China's CICC Eyes Middle East, Southeast Asia in Global Push
China International Capital Corp., one of the nation's largest brokerages, is seeking to tap growing demand for cross-border financial services in the Persian Gulf and Southeast Asia as the firm pushes its global expansion.
Beijing-based CICC is gearing up to open a new branch in Dubai to target sovereign wealth funds and conglomerates in the Gulf region, according to Wang Hanfeng, deputy president for CICC International. It's also exploring more Southeast Asian markets, after having opened a representative office in Vietnam last year and a Singapore unit in 2008.
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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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Global Times: A new era of shared development and cultural exchange with China: Colombian Ambassador to China
Colombia joins China's Belt & Road Initiative, boosting trade, culture, and development on 45th anniversary of ties. Beijing, China, June 14, 2025 (GLOBE NEWSWIRE) -- In an era marked by unprecedented global transformations, the world stands at a critical crossroads, grappling with deepening deficits in peace, development, security, and governance. As humanity faces unparalleled challenges during this tumultuous period, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, has put forth a solemn call to action through the Global Development Initiative (GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI). The three pivotal initiatives address the pressing issues of our time, offering viable pathways and robust support for the building of a global community with a shared future. Rooted in the rich historical experiences of the CPC's century-long struggle and infused with the wisdom of China's traditional culture, these initiatives are expected to unite the world in the pursuit of common progress and stability. To offer a deep understanding of the three global initiatives, and elaborate on their significance on a global scale, the Global Times is launching a series of articles. China and Colombia signed a cooperation plan on jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road on May 14. The year 2025 marks the 45th anniversary of the establishment of diplomatic relations between China and Colombia. Since the establishment of diplomatic relations 45 years ago, the two countries have witnessed the steady growth of economic and trade ties with tangible results. China is now Colombia's second-largest trading partner, while Colombia ranks as China's fifth-largest trading partner in Latin America. Colombia's agricultural products, ranging from coffee to cut flowers, are becoming increasingly popular in the Chinese market. In this issue, Global Times reporters Xu Liuliu and Liu Yang (GT) spoke with Colombian Ambassador to China, Sergio Cabrera Cardenas (Cabrera), about bilateral cooperation and exchanges, as well as his insights on the GDI, the GCI, and the GSI. GT: Colombian President Gustavo Petro was in Beijing for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in May. On May 14, Colombia officially joined the building of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, a milestone decision in Colombia's diplomatic history. Why did Colombia make such a decision? How will the two sides expand trade through mechanisms such as cross-border e-commerce and free trade agreements? Cabrera: Colombia's accession to the Belt and Road Initiative (BRI) has been a long process that began around six years ago during the previous government. Although the previous government initiated some studies, it decided not to join. When President Gustavo Francisco Petro took office, he quickly sent copies of the memorandum to the different ministries and institutions that were somehow related to the commitments that were going to be made. It has been a two-year study process, as it is natural, in any case, that there were many people interested in strengthening the bilateral relationship with China through the BRI decision. Colombia is a country strongly influenced by the US, a country that has been its natural ally, as the US is the country with which Colombia has the most trade, so both the influence of the North and that of the business sector was a brake on the possibility of signing this agreement, but fortunately, thanks to the relationship between the Colombian Foreign Ministry and the Chinese Foreign Ministry, all the adjustments were made and the agreement was signed, and we are very satisfied to say that we were able to sign this agreement. [Signing the agreement] was a challenge for me. That is, since I arrived at the embassy, I was resolved that, whatever it took, we had to find the way to sign it, and at this moment I believe that the people who are better versed with what has been signed, are very satisfied, as this cooperation is crystallizing in projects, with the plan to start studying different initiatives and projects to move forward little by little. We are acting on taking the first step of a great march, and I think that it will strengthen e-commerce, physical commerce, education, culture, industry, and agriculture. Everything will benefit greatly from the signing of this memorandum. GT: Since being proposed in 2021, the GDI has been continuously substantialized, its implementation mechanisms increasingly refined, and practical cooperation under its framework has gradually taken shape, thereby offering China's solution to bridging the development gap in Global South countries as well as building a better world together. May I ask, what is your view on the content of the GDI? Cabrera: As for the GDI, I think this is a very important step that China has taken through President Xi Jinping, as it is an important initiative that considers the future in many aspects. China has a lot to teach the world. China is a country that has managed to strengthen, enrich, and build itself in the last 50 years. It has taken many people out of poverty, while developing industry and its technology. It is a great example for the rest of the world and especially for us Latin Americans and Colombians. The GDI , as I understand, it is the opportunity to exchange experiences and seek to walk toward the same objective, a global objective through which we can live together in peace and help each other to develop. GT: How do you view the role of the GCI in promoting cultural and people-to-people