SHANGHAI, March 25 (Reuters) – Apple (AAPL.O) CEO Tim Cook on Saturday used his first public remarks on his visit to China to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports.
Apple (AAPL.O) CEO Tim Cook on Saturday used his first public remarks in China in recent years to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports.
Cook is in Beijing to attend the China Development Forum, a government-organised event being held again in full force after the country ended its COVID controls late last year.
Besides Cook, the event is being attended by senior government officials as well as CEOs of firms such as Pfizer and BHP.
“Innovation is developing rapidly in China and I believe it will further accelerate,” Cook was quoted by The Paper news outlet as saying.
His visit comes at a time of rising tensions between Beijing and Washington and as Apple has been looking to reduce its supply chain reliance on China and moving production to new up and coming centres such as India.
Last year, production at the world’s largest iPhone factory run by Apple supplier Foxconn was heavily disrupted after China’s zero-COVID policies fuelled worker unrest.
Cook also visited an Apple Store in Beijing on Friday, pictures of which went viral on Chinese social media.
During his speech, Cook also discussed education and the need for young people to learn programming critical thinking skills, announcing that Apple plans to increase spending on its rural education programme to 100 million yuan, the local media reports said.
COPENHAGEN, March 24 (Reuters) – Air force commanders from Sweden, Norway, Finland and Denmark said on Friday they have signed a letter of intent to create a unified Nordic air defence aimed at countering the rising threat from Russia.
The intention is to be able to operate jointly based on already known ways of operating under NATO, according to statements by the four countries’ armed forces.
The move to integrate the air forces was triggered by Russia’s invasion of Ukraine in February last year, commander of the Danish air force, Major General Jan Dam, told Reuters.
“Our combined fleet can be compared to a large European country,” Dam said.
Norway has 57 F-16 fighter jets and 37 F-35 fighter jets with 15 more of the latter on order. Finland has 62 F/A-18 Hornet jets and 64 F-35s on order, while Denmark has 58 F-16s and 27 F-35s on order. Sweden has more than 90 Gripens jets.
It was unclear how many of those planes were operational.
The signing at the Ramstein Air Base in Germany last week was attended by NATO Air Command chief General James Hecker, who also oversees the U.S. Air Force in the region.
Sweden and Finland applied to join the trans-Atlantic military alliance last year. But the process has been held up by Turkey, which along with Hungary has yet to ratify the memberships.
The Nordic air force commanders first discussed the closer cooperation at a meeting in November in Sweden.
“We would like to see if we can integrate our airspace surveillance more, so we can use radar data from each other’s surveillance systems and use them collectively,” Dam said. “We are not doing that today.”
Reporting by Johannes Birkebaek and Jacob Gronholt-Pedersen; additional reporting by Terje Solsvik, Niklas Pollard and Anne Kauranen; Editing by Nick Macfie
LONDON, March 15 (Reuters) – Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery.
Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks sliding.
“The financial sector in Europe is under significant turmoil today,” said Naeem Aslam, chief investment officer at Zaye Capital Markets.
Brent crude fell $1.44, or 1.9%, to $76.01 a barrel by 1100 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 33 cents, or 0.5%, at $71.00.
Oil had rallied earlier on figures showing that China’s economic activity picked up in the first two months of 2023 after the end of strict COVID-19 containment measures.
On Tuesday both benchmarks shed more than 4% to three-month lows, pressured by fears that the collapse of Silicon Valley Bank (SVB) last week and other U.S. bank failures could spark a financial crisis that would weigh on fuel demand.
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Wednedsay’s monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China a day after OPEC increased its Chinese demand forecast for 2023.
Investors are now awaiting official U.S. oil inventory data later on Wednesday to see if it confirms the 1.2 million barrel rise in crude stocks reported on Tuesday by the American Petroleum Institute.
(This story has been refiled to correct typographical error in headline)
Reporting by Alex Lawler
Additional reporting by Florence Tan in Singapore and Yuka Obayashi in Tokyo
Editing by Jason Neely and David Goodman
March 4 (Reuters) – A Norfolk Southern (NSC.N) train derailed in Ohio on Saturday, the second such incident involving the railroad in that state in about a month, prompting local officials to order residents living near the site of the accident to shelter in place.
Norfolk Southern said the train that derailed near Springfield was not carrying any hazardous materials and that no one was hurt. Local authorities said first responders on the scene were working to confirm that no toxins were involved.
The accident follows the Feb. 3 derailment of a Norfolk Southern train in East Palestine, Ohio, 180 miles (290 km)northeast of Springfield. The East Palestine derailment sent millions of pounds of toxic chemicals into the environment and forced thousands of people to evacuate.
Norfolk Southern said in an emailed statement that Saturday’s derailment of about 20 cars of a 212-car train happened as it was traveling southbound near Springfield. The statement did not give any cause for the derailment.
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“No hazardous materials are involved and there have been no reported injuries,” Norfolk Southern said. “Our teams are en route to the site to begin cleanup operations.”
U.S. Transportation Secretary Pete Buttigieg said on Twitter he had been briefed by the Federal Railroad Administration on the latest derailment and that they would closely monitor the situation.
Ohio Governor Mike DeWine said President Joe Biden and Buttigieg had called him to offer any assistance needed with the latest accident. “We don’t believe hazardous materials were involved,” he said.
U.S. Senator Sherrod Brown, a Democrat from Ohio, said on ABC’s “This Week” on Sunday morning that he was not satisfied with the company’s response to the latest derailment and questioned if communities in Clark County could have been affected by any potential contaminants left in the mostly empty cars.
Ohio has seen four derailments in the past five months, he noted.
“The railroads got a lot of questions they’ve got to answer, and they really haven’t done it very well, yet,” Brown said.
Clark County officials asked residents living within 1,000 feet (300 meters) of Saturday’s derailment to “shelter-in-place out of an abundance of caution,” according to a statement on the county’s Facebook page.
It said there were power outages in the area due to downed power lines resulting from the accident and that it was not clear how long it would take to restore electricity.
Reporting by Brad Brooks in Lubbock, Texas; Editing by Paul Simao, William Mallard and Marguerita Choy
India’s Adani reopens two cement plants after freight dispute
Truckers believe Hindenburg report was answer to their prayers
Adani says amicable resolution reached after negotiations
DARLAGHAT, India Feb 23 (Reuters) – For truckers transporting cement from Adani’s factories in a hilly north Indian state, a U.S. short-seller’s critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods.
For weeks, around 7,000 truck owners and drivers in India’s Himachal Pradesh resorted to protest rallies against Adani’s Dec. 15 decision to shut two cement plants over a dispute on freight rates. Adani argued the plants were “unviable” at the trucking rates it wanted to slash by around half.
On Monday, the Gautam Adani-led group said it had “amicably resolved” the issue with a 10-12% reduction in rates. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani.
The settlement comes four weeks after U.S.-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.
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The Jan. 24 report triggered a $140 billion rout in group’s stocks, sparked regulatory investigations and saw the billionaire Adani slip to 26 on the Forbes global rich list, from third.
While the truckers’ settlement will have only a small impact on the overall Adani empire, it was a big win for the drivers and owners in a state were most people live on around $7 a day.
The report “played a crucial role in our battle against India’s biggest business group, helped mobilize truckers and gain political support,” said Ram Krishan Sharma, one of the lead negotiators for protesting truckers.
Adani negotiators had refused to budge for weeks. So Hindenburg’s report, some truckers believe, was godsent.
Just a day before it was published, many truckers visited a small, revered Hindu temple in Darlaghat which overlooks one of Adani’s cement plants, and offered a traditional semolina sweet offering to a deity as they sought to resolve the dispute.
Bantu Shukla, a protest leader, showed Reuters a photo and video of truckers that day offering prayers inside the temple. Some stood with folded hands, while a person rang a temple bell in a typical Hindu worship ritual.
‘AMICABLE RESOLUTION’
Adani Group did not answer Reuters questions on whether the Hindenburg report’s fallout contributed to its decision in Himachal.
Adani Cements in a statement said it was “grateful” to all stakeholders including the unions, the local state chief minister and other departments, adding the “amicable resolution” was in interest of everyone including the state.
A source familiar with Adani’s negotiation said the group had been under pressure following what it thinks was a “negative campaign” by Adani’s opponents after the Hindenburg report, and the settlement to reopen plants is a relief.
Himachal is ruled by Prime Minister Narendra Modi’s staunch rival, the Congress party. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. Both Adani and India’s government deny that.
