Canada contributes additional $35 million toward restoring energy infrastructure in Ukraine
Canada contributed another 50 million Canadian dollars ($34.8 million) to the Ukraine Energy Support Fund, Ukraine's Energy Ministry said on March 14.
Days prior, Ukraine received the of a loan of $1.7 billion covered by frozen Russian assets from Canada, the Ukrainian Finance Ministry announced on March 13.
"As Russia continues its ruthless attacks on Ukrainian infrastructure, leaving millions without electricity, water, and heat, Canada is proud... to continue the important work it is doing to help Ukraine repair its critical infrastructure," Canadian Foreign Minister Melanie Joly in a statement.
Canada's total contribution to the Ukraine Energy Support Fund is now over $41 million. also declared a future contribution of 10 million Canadian dollars ($7 million) to the fund.
The Ukraine Energy Support Fund raises costs to restore energy facilities and support critical .
"Contributions to the Energy Support Fund are directed toward purchasing equipment necessary for restoring energy facilities after enemy attacks and ensuring the stable operation of Ukraine's system," Energy Minister Herman Halushchenko said.
Part of the new contribution will go towards the healthcare sector to support critical social infrastructure through the development of to support operations.
The added funding will help ensure the stable operation of the energy industry in by restoring critical energy reserves for energy companies, Canada's International Development Minister Ahmed Hussen said.
Various countries contribute to the Ukraine Energy Support Fund established in 2022 with the help of the .
Iceland allocated over $2 million to the fund on March 11 and Italy promised to contribute $13.5 million on Feb. 28.
Russian aerial attacks regularly target civilian infrastructure, including energy services. Support from allies has proven to be crucial in maintaining Ukraine's .
Read also: 'Painful for Russia:' What new U.S. sanctions on Russian energy mean for MoscowWe've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
39 minutes ago
- Yahoo
GST relief on new homes could save 1st-time buyers up to $240 on mortgages: report
OTTAWA — A new analysis says first-time Canadian homebuyers could save up to $240 on their monthly mortgage payments through the federal government's proposal to waive the sales tax on new builds. Desjardins Economics says in a new report that the impact on housing affordability will be "particularly strong" for buyers in Canada's more expensive markets, like Toronto and Vancouver. The Liberal government has tabled legislation to eliminate the GST portion from new home sales of up to $1 million for first-time buyers, which works out to as much as $50,000 off the cost of a new build or substantially renovated unit. For homes sold above $1 million, the GST relief is phased out as the price tag nears $1.5 million. But Desjardins also cautions that the policy could drive up demand for housing, which in the near-term could push up home prices if not coupled with other efforts to boost supply. Parliament has yet to pass the legislation, which the Liberals introduced alongside the government's pledge to cut income taxes starting July 1. This report by The Canadian Press was first published June 9, 2025. Craig Lord, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Guess Limits Tariff Impact to Less Than $10M, Adjusts Sourcing and Buying Strategies
Guess Inc. is taking steps to mitigate the effects of President Trump's tariff war. During the company's Q1 2026 earnings call Thursday, Guess Inc. CEO Carlos Alberini said roughly 75 percent of Guess Inc.'s business is outside of the U.S and therefore not directly impacted by the tariffs. The remaining 25 percent of directly produced and distributed products represents roughly $200 million in annual purchase. More from Sourcing Journal US Trade Deficit Contracted in April Amid Tariff-Driven Import Paralysis LA, Long Beach Ports Brace for Potential Record-Breaking Summer Surge Old Dominion Blames 'Economic Softness' for Revenue, Volume Slips 'Both our Guess and Rag & Bone sourcing teams have undertaken a massive effort to move a substantial amount of our production out of China to other markets. We also reworked costs with vendors and pricing with retail customers,' he said. Alberini expects the year over year impact of tariffs on Guess Inc.'s margins will be less than $10 million this year—an amount that Guess will achieve with 'very minimal price increases.' 'The tariffs have also sparked renewed fears of inflation or recession, but we have not attempted to predict how they may affect the consumer's appetite to spend their disposable income,' he said. Despite these economic uncertainties, Alberini ended Q1 on a positive note. 'We are very pleased with the start of our year. We are encouraged by the early results of our initiatives regarding product marketing and retail productivity in both North America and in Europe, and we believe that these successes can be leveraged across the rest of our direct-to-consumer business, and especially in the second half of the year,' he said. Q1 results came in ahead of expectations across key financial metrics reflecting the successful integration of Rag & Bone and continued momentum in Guess' wholesale businesses across Europe and the Americas. Alberini said discipline expense management, combined with a better-than-expected top line enabled Guess to report operating results ahead of the company's guidance range, narrowing losses for the quarter. Total net revenue for the first quarter of fiscal 2026 increased 9 percent to $647.8 million from $591.9 million in the same prior-year quarter. In Europe, revenue increased 8 percent to $306 million. In particular, the wholesale business performed well with revenues increasing in the mid-teens. Guess was able to accelerate product deliveries to mitigate against potential disruptions from the ongoing Red Sea crisis. Americas retail revenue increased 9 percent. Comps from U.S. and Canadian Guess stores declined 10 percent in constant currency, though Dennis Secor, Guess Inc.'s interim CFO, said the trend was improving in the latter part of the quarter. Traffic to Guess stores continued to be down, though some of that was offset with an improvement in conversion. Americas wholesale revenue increased 63 percent to $101 million, driven by the addition of Rag & Bone and higher Guess shipments in the U.S. and Mexico. Secor said the increase in the U.S. Guess business was primarily due to its off-price accounts. In Asia, revenues decreased 20 percent to $58 million. South Korea and China, where the company is purposedly constraining its business, saw the biggest declines. For the first quarter ended Jan. 31, the company posted a GAAP net loss of $32.9 million, compared to GAAP net earnings of $13 million for the same prior-year quarter. Adjusted net loss was $22.3 million, a 61 percent increase from $13.8 million for the same prior-year quarter. Adjusted diluted net loss per share increased 63 percent to $0.44, compared to $0.27 for the same prior-year quarter. The company estimates a negative impact from its share buybacks of $0.02 and a positive impact from currency of $0.08 on adjusted diluted EPS in the first quarter of fiscal 2026 when compared to the same prior-year quarter. 'We are beginning with the implementation of several initiatives as we speak, including the reorganization of our teams, the deployment of new practices and increasing investment into social channels and relationships with influencers and other collaborations to attract a younger audience,' Alberini said. One of the key challenges for Guess over the last several years has been the decline in customer traffic into its stores and website. The trends have persisted in the U.S. and Asia for some time, and the brand is seeing similar patterns emerge in our European retail business. To address this, Guess is rolling out a range of initiatives aimed at re-engaging customers and driving higher traffic across both physical and digital channels. 'We continue to see a significant opportunity to increase brand awareness and customer engagement through increased marketing investment,' Alberini said, adding that consulting firm General Idea is crafting a 'new market vision to transform our social media strategy' and 'reignite our brand relevance and awareness with today's consumer.' Guess plans to expand the customer loyalty program it recently launched in Italy and Poland to Germany, Austria and Spain. Alberini said the program is driving consumers to return to the stores with greater frequency and spend more per visit. 'As we continue to sign up more customers into our database and we gain insights into their shopping habits, we are investing improving our customer insights capabilities using AI-powered tools,' he said. Efforts to drive production costs down, like committing to larger and earlier production values, left less open to buy later in the season. This resulted in missing certain trend and sacrificing revenues. To counter this, Alberini said the Guess team is developing fast track capabilities within its supply chain to more quickly replenish best sellers and inject additional products into the market as trends develop in the season. 'We used to operate in this manner several years ago and had success, primarily in North America. We are implementing this again with our Spring/Summer '26 collection, with our goal ultimately to leave 50 percent of our buy open after we place our initial orders,' he said. Additionally, Guess is rebalancing its product assortment to increase penetration and offer more opening price point products. Alberini said the company's efforts to increase quality over the past few years by elevating fabrics and embellishments has left some consumers behind. 'While the program was successful in many ways, our recent analysis of pricing suggests that some of our legacy customers were not able to make that journey with us. It's also reflective of what we have experienced with today's consumer, who tends to be quite sensitive to pricing,' he said. The company is encouraged by growth opportunities for Rag & Bone, Guess Jeans and the women's category. Guess is going after more casual assortment and trying to bring more denim into the product selection. In the first quarter that women's apparel was up 3 percent, which Alberini said Guess hasn't seen in a long time. 'Our business now is primarily focusing on women—we think that the customer represents about 85 percent of the total customer base. If we turn women's, that's a major sign of success for us,' he said. Guess Inc.'s plan for Rag & Bone is grow the business from $250 million to $320 million in 2026. Growth will be driven by new stores and product categories, Alberini said. There are currently open 41 stores, up from 38 when Guess acquired the brand. Ten more stores are planned for the next few months. Expanding into new markets is opening new opportunities as well. Two more stores will open in Germany in a few months, and one in Amsterdam. Licensed products like handbags are already in stores and performing well. Deals for watches and eyewear are finalized and now the company is working on fragrances. On top of that, Alberini said the Rag & Bone team, led by Andrew Rosen, is doing a great job at expanding key product categories like the Miramar denim collection and adjusting the brand's outlet strategy. Whereas Rag & Bone's outlets used to run on excess product from the other channels, Guess Inc. has created an entirely new business model where it is making product for those stores. Guess Jeans continues to exceed the company's expectations—not by a huge amount but better than anticipated, Alberini said. The brand, which launched last year, has 'nice' distribution in Europe and is primarily a wholesale business. 'There is a lot of work that is being done by the teams to really improve our product offering,' he said, adding that the team is in 'listening mode' to make sure they're developing products based on what their retail partners see is resonating with men and women. 'We are trying to understand where the customer is gravitating, to strengthen the offering based on that,' he said. Though he wishes Guess Jeans' North American business was larger by now, Alberini said he's confident that the product and pricing is where they need to be. 'We think that we are in a very good place in terms of the type of trends that are in the marketplace and how we are addressing them with our product,' he said. Guess Jeans will open stores in Tokyo and on Melrose Avenue in Los Angeles soon. The store openings will be supported by a robust social media strategy—a must, he added, for a jeans brand that appeals to a young consumer who lives on social media.
Yahoo
an hour ago
- Yahoo
Soldiers return home after years in captivity as Ukraine-Russia prisoner swap begins
A new prisoner swap between Ukraine and Russia has begun, officials in both countries said Monday, with Ukrainian soldiers who have spent nearly the entire duration of the war in captivity among those returning home. The exchange, agreed last week during talks in Turkey, involves detained people under the age of 25, as well as those who are seriously wounded, Ukrainian President Volodymyr Zelensky confirmed on Telegram. It follows a dispute at the weekend during which Moscow accused Ukraine of holding up the exchange — a claim that Kyiv denied. 'Our people are home,' Zelensky wrote. 'Ukrainians are returning home from Russian captivity. The exchange began today and will continue in several stages over the next few days.' Among those being released are Ukrainian soldiers who defended the city of Mariupol, which suffered a brutal Russian assault in the first few weeks of the war, the Ukraine Coordination Headquarters for the Treatment of Prisoners of War said. The vast majority of those being released have been in captivity since 2022, according to Dmytro Lubinets, Ukraine's parliamentary commissioner for human rights. Russia's Ministry of Defense also confirmed that the exchange is underway. 'The Russian servicemen are currently in the Republic of Belarus, where they are receiving the necessary psychological and medical assistance,' the ministry said. Vladimir Medinsky, the head of Russia's delegation for peace talks with Ukraine, said last week that the exchange would be the largest since the start of the three-year war. He said Russia would transfer the bodies of more than 6,000 killed Ukrainian troops, plus an unspecified number of wounded servicemen. Monday's news comes after a weekend of accusations being hurled between both Moscow and Kyiv in relation to the exchange. Russia accused Ukraine of unexpectedly postponing the transfer of dead Ukrainian soldiers' bodies, leaving hundreds of body bags inside refrigerated trucks waiting at an exchange point it said Kyiv had agreed to. Ukrainian officials rejected Russia's account of events, saying that the two sides had agreed to exchange seriously wounded and young troops on Saturday, but a date had not yet been set for the repatriation of soldiers' remains. The prisoner swap was a result of a second set of direct peace negotiations that took place last Monday in Istanbul. Though the exchange was agreed upon, there were no major breakthroughs, with talks lasting a little over an hour. As the prisoner exchange will last multiple days, and is 'quite complex,' negotiations between Russia and Ukraine will 'continue virtually every day,' Zelensky said Monday. 'We count on the full implementation of the humanitarian agreements reached during the meeting in Istanbul. We are doing everything possible to bring back every single person. We are working toward this at every level,' he added.
