Day: May 31, 2023

The Turkish Coast Guard rescued refugees Tuesday who were illegally pushed back by Greek forces. Thirty-two irregular migrants were rescued off the coast of the Foca district of the Aegean province of Izmir after they were pushed back into Turkish territorial waters. The website of Turkish Coast Guard Command said officials took action after learning there was a group of migrants in a boat off Foca. The foreign nationals were sent to the provincial migration management directorate after processing. Coast guard teams rescued 59 migrants separately after receiving information about groups of migrants in rubber boats off the coast of Ayvalik district in Balikesir province. Turkish teams also rescued 44 migrants from Afghanistan found in a rubber boat off the coast of Ayvacik district in the northwestern province of Canakkale. Their boat was drifting because of engine failure and they requested help, according to the Turkish Coast Guard Command. Trkiye has been a key transit point for irregular migrants wanting to cross into Europe to start new lives, especially those fleeing war and persecution. Trkiye and global rights groups have repeatedly condemned Greece's illegal practice of pushing back asylum seekers, saying it violates humanitarian values and international law by endangering the lives of vulnerable migrants, including women and children.

Source: Anadolu Agency

The Russian Foreign Ministry on Tuesday summoned French charge d'affaires to express Moscow's protest over the French Embassy statement accusing the Russian armed forces of "atrocities," released on the anniversary of events in Bucha. The ministry said on its website that Jay Dharmadhikari was informed about "the categorical unacceptability of unfounded, false accusations" against the Russian military. The diplomatic service stressed that France's allegations sound "especially inappropriate." "Such provocative attacks by representatives of unfriendly countries sound all the more groundless because so far, we have not seen evidence of the so-called 'massacre in Bucha' -- lists of the names of those killed, the circumstances and dates of their death, the conclusions of forensic experts," the ministry stressed. Foreign Minister Sergey Lavrov asked UN Secretary-General Antonio Guterres to open an investigation of Bucha events, but has not got any response, it noted. "To this day, Western countries only continue to indiscriminately accuse Russia of what it did not commit, while refusing to see the obvious crimes of the Kyiv regime," the ministry stressed. In early April 2022, Ukrainian presidential aide Mykhailo Podolyak said civilians in Bucha were found dead with their hands tied as Russian troops withdrew from their offensive toward Kyiv. On April 4 last year, Russian Foreign Minister Sergey Lavrov said during a meeting with UN Deputy Secretary General for Humanitarian Affairs Martin Griffiths that the footage of slain civilians was staged. He said the Russian military left the city on March 30 and 31 and that the city's mayor announced that everything was all right. Then, several days later, suddenly, bodies of dead people "appeared" in the streets, he added.

Source: Anadolu Agency

The Chinese Ministry of Civil Affairs announced over the weekend that it had standardized the names of 11 places in what it called the southern part of Tibet or the Xizang autonomous region, which Beijing refers to as Zangnan. 'We reject this outright,' Indian Foreign Ministry spokesman Arindam Bagchi said, adding that the names of some of the places are part of the state of Arunachal Pradesh. New Delhi has repeatedly rejected Beijing's claims about the province. Arunachal Pradesh 'is, has been, and will always be an integral and inalienable part of India,' Bagchi said, adding that 'attempts to assign invented names will not alter this reality.' Bagchi's counterpart in Beijing, Mao Ning, rebutted the statement. 'Zangnan is part of China's territory. In accordance with relevant stipulations of the administration of geographical names of the State Council, competent authorities of the Chinese government have standardized the names of some parts of Zangnan. This is within China's sovereign rights,' Mao said on Tuesday, according to the Foreign Ministry. 'This is not the first time China has made such an attempt,' said Bagchi. The first batch of standardized names for six places in Zangnan was released in 2017, and the second batch of 15 places was released in 2021. According to a report in the Indian daily The Hindu, the Chinese government "standardized" the names of 11 places in Arunachal Pradesh and released them along with a map "that shows parts of Arunachal Pradesh instead as inside the southern Tibetan region, which China refers to as Zangnan." "The Chinese Ministry of Civil Affairs even included a town close to the Arunachal Pradesh capital of Itanagar," the report added. China has stated that it has "never recognized" the "so-called Arunachal Pradesh" as an Indian province. Arunachal Pradesh, with a population of nearly 1.8 million, divides China and India in the latter's northeastern region. The two countries have been at odds over the region, with China claiming sovereignty over Arunachal Pradesh, which is effectively under Indian control. The renaming controversy comes after Indian Foreign Minister Subrahmanyam Jaishankar said last month that the situation between India and China in the Himalayan region of Ladakh is "fragile and dangerous." Since May 2020, the two countries have been locked in a standoff along the Line of Actual Control (LAC) - the de facto border between China and India in Ladakh Ladakh area of disputed Jammu and Kashmir region. In June 2020, at least 20 Indian and four Chinese soldiers were killed in a border clash.

