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US military officials visit Kyiv amid Europe’s caution over reported Russian peace plan

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Senior Pentagon officials have arrived in Ukraine to “discuss efforts to end the war” with Russia, the US military says.

US Army Secretary Dan Driscoll held talks with Ukrainian Prime Minister Yulia Svyrydenko and was to see President Volodymyr Zelensky later.

Reports had surfaced on Wednesday that the US and Russia had prepared a new proposed framework to end the war, requiring major concessions from Ukraine including giving up territory and dramatically shrinking its military.

The White House said President Donald Trump had grown “frustrated” with both Russia and Ukraine “for their refusal to commit to a peace agreement” and his team had been working on a “detailed and acceptable” peace plan.

A senior US official confirmed to the BBC that special envoy Steve Witkoff had been “quietly working” on a plan and that he had received input from both the Ukrainians and the Russians “on what terms are acceptable to them to end the war”.

“Both sides will have to make concessions, not just Ukraine,” the official said.

Details of the draft 28-point plan emerged more than three weeks after Witkoff and his Russian counterpart Kirill Dmitriev are said to have spent three days in meetings in Miami, Florida.

Moscow has not confirmed or denied that a plan was worked out. Kremlin spokesman Dmitry Peskov said “contacts” had taken place with the US, but no “consultations or negotiations” were happening.

Citing people familiar with the matter, Axios, the Financial Times and Reuters have reported that the plans call for Kyiv to give up areas of the Donbas in eastern Ukraine that it still controls, to cut significantly the size of its armed forces and to forego many of its weapons.

Zelensky has repeatedly ruled out any territorial concessions to Russia.

Neither EU nor Ukrainian officials are believed to have been involved in drafting the new proposal, sparking fears it could be overwhelmingly favourable to Russia.

EU foreign policy chief Kaja Kallas warned that for any plan to work, it would need to have Ukrainians and their European allies on board, and French Foreign Minister Jean-Noël Barrot said “the Ukrainians do not want any form of capitulation”.

After meeting US officials, Ukraine’s prime minister did not address the rumoured plan but said their visit provided an “opportunity for representatives of the American administration to assess the situation on the ground and see the consequences of Russian aggression”.

On Wednesday Ukrainian officials said at least 26 people had been killed in a Russian missile and drone attack on blocks of flats in Ukraine’s western city of Ternopil. Another 22 people were missing at the site, Zelensky said in an update on Thursday.

Firefighters seen holding moment of silence in Ternopil after deadly Russian strike

Zelensky was in Turkey at the time of the Ternopil attack and unconfirmed Ukrainian reports suggested that talks had been planned with Trump’s envoy in Ankara but had then been called off.

Driscoll’s team is the most senior military group to travel to Kyiv since Trump took office in January.

He is joined by army chief of staff Gen Randy George, top US army commander in Europe Gen Chris Donahue, and Sergeant Major of the Army Michael Weimer.

There was no mention of the proposed framework when the US army secretary arrived in Kyiv late on Wednesday. Army spokesman Col David Butler said only that Driscoll and his team were there “on behalf of the [Trump] administration on a fact-finding mission to meet Ukrainian officials and discuss efforts to end the war”.

A Ukrainian official told CBS, the BBC’s US media partner, that talks on the trip would focus on the military situation on the ground – as well as plans for a possible ceasefire.

The unnamed official said: “Presidents Zelensky and Trump have already agreed to stop the conflict along the existing lines of engagement, and there are agreements on granting security guarantees.”

After talks with the US army secretary on Wednesday, Ukrainian Defence Minister Denys Shmyhal posted on X: “We focused on the next steps for implementing the historic defence agreements reached by President Zelensky and President Trump.”

Kyiv and its Western allies, including the US, have been calling for an immediate ceasefire along the vast front line but Moscow has ruled that out, repeating demands that Ukraine says amount to its de facto capitulation.

Earlier this month, Russian Foreign Minister Sergei Lavrov said Moscow’s pre-conditions for a peace deal – including ceding territory, tough curbs on the size of Ukraine’s military and the country’s neutrality – had not changed since President Vladimir Putin laid them out in 2024.

Meanwhile, a White House official confirmed to the BBC that special envoy to Ukraine Keith Kellogg would leave his post in January.