exchanges, cultural integration, and mutual understanding between China and Colombia? Cabrera: I have always thought that art, literature, and culture are not only tools but vehicles for development to get to know each other. In recent years, the cultural exchanges between Colombia and China have grown and in the future, we hope there will be many more exchanges because we have many things in common. Although we are two very different countries, we have the same love for the same literature, music, dance, and art. We like the same things and each one civilization approaches each passion uniquely. I believe that the arrival of cultural samples from another country enriches the country that receives it. Culture is important, but art is more important, as art generates emotions and feelings in any of its manifestations, such as in painting, in poetry, and in music. It makes people want to look for goodness and peace, so I think it is very important to strengthen the mechanisms of cultural and artistic cooperation between Colombia and China. GT: Security is a prerequisite for development, and humanity is an indivisible security community. The GSI aims to eradicate the root causes of international conflicts, improve global security governance, and urge the international community to join hands in injecting more stability and certainty into an unstable and changing era, so as to achieve lasting world peace and development. Under the current challenges and issues faced by the international community, how do you view the important significance of the GSI for today's world? Cabrera: I have grew up in a bipolar world in my youth, and not so long ago, we lived through the Cold War between the Soviet Union and the US. Today the world is more open, and there are many more possibilities. China, as such an important power, has entered the scene. It seems very important to me that in the search for world security, the US is not the world's policeman; the one who is going to fix the world's problems. The world is full of US military bases, which I don't think are of much use, because the world is still very imbalanced, so I think that the entry of China as a factor that contributes to reach a consensus on the interests of the peoples of the world in the search for world peace will be very important. I think it [GSI] is one of the most important initiatives that China has at this moment and toward the future. GT: How would you evaluate the China-CELAC Forum as an important platform for equal dialogue and mutually beneficial cooperation between China and Latin America? In an external environment where unilateralism is on the rise, how can China and Latin America strengthen multilateral cooperation to uphold free trade? Cabrera: The forum is an important organization for our Latin American and Caribbean region, and the union of these countries in CELAC has led to important advances and developments, and of course, the relationship between CELAC and China is very important because China is the country that is currently most interested in developing our region. It is the country that is most willing to invest in our region and that is why this forum, which just concluded, was so important, and that is why the conclusions of the forum are aligned with seeking to implement projects to help the development of the region and of each one of our countries. GT: As you say, this year marks the 45th anniversary of the establishment of diplomatic relations between China and Colombia. Ambassador, how do you evaluate the achievements of both countries in the last 45 years and the current development of bilateral relations? Cabrera: Cooperation between Colombia and China has been, and continues to be very important, and will be very important in the future. China has participated in the construction of many large Colombian projects, perhaps even the largest, such as the construction of the subway, the regional trans, and some highways. China is also somehow involved in the construction of the largest hydroelectric dam in Colombia. There are many Chinese projects related to the fight against global warming. It also provides technology transfer, with projects of communications, such as Chinese tech company Huawei. There are around 120 Chinese companies that are working in Colombia and they are helping greatly in the construction of infrastructure communications, health, and education. Aside from the signing of the adhesion to the BRI opens new possibilities, because China is generously offering opportunities for infrastructure construction and this is a moment in which our country needs to develop, needs to make big investments. There are not many interested in helping us, but China is interested in helping us. The BRI is helping countries develop big form of infrastructure with projects that benefit the people. GT: How do you see the prospects for cooperation between the two countries in cultural fields such as literature and tourism? How do you plan to promote cultural exchanges between the two countries in these sectors? Cabrera: We have talked about the importance of strengthening cultural exchanges, and we have immediate and long-term plans. This year is the 45th anniversary of the establishment of diplomatic relations between Colombia and China, so we have already carried out some activities. Books by Colombian authors have been published and translated into Chinese, as we have great writers like García Márquez and Álvaro Mutis. In addition, we also have many singers such as Shakira, which was known among the Chinese youth. I know that Shakira is interested in coming to China, and the embassy has a plan to take advantage of this year. We are also going to bring poets for meetings in China. Other projects include the film festival and every time the directors will come. We are also in talks to make a large sample of our art photography, contemporary, art and also ancient heritage. We are planning for the symphony orchestra of Colombia to return again at the end of the year, in order to celebrate the 45th years of the establishment of diplomatic relations with a great concert by the symphony orchestra of Colombia. This story first appeared in Global Times: Company: Global TimesContact Person: Anna LiEmail: editor@ Beijing Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking in to access your portfolio
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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