The source added the move will also help Adani signal it can resolve commercial matters in states ruled by Modi’s rivals.
Without citing Hindenburg, the Himachal chief minister’s office on Monday said “we have been successful in resolving the issues” to end the 67-day dispute.
WHATSAPP CHATS, PRAYERS AT TEMPLE
Adani became India’s second largest cement manufacturer when it acquired ACC (ACC.NS) and Ambuja Cements (ABUJ.NS) in a $10.5 billion deal with Swiss giant Holcim (HOLN.S) last year.
In December, it shut plants in the villages of Gagal and Darlaghat in Himachal, saying truckers were charging too much.
The Adani group wanted freight rates to be lowered to around 6 rupees ($0.0725) per tonne per km, from around 11 rupees. Many truckers told Reuters they struggled to make their loan repayments as their incomes shrank after the shutdowns.
As a stalemate worsened, truckers formed WhatsApp groups to coordinate efforts, vent frustration and later share Hindenburg’s impact on Adani companies and stock prices to further drum up support.
One such WhatsApp group chat of around 1,000 truckers, reviewed by Reuters, showed sharing of a local reporter’s video discussing the sharp fall in Adani’s shares and his alleged close ties to Modi.
Although they accepted a small cut in freight rates when Adani agreed to pay 9.3-10.58 rupees per km per tonne, truckers felt they saved their jobs, and prayers at the Hindu temple were organised again this week.
“We felt our deity had accepted our prayers when we saw the fall in the share prices of Adani companies,” protest leader Shukla said. “The Hindenburg report was a gift that saved our businesses.”
(This story has been refiled to remove extraneous word in paragraph 20)
Reporting by Manoj Kumar, Aditya Kalra and Anushree Fadnavis; Editing by Lincoln Feast.
BENGALURU, Feb 13 (Reuters) – Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group’s market rout continued to create an overhang.
The Nifty 50 index (.NSEI) was down 0.29% at 17,804.60 as of 9:37 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.35% to 60,472.28.
Ten of the 13 major sectoral indexes declined, with information technology stocks (.NIFTYIT) falling nearly 2% amid worries of a growth slowdown in the U.S., from where they get a significant share of their revenue.
On the flip side, metals (.NIFTYMET) gained with a 1% rise.
Twenty-seven of Nifty 50 constituents advanced with Titan Co (TITN.NS) and Eicher Motors Ltd (EICH.NS) among top gainers.
Wall Street equities closed lower on Friday, on fears of a longer-than-expected high-rate regime after hawkish comments from key Federal Reserve officials.
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Asian markets fell, with the MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) sliding 0.63%.
Investors await India’s retail inflation data for January, due today. A Reuters poll of economists showed that India’s annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI’s tolerance band in January.
“The Adani group saga continues to weigh on investors’ minds and hence the sentiment has been negative,” said Prashanth Tapse of Mehta Equities.
The group has lost over $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of tax havens.
India’s market regulator is probing the group’s links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises.
($1 = 82.5250 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita Bhattacharjee
BERLIN/LONDON, Feb 13 (Reuters) – A Russian scheme to grant loan payment holidays to troops fighting in Ukraine, and for banks to write off the entire debt if they are killed or maimed, has added to growing pressure for the remaining overseas lenders in Russia to leave.
Almost a year since Moscow launched what it calls a “special military operation” in Ukraine, a handful of European banks, including Austria’s Raiffeisen Bank International (RBIV.VI) and Italy’s UniCredit (CRDI.MI), are still making money in Russia.
The loan relief scheme has not only triggered criticism from Ukraine’s central bank, which said it had appealed to Raiffeisen and other banks to stop doing business in Russia, but also from investors concerned about any reputational impact.
Raiffeisen and UniCredit are both deeply embedded in the Russian financial system and are the only foreign banks on the central bank’s list of 13 “systemically important credit institutions”, underscoring their importance to Russia’s economy, which is grappling with sweeping Western sanctions.
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Their role in supporting the Russian economy at a critical time for President Vladimir Putin has prompted some investors to go public with their misgivings.
“Companies should be very careful,” said Kiran Aziz, of Norwegian pension fund KLP, cautioning of a major risk that the banks could be used to “in other ways finance the war”. KLP funds hold shares in both Raiffeisen and UniCredit.
At the time the payment holiday law was going through parliament in September, Vyacheslav Volodin, the influential speaker of the lower house, made clear its importance to Russia.
“Soldiers and officers ensure the security of our country and we must be sure that they will be taken care of,” he said.
Eric Christian Pederson of Nordea Asset Management, which has more than 300 billion euros ($320 billion) under management, said he too was concerned about Raiffeisen and UniCredit’s Russian presence and had raised this with them.
The requirement that the banks grant payment holidays to soldiers “illustrates the dangers of operating in jurisdictions where companies can … be forced into actions that go directly against their corporate values,” he added.
“We feel that it is right for companies to withdraw from Russia, given its unprovoked attack on Ukraine,” said Pederson. Refinitiv data shows Nordea owns shares in UniCredit.
Banks restructured a total of 167,600 loans for military personnel or their family members, worth more than 800 million euros, between Sept. 21 and the end of last year, Russian central bank data shows.
Raiffeisen said that only 0.2% of its Russian loans are affected by the “government-imposed loan moratorium”, a sum it described as “negligible”. The bank has a total of almost 9 billion euros of loans in Russia, where it has been for more than 25 years, including to companies.
It made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business.
UniCredit, which entered the Russian market almost 20 years ago when it acquired an Austrian bank, said that the rule was “mandatory under the federal law … for all banks”, declining to say how many of its loans had been forgiven.
The Italian bank added that its business in Russia was focused on companies rather than individuals. Of UniCredit’s more than 20 billion euro total revenue last year, Russia accounted for more than 1 billion euros.
But despite an initial sharp fall, UniCredit’s shares are now significantly higher than before Russia moved its troops into Ukraine on Feb. 24 last year, while Raiffeisen’s, with a more limited free float, have not recovered.
“Any profiteering on the ongoing war is not acceptable or aligned with our view of responsible investments,” said a spokesperson for Swedbank Robur, one of Scandinavia’s top investors, adding that reputational risk was a worry.
Swedbank Robur said it has stakes in both banks, but did not disclose figures.
Larger institutional investors, including France’s Amundi and Norway’s sovereign wealth fund, which advocates responsible investing, declined to comment when asked for their views.
WINDOW CLOSING?
Some foreign banks have made relatively quick exits.
France’s Societe Generale (SOGN.PA) severed its Russia ties in May by selling Rosbank (ROSB.MM) to businessman Vladimir Potanin’s Interros Group.
But the continued presence of two of Europe’s biggest banks is attracting the attention of regulators at the European Central Bank (ECB), one person familiar with the matter said.
Andrea Enria, the ECB’s chief supervisor, said the window to quit was “closing a bit” because Russian authorities were taking a more “hostile” approach. But he also voiced support for any bank wanting to reduce their business there or leave.
Raiffeisen and UniCredit confirmed they were in discussions about Russia with the ECB.
UniCredit said it kept the ECB “fully and regularly up to date on our strategy of orderly de-risking our exposure to Russia”.
But with money still to be made, Raiffeisen saw profit from its business in Russia more than triple last year.
Meanwhile, Russian savers lodged more than 20 billion euros with the bank, which offers a place to deposit funds with fewer sanctions risks.
This means there is no great impetus for banks to leave Russia, despite regulatory pressure.
And in Austria, which has close historical and economic ties to eastern Europe and Russia, politicians are largely silent on Raiffeisen’s continuing Russian presence, which in recent months prompted protests outside its headquarters.
Johann Strobl, Raiffeisen’s CEO, has said he is examining options for the Russian business, although points out that any move is complicated, having earlier said that the bank is not “a sausage stand” that could be closed overnight.
For some the question is more about morality than money.
Heinrich Schaller, head of RBI’s third largest shareholder Raiffeisenlandesbank Oberoesterreich and deputy chairman of Raiffeisen, is among those to have aired doubts about staying.
“Of course it is a question of morals,” he said recently. “No doubt about it.”
Whatever shareholders may say, a decree by Putin is likely to make getting out of Russia difficult. It banned investors from so-called unfriendly countries from selling shares in banks, unless the Russian President grants an exemption.
($1 = 0.9376 euros)
Additional reporting by Alexandra Schwarz-Goerlich in Vienna and Tom Sims in Frankfurt; Writing by John O’Donnell; Editing by Alexander Smith
Feb 13 (Reuters) – India’s Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.
Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.
The group has rejected the allegations and denied any wrongdoing.
The Adani Group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the original target of 40%, Bloomberg News said citing people familiar with the matter.
Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.
A spokesperson for the Adani Group said the report was “baseless, speculative”, without elaborating further.
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The group has also been a part of India’s market regulator’s investigation into its links to some of the investors in its scrapped $2.5 billion share sale.
Earlier this month, India’s ministry of corporate affairs started a preliminary review of the group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.
Reporting by Mrinmay Dey in Bengaluru; Editing by Kim Coghill and Savio D’Souza
Market rout deepens in Indian tycoon Adani’s shares
Adani Enterprises loses $26 bln in value since report
Falls after Adani pulled share sale, investors spooked
Analysts say signals confidence crisis in Indian market
NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani’s market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group’s flagship firm abandoned its $2.5 billion stock offering.
Another challenge for Adani on Thursday came when S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective Feb. 7, which would make the shares less appealing to sustainability-minded funds.
In addition, India’s National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises <ADEL.NS>, Adani Ports <APSE.NS> and Ambuja Cements <ABUJ.NS>. read more
However, Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. read more
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The shock withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by U.S.-based short-seller Hindenburg Research.
Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup’s (C.N) wealth unit stopped making margin loans to clients against Adani Group securities.
The crisis marks an dramatic turn of fortune for Adani, who has in recent years forged partnerships with foreign giants such as France’s TotalEnergies (TTEF.PA) and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.
In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.
“Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.
Adani Enterprises shares tumbled 27% on Thursday, closing at their lowest level since March 2022.
Other group companies also lost further ground, with 10% losses at Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS), while Adani Ports and Special Economic Zone shed nearly 7%.
Since Hindenburg’s report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises – described as an incubator of Adani’s businesses – has lost $26 billion in market capitalisation.
Adani is also no longer Asia’s richest person, having slid to 16th in the Forbes rankings of the world’s wealthiest people, with his net worth almost halved to $64.6 billion in a week.
The 60-year-old had been third on the list, behind billionaires Elon Musk and Bernard Arnault.
His rival Mukesh Ambani of Reliance Industries (RELI.NS) is now Asia’s richest person.
[1/4] Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India April 20, 2022. REUTERS/Rupak De Chowdhuri
Reuters Graphics
BROADER CONCERNS
Adani’s plummeting stock and bond prices have raised concerns about the likelihood of a wider impact on India’s financial system.
India’s central bank has asked local banks for details of their exposure to the Adani Group, government and banking sources told Reuters on Thursday.
CLSA estimates that Indian banks were exposed to about 40% of the $24.5 billion of Adani Group debt in the fiscal year to March 2022.
Dollar bonds issued by entities of Adani Group extended losses on Thursday, with notes of Adani Green Energy crashing to a record low. Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, Reuters reported citing sources.
“We see the market is losing confidence on how to gauge where the bottom can be and although there will be short-covering rebounds, we expect more fundamental downside risks given more private banks (are) likely to cut or reduce margin,” said Monica Hsiao, chief investment officer of Hong Kong-based credit fund Triada Capital.
In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short-seller’s report.
The Congress Party called for a Joint Parliamentary Committee be set up or a Supreme Court monitored investigation, while some lawmakers shouted anti-Adani slogans inside parliament, which was adjourned for the day.
ADANI VS HINDENBURG
Adani made acquisitions worth $13.8 billion in 2022, Dealogic data showed, its highest ever and more than double the previous year.
The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.
Hindenburg’s report alleged an improper use of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns about high debt and the valuations of seven listed Adani companies.
The Adani Group has denied the accusations, saying the allegation of stock manipulation had “no basis” and stemmed from an ignorance of Indian law. It said it has always made the necessary regulatory disclosures.
Adani had managed to secure share sale subscriptions on Tuesday even though the stock’s market price was below the issue’s offer price. Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani.
Late on Wednesday, the group’s founder said he was withdrawing the sale given the share price fall, adding his board felt going ahead with it “will not be morally correct”.
Reporting by Chris Thomas, Nallur Sethuraman, Tanvi Mehta, Ira Dugal, Aftab Ahmed, Sumeet Chatterjee, Anshuman Daga, Summer Zhen, Ross Kerber and Bansari Mayur Kamdar; Editing by Muralikumar Anantharaman, Jason Neely and Alexander Smith
Moody’s warns will find it harder to raise capital
NEW DELHI, Feb 3 (Reuters) – Financial contagion fears spread in India on Friday as the Adani Group’s crisis worsened, with ratings agency Moody’s warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses.
Chaotic scenes in both houses of India’s parliament led to their adjournment on Friday as some lawmakers demanded an inquiry after a dramatic meltdown in the stock market values of Indian billionaire Gautam Adani’s companies.
The crisis was triggered by a Hindenburg Research report last week in which the U.S.-based short-seller accused the Adani Group of stock manipulation and unsustainable debt.
Adani Group, one of India’s top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.
In the latest sign of the crisis widening, India’s ministry of corporate affairs has begun a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, two government officials told Reuters.
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Although shares in Adani companies recovered after sharp falls earlier on Friday, the seven listed firms have still lost about half their market value, totalling more than $100 billion since Hindenburg published its report on Jan. 24.
Moody’s warned the share plunge could hit the Adani Group’s ability to raise capital, although fellow credit ratings agency Fitch saw no immediate impact on its ratings.
“These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable,” Moody’s said.
For Adani, a former school drop-out from Gujarat, the western home state of Indian Prime Minister Narendra Modi, the crisis presents the biggest reputational and business challenge of his life, as his firm struggles to assuage investor concerns.
Amid fears the turmoil could spill over into the broader financial system, some Indian politicians have called for a wider investigation, and sources have told Reuters the central bank has asked lenders for details of exposure to the group.
“Contagion concerns are widening, but still limited to the banking sector,” Charu Chanana, a market strategist with Saxo Markets in Singapore, said on Friday.
The Reserve Bank of India said the country’s banking system remains resilient and stable. State Bank of India said it was not concerned about the exposure to Adani Group, but further financing to its projects would be “evaluated on its own merit”.
Adani Enterprises shares closed 1.4% higher, after earlier slumping 35% to hit their lowest since March 2021. That low took its losses to nearly $33.6 billion since last week, a 70% fall.
Shares fell 5% in Adani Total Gas (ADAG.NS), a joint venture with France’s TotalEnergies (TTEF.PA), which said its exposure to Adani companies was limited.
Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, Feb. 2, 2023. REUTERS/Amit Dave
Adani Ports and Special Economic Zone (APSE.NS) was up 8%, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) were both down 10%.
“There is a risk that investor concerns about the group’s governance and disclosures are larger than we have currently factored into our ratings,” S&P said, as it cut its outlook on Adani Ports and Adani Electricity to negative from stable.
India’s divestment secretary Tuhin Kanta Pandey told Reuters that Life Insurance Corp (LIC) shareholders and customers should not be concerned about its exposure to the Adani Group.
State-run LIC (LIFI.NS) has a 4.23% stake in the flagship Adani Enterprises, while its other exposures include a 9.14% stake in Adani Ports.
Reuters Graphics
‘ONE INSTANCE’
Adani, 60, has in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.
The market and financial crisis means foreign investors, many already underweight on India as they consider its stock market overpriced, are reducing exposure.
“One instance, however much talked about globally it may be … is not going to be indicative of how well Indian financial markets are governed,” Indian Finance Minister Nirmala Sitharaman told Network18 when asked about the market weakness.
Reuters Graphics
Hindenburg’s report said key listed Adani companies had “substantial debt” and shares in the seven listed firms had a downside of 85% due to what it called sky-high valuations.
The Adani Group has called the report baseless and said over the past decade, its companies have “consistently de-levered”.
The listed Adani firms now have a combined market value of $107.5 billion, versus $218 billion before the report.
That has forced Adani to cede the crown of Asia’s richest person to Indian rival Mukesh Ambani of Reliance Industries Ltd (RELI.NS), and he has slid to 17th in Forbes’ list of the world’s wealthiest people.
He had ranked third, behind Elon Musk and Bernard Arnault.
Reporting by Aditya Kalra, Chris Thomas, Ankur Banerjee, Bansari Mayur Kamdar, Shivam Patel, Tanvi Mehta and Rae Wee in Singapore; Editing by Clarence Fernandez, Mark Potter and Alexander Smith
BUCHAREST, Feb 2 (Reuters) – The woman from Moldova thought it was love. Internet celebrity Andrew Tate had offered her a new life. They’d even discussed marriage. He asked for only one thing: absolute loyalty.