He reportedly decided that this would be a natural end to his time in the post, which requires Senate approval beyond 360 days.

Kellogg has been seen as an important advocate for Ukraine in the White House during a time when Trump has often appeared to side with Russia in the conflict.

Modern Design Fuses with Local Craftsmanship in Dubai Skyscraper

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If New York is the city that never sleeps, Dubai is the city that never stops building. This latest example of its constantly changing skyline, by Zaha Hadid Architects, consists of a residential skyscraper with a striking exoskeleton design inspired by traditional local craftsmanship.

The Symphony Tower will be located in the burgeoning Horizon district, a short distance from Downtown Dubai. The rectangular tower will rise out of a chunky base, while its exoskeleton structure – which literally places the building’s supports on its exterior – forms outdoor balcony and terrace spaces that should help take the sting out of the Dubai heat. Other notable exoskeleton buildings include Zaha Hadid Architects’ own Morpheus Hotel.

Some of the Symphony Tower’s balconies and terrace areas will host greenery and private pools

Bloomimages

Though not a total departure from the firm’s usual design language, the building is definitely more subtle than some of its other high-profile towers, such as the Yidan Center and Cityzen Tower. Indeed, instead of aiming to wow with dramatic swoops and futuristic fluid curves, it’s firmly rooted in local traditions.

“Drawing inspiration from the distinctive three-dimensional geometries and detailed embroidery of Al Sadu and Talli – the traditional Emirati crafts of weaving with metallic threads – the tower’s exoskeleton defines an interlaced facade that appears to transform in tone and depth as the sun moves across the sky throughout the day,” explains the studio.

“A variety of external spaces throughout the 42-story tower provide outdoor living areas for each apartment. Determined by the grid of the tower’s exoskeleton and accentuated by the varied depths of these outdoor spaces, this interwoven structure imbues a distinctive rhythm and texture to each facade, emulating the intricate patterning and craftsmanship of the embroidery fashioned by the Emirate’s traditional artisans.”

Its exact height has not yet been revealed, but we do know its 42 floors will be mostly dedicated to apartment space. Details on the apartment interiors themselves are still sparse, but the single image available depicts floor-to-ceiling glazing and a tasteful material palette. It’s also a safe bet that the furnishing will be suitably high-end. Additionally, renders show some of the balconies hosting greenery and private swimming pools, and there will be the shared amenities you’d expect too, including gyms, multiple pools, and a clubhouse.

The Symphony Tower's apartments will be very luxurious and will include floor-to-ceiling glazing for excellent views of Dubai
The Symphony Tower’s apartments will be very luxurious and will include floor-to-ceiling glazing for excellent views of Dubai

Bloomimages

With the possible exception of timber towers, no skyscraper can reasonably be considered “green,” but the Symphony Tower will reduce its grid-based energy use with sustainability technology. Solar panels and batteries will be installed to power the tower’s lighting and it will include greywater recycling.

It will be constructed using recycled steel, so-called “low-carbon” concrete which is meant to reduce CO2 emissions, and modular construction methods to reduce landfill waste. The greenery used will be drought-resistant local species too.

The Symphony Tower is being developed by Imtiaz Developments. We’ve no word yet on when this one is expected to be completed.

Source: Zaha Hadid Architects

Natuzzi aims for profitability despite market challenges in second quarter of 2025: Earnings call transcript

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Earnings call transcript: Natuzzi targets profitability amid market challenges in Q2 2025

Japan’s Approach to Addressing its Bear Issue

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new video loaded: How Japan Is Tackling Its Bear Problem

Bear attacks are at record levels in Japan, with more than a dozen people killed this year. Javier C. Hernández, our Tokyo bureau chief, looks at the causes and how Japan is responding.

By Javier C. Hernández, Nailah Morgan, Kiuko Notoya, Karen Hanley and Daishi Kusunoki

November 20, 2025

The OBBBA Increases Tax Cap for Founders to $75 Million, Offering Numerous Business Boosting Opportunities

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In an era of economic uncertainty and shifting regulations, the One Big Beautiful Bill Act (OBBBA) presents a notable opportunity for entrepreneurs and early-stage investors. Among its provisions is a significant overhaul of the Qualified Small Business Stock (QSBS) rules—changes that could dramatically reshape the financial future for countless founders. 

