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.
Latest Updates
View 2 more stories
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.
Efforts to nudge China to nuclear talks now harder -analysts
China warhead stocks rise but still far below U.S., Russia
Long term ‘no first use’ policy in question amid build-up
HONG KONG, Feb 22 (Reuters) – Russia’s suspension of its last remaining nuclear weapons treaty with the United States may have dashed any hopes of dragging China to the table to start talking about its own rapidly accelerating nuclear arms programmes.
Regional diplomats and security analysts had held out the prospect of China somehow being convinced to join U.S.-Russian talks on extending the New START arms control treaty ahead of its expiry in 2026 as a way of alleviating growing fears over Beijing’s rapid military modernisation.
China’s nuclear arsenal sits at the core of those concerns as it grows in size and sophistication – an expansion that the United States recently noted is now gathering pace.
The Pentagon’s annual China report released last November noted that Beijing appeared to accelerate its expansion in 2021 and now has more than 400 operational nuclear warheads – a figure still far below U.S. and Russian arsenals both deployed and in reserve.
Latest Updates
View 2 more stories
By 2035 – when the ruling Communist Party’s leadership wants its military to be fully modernised – China will likely possess a 1,500 nuclear warhead stockpile and an advanced array of missiles, the Pentagon says.
“Compared to traditional Russian-U.S. exchanges, China is a black box – but one getting bigger every year,” an Asian security diplomat said on Wednesday.
“Putin’s suspension may have set us further back in terms of getting China to step up to the transparency table. There is so much we need to know about its policies and intentions.”
In a speech ahead of the first anniversary on Friday of Russia’s invasion of Ukraine, President Vladimir Putin announced Moscow was suspending a treaty signed in 2010 that caps at 1,550 the number of strategic nuclear warheads the United States and Russia can each deploy while providing for mutual inspections.
Analysts said the move could imperil the delicate calculus that underpins mutual deterrence between the two countries, long the largest nuclear powers by far, and spark an arms race among other nuclear states.
Tong Zhao, a U.S.-based nuclear expert at the Carnegie Endowment for International Peace, said he believed Putin’s move limits the prospects of U.S.-China nuclear cooperation.
“This is only going to make China even less interested in pursuing cooperative nuclear security with the United States,” Zhao told Reuters. “Now even this last example of arms control cooperation is being seriously undermined.”
NO FIRST USE
A nuclear power since the early 1960s, China for decades maintained a small number of nuclear warheads and missiles as a deterrent under its unique “no first use” pledge.
That pledge remains official policy but the arsenal that surrounds it has grown rapidly in recent years as part of Beijing’s broader military modernization under President Xi Jinping.
The People’s Liberation Army now has the ability to launch long-range nuclear-armed missiles from submarines, aircraft and an expanding range of silos in China’s interior – a “nuclear triad” that some experts fear could be used, for example, to coerce rivals in a conflict over Taiwan.
The Pentagon also warns of possible conditions over “no first use” as the build-up continues – questions that echo many raised by regional military attaches and security scholars.
“Beijing probably would also consider nuclear use to restore deterrence if a conventional military defeat gravely threatened PRC survival,” the Pentagon report notes, using the initials for China’s official name.
A month earlier, Washington’s Nuclear Posture Review said Beijing is reluctant to engage in strategic nuclear discussions but that both bilateral and multilateral talks are needed.
“The scope and pace of the PRC’s nuclear expansion, as well as its lack of transparency and growing military assertiveness, raise questions regarding its intentions, nuclear strategy and doctrine, and perceptions of strategic stability,” it said.
Some experts believe Beijing has long been wary of being bound by any three-way talks with Russia and the United States given how far it remains behind U.S. capabilities, at least for another decade or more.
FAILURE TO COMMUNICATE
Academics familiar with once-regular unofficial and semi-official exchanges – so-called Track 2 and Track 1.5 discussions – with Chinese counterparts over nuclear policy say they have dried up over the last five years amid wider political tensions.
Singapore-based strategic adviser Alexander Neill said he believed China might increasingly support Russia’s position rhetorically, while feeling emboldened to further accelerate its own build-up.
That would make it harder for the United States and its allies to engage Beijing on its nuclear doctrine, particularly on “no first use”.
“China has been consistent in supporting arms control between the U.S. and Russia and has long wanted to maintain the image of being a responsible stakeholder – but there are growing questions about the future,” said Neill, an adjunct fellow with Hawaii’s Pacific Forum think-tank.
“The aim of the U.S. and its allies is to get crystal clarity over its ‘no first use’ policy because there’s the Taiwan question,” he said, referring to the democratically governed island that Beijing sees as its own territory.
Carnegie’s Zhao said Putin’s announcement might increase the risk of inciting other nuclear powers to expand their nuclear arsenals and break long-held commitments not to stage fresh tests.
“If that happens, it is a very negative development in terms of international … nuclear order.”
Reporting By Greg Torode in Hong Kong and Martin Quin Pollard in Beijing; editing by Nick Macfie and Mark Heinrich
BENGALURU, Feb 22 (Reuters) – India does not want the G20 to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi’s one-year presidency of the bloc, six senior Indian officials said on Wednesday, amid debate over how even to describe the conflict.
