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    Shein posts $99m loss ahead of Hong Kong IPO

    ByJustpaste.in

    Online fashion retailer Shein has reported a $99 million loss for the first quarter of 2026, highlighting the growing impact of higher import costs, weaker US sales and increased regulatory pressure. The company had recorded a $395 million profit during the same period a year earlier. Its latest financial disclosure comes as Shein prepares for a planned listing in Hong Kong. The company has not yet revealed the size of the initial public offering, expected share price, listing date or the amount it hopes to raise. However, the filing provides investors with a clearer picture of the challenges facing the fast-fashion giant ahead of its potential market debut. A major factor behind the weaker performance is the removal of a US duty exemption for low-value packages. The previous system allowed goods worth less than $800 to enter the country without import duties. Shein said the change has negatively affected its US sales and overall growth while increasing operating expenses. Products of Chinese origin sold through the company and shipped to the US are now subject to taxes ranging from 10% to 87.5%, according to the filing. The company said it is considering several measures to manage the higher costs, including raising prices for American customers. Shein’s US revenue fell 14.3% to $2.04 billion in the first quarter, compared with $2.38 billion a year earlier. The US remains one of its most important markets, although its contribution to total revenue has declined. The company is also facing additional pressure in Europe. The European Union has introduced a €3 charge on low-value e-commerce imports, a move aimed at addressing concerns over competition from low-cost overseas sellers. Shein warned that the European market could experience an impact similar to, or greater than, the one seen in the US following the removal of the duty exemption. The retailer’s financial performance had already weakened in 2025. Its annual revenue increased by 8% to $41.85 billion, but net income dropped nearly 39% to $2.06 billion. Growth also slowed significantly compared with the previous year. Part of the latest quarterly loss was linked to a $328 million accounting charge related to the changing value of convertible preferred shares held by investors. Shein has also faced growing scrutiny over labour practices, environmental concerns and the impact of its business model. The company has defended its policies and said it maintains strict standards against labour abuses within its supply chain. Shein received approval from Chinese regulators for its Hong Kong listing in July, clearing an important hurdle after earlier efforts to pursue listings in New York and London did not materialise.

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    Iran’s Supreme leader sets ‘Primary Conditions’ for ending war with US

    ByJustpaste.in

    Iran’s Supreme Leader Ayatollah Seyyed Mojtaba Khamenei has declared that the “preservation of Lebanon’s territorial integrity and the absolute, unconditional termination of the Zionist regime’s aggression are the primary conditions for any agreement to end the imposed war against the aggressive US” . In a letter to Hezbollah’s Secretary-General Sheikh Naim Qassem, the Iranian leader described Hezbollah as standing “like an unyielding rock as the forerunner of groups engaged in jihad against the savage aggression of the Zionist regime and its supporters” . He also affirmed that the Islamic Republic considers the defense of Hezbollah fighters to be its “strategic mandate” . The remarks came as part of a wider diplomatic backdrop, with a trilateral framework agreement signed by the US, Israel, and Lebanon on June 26 establishing a process for the Lebanese Armed Forces to disarm Hezbollah and dismantle its infrastructure in exchange for a gradual Israeli withdrawal from Lebanese territory . The Khamenei statement follows the June 15 finalization of an Iran-US memorandum of understanding, which brought a permanent halt to military operations on all fronts, including Lebanon, and ended the US naval blockade against Iran . The new trilateral framework agreement has been described by US Secretary of State Marco Rubio as a “first step” on a difficult journey, with a “trust, but verify” mechanism requiring Lebanon to demonstrate that it can effectively rein in Hezbollah . However, the agreement has faced opposition from within Lebanon. Hezbollah lawmaker Hassan Fadlallah warned that Lebanese authorities would not be able to enforce the disarmament commitments without triggering conflict, stating that Hezbollah would “hold on to its weapons even more” . Netanyahu has previously claimed that Israeli forces have pushed Hezbollah back 5 to 8 miles from the border and destroyed approximately 94 percent of its missile arsenal . Nevertheless, with Hezbollah and its Iranian backers setting firm conditions and opposing the framework’s core terms, the path to a final resolution remains fraught with challenges.

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    Woman accused in $32 Million COVID-19 relief fraud extradited from Jamaica to the United States

    ByJustpaste.in

    A woman accused of participating in a multimillion-dollar COVID-19 relief fraud scheme has been extradited from Jamaica to the United States after authorities located and arrested her while she was allegedly living under a false identity. Federal officials announced that 41-year-old Elaine Angene Escoe has been returned to South Florida, where she will face charges related to the alleged theft of more than $32 million in pandemic relief funds. According to investigators, Escoe left the United States last year after failing to appear for a scheduled federal court hearing. Authorities say she fled the country in an attempt to avoid prosecution and remained outside the United States for several months before her whereabouts were discovered. Law enforcement officials reported that Escoe traveled to Jamaica following her disappearance. Investigators eventually located her after receiving information about her location. During the investigation, authorities alleged that she had been living under the assumed name “Harley Newman” in an effort to conceal her identity and avoid arrest. FBI Director Kash Patel confirmed that Escoe had been taken into custody in Jamaica and successfully returned to the United States. In a statement, he said that the suspect, who had been a fugitive since May 2025, was captured while allegedly using a false identity and has now been brought back to face legal proceedings. Federal prosecutors allege that Escoe was involved in a large-scale fraud operation alongside five other individuals. According to the indictment, the group submitted numerous fraudulent applications to obtain money from government programs created to support businesses experiencing financial hardship during the COVID-19 pandemic. Investigators claim the applications contained false information, including fabricated tax documents, altered financial records, and counterfeit bank statements. Prosecutors allege that these fraudulent documents were used to convince authorities that the applicants qualified for financial assistance under pandemic relief programs. Authorities further allege that the group received millions of dollars through these fraudulent claims and also accepted substantial kickbacks from third parties connected to the scheme. The funds were reportedly intended to help legitimate businesses survive the economic challenges caused by the pandemic but were instead diverted through fraudulent activities. According to federal officials, the other five individuals accused in the case have already been convicted or pleaded guilty. Their prison sentences reportedly range from 42 months to nearly 20 years, depending on their level of involvement and the charges they faced. Escoe now faces multiple federal charges in Florida, including wire fraud and money laundering. If convicted, she could face significant penalties under United States federal law. Acting Attorney General Todd Blanche emphasized the government’s commitment to prosecuting individuals accused of abusing taxpayer-funded assistance programs. He stated that the Department of Justice will continue pursuing those who allegedly exploited emergency relief initiatives, regardless of how long investigations take or where suspects attempt to hide. Federal officials say the case demonstrates the extensive efforts made by law enforcement agencies to identify and prosecute individuals accused of committing financial crimes involving public funds. Investigators continue to monitor pandemic-related fraud cases across the country, many of which involve allegations of false loan applications, forged financial documents, and misuse of government assistance programs. The extradition of Elaine Angene Escoe marks the latest development in one of the larger COVID-19 relief fraud investigations pursued by U.S. authorities. As legal proceedings move forward, prosecutors are expected to present evidence supporting the allegations, while Escoe will have the opportunity to respond to the charges in court. The outcome of the case will ultimately be determined through the judicial process.

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    Suspect in Berlin pride attack shot dead by police

    ByJustpaste.in

    The suspect accused of driving a minivan into a crowd near Berlin’s annual LGBTQ Pride gathering, killing one person and injuring 29 others, was shot dead by police in the city’s Spandau district on Sunday, authorities confirmed . The ramming attack occurred at approximately 10 pm (2000 GMT) on Saturday in Tiergarten park, near the Brandenburg Gate and close to one of Europe’s largest LGBTQ celebrations, Christopher Street Day . Berlin police identified the suspect as Abdul B, a 21-year-old German citizen of Lebanese heritage, born in Germany in 2005 . According to Interior Minister Alexander Dobrindt, the suspect had “attracted attention in the past through a high number of criminal offences and was known to be radicalised” . Police located the suspect at an allotment garden complex in Spandau at around 6 pm (1600 GMT) on Sunday . “According to initial findings, he ran towards officers while armed with a bladed weapon; police subsequently opened fire,” Berlin police wrote on X . Despite immediate resuscitation efforts by the Berlin Fire Department, the suspect was pronounced dead, a federal prosecutor’s spokesperson confirmed . Earlier, police had published the suspect’s picture and appealed to the public for information on his whereabouts . The attack marks the latest in a series of vehicle-ramming incidents on crowds in Germany in recent years, which have intensified debate around security and immigration amid a surge in support for the far-right . A memorial service was planned at St Mary’s Church in Berlin, with Chancellor Friedrich Meuthen expected to attend . The Christopher Street Day parade, which was called off following the attack, had been expected to draw hundreds of thousands of participants and spectators to the German capital .

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    Israel claims Hamas commander killed in Central Ga…

    ByJustpaste.in

    The Israeli military says it has killed a Hamas commander during an airstrike in central Gaza, as fighting in the territory continues despite ongoing international efforts to reduce hostilities. According to a statement issued by the Israeli military, the commander, identified as Hamam Eid, was targeted in central Gaza. Israel alleged that he was involved in developing Hamas’ drone capabilities and was working to rebuild the group’s aerial operations. The military further claimed that these activities violated the terms of the ceasefire arrangement, describing the operation as part of its ongoing campaign against Hamas’ military infrastructure. Separately, Palestinian officials reported that two members of Gaza’s internal security service were killed in another Israeli airstrike. According to local authorities, the victims were Colonel Wael Al-Lidawi, described as a regional head of the internal security service, and Major Ramez Abu Zuraiq. They were reportedly traveling through Deir al-Balah in central Gaza when their vehicle was struck. The reported deaths come as military operations continue across Gaza despite previous ceasefire efforts. Both Israeli and Palestinian authorities have continued to exchange accusations over violations of the truce, while humanitarian concerns remain high. The claims made by the Israeli military and Palestinian officials have not been independently verified, and the conflict continues to evolve with ongoing reports of casualties on both sides.

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    Bangladeshi muslims India crackdown: Deportation d…

    ByJustpaste.in

    A growing controversy over undocumented migrants in India’s West Bengal has drawn attention after authorities launched a crackdown targeting people accused of illegal entry from Bangladesh. The move has created uncertainty among many migrant families and sparked debate over immigration policies, legal procedures, and human rights. In border areas such as Hakimpur, families who migrated from Bangladesh in search of better economic opportunities say they are now facing an uncertain future. Many claim they came to India years ago to find work and support their families but are now worried about detention and possible deportation. India shares a long border with Bangladesh, and movement of people between the two regions has a complex historical background. Communities on both sides have long-standing cultural, linguistic, and economic connections, particularly in border states such as West Bengal and Assam. Authorities supporting the crackdown say action is being taken against people who do not have valid documents to remain in India. Officials argue that the country has laws for dealing with undocumented foreign nationals and that proper procedures are being followed. However, human rights organizations have raised concerns about whether individuals are being given sufficient legal protection before removal. Rights groups have emphasized that anyone facing deportation should have access to legal representation and a fair process to verify their citizenship status. The issue has also increased diplomatic sensitivity between India and Bangladesh. Dhaka has called for established verification procedures to be followed before any person is sent across the border, while Indian officials maintain that deportation procedures are carried out according to existing laws. For many migrant families, the dispute is not only about documents and borders but also about their livelihoods and future. Some workers who spent years building lives in India say they now fear losing their homes, jobs, and social connections. The controversy has also fueled wider discussions about identity, religion, and politics in India. Critics argue that vulnerable communities should not become victims of political disputes, while supporters of stricter immigration controls say governments have the right to protect their borders. As authorities continue their actions, the situation remains a sensitive issue involving immigration policy, regional relations, and the rights of individuals caught between two countries.

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    Iran ready for talks with US as Tehran sends message through Pakistan

    ByJustpaste.in

    Iran has reportedly conveyed to Pakistan that it is willing to resume negotiations with the United States, opening a possible new chapter in diplomatic efforts between the two countries, according to a report by Arab media. Sources cited in the report claimed that Tehran has informed Islamabad about its readiness to continue talks with Washington at possible venues including Geneva, Doha, or Islamabad. The discussions, according to the report, would proceed under the framework of a memorandum of understanding. The reported message suggests that Iran wants negotiations to be conducted in phases. According to sources, the first phase would focus on issues related to the Strait of Hormuz, followed by discussions on frozen assets and later the nuclear program. The report further claimed that Iran has rejected any initiative aimed at creating a new route or corridor through the Strait of Hormuz, which remains one of the world’s most strategically important waterways for energy transportation. Earlier, Iran and the United States had reportedly moved toward direct diplomatic engagement after signing an understanding in Islamabad on June 17, 2026. The agreement paved the way for high-level talks, including a meeting in Switzerland after decades without direct negotiations between the two sides. Representatives from Pakistan and Qatar were also present during earlier diplomatic efforts. Pakistan played a role in facilitating communication, while Qatar hosted one round of discussions in Doha. However, the negotiation process later faced setbacks after both sides accused each other of violating commitments and military tensions escalated. Former US President Donald Trump and Iranian officials blamed each other for the collapse of the dialogue process. Despite the tensions, both sides have indicated that diplomacy remains a possible path toward resolving disputes. Iran has maintained that it is open to negotiations but has rejected what it describes as pressure or threats. If confirmed, the reported Iranian message could mark a renewed opportunity for dialogue and place Pakistan in an important diplomatic role between Tehran and Washington.