What’s New with QSBS?

QSBS has long been a valuable tool for founders and investors, allowing them to exclude the greater of $10 million or ten times their cost basis from capital gains tax when selling qualified stock of a domestic C corporation held for more than five years—provided certain conditions are met. The OBBBA enhances this framework by increasing the per-issuer limitation from $10 million to $15 million, indexed for inflation, for QSBS issued after July 4, 2025. 

Even more transformative is the introduction of partial exclusions starting in year three, enabling founders and investors to access the exclusion sooner than ever before. For QSBS issued after July 4, 2025, eligible gains can be excluded on the following scale: 

 This phased approach is particularly significant in today’s fast-paced market, where the ability to pivot and adapt can mean the difference between success and failure. Founders can now plan their exits with greater flexibility, confident in the knowledge that they have options that were previously unavailable. 

A Bigger Cap, a Bigger Opportunity

 Previously, only Domestic C corporations with gross assets under $50 million could issue QSBS. The OBBBA raises that threshold to $75 million, opening the door for more companies to benefit from these tax advantages. This development maybe vital for startups and small businesses that often struggle to attract investment in a competitive landscape. By allowing larger capital influxes while preserving tax benefits, the OBBBA enables founders to scale their businesses more effectively. 

The increased cap not only enhances tax benefits but also unlocks new strategies for capital raising, exit planning, and entity structuring. Companies that once exceeded the $50 million limit but now fall below the revised threshold can resume issuing QSBS until they again surpass the inflation-adjusted cap. This change presents a strategic opportunity for corporations to attract investors and employees, fostering growth. 

Staying Under the Cap: Smart Planning Matters

The OBBBA also includes several provisions that may help corporations reduce the tax basis of their assets, enabling them to remain below the $75 million inflation-adjusted gross asset limitation and continue issuing QSBS longer. For research-heavy businesses, one key change is the immediate expensing of domestic research and experimental costs under Section 174A. Starting in 2025, these expenses will be fully deductible upfront, reducing asset basis and keeping balance sheets leaner. Additionally, the reinstated 100% bonus depreciation will further help companies manage their asset levels and extend their eligibility to issue QSBS longer. 

Choosing the Right Structure: C Corp vs. Pass-Through

While the OBBBA significantly enhances the appeal of QSBS, it’s important to remember that these benefits apply only to stock issued by domestic C corporations. This means founders must carefully weigh the trade-offs between forming a C corporation and opting for a pass-through entity such as an LLC or S corporation. C corporations are subject to double taxation—once at the corporate level on profits, and again when those profits are distributed to shareholders as dividends. In contrast, pass-through entities typically face only a single layer of tax, which can be more efficient in certain scenarios. 

However, many startups don’t distribute profits in their early years, making the double taxation of C corporations less of a concern initially. In fact, the optimal QSBS outcome often involves retaining earnings taxed at the lower corporate rate and later excluding gains upon sale—provided the sale is structured as a stock transaction. This strategy requires thoughtful planning but can result in substantial tax savings for founders and investors. 

A Call to Action for Founders

The QSBS reforms found in the OBBBA are more than just tax tweaks—they’re a strategic invitation for founders to rethink how they grow and raise capital and plan exits. But these benefits won’t materialize automatically. Founders must proactively adapt to the new rules, assess their business structures, and plan with precision. For those who do, the rewards could be substantial. The increased cap, phased exclusions, and expanded eligibility create fertile ground for innovation and growth. In a challenging economic landscape, the OBBBA offers a rare tailwind—one that savvy entrepreneurs can harness to build stronger, more resilient businesses. 

This material has been distributed for informational purposes only. Bernstein does not provide tax, legal, or accounting advice. 

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

Was Trump in the company of Epstein during Thanksgiving in 2017? | Latest Updates on Donald Trump

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United States President Donald Trump has distanced himself from disgraced financier Jeffrey Epstein, saying the former friends had severed ties more than a decade before his 2019 arrest on federal sex trafficking charges.

But one Democrat is using newly released documents from Epstein’s estate to assert that the two remained friends after Trump first became president in 2016.

