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The French government moved to temporarily suspend Shein’s website after authorities discovered sex dolls resembling children were being sold on its platform.
The French finance ministry said Wednesday that it had begun the process to suspend Shein for “the time necessary for the platform to demonstrate” it has scrubbed its site of illegal products.
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Chelsey Dulaney
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KIRYAT GAT, Israel—On the edge of a small city in southern Israel, a cavernous warehouse is being remade into the headquarters of President Trump’s Gaza peace plan.
Two hundred U.S. troops working with Israel’s military and other partners have scrambled over the past week to build out a new Civil-Military Coordination Center. It will monitor the fragile cease-fire between Israel and Hamas and coordinate the flow of aid and security assistance to Gaza, which lies roughly 20 miles away.
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A Friday announcement by Defense Secretary Pete Hegseth about a new training arrangement with Qatar’s Air Force has sparked a backlash from President Trump’s supporters, prompting him to issue a clarification later in the day.
During a visit by Qatar’s defense minister, Hegseth announced a new facility that would be built at the Mountain Home Air Force Base in Elmore County, Idaho, to host and train Qatari pilots on U.S.-made F-15s.
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Michael R. Gordon
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By Najat Kantouar
Domino’s Pizza Group said it backed its fiscal 2023 guidance expecting accelerating growth through additional opportunities mostly in the U.K. and Ireland markets.
The pizza chain–the holder of the master franchise agreement to own, operate and franchise Domino’s stores in the U.K. and Ireland–said that it expects underlying earnings before interest, taxes, depreciation and amortization to be in the range of 132 million pounds ($165.6 million) to GBP138 million.
The company added that it still expects to open at least 60 new stores this year.
“Material progress has been made in recent years but there are a number of areas where we can significantly enhance growth,” Chief Executive Officer Andrew Rennie said.
Write to Najat Kantouar at najat.kantouar@wsj.com
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Krispy Kreme has already run into trouble with the deputy mayor of Paris after opening its first store in the French capital this week.
The opening saw hundreds of Parisians flock to Krispy Kreme’s
DNUT,
new shop, which occupies a site that previously housed a restaurant run by Michelin-starred chef Alain Ducasse.
The North Carolina doughnut purveyor’s arrival in Paris, however, also attracted the ire of Deputy Mayor Emmanuel Grégoire, after the business put up a series of posters on the streets of Paris.
The Socialist Party politician slammed Krispy Kreme’s poster campaign for “littering the streets,” which he described as “illegal, polluting and costly for the community.” The so-called guerrilla marketing tactic of flyposting is illegal under French law.
“Prepare to get a big fine!” Grégoire said in response to a tweet celebrating the campaign that read: “Prepare to change your diet with @KrispyKremeFrr.”
The poster campaign was developed by advertising agency Buzzman Time, which has previously designed marketing campaigns for Burger King and Uber Eats.
The opening of Krispy Kreme’s Paris store marks the company’s first foray into France, which is now the second-biggest fast-food market in the world.
The New York–listed company, which was founded in 1937, plans to build 500 doughnut stalls across France over the next five years. Krispy Kreme doughnuts are currently available in 38 countries, including Cambodia, Myanmar and Kazakhstan. Its 379 locations in the U.S. are in 41 states and the District of Columbia.
According to its most recent financial results, Krispy Kreme generated $407 million in revenue in the third quarter of 2023, a 7.9% increase over the previous year.
Krispy Kreme and Buzzman Time have not responded to a request by MarketWatch for comment.
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Retail executives over the past year have talked a lot about “shrink” — or the losses they take due to theft, fraud or employee error — amid a flood of headlines about sometimes violent organized thefts at stores. But results from a retail-industry survey released Tuesday found the metric rose only modestly last year.
The report from the National Retail Federation, a retail industry group, found that the average shrink rate in 2022 crept higher to 1.6% from 1.4% in the prior year, when calculated as a share of sales. The figure from 2022 is in line with those seen in 2020 and 2019.
Still, the losses amounted to billions of dollars — $112.1 billion, up from $93.9 billion in 2021 — according to the report. And the report said that retailers were increasingly concerned about the violence of those crimes.
“Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category,” David Johnston, the NRF’s vice president for asset protection and retail operations, said in a statement.
The NRF, working with the Loss Prevention Research Council — a research group founded by some of the nation’s biggest retailers — surveyed people in the industry who work in loss-prevention and asset protection. The report contained responses or information from 177 retail brands. The survey was distributed in May, June and July.
The report was published the same day that Target Corp.
TGT,
said it would close nine stores across four states next month, citing theft and dangers to employees.
“In this case, we cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” Target said in a statement.
The chain joins other retailers sounding the alarm about retail theft and closing stores, amid what executives have described as a spike in organized retail theft, or theft with the intent of reselling the goods. However, executives’ takes on earnings calls have differed slightly, and retailers are contending with other issues — like the fallout from inflation — that have hit financials.
The fight over theft has played out, perhaps predictably, on partisan lines, with some blaming what they say are lax crime policies in large cities. But other analysts point to changes in the flow of foot traffic through population centers since the pandemic, and say the data is often too squishy and subjective to make any hard calls about the state of crime — and whether it’s rising or falling, particularly at retailers — in a particular area.
More than two-thirds of the retailers surveyed by the NRF “said they were seeing even more violence and aggression” from organized retail theft compared with a year ago. Twenty-eight percent reported being “forced” to close a specific store location, the report said, while 45% said they cut operating hours, and 30% said they reduced or changed an in-store product selection as a result of retail crime.
“The types of products shoplifters are targeting may not be based solely on price point,” the National Retail Federation said.
“Products can range from high-price, high-fashion items to everyday products that have a fast resale capability,” the group said. “While ORC groups have traditionally targeted specific items or types of goods, that list has expanded to new categories like outerwear, batteries, energy drinks, designer footwear and kitchen accessories.”
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Siemens set out plans to invest 2 billion euros ($2.17 billion) to boost manufacturing capacity this year, pledging to develop a high-tech plant in Singapore and expand its digital factory in Chengdu, China, to tap growth opportunities in digitalization and automation.
The German industrial conglomerate said Thursday that it would pour around EUR200 million into its new Singapore facility, creating more than 400 jobs. The company will also invest EUR140 million to expand its digital factory in Chengdu, adding another 400 jobs.
…
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Mediterranean fast-casual restaurant chain Cava Group on Wednesday priced its initial public offering of 14.4 million shares at $22 a share, up from a prior range, giving the company a valuation of roughly $2.45 billion.
Shares are expected to begin trading Thursday on the New York Stock Exchange with the ticker symbol CAVA.
The rapidly-growing…
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SpaceX scrubbed the eagerly anticipated test launch of its giant Starship rocket minutes before blastoff Monday.
The launch from SpaceX’s Starbase facility in Boca Chica, Texas, would have been the first flight test to integrate SpaceX’s Starship and Super Heavy rockets. The largest rocket ever built, Starship is designed to play a key role in returning humans to the Moon, as well as in future Mars exploration.
SpaceX scrubbed the uncrewed launch attempt about nine minutes before blastoff, apparently because of an issue related to its stage 1 rocket.
“A pressurant valve appears to be frozen, so unless it starts operating soon, no launch today,” tweeted SpaceX CEO Elon Musk.
Related: Elon Musk’s SpaceX pulls another $1.7 billion in funding
“Standing down from today’s flight test attempt; team is working towards next available opportunity,” SpaceX tweeted.
When it scrubbed the launch, SpaceX transitioned to a “wet dress rehearsal,” continuing to load propellant. SpaceX also continued its countdown to T-minus 40 seconds.
“Learned a lot today, now offloading propellant, retrying in a few days,” tweeted Musk.
“Unfortunately, due to needing to recycle the propellant, we’re looking at a minimum of 48 hours until we are able to attempt this flight test again,” said Kate Tice, SpaceX’s quality systems engineering manager, during the launch livestream.
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Online secondhand-fashion marketplace Poshmark Inc. has agreed to be bought by South Korean internet company Naver in a $1.2 billion deal, the companies announced Monday, a move that executives said would help both brands expand internationally.
Shares of Poshmark
POSH,
jumped 11.8% in after-hours trading on the news.
Under the terms of the deal, Naver
035420,
will acquire Poshmark’s outstanding shares for $17.90 in cash, representing a 15% upside to Poshmark’s Monday closing price of $15.57. The transaction is set to close by the first quarter of next year, pending Poshmark shareholders’ approval.
Poshmark went public in late 2020, pricing shares at $42 a share, and ended its first day of trading at more than $100 a share, but has never approached those heights again. It last traded for more than the acquisition price Naver has agreed to pay late last year.
For more: Five things to know about Poshmark
In a statement, executives from both companies talked up the potential to combine Naver’s array of search, e-commerce, AI and social-media technology with Poshmark’s social and shopping platforms. Poshmark, the companies said, would also embark on a bigger international expansion strategy, including into other markets in Asia, in the “medium-term.”