Source: Anadolu Agency

At least 10 students have been abducted by unidentified people in northern Nigeria, an official said on Tuesday. Students of Awon Government Secondary School in Kaduna state were abducted on Monday under unclear circumstances, according to Samuel Aruwan, the state commissioner for internal security. Abductions and kidnappings for ransom are frequently reported in Kaduna, a state where several criminal gangs are known to operate. In a statement, Aruwan said the exact location of the incident is yet to be ascertained. An investigation is being carried out to clarify whether the students were abducted from within the school premises or elsewhere, the official said.

Source: Anadolu Agency

Cyprus' Council of Ministers on Wednesday decided the establishment of a promotion agency with the aim of upgrading the activities promoting the country as a tourist destination. Deputy Minister of Tourism, Kostas Koumis, in statements after the Cabinet meeting, said that it was decided to set up such an agency, which will operate in close cooperation with the private sector, with the aim of upgrading the activities promoting Cyprus as a tourist destination. The agency's role, he said, will be purely advisory in terms of drawing policies and actions 'to promote our country as a tourist destination'. The heads or representatives of professional associations related to tourism will participate in the agency, he added. The Deputy Minister noted that, this will be 'the first time that the private sector will participate, institutionally, in the planning of the country's promotion actions'. 37.9% increase in arrivals in the first quarter of 2023 ------------------- As regards tourist arrivals so far, Koumis said that in the first quarter of 2023, an increase in arrivals of 37.9% was recorded compared to the previous year, and a 7.3% increase compared to 2019. Asked if there were any indications as to how the summer season will fare, he said that it was still too early to tell, noting, however, that they were optimistic.

Source: Cyprus News Agency

SellerX, one of the most successful eCommerce aggregators in Europe, has signed an agreement to acquire Elevate Brands, a leading U.S.-based aggregator of eCommerce businesses. The combined companies will form SellerX Group and become one of the world's largest consolidators of eCommerce brands with a diversified portfolio spanning over 40,000 consumer products. The combined business will have a strong global footprint and sales of over pound 400m. This acquisition brings together two key players in the aggregator space, each of which have established themselves as highly trusted and reputable partners for marketplace-native sellers in their respective markets. Bringing together complementary global footprints, the joint business will cover both the European and U.S.-markets with a roughly even revenue split across the two regions. The combined brand portfolio will consist of over 80 Amazon-native private label consumer brands in the segments of sports and outdoors, home and kitchen, mobile accessories, pets, and consumables. The combined business will build on SellerX's advanced technology platform, global supply chain infrastructure with proprietary warehouse operations, product launching, and internationalization capabilities. Elevate Brands will contribute its strong expertise in turning marketplace-native products into consumer brands sold across multiple channels. Leveraging a combined operational platform, the company will realize significant synergies across the value chain and achieve an attractive profitability profile through operational efficiencies. Furthermore, SellerX Group will have the ability to expand omni-channel distribution capabilities in local markets, including into traditional retail channels. The acquisition is expected to close by the end of June 2023, subject to customary completion conditions. SellerX current co-founders Philipp Triebel and Malte Horeyseck will continue to lead the combined company as Co-CEOs. Elevate Brands' co-founders will take on key leadership positions: CEO Ryan Gnesin will serve as President of the combined business, Chief M and A Officer Jeremy Bell will become Global Head of M and A, and Chief Growth Officer Rob Bell will head Global Business Development. The operations of the combined business will be steered from the SellerX headquarters in Berlin. Philipp Triebel, co-founder of SellerX and Co-CEO of the combined company, said, 'Elevate Brands and SellerX are a perfect match: a strong cultural fit, a shared vision, and complementary capabilities. This acquisition combines our know-how and diversified portfolios of strong brands with a market-leading technology platform and strong operational infrastructure. By leveraging our combined strengths, I am convinced we are well-positioned to drive further consolidation in the industry.' Ryan Gnesin, co-founder of Elevate Brands and President of the combined company: 'We are thrilled to combine forces with SellerX and to continue building world class omni-channel brands. Together we have a mission of becoming one of the world's leading consumer product companies. Our tremendously talented team are excited to continue expanding our portfolio across numerous distribution channels, including traditional retail partners. The combined business has the technology, expertise and a wealth of data that will enable us to identify emerging consumer trends, rapidly test and iterate product ideas and fulfill demand across Europe and North America.' In connection with the acquisition, a number of existing SellerX shareholders are investing new equity financing of more than pound 60m. The investment is led by Sofina with participation from L Catterton, Cherry Ventures, Felix Capital, 83North, Upper90 and TRCM Fund. In parallel, funds and accounts managed by BlackRock and Victory Park Capital have upsized their existing credit facility, which provides additional capital for M and A opportunities for the combined business. About SellerX SellerX is a Berlin-based, high-growth eCommerce player that aims to consolidate Amazon's most successful sellers, acquiring them to scale their business and turn their brands into global household names. Founded in 2020, SellerX has become one of the largest and most successful eCommerce aggregators in the European market. Today it manages more than 50 ecommerce brands. SellerX is supported by well-known and reputable equity investors such as Sofina, L Catterton, Cherry Ventures, Felix Capital, 83 North, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and debt investors via funds and accounts managed by BlackRock and Victory Park Capital, and has raised more than $750m in equity and debt financing. Marlborough Partners acted as capital structure advisor to SellerX and Sofina. About Elevate Brands Elevate Brands is a fast-growing U.S.-based eCommerce aggregator with a focus on building high quality omni channel brands. The company was founded in 2017 and has emerged as one of the leaders in this industry. Elevate manages 32 brands across a variety of evergreen product categories. It is backed by a number of renowned investors including funds and accounts managed by BlackRock, Upper90, Soroban Capital, TRCM Fund and Hersch Klaff and has received over $250m of funding in equity and debt. RBC Capital Markets acted as exclusive financial advisor to Elevate Brands. This material is not a CNA editorial material and CNA shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person mentioned in the text of the press release.