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Representative Sean Casten, a Democrat from Illinois, highlighted one email exchange and said in a November 12 post on X: “Trump spent his first Thanksgiving after getting elected President with Jeffrey Epstein. 2017.”

He attached an image of emails dated November 23, 2017 – Thanksgiving Day – between Epstein and NEXT Management Cofounder Faith Kates, which read:

Epstein: hope today is fun for you.

Kates: Fun!!! When are you back in NYC?

Epstein: all next week

Kates: Ok dylan will want to see you I always want to see you. Where are you having thanksgiving?

Epstein: eva

Faith Kates: That means glenn check out his red hair!!!

Epstein: berries color for holiday

Kates: He’s such a snooze who else is down there?

Epstein: david fizel. hanson. trump

Kates: Have fun!!!

Casten has not responded to a request for comment. “Those emails prove literally nothing,” White House spokeswoman Abigail Jackson said in an email.

News reports, photos, videos and White House releases show Trump spent that 2017 Thanksgiving in Mar-a-Lago. PolitiFact, however, did not find any proof that he met Epstein that day.

There are different accounts of when Trump and Epstein had their falling out, with periods ranging from 2004 to 2007. The Miami Herald reported that Trump barred Epstein from Mar-a-Lago in October 2007, a decade before the Thanksgiving Day in question.

In 2008, Epstein pleaded guilty to state charges of soliciting prostitution and soliciting prostitution from a minor.

Two of the three people Epstein mentioned in his 2017 email as being “down there” are people who had property in South Florida at the time. It is unclear who he was referring to when he mentioned “Hanson”. It is possible Epstein was not foretelling a specific Thanksgiving Day plan but answering another New Yorker’s question about who among the people in their social circle would also be in the Florida area during that period.

Trump arrived in West Palm Beach, Florida, on November 21, 2017, and stayed there for several days, according to the president’s public schedules documented in Roll Call’s FactBase.

On Thanksgiving morning, he spoke to members of the military via video conference and visited coastguard members at the Lake Worth Inlet Station in Riviera Beach, Florida. The White House published transcripts of Trump’s remarks to both groups. Trump also issued a Thanksgiving message to the country and went to the Trump International Golf Club in West Palm Beach.

Photographers for The Associated Press news agency, The Palm Beach Post and Getty Images, among others, captured photos of Trump’s activities.

A CNN report said Trump held an “opulent” dinner at the Mar-a-Lago members-only club. PolitiFact did not find reports listing who was in attendance, but the White House told CNN the first family would be having “a nice Thanksgiving dinner with all the family”.

Trump was also active on social media. In a November 22, 2017, post on X, then known as Twitter, he said he “will be having meetings and working the phones from the Winter White House in Florida [Mar-a-Lago]”. He did not specify whom he would be meeting. On Thanksgiving morning, he said in part: “HAPPY THANKSGIVING, your Country is starting to do really well.”

Trump left Mar-a-Lago and returned to the White House on November 26, 2017, the Sunday after Thanksgiving.

WMG resolves Udio lawsuit and secures licensing agreement for futuristic AI music platform set to launch in 2026

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Warner Music Group and AI music platform Udio have struck what they call “a landmark agreement” that resolves the companies’ copyright infringement litigation.

The companies have also entered into a licensing deal for a “next-generation” AIpowered music creation, listening, and discovery platform set to launch next year.

The news arrived just an hour after WMG announced a new partnership with Stability AI on Wednesday (November 19), which the companies say will “advance the use of responsible AI in music creation”.

According to a press release, the agreement with Udio spans WMG’s recorded music and music publishing businesses and “creates new revenue streams for artists and songwriters, while ensuring their work remains protected”.

The settlement and licensing deals come just over a year after the RIAA, on behalf of all three major record companies, sued Udio and rival AI platform Suno for “mass infringement” of copyright.

Universal Music Group also settled with Udio last month, in addition to signing a deal for a licensed AI music platform set to launch in 2026.

The two music companies’ agreements with Udio arrive as the majors, along with entities such as Denmark’s Koda and Germany’s GEMA, continue to pursue copyright claims against Suno.

Suno announced just today that it has raised $250 million at a $2.45 billion valuation. The platform is also generating $200 million in annual revenue.

