Business News from Friday, May 15th, 2026
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LVMH to sell Marc Jacobs to WHP Global, G-III as buyers raise $850 million
French luxury group LVMH has agreed to sell fashion brand Marc Jacobs to a joint venture between brand manager WHP Global and apparel company G-III Apparel Group, which are raising up to $850 million to fund the deal, the companies said on Thursday.
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Putin thanks UAE President for Russia-Ukraine mediation effortsUAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received a phone call from Russian President Vladimir Putin on Saturday, during which they discussed various aspects of cooperation and joint efforts aimed at strengthening the strategic partnership between the two countries.
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UAE, IMO discuss Strait of Hormuz shipping securityUAE Minister of State Lana Nusseibeh has held talks with International Maritime Organization Secretary-General Arsenio Dominguez on maritime security in the Strait of Hormuz and the Arabian Gulf.
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UAE says OPEC, OPEC+ exit was sovereign strategic decisionThe UAE's decision to exit the Organisation of the Petroleum Exporting Countries (OPEC and OPEC+) was a "sovereign strategic choice" and not "driven by political considerations", Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, said on Saturday.