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    Iran warns Ukraine of response after reported Casp…

    ByJustpaste.in

    Tensions between Iran and Ukraine have increased after Tehran accused Kyiv of carrying out an attack on a vessel in the Caspian Sea and warned that the incident would not go unanswered. According to Iranian state media reports, Iran’s Parliament Deputy Speaker Ali Nikzad said the country would respond to what he described as an irresponsible action by Ukraine. He stated that Iran reserves the right to defend its territorial sovereignty and considers any attack on its territory or interests a matter requiring a response. The controversy emerged after Ukrainian President Volodymyr Zelenskyy reportedly claimed that Ukrainian forces had targeted a Russian military vessel and also struck an Iranian vessel in the Caspian Sea. Iran’s Foreign Ministry later confirmed that an Iranian ship had been affected by the incident. Following the report, Iran summoned Ukraine’s chargé d’affaires and lodged a formal protest, describing the action as hostile and unacceptable. Tehran said the incident could increase regional tensions and accused Ukraine of violating international principles. Iran’s Foreign Ministry stated that the country would take measures to protect its security and interests within the framework of international law. Iranian Foreign Minister Abbas Araghchi also condemned the reported attack and called on the United Nations, the European Union, and the international community to take action. During a phone conversation with EU foreign policy chief Kaja Kallas, Araghchi urged international bodies to hold those responsible for the incident accountable. The reported confrontation has added another layer of complexity to ongoing international tensions, with both sides facing calls to clarify the circumstances surrounding the incident.

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    Ugandan diplomat Olara Otunnu joins race to become next UN secretary-general

    ByJustpaste.in

    Ugandan diplomat Olara Otunnu has entered the contest to become the next secretary-general of the United Nations. Nominated formally by the Ugandan government, the 75-year-old former UN under-secretary-general and special representative for children and armed conflict becomes the seventh official candidate seeking to succeed António Guterres when his second term concludes at the end of the year. Otunnu’s vision statement emphasises the urgent need for institutional reforms across the UN, proposing a dedicated body to oversee work on artificial intelligence, prioritising resolution efforts for major international conflicts, and supporting climate action that aligns with economic development. He enters a diverse field of candidates including Rafael Grossi of Argentina, former Chilean President Michelle Bachelet, Rebeca Grynspan of Costa Rica, María Fernanda Espinosa of Ecuador, Carolyn Rodrigues-Birkett of Guyana, and former Senegalese President Macky Sall. The UN Security Council is set to begin its preliminary straw polls this week to narrow down contenders ahead of the final selection.

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    Netanyahu accuses New York Mayor Mamdani of ‘fomenting hate’ and rejects ICC war crimes charges

    ByJustpaste.in

    Israeli Prime Minister Benjamin Netanyahu has strongly criticised New York City Mayor Zohran Mamdani, accusing him of “fomenting hate” and attempting to divide the city’s population. The sharp exchange follows comments by Mamdani asserting that Netanyahu is unwelcome in New York City due to ongoing International Criminal Court (ICC) war crimes charges linked to the war in Gaza, and urging federal authorities to execute the court’s arrest warrant when the prime minister attends the United Nations General Assembly in September. Appearing on Fox News Channel, Netanyahu dismissed the ICC charges as “bogus” and claimed the allegations were designed to divert attention from internal misconduct within the prosecutor’s office. He expressed concern over eroding bipartisan support for Israel within the United States, warning that political rhetoric from progressive Democrats risks fueling rising anti-Semitism in major American cities. Despite the mayor’s stance, US President Donald Trump has publicly assured Netanyahu that he will face no risk of arrest during his visits to the United States.