Ukraine Vows To Reject Any Alternative To NATO Membership

A new Ukrainian government statement has made clear the country will reject any alternative to NATO membership if it is proposed as part of a peace plan with Moscow.

Reports of President-elect Trump’s peace plan say it hinges on security guarantees while indefinitely postponing Ukraine joining NATO (for at least 20 years). This is precisely what the Zelensky government is now very vocally pushing back against.

A Tuesday statement from the Foreign Ministry asserts, “Having the bitter experience of the Budapest Memorandum behind us, we will not settle for any alternatives, surrogates, or substitutes for Ukraine’s full membership in NATO.”

Source: EFE/EPA

The statement continued by calling upon “the U.S. and Great Britain, which signed the Budapest Memorandum,… France and China, which joined it and all the states participating in the Treaty on the Non-Proliferation of Nuclear Weapons” to immediately back Ukraine’s efforts to joint NATO. 

It further suggested that anything less is to fall in line with Russia’s ‘blackmail’. The Budapest Memorandum of 1994 saw Ukraine give up its Soviet-era nuclear weapons arsenal, and in return Moscow provided security guarantees and recognized borders.

The hard-hitting Ukrainian government statement further stressed, “We are convinced that the only real security guarantee for Ukraine, as well as a deterrent factor for further Russian aggression against Ukraine and other states, is only Ukraine’s full membership in NATO.”

Ukraine has representation at a Tuesday through Wednesday meeting of foreign ministers in Brussels. Zelensky has been pushing allies hard to not back down on allowing full NATO membership. He’s even tried to argue that the alliance’s Article 5 self-defense pact doesn’t necessary have to apply to parts of Ukraine occupied by the Russians.

But NATO leaders appear cold to the idea, given the risk of nuclear-armed confrontation with Russia, and given Ukraine’s military is clearly losing the war in the east. NATO chief Rutte has also rejected Zelensky’s plea:

NATO Secretary-General Mark Rutte on Tuesday sidestepped questions about Ukraine’s possible membership in the military alliance, saying that the priority now must be to strengthen the country’s hand in any future peace talks with Russia by sending it more weapons.

Rutte’s remarks, ahead of a meeting of NATO foreign ministers, came days after Ukrainian President Volodymyr Zelenskyy said that extending alliance membership to territory now under Kyiv’s control could end “the hot stage” of the almost 3-year war in Ukraine, where Russian forces are pressing deeper into their western neighbor.

“The front is not moving eastwards. It is slowly moving westwards,” Rutte said. “So we have to make sure that Ukraine gets into a position of strength, and then it should be for the Ukrainian government to decide on the next steps, in terms of opening peace talks and how to conduct them.”

Kiev is also urgently pushing for more anti-air defense weapons systems from partners. This after Russia has stepped up attacks on the country’s energy infrastructure.

“We are talking about an emergency delivery of at least 20 additional Hawk, NASAMS or IRIS-T systems,” Ukrainian Foreign Minister Andrey Sibiga said Tuesday in Brussels, as quoted by RBK Ukraine. “This will help us avoid blackouts. We understand that the Russians are trying to undercut our generation capacity.”

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Originally Posted at; https://www.zerohedge.com//


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Renovation Downturn Forces These Home Furnishing Retailers To Increase Deals

Renovation Downturn Forces These Home Furnishing Retailers To Increase Deals

Record-high home prices, combined with the average 30-year fixed mortgage rate surpassing 7% once again, continue to create the worst housing affordability environment in a generation. Consequently, the residential renovation market sours, pressuring home furnishing companies to offer better deals. 

A team of Goldman analysts led by Kate McShane updated their proprietary home furnishings promotional tracker for November, in which they found increased promotions, markdowns, and free shipping across the industry for notable home furnishings retailers including Arhaus, At Home, Bassett Furniture, Cost Plus World Market, Crate & Barrel, Ethan Allen Interiors, Havertys, Kirkland’s, Pottery Barn, PB Teen, Pottery Barn Kids, Rejuvenation, Wayfair, and West Elm.

McShane noted that average markdowns were slightly higher for the industry year-over-year last month, although Williams-Sonoma was one of the only home furnishings retailers not offering increased deals to somewhat flattish compared with the same month last year. 

Here are the key observations from their findings:

  • Free shipping ticked up sequentially and year over year in November across the industry and Williams Sonoma banners;

  • Markdowns increased sequentially and year over year across the industry;

  • Promotions are notably higher sequentially and year over year at the Williams Sonoma banner, while promotions are lower at West Elm and Rejuvenation

Industry-wide, markdowns increased month-over-month and year-over-year, with PB Kids and Wayfair offering the best deals

  • November’s industry markdowns increased both m/m and y/y: Sequentially, the average markdown across the industry increased m/m at 40% in Nov vs. 37%/37%/41% in Oct/Sep/Aug. The average markdown increased y/y compared to 39% in Nov ’23.

  • Markdown level by company: Overall, PB Kids (58%) and Wayfair (58%) were the companies with the highest average markdowns in Nov ’24. PB Teen, Rejuvenation, and West Elm had the highest markdowns on a 1-year average (also taking account of consistency in promotions over the months).

  • Free shipping: Overall days of free shipping increased both sequentially and y/y in Nov ’24 to 14 days, vs. 9/13 days in Oct’ 24/Nov ’23. Kirkland’s, Pottery Barn, and Williams-Sonoma offered free shipping every day in Nov ’24, with the next highest frequency seen at PB Kids’s at 29 days.

McShane noted, “While we don’t include RH in our promotional analysis, we do note the company continues to advertise its fall clearance sale with up to 60% off outdoor, living, dining, and bedroom items.” 

Average Markdowns on a retailer basis:

Pottery Barn 

West Elm

Williams-Sonoma

Rejuvenation

The number of days home furnishings companies offered ‘free shipping’ last month surged. 

Williams-Sonoma’s free shipping promotion was much higher than the industry average. 

The entire industry has been in the dumps since the Covid spike.

And this is why.

McShane highlighted that the barometer for the residential renovation market remains uninspiring. 

Given all this, there are indeed deals for patient consumers who held back during the Covid surge in home renovations. Goldman’s McShane gives readers a broad understanding of what home furnishings companies offer the best deals. 

Tyler Durden
Wed, 12/04/2024 – 18:00

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