Source: Cyprus News Agency

The latest fiscal results released on Wednesday by the Statistical Service of Cyprus (CYSTAT) reveal a surplus of pound 291.9 million, equivalent to 1.0% of the country's Gross Domestic Product (GDP), for the period of January to April 2023. This figure shows a slight decrease compared to the surplus of pound 296.6 million (1.1% of GDP) recorded during the same period last year. Revenue up 10.5% --------------------------------------- During the first four months of 2023, total revenue experienced a significant increase of pound 347.6 million, reaching pound 3,651.2 million, indicating a growth rate of 10.5% compared to the corresponding period in 2022. Taxes on production and imports witnessed a rise of pound 75.2 million (6.0%), totaling pound 1,329.6 million compared to pound 1,254.4 million in 2022. Notably, net VAT revenue increased by pound 36.8 million (4.3%), reaching pound 893.3 million, in contrast to pound 856.5 million in the same period last year. Moreover, revenue from taxes on income and wealth experienced a substantial increase of pound 153.3 million (20.4%), amounting to pound 904.2 million, compared to pound 750.9 million in 2022. Additionally, social contributions surged by pound 132.9 million (14.0%), reaching pound 1,085.3 million, while property income increased by pound 1.6 million (5.1%), reaching pound 32.8 million. Current transfers saw a significant rise of pound 33.8 million (52.6%), totalling pound 98.0 million, compared to pound 64.2 million in 2022. However, capital transfers experienced a decrease of pound 16.0 million (72.4%) to pound 6.1 million, compared to pound 22.1 million in 2022. Similarly, revenue from the sale of goods and services declined by pound 33.2 million (14.5%) to pound 195.2 million, from pound 228.4 million in 2022 Expenditure up 11.7% ---------------------------- Total expenditure for the period of January to April 2023 witnessed a significant increase of pound 352.3 million (11.7%), amounting to pound 3,359.3 million, compared to pound 3,007.0 million during the same period in 2022. Social benefits rose by pound 106.7 million (8.7%) to pound 1,337.7 million, compared to pound 1,231.0 million in 2022. Compensation of employees, which includes imputed social contributions and pensions of civil servants, increased by pound 98.8 million (10.3%) to pound 1,058.7 million, compared to pound 959.9 million in 2022. Intermediate consumption witnessed a growth of pound 20.4 million (6.4%), reaching pound 337.1 million, compared to pound 316.7 million in 2022. Subsidies increased by pound 1.9 million (7.3%) to pound 28.1 million, while current transfers rose by pound 16.2 million (7.7%) to pound 226.1 million, compared to pound 209.9 million in 2022. Interest payable experienced an increase of pound 20.1 million (16.7%) to pound 140.5 million, from pound 120.4 million in 2022. The capital account also witnessed growth, with an increase of pound 88.2 million (61.7%) to pound 231.1 million, compared to pound 142.9 million in 2022. In detail, gross capital formation increased by pound 85.1 millio (82.6%) and amounted to pound 188.1 million, compared to pound 103. 0 million in 2022 and other capital expenditure increased by pound 3.1 million (78%) and amounted to pound 43.0 million, compared to pound 39.9 million in 2022.

Source: Cyprus News Agency