They also talked about the potential for the combined company to save around $30 million annually within two years after the deal’s closing through “rationalization of public company costs” and higher operating leverage, along with the potential for more than 20% yearly sales growth by harnessing Naver’s advertising resources.
Naver, which runs large search and e-commerce platforms, said the move would broaden its e-commerce platform, bring younger users into the company’s fold and allow it to “capitalize on the global online fashion re-commerce and sustainable economy opportunity.”
“Naver’s leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth,” Choi Soo-Yeon, Naver’s chief executive, said in a statement, which also said that Naver hosted a large number of digital content creators in Korea.
Naver owns companies like Wattpad, a social-media platform, and runs Webtoon, a site for digital comics, along with a metaverse platform called Zepeto, and also has joint ownership of an internet service group in Japan. Naver said its online community in Korea consists of more than 36 million monthly users, who use its search engine and other services.
Poshmark Chief Executive Manish Chandra said the deal would also give Poshmark opportunities to grow.
“Longer term, as part of Naver, we will benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform, elevate our product and user experiences, and enter new and large markets,” he said in the statement.
Naver said the acquisition would also help give it a bigger foothold in the U.S. And it said the deal would allow it to broaden the appeal of so-called live-stream shopping.
“Live-stream shopping is a key driver of e-commerce in China and Korea (and increasingly in the U.S.) today, allowing shoppers to buy products in real-time through live video broadcasts, enabling greater insights and more clarity around purchasing decisions,” the statement said.
Once the deal closes, Poshmark will be a standalone subsidiary of Naver, with the same management team, brand and headquarters in Redwood City, Calif., the companies revealed.
At the close of Monday’s trading, shares of Poshmark were down around 9% year-to-date. The S&P 500 index
SPX,
by comparison, has slid 23% over that time.
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Russian authorities are opening more military enlistment offices near Russia’s borders in an apparent effort to intercept some of the Russian men of fighting age who are trying to flee the country by land to avoid being called up to fight in Ukraine.
A new draft office opened at the Ozinki checkpoint in the Saratov region on Russia’s border with Kazakhstan, regional officials said Thursday. Another enlistment center was set to open at a crossing in the Astrakhan region, also on the border with Kazakhstan.
Earlier this week, makeshift Russian draft offices were set up near the Verkhny Lars border crossing into Georgia in southern Russia and near the Torfyanka checkpoint on Russia’s border with Finland. Russian officials said they would hand call-up notices to all eligible men who were trying to leave the country.
Over 194,000 Russian citizens have fled to neighboring Georgia, Kazakhstan and Finland — most often by car, bicycle or on foot — since Russian President Vladimir Putin last week announced a partial mobilization of reservists. In Russia, the vast majority of men under age 65 are registered as reservists.
The Kremlin has said it plans to call-up some 300,000 people, but Russian media reported that the number could be as high as 1.2 million, a claim that Russian officials have denied.
Background: Putin’s ‘all instruments’ remark perceived as nuclear threat as Russia mobilizes some 300,000 reservists
Russia’s Defense Ministry has promised to only draft those who have combat or service experience, but according to multiple media reports and human rights advocates, men who don’t fit the criteria are also being rounded up.
The official decree on mobilization, signed by Putin last week, is concise and vague, fueling fears of a broader draft.
In an apparent effort to calm the population, Putin told Russia’s Security Council on Thursday that mistakes had been made in the mobilization. He said that Russian men mistakenly called up for service should be sent back home, and that only reservists with proper training and specialties should be summoned to serve.
“It’s necessary to deal with each such case independently, but if there is a mistake, I repeat, it must be fixed. It’s necessary to bring back those who were drafted without proper reason,” Putin stressed.
The mass exodus of Russian men — alone or with their families or friends — began Sept. 21, shortly after Putin’s address to the nation, and continued all this week. Airline tickets to destinations abroad have sold out days in advance, even at unprecedentedly high prices.
Long lines of cars formed on roads leading to Russia’s borders. Russian authorities tried to stem the outflow by turning back some men at the borders, citing mobilization laws, or setting up draft offices at border checkpoints.
The bus stations in Samara and Tolyatti, two large Russian cities in the Samara region, on Thursday halted service to Uralsk, a border city in Kazakhstan.
See: Officials say 98,000 Russians enter Kazakhstan after military call-up
Finland announced that it would ban Russian citizens with tourist visas from entering the country starting Friday. With the exception of Norway, which has only one border crossing with Russia, Finland has provided the last easily accessible land route to Europe for Russian holders of European Schengen-zone visas. The Nordic country has taken in tens of thousands of people fleeing the military call-up in recent days.
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