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Italian fashion house Prada on Wednesday announced it will pay $425 million to buy the Fifth Avenue building thats home to its flagship boutique — making it the latest luxury retailer to double-down on the worlds greatest shopping street.

The deal reflects the dramatic rise in the fortunes of retail real estate even as the office and residential markets struggle.

It also comes amid  forecasts that online shopping would doom brick-and-mortar stores.

The board believes that the propertys location offers high strategic value being characterized by increasing scarcity and long-term potential, Prada said in a statement.

The purchase of 724 Fifth, where Prada has leased five floors in the 12-story building since 1997, follows recent word that Japans Geshary coffee brand bought nearby 560 Fifth Ave.

Geshary is expected to launch a multi-floor display of the coffee-making process, similar to one it has in Tokyo, after current tenant Oakleys lease is up next year.

The worlds most expensive stretch of retailers will also see luxury watchmaker Rolex develop an entirely new headquarters tower at 665 Fifth at East 52nd Street.

Meanwhile, Japanese confectioner Minamoto purchased a former TGI Fridays building at 604 Fifth Ave., and LVMH has development plans for its Louis Vuitton site at Fifth and East 57th Street.

The commitment by international brands acknowledges and reinforces that the city and Fifth Avenue have continued to maintain their place as the No. 1 shopping destination and avenue in the world, Cushman & Wakefield superbroker Joanne Podell said.

Retail specialist Andrew Goldberg, a vice-chairman at CBRE, said the phenomenon of big brands buying real estate, which we saw a lot of in the 1980s and 90s, is coming back.

Goldberg, who worked on the deal that first brought Prada to 724 Fifth in the 1990s, noted with a chuckle, When retailers buy a building where theyre tenants, it means they have no intention of leaving.

Leasing is on fire as well on the avenues prime stretch north of East 48th Street. Swarovski is coming to a former Gap site at 680 Fifth and Marc Jacobs is in talks for 645 Fifth, where an Armani A/X lease expires in 2024.

Last month, Cushman & Wakefield reaffirmed its No. 1 global ranking for Fifth Avenue as the worlds most expensive retail destination in real estate terms, with rents of $2,000 per square foot.

The Fifth Avenue phenomenon is matched on Madison Avenue north of East 57th Street, where Valentino took over the huge former Calvin Klein store and Giorgio Armani will soon open e a spectacular new flagship boutique.

New leases for Van Cleef & Arpels, Dolce & Gabbana, Peter Millar and others have left few available spaces, according to Garrick-Augs Joseph Aquino.The trend is also mirrored in Soho, where there are now nearly as many marquee brands as uptown. But some middle-market corridors, such as Midtown Third Avenue and Broadway on the Upper West Side, continue to struggle.

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Sarah Harding breast cancer research project is successfully identifying at-risk young women

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Sarah Harding breast cancer research project is successfully identifying at-risk young women

A groundbreaking breast cancer research project launched in memory of the late Girls Aloud singer Sarah Harding is already successfully identifying young women at increased risk of getting the disease.

The BCAN-RAY (Breast Cancer Risk Assessment in Young Women) was launched a year ago in the singer’s name after she died from the disease in 2021 at the age of 39.

While she was having treatment, the star said she was “really keen” for more research into why young women are being diagnosed without a family history of the disease.

One of the singer’s final hopes was to find ways of spotting the disease early when it’s easier to treat.

The BCAN-RAY is one of the only projects in the world trying to identify which women in their 30s are most at risk.

About 2,300 women under 40 are diagnosed with the disease each year in the UK, according to Breast Cancer Now.

The two-year study is using money from Cancer Research UK, the Christie Charity, and the Sarah Harding Breast Cancer Appeal – backed by her family and former bandmates.

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It looks at risk factors most commonly found in young women with the disease and will form a model to identify them in future.

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Anna Housley, 39, from Hale, Greater Manchester, is one of the women taking part in the trial. After being tested last year the mother of two was surprised to find she’s at increased risk.

With no history of the disease in her family, she told Sky News: “I’m really grateful that I have been found because now I know that I’m going to be looked after and I can be screened.”

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Speaking about the work of Harding, she said: “All I can say really is thanks to her for being such a brave advocate to young women.”

The new information means she’s now eligible for annual mammograms and medication should she want it.

It’s hoped all women will eventually be able to have a risk assessment when they reach 30.

Pic: David Fisher/Shutterstock
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Girls Aloud kicked off a reunion tour on Saturday dedicated to the late bandmate. Pic: David Fisher/Shutterstock

A thousand women in the Greater Manchester area will take part, including 250 with breast cancer who don’t have a family history of the disease.

Saliva samples will hopefully help experts identify certain types and patterns of genes that could raise a woman’s risk.

These will be considered with factors such as period timing, breast tissue density, alcohol consumption and use of the pill.

Harding’s consultant Dr Sacha Howell from Manchester University NHS Foundation Trust, who is leading the study, said of the singer: “I think she’d be absolutely thrilled that she was part of this and her legacy is that we will be helping more and more young women like her.

“But what we’re all hoping is that by detecting those cancers earlier, they won’t unfortunately have that end result that Sarah did, which was to pass away with the disease.”

Harding’s legacy won’t just be her successful music career, it will also be her work in raising awareness around breast cancer and potentially giving many more women in their 30s a future.

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Business

Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

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Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

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UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
Image:
Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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Ukrainian soldiers reveal how they were secretly moved ahead of new Russian invasion

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Ukrainian soldiers reveal how they were secretly moved ahead of new Russian invasion

Members of a Ukrainian brigade have described how they were secretly relocated to help defend a section of the country’s border with Russia a few days before a new invasion began.

The commander of an artillery unit from 57 Brigade said his guns were even firing at Russian troops the day before the ground incursion into the northeastern region of Kharkiv, which started on 10 May. He said the forces had been “brazenly” amassing on the Russian side of the border.

“We were hitting tanks on the border… it was already a real war,” said Sasha, 26, who uses the callsign “black”.

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The commander of a second artillery unit similarly confirmed the brigade had been moved early to bolster defences in this direction.

The troops had previously been defending the city of Kupiansk, also in Kharkiv.

An Artillery Battery Commander of the 57th Brigade says his unit was moved into position days before the new Russian invasion
Image:
Sasha, an artillery battery commander of the 57 Brigade

The comments offer a sense of how Ukraine attempted – ahead of time – to scramble forces to counter a Russian build-up along its long, northeastern border.

But the move was nowhere near enough to prevent the largest assault into Ukraine since Russia launched its full-scale invasion almost two and a half years ago.

A Ukrainian source, describing the first few days of the Kharkiv offensive just over a week ago, said there had been moments when he feared “we had lost the frontline”.

The source said the situation had since stabilised but warned: “We don’t know how long it could be like this”.

Sky News on Saturday tried to visit an artillery position, manned by soldiers from 57 Brigade, just outside the town of Vovchansk – a key target of the Russian offensive.

While trying to reach an artillery position outside the town of Vovchansk, Sky News crews were told over the radio to turn back for safety
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While trying to reach an artillery position, a Sky News crew was told to turn back for safety

As we approached at speed by road, a soldier travelling with us said we had to pull over because he needed to communicate via radio with troops on the gunline.

Suddenly a voice over the radio could be heard saying: “Don’t come here. Don’t come at all.”

We were told it was too dangerous to travel further and we had to leave. It was not immediately clear what was happening on the ground.

At a makeshift base, safely back from the frontline, the artillery unit commander Sasha uses electronic maps on a tablet and laptop to confirm targets for his guns to attack.

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He said he and his team relocated from the Kupiansk front on the 4 to 5 May.

“We were indeed moved here earlier,” Sasha said. But he signalled he would have liked longer to prepare.

“I don’t know all the situation and why it happened like this. But I know for sure that to better repel [an attack], we might need either more time or better-prepared positions,” he said.

“Ahead of the assault, we were already hitting targets on Russian territory because we knew they were gathering there. They were brazenly assembling.”

Sasha described the moment the Russians started to advance.

He said it began with three hours of artillery fire against Ukrainian targets before ground troops crossed the border.

“I would love that they [the Russians] had been stopped at the border,” he said.

Soldiers say they could inflict more damage on Russian soldiers if they had more ammunition and better weapons
Image:
Soldiers say they could inflict more damage on Russian soldiers if they had more ammunition and better weapons

Instead, a fierce battle erupted, as Russian infantry, backed by airstrikes, drone attacks and artillery fire, pushed forward.

“For the first few days, they [the Russians] were storming our positions – columns of 30 to 50 soldiers. We were hitting them.”

In the chaos, Sasha said he worked to gather information to ensure his troops were able to operate.

“I am proud that my guys managed to do their best,” he said. “All credit to those who stayed on their artillery positions.”

A Soviet-era D-10 Howitzer artillery piece nicknamed "grandma" by soldiers
Image:
A Soviet-era D-20 Howitzer artillery piece nicknamed “grandma” by soldiers

He described the frontline as initially being “fragile” but said reinforcements were now in place. The commander said Russia had lost the opportunity to make a significant breakthrough.

“Until now they had a chance. Even in my area, I knew where we had gaps where they could have slipped through. Now we don’t have such gaps,” he said.

“I am satisfied that we have managed to stabilise the situation.”

At a second artillery position, on a different section of a frontline that has expanded by some 40 miles in the wake of the new attack, a Soviet-era gun, hidden under netting and tree branches, points in the direction of Russia.

Shells used by the D-20 Howitzer artillery piece, which was built in the 70s
Image:
Shells used by the D-20 Howitzer artillery piece, which was built in the 1970s

Soldiers here said they would be able to inflict a lot more damage on the invaders if they had more ammunition and better weapons.

Nicknamed “grandma”, their D-20 Howitzer artillery piece, which fires 152mm shells, was built in the 1970s.

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“We’re saving our artillery shells right now. We fire one, they fire back five,” said one of the servicemen, who – at 50 years old – has the callsign “Grandpa”.

A second soldier said Russia has more weapons than his side.

Asked what difference additional munitions would make, he said with a laugh: “It would increase the number of dead Russians – 100%”.

Additional reporting by Azad Safarov, Ukraine producer

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