“You must understand that once you are mine, you will be mine forever,” Tate told her on Feb. 4 last year in one of dozens of WhatsApp messages cited by Romanian prosecutors who allege he trafficked and sexually exploited several women.
Tate, an influencer with millions of online followers, urged the Moldovan woman to join him in Romania. “Nothing bad will happen,” he reassured her on Feb. 9. “But you have to be on my side.”
The following month, Romanian prosecutors say, Tate raped the woman twice in the country while seeking to enlist her in a human-trafficking operation focused on making pornography for the online platform OnlyFans, a site that allows people to sell explicit videos of themselves.
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The allegations and messages are included in a previously unpublished court document, dated Dec. 30 and reviewed by Reuters, which paints the most detailed picture yet of the illicit business allegedly run by Tate, a former kickboxing world champion, and his brother Tristan.
They came to light following the arrest of the brothers on Dec. 29 on charges of forming a criminal gang to sexually exploit women.
British-American Andrew Tate, 36, who’s been based mainly in Romania since 2017, and his 34-year-old brother have denied all the allegations against them. Reuters was unable to reach them in police detention for comment.
In response to questions, their attorney Eugen Vidineac said he couldn’t publicly confirm or deny information about the case while the investigation was ongoing. Romania’s anti-organized crime unit also said its prosecutors couldn’t comment on the probe.
Reuters translated the WhatsApp exchanges with the Moldovan women – which appear in Romanian in the court document – back into English, their original language. While accurate, the translation of the Romanian version provided by prosecutors may not be identical to the initial wording.
The brothers used deception and intimidation to bring six women under their control and “transform them into slaves”, prosecutors said in the document. The 61-page file, produced by Bucharest court officials, comprises minutes of a hearing when a judge extended the Tates’ detention plus evidence submitted by the prosecution.
Attorney Vidineac said the brothers’ alleged victims weren’t mistreated, but “lived off the backs of the famous Tates”, according to the court document. “They were joyful and nobody was forcing them to do these things,” he added.
Vidineac acknowledged in the document that Andrew Tate and the Moldovan woman had sex but he said it was consensual and accused her of fabricating the rape claims.
Reuters couldn’t independently corroborate the version of events provided by prosecutors or the defence lawyer, and was unable to reach the six women named in the document for comment. The news organization does not typically identify alleged victims of sexual crimes unless they have chosen to release their names.
Two of the women told Romanian TV station Antena3 on Jan. 11 that they’re not victims and the Tates are innocent. The station identified them only by first names, Beatrice and Iasmina.
“You cannot list me as a victim if I say I am not one,” Beatrice told the station. The four other women, including the Moldovan woman, haven’t publicly commented.
ONLYFANS: WE’VE MONITORED TATE
The allegations facing Tate have put intense focus on a self-described misogynist who has built an online fanbase, particularly among young men, by promoting a lavish, hyper-macho image of driving fast cars and dating beautiful women.
In 2022, he was the world’s eighth-most Googled person, outranked only by figures such as Johnny Depp, Will Smith and Vladimir Putin, according to Google’s analysis.
Prosecutors say the Tates controlled the victims’ OnlyFans’ accounts and earnings amounting to tens of thousands of euros, underlining concerns among some human rights groups about the potential for the exploitation of women on such platforms.
Reuters couldn’t verify the existence of the alleged victims’ OnlyFans accounts.
UK-based OnlyFans has 150 million users who pay “creators” monthly fees of varying amounts for their content, much of it erotic or pornographic, but also in areas such as fitness training and music.
The company, whose 1.5 million creators can earn anything from hundreds of dollars to tens of thousands a month, says on its website it’s “the safest digital media platform”. It was founded in 2016 and grew rapidly during COVID-19 lockdowns.
An OnlyFans spokesperson told Reuters that Andrew Tate “has never had” a creator account or received payments. They said OnlyFans had been monitoring him since early 2022 and taken “proactive measures” to stop him posting or monetizing content, without elaborating on the reasons for the scrutiny or the steps taken.
The spokesperson added that creators as a whole underwent extensive identification checks and that all content was reviewed by the platform, which worked closely with law enforcement. Vidineac declined to comment about the measures taken by OnlyFans against Tate.
HOW I GET WOMEN TO LOVE ME
Andrew Tate’s image has been stoked by a series of contentious comments. He’s compared women to dogs and said they bear some responsibility for being raped. His remarks got him banned from Facebook, Instagram and other leading social media platforms last year.
A spokesperson for Meta said Tate was banned in August 2022 from its Facebook and Instagram platforms for violating its policies, which forbid “gender-based hate, any threats of sexual violence, or threats to share non-consensual intimate imagery”.
Tate said on a podcast in 2021 that he had started a webcam business in Britain that had peaked with 75 women working for him earning $600,000 a month – a sum Reuters was unable to independently verify. He didn’t elaborate in the podcast on what the women did.
Up until last month, his website offered a course costing more than $400 that promised to teach “every step to building a girl who is submissive, loyal and in love with you”.
“THAT IS MY SKILL. To extremely efficiently get women in love with me,” he said on the website. The pages about the course, reviewed by Reuters, were removed in January.
In a separate YouTube video aimed at men who want to make money by putting women on OnlyFans, Tate called the platform “the greatest hustle in the world”. The original date of the video, which was uploaded multiple times, is unclear.
In the court document, lawyer Vidineac said Tate’s online persona was a “virtual character” constructed to gain followers and make money, and had “nothing to do with the real man”.
Tate’s Twitter account, reinstated in November, one month after billionaire Elon Musk bought the platform, protests his innocence to his 4.8 million followers. “They have arrested me to ‘look’ for evidence … which they will not find because it doesn’t exist,” said a Jan. 15 post.
AMERICAN WOMAN ‘VERY AFRAID’
Tate first met the Moldovan woman virtually on Instagram in January 2022 before they met in person in London the following month, and by March she was in Romania, prosecutors said in the court document, which includes WhatsApp exchanges between Feb. 4 and Apr. 8.
Authorities moved on the brothers on Apr. 11, when police raided one of their properties in Bucharest on suspicion that an American woman was being held there against her will.
According to prosecutors, the American woman – another of the alleged six victims – met Tristan Tate online in November 2021, then in person in Miami the following month. They said he lured her to Romania by expressing “false feelings” for her and promising a serious relationship, paid for her plane ticket and said he could help her earn “100K a month” on OnlyFans.
Tristan Tate picked her up at Bucharest airport in a Rolls-Royce on April 5 2022, and took her back to his house, which had two armed guards, the court document said.
He told her she wasn’t a prisoner but said the guards wouldn’t let her outside without his permission, it added. He said it was dangerous for her to leave “because he had enemies”.
There were cameras all over the house, which Tristan Tate monitored remotely, prosecutors said in the document. He once messaged the American to say he could see where she was and what she was doing, they said.
When she moved to another house with four of Andrew Tate’s “girlfriends” she was allowed outside but only if accompanied by other women, said the prosecutors, adding that she was “very afraid” of the brothers.
In the document, Tate’s lawyer said the American woman had a mobile phone, internet access and the freedom to leave the house as she pleased.
The woman has not spoken publicly about the Tates or the prosecutors’ allegations.
Romanian prosecutors said on Jan. 15 that as part of their probe into the suspects they had seized assets worth almost $4 million, including a fleet of luxury cars from Andrew Tate’s compound on the outskirts of Bucharest.
‘SEXUALLY EXPLOITATIVE CONTENT’
The detention of the Tates, along with two Romanian women accused of working for them, has been extended to Feb. 27. Their appeal against that detention was rejected by a court on Wednesday. A judge can order their detention for up to 180 days while the investigation is ongoing, which means it could stretch into late June.
The suspected accomplices, Georgiana Naghel and Luana Radu, controlled the six victims’ OnlyFans and TikTok accounts on behalf of the Tates, skimming off half the revenue and fining women for being late or sniffling on camera, said prosecutors.
The pair threatened to beat the women up if they did not do their job, according to the court document.
Naghel and Radu have denied all the allegations against them. Vidineac, who also represents Naghel, and Radu’s lawyer said they couldn’t comment on the case.
The Tates’ operation put women on TikTok to drive traffic to OnlyFans because of its lucrative subscriptions, prosecutors said. Reuters couldn’t independently verify the existence of the TikTok accounts in question.
