri could not be immediately reached for comment.
Neil Saunders, managing director of GlobalData, said in a published note that the blocking of Tapestry’s acquisition of Capri will come as a blow to both companies.
“For Tapestry, it puts an end to the goal of becoming a bigger house of brands, and it leaves its plans for future growth in tatters,” he said. He noted that in a slower market, Tapestry will now need to rely on pushing its existing brands harder, which he believes will be challenging. He noted that the group could, in time, also look to make smaller acquisitions.
The ruling leaves Capri “in poor shape and, in betting on being acquired, has neglected the hard work that needs to be done to course correct many of its weak brands,” Saunders said.
Capri will either need to find another party to buy it or it will have to embark on a major reinvention plan, he said.
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Costco recalls salmon over listeria concerns
Costco is recalling packages of salmon over concerns they could be contaminated with listeria.
Acme Smoked Fish Corp, the shopping club’s salmon provider, sent a notice to Costco shoppers this week informing them of the recall of Kirkland Signature Smoked Salmon, due to potential contamination with listeria monocytogenes bacteria.
The notice was sent to customers who Costco records show purchased affected fish products between October 9-13. Only packages from lot number 8512801270 are affected.
Customers who purchased the recalled salmon are instructed not to eat it and to return it to a Costco store for a full refund.
“We regret this unfortunate incident and have taken immediate corrective steps to ensure that this issue never happens again,” Acme Smoked Fish Corp. CEO Eduardo Carbajosa said.