MILAN: AC Milan says it is open to a “settlement agreement” with UEFA over a financial fair play investigation that threatens to derail the plans of the club’s new Chinese owners.
The Gazzetta dello Sport reports that UEFA’s club financial control body will turn down Milan’s offer of a “voluntary agreement” to seek more credit.
A club statement says, “Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement.”
While Milan spent more than 200 million euros (nearly $250 million) on new players in the offseason, there have been questions about the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for $800 million in April.
Milan reportedly had losses of 255 million euros over the past three years.
AC Milan is open to settlement over financial fair play
AC Milan is open to settlement over financial fair play
Seven paramilitary soldiers killed in overnight militant attack in Pakistan’s southwest
- Militants launched an armed assault on a Frontier Corps check-post in the remote district of Kalat
- Balochistan Liberation Army claimed responsibility for the attack, which also left 12 people injured
QUETTA: At least seven soldiers of Pakistan’s paramilitary Frontier Corps (FC) were killed in an overnight attack on a security check-post in the mountainous region of Kalat district in the restive southwestern province of Balochistan, according to a local administration official on Saturday.
The province has been the site of a low-level insurgency by separatist militants for over two decades, although militant attacks have intensified significantly in recent months.
Last August, Baloch separatists launched a string of coordinated attacks targeting civilians and military forces, resulting in more than 50 deaths within a few hours. The latest attack on Pakistani security forces follows a deadly suicide bombing last week at the crowded Quetta railway station, which killed over two dozen people, including army personnel and wounded more than 50 others.
“Armed militants attacked a Frontier Corps check-post in Shah Mardan, an area located 60 kilometers from Kalat city at midnight,” Kalat’s Deputy Commissioner Bilal Shabir told Arab News over the phone.
“Seven soldiers of the paramilitary force were killed in the attack and 12 injured,” he continued, sharing the details of the armed assault. “Subsequently, a security clearance operation was carried out in the mountainous area.”
Asked how many attackers were killed in the skirmish, the deputy commissioner said authorities had not received information on that.
In a statement issued on Saturday, the banned separatist group Balochistan Liberation Army (BLA) claimed responsibility for the attack, saying its fighters had targeted the paramilitary post in Kalat.
The BLA, the largest of several Baloch ethnic insurgent groups, seeks independence for the volatile province, which is home to approximately 15 million people and borders Afghanistan to the north and Iran to the west.
The BLA and other Baloch nationalist groups accuse the Pakistani state of unfairly exploiting the province’s rich gas and mineral resources— an allegation denied by successive governments, which claim to have been undertaking development projects to improve residents’ quality of life.
Prime Minister Shehbaz Sharif condemned the attack on FC personnel, calling the attackers enemies of the province’s economic development.
The prime minister also ordered quality medical treatment for those injured in the attack in Kalat, a remote district located about 140 kilometers from Quetta.
Israeli troops reach deepest point in Lebanon since October 1 invasion
- Media reports: Israeli ground forces pull back early Saturday after fierce battles with Hezbollah fighters
- Israeli troops earlier captured a strategic hill in the southern Lebanese village of Chamaa
BEIRUT: Israeli ground forces reached their deepest point in Lebanon since they invaded six weeks ago, before pulling back early Saturday after fierce battles with Hezbollah militants, Lebanese state media reported.
Israeli troops captured a strategic hill in the southern Lebanese village of Chamaa, about 5 kilometers (3 miles) from the Israeli border early Saturday, the state-run National News Agency reported. It said Israeli troops were later pushed back from the hill.
It added that Israeli troops detonated the Shrine of Shimon the Prophet in Chamaa as well as several homes before they withdrew, but the claim could not be immediately verified.
Israel’s military said in a statement that its troops “continue their limited, localized, and targeted operational activity in southern Lebanon.” The military did not immediately respond to requests for comment on the Lebanese media reports.
The push on the ground came as Israeli warplanes pounded Beirut’s southern suburbs as well as several other areas in southern Lebanon including the port city of Tyre.
The morning strike in Beirut hit an area known as Dahiyeh, which the Israeli military called a Hezbollah stronghold, saying its planes had hit multiple sites used by the militant group. Residents were given advance warning by Israel, and it was not immediately clear whether there were any casualties.
The increase of violence came as Lebanese and Hezbollah officials are studying a draft proposal presented by the US earlier this week on ending the war.
Since late September, Israel dramatically escalated its bombardment of Lebanon, vowing to cripple Hezbollah and end its barrages in Israel. More than 3,400 people have been killed in Lebanon by Israeli fire – 80 percent of them in the eight weeks – according to Lebanon’s Health Ministry.
