Category: World

Milan's Via Monte Napoleone has become the most expensive shopping street in the world with a rental rate of €20,000 per m². This is the first time in 34 years that a European city has topped this rating.

Milan's Via Monte Napoleone has surpassed New York and London as the most expensive shopping street in the world for the first time, as the Italian city benefits from an influx of wealthy tourists and fierce competition for luxury real estate among luxury brands, the Financial Times reports, UNN writes.

Details

The maximum rents that landlords can charge luxury high street retailers increased by 11 percent year-on-year to €20 ,000 per square meter per annum, the highest rents for stores among all 138 global retail destinations tracked by real estate group Cushman & Wakefield.

This is the first European city to top the list in 34 years.

Milan has seen an influx of big-spending tourists and a wave of moves from abroad, as professionals and the ultra-rich have been lured by generous tax incentive schemes.

Meanwhile, luxury retailers have stepped up competition for the most desirable locations, paying big bucks to buy or rent retail space.

Kering, the luxury group that owns Gucci and Alexander McQueen, paid €1.3 billion to acquire a building on Via Monte Napoleone from Blackstone in April, the largest real estate deal in Europe in two years.

Thomas Casolo, head of retail in Italy at Cushman & Wakefield, said that luxury brands "have invested a lot of money to have the best location… the problem is that there are few opportunities.

Chanel and Gucci opened new stores on Via Monte Napoleone last year. According to Cushman & Wakefield, rents on the street have increased by 30 percent over the past two years, while Fifth Avenue in New York City – previously the most expensive street – saw rent growth remain flat in 2024. New York City recovered quickly from the pandemic in 2022, but has grown more slowly since then.

Milan is comparatively smaller than London, Paris, or New York, with the main shopping outlets concentrated in one area around Via Monte Napoleone, which includes several streets.

"I think the reason why [rents] keep going up is because the street is very short compared to Fifth Avenue, the Champs Elysees or New Bond Street in London," Casolo said. – "Milan has grown very, very quickly in terms of investment and international brands wanting to open.

10 top streets for luxury shopping

The historically austere financial capital of Italy, Milan has recently become a popular destination for tax-free luxury buyers from outside the EU, global investors, and fashion and artistic figures.

2024 was a record year for tourism in the Lombardy region, which includes Lake Como, with more than 13 million arrivals in the first eight months of the year. Milan, the capital of the region, is now on track to surpass last year's record of 8.5 million visitors, experts say.

This popularity among the ultra-rich has led to a rise in real estate and hotel prices. This trend is having a chain reaction in prestigious locations in the historic center, where space for development is limited, the publication points out.

Denmark has hosted the first meeting within the Northern Group-Ukraine format, which brings together 12 European nations and aims to promote defence cooperation.

Source: Ukraine's Defence Minister Rustem Umierov, as reported by European Pravda

Details: The Nordic countries (Denmark, Sweden, Finland, Norway and Iceland) and the Baltic states, along with the United Kingdom, Germany, the Netherlands and Poland, formed the Northern Group-Ukraine format.

The defence ministers of the member states in the Northern Group-Ukraine format. Photo: Rustem Umierov on Facebook

Umierov noted that during the meeting, the defence ministers of the member states discussed plans for 2025, Ukraine's urgent needs and "how to meet them together as quickly as possible".

"Investments in the Ukrainian defence industry are a separate priority. An increasing number of countries are joining the effort to finance Ukrainian production, particularly through the Danish model, with Sweden, Norway and Lithuania taking part," he said.

Ukraine's defence minister added that the next meeting in the Nordic Group-Ukraine format will be held in Ukraine.

Background:

• Last week, Umierov announced that Norway would finance the production of Ukrainian weapons and equipment, thus joining the Danish model of military support for Ukraine.
• At the Ukraine-Northern Europe summit last month, the prime ministers of Iceland, Denmark, Norway and Sweden expressed their interest in further cooperation with the Ukrainian defence industry.