TikTok said in a statement that Andrew Tate was banned from its platform, and that it had been taking action against videos and accounts related to him that violated its prohibition against “sexually exploitative content”.
The company declined to comment further, citing Romania’s ongoing investigation.
Reporting by Luiza Ilie, Octav Ganea and Andrew R.C. Marshall. Editing by Jason Szep and Pravin Char
WASHINGTON/KYIV, Feb 2 (Reuters) – The United States has answered President Volodymyr Zelenskiy’s plea for rockets that can strike deep behind the front lines of the nearly year-long conflict with Russia.
Now Russian forces will need to adapt or face potentially catastrophic losses.
The new weapon, the Ground Launched Small Diameter Bomb (GLSDB), will allow Ukraine’s military to hit targets at twice the distance reachable by the rockets it now fires from the U.S.-supplied High Mobility Artillery Rocket System (HIMARS). If included as expected in an upcoming weapons-aid package first reported by Reuters, the 151 km (94 mile) GLSDB will put all of Russia’s supply lines in the east of the country within reach, as well as part of Russian-occupied Crimea.
This will force Russia to move its supplies even farther from the front lines, making its soldiers more vulnerable and greatly complicating plans for any new offensive.
“This could slow down [a Russian assault] significantly,” said Andriy Zagorodnyuk, Ukraine’s former defence minister. “Just as HIMARS significantly influenced the course of events, these rockets could influence the course of events even more.”
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GLSDB is GPS-guided glide bomb that can manoeuvre to hit hard-to-reach targets such as command centres. Made jointly by SAAB AB (SAABb.ST) and Boeing Co (BA.N), it combines the GBU-39 Small Diameter Bomb (SDB) with the M26 rocket motor, both of which are common in U.S. inventories.
It is not yet compatible with HIMARS, but the United States will provide Ukraine new launchers for the rockets, said sources. GLSDB could be delivered as early as spring 2023, according to a document reviewed by Reuters.
VULNERABLE SUPPLY LINES
When the United States first sent HIMARS launchers in June, it supplied rockets with a 77 km (48 mile) range. This was a major boost for the Ukrainian military, allowing it to destroy Russian ammunition dumps and weapons storage facilities.
Once Ukraine has the new glide bombs, say military experts, Russia will need to push its supplies even farther away.
“We are currently unable to reach Russian military facilities more than 80 kilometres away,” said Ukrainian military analyst Oleksandr Musiyenko. “If we can reach them practically all the way to the Russian border, or in occupied Crimea, then of course this will lower the attacking potential of Russian forces.”
Crucially, Ukraine will soon be able to reach every point of the occupied overland route to Crimea via Berdiansk and Melitopol. That will force Russia to redirect its supply trucks to the Crimean bridge, which was badly damaged in an attack in October.
“Russia is using Crimea as a big military base from which it sends reinforcements for its troops on the southern front,” said Musiyenko. “If we had a 150km (munition), we could reach that and disrupt the logistical connection with Crimea.”
Beyond the logistical impact, the addition of a longer-range weapon to Ukraine’s arsenal could help shake Russian confidence.
Tom Karako, a weapons and security expert at the Center for Strategic and International Studies said that while Ukraine would benefit from an even longer range weapon, GLSDB is “a really important step to give the Ukrainians longer reach and to keep the Russians guessing.”
NO ATACMS – YET
For the Biden administration, the decision to send GLSDB to Ukraine represents a step toward meeting Ukraine’s demand for the 185-mile (297km) range Army Tactical Missile System (ATACMS) missile, which the administration has so far declined to provide, fearing a further escalation of the conflict.
The glide bombs, while not as powerful, are much cheaper, smaller and easier to deploy than ATACMS, making them well suited for much of what Ukraine hopes to accomplish: disrupting Russian operations and creating a tactical advantage.
Still, said Karako, it is possible the Ukrainians could end up receiving an even longer range weapon in the future.
“Time and again, we’ve seen the administration say that they would go up to a certain point, but not beyond,” he said. “Then, as the situation has deteriorated, they’ve found the necessity to, in fact, go further.”
This was the case with HIMARS, the Patriot missile defence system, and, just this month, Abrams tanks, all initially off-limits to Ukraine before the administration ended up approving shipments.
But for now, the focus will be on how quickly the new glide bombs can arrive in Ukraine, said Zagorodnyuk.
“If they speed it up…this could hugely change the situation on the field of battle.”
GNOIEN, Germany Jan 23 (Reuters) – Germany on Monday dispatched the first two out of three Patriot air defence units that will be sent to the Polish town of Zamosc close to the Ukrainian border where they will be deployed to prevent stray missile strikes.
Two men were killed by a stray Ukrainian missile that struck the Polish village of Przewodow in the region last November, in an incident that raised fears of the war in Ukraine spilling over the border.
As a result, Berlin offered to deploy three of its Patriot units to Poland to help secure its air space.
Ground-based air defence systems such as Raytheon’s (RTX.N) Patriot are built to intercept incoming missiles.
“One of the reasons why Germany will now support NATO’s eastern flank in Poland with Patriots is certainly because we saw how quickly the conflict between Russia and Ukraine could spill over to NATO member countries,” Colonel Joerg Sievers told reporters in the eastern German town of Gnoien before the Patriots’ departure.
Sievers, who will command the German unit in Poland, underlined the defensive nature of the Patriot system.
“We are not the only defence forces on the ground, the British and Americans are also on the ground,” he said.
“Patriot is a strictly defensive system, and we hope that we will be able to provide sufficient protection there to prevent attacks or accidents like the one in November in the future,” he added.
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Reporting by Oliver Ellrodt and Stefan Remter, writing by Sabine Siebold
MONTEREY PARK, Calif., Jan 23 (Reuters) – Investigators collected 42 bullet casings from the scene of one of California’s bloodiest mass shootings as they sought clues on Monday to what drove an elderly gunman to open fire in a dance hall he had frequented, killing 11 people, before taking his own life.
Police identified Huu Can Tran, 72, as the lone suspect in a massacre that unfolded Saturday night in the midst of a Chinese Lunar New Year celebration in the town of Monterey Park, a hub of the Asian-American community just east of downtown Los Angeles.
Authorities said he drove to another dance hall where a second, would-be attack was thwarted and later shot himself to death in his parked getaway vehicle as police closed in to make an arrest on Sunday, ending an intense manhunt some 12 hours after the rampage.
Ten people were killed and 10 others wounded when Tran opened fire at the Star Ballroom Dance Studio, a venue popular with older patrons of Asian descent, then drove off. One of the victims hospitalized in critical condition died of his wounds on Monday, Monterey Park Police Chief Scott Wiese told reporters.
All of the dead, six women and five men, were in their 50s, 60s and 70s, the coroner’s office said.
Even as Los Angeles-area police worked through a second full day of their investigation, seven people were reported slain in a separate, mass shooting in the northern California coastal town of Half Moon May on Monday. read more
In another incident, one person died and seven were injured in Oakland, near San Francisco, in a shooting between several individuals, Oakland Police Department reported.
At a news briefing on Monday, Hilda Solis, a member of the Los Angeles County Board of Supervisors, called Saturday’s Monterey Park gun violence the deadliest mass shooting on record in Los Angeles County, the most populous in the United States and home to some 10 million residents.
About 20 minutes after the attack, Tran barged into a second dance club, the Lai Lai Ballroom & Studio in the neighboring community of Alhambra, where an employee wrestled away the intruder’s semi-automatic assault-style pistol before any shots could be fired, officials said.
Los Angeles County Sheriff Robert Luna credited Brandon Tsay, the operator of the family-owned club, as a “hero” for single-handedly disarming the gunman and preventing further bloodshed.
“That moment, it was primal instinct,” Tsay recounted in a New York Times interview, saying that the gunman fled the scene after a 90-second struggle. “Something happened there. I don’t know what came over me.”
Tran was not seen again until Sunday morning, when he had shot himself behind the wheel of his van, found parked in the city of Torrance, south of Los Angeles, as police surrounded his vehicle.
Luna said investigators, assisted by the FBI and the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), had recovered 42 spent shell casings and a large-capacity ammunition magazine from the Star studio.
[1/17] People mourn outside the entrance of the Star Ballroom Dance Studio after a mass shooting during Chinese Lunar New Year celebrations in Monterey Park, California, U.S. January 23, 2023. REUTERS/David Swanson
GUNS AND AMMO SEIZED
He said the search of the suspect’s mobile home in a gated senior-living community in the town of Hemet, about 80 miles east of Los Angeles, turned up a rifle, various electronic devices and items “that lead us to believe the suspect was manufacturing homemade” weapons silencers.