Udio said today that its reimagined subscription service “will introduce a suite of creative experiences that enable users to make remixes, covers, and new songs using the voices of artists and compositions of songwriters who choose to participate, while ensuring artists and songwriters are credited and paid”.

Ahead of the launch, Udio also plans to roll out what it “expanded protections and other measures designed to safeguard the rights of artists and songwriters”.

“We’re unwaveringly committed to the protection of the rights of our artists and songwriters, and Udio has taken meaningful steps to ensure that the music on its service will be authorized and licensed.”

Robert Kyncl, WMG

Robert Kyncl, CEO, WMG said: “We’re unwaveringly committed to the protection of the rights of our artists and songwriters, and Udio has taken meaningful steps to ensure that the music on its service will be authorized and licensed.

“This collaboration aligns with our broader efforts to responsibly unlock AI’s potential – fueling new creative and commercial possibilities while continuing to deliver innovative experiences for fans.”

Andrew Sanchez, Co-Founder and CEO of Udio, added: “Collaborating with WMG marks a significant milestone in our mission to redefine how AI and the music industry evolve together.

“This partnership is a crucial step towards realizing a future in which technology amplifies creativity and unlocks new opportunities for artists and songwriters. Our new platform will enable experiences where fans can create alongside their favorite artists and make extraordinary music in an environment that offers artists control and connection. ]

“We’re absolutely thrilled to be working with WMG in creating this new future.”

According to today’s announcement, Udio’s new platform represents a “significant evolution” for the company, shifting its focus “to a platform built in collaboration with artists and songwriters”.

The announcement added that “to support a smooth transition, Udio will continue providing access to its current, closed-system” as it “transitions into serving fully-licensed applications in 2026”.

Music Business Worldwide

Australian Surfer Brothers Murdered in Mexico; Woman Sentenced to 20 Years in Prison

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A woman has been sentenced to 20 years in prison for her role in the murders of three tourists during a carjacking in Mexico last year.

Ari Gisell, 23, pleaded guilty to instigating the violent assault on Australian brothers Jake and Callum Robinson and their American friend Carter Rhoad, who were on a surfing trip in the northern Mexican state of Baja California in April 2024 when they disappeared.

Their bodies were later found with gunshot wounds to the head at the bottom of a deep well.

Ari Gisell had expressed interest in the tyres on the surfers’ car and told her then-boyfriend Jesús Gerardo to “bring me a good phone and good tyres for my pickup truck”, the court heard.

The surnames of the defendants are not being revealed in the court, in line with Mexican court reporting rules.

Jesús Gerardo and two others, Irineo Francisco and Ángel Jesús, tailed the vehicle to the campsite where the foreigners were staying, then robbed them before shooting them dead. The cases against these three men are still before the courts.

According to Mexican newspaper La Silla Rota, Jesús Gerardo and Irineo Francisco have ties with the powerful drug cartel Sinaloa, which was for many years led by the notorious drug lord Joaquín “El Chapo” Guzmán.

Because of these links, both men are being held in El Hongo, a maximum-security prison in Baja California. Ángel Jesús has been detained in a separate facility in the city of Ensenada.

Prosecutors do not suspect any connections between the murders and organised crime, however, according to the Australian Broadcasting Corporation (ABC).

The victims’ families, who appeared via video conference, made emotional statements at the hearing on Wednesday.

“We dreamed of seeing them grow older, of having children. That’s all taken now,” said Callum and Jake’s mother Debra Robinson, as reported by ABC.

“We live with their absence.”

Callum Robinson, 33, was a member of Australia’s national lacrosse team and was living in San Diego, just across the US-Mexico border from Baja California.

His younger brother Jake, 30, lived in Australia and had travelled to North America to visit Callum. He was due to start a new job as a doctor when he returned.

Their friend Rhoad, 30, was a San Diego resident and worked in a technology services company. Rhoad was months away from marrying his fiancee when he was killed.

“He was my safety in the world,” his fiancee Natalie Wiertz told the court. “My life is now a nightmare.”

Ari Gisell gave a tearful apology in court, acknowledging that “nothing I can say will compensate you or give you peace”.

“I am focused on being a better person, and I am very sorry for your losses,” said the single mother, as quoted by La Silla Rota.

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