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Sweden is investigating the damage to two data cables in the Baltic Sea, looking into the involvement of the Chinese ship Yi Peng 3. Germany considers the incident an act of hybrid warfare.

Sweden is investigating the damage to two data cables in the Baltic Sea, examining the possible involvement of the Chinese ship Yi Peng 3, UNN reports with reference to the Financial Times.

Investigators are looking into the circumstances surrounding the damage to two data cables in the Baltic Sea, including the route of the Chinese bulk carrier Yi Peng 3. This is the second such investigation in recent months amid growing concerns in Europe about possible sabotage.

The Chinese-registered Yi Peng 3 was sailing from the Russian port of Ust-Luga to Port Said in Egypt. It was in the vicinity of the Swedish-Lithuanian and Finnish-German cables around the time the cables were damaged on Sunday and Monday, according to MarineTraffic data.

The vessel was closely monitored by the Danish Navy, which is confirmed by open-source intelligence. Swedish authorities have launched an investigation into the incidents to determine the possible involvement of the Yi Peng 3, sources familiar with the investigation said.

"The Swedes are scrutinizing the Chinese vessel," said one person familiar with the investigation.

The Swedish government refrained from commenting on the situation with the Chinese ship. However, one official noted that a police investigation will analyze its routes in cooperation with the coast guard and armed forces.

The incident comes just over a year after the anchor of another Chinese vessel, the container ship Newnew Polar Bear, damaged the Baltic gas pipeline between Finland and Estonia. The authorities of these countries did not specify whether the damage was intentional or accidental.

German Defense Minister Boris Pistorius said on Monday that the damage to two fiber optic cables within 24 hours was likely a sabotage and an act of hybrid warfare.

He added: "No one believes that these cables were cut by accident. Therefore, we have to state, without knowing exactly who did it, that this is a "hybrid" action. And we also have to assume, without knowing it, that it is sabotage.

The Yi Peng 3 is owned by Ningbo Yipeng Shipping, a company based near the port city of Ningbo in eastern China that owns only one ship. A company spokesperson told the Financial Times that "the government has asked to cooperate with the investigation," but refused to answer further questions, saying he was boarding a plane and ended the conversation.

The Chinese Embassy in Stockholm said it "has no information on the matter," while the embassy in Helsinki did not provide any comment on the request.

Recall

On November 18 , it was reportedthat the C-Lion1 telecommunications cable between Helsinki and Rostock stopped working.

The cause of the malfunction remains unknown.

Russian forces attacked settlements in Kharkiv Oblast on 20 November, injuring a man and a woman.

Source: Kharkiv Oblast Prosecutor's Office

Quote: "Investigators indicate that on 20 November at 11:40, the occupiers shelled the village of Kupiansk-Vuzlovyi. A 64-year-old civilian was injured. Early reports indicate that Russian forces targeted the settlement using multiple-launch rocket systems (MLRS).

At around 15:00, the enemy attacked the village of Vysokyi in the Kharkiv district with a drone. A non-residential building was damaged, and a 63-year-old woman was injured."

Details: In addition, at around 15:00, Russian artillery shelled the village of Borshchova in the Kharkiv district, damaging a residential building. No casualties were reported.

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Ford plans to cut 4,000 jobs in Europe, including 2,900 in Germany. The decision is due to losses in the passenger car segment and the transition to electric vehicle production.

American automaker Ford has announced plans to cut jobs in Germany. The main impact will be on the plant in Cologne, where about a quarter of jobs will be eliminated.

Written by UNN with references to Bild and AFP.

The plan announced by Ford: 2900 jobs will be cut in Germany by the end of 2027. The decision is related to the company's large losses in the passenger car segment, expensive restructuring to the production of electric vehicles, and strict environmental standards.

There will also be cuts in other countries: 800 jobs in the UK and 300 in the rest of Europe. This was reported to the France-Presse by a Ford representative.

A total of 4,000 new jobs are planned to be cut in Europe by the end of 2027, mainly in Germany and the UK.

Recall

Nissan will cut 9,000 jobs and lower its profit forecast.

Audi's operating profit fell 91% to 106 million euros in the third quarter. The company is negotiating to cut 15% of indirect jobs, which will amount to about 4,500 positions in Germany.

After Putin signed a decree on expanding the use of nuclear weapons, China called for calm. The Chinese Foreign Ministry stressed the need for de-escalation and a political settlement of the crisis in Ukraine.

The day after Russian dictator Vladimir Putin signed a decree expanding the use of nuclear weapons, China called for calm, writes UNN with reference to a statement by Chinese Foreign Ministry spokesman Lin Jian.

Details

"We have taken these reports into account. In the current situation, all relevant parties should remain calm and restrained and jointly strive to de-escalate and reduce strategic risks through dialogue and consultation. On the Ukrainian issue, China's position is consistent and clear. Let me emphasize that China calls on all parties to de-escalate the situation and seek a political solution to the crisis in Ukraine. This position remains unchanged. China will continue to play a constructive role in this," Chinese Foreign Ministry spokesman Lin Jian said at a news conference on November 20.

Putin approves russia's new nuclear doctrine: what has changedNov 19 2024, 08:43 AM • 12726 views

The death toll from Russia's strike on Odesa on 18 November has risen to 11. An injured man passed away in hospital.

Source: Hennadii Trukhanov, Mayor of Odesa

Quote: "Unfortunately, the number of people killed in the attack on Odesa on 18 November has increased to 11. A man died in the city hospital. Doctors desperately fought to save his life, but his injuries were critical. My sincere condolences to his family and friends."

Background:

• The Russian military launched a missile attack on Odesa on 18 November in the afternoon. Early reports said 10 people were killed. Among them were seven police officers, a medic worker and two local residents.

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The French Foreign Minister called Putin's decision to lower the threshold for a nuclear strike "just rhetoric." The change in the doctrine occurred after Ukraine used ATACMS missiles.

French Foreign Minister Jean-Noel Bara on Wednesday called Russian dictator Vladimir Putin's decision to lower the threshold for a nuclear strike simply "rhetoric," Reuters reports, UNN writes.

Details

"We are not intimidated," he said in an interview with France 2 TV channel.

Putin approved a change in the nuclear doctrine, as Ukraine used American ATACMS missiles to launch deeper strikes on Russian territory, using a recently issued permit from the administration of US President Joe Biden, the newspaper notes.

EU reacts to Russia's new nuclear doctrine: what Borrell saidNov 19 2024, 03:29 PM • 39864 views

The Spanish and Italian embassies in Kyiv have temporarily ceased operations on 20 November because of concerns about a large-scale Russian attack, as suggested by "specific" intelligence.

Source: Spanish news agency EFE and the website of the Italian Embassy in Ukraine, as reported by European Pravda

Details: In a letter to Spanish people living in Ukraine, the embassy advises "taking emergency security measures, following all the recommendations made by local authorities, and making sure there is shelter nearby".

The embassy also stated that they will not be providing services during the day on 20 November owing to the "increased risk of air strikes throughout Ukraine".

The Italian Embassy likewise announced the suspension of operations.

Quote from the Italian Embassy: "The US Embassy posted on its website information about a possible high-intensity air attack today, 20 November. As a precautionary measure, the embassy in Kyiv today will be closed to visitors."

Background:

• Earlier, the United States decided to close its embassy in Kyiv on 20 November after receiving information about the threat of a major Russian strike on this day.
• On 19 November, Ukrainian defence forces launched their first long-range ATACMS missile strike on Russia’s territory.
• Ukrainian sources say that the ATACMS strike targeted the 67th arsenal of the Main Missile and Artillery Directorate of the Russian Ministry of Defence in the town of Karachev in Russia’s Bryansk Oblast.

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