Police also seized hundreds of rounds of ammunition from the dwelling, and a handgun was recovered from the white cargo van where the suspect took his own life, Luna said.
Authorities on Monday said a motive for the shooting remained a mystery.
Wiese said authorities were aware of unconfirmed reports that the violence may have been precipitated by jealousy or relationship issues, adding, “it’s part of what our investigators are diligently looking into.”
The sheriff said there was no immediate evidence that the gunman was related to any of his victims. Luna told reporters Tran had a “limited” past criminal history, including a 1990 arrest for unlawful possession of a firearm.
Hemet police said in a statement on Monday that Tran had come to the department twice in early January alleging “past fraud, theft and poisoning allegations involving his family” dating back 10 to 20 years, and had promised to return with documentation of his claims but never did.
Tran had an active trucking license and had owned a company called Tran’s Trucking Inc with a post office box address in Monterey Park, according to online records.
He had lived in the Los Angeles area since at least the 1990s and moved to the mobile home in Hemet in 2020, address records showed. A neighbor in his gated community described him as “meek” in an interview Monday.
But Adam Hood, who rented a home from Tran in the Los Angeles area, told Reuters he knew his landlord to be an aggressive, suspicious person with few friends.
But Hood said Tran, with whom he often conversed in Mandarin, enjoyed ballroom dancing, and was a longtime patron of the Star Ballroom, though he complained that others there were talking behind his back.
“He was a good dancer in my opinion,” Hood said. “But he was distrustful of the people at the studio, angry and distrustful. I think he just had enough.”
The coroner’s office on Monday confirmed the names of four victims, Valentino Alvero, 68 and three women – My Nhan, 65, Lilan Li, 63, and Xiujuan Yu, 57.
Reporting by Tim Reid in Monterey Park; Writing by Gabriella Borter; Additional reporting by Rich McKay, Brendan O’Brien, Brad Brooks, Jonathan Allen, Joseph Ax, Dan Whitcomb, Gabriella Borter and Timothy Gardner; Editing by Stephen Coates, Nick Zieminski and David Gregorio
Jan 23 (Reuters) – The U.S. health regulator on Monday proposed one dose of the latest updated COVID-19 shot annually for healthy adults, similar to the influenza immunization campaign, as it aims to simplify the country’s COVID-vaccine strategy.
The U.S. Food and Drug Administration also asked its panel of external advisers to consider the usage of two COVID vaccine shots a year for some young children, older adults and persons with compromised immunity.The regulator proposed the need for routine selection of variants for updating the vaccine, similar to the way strains for flu vaccines are changed annually, in briefing documents ahead of a meeting of its panel on Thursday.
The FDA hopes annual immunization schedules may contribute to less complicated vaccine deployment and fewer vaccine administration errors, leading to improved vaccine coverage rates.The agency’s proposal was on expected lines, following its announcement of its intention for the update last month.
A nurse fills up syringes with the coronavirus disease (COVID-19) vaccines for residents who are over 50 years old and immunocompromised and are eligible to receive their second booster shots in Waterford, Michigan, U.S., April 8, 2022. REUTERS/Emily Elconin
The Biden administration has also been planning for a campaign of vaccine boosters every fall season.
Currently, most people in the United States need to first get two doses of the original COVID vaccine spaced at least three to four weeks apart, depending on the vaccine, followed by a booster dose a few months later.
Pfizer’s primary vaccine doses for children and people involve three shots, with the third a bivalent shot given about two months later.
If the panel votes in favor of the proposal, Pfizer Inc (PFE.N) and Moderna Inc’s (MRNA.O) bivalent vaccines, which target both the Omicron and the original variants, would be used for all COVID vaccine doses, and not just as boosters.
Reporting by Leroy Leo in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli
U.S. providing Abrams tanks, Germany to send Leopard tanks
Biden: Tanks pose ‘no offensive threat’ to Russia
Russian-backed leader: Wagner force advancing on Bakhmut
WASHINGTON/BERLIN/KYIV, Jan 26 (Reuters) – The United States and Germany have announced plans to arm Ukraine with dozens of battle tanks in its fight against Russia, which denounced the decisions as an “extremely dangerous” step.
Ukrainian President Volodymyr Zelenskiy praised the commitments and urged allies to provide large quantities of tanks quickly.
“The key now is speed and volumes. Speed in training our forces, speed in supplying tanks to Ukraine. The numbers in tank support,” he said in a nightly video address on Wednesday. “We have to form such a ‘tank fist’, such a ‘fist of freedom’.”
Ukraine has been seeking hundreds of modern tanks to give its troops the firepower to break Russian defensive lines and reclaim occupied territory in the south and east. Ukraine and Russia have been relying primarily on Soviet-era T-72 tanks.
The promise of tanks comes as both Ukraine and Russia are expected to launch new offensives in the war and as fighting has intensified in Bakhmut in Ukraine’s east.
Ukrainian forces destroyed 24 drones, including 15 over Kyiv, that Russia launched in overnight attacks, the military said on Thursday, adding there was major danger of more Russian air raids. An alert had been declared over most of the country.
U.S. President Joe Biden announced his decision to supply 31 M1 Abrams tanks hours after Berlin said it would provide Leopard 2 tanks – the workhorse of NATO armies across Europe.
Maintaining Kyiv’s drumbeat of requests for more aid, Zelenskiy said he spoke to NATO Secretary General Jens Stoltenberg and called for long-range missiles and aircraft.
Ukraine’s allies have already provided billions in military support including sophisticated U.S. missile systems.
The United States has been wary of deploying the difficult-to-maintain Abrams but had to change tack to persuade Germany to send to Ukraine its more easily operated Leopards.
Biden said the tanks pose “no offensive threat” to Russia and that they were needed to help the Ukrainians “improve their ability to manoeuvre in open terrain”.
Germany will send an initial company of 14 tanks from its stocks and approve shipments by allied European states.
The Abrams can be tricky, but the Leopard was designed as a system that any NATO member could service and crews and repair specialists could be trained together on a single model, Ukrainian military expert Viktor Kevlyuk told Espreso TV.
“If we have been brought into this club by providing us with these vehicles, I would say our prospects look good.”
‘DANGEROUS DECISION’
[1/17] Spanish army tank Leopard 2 of NATO enhanced Forward Presence battle group fires during the final phase of the Silver Arrow 2022 military drill on Adazi military training grounds, Latvia September 29, 2022. REUTERS/Ints Kalnins
Russia reacted with fury to Germany’s decision to approve the delivery of the Leopards.
“This extremely dangerous decision takes the conflict to a new level of confrontation,” said Sergei Nechayev, Russia’s ambassador to Germany.
Since invading Ukraine on Feb. 24 last year, Russia has shifted its rhetoric on the war from an operation to “denazify” and “demilitarise” its neighbour to casting it as a face-off between it and the U.S.-led NATO alliance.
Senior U.S. officials said it would take months for the Abrams to be delivered and described the decision to supply them as providing for Ukraine’s long-term defence.
Germany’s tanks would probably be ready in three or four months, Defence Minister Boris Pistorius said.
Pledges to Ukraine from other countries that field Leopards have multiplied with announcements from Poland, Finland and Norway. Spain and the Netherlands said they were considering it.
Britain has offered 14 of its comparable Challenger tanks and France is considering sending its Leclercs.
BAKHMUT FIGHTING
The Kyiv government acknowledged on Wednesday its forces had withdrawn from Soledar, a small salt-mining town close to Bakhmut in the east, that Russia said it captured more than a week ago, its biggest gain for more than six months.
The area around Bakhmut, with a pre-war population of 70,000, has seen some of the most brutal fighting of the war.
Ukraine’s military said that Russian forces were attacking in the direction of Bakhmut “with the aim of capturing the entire Donetsk region and regardless of its own casualties”.
The Russian-installed governor of Donetsk said earlier that units of Russia’s Wagner contract militia were moving forward inside Bakhmut, with fighting on the outskirts and in neighbourhoods recently held by Ukraine.
Analyst Kevlyuk said losing Bakhmut would not change much in terms of the tactical scheme of things but that he was more concerned by Russian efforts to regroup and concentrate resources in the Luhansk region.
Donetsk and Luhansk make up the Donbas region. Russian forces control nearly all of Luhansk, while Russians and their proxies say they control about half of Donetsk.
