Sir Jim Ratcliffe completes 25% investment in Man United - ESPN - ESPN

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  Rob Dawson, CorrespondentDec 25, 2023, 12:00 AM

Manchester United have confirmed they have agreed to sell a minority stake to Sir Jim Ratcliffe, with the INEOS chairman also committed to investing another $300 million into the club.

Ratcliffe has acquired a 25% stake in the club in a deal worth around £1.3 billion ($1.6bn) and will also take responsibility for football operations at United.

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A statement issued on Sunday said his further $300m commitment is "intended to enable future investment into Old Trafford."

"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club," Ratcliffe said in the statement. "Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.

"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.

"We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club -- the board, staff, players and fans -- to help drive the club forward.

"Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football."

Sir Jim Ratcliffe will invest $300 million into Manchester United. Peter Byrne/PA Images via Getty Images

Ratcliffe will acquire 25% of the club's Class B shares, previously exclusively held by the Glazer family, and up to 25% Class A shares, which are traded on the New York Stock Exchange.

A source told ESPN that two seats on the football board will go to Sir Dave Brailsford and Jean-Claude Blanc.

There's no formal agreement for Ratcliffe to become full owner of United, but he would get first refusal should the Glazers decide to sell more shares.

"We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS," executive co-chairmen and directors Avram Glazer and Joel Glazer said in the statement. "As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men's, women's and Academy teams.

"Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future."

The news comes more than a year after the Glazers announced they were "exploring strategic alternatives for the club" including accepting investment or sanctioning a full sale.

Despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a full takeover at Old Trafford, the Glazers opted to accept Ratcliffe's offer to buy a minority stake. Under the terms of the agreement, the Glazers will remain at the club as majority shareholders.

The Glazers have been deeply unpopular with fans since their heavily leveraged buyout of the club in 2005.

A statement from Manchester United Supporters Trust reacting to the announcement said: "Today might -- just might -- be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding."

Ratcliffe, 71, was born in Failsworth, Manchester, and grew up a United fan. He already owns French club Nice and Swiss outfit FC Lausanne-Sport and failed with a late bid to buy Chelsea in 2022.

Ahead of confirmation of Ratcliffe's involvement at United, CEO Richard Arnold announced he would be stepping down. Patrick Stewart was named interim CEO with Arnold providing "transitional support" until the end of December.

United's statement also said Ratcliffe's management responsibilities "will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.

"The joint ambition is to create a world-class football operation building on the Club's many existing strengths, including the successful off-pitch performance that it continues to enjoy."

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2023-12-24 15:56:15Z
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China's Henan province hit by shortage of winter heating after cold wave - CNA

Several cities in the central Chinese province of Henan are facing a winter heating supply crunch, with thermal power suppliers in the city of Jiaozuo under pressure to ensure supplies.

Heating boilers at JiaoZuo WanFang Aluminum Manufacturing , one of the major suppliers in the city, have broken down, leaving some areas in urgent need of more heat supply, state media reported on Sunday.

The supplier is scrambling to fix the malfunction and expects to resume supply on Dec 26, state media reported, without specifying the number of boilers that have broken down.

JiaoZuo WanFang Aluminum did not immediately respond to an emailed request for comment from Reuters.

The city will suspend heat supply for most businesses except essential service providers such as hospitals and senior centres to prioritise residential heat usage. However, some residential compounds will still be affected during the device maintenance period, the media reports added.

Two other cities in Henan - Puyang and Pingdingshan - have already suspended heat supply to government departments and administrative institutions to prioritise residential usage, the local governments said, citing extremely cold weather.

The weather forecast shows temperatures in the three cities hitting sub-zero on Sunday. Temperatures in several other areas in Henan would plunge to a low of minus 15 degrees Celsius over the weekend, the central province's weather authority said on Saturday.

Warm air is expected to flow from the country's north to south lifting temperatures from the weekend.

As of 2pm local time on Sunday, temperatures in many areas in central and eastern China had rebounded somewhat, with temperatures in some areas rising by more than 10 degrees Celsius, China's weather authority said. 

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2023-12-24 08:44:38Z
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Potential Putin challenger blocked by the election commission - CNA

Also on Saturday, Russian state media said that Yabloko party founder and leader Grigory Yavlinsky would not run for the presidency, citing the party’s press service. Speaking in a live interview on YouTube, once Duntsova’s appeal to Yabloko became known, Yavlinsky said that he “didn’t know” whether the party would consider her application.

Duntsova took her first steps toward candidate status on Sunday, when her run was endorsed by 500 supporters as required by Russian election law, and presented documents on Wednesday to Russia’s Central Election Commission to register her nomination.

A number of Russian parties also announced which candidates they would be backing in the presidential election next March, which incumbent President Vladimir Putin is all but certain to win.

The Russian Communist Party, the second largest party in the lower house of Parliament, the State Duma, announced after a secret ballot that it would support the nomination of Duma deputy Nikolai Kharitonov. As party leader Sergei Mironov previously said it would do, the Just Russia – For Truth party formally announced that it was supporting Putin’s nomination for the presidency.

Parties represented in the Duma do put forward candidates to run against Putin, but they represent only token opposition and are generally sympathetic to his agenda.

The Civic Initiative party, which is not represented in the Duma, is expected to back the nomination of independent candidate Boris Nadezhdin, who is known for campaigning against Russia’s actions in Ukraine. He has the support of a contingent of soldiers' wives, unhappy with their husbands’ long deployments.