On the sidelines of a G20 gathering in India, financial leaders of the Group of Seven (G7) nations will meet on Feb. 23, the eve of the first anniversary of the invasion, to discuss measures against Russia, Japan’s finance minister said on Tuesday.
The officials, who are directly involved in this week’s G20 meeting of finance ministers and central bank chiefs, said the economic impact of the conflict would be discussed but India did not want to consider additional actions against Russia.
“India is not keen to discuss or back any additional sanctions on Russia during the G20,” said one of the officials. “The existing sanctions on Russia have had a negative impact on the world.”
Latest Updates
View 2 more stories
Another official said sanctions were not a G20 issue. “G20 is an economic forum for discussing growth issues.”
Spokespeople for the Indian government and the finance and foreign ministries did not immediately respond to requests for comment.
On Wednesday, the first day of meetings to draft the G20 communique, officials struggled to find an acceptable word to describe the Russia-Ukraine conflict, delegates of at least seven countries present in the meetings said.
India tried to form a consensus on the words by calling it a “crisis” or a “challenge” instead of a “war”, the officials said, but the discussions concluded without a decision.
These discussions have been rolled over to Thursday when U.S. Treasury Secretary Janet Yellen will be part of the meetings.
Indian Foreign Minister S. Jaishankar has previously said the war has disproportionately hit poorer countries by raising prices of fuel and food.
India’s neighbours – Sri Lanka, Pakistan and Bangladesh – have all sought loans from the International Monetary Fund in recent months to tide over economic troubles brought about by the pandemic and the war.
U.S. Deputy Treasury Secretary Wally Adeyemo said on Tuesday that Washington and its allies planned in coming days to impose new sanctions and export controls that would target Russia’s purchase of dual-use goods like refrigerators and microwaves to secure semiconductors needed for its military.
The sanctions would also seek to do more to stem the trans-shipment of oil and other restricted goods through bordering countries.
In addition, Adeyemo said officials from a coalition of more than 30 countries would warn companies, financial institutions and individuals still doing business with Russia that they faced sanctions.
Indian Prime Minister Narendra Modi’s government has not openly criticised Moscow for the invasion and instead called for dialogue and diplomacy to end the war. India has also sharply raised purchases of oil from Russia, its biggest supplier of defence hardware.
Jaishankar told Reuters partner ANI this week that India’s relationship with Russia had been “extraordinarily steady and it has been steady through all the turbulence in global politics”.
Additional reporting by Krishn Kaushik; Writing by Krishna N. Das; Editing by Raju Gopalakrishnan and Nick Macfie
UBE, Japan, Feb 13 (Reuters) – On a crisp February morning, four elderly Korean men bowed their heads towards Japan’s Seto Inland Sea as the surf lapped near their shoes.
They were paying respects to relatives entombed in a coal mine deep beneath their feet 80 years ago – among thousands of Korean bodies scattered across Japan in an enduring symbol of a colonial past that has long blighted ties between the neighbours.
But with renewed diplomatic efforts to improve relations, families of the men drafted to support Japan’s war effort in what is known as the Chosei mine during its 1910-45 occupation of the Korean peninsula, see a last chance for closure.
“It is now or never,” said 75-year-old Yang Hyeon, whose uncle was among 136 Koreans and 47 Japanese killed when the leaky mine beneath the seabed on southern Japan’s coast collapsed and flooded in 1942.
“Now that things are apparently getting better with Japan, I’m asking the two governments to think about us.”
Yang, who attended the low-key ceremony in the town of Ube on Feb. 4, is part of a group of family members and residents urging the two governments to dig up the bodies and send them home.
Latest Updates
View 2 more stories
The remains of as many as 10,000 Koreans who died in forced labour, digging mines or building dams, are still in Japan, according to South Korean government estimates. Japan says it has identified 2,799 remains of Korean wartime labourers.
Efforts to repatriate them have gone nowhere for more than a decade but since taking office last year, South Korean President Yoon Suk-yeol has sought to settle historic issues with Japan and focus on shared, present-day threats such as nuclear-armed North Korea and China.
Those overtures, which resulted in the first talks between the country’s leaders in years in September, have given hope to the elderly relatives of the Chosei miners that they may still live to see their loved ones’ remains returned home.
“We’re running out of time,” said Son Bong-soo, a grandson of one of the victims, who at 65 is the youngest family member in the group. “Once we die, no one will care.”
In 2005, Japan announced a push to return the remains of Korean wartime labourers, but the initiative made little progress and petered out several years later amid souring relations.
“We expect to have a positive conversation with Japan over repatriation of the remains as now South Korea and Japan both have a strong will to resolve the forced labour issues,” South Korea’s interior ministry, which handles colonial-era forced labour disputes, said in a statement.
The ministry said it had not discussed specific cases such as the Chosei miners.
Japan’s foreign ministry said it had been in communication with South Korea about wartime labour issues but could not disclose details.
GRIM CONDITIONS
One of the challenges at Chosei is the expense and logistics of excavating bodies from a submerged mine that extends at least 1 km out to sea and nearly 40 metres underground.
[1/10] South Korean relatives of workers killed in a disaster at the Chosei coal mine, bow toward an altar for the victims at a mourning ceremony, in Ube, Yamaguchi Prefecture, Japan, February 4, 2023. REUTERS/Kim Kyung-Hoon
Japan’s labour ministry, which said it had previously conducted a study of the incident, told Reuters the cost of an excavation would likely run into millions of U.S. dollars.
But campaigners argue that is a price worth paying to recognise the hardship and injustice that the families endured.
According to a 2007 report on the Chosei mine commissioned by South Korea, workers mainly drafted from poor farming towns in Korea lived in packed dormitories surrounded by high fencing and were regularly beaten by Japanese supervisors.
Living conditions were so desperate that in 1939, more than 200 workers staged a protest, breaking windows and a telephone inside the mine’s management office, the report said referring to a Japanese government statement at the time.
In the months before the mine collapsed, there were constant leaks and pumps were installed to draw water out of the shaft to keep it operational, according to testimonies of surviving miners cited in the report.
‘NEW PATH’
Now 89 and using a hearing aid and walking stick, Jeon Seok-ho vividly remembers the morning his father died in the mine when he was eight years old.
His teacher told him that there had been an accident and to go straight home. As he rushed back along the shore, he spotted columns of water spouting from the sea above the mine. Then he heard the wail of the villagers as they watched the waters rise up to the mine entrance, he recalled.
“It ended just like that. I lost my dad,” Jeon said.
After the war, Jeon returned to Korea but his family struggled to live off the meagre income his mother made selling rice cakes and what he could muster driving cattle for farmers.
Growing up, he said he often thought of his father, trapped in the water so far away, but as the years pass he is losing hope of ever bringing him home.
“The governments are paying lip service to us but actually have done nothing,” he said as he watched a video of the recent ceremony on YouTube at his home in Daegu, South Korea.
His mood lifted when Yoko Inoue, the 72-year-old Japanese head of the campaign group pressing to retrieve the remains, appeared on screen.
“Inoue-san, hang in there!” Jeon shouted, breaking into Japanese.
Back in Ube, Inoue told Reuters that if left untouched, the bodies at Chosei would forever be a symbol of the two countries’ bitter past. But if recovered, they would serve as a show of unity.
“We have a great opportunity,” she said. “There’s momentum now, and the Japanese and Korean governments are trying to reconcile their differences.”
“That also means unearthing historical problems. But given that there are both Japanese and Korean people there, this could forge a new path if both governments could work together.”
Reporting by Sakura Murakami in Ube, Japan and Ju-min Park in Daegu, South Korea; Writing by John Geddie; Editing by Robert Birsel
JANDARIS, Syria, Feb 12 (Reuters) – An eerie silence lay over the courtyard of Ramadan al-Suleiman’s nursery in northern Syria on Sunday as he picked his way through smashed cinderblocks, twisted metal and broken plastic swings.
The modest nursery in the town of Jandaris – about 70 km (44 miles) from the city of Aleppo – once hosted 100 toddlers, whose dusty pictures now lay strewn among the debris caused by Monday’s devastating earthquake. Some of those children and teachers would not be coming back, Suleiman said.
“We lost two of the female teachers from the important cadres at the school. We lost seven or eight students that we know of,” he told Reuters.
They were among more than 2,600 people reported so far to have died in the earthquake in opposition-held parts of northern Syria. More than 3,500 were killed across Syria in total and nearly 30,000 in Turkey.
Children’s education in Syria was already hard hit by the war that has raged since 2011. For years, schools would regularly shut because of fighting, mortar fire by rebel groups or air strikes by the Syrian government or Russia.
Latest Updates
View 2 more stories
The earthquake destroyed more than 115 schools in Syria and damaged hundreds more, according to a United Nations update published Saturday.
More than 100 others were being used as makeshift shelters to host thousands displaced by the earthquake, which brought apartment blocks and even tiny rural homes crashing down on residents’ heads.
Suleiman has been trying to track down some of the nursery children from whose families he has not heard.
“I went around to buildings where I know some of the students live – and 90% of them were destroyed. There are some pupils that I suspect are dead because we cannot reach their families at all,” he said.
Jandaris was particularly devastated, with many concrete buildings pulverised.
Rescuers across Syria, including in the north, have been pulling young children out from under the rubble – some of them miraculously alive even almost a week after the quake, but orphaned.
Others did not make it.
Mohammad Hassan said he still doesn’t know what happened to his seven-year-old daughter Lafeen’s friends and classmates.
“We asked around and discovered that one of her teachers died, may God bless her soul,” Hassan told Reuters as Lafeen played quietly in his lap.
“She is shocked, she asks me to go see if something happened to the kindergarten. I’m telling her nothing happened and I will take you there once it reopens.”
Reporting by Khalil Ashawi; Writing by Maya Gebeily
Editing by Raissa Kasolowsky
Government vows meticulous probe into those responsible
Nearly 25,000 buildings collapsed or badly damaged
Opposition has accused government of not enforcing regulations
Erdogan says opposition lies to besmirch government
One developer arrested as he prepared to fly from Turkey
ISTANBUL, Feb 12 (Reuters) – Turkey vowed on Sunday to investigate thoroughly anyone suspected of responsibility for the collapse of buildings in the country’s devastating earthquakes nearly one week ago and has already ordered the detention of 113 suspects.
Vice President Fuat Oktay said overnight that 131 suspects had so far been identified as responsible for the collapse of some of the thousands of buildings flattened in the 10 provinces affected by the tremors early last Monday.
“Detention orders have been issued for 113 of them,” Oktay told reporters in a briefing at the disaster management coordination centre in Ankara.
“We will follow this up meticulously until the necessary judicial process is concluded, especially for buildings that suffered heavy damage and buildings that caused deaths and injuries.”
He said the justice ministry had established earthquake crimes investigation bureaus in the quake zone provinces to investigate deaths and injuries.
Latest Updates
View 2 more stories
Environment Minister Murat Kurum said that 24,921 buildings across the region had collapsed or were heavily damaged in the quake, based on assessments of more than 170,000 buildings.
Rescuers were still looking for survivors in the earthquake rubble six days after the disaster, which hit parts of Syria and Turkey. The death toll has exceeded 28,000 and is expected to rise further.
Opposition parties have accused President Tayyip Erdogan’s government of not enforcing building regulations, and of mis-spending special taxes levied after the last major earthquake in 1999 in order to make buildings more resistant to quakes.
[1/7] Rescuers carry survivor Muzeyyen Ofkeli in the aftermath of a deadly earthquake, in Hatay, Turkey February 12, 2023. REUTERS/Kemal Aslan
Erdogan has said the opposition just tells lies and spreads slander to besmirch the government, obstructing investment instead of facing up to corruption in the opposition-run municipalities.
In the 10 years to 2022, Turkey slipped 47 places in Transparency International’s Corruption Perception Index to 101, having been as high as 54 out of 174 countries in 2012.
State prosecutors in Adana ordered the detention of 62 people in an investigation into collapsed buildings, while prosecutors sought the arrest of 33 people in Diyarbakir for the same reason, state-owned Anadolu news agency reported.
It said eight people had been detained in Sanliurfa and four in Osmaniye in connection with destroyed buildings believed to have faults, such as columns being removed.
Police detained the developer of one residential complex which collapsed in Antakya at Istanbul Airport as he prepared to board a plane for Montenegro on Friday evening and he was formally arrested on Saturday, according to Anadolu.
The upmarket 12-storey residential complex was completed a decade ago and contained 249 apartments. There was no information on the casualties in that building.
The arrested man told prosecutors he did not know why the complex collapsed and that his desire to go to Montenegro was unrelated, Anadolu reported.
“We fulfilled all procedures set out in legislation,” he was quoted by Anadolu as saying in his statement. “All licenses were obtained.”
Additional reporting by Dominic Evans,
Writing by Daren Butler;
Editing by Ece Toksabay and Raissa Kasolowsky
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.
Latest Updates
View 2 more stories
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.
Latest Updates
View 2 more stories
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
WASHINGTON/OTTAWA, Feb 11 (Reuters) – A U.S. F-22 fighter jet shot down an unidentified cylindrical object over Canada on Saturday, the second such instance in as many days, as North America appeared on edge following a week-long Chinese spying balloon saga that drew the global spotlight.
Separately, the U.S. military also scrambled fighter jets in Montana to investigate a radar anomaly that triggered a brief federal closure of airspace.
“Those aircraft did not identify any object to correlate the radar hits,” the North American Aerospace Defense Command (NORAD) said in a statement.
Canadian Prime Minister Justin Trudeau first announced Saturday’s shootdown over the northern Yukon territory, saying Canadian forces would recover and analyze the wreckage.
Canadian Defence Minister Anita Anand declined to speculate about the origin of the object, which she said was cylindrical in shape.
Latest Updates
View 2 more stories
She stopped short of calling it a balloon but said it was smaller than the Chinese balloon shot down off South Carolina’s coast a week ago, though similar in appearance.
Aloft at 40,000 feet (12,200 m), it posed a risk to civilian air traffic and was shot down at 3:41 EST (2041 GMT), she added.
“There is no reason to believe that the impact of the object in Canadian territory is of any public concern,” Anand told a news conference.
The Pentagon said NORAD detected the object over Alaska late on Friday.
U.S. fighter jets from Joint Base Elmendorf-Richardson, Alaska, monitored the object as it crossed over into Canadian airspace, where Canadian CF-18 and CP-140 aircraft joined the formation.
“A U.S. F-22 shot down the object in Canadian territory, using an AIM 9X missile following close co-ordination between U.S. and Canadian authorities,” Pentagon spokesman Brig. Gen. Patrick Ryder said in a statement.
U.S. President Joe Biden authorized the U.S. military to work with Canada to take down the high-altitude craft after a call between Biden and Trudeau, the Pentagon said.
The White House said Biden and Trudeau agreed to continue close coordination to “defend our airspace.”
“The leaders discussed the importance of recovering the object in order to determine more details on its purpose or origin,” it said in a statement.