Reuters could not verify battlefield reports.
The 11-month war has killed thousands of people, driven millions from their homes and reduced cities to rubble.
Reporting by Reuters bureaus; writing by Cynthia Osterman and Himani Sarkar; editing by Grant McCool, Robert Birsel
Alireza Akbari was a former Iranian deputy defence minister
Arrested in 2019, he was accused of spying for Britain
UK’s Sunak calls it ‘a callous and cowardly act’
Britain had said Iran must not follow through with sentence
DUBAI/LONDON, Jan 14 (Reuters) – Iran has executed a British-Iranian national who once served as its deputy defence minister, its judiciary reported on Saturday, defying calls from London for his release after he was handed the death sentence on charges of spying for Britain.
Britain, which had declared the case against Alireza Akbari as politically motivated, condemned the execution and said it would not stand unchallenged.
Prime Minister Rishi Sunak called it “a callous and cowardly act carried out by a barbaric regime with no respect for the human rights of their own people”.
The Iranian judiciary’s Mizan news agency reported the execution early on Saturday, without saying when it had taken place. Late on Friday, British Foreign Secretary James Cleverly had said Iran must not follow through with the sentence – a call echoed by Washington.
“Alireza Akbari, who was sentenced to death on charges of corruption on earth and extensive action against the country’s internal and external security through espionage for the British government’s intelligence service … was executed,” Mizan said.
The report accused Akbari, arrested in 2019, of receiving payments of 1,805,000 euros, 265,000 pounds, and $50,000 for spying.
In an audio recording purportedly from Akbari and broadcast by BBC Persian on Wednesday, he said he had confessed to crimes he had not committed after extensive torture.
Sunak said on Twitter he was “appalled by the execution”. Cleverly said in a statement it would “not stand unchallenged”. “We will be summoning the Iranian Charge d’Affaires to make clear our disgust at Iran’s actions.”
British statements on the case have not addressed the Iranian charge that Akbari spied for Britain.
Iranian state media broadcast a video on Thursday that they said showed that Akbari played a role in the 2020 assassination of Iran’s top nuclear scientist, Mohsen Fakhrizadeh, killed in a 2020 attack outside Tehran which authorities blamed at the time on Israel.
In the video, Akbari did not confess to involvement in the assassination but said a British agent had asked for information about Fakhrizadeh.
Iran’s state media often airs purported confessions by suspects in politically charged cases.
Reuters could not establish the authenticity of the state media video and audio, or when or where they were recorded.
Akbari was a close ally of Ali Shamkhani, now the secretary of Iran’s Supreme National Security Council, who was defence minister from 1997 to 2005, when Akbari was his deputy.
‘3,500 HOURS OF TORTURE’
Reflecting Iran’s worsening ties with the West, London-Tehran relations have deteriorated in recent months as efforts have stalled to revive Iran’s 2015 nuclear pact, to which Britain is a party.
Britain has also been critical of the Islamic Republic’s crackdown on anti-government protests, sparked by the death in custody of a young Iranian-Kurdish woman in September.
A British foreign office minister said on Thursday that Britain was actively considering proscribing Iran’s Revolutionary Guard as a terrorist organisation but has not reached a final decision.
Iran has issued dozens of death sentences as part of the crackdown on the unrest, executing at least four people.
In the audio recording broadcast by BBC Persian, Akbari said he had made false confessions as a result of torture.
“With more than 3,500 hours of torture, psychedelic drugs, and physiological and psychological pressure methods, they took away my will. They drove me to the brink of madness… and forced me to make false confessions by force of arms and death threats,” he said.
Reporting by Dubai newsroom and Michael Holden in London; Writing by Tom Perry; Editing by William Mallard and Angus MacSwan
Wagner Group spearheaded assault on Ukraine’s Soledar
Mercenary chief, in PR push, claims credit for Wagner
Success hailed by some, played down by others
LONDON, Jan 13 (Reuters) – In the twilight of the Soviet Union, Yevgeny Prigozhin was languishing in prison for theft. Now as the founder of Russia’s most powerful mercenary group, he is vying for Vladimir Putin’s favour by claiming a rare battlefield win in Ukraine.
His aim is to leverage the success that Wagner Group, his mercenary outfit, had this week in pushing Ukrainian forces out of the salt mining town of Soledar, a move that revives Russian plans to seize more of eastern Ukraine after multiple defeats.
Russia claimed victory on Friday but Ukraine said its troops were still fighting in the town. Reuters could not immediately verify the situation.
Prigozhin, 61, who is sanctioned in the West and casts himself as a ruthless patriot, had posed in combat gear with his men in a salt mine beneath Soledar and said they were fighting alone, an assertion initially contradicted by defence officials.
The Kremlin on Thursday spoke of the “absolutely heroic selfless actions” of those fighting in Soledar. The defence ministry on Friday attributed victory to its airborne units, missile forces and “artillery of a grouping of Russian forces”.
Prigozhin said Russian officials were not giving his forces due credit.
“They constantly try to steal victory from the Wagner PMC (private military company) and talk about the presence of other unknown people just to belittle Wagner’s merits,” he complained.
The defence ministry responded hours later with a new statement “to clarify” the situation which acknowledged that Wagner fighters, whose actions it hailed as “courageous and selfless,” had been the ones to storm the town.
Some commentators have said Prigozhin could one day be made defence minister, but it is not fully clear how much influence the businessman from St Petersburg has gained with Putin, who tends to balance factions with a strategy of divide and rule.
‘A NEW HERO’
Prominent Putin supporters, some with access to the Russian leader, have contrasted Prigozhin’s progress with what they say has been a less impressive performance by the regular military.
Sergei Markov, a former Kremlin adviser, has hailed the shaven-headed mercenary chief as “a new hero.”
“Prigozhin has flaws too. But I won’t tell you about them. Because Prigozhin and Wagner are now Russia’s national treasure. They are becoming a symbol of victory,” Markov wrote on his blog, saying they should be given more resources by the state.
Margarita Simonyan, editor-in-chief of the state-controlled RT channel and close to the Kremlin, thanked Prigozhin for Soledar.
Abbas Gallyamov, a former Kremlin speech writer, suggested on his blog that Prigozhin was manoeuvring in case Putin removed Defence Minister Sergei Shoigu, 67, his long-standing ally.
Prigozhin has played down the idea he is seeking official elevation in the past, while not emphatically ruling it out. His press service, and the Kremlin, did not immediately reply to requests for fresh comment.
Putin has said Wagner does not represent the state and is not breaking Russian law and has the right to work and promote its business interests anywhere in the world.
One of the military bloggers who help shape Russians’ view of the conflict likened Prigozhin to a Roman centurion licensed to operate above and outside the law to achieve Putin’s goals.
“A couple more successful Wagner operations and online votes proposing Prigozhin for Minister of Defence will cease to be fantasy,” said Zhivov Z.
Yet Igor Girkin, a Russian nationalist and former Federal Security Service officer who helped launch the original Donbas war in 2014 and is under U.S. sanctions, has said Prigozhin is careless with the lives of his men. He has also said capturing Soledar and nearby Bakhmut would not be militarily significant.
Prigozhin, nicknamed “Putin’s Chef” by Western media because he once ran a floating restaurant in St Petersburg where Putin ate, has plenty to gain or lose.
He has his own future to consider at a time of tumult as well as the commercial interests of Wagner, which Russian officials say has military and mining contracts in Africa and is active in Syria. He also has a vast catering company serving state entities, as well as troll farms and media outlets.
“In essence, he is a private businessman who is highly dependent on how his relations with the authorities are structured. This is a very vulnerable position,” said Tatiana Stanovaya, founder of the R.Politik analysis firm.
The attendance on a Wagner training course this month of the governor of Russia’s Kursk region bordering Ukraine looked like another way for Prigozhin to enhance his connections, she said.
‘UNSPECIFIED SAFEGUARDS’
Russia has allowed Prigozhin to recruit tens of thousands of convicts from its prisons for Wagner, which U.S. officials say is a 50,000-strong force, and let him equip them with tanks, aircraft and missile defence systems.
It has also stood by while he flung sometimes profane criticism at the top brass, although some Western military analysts suggested the appointment of the most senior general to lead the war in Ukraine was designed to balance his influence.
Before Russia’s invasion, something Moscow calls “a special military operation”, Prigozhin had denied his Wagner connection. In September, he said he had founded the mercenary group in 2014.