On Friday, Lebanon’s caretaker prime minister apparently urged Iran to try and convince Hezbollah to agree to a ceasefire deal with Israel, which would require the group to pull back from the Israel-Lebanon border. The proposal is based on UN Security Council resolution 1701, which ended the last Israel-Hezbollah war in the summer of 2006.
A copy of the draft proposal was handed over earlier this week by the US ambassador to Lebanon to Parliament Speaker Nabih Berri, who has been negotiating on behalf of Hezbollah, according to a Lebanese official. The official who spoke on condition of anonymity because he was not authorized to speak about the secret talks said Berri is expected to give Lebanon’s response on Monday.
Another Lebanese politician said Hezbollah officials had received the draft, were studying it and would express their opinion on it to Berri. The politician also spoke on condition of anonymity because he was not authorized to speak to the media about the ongoing talks.
Berri told the pan-Arab Asharq Al-Awsat daily newspaper that the draft does not include any item that allows Israel to act in Lebanon if the deal is violated.
“We will not accept any infringement of our sovereignty,” Berri was quoted as saying.
He added that one of the items mentioned in the draft that Lebanon does not accept is the proposal to form a committee to supervise the agreement that includes members from Western countries.
Berri added that talks are ongoing regarding this point as well as other details in the draft, adding that “the atmosphere is positive but all relies on how things will end.”
There is also a push to end the war between Israel and Hamas, which began after Palestinian militants stormed into Israel on Oct. 7, 2023, killing about 1,200 people – mostly civilians – and abducting 250 others.
The UN Security Council’s 10 elected members on Thursday circulated a draft resolution demanding “an immediate, unconditional and permanent ceasefire” in Gaza.
The US, Israel’s closest ally, holds the key to whether the UN Security Council adopts the resolution. The four other permanent members – Russia, China, Britain and France – are expected to support it or abstain.
Israel’s bombardment and ground offensives since the initial Hamas attack have killed more than 43,000 people in Gaza, Palestinian health officials say. The officials don’t distinguish between civilians and combatants but say more than half of those killed have been women and children.
Pakistan offers incentives to New York firms seeking South and Central Asia expansion
- Pakistan’s envoy to the US holds a meeting with the head of the New York Chamber of Commerce
- The United States is already Pakistan’s largest export market for textiles, apparel and leather goods
ISLAMABAD: Pakistan has offered New York-based businesses investment incentives to expand their footprint in South and Central Asia, citing its strategic location as a key advantage, state-run media reported on Saturday.
Seeking to position itself as a pivotal trade and transit hub, Pakistan has sought to involve other countries in its economic plans, particularly within its own neighborhood where it has offered landlocked Central Asian states access to its ports to facilitate their connection to global markets.
US-Pakistan trade relations have long been significant, with the US serving as Pakistan’s largest export market for textiles, apparel and leather goods.
Pakistan’s Ambassador to the US, Rizwan Saeed Sheikh, met with Mark Jaffe, Head of the Greater New York Chamber of Commerce, to discuss strategies for enhancing bilateral trade between the two nations.
“The Pakistani envoy underscored Pakistan’s liberal investment regime, strategic geographic location, and incentives for foreign investors, emphasizing the benefits for New York businesses seeking to expand their footprint in South and Central Asia,” the Associated Press of Pakistan (APP) news agency reported.
Jaffe expressed interest in Pakistan’s textile, leather, surgical and information technology sectors apart from outlining efforts to promote trade and investment, it added.
Ambassador Sheikh appreciated Jaffe’s support and interest in Pakistan’s 5th International Textile and Leather Exhibition 2024 held last month in the country’s southern metropolis of Karachi, APP said.
He also invited the New York City chamber to participate in the 4th Engineering and Healthcare show in Lahore next year.
The Pakistani envoy highlighted how Pakistan’s Generalized System of Preferences Plus (GSP+) status in the European Union and Free Trade Agreement with China could provide added advantages for foreign investors working in his country.
The meeting took place at a time when Islamabad is seeking to bolster trade and investment relations with allies to stabilize its fragile $350 billion economy as it faces an acute balance of payment crisis amid soaring inflation and surging external debt.
Iran ‘categorically’ denies envoy’s meeting with Musk
TEHRAN: Iran’s foreign ministry spokesman on Saturday “categorically” denied The New York Times report on Tehran’s ambassador to the United Nations meeting with US tech billionaire Elon Musk, state media reported.
In an interview with state news agency IRNA, spokesman Esmaeil Baghaei was reported as “categorically denying such a meeting” and expressing “surprise at the coverage of the American media in this regard.”
The Times reported on Friday that Musk, who is a close ally of President-elect Donald Trump, met earlier this week with Iran’s ambassador to the UN, Amir Saeid Iravani.
It cited anonymous Iranian sources describing the encounter as “positive.”
Iranian newspapers, particularly those aligned with the reformist party that supports President Masoud Pezeshkian, largely described the meeting in positive terms before Baghaei’s statement.
In the weeks leading up to Trump’s re-election, Iranian officials have signalled a willingness to resolve issues with the West.
Iran and the United Stated cut diplomatic ties shortly after the 1979 Islamic revolution that toppled the US-backed shah of Iran, Mohammed Reza Pahlavi.
Since then, both countries have communicated through the Swiss embassy in Tehran and the Sultanate of Oman.
The urgency of climate finance: Is the world ready to commit?
BAKU: As global leaders gather in Baku for the COP29 UN climate change conference, the focus on climate finance has never been more pressing. This year’s conference theme, “Accelerating Climate Action for Sustainable Development,” suggests that climate action must advance economic stability as well as address environmental concerns.
Yalchin Rafiyev, Azerbaijan’s lead negotiator for COP29, has said that “trillions of dollars” are needed to fund the fight against climate change — a significant increase from the longstanding annual target of $100 billion, which itself remains unmet. Vulnerable nations are especially affected by this shortfall, lacking the resources to build resilience against climate impacts.
The need for equitable financing
Delegates from developing regions, including African representatives, have called for climate finance to reflect the distinct economic realities faced by less developed countries.
Shaimaa Al-Sheiby, senior director of strategic planning at OPEC, spoke to Arab News about the importance of ensuring that climate finance meets the needs of developing economies
“In many countries, it’s difficult for governments to sustain economic progress without accessible financing,” Al-Sheiby said. She advocated for wealthier nations and financial institutions to play a greater role in “de-risking” investments in developing markets to attract private capital for renewable projects.
Yusuf Idris Amoke, a Nigerian climate adviser, said: “The Global South is on the receiving end of climate impacts while contributing far less to emissions.”
For these countries, the push to phase out fossil fuels often clashes with immediate economic needs, especially given that alternatives are limited and expensive.
“Financing third world countries or the Global South is key,” Amoke added, saying that transitioning without robust financial support is neither equitable nor feasible.
Voluntary carbon markets and climate solutions
Voluntary carbon markets have been gaining traction as a flexible solution for reducing emissions, especially in regions where compulsory systems have struggled to achieve significant results.
These markets encourage companies to take part in climate initiatives by creating financial incentives, which, as Al-Sheiby said, are essential for involving the private sector.
“Private capital is very shy,” she added, saying that risk-reduction strategies could help attract these funds to where they are most needed.
The success of voluntary markets, however, depends on strong regulatory support, transparency and accountability.
Global initiatives and South-South collaboration
The COP29 Presidency has launched the Baku Initiative for Climate Finance, Investment and Trade, a collaborative platform designed to align climate finance and trade with sustainable development priorities. By convening leaders from developed countries and the Global South, the initiative aims to foster equitable climate solutions.
In Africa, Saudi Arabia’s “Empowering Africa Initiative” exemplifies South-South collaboration. Minister of Energy Prince Abdulaziz bin Salman has signed agreements with Ethiopia, Chad, Senegal and other countries to promote energy equity as well as accelerate the continent’s energy transition. These agreements are set to harness Africa’s vast renewable energy potential, including its 10 terawatts of solar capacity.
Abid Malik, ACWA Power’s geo head for Central Asia, highlighted the importance of fostering local expertise during an interview with Arab News. “Our projects in Africa don’t just bring renewable energy; they create jobs, enhance technical skills and empower local communities to take charge of their energy futures,” he said.
The intersection of climate finance and conflict recovery
The recently announced Baku Call on Climate Action for Peace, Relief and Recovery highlights the role of climate action in stabilizing conflict-affected regions. “Climate-induced challenges such as water scarcity and food insecurity are catalysts for conflict,” said Mukhtar Babayev, COP29 president. “Peace-sensitive climate action is crucial for the most vulnerable.”
Gilles Carbonnier, vice president of the International Committee of the Red Cross, highlighted the environmental fallout in conflict zones like Gaza. “In places like Gaza, where infrastructure has been decimated, renewable energy offers a lifeline,” he told Arab News. “Solar microgrids in refugee camps are providing critical electricity for healthcare and other essential services.”
Charting a path forward
The commitments announced at COP29 reflect a growing recognition of the interconnected challenges of climate finance, energy equity and conflict recovery. With asset owners controlling $10 trillion pledging to accelerate private capital deployment and initiatives like BICFIT gaining momentum, the foundations for transformative change are being established.
For vulnerable nations, these efforts offer a glimmer of hope. However, achieving a just transition will require sustained political will and a reimagining of global financing systems. As COP29 unfolds, the world is watching to see if the pledges made in Baku will translate into tangible action.