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2023-12-23 18:11:41Z
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'I want three children': How two Japanese municipalities are bucking the trend of depopulation - The Straits Times

NAGI (Okayama) / NAGAREYAMA (Chiba) – Mrs Ayano Hata is pregnant with her second child but is already thinking about having a third.

“We look at the large families around us and, somehow, ours still feels incomplete,” the 25-year-old tells The Straits Times as she watches her firstborn, 21-month-old Koharu, toddle across the lawn of a daycare centre.

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2023-12-23 11:30:00Z
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Israel strikes Gaza after UN calls for more aid - CNA

FAMINE LOOMS

Immediately after the UN vote, Israel vowed to continue its air and ground assault on the Gaza Strip until Hamas is "eliminated" and hostages still being held in the territory are freed.

"Israel will continue the war in Gaza," said Foreign Minister Eli Cohen, insisting the war was legal and just.

But pressure is growing on Israeli authorities to recalibrate the Gaza offensive.

The war began on Oct 7 when Hamas gunmen broke through Gaza's militarised border and killed about 1,140 people in Israel, mostly civilians, according to an AFP tally based on Israeli figures.

Palestinian militants also abducted about 250 people, 129 of whom remain in Gaza, according to Israeli authorities.

Vowing to destroy Hamas, Israel launched a relentless bombardment and ground invasion of Gaza, where 20,057 people have been killed, mostly women and children, according to the territory's Hamas government.

With swathes of Gaza reduced to rubble, many Gazans have been forced into crowded shelters or tents, and are struggling to find food, fuel, water and medical supplies.

The United Nations estimates the fighting has displaced almost 80 per cent of Gaza's 2.4 million population.

World Health Organization chief Tedros Adhanom Ghebreyesus warned a majority of those uprooted from their homes were now going "entire days and nights without eating".

"Hunger is present, and famine is looming," he said.

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2023-12-23 09:11:49Z
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Suspect arrested after man found dead in Genting Highlands hotel with hands and feet tied - The Straits Times

The body of a 51-year-old man was found topless with his hands and feet tied up in a hotel room in Genting Highlands on Dec 22.

A suspect has been arrested for the alleged murder.

Malaysian Chinese-language news outlet China Press reported that hotel staff had contacted the police after finding the man’s body in a hotel room.

The deceased is believed to be a security guard who was reportedly working for a loan shark.

China Press said the 45-year-old suspect, a Chinese national, had arrived in Malaysia on Dec 6 and lost RM50,000 (S$14,300) gambling at the casino. He then borrowed a similar amount from a loan shark and lost it gambling.

Unable to repay the money, he was detained in a hotel room by the loan shark and put under the watch of a security guard for three days.

China Press reported that on the morning of the incident, the guard had kicked the suspect, who was sleeping at the time, and demanded that he repay the money.

A fight broke out, and the suspect allegedly strangled the guard, using cloth strips, towels and belts to restrain him.

When he realised the guard was unconscious, the suspect performed cardiopulmonary resuscitation on him. He then informed medical staff, who confirmed the guard had died, China Press said.

The suspect was arrested on the spot and escorted to the police station for investigation.

China Press said the police are looking for two other suspects involved in the incident.

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2023-12-23 06:10:00Z
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Stepping up tone, US says Iran 'deeply involved' in Houthi ship attacks - CNA

DRONES, MISSILES AND MONITORS

The White House said that US visual analysis found nearly identical features between Iran's KAS-04 drones and the unmanned vehicles fired by the Houthis, as well as consistent features between Iranian and Houthi missiles.

The Houthis are also reliant on Iranian-provided monitoring systems at sea, the White House said.

"Moreover, Iranian-provided tactical intelligence has been critical in enabling Houthi targeting of maritime vessels since the group commenced attacks in November," Watson said.

Despite the findings presented by the White House, there have been doubts among some US and allied policymakers on whether the Houthis are acting at the behest of Iran.

One diplomat from a US ally who follows the region noted that Lebanon's Hezbollah - which has much closer ties with Iran - has been comparatively restrained in the face of US warnings including a show of naval might in the Eastern Mediterranean.

"Of Iran's proxies in the region, the Houthis have the weakest link to Tehran. And it is hard to see how the attacks serve their or Iran's interests," the diplomat said on condition of anonymity.

The Biden administration had initially kept a low-key tone on the Houthi attacks, in part out of an interest in preserving a fragile peace in Yemen.

The Houthis and the Saudi-backed government have effectively maintained a UN-brokered truce since April 2022, halting a devastating war that triggered a humanitarian crisis in which most of the population relies on aid.

In a recent research paper, Michael Knights, a fellow at The Washington Institute for Near East Policy, said that the Houthis shared the "paranoid" mindset of Iran's ruling clerics.

The United States should think of the Houthis as a sort of North Korea, "an insular, aggressive, well-armed player that is hostile to the United States and sitting on key geography", he wrote.

Iran's religious leadership openly supports Hamas, whose gunmen broke through Gaza's militarized border on Oct 7 and killed around 1,140 people in Israel, mostly civilians, and abducted around 250 people, according to an AFP tally based on Israeli figures.

US officials have said they have no evidence that Tehran had previous knowledge or directly planned the attack.

Israel has vowed to destroy Hamas. Its relentless bombardment and ground invasion of Gaza has killed more than 20,000 people, most of them women and children, according to Hamas authorities.

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2023-12-23 07:21:00Z
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