Despite its sometimes publicly strained ties with the Russian defence ministry, some Western military analysts suspect Wagner is closely affiliated with it.
Leonid Nevzlin, an Israel-based former executive at oil major Yukos which he says was illegally appropriated by the Russian state, something it denies, said this week there was a risk Wagner could throw off Kremlin control.
One source close to the Russian authorities, who declined to be named because they were not authorised to speak to the media, said the Kremlin viewed Prigozhin as a useful operator but maintained unspecified safeguards over leaders of armed groups.
“There is a ceiling (of growth) and mechanisms in place,” said the source, who declined to provide more details.
Reporting by Andrew Osborn; editing by Philippa Fletcher
ATLANTA, Jan 13 (Reuters) – At least nine people died in tornadoes that destroyed homes and knocked out power to tens of thousands in the U.S. Southeast, local officials said on Friday, and the death toll in hard-hit central Alabama was expected to rise.
The storms on Thursday stretched from Mississippi to Georgia. At least five tornadoes touched down in central Alabama, according to National Weather Service meteorologist Jessica Laws. One of those twisters potentially tracked about 150 miles (241 km) from southwest Selma, Alabama, to the Georgia-Alabama state line, she said.
Rescue teams were searching for missing people in Alabama’s Autauga County, where seven deaths have been reported, emergency management director Ernie Baggett said on MSNBC. He credited schools for saving more lives by not releasing students early.
County coroner Buster Barber told Reuters the number of casualties would rise.
“We are finding more bodies as we speak,” he said in a phone interview. “We’ve got search teams out in the area.”
Storms damaged as many as 50 properties in Autauga County, according to the local sheriff’s office.
In Georgia, Governor Brian Kemp confirmed two people had died in Thursday’s storms. A 5-year-old child was killed after a tree fell on a car, leaving an adult passenger in critical condition as they were driving home, Butts County Coroner Lacey Prue said.
A state employee also was killed while responding to the storm, Kemp said.
Images from the severe storms showed widespread damage in Selma, a pivotal site of the U.S. civil rights movement. A tornado tore off rooftops and hurled debris. Multiple businesses and homes were destroyed, and trees were ripped from their roots.
[1/5] Whole rooms are seen without walls on the second floor of a home the day after a tornado struck Dallas County near Selma, Alabama, U.S. January 13, 2023. Mickey Welsh/USA Today Network via REUTERS
Residents were visibly shaken by the experience, and some counted themselves lucky to be alive.
One woman began to cry as she described riding out the storm in her bathtub. She said the winds picked up her trailer, destroying everything inside.
Ray Hogg said he found shelter inside a country club.
“You could hear the roar, glass going everywhere,” he said. “You could hear the roof literally being torn off right over our heads.”
Officials confirmed four tornadoes touched down in Georgia, largely southeast of Atlanta but causing damage across the state, with winds peeling off roofs, knocking down houses and uprooting trees.
Just southeast of Atlanta, a freight train had three of its cars blown off the tracks, blocking traffic. No injuries from that incident were reported, officials said.
Alabama Governor Kay Ivey on Thursday declared a state of emergency for the six counties of Autauga, Chambers, Coosa, Dallas, Elmore and Tallapoosa.
Nearly 20,000 customers were without power in Alabama on Friday, according to PowerOutage.us. The storm also led to power outages in neighboring states of Mississippi and Georgia.
Tornado sirens in Monroe County in northeast Mississippi, where a twister made landfall, failed to activate as the storm moved through the area, local news reported.
Reporting by Tyler Clifford in New York and Rich McKay in Atlanta
Editing by Colleen Jenkins, Matthew Lewis and Josie Kao
Germany, U.S. agree to send combat vehicles to Ukraine
KYIV/BAKHMUT, Ukraine, Jan 5 (Reuters) – Russian President Vladimir Putin called on Thursday for a 36-hour ceasefire in Ukraine to mark Orthodox Christmas, a move rejected by Kyiv which said there could be no truce until Russia withdraws its troops from occupied land.
The United States and Germany made a joint announcement to supply Ukraine with armoured combat vehicles, a boost for Ukrainian President Volodymyr Zelenskiy who has urged Western allies to provide his forces with armour and heavy weapons for months.
Fifty Bradley Fighting Vehicles would be included in a $2.8 billion U.S. package. Germany said it was sending Marder Infantry Fighting Vehicles, following an announcement by France on Wednesday it was sending AMX-10 RC armoured combat vehicles.
The Kremlin said Putin had ordered Russian troops to cease firing from midday on Friday along the entire front, in response to a call for a Christmas truce from Patriarch Kirill of Moscow, the head of the Russian Orthodox Church, a close Putin ally.
“Proceeding from the fact that a large number of citizens professing Orthodoxy live in the areas of hostilities, we call on the Ukrainian side to declare a ceasefire and allow them to attend services on Christmas Eve, as well as on Christmas Day,” Putin said in his order.
Russia’s Orthodox Church observes Christmas on Jan. 7. Ukraine’s main Orthodox Church has rejected the authority of the Moscow patriarch, and many Ukrainian believers have shifted their calendar to celebrate Christmas on Dec. 25 as in the West.
A genuine truce in Ukraine would be the first since May, when the sides halted intense fighting in the devastated port of Mariupol to allow Ukrainian forces to surrender there.
On Thursday night, Zelenskiy accused Russia of wanting to use a truce as cover to stop Ukrainian advances in the strategic industrial area and eastern frontline known as the Donbas.
“They now want to use Christmas as a cover, albeit briefly, to stop the advances of our boys in Donbas and bring equipment, ammunitions and mobilised troops closer to our positions,” Zelenskiy said in his nightly video address, speaking pointedly in Russian rather than Ukrainian.
‘CYNICAL’ SAYS U.S.
In Washington, U.S. President Joe Biden, the State Department and the Pentagon greeted Putin’s order with scepticism. Biden said he thought Putin was “trying to find some oxygen”.
Ukraine has scored some battlefield successes in the past few months although Russia has kept up a barrage of missile and drone strikes on Ukraine’s energy plants, knocking out power to millions of people at times in the middle of winter. Russia has denied targeting civilians since its invasion began Feb. 24 but the strikes included Christmas Day and New Year’s attacks on civilian infrastructure, according to Kyiv.
“There’s one word that best described that and it’s ‘cynical’,” U.S. State Department spokesperson Ned Price said in a press briefing of Putin’s ceasefire order.
“Our concern … is that the Russians would seek to use any temporary pause in fighting to rest, to refit, to regroup, and ultimately to re-attack,” Price said.
Putin’s ceasefire also appeared to face challenges from Russia’s own side. Denis Pushilin, Russian-installed leader in Ukraine’s Donetsk province, scene of the heaviest fighting, wrote on Telegram: “There can be no talk of any truce!”
He said Putin’s order involved only halting offensive operations.
Earlier on Thursday, the Kremlin said Putin had told Turkey’s President Tayyip Erdogan that Moscow was ready for peace talks – but only under the condition that Ukraine “take into account the new territorial realities”, a reference to Kyiv acknowledging Moscow’s annexation of Ukrainian territory. Ukrainian presidential adviser Mikhailo Podolyak called that demand “fully unacceptable”.
MEAT GRINDER
Ten months after Putin ordered what he calls a “special military operation” to protect Russian security, Moscow and Kyiv have entered the new year with hardened diplomatic positions.
Putin has shown no willingness to discuss relinquishing his territorial conquests, despite mounting losses among his troops.
While some of the heaviest fighting of the war continues, the front line has been static since the last big Russian retreat in mid-November. The worst battles have taken place near the eastern city of Bakhmut, which both sides have compared to a meat grinder.
Ukraine says Russia has lost thousands of troops despite seizing scant ground in months of futile waves of assaults on Bakhmut. Russia says the city is key to its aim to capture the rest of Donetsk province, one of four partially occupied regions it claims to have annexed.
Near the front, Reuters saw explosions from outgoing artillery and smoke filling the sky.
“We are holding up. The guys are trying to hold up the defence,” said Viktor, a 39-year-old Ukrainian soldier driving an armoured vehicle out of Soledar, a salt-mining town on Bakhmut’s northeastern outskirts.
Most civilians have been evacuated from Bakhmut. Those who have stayed survive under near constant bombardment, with no heat or electricity. Parts of the city are a wasteland, with sections of residential apartment blocks flattened into concrete piles.
Reporting by Reuters bureaux; Writing by Peter Graff and Grant McCool; Editing by Andrew Heavens and Cynthia Osterman
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