France Denounces Iran's Seizure of Two Greek Tankers

The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
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France Denounces Iran's Seizure of Two Greek Tankers

The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo

Iran's seizure of two Greek-flagged oil tankers in Gulf waters is "a serious violation of international law", France's foreign ministry said Sunday, calling for the immediate release of the ships and their crews.

Iran's Revolutionary Guards seized the Greek tankers in the Gulf Friday, days after Athens confirmed it would deliver to Washington Iranian oil it had seized from a Russian tanker.

"We call on Iran to immediately release the crews and vessels," AFP quoted a French foreign ministry spokesperson as saying in a statement.

"France reiterates its commitment to the rules of international law protecting the freedom of navigation and maritime safety. We call on Iran to immediately cease its actions that contravene these rules," the statement concluded.

Iran said Saturday the crews of two Greek oil tankers were in "good health" and not under arrest.

But Greece has condemned Tehran's detention of the two ships as "tantamount to acts of piracy" and warned its citizens not to travel to Iran.

The Revolutionary Guards -- the ideological arm of Iran's military -- had said it seized the tankers "due to violations", without elaborating further.

Greece said one of the tankers had been sailing in international waters, while the second was near the Iranian coast when it was seized.

Nine Greeks are among the crews, the Greek foreign ministry said, without specifying the number of other sailors on board.



Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold prices extended gains on Thursday after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve's monetary policy path.

Spot gold rose 0.2% to $4,989.09 per ounce by 1227 GMT. US gold futures for April delivery held steady at $5,008.60.

"Geopolitical concerns are front and centre with reports that, if the US were to take military action against Iran, it could go on for several weeks," said Jamie Dutta, market analyst at Nemo.money, Reuters reported.

Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.

FED LARGELY UNITED

Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.

Meanwhile, the Fed's January minutes showed it largely united on holding interest rates steady, but divided over what comes next, with "several" open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.

The weekly jobless claims data, due later in the day, and Friday's Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will provide further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver rose 0.9% to $77.87 per ounce after climbing more than 5% on Wednesday.

Silver is "supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86," said Ole Hansen, head of commodity strategy at Saxo Bank.

Spot platinum fell 0.6% to $2,059.55 per ounce, while palladium lost 1.7% to $1,686.47.


London Fashion Week Opens with Tribute to One of Its Greats

London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
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London Fashion Week Opens with Tribute to One of Its Greats

London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File

London Fashion Week, better known for nurturing new talent than for its big-name shows, kicks off on Thursday with a tribute to one of its stalwarts Paul Costelloe.

The Irish-American designer, who died aged 80 last November, was a regular fixture on the opening day of the British capital's fashion week since the inception of the show in 1984, AFP said.

Over four decades, his romantic, sartorial catwalks remained a constant: witness to the rise and fall of London Fashion Week (LFW) which has seen the departure of big fashion names to its counterparts in Milan, Paris and New York in recent years.

His son William Costelloe is now the creative director of the brand, which wrote on social media ahead of its LFW Autumn/Winter 2026 opening show: "A new season. A powerful moment. A legacy moving forward."

Tolu Coker, a British-Nigerian designer who launched her brand in 2018, will also show on Thursday her elegant, mainly-unisex designs inspired by diverse identities.

Notable names including Harris Reed and Richard Quinn will return to the catwalk in London, with Burberry closing the week in its usual fashion on Monday evening.

Other labels will bring a royal flavor to the runway, with brands worn by Princess Catherine including Emilia Wickstead, Edeline Lee and Erdem putting on shows.

However, there will be no show from the breakout Northern Irish designer Jonathan Anderson, who was one of the most eagerly awaited at London Fashion Week in recent seasons.

The 41-year-old took over at Dior last June, leaving him little time for his own brand, JW Anderson, which he founded in 2008.

For several years, London has been losing ground to its star-studded rivals in Paris and Milan, but it has clung onto its role as a breeding ground for young talent.

The British Fashion Council's NewGen initiative provides funding for emerging talent, with several up-and-coming designers finding their stride at LFW through the incubator.

'Great support'

Designers like Simone Rocha, Tolu Coker and Roksanda have become fashion week mainstays after making their debut on the NewGen catwalk.

Among the recent breakouts is Joshua Ewusie, a 27-year-old British creator born to Ghanaian parents who is due to put on his second fashion week show with his brand "E.W.Usie".

The young designer was supported by the King's Foundation, a charity founded by King Charles III, in partnership with Chanel, which gave him a studio space shortly after he graduated from the prestigious Central Saint Martins school.

His hometown London, which boasts several notable fashion schools, provides "great support for young designers," Ewusie told AFP ahead of his LFW presentation on Sunday.

"There's so many opportunities, I think, that London gives to help young brands start," he added.

His new collection is inspired by the 1980s, when his mother moved to London, says the designer. It's all about culture and identity, with leather as the star material.

French designer Pauline Dujancourt, known for her work with knitwear, also chose to stick with London Fashion Week after her studies at Paris's Ecole Duperre and Central Saint Martins in London.

"As much as Paris Fashion Week is incredible and I'm dreaming to be part of it one day, maybe there's a bit more room for younger brands in London at the start," said the 31-year-old designer, who will show her collection on Sunday.

"I think people have come to London Fashion Week expecting to see a bit of newness and younger generations as opposed to Paris and Milan, where it's more like established houses."


Online Seller eBay to Buy Secondhand Fashion Marketplace Depop from Etsy for $1.2B in Cash

FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Online Seller eBay to Buy Secondhand Fashion Marketplace Depop from Etsy for $1.2B in Cash

FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Online seller eBay wants a bigger share of the Gen Z market.

The online seller has agreed to purchase secondhand fashion marketplace Depop from Etsy for about $1.2 billion in cash, the companies said Wednesday, according to The Associated Press.

The deal comes at a time when used clothing has become increasingly popular, sought out by shoppers searching for unique items that cost less than new ones and keep the old stuff from heading to the landfill.

In a statement, eBay's CEO Jamie Ianonne said that the acquisition is an opportunity to capture a younger demographic.

"We are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities,” Ianonne said.

As of Dec. 31, 2025, Depop's marketplace had 7 million active buyers, nearly 90% of which are under the age of 34, and more than 3 million active sellers, the joint release said.

The deal comes five years after Etsy bought Depop for $1.6 billion. The app was founded in 2011.

EBay, based in San Jose, California, said it intends to pay cash. Etsy, based in Brooklyn, New York, plans to utilize the proceeds for general corporate purposes, continued share repurchases and investment in its core marketplace, according to the release.

The transaction, which has been unanimously approved by eBay’s and Etsy’s boards, is currently expected to close in the second quarter, the companies said.

Depop is expected to retain its name, brand, platform, and its culture, the companies said.

EBay's shares rose more than 7%, while Etsy's share soared close to 15% in after-hours trading when the news was announced.