[1/3] A U.S. Air Force F-22 Raptor, based out of Al Udeid Air Base, Qatar, flies alongside a KC-135 Stratotanker during an aerial refueling mission above an undisclosed location, in this undated handout picture released by U.S. Air Force on July 29, 2019. Chris Drzazgowsk/U.S. Air Force/Handout via REUTERS
A day earlier, Biden ordered another shootdown of an unidentified flying object near Deadhorse, Alaska.
On Saturday, the U.S. military remained tight-lipped about what, if anything, it had learned as recovery efforts were underway on the Alaskan sea ice.
On Friday, the Pentagon offered only a few details, such as that the object was the size of a small car, was flying at about 40,000 feet (12,200 m), could not maneuver and appeared to be unmanned.
U.S. officials have been trying to learn about the object since it was first spotted on Thursday.
“We have no further details at this time about the object, including its capabilities, purpose, or origin,” Northern Command said on Saturday.
It mentioned difficult Arctic weather conditions, including wind chill, snow, and limited daylight that can hinder search and recovery.
“Personnel will adjust recovery operations to maintain safety,” it added.
On Feb. 4, a U.S. F-22 fighter jet brought down what the U.S. government called a Chinese surveillance balloon off the coast of South Carolina following its week-long journey across the United States and portions of Canada.
China has said it was a civilian research vessel.
Some U.S. lawmakers criticized Biden for not shooting down the Chinese balloon sooner. The U.S. military had recommended waiting until it was over the ocean, for fear of injuries from falling debris.
U.S. personnel have been scouring the ocean to recover debris and the undercarriage of electronic gadgetry since the shootdown of the 200-foot (60-meter) -tall Chinese high-altitude surveillance balloon.
The Pentagon has said a significant amount of the balloon had already been recovered or located, suggesting American officials may soon have more information about any Chinese espionage capabilities aboard.
Sea conditions on Feb. 10 “permitted dive and underwater unmanned vehicle (UUV) activities and the retrieval of additional debris from the sea floor,” Northern Command said.
“The public may see U.S. Navy vessels moving to and from the site as they conduct offload and resupply activities.”
Reporting by Phil Stewart, Idrees Ali, David Shepardson, Andrea Shalal, Michael Martina, Richard Cowan in Washington, Steven Scherer in Ottawa; Editing by David Gregorio and Clarence Fernandez
Phil Stewart has reported from more than 60 countries, including Afghanistan, Ukraine, Syria, Iraq, Pakistan, Russia, Saudi Arabia, China and South Sudan. An award-winning Washington-based national security reporter, Phil has appeared on NPR, PBS NewsHour, Fox News and other programs and moderated national security events, including at the Reagan National Defense Forum and the German Marshall Fund. He is a recipient of the Edwin M. Hood Award for Diplomatic Correspondence and the Joe Galloway Award.
National security correspondent focusing on the Pentagon in Washington D.C. Reports on U.S. military activity and operations throughout the world and the impact that they have. Has reported from over two dozen countries to include Iraq, Afghanistan, and much of the Middle East, Asia and Europe. From Karachi, Pakistan.
80 years have passed since Soviet victory in Stalingrad
Putin draws parallels with Russia’s campaign in Ukraine
This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.
VOLGOGRAD, Russia, Feb 2 (Reuters) – President Vladimir Putin evoked the spirit of the Soviet army that defeated Nazi German forces at Stalingrad 80 years ago to declare on Thursday that Russia would defeat a Ukraine supposedly in the grip of a new incarnation of Nazism.
In a fiery speech in Volgograd, known as Stalingrad until 1961, Putin lambasted Germany for helping to arm Ukraine and said, not for the first time, that he was ready to draw on Russia’s entire arsenal, which includes nuclear weapons.
“Unfortunately we see that the ideology of Nazism in its modern form and manifestation again directly threatens the security of our country,” Putin told an audience of army officers and members of local patriotic and youth groups.
“Again and again we have to repel the aggression of the collective West. It’s incredible but it’s a fact: we are again being threatened with German Leopard tanks with crosses on them.”
Latest Updates
View 2 more stories
Russian officials have been drawing parallels with the struggle against the Nazis ever since Russian forces entered Ukraine almost a year ago.
Ukraine – which was part of the Soviet Union and itself suffered devastation at the hands of Hitler’s forces – rejects those parallels as spurious pretexts for a war of imperial conquest.
Stalingrad was the bloodiest battle of World War Two, when the Soviet Red Army, at a cost of over 1 million casualties, broke the back of German invasion forces in 1942-3.
Putin evoked what he said was the spirit of the defenders of Stalingrad to explain why he thought Russia would prevail in Ukraine, saying the World War Two battle had become a symbol of “the indestructible nature of our people”.
“Those who draw European countries, including Germany, into a new war with Russia, and … expect to win a victory over Russia on the battlefield, apparently don’t understand that a modern war with Russia will be quite different for them,” he added.
“We don’t send our tanks to their borders but we have the means to respond, and it won’t end with the use of armoured vehicles, everyone must understand that.”
[1/6] Russian service members drive a tank during a military parade marking the 80th anniversary of the victory of Red Army over Nazi Germany’s troops in the Battle of Stalingrad during World War Two, in Volgograd, Russia February 2, 2023. REUTERS/Kirill Braga
VICTORY PARADE
As Putin finished speaking, the audience gave him a standing ovation.
Putin had earlier laid flowers at the grave of the Soviet marshal who oversaw the defence of Stalingrad and visited the city’s main memorial complex, where he held a minute’s silence in honour of those who died during the battle.
Thousands of people lined Volgograd’s streets to watch a victory parade as planes flew overhead and modern and World War Two-era tanks and armoured vehicles rolled past.
Some of the modern vehicles had the letter ‘V’ painted on them, a symbol used by Russia’s forces in Ukraine.
Irina Zolotoreva, a 61-year-old who said her relatives had fought at Stalingrad, saw a parallel with Ukraine.
“Our country is fighting for justice, for freedom. We got victory in 1942 and that’s an example for today’s generation. I think we’ll win again now whatever happens.”
The focal point for the commemorations was the Mamayev Kurgan memorial complex, on a hill overlooking the River Volga dominated by a hulking statue called The Motherland Calls – of a woman brandishing a giant sword.
The five-month-long battle reduced the city that bore Soviet leader Josef Stalin’s name to rubble, while claiming an estimated 2 million dead and wounded on both sides.
Despite Stalin’s record of presiding over a famine that killed millions and political repression that killed hundreds of thousands, Russian politicians and school textbooks have in recent years stressed his role as a successful wartime leader who turned the Soviet Union into a superpower.
Reporting by Tatiana Gomozova
Writing by Andrew Osborn
Editing by Mark Trevelyan and Kevin Liffey
WASHINGTON, Feb 2 (Reuters) – U.S. Central Intelligence Agency Director William Burns said on Thursday that Chinese President Xi Jinping’s ambitions toward Taiwan should not be underestimated, despite him likely being sobered by the performance of Russia’s military in Ukraine.
Burns said that the United States knew “as a matter of intelligence” that Xi had ordered his military to be ready to conduct an invasion of self-governed Taiwan by 2027.
“Now, that does not mean that he’s decided to conduct an invasion in 2027, or any other year, but it’s a reminder of the seriousness of his focus and his ambition,” Burns told an event at Georgetown University in Washington.
“Our assessment at CIA is that I wouldn’t underestimate President Xi’s ambitions with regard to Taiwan,” he said, adding that the Chinese leader was likely “surprised and unsettled” and trying to draw lessons by the “very poor performance” of the Russian military and its weapons systems in Ukraine.
Latest Updates
View 2 more stories
Russia and China signed a “no limits” partnership last February shortly before Russian forces invaded Ukraine, and their economic links have boomed as Russia’s connections with the West have shriveled.
The Russian invasion had fueled concerns in the West of China possibly making a similar move on Taiwan, a democratic island Beijing says is its territory.
China has refrained from condemning Russia’s operation against Ukraine, but it has been careful not to provide the sort of direct material support which could provoke Western sanctions like those imposed on Moscow.
“I think it’s a mistake to underestimate the mutual commitment to that partnership, but it’s not a friendship totally without limits,” Burns said.
As Burns spoke, news came from U.S. officials that a suspected Chinese spy balloon had been flying over the United States for a few days, and that senior U.S. officials had advised President Joe Biden against shooting it down for fear the debris could pose a safety threat.
Burn made no mention of the episode but called China the “biggest geopolitical challenge” currently faced by the United States.
“Competition with China is unique in its scale, and that it really, you know, unfolds over just about every domain, not just military, and ideological, but economic, technological, everything from cyberspace, to space itself as well. It’s a global competition in ways that could be even more intense than competition with the Soviets was,” he said.
There was no immediate comment from China’s Washington embassy about the remarks from Burns or the balloon flight.
Burns said the next six months will be “critical” for Ukraine, where Moscow has been making incremental gains in recent weeks.
He also said Iran’s government was increasingly unsettled by affairs within the country, citing the courage of what he described as “fed up” Iranian women.
Reporting by Michael Martina, Rami Ayyub, David Brunnstrom and Phil Stewart; Editing by Christopher Cushing
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
Latest Updates
View 2 more stories
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.
Latest Updates
View 2 more stories
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.
Latest Updates
View 2 more stories
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
ANKARA, Feb 2 (Reuters) – Turkey summoned ambassadors of nine Western countries including the United States and Sweden on Thursday to criticise their decisions to temporarily shut diplomatic missions and issue security alerts following Koran-burning incidents in Europe.
The envoys of Belgium, France, Germany, Italy, the Netherlands, Switzerland, and Britain were also summoned, according to foreign ministry sources in Ankara.
Over the last two weeks, far-right activists burned copies of the Muslim holy book, the Koran, in Sweden, Denmark and the Netherlands, acts that prompted Turkey to halt negotiations meant to lift its objections to Sweden and Finland joining NATO.
The European countries have denounced the incidents but some say they cannot prevent them because of free speech rules.
Over the last week, France, Germany, Italy and the United States were among those issuing warnings to their citizens of an increased risk of attacks in Turkey, particularly against diplomatic missions and non-Muslim places of worship.
Latest Updates
View 2 more stories
Germany, France and the Netherlands were among countries that temporarily closed diplomatic missions in Turkey for security reasons this week. Some cited central Istanbul areas of high concern but did not provide the source of the information.
“Such simultaneous activities do not constitute a proportional and commonsense approach and…only serve the covert agenda of terrorist organizations,” said a foreign ministry source who asked not to be further identified.
The source added that the security of all diplomatic missions is ensured in accordance with international conventions and “allies should cooperate with” Turkish authorities.
The interior minister, Suleyman Soylu, said on Twitter the embassies were waging “a new psychological war” against Turkey.
All 30 NATO members must approve newcomers. Sweden and Finland applied for membership last year in the face of Russia’s invasion of Ukraine, but ran into surprise resistance from Turkey.
Since then they have sought to win its backing including agreeing to take a harder line domestically against those Turkey says are members of the Kurdistan Workers’ Party, the PKK, designated a terrorist group by Ankara and the European Union.
On Thursday, police in NATO member Norway banned a planned anti-Islam protest including the burning of the Koran for security reasons, hours after the Turkish foreign ministry summoned Oslo’s ambassador to complain.
Diplomatic tensions rose last weekend when Turkey responded to the initial U.S. security alert by warning its citizens against “possible Islamophobic, xenophobic and racist attacks” in the United States and Europe.
The U.S. embassy confirmed its Ambassador Jeffry Flake attended a meeting at Turkey’s foreign ministry on Thursday. Two European diplomatic sources said envoys from Germany, France and the Netherlands were also summoned.
Writing by Jonathan Spicer; Editing by Alison Williams, Peter Graff and Mark Heinrich
Feb 3 (Reuters) – U.S. officials said on Thursday that a Chinese “surveillance balloon” has been flying over the United States for several days.
Using high-altitude balloons for spying and other military missions is a practice that dates to the middle of the last century. Here is what is known about how they operate and what they can be used for:
* During World War 2, the Japanese military tried to loft incendiary bombs into U.S. territory using balloons designed to float in jet stream air currents. No military targets were damaged, but several civilians were killed when one of the balloons crashed in an Oregon forest.
* Just after World War 2, the U.S. military started exploring the use of high-altitude spy balloons, which led to a large-scale series of missions called Project Genetrix. The project flew photographic balloons over Soviet bloc territory in the 1950s, according to government documents.
A balloon flies in the sky over Billings, Montana, U.S. February 1, 2023 in this picture obtained from social media. Chase Doak/via REUTERS
* Such balloons typically operate at 80,000-120,000 feet (24,000-37,000m), well above where commercial air traffic flies – airliners almost never fly higher than 40,000 feet. The highest-performing fighter aircraft typically do not operate above 65,000 feet, although spy planes such as the U-2 have a service ceiling of 80,000 feet or more.
Latest Updates
View 2 more stories
* The advantages of balloons over satellites include the ability to scan wide swathes of territory from closer in, and to be able to spend more time over a target area, according to a 2009 report to the U.S. Air Force’s Air Command and Staff College.
* Unlike satellites, which require space launchers that cost hundreds of millions of dollars, balloons can be launched cheaply.
* The balloons are not directly steered, but can be roughly guided to a target area by changing altitudes to catch different wind currents, according to a 2005 study for the Air Force’s Airpower Research Institute.
* The U.S. military has tracked other spy balloons in recent years, including before President Joe Biden’s administration, according to a senior U.S. defense official.
Reporting by Gerry Doyle;
Editing by Don Durfee and Stephen Coates
Reforms call for creation of two additional military districts
Army corps to be based near border with Finland
Forces to be boosted in territories Moscow has claimed to annex
Jan 23 (Reuters) – Russia’s new military reforms respond to possible NATO expansion and the use of Kyiv by the “collective West” to wage a hybrid war against Russia, the newly appointed general in charge of Russia’s military operations in Ukraine said.
Valery Gerasimov, in his first public comments since his Jan. 11 appointment to the role, admitted also to problems with the mobilisation of troops, after public criticism forced President Vladimir Putin to reprimand the military.
The military reforms, announced mid-January, have been approved by Putin and can be adjusted to respond to threats to Russia’s security, Gerasimov told the news website Argumenty i Fakty in remarks published late Monday.
“Today, such threats include the aspirations of the North Atlantic Alliance to expand to Finland and Sweden, as well as the use of Ukraine as a tool for waging a hybrid war against our country,” said Gerasimov, who is also the chief of Russia’s military general staff.
Finland and Sweden applied last year to join the North Atlantic Treaty Organization after Russia invaded Ukraine.
Under Moscow’s new military plan, an army corps will be added to Karelia in Russia’s north, which borders with Finland.
The reforms also call for two additional military districts, Moscow and Leningrad, which existed before they were merged in 2010 to be part of the Western Military District.
In Ukraine, Russia will add three motorized rifle divisions as part of combined arms formations in Kherson and Zaporizhzhia regions, parts of which Moscow claims it annexed in September.
“The main goal of this work is to ensure guaranteed protection of the sovereignty and territorial integrity of our country,” Gerasimov said.
‘ACTING AGAINST THE ENTIRE COLLECTIVE WEST’
Gerasimov added that modern Russia has never seen such “intensity of military hostilities”, forcing it to carry out offensive operations to stabilise the situation.
“Our country and its armed forces are today acting against the entire collective West,” Gerasimov said.
In the 11 months since invading Ukraine, Russia has been shifting its rhetoric on the war from an operation to “denazify” and “demilitarise” its neighbour to increasingly casting it as defence from an aggressive West.
Kyiv and its Western allies call it a an unprovoked act of aggression, and the West has been sending increasingly heavy weaponry to Ukraine to help it resist Russian forces.
Gerasimov and the leadership of the defence ministry have faced sharp criticism for multiple setbacks on the battlefield and Moscow’s failure to secure victory in a campaign the Kremlin had expected to take just a short time.
The country’s mobilisation of some 300,000 additional personnel in the fall proceeded chaotically.
“The system of mobilization training in our country was not fully adapted to the new modern economic relations,” Gerasimov said. “So I had to fix everything on the go.”
Writing by Lidia Kelly in Melbourne; Editing by Himani Sarkar
ANKARA, Jan 23 (Reuters) – Sweden should not expect Turkey’s support for its NATO membership after a protest near the Turkish embassy in Stockholm at the weekend including the burning of a copy of the Koran, President Tayyip Erdogan said on Monday.
Protests in Stockholm on Saturday against Turkey and against Sweden’s bid to join the North Atlantic Treaty Organization (NATO) have heightened tensions with Turkey, whose backing Sweden needs to gain entry to the military alliance.
“Those who allow such blasphemy in front of our embassy can no longer expect our support for their NATO membership,” Erdogan said in a speech after a Cabinet meeting.
“If you love members of terrorist organisations and enemies of Islam so much and protect them, then we advise you to seek their support for your countries’ security,” he said.
Swedish Foreign Minister Tobias Billstrom declined to immediately comment on Erdogan’s remarks, telling Reuters in a written statement he wanted to understand exactly what had been said.
“But Sweden will respect the agreement that exists between Sweden, Finland and Turkey regarding our NATO membership,” he added.
Sweden and Finland applied last year to join NATO following Russia’s invasion of Ukraine but all 30 member states must approve their bids. Ankara has previously said Sweden in particular must first take a clearer stance against what it sees as terrorists, mainly Kurdish militants and a group it blames for a 2016 coup attempt in Turkey.
U.S. State Department spokesperson Ned Price said Finland and Sweden are ready to join the alliance, but declined to comment on whether Washington thought Erdogan’s comments meant a definitive shutting of the door to them.
“Ultimately, this is a decision and consensus that Finland and Sweden are going to have to reach with Turkey,” Price said.
Price told reporters that burning books that are holy to many is a deeply disrespectful act, adding that the United States is cognizant that those who may be behind what took place in Sweden may be intentionally trying to weaken unity across the Atlantic and among Washington’s European allies.
“We have a saying in this country – something can be lawful but awful. I think in this case, what we’ve seen in the context of Sweden falls into that category,” Price said.
The Koran-burning was carried out by Rasmus Paludan, leader of Danish far-right political party Hard Line. Paludan, who also has Swedish citizenship, has staged a number of demonstrations in the past where he burned the Koran.
Several Arab countries including Saudi Arabia, Jordan and Kuwait denounced the event. Turkey had already summoned Sweden’s ambassador and cancelled a planned visit by the Swedish defence minister to Ankara.
Reporting by Ece Toksabay and Huseyin Hayatsever; Additional reporting by Niklas Pollard in Stockholm and Humeyra Pamuk in Washington; Editing by Hugh Lawson and Grant McCool
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
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
/cloudfront-us-east-2.images.arcpublishing.com/reuters/UZ4I7H4CWNMPLBGXOEA3JNTMQE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/PSVJ7XXFNFPDRKG36LIIMAZTJE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/IAHGYLDD2FKVDMTGXPB6CCIUJ4.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/TFVXM3UVE5M4BFAUJMF6B4KEPI.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/7NSVVQDSYJL6JIMHLM2V7EDABQ.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/G3ILICTWEVMXZNM2FUCZMX34BM.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/BQFO6E5PZVIHPDN3VSMTQBN6ME.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/JH4MQEC6AFO6ZJLJGIKSPW5BVE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/KF6F5IBFWNLFBBP2Z7GOZK2Q6A.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/VGZ3UQGFG5N7LM76B5DCSTGA6A.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/MGBXQHJCTRLLNNF6P4FITR7I34.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/CPPQ5NUACFMULF5WSD3A6ZTR5Q.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/DYIEZ5RTSZMMHNRADTT6AKSZLM.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/T56E3FNSORKOBEPUJL3BUXJ46Q.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/JW63GXUVGBKMJEBLFFUIDUMALQ.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/DEOVYEMA4VJZJLM4CGXIQMUDBQ.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/N3EC5DXERRO3TFVDPKM342ROFI.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/6LTBMNOJXBKVHEEM4AF6AV6FQE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/IF73IBIGLJNVHNQQGGGGH6Y3UA.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/6OY2WVMBZJOU3HPKPQSPUSMVMY.jpg)