Uber Mideast Unit Is Delivering Gold Coins to Doorsteps in Dubai
Dubai residents can now have 24-carat gold coins delivered their homes in less than an hour as super app Careem targets millions of Indians in the United Arab Emirates.
Dubai-based Careem Technologies, a spin-out from Uber Technologies Inc. 's Middle Eastern subsidiary, has launched a campaign that allows users to buy up to 10,000 dirhams ($2,723) of physical gold in a single order. The gold is supplied and certified by Tanishq, the flagship brand of India's biggest jeweler Titan Co.
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Saks Global says it's back on track with vendors, won't close stores
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Saks Global has mostly smoothed things over with vendors and has no plans to close stores, CEO Marc Metrick told BMO Capital Markets analysts at a recent meeting, according to a Friday client note. The analysts led by Managing Director Simeon Siegel said this suggests 'they are already in the best locations and like their existing fleet.' That includes 33 Saks Fifth Avenue stores, 86 off-price Saks Off 5th stores, 36 Neiman Marcus stores, five off-price Neiman Marcus Last Call stores and Bergdorf Goodman's Manhattan flagship. The luxury department store conglomerate didn't immediately respond to an email asking whether this means the downtown Neiman Marcus store in Dallas will remain open beyond 2025 after all. Earlier this year, after announcing that iconic store would close March 31, the company waged a weeks-long battle with city leaders who worked to save it. Ultimately Saks Global agreed to keep the store running through the holidays. The breakdown in relationships with suppliers stemmed from chronic issues with late payments. An unconventional payment plan devised earlier this year signaled to some analysts that the company was struggling to meet its obligations. Metrick told BMO that most vendors agreed to the terms and that Saks Global 'is making progress on outstanding balances.' The company in recent days picked up $350 million in financing commitments that analysts have said likely rescued its ability to stock up for the holiday. Speaking with BMO, Saks executives 'expressed confidence in their liquidity,' on the way to realizing its five-year goal of $600 million in synergies, with $285 million in run-rate synergies by the end of this fiscal year. That five-year target is about $100 million higher than the original target, and the 2025 run-rate is nearly doubled, per BMO. 'While acknowledging macro volatility, Metrick expressed clear excitement and confidence in his long-term business opportunities, the luxury business at large, and expressed confidence in their liquidity and vendor relationships,' Siegel said in the Friday note. Luxury brands may be less optimistic about Saks, however, according to a report from HSBC Global Research analysts led by Erwan Rambourg. New York City-based luxury brand managers have just two major concerns, they found: 'how the well-publicised financial travails of Saks Global will end and the end game for tariffs.' 'The outlook otherwise seems solid,' Rambourg said in emailed comments Thursday. Saks Global appears to be banking on a healthy recovery for luxury consumers — who by Saks' own measure seemed quite agitated earlier in the year — as well as on the strength of the luxury market longer term. BMO cited more up-to-date research from Saks, which found that a third of its customers making $200,000 or more are less confident about the economy in general but more confident about their own situation. These consumers are concerned about the social/political climate above all, then a recession and stock market volatility, per that report. At least for the moment, the stock market is leaning their way, and therefore in Saks Global's favor. In May and June, U.S. equity markets have broadly recouped earlier losses, according to HSBC. 'Of course there are other topics dominating headlines in the US at present, but it seems that luxury consumers are driven more by short-term measures of wealth, such as the value of their 401k pension plans,' Rambourg said. Tariffs and higher prices are not top worries for Saks' customers, per its research. BMO analysts estimate that about 80% of its goods come from Europe, and Saks Global told them that high-single digit percentage price hikes, which they characterized as 'normal,' would mostly offset increased import levies. Recommended Reading Beyond to acquire Kirkland's IP for $5M — and plans to license it back 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
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Fracking caused earthquakes in Noble County. How will it impact future developments?
The Ohio Department of Natural Resources asked Encino Energy to halt fracking operations in Noble County after recording an abnormal number of earthquakes in the area. According to the department, the seismic activity occurred near the Bears Pad, a well pad in Buffalo Township, between April 22 and May 8. "The Division's seismic monitoring network measured seismic events that occurred close to the pad," an ODNR spokesperson said in a statement. According to the department's earthquake database, 53 earthquakes were recorded in the Southeast Ohio county within that time frame. Two of those hit magnitudes over 3.0 on the Richter scale. A magnitude of 3.0 is the threshold where earthquakes are often felt by people but rarely cause damage. Texas-based Encino Energy, operating as EAP Ohio LLC, executed an operating agreement for oil and gas development in Buffalo Township in December, according to public records. The site is in a rural area in northern Noble County. Earthquakes occurred north of the well pad up to the Guernsey County line. The company halted fracking operations on the wells at the Bears Pad on May 8 and operations there remain ceased, according to ODNR. Encino Energy did not respond to a message seeking comment. Michael Brudzinski is a professor of seismology at Miami University who studies earthquakes, including analyzing relationships between the oil and gas industry and earthquakes in Ohio and surrounding regions. Fracking can cause earthquakes by disturbing dormant faults deep underground, Brudzinski said. "The process of hydraulic fracturing involves injection of a large amount of fluid, primarily water with a little bit of sand. The process there is trying to fracture a crack to open the rocks that have oil and gas stored in it," he said. "We've learned over time that sometimes when folks are targeting those rocks, the water can leak out of the rock formations ... and that water can leak out into nearby faults. "And when you are injecting fluid into a fault zone, it sort of props it open a little bit, and that allows the fault to slip," he said. Eastern Ohio is not a plate boundary currently, but was in the past, so it is imagined that the area has dormant faults that are "woken up" by injecting liquid underground, Brudzinski said. "It's a pretty rare thing to happen, but we do have some areas in eastern Ohio that tend to be a little bit more likely that others based on the number of wells that have been operated and the number of earthquakes we see," he said. Ohio has taken an approach to try and balance environmental risk and potential for earthquakes with potential for economic development and need for energy production, Brudzinski said. He believes the approach has been successful. "We don't regularly have earthquakes associated with oil and gas activities in Ohio. That's an accomplishment," he said. "Ohio has been proactive." ODNR said Encino "likely will flowback and produce those wells," meaning the company will extract oil and gas from fracking that already occurred. Brudzinski said that means the company likely won't get to extract all of the oil and gas that could be available there. "There was some stimulation of the rock layers prior to when the earthquakes took place, so there will be an ability to try and harvest some oil and gas from those areas, but they won't be able to operate the full extent of the well," he said. "There will be some economic loss for the company to not be able to stimulate all of the rock layer there." The Bears Pad, located at 52750 Old Infirmary Road, is the first well pad drilled in Buffalo Township, according to township Trustee David Wikander. Wikander said he personally didn't feel anything despite living close to the area of the recent earthquakes. He said he heard from some residents that felt them, but they didn't cause any issues because they were small. For now, Wikander said he's not concerned about the future of oil and gas drilling in the area, and he's hopeful it could even expand. "To me, I don't see a problem, as long as it's not affecting structures or anything like that," he said. "I would say it'll probably keep going. They've invested a lot in infrastructure in our area, and I think it's a good thing for our community." ODNR said "any future permits to drill a well that may be issued in the area of this seismicity will include seismic monitoring terms and conditions." Future drilling in the area will need to meet additional standards, Brudzinski said. He said there are some potential methods to mitigate earthquake risk in known fault zones, such as by slowing the rate of injection over time, changing the viscosity of the fluid or avoiding those specific spots. According to the ODNR earthquakes database, 161 earthquakes have been recorded in Ohio so far this year. In Noble County, 69 earthquakes have been recorded this year. That's nearly 43% of the state's total recorded so far in 2025. Seventy-six earthquakes have been recorded this year in Washington County, 47% of the statewide total. The largest was a 2.8 magnitude earthquake on Feb. 3. Washington County is south of Noble County. Just 16 earthquakes have been recorded outside of Washington and Noble counties. The largest earthquake by magnitude recorded in the state so far this year was a 3.9 magnitude earthquake in Jackson County on Feb. 3. Reach Grace at 330-580-8364 or gspringer@ Follow her on X @GraceSpringer16. This article originally appeared on The Repository: Fracking led to quakes in Noble County, future development impacted
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Global Food Aid Matters to U.S. Workers and Manufacturers
As the CEO of a Charlotte, NC-based Design-Build firm, I have had firsthand involvement with the investment of billions of dollars in U.S.-based manufacturing facilities, and the thousands of jobs these facilities have created across our country. So, why would I have a connection to, or even care about, food aid sent to countries across the globe? My company works directly with the producer of a product that saves the lives of severely malnourished children worldwide: Ready-to-Use Therapeutic Food (RUTF). These 'RUTFs' are simple, wallet-sized foil packets of mostly peanut butter, whey, and vitamins. Like a turbocharged but squeezable protein bar, this small but mighty, nutrient-dense food revives and nourishes children who otherwise might die. This product is intended for children facing severe malnourishment and starvation. Regardless of why this is occurring, the fact remains that these children lack basic staples that we in America, a global top food producer, take for granted. Unfortunately, the production and distribution of RUTF is under threat due to changes being made by the Trump administration. There is definitely merit to evaluating how taxpayer funds are being used. However, I believe it is critical that we not disrupt the flow of lifesaving products like RUTF. While it may now seem that this is just another 'tug on the heart strings' article, urging the U.S. government to spend dollars to save the world, I encourage you to read on. I do believe in assisting those in need, wherever they may live. But there is another side to this story that affects U.S. workers, farmers, and business interests. In fact, the RUTF aid program aligns with the Trump administration's stated goal of realigning U.S. foreign aid to support humanitarian and national interests, such as local industries, workers, and economies. My firm, A M King, is a classic American business success story. Started more than 20 years ago in one room as a bootstraps local job-creating enterprise, today we are 100% employee-owned, with 80 team members in highly paid professional jobs, and have generated more than $2.5 billion in revenue since our inception. Our specialty is designing and building food processing and food-storage facilities across the United States. That's what brought me to RUTF, professionally and personally. We have worked with an RUTF manufacturer, MANA Nutrition, to improve its Georgia production facilities. This nonprofit corporation buys 2 million pounds of peanuts a month from local farmers. From its 135,000 square-foot Fitzgerald production and warehouse facility, MANA Nutrition can produce 500,000 pounds of RUTF product per day and feed 10 million children a year. The facility also brings vital jobs to the community, supporting the economy and providing opportunities for families across the region. I believe this is what the Trump administration means by supporting U.S. manufacturing. Over the past several years of working closely with MANA Nutrition, I've come to know, understand, and appreciate their purpose, mission, and business. In my 40-year career of working with some of the nation's largest companies and a range of CEOs, I can truly say MANA Nutrition is a company founded on a noble cause, with a desire to change the world for the better. It's also a well-managed company, focused on efficient, effective business principles. Team members are all dedicated professionals who work hard and expect little in return. Mark Moore, MANA Nutrition's founder and CEO, was a missionary in Africa for many years. He knows the need from personal experience. He and others who fund this cause have made it their mission to end malnourishment. All funding to develop and build MANA Nutrition's production facilities comes from private donors. This is not a company seeking government handouts to build and sustain a business. I also know non-profits. I can discern when their mission is true and if their management is ethical. I also believe a non-profit should operate like a successful business, with efficiency and accountability. MANA Nutrition is one of these organizations. The only money MANA receives from USAID is to buy its RUTF product, which is then used only for humanitarian purposes. Lest anyone wonder, while MANA Nutrition is a customer, my support for continuing the production and distribution of RUTF is in no way an indirect business plea. My company is well-established and financially strong. My goal is to see MANA's mission and purpose continue, knowing they save lives every day with the product they produce. If RUTF funding isn't reinstated, MANA Nutrition may have to shut down, hurting not only the producer and their farmers, but their workers, community, and supply chain businesses. Most of all, it will impact those children who depend on America's big heart. As an entrepreneur, business founder, and a CEO, I understand the goal of ensuring U.S. taxpayer dollars are spent wisely, including on foreign aid. I also recognize that worthy investments that serve our national interests, even if they have broad bipartisan support, sometimes get caught up and canceled in efforts to make government work better. RUTF is worth saving. I'm urging the White House and Congress to keep funding the production and distribution of RUTF, for the benefit of American farmers and workers and children all over the world. Brian T. King is founder and CEO of A M King.
