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Tag: SASIA

  • Titanic sub firm’s late CEO was committed to safety, says co-founder

    Titanic sub firm’s late CEO was committed to safety, says co-founder

    MADRID, June 23 (Reuters) – The co-founder of OceanGate Expeditions, which owned the submersible that imploded during a dive to the Titanic wreck, defended on Friday the chief executive’s commitment to safety and risk management after he died with four others on the craft.

    Guillermo Söhnlein, who co-founded OceanGate with Stockton Rush in 2009, left the company in 2013, retaining a minority stake. Rush was piloting the Titan submersible on the trip that began on Sunday. Debris from the vessel was found on Thursday.

    “Stockton was one of the most astute risk managers I’d ever met. He was very risk-averse. He was very keenly aware of the risks of operating in the deep ocean environment, and he was very committed to safety,” Söhnlein told Reuters.

    Questions about Titan’s safety were raised in 2018 during a symposium of submersible industry experts and in a lawsuit by OceanGate’s former head of marine operations, which was settled later that year. This incident has prompted further debate.

    “I believe that every innovation that he took … was geared toward two goals: One, expanding humanity’s ability to explore the deep ocean. And secondly, to do it as safely as possible,” he said in video interview from his home in Barcelona.

    The Titan submersible, operated by OceanGate Expeditions to explore the wreckage of the sunken SS Titanic off the coast of Newfoundland, dives in an undated photograph. OceanGate Expeditions/Handout via REUTERS/ File Photo

    Söhnlein said he completely trusted Rush, even though they did not always see “eye-to-eye on things”.

    OceanGate has not addressed queries by industry experts about its decision to forgo certification from industry third parties such as the American Bureau of Shipping or the European company DNV.

    “There’s this tendency in the community to equate classification with safety. While that could be the case, it doesn’t mean that you can’t be safe without classification,” he said, adding that people should wait for an official report analyzing the incident rather than speculate.

    “There’s going to be a time for (making assessments), and I don’t think right now is the right time to do that,” he said.

    Despite the tragedy, he said continuing with deep-sea exploration was vital for humanity and that it was the best way to honor those who died in the submersible.

    “Let’s figure out what went wrong, learn some lessons and let’s get down there again,” he said.

    Reporting by David Latona; Editing by Aislinn Laing and Edmund Blair

    Our Standards: The Thomson Reuters Trust Principles.

    David Latona

    Thomson Reuters

    Madrid-raised German-American breaking news in Spain and Portugal. Previously covered markets in Germany, Austria and Switzerland, with a special focus on chemical companies and regular contributions to Reuters’ German-language service. Worked at Spanish news agency EFE (Madrid/Bangkok) and the European Pressphoto Agency (Frankfurt).

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  • Indian PM Modi wraps up Washington trip with appeal to tech CEOs

    Indian PM Modi wraps up Washington trip with appeal to tech CEOs

    WASHINGTON, June 23 (Reuters) – Indian Prime Minister Narendra Modi met with U.S. and Indian technology executives in Washington on Friday, the final day of a state visit where he agreed new defense and technology cooperation and addressed challenges posed by China.

    U.S. President Joe Biden rolled out the red carpet for Modi on Thursday, declaring after about 2-1/2 hours of talks that their countries’ economic relationship was “booming.” Trade has more than doubled over the past decade.

    Biden and Modi gathered with CEOs including Apple’s (AAPL.O) Tim Cook, Google’s (GOOGL.O) Sundar Pichai and Microsoft’s (MSFT.O) Satya Nadella.

    Also present were Sam Altman of OpenAI, NASA astronaut Sunita Williams, and Indian tech leaders including Anand Mahindra, chairman of Mahindra Group, and Mukesh Ambani, chairman of Reliance Industries, the White House said.

    “Our partnership between India and the United States will go a long way, in my view, to define what the 21st century looks like,” Biden told the group, adding that technological cooperation would be a big part of that partnership.

    Observing that there were a variety of tech companies represented at the meeting from startups to well established firms, Modi said: “Both of them are working together to create a new world.”

    Modi, who has appealed to global companies to “Make in India,” will also address business leaders at the Kennedy Center for Performing Arts.

    The CEOs of top American companies, including FedEx (FDX.N), MasterCard (MA.N) and Adobe (ADBE.O), are expected to be among the 1,200 participants.

    NOT ‘ABOUT CHINA’

    The backdrop to Modi’s visit is the Biden administration’s attempts to draw India, the world’s most populous country at 1.4 billion and its fifth-largest economy, closer amid its growing geopolitical rivalry with Beijing.

    Modi did not address China directly during the visit, and Biden only mentioned China in response to a reporter’s question, but a joint statement included a pointed reference to the East and South China Seas, where China has territorial disputes with its neighbors.

    Farwa Aamer, director for South Asia at the Asia Society Policy Institute, in an analysis note described that as “a clear signal of unity and determination to preserve stability and peace in the region.”

    Alongside agreements to sell weapons to India and share with it sensitive military technology, announcements this week included several investments from U.S.-firms aimed at spurring semiconductor manufacturing in India and lowering its dependence on China for electronics.

    White House national security spokesperson John Kirby said the challenges presented by China to both Washington and New Delhi were on the agenda, but insisted the visit “wasn’t about China.”

    “This wasn’t about leveraging India to be some sort of counterweight. India is a sovereign, independent state,” Kirby said at a news briefing, adding that Washington welcomes India becoming “an increasing exporter of security” in the Indo-Pacific.

    “There’s a lot we can do in the security front together. And that’s really what we’re focused on,” Kirby said.

    Some political analysts question India’s willingness to stand up to Beijing over Taiwan and other issues, however. Washington has also been frustrated by India’s close ties with Russia while Moscow wages war in Ukraine.

    DIASPORA TIES

    Modi attended a lunch on Friday at the State Department with Vice President Kamala Harris, the first Asian American to hold the No. 2 position in the White House, and Secretary of State Antony Blinken.

    In a toast, Harris spoke of her Indian-born late mother, Shyamala Gopalan, who came to the United States at age 19 and became a leading breast cancer researcher.

    “I think about it in the context of the millions of Indian students who have come to the United States since, to collaborate with American researchers to solve the challenges of our time and to reach new frontiers,” Harris said.

    Modi praised Gopalan for keeping India “close to her heart” despite the distance to her new home, and called Harris “really inspiring.”

    On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting “Modi! Modi! Modi!” despite protests from others.

    Activists said Biden had failed to strongly call out what they describe as India’s deteriorating human rights record under Modi, citing allegations of abuse of Indian dissidents and minorities, especially Muslims. Modi leads the Hindu nationalist Bharatiya Janata Party (BJP) and has held power since 2014.

    Biden said he had a “straightforward” discussion with Modi about issues including human rights, but U.S. officials emphasize that it is vital for Washington’s national security and economic prosperity to engage with a rising India.

    Asked on Thursday what he would do to improve the rights of minorities including Muslims, Modi insisted “there is no space for any discrimination” in his government.

    “There is no end to data that shows Modi is lying about minority abuse in India, and much of it can be found in the State Department’s own India country reports, which are scathing on human rights,” said Sunita Viswanath, co-founder Hindus for Human Rights, an advocacy group.

    Reporting by Steve Holland, Simon Lewis and Jeff Mason; additional reporting by Trevor Hunnicutt, Doina Chiacu, David Brunnstrom and Kanishka Singh; Editing by Don Durfee and Grant McCool

    Our Standards: The Thomson Reuters Trust Principles.

    Jeff Mason

    Thomson Reuters

    Jeff Mason is a White House Correspondent for Reuters. He has covered the presidencies of Barack Obama, Donald Trump and Joe Biden and the presidential campaigns of Biden, Trump, Obama, Hillary Clinton and John McCain. He served as president of the White House Correspondents’ Association in 2016-2017, leading the press corps in advocating for press freedom in the early days of the Trump administration. His and the WHCA’s work was recognized with Deutsche Welle’s “Freedom of Speech Award.” Jeff has asked pointed questions of domestic and foreign leaders, including Russian President Vladimir Putin and North Korea’s Kim Jong Un. He is a winner of the WHCA’s “Excellence in Presidential News Coverage Under Deadline Pressure” award and co-winner of the Association for Business Journalists’ “Breaking News” award. Jeff began his career in Frankfurt, Germany as a business reporter before being posted to Brussels, Belgium, where he covered the European Union. Jeff appears regularly on television and radio and teaches political journalism at Georgetown University. He is a graduate of Northwestern University’s Medill School of Journalism and a former Fulbright scholar.

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  • Owner of missing Titanic sub says crew has died, CNN reports

    Owner of missing Titanic sub says crew has died, CNN reports

    June 22 (Reuters) – The owner of the submersible that went missing during a tourist expedition to the Titanic’s wreckage says that the crew on board have “sadly been lost”, CNN reported on Thursday.

    “We grieve the loss of life,” CNN reported OceanGate as saying.

    Reporting by Rami Ayyub in Washington; Editing by Eric Beech

    Our Standards: The Thomson Reuters Trust Principles.

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  • India’s worst train crash in decades kills at least 288

    India’s worst train crash in decades kills at least 288

    BAHANAGA, India, June 3 (Reuters) – At least 288 people have died in India’s worst rail crash in over two decades, officials said on Saturday, after a passenger train went off the tracks and hit another one in an accident a preliminary report blamed on signal failure.

    One train in Friday’s accident also hit a freight train parked nearby in the district of Balasore in Odisha state in the east of the country, leaving a tangled mess of smashed rail cars and injuring 803.

    The death toll has reached 288, said K. S. Anand, chief public relations officer of the South Eastern Railway.

    Dead bodies are still trapped in the mangled coaches and the rescue operation is continuing, a Reuters witness said, while the death toll is expected to rise.

    A preliminary report indicates that the accident was the result of signal failure, Anand said.

    “The Coromandel Express was supposed to travel on the main line, but a signal was given for the loop line instead, and the train rammed into a goods train already parked over there. Its coaches then fell onto the tracks on either side, also derailing the Howrah Superfast Express,” he said.

    Surviving passenger Anubha Das said he would never forget the scene. “Families crushed away, limbless bodies and a bloodbath on the tracks,” he said.

    Video footage showed derailed train coaches and damaged tracks, with rescue teams searching the mangled carriages to pull the survivors out and rush them to hospital.

    Dead bodies were lying on the bloodstained floor of a school used as a makeshift morgue, and police helped relatives identify the bodies, covered with white cloths and placed inside chained bags.

    Prime Minister Narendra Modi arrived at the scene, talked to rescue workers and inspected the wreckage. He also met the survivors at hospitals.

    “(I) took stock of the situation at the site of the tragedy in Odisha. Words can’t capture my deep sorrow. We stand committed to providing all possible assistance to those affected,” Modi said.

    A witness involved in rescue operations said the screams and cries of the injured and the relatives of those killed were chilling. “It was horrific and heart-wrenching,” he said.

    Families of the dead will receive 1 million rupees ($12,000), while the seriously injured will get 200,000 rupees, with 50,000 rupees for minor injuries, Railway Minister Ashwini Vaishnaw said. Some state governments have also announced compensation.

    “It’s a big, tragic accident,” Vaishnaw told reporters after inspecting the accident site. “Our complete focus is on the rescue and relief operation, and we are trying to ensure that those injured get the best possible treatment.”

    At least 261 people died in an accident involving two long-distance passenger trains in eastern Indian state of Odisha on June 2.

    DISMEMBERED BODIES

    “I was asleep,” an unidentified male survivor told NDTV news. “I was woken up by the noise of the train derailing. Suddenly I saw 10-15 people dead. I managed to come out of the coach, and then I saw a lot of dismembered bodies.”

    Video footage from Friday showed rescuers climbing on one of the mangled trains to find survivors, while passengers called for help and sobbed next to the wreckage.

    “We rescued at least 30 people, and some of them managed to survive, but three or four of them died,” said Sanjeev Rout, an electrician. A few metres away, rescue workers tried to cut their way into a damaged red-coloured coach.

    The collision occurred at around 7 p.m. (1330 GMT) on Friday when the Howrah Superfast Express from Bengaluru to Howrah in West Bengal collided with the Coromandel Express from Kolkata to Chennai.

    Indian Railways says it transports more than 13 million people every day. But the state-run monopoly has had a patchy safety record because of ageing infrastructure.

    Odisha Chief Minister Naveen Patnaik described the crash as “extremely tragic”.

    Opposition Congress party leader Jairam Ramesh said the accident reinforced why safety should always be the foremost priority of the rail network.

    Modi’s administration has launched high-speed trains as part of plans to modernise the network, but critics say it has not focused enough on safety and upgrading ageing infrastructure.

    Experts said Friday’s train accident came as a blow to Modi’s makeover plans for railways.

    India’s deadliest railway accident was in 1981 when a train plunged off a bridge into a river in Bihar state, killing an estimated 800 people.

    Canadian Prime Minister Justin Trudeau, British Prime Minister Rishi Sunak and French President Emmanuel Macron expressed condolences over the accident.

    ($1 = 82.40 rupees)

    Additional reporting by Akriti Sharma, Subrata Nag Choudhury, Mayank Bhardwaj, Sakshi Dayal, Anirudh Saligrama, Baranjot Kaur, Nandini S, Adnan Abidi and Sunil Kataria; Editing by Edwina Gibbs, William Mallard, Mark Potter and Giles Elgood

    Our Standards: The Thomson Reuters Trust Principles.

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  • Iran says to form naval alliance with Gulf states to ensure regional stability

    Iran says to form naval alliance with Gulf states to ensure regional stability

    June 3 (Reuters) – Iran’s navy commander said his country and Saudi Arabia, as well as three other Gulf states, plan to form a naval alliance that will also include India and Pakistan, Iranian media reported on Saturday.

    “The countries of the region have today realized that only cooperation with each other brings security to the area,” Iran’s navy commander Shahram Irani was quoted as saying.

    He did not elaborate on the shape of the alliance that he said would be formed soon.

    Iran has recently been trying to mend its strained ties with several Gulf Arab states.

    In March, Saudi Arabia and Iran ended seven years of hostility under a China-mediated deal, stressing the need for regional stability and economic cooperation.

    Naval commander Irani said the states that will take part in the alliance also include the United Arab Emirates (UAE), Bahrain, Qatar, Iraq, Pakistan, and India.

    Saudi Arabia’s rapprochement with Iran has frustrated Israel’s efforts to isolate Iran diplomatically.

    The UAE, which was the first Gulf Arab country to sign a normalization agreement with Israel in 2020, resumed formal relations with Iran last year.

    Bahrain and Morocco later joined the UAE in establishing ties with Israel.

    Reporting by Dubai Newsroom; Editing by Toby Chopra

    Our Standards: The Thomson Reuters Trust Principles.

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  • Deadly Indian rail crash shifts focus from new trains to safety

    Deadly Indian rail crash shifts focus from new trains to safety

    • India’s train network seeing rapid expansion, modernisation
    • Experts say focus on safety has not kept pace with expansion
    • Government says data shows no major accident for years

    NEW DELHI, June 3 (Reuters) – India’s vast rail network is undergoing a $30 billion transformation with gleaming new trains and modern stations but Friday’s deadly train accident shows more attention should be paid to safety, industry analysts said.

    At least 288 people were killed in the country’s worst rail accident in over two decades after a passenger train went off the tracks and hit another in the eastern state of Odisha.

    State monopoly Indian Railways runs the fourth largest train network in the world. It transports 13 million people every day and moved nearly 1.5 billion tonnes of freight in 2022.

    Long considered the lifeline of the world’s most populous country, the 170-year-old system has seen rapid expansion and modernisation under Prime Minister Narendra Modi’s push to boost infrastructure and connectivity in the fast-growing economy.

    This year, the government made a record 2.4-trillion-rupee ($30 billion) capital outlay for the railways, a 50% increase over the previous fiscal year, to upgrade tracks, ease congestion and add new trains.

    A new, semi-high-speed train built in India and called the “Vande Bharat Express”, or “Salute to India Express”, is showcased as evidence of this modernisation, with Modi himself flagging off the first journeys of many of the trains around the country.

    But Friday’s crash has come as a jolt to this makeover, experts said.

    “The safety record has been improving over the years but there is more work to do,” said Prakash Kumar Sen, head of the department of mechanical engineering at Kirodimal Institute of Technology in central India and lead author of a 2020 study on “Causes of Rail Derailment in India and Corrective Measures”.

    “Human error or poor track maintenance are generally to blame in such crashes,” Sen said.

    The railways have been introducing more and more trains to cope with soaring demand but the workforce to maintain them has not kept pace, he said.

    Workers are not trained adequately or their workload is too high, and they don’t get enough rest, Sen said.

    The east coast route on which Friday’s crash occurred, is one of the country’s oldest and busiest, as it also carries much of India’s coal and oil freight, he said.

    “These tracks are very old … the load on them is very high, if maintenance is not good, failures will happen,” Sen said.

    ‘GOOD SAFETY RECORD’

    Indian Railways maintains that safety has always been a key focus, and points to its low accident rate over the years.

    “This question (on safety) is arising because there has been one incident now. But if you see the data, you will see that there have been no major accidents for years,” a railways ministry spokesperson said.

    The number of accidents per million train kilometres, a gauge of safety, had fallen to 0.03 in fiscal 2021-22 from 0.10 in 2013-14, the spokesperson said.

    A 1-trillion-rupee, five-year safety fund created in 2017-18 has been extended for another five years from 2022-23, with a further 450 billion rupees of funding, after the first plan led to an “overall improvement in safety indicators”, he added.

    “Some malfunction has happened and that the inquiry will reveal,” he said, referring to Friday’s crash. “We will find out why it happened and how it happened.”

    Srinand Jha, an independent transport expert and author at the International Railway Journal, said the railways have been working on safety mechanisms such as anti-collision devices and emergency warning systems but have been slow to install them across the network.

    “They will always tell you that accidents are at a very manageable level because they talk about them in terms of percentages,” Jha said, adding that in recent years the focus has been more on new trains and modern stations and not as much on tracks, signalling systems and asset management.

    “This accident brings out the need to focus more on these aspects,” he said.

    Reporting by YP Rajesh
    Editing by Mark Potter

    Our Standards: The Thomson Reuters Trust Principles.

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  • Nepali sherpa becomes world’s second person to scale Everest 26 times

    Nepali sherpa becomes world’s second person to scale Everest 26 times

    KATHMANDU, May 14 (Reuters) – A Nepali sherpa guide climbed Mount Everest for the 26th time on Sunday, hiking officials said, becoming the world’s second person to achieve the feat.

    Pasang Dawa Sherpa, 46, stood atop the 8,849-m (29,032-ft) peak, sharing the record number of summits with Kami Rita Sherpa, said Bigyan Koirala, a government tourism official.

    Kami Rita, who is also climbing on Everest now, could set another record if he makes it to the top.

    Pasang Dawa reached the top with a Hungarian client, said an official of his employer Imagine Nepal Treks, a hiking company.

    “They are descending from the top now and are in good shape,” the official, Dawa Futi Sherpa, told Reuters.

    Sherpas, who mostly use their first names, are known for their climbing skills and make a living mainly by guiding foreign clients in the mountains.

    Dawa Futi said a Pakistani woman, Naila Kiani, who also climbed the peak on Sunday, was the first foreign climber to summit Everest in this year’s climbing season, which runs from March to May.

    This could not be independently confirmed as many foreign climbers are now headed for the peak, a day after the ropes to the top were fixed.

    Kiani, a 37-year-old banker based in Dubai, had climbed four of the world’s 14 highest mountains before Everest, the Himalayan Times newspaper said.

    Nepal has issued a record of 467 permits this year for foreign climbers seeking to reach the summit of Everest.

    Each climber is usually accompanied by at least one sherpa guide, fuelling fears that a narrow section below the summit, known as the Hillary Step, could get crowded.

    Everest has been climbed more than 11,000 times since it was first scaled by Sir Edmund Hillary and Sherpa Tenzing Norgay in 1953, with about 320 people dying in the effort, according to a Himalayan database and Nepali officials.

    Reporting by Gopal Sharma; Editing by Clarence Fernandez

    Our Standards: The Thomson Reuters Trust Principles.

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  • Cyclone Mocha floods Myanmar port city, sparing major refugee camps

    Cyclone Mocha floods Myanmar port city, sparing major refugee camps

    DHAKA, May 14 (Reuters) – Storm surges whipped up by a powerful cyclone moving inland from the Bay of Bengal inundated the Myanmar port city of Sittwe on Saturday, but largely spared a densely-populated cluster of refugee camps in low-lying neighbouring Bangladesh.

    Some 400,000 people were evacuated in Myanmar and Bangladesh ahead of Cyclone Mocha making landfall, as authorities and aid agencies scrambled to avert heavy casualties from one of the strongest storms to hit the region in recent years.

    Vulnerable settlements in Cox’s Bazar in Bangladesh, where more than one million Rohingya refugees live, were left relatively unscathed by the storm that is now gradually weakening.

    “Luckily, we could escape the worst of the cyclone,” said Mohammad Shamsud Douza, a Bangladesh government official in charge of refugees. “We are getting some reports of huts damaged but there are no casualties.”

    Myanmar appears to have borne the direct impact of Cyclone Mocha, as winds of up to 210 kph (130 mph) ripped away tin roofs and brought down a communications tower.

    Parts of Sittwe, the capital of Rakhine state, were flooded and the ground floors of several buildings were under water, a video posted on social media by a witness in the city showed.

    An ethnic militia that controls swathes of Rakhine said a large number of structures in Sittwe and Kyauktaw had been damaged, and schools and monasteries where people had been sheltering were left without roofs.

    “The whole northern Rakhine has suffered severe damage,” Arakan Army spokesperson Khine Thu Kha said. “People are in trouble.”

    Communication networks in Rakhine had been disrupted after the cyclone made landfall, the U.N. and local media said.

    Across Rakhine state and the north west of the country about 6 million people were already in need of humanitarian assistance, while 1.2 million have been displaced, according to the U.N. humanitarian office (OCHA).

    “For a cyclone to hit an area where there is already such deep humanitarian need is a nightmare scenario, impacting hundreds of thousands of vulnerable people whose coping capacity has been severely eroded by successive crises,” U.N. resident coordinator Ramanathan Balakrishnan said.

    Myanmar has been plunged into chaos since a junta seized power two years ago. After a crackdown on protests, a resistance movement is fighting the military on various fronts.

    A junta spokesperson did not immediately answer a telephone call from Reuters to seek comment.

    FOOD AND SUPPLIES

    In Bangladesh, where authorities moved around 300,000 people to safer areas before the storm hit, Rohingya refugees inside densely-populated camps in the Cox’s Bazar in the south east of the country hunkered down inside their ramshackle homes.

    “Our shelter, made of bamboo and tarpaulin, offers little protection,” said refugee Mohammed Aziz, 21. “We’re praying to Allah to save us.”

    Many of the Rohingya refugees, half-a-million children among them, live in sprawling camps prone to flooding and landslides after having fled a military-led crackdown in Myanmar in 2017.

    Hundreds of thousands of the Muslim Rohingya minority remain in Myanmar’s Rakhine state, where many are confined to camps separated from the rest of the population.

    “The state government has moved many Rohingya from Sittwe camps to higher grounds area,” Zaw Min Tun, a Rohingya resident in Sittwe said, adding that the evacuation took place without any warning.

    “They also didn’t provide any food to them, so people are starving.”

    Ahead of the storm, the World Food Programme said it was preparing food and relief supplies that could help more than 400,000 people in Rakhine and surrounding areas for a month.

    Reporting by Ruma Paul in DHAKA and Reuters staff; Writing by Devjyot Ghoshal; Editing by Clarence Fernandez

    Our Standards: The Thomson Reuters Trust Principles.

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  • Exclusive: India’s Bank of Baroda stops clearing payment for above-cap Russian oil – sources

    Exclusive: India’s Bank of Baroda stops clearing payment for above-cap Russian oil – sources

    NEW DELHI, April 4 (Reuters) – India’s Bank of Baroda (BOB.NS) has stopped clearing payments for Russian oil sold above the price cap set by the West from this month, three sources with direct knowledge of the matter said, a move that could expedite transition to a rupee trade mechanism.

    Some Indian refiners were paying in the United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda, mainly to Dubai-based traders, sources said.

    The Group of Seven economies, the European Union and Australia, set the price cap late last year to bar Western services and shipping from trading Russian oil unless sold at an enforced low price to deprive Moscow of funds for its Ukraine war.

    “Bank of Baroda is extremely cautious in settling payments for Russian oil bought (at levels) above the price cap,” one of the sources said.

    “They have told us no for settling payments for above-cap barrels,” the person said.

    The state-run lender told refiners last month that it would not settle payment from Russian barrels bought above the price cap, the three sources said.

    Bank of Baroda did not respond to requests for comment from Reuters.

    Before the Ukraine war, Indian refiners rarely bought oil from Russia due to higher freight costs. After Western sanctions on Moscow for its invasion of Ukraine, Indian refiners have been gorging on discounted Russian oil.

    Russia has replaced Iraq as the top oil supplier to India in the last few months, data from trade sources showed.

    Sources anticipate that prices of Russian sweet crude such as Sokol and ESPO Blend, which was sold near $60 a barrel in recent weeks, could breach the price cap due to a sharp spike in global oil prices triggered by Sunday’s OPEC+ decision to cut output.

    Some refiners, mainly private operators, have been clearing payments in dirhams for Russian crude through private lender Axis Bank (AXBK.NS), sources told Reuters last month. It was not clear if Axis Bank had also stopped settling trades for Russian oil sold above the price cap.

    Axis Bank did not immediately respond to Reuters’ request for comment.

    Although Indian refiners buy Russian oil on a delivered basis, copies of invoices reviewed by Reuters also show shipping charges, which helps in calculating the price of crude at Russian ports.

    Sources said that problems in settling trade for Russian oil could push sellers to accept rupee payments, at least for barrels that exceed the price cap.

    “We have neither stopped nor reduced purchases of Russian oil after Bank of Baroda’s decision … we will consider using rupees to pay for oil purchased above the price cap,” another source said.

    India does not recognise the Western price cap on Russian oil, a senior oil ministry source said last month.

    SETTLEMENT MECHANISM

    India set up a mechanism to settle its international trade in rupees last year. Some Russian banks later opened vostro accounts with banks in India to facilitate rupee trade.

    The mechanism has not yet started given the lack of Russian appetite for rupees and India’s trade deficit with Moscow.

    However, during a visit last week to India, Igor Sechin, chief executive of Russian oil major Rosneft, discussed ways to expand cooperation with India across the hydrocarbons value chain, including the possibility of making payments in national currencies.

    A switch to rupee payments would help wean Russia from dollars and would save foreign exchange for India.

    Reporting by Nidhi Verma; Additional reporting by Siddhi Nayak in Mumbai; Editing by Tony Munroe and Jacqueline Wong

    Our Standards: The Thomson Reuters Trust Principles.

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  • Analysis: China’s intensifying nuclear-armed submarine patrols add complexity for U.S., allies

    Analysis: China’s intensifying nuclear-armed submarine patrols add complexity for U.S., allies

    HONG KONG, April 4 (Reuters) – China is for the first time keeping at least one nuclear-armed ballistic missile submarine constantly at sea, according to a Pentagon report – adding pressure on the United States and its allies as they try to counter Beijing’s growing military.

    The assessment of China’s military said China’s fleet of six Jin-class ballistic missile submarines were operating “near-continuous” patrols from Hainan Island into the South China Sea. Equipped with a new, longer-range ballistic missile, they can hit the continental United States, analysts say.

    The note in the 174-page report drew little attention when it was released in late November, but shows crucial improvements in Chinese capabilities, according to four regional military attaches familiar with naval operations and five other security analysts.

    Even as the AUKUS deal will see Australia field its first nuclear-powered submarines over the next two decades, the constant Chinese ballistic missile patrols at sea pile strain on the resources of the United States and its allies as they intensify Cold War-style deployments.

    “We’re going to want to have our SSNs trying to tail them… so the extra demands on our assets are clear,” said Christopher Twomey, a security scholar at the U.S. Naval Postgraduate School in California, speaking in a private capacity. SSN is a U.S. designation for a nuclear-powered attack sub. “But the point here is that the information – the near continuous patrols – has changed so rapidly that we don’t know what else has changed.”

    The new patrols imply improvements in many areas, including logistics, command and control, and weapons. They also show how China starting to operate its ballistic missile submarines in much the same way the United States, Russia, Britain and France have for decades, military attaches, former submariners and security analysts say.

    Their “deterrence patrols” allow them to threaten a nuclear counterattack even if land-based missiles and systems are destroyed. Under classic nuclear doctrine, that deters an adversary from launching an initial strike.

    The Chinese subs are now being equipped with a third-generation missile, the JL-3, General Anthony Cotton, the commander of the U.S. Strategic Command, told a congressional hearing in March.

    With an estimated range of more than 10,000 kilometres (6,214 miles) and carrying multiple warheads, the JL-3 allows China to reach the continental United States from Chinese coastal waters for the first time, the Pentagon report notes.

    Previous reports had said the JL-3 was not expected to be deployed until China launched its next-generation Type-096 submarines in coming years.

    The Chinese defence ministry did not respond to a request for comment on the Pentagon report and its submarine deployments. The Pentagon did not comment on its earlier assessments or whether the Chinese deployments posed an operational challenge.

    The U.S. Navy keeps about two dozen nuclear-powered attack subs based across the Pacific, including in Guam and Hawaii, according to the Pacific Fleet. Under AUKUS, U.S. and British nuclear-powered subs will be deployed out of Western Australia from 2027.

    Such submarines are the core weapons for hunting ballistic missile subs, backed by surface ships and P-8 Poseidon surveillance aircraft. The U.S. also has seabed sensors in key sea lanes to help detect submarines.

    Timothy Wright, a defence analyst at London’s International Institute for Strategic Studies, said U.S. forces could probably cope with the situation now, but would have to commit more assets in the next 10 to 15 years once the stealthier Type-096 patrols begin.

    China’s rapid expansion of its nuclear forces mean U.S. strategists must contend with two “nuclear peer adversaries” for the first time, along with Russia, he added.

    “That will be of concern to the United States because it will stretch U.S. defences, hold more targets at risk, and they will need addressing with additional conventional and nuclear capabilities,” he said.

    COMMAND AUTHORITY

    China’s navy has for years been thought to have the capability for deterrence patrols, but issues with command, control and communications have slowed their deployment, the military attaches and analysts say. Communications are crucial and complex for ballistic missile subs, which must remain hidden as part of their mission.

    The Jin-class subs, expected to be replaced by the Type-096 over the next decade, are relatively noisy and easy to track, the military attaches said.

    “Something concerning command authority must have also changed, but we just don’t have very good opportunities to talk to the Chinese about this kind of stuff,” Twomey said.

    The Chinese military has emphasised that the Central Military Commission, headed by President Xi Jinping, is the only nuclear command authority.

    Hans Kristensen, director of the nuclear information project at the Federation of American Scientists, said he believed command and communications issues remained a “work in progress”.

    “While China probably has made progress on establishing secure and operationally meaningful command and control between the Central Military Commission and the SSBNs, it seems unlikely that the capability is complete or necessarily fully battle hardened,” he said, using the designation letters for a nuclear-powered ballistic missile submarine.

    Two researchers at a Chinese navy training institute in Nanjing warned in a 2019 underwater-warfare journal of poor command organisation and co-ordination among submarine forces. The paper also urged improvements in submarine-launched nuclear strike capability.

    The navy must “strengthen ballistic missile nuclear submarines on patrol at sea, so as to ensure that they have the means and capabilities to carry out secondary nuclear counterattack operations when necessary,” the researchers wrote.

    SOUTH CHINA SEA ‘BASTION’

    With the advent of the JL-3 missile, Kristensen and other analysts expect Chinese strategists to keep their ballistic missile subs in the deep waters of the South China Sea – which China has fortified with a string of bases – rather than risk patrols in the Western Pacific.

    Collin Koh, a security fellow at Singapore’s S. Rajaratnam School of International Studies, said China could keep its ballistic missile submarines in a “bastion” of protected waters near its shores.

    “If I was the planner, I would want to keep my strategic deterrence assets as close to me as possible, and the South China Sea is perfect for that,” Koh said.

    Russia is thought to keep most of its 11 ballistic missile submarines largely in bastions off its Arctic coasts, while U.S., French and British boats roam more widely, three analysts said.

    Kristensen said the more numerous Chinese submarine deployments have meant the PLA and U.S. militaries increasingly “rub up” against each other – increasing the odds of accidental conflict.

    “The Americans of course are trying to poke into that bastion and see what they can do, and what they need to do, so that is where the tension can build and incidents happen,” he said.

    Reporting By Greg Torode in Hong Kong and Eduardo Baptista in Beijing; Additional reporting by Idrees Ali in Washington; Editing by Gerry Doyle.

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  • Apple CEO praises China’s innovation, long history of cooperation on Beijing visit

    Apple CEO praises China’s innovation, long history of cooperation on Beijing visit

    SHANGHAI, March 25 (Reuters) – Apple (AAPL.O) CEO Tim Cook on Saturday used his first public remarks on his visit to China to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports.

    Apple (AAPL.O) CEO Tim Cook on Saturday used his first public remarks in China in recent years to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports.

    Cook is in Beijing to attend the China Development Forum, a government-organised event being held again in full force after the country ended its COVID controls late last year.

    Besides Cook, the event is being attended by senior government officials as well as CEOs of firms such as Pfizer and BHP.

    “Innovation is developing rapidly in China and I believe it will further accelerate,” Cook was quoted by The Paper news outlet as saying.

    His visit comes at a time of rising tensions between Beijing and Washington and as Apple has been looking to reduce its supply chain reliance on China and moving production to new up and coming centres such as India.

    Last year, production at the world’s largest iPhone factory run by Apple supplier Foxconn was heavily disrupted after China’s zero-COVID policies fuelled worker unrest.

    Cook also visited an Apple Store in Beijing on Friday, pictures of which went viral on Chinese social media.

    During his speech, Cook also discussed education and the need for young people to learn programming critical thinking skills, announcing that Apple plans to increase spending on its rural education programme to 100 million yuan, the local media reports said.

    Reporting by Brenda Goh

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  • Host India doesn’t want G20 to discuss further Russia sanctions – sources

    Host India doesn’t want G20 to discuss further Russia sanctions – sources

    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.”

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    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

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  • Indian truckers say Hindenburg report a godsend in Adani dispute

    Indian truckers say Hindenburg report a godsend in Adani dispute

    • India’s Adani reopens two cement plants after freight dispute
    • Truckers believe Hindenburg report was answer to their prayers
    • Adani says amicable resolution reached after negotiations

    DARLAGHAT, India Feb 23 (Reuters) – For truckers transporting cement from Adani’s factories in a hilly north Indian state, a U.S. short-seller’s critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods.

    For weeks, around 7,000 truck owners and drivers in India’s Himachal Pradesh resorted to protest rallies against Adani’s Dec. 15 decision to shut two cement plants over a dispute on freight rates. Adani argued the plants were “unviable” at the trucking rates it wanted to slash by around half.

    On Monday, the Gautam Adani-led group said it had “amicably resolved” the issue with a 10-12% reduction in rates. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani.

    The settlement comes four weeks after U.S.-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.

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    The Jan. 24 report triggered a $140 billion rout in group’s stocks, sparked regulatory investigations and saw the billionaire Adani slip to 26 on the Forbes global rich list, from third.

    While the truckers’ settlement will have only a small impact on the overall Adani empire, it was a big win for the drivers and owners in a state were most people live on around $7 a day.

    The report “played a crucial role in our battle against India’s biggest business group, helped mobilize truckers and gain political support,” said Ram Krishan Sharma, one of the lead negotiators for protesting truckers.

    Adani negotiators had refused to budge for weeks. So Hindenburg’s report, some truckers believe, was godsent.

    Just a day before it was published, many truckers visited a small, revered Hindu temple in Darlaghat which overlooks one of Adani’s cement plants, and offered a traditional semolina sweet offering to a deity as they sought to resolve the dispute.

    Bantu Shukla, a protest leader, showed Reuters a photo and video of truckers that day offering prayers inside the temple. Some stood with folded hands, while a person rang a temple bell in a typical Hindu worship ritual.

    ‘AMICABLE RESOLUTION’

    Adani Group did not answer Reuters questions on whether the Hindenburg report’s fallout contributed to its decision in Himachal.

    Adani Cements in a statement said it was “grateful” to all stakeholders including the unions, the local state chief minister and other departments, adding the “amicable resolution” was in interest of everyone including the state.

    A source familiar with Adani’s negotiation said the group had been under pressure following what it thinks was a “negative campaign” by Adani’s opponents after the Hindenburg report, and the settlement to reopen plants is a relief.

    Himachal is ruled by Prime Minister Narendra Modi’s staunch rival, the Congress party. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. Both Adani and India’s government deny that.

    The source added the move will also help Adani signal it can resolve commercial matters in states ruled by Modi’s rivals.

    Without citing Hindenburg, the Himachal chief minister’s office on Monday said “we have been successful in resolving the issues” to end the 67-day dispute.

    WHATSAPP CHATS, PRAYERS AT TEMPLE

    Adani became India’s second largest cement manufacturer when it acquired ACC (ACC.NS) and Ambuja Cements (ABUJ.NS) in a $10.5 billion deal with Swiss giant Holcim (HOLN.S) last year.

    In December, it shut plants in the villages of Gagal and Darlaghat in Himachal, saying truckers were charging too much.

    The Adani group wanted freight rates to be lowered to around 6 rupees ($0.0725) per tonne per km, from around 11 rupees. Many truckers told Reuters they struggled to make their loan repayments as their incomes shrank after the shutdowns.

    As a stalemate worsened, truckers formed WhatsApp groups to coordinate efforts, vent frustration and later share Hindenburg’s impact on Adani companies and stock prices to further drum up support.

    One such WhatsApp group chat of around 1,000 truckers, reviewed by Reuters, showed sharing of a local reporter’s video discussing the sharp fall in Adani’s shares and his alleged close ties to Modi.

    Although they accepted a small cut in freight rates when Adani agreed to pay 9.3-10.58 rupees per km per tonne, truckers felt they saved their jobs, and prayers at the Hindu temple were organised again this week.

    “We felt our deity had accepted our prayers when we saw the fall in the share prices of Adani companies,” protest leader Shukla said. “The Hindenburg report was a gift that saved our businesses.”

    (This story has been refiled to remove extraneous word in paragraph 20)

    Reporting by Manoj Kumar, Aditya Kalra and Anushree Fadnavis; Editing by Lincoln Feast.

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  • Indian shares fall ahead of inflation data; Adani stocks slide

    Indian shares fall ahead of inflation data; Adani stocks slide

    BENGALURU, Feb 13 (Reuters) – Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group’s market rout continued to create an overhang.

    The Nifty 50 index (.NSEI) was down 0.29% at 17,804.60 as of 9:37 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.35% to 60,472.28.

    Ten of the 13 major sectoral indexes declined, with information technology stocks (.NIFTYIT) falling nearly 2% amid worries of a growth slowdown in the U.S., from where they get a significant share of their revenue.

    On the flip side, metals (.NIFTYMET) gained with a 1% rise.

    Twenty-seven of Nifty 50 constituents advanced with Titan Co (TITN.NS) and Eicher Motors Ltd (EICH.NS) among top gainers.

    Wall Street equities closed lower on Friday, on fears of a longer-than-expected high-rate regime after hawkish comments from key Federal Reserve officials.

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    Asian markets fell, with the MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) sliding 0.63%.

    Investors await India’s retail inflation data for January, due today. A Reuters poll of economists showed that India’s annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI’s tolerance band in January.

    The uncertainty over the Adani conglomerate added to concerns in domestic markets.

    “The Adani group saga continues to weigh on investors’ minds and hence the sentiment has been negative,” said Prashanth Tapse of Mehta Equities.

    The group has lost over $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of tax havens.

    India’s market regulator is probing the group’s links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises.

    ($1 = 82.5250 Indian rupees)

    Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita Bhattacharjee

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  • Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

    Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

    Feb 13 (Reuters) – India’s Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.

    Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.

    The group has rejected the allegations and denied any wrongdoing.

    The Adani Group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the original target of 40%, Bloomberg News said citing people familiar with the matter.

    Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.

    A spokesperson for the Adani Group said the report was “baseless, speculative”, without elaborating further.

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    The group has also been a part of India’s market regulator’s investigation into its links to some of the investors in its scrapped $2.5 billion share sale.

    Earlier this month, India’s ministry of corporate affairs started a preliminary review of the group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

    Reporting by Mrinmay Dey in Bengaluru; Editing by Kim Coghill and Savio D’Souza

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  • Adani’s market losses top $100 bln as crisis shockwaves spread

    Adani’s market losses top $100 bln as crisis shockwaves spread

    • Market rout deepens in Indian tycoon Adani’s shares
    • Adani Enterprises loses $26 bln in value since report
    • Falls after Adani pulled share sale, investors spooked
    • Analysts say signals confidence crisis in Indian market

    NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani’s market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group’s flagship firm abandoned its $2.5 billion stock offering.

    Another challenge for Adani on Thursday came when S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective Feb. 7, which would make the shares less appealing to sustainability-minded funds.

    In addition, India’s National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises <ADEL.NS>, Adani Ports <APSE.NS> and Ambuja Cements <ABUJ.NS>. read more

    However, Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. read more

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    The shock withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by U.S.-based short-seller Hindenburg Research.

    Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup’s (C.N) wealth unit stopped making margin loans to clients against Adani Group securities.

    The crisis marks an dramatic turn of fortune for Adani, who has in recent years forged partnerships with foreign giants such as France’s TotalEnergies (TTEF.PA) and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.

    In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.

    “Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

    Adani Enterprises shares tumbled 27% on Thursday, closing at their lowest level since March 2022.

    Other group companies also lost further ground, with 10% losses at Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS), while Adani Ports and Special Economic Zone shed nearly 7%.

    Since Hindenburg’s report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises – described as an incubator of Adani’s businesses – has lost $26 billion in market capitalisation.

    Adani is also no longer Asia’s richest person, having slid to 16th in the Forbes rankings of the world’s wealthiest people, with his net worth almost halved to $64.6 billion in a week.

    The 60-year-old had been third on the list, behind billionaires Elon Musk and Bernard Arnault.

    His rival Mukesh Ambani of Reliance Industries (RELI.NS) is now Asia’s richest person.

    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

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  • Adani crisis ignites Indian contagion fears, credit warnings

    Adani crisis ignites Indian contagion fears, credit warnings

    • Both houses of parliament adjourned amid row
    • Flagship Adani firm plunges 35% at one point
    • Moody’s warns will find it harder to raise capital

    NEW DELHI, Feb 3 (Reuters) – Financial contagion fears spread in India on Friday as the Adani Group’s crisis worsened, with ratings agency Moody’s warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses.

    Chaotic scenes in both houses of India’s parliament led to their adjournment on Friday as some lawmakers demanded an inquiry after a dramatic meltdown in the stock market values of Indian billionaire Gautam Adani’s companies.

    The crisis was triggered by a Hindenburg Research report last week in which the U.S.-based short-seller accused the Adani Group of stock manipulation and unsustainable debt.

    Adani Group, one of India’s top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.

    In the latest sign of the crisis widening, India’s ministry of corporate affairs has begun a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, two government officials told Reuters.

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    Although shares in Adani companies recovered after sharp falls earlier on Friday, the seven listed firms have still lost about half their market value, totalling more than $100 billion since Hindenburg published its report on Jan. 24.

    Moody’s warned the share plunge could hit the Adani Group’s ability to raise capital, although fellow credit ratings agency Fitch saw no immediate impact on its ratings.

    “These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable,” Moody’s said.

    For Adani, a former school drop-out from Gujarat, the western home state of Indian Prime Minister Narendra Modi, the crisis presents the biggest reputational and business challenge of his life, as his firm struggles to assuage investor concerns.

    Amid fears the turmoil could spill over into the broader financial system, some Indian politicians have called for a wider investigation, and sources have told Reuters the central bank has asked lenders for details of exposure to the group.

    “Contagion concerns are widening, but still limited to the banking sector,” Charu Chanana, a market strategist with Saxo Markets in Singapore, said on Friday.

    The Reserve Bank of India said the country’s banking system remains resilient and stable. State Bank of India said it was not concerned about the exposure to Adani Group, but further financing to its projects would be “evaluated on its own merit”.

    Adani Enterprises shares closed 1.4% higher, after earlier slumping 35% to hit their lowest since March 2021. That low took its losses to nearly $33.6 billion since last week, a 70% fall.

    Shares fell 5% in Adani Total Gas (ADAG.NS), a joint venture with France’s TotalEnergies (TTEF.PA), which said its exposure to Adani companies was limited.

    Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, Feb. 2, 2023. REUTERS/Amit Dave

    Adani Ports and Special Economic Zone (APSE.NS) was up 8%, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) were both down 10%.

    “There is a risk that investor concerns about the group’s governance and disclosures are larger than we have currently factored into our ratings,” S&P said, as it cut its outlook on Adani Ports and Adani Electricity to negative from stable.

    India’s divestment secretary Tuhin Kanta Pandey told Reuters that Life Insurance Corp (LIC) shareholders and customers should not be concerned about its exposure to the Adani Group.

    State-run LIC (LIFI.NS) has a 4.23% stake in the flagship Adani Enterprises, while its other exposures include a 9.14% stake in Adani Ports.

    Reuters Graphics

    ‘ONE INSTANCE’

    Adani, 60, has in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.

    The market and financial crisis means foreign investors, many already underweight on India as they consider its stock market overpriced, are reducing exposure.

    “One instance, however much talked about globally it may be … is not going to be indicative of how well Indian financial markets are governed,” Indian Finance Minister Nirmala Sitharaman told Network18 when asked about the market weakness.

    Reuters Graphics

    Hindenburg’s report said key listed Adani companies had “substantial debt” and shares in the seven listed firms had a downside of 85% due to what it called sky-high valuations.

    The Adani Group has called the report baseless and said over the past decade, its companies have “consistently de-levered”.

    The listed Adani firms now have a combined market value of $107.5 billion, versus $218 billion before the report.

    That has forced Adani to cede the crown of Asia’s richest person to Indian rival Mukesh Ambani of Reliance Industries Ltd (RELI.NS), and he has slid to 17th in Forbes’ list of the world’s wealthiest people.

    He had ranked third, behind Elon Musk and Bernard Arnault.

    Reporting by Aditya Kalra, Chris Thomas, Ankur Banerjee, Bansari Mayur Kamdar, Shivam Patel, Tanvi Mehta and Rae Wee in Singapore; Editing by Clarence Fernandez, Mark Potter and Alexander Smith

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  • India makes COVID test mandatory for arrivals from some countries, including China

    India makes COVID test mandatory for arrivals from some countries, including China

    NEW DELHI, Dec 24 (Reuters) – India has mandated a COVID-19 negative test report for travelers arriving from China, Japan, South Korea, Hong Kong and Thailand, the health minister said on Saturday.

    Passengers from those countries would be put under quarantine if they showed symptoms of COVID-19 or tested positive, Minister Mansukh Mandaviya said.

    (This story has been refiled to correct grammar in paragraph 2)

    Reporting by Munsif Vengattil in New Delhi

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  • Taliban bans female NGO staff, jeopardizing aid efforts

    Taliban bans female NGO staff, jeopardizing aid efforts

    • Taliban orders NGOs to stop female staff from working
    • Comes after suspension of female students from universities
    • U.N. says order would seriously impact humanitarian operations
    • U.N. plans to meet with Taliban to seek clarity

    KABUL, Dec 24 (Reuters) – Afghanistan’s Taliban-run administration on Saturday ordered all local and foreign NGOs to stop female employees from working, in a move the United Nations said would hit humanitarian operations just as winter grips a country already in economic crisis.

    A letter from the economy ministry, confirmed by spokesperson Abdulrahman Habib, said female employees of non-governmental organisations (NGOs) were not allowed to work until further notice because some had not adhered to the administration’s interpretation of Islamic dresscode for women.

    It comes days after the administration ordered universities to close to women, prompting global condemnation and sparking some protests and heavy criticism inside Afghanistan.

    Both decisions are the latest restrictions on women that are likely to undermine the Taliban-run administration’s efforts to gain international recognition and clear sanctions that are severely hampering the economy.

    U.S. Secretary of State Antony Blinken said on Twitter he was “deeply concerned” the move “will disrupt vital and life-saving assistance to millions,” adding: “Women are central to humanitarian operations around the world. This decision could be devastating for the Afghan people.”

    Ramiz Alakbarov, the U.N. deputy special representative for Afghanistan and humanitarian coordinator, told Reuters that although the U.N. had not received the order, contracted NGOs carried out most of its activities and would be heavily impacted.

    “Many of our programmes will be affected,” he said, because they need female staff to assess humanitarian need and identify beneficiaries, otherwise they will not be able to implement aid programs.

    International aid agency AfghanAid said it was immediately suspending operations while it consulted with other organisations, and that other NGOs were taking similar actions.

    The potential endangerment of aid programmes that millions of Afghans access comes when more than half the population relies on humanitarian aid, according to aid agencies, and during the mountainous nation’s coldest season.

    “There’s never a right time for anything like this … but this particular time is very unfortunate because during winter time people are most in need and Afghan winters are very harsh,” said Alakbarov.

    He said his office would consult with NGOs and U.N. agencies on Sunday and seek to meet with Taliban authorities for an explanation.

    Aid workers say female workers are essential in a country where rules and cultural customs largely prevent male workers from delivering aid to female beneficiaries.

    “An important principle of delivery of humanitarian aid is the ability of women to participate independently and in an unimpeded way in its distribution so if we can’t do it in a principled way then no donors will be funding any programs like that,” Alakbarov said.

    When asked whether the rules directly included U.N. agencies, Habib said the letter applied to organisations under Afghanistan’s coordinating body for humanitarian organisations, known as ACBAR. That body does not include the U.N., but includes over 180 local and international NGOs.

    Their licences would be suspended if they did not comply, the letter said.

    Afghanistan’s struggling economy has tipped into crisis since the Taliban took over in 2021, with the country facing sanctions, cuts in development aid and a freeze in central bank assets.

    A record 28 million Afghans are estimated to need humanitarian aid next year, according to AfghanAid.

    Reporting by Kabul newsroom; additional reporting by Susan Heavey in Washington
    Editing by Mark Potter and Josie Kao

    Our Standards: The Thomson Reuters Trust Principles.

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  • Biden and Xi clash over Taiwan in Bali but Cold War fears cool

    Biden and Xi clash over Taiwan in Bali but Cold War fears cool

    • Biden, Xi meet for 3 hours before G20
    • Both leaders stress need to get ties back on track
    • Indonesia seeks partnerships on global economy at G20
    • Ukraine’s Zelenskiy to address G20 on Tuesday

    NUSA DUA, Indonesia, Nov 14 (Reuters) – U.S. President Joe Biden and Chinese President Xi Jinping engaged in blunt talks over Taiwan and North Korea on Monday in a three-hour meeting aimed at preventing strained U.S.-China ties from spilling into a new Cold War.

    Amid simmering differences on human rights, Russia’s invasion of Ukraine, and support of domestic industry, the two leaders pledged more frequent communications. U.S. Secretary of State Antony Blinken will travel to Beijing for follow-up talks.

    “We’re going to compete vigorously. But I’m not looking for conflict, I’m looking to manage this competition responsibly,” Biden said after his talks with Xi on the sidelines of the G20 summit in Indonesia.

    Beijing has long said it would bring the self-governed island of Taiwan, which it views as an inalienable part of China, under its control and has not ruled out the use of force to do so. It has frequently accused the United States in recent years of encouraging Taiwan independence.

    In a statement after their meeting, Xi called Taiwan the “first red line” that must not be crossed in U.S.-China relations, Chinese state media said.

    Biden said he sought to assure Xi that U.S. policy on Taiwan, which has for decades been to support both Beijing’s ‘One China’ stance and Taiwan’s military, had not changed.

    He said there was no need for a new Cold War, and that he did not think China was planning a hot one.

    “I do not think there’s any imminent attempt on the part of China to invade Taiwan,” he told reporters.

    On North Korea, Biden said it was hard to know whether Beijing had any influence over Pyongyang weapons testing. “Well, first of all, it’s difficult to say that I am certain that China can control North Korea,” he said.

    Biden said he told Xi the United States would do what it needs to do to defend itself and allies South Korea and Japan, which could be “maybe more up in the face of China” though not directed against it.

    “We would have to take certain actions that would be more defensive on our behalf… to send a clear message to North Korea. We are going to defend our allies, as well as American soil and American capacity,” he said.

    Biden’s national security adviser Jake Sullivan said before the meeting that Biden would warn Xi about the possibility of enhanced U.S. military presence in the region, something Beijing is not keen to see.

    Beijing had halted a series of formal dialogue channels with Washington, including on climate change and military-to-military talks, after U.S. House of Representatives Speaker Nancy Pelosi upset China by visiting Taiwan in August.

    Biden and Xi agreed to allow senior officials to renew communication on climate, debt relief and other issues, the White House said after they spoke.

    Xi’s statement after the talks included pointed warnings on Taiwan.

    “The Taiwan question is at the very core of China’s core interests, the bedrock of the political foundation of China-U.S. relations, and the first red line that must not be crossed in China-U.S. relations,” Xi was quoted as saying by Xinhua news agency.

    “Resolving the Taiwan question is a matter for the Chinese and China’s internal affair,” Xi said, according to state media.

    Taiwan’s democratically elected government rejects Beijing’s claims of sovereignty over it.

    Taiwan’s presidential office said it welcomed Biden’s reaffirmation of U.S. policy. “This also once again fully demonstrates that the peace and stability of the Taiwan Strait is the common expectation of the international community,” it said.

    SMILES AND HANDSHAKES

    Before their talks, the two leaders smiled and shook hands warmly in front of their national flags at a hotel on Indonesia’s Bali island, a day before a Group of 20 (G20) summit set to be fraught with tension over Russia’s invasion of Ukraine.

    “It’s just great to see you,” Biden told Xi, as he put an arm around him before their meeting.

    Biden brought up a number of difficult topics with Xi, according to the White House, including raising U.S. objections to China’s “coercive and increasingly aggressive actions toward Taiwan,” Beijing’s “non-market economic practices,” and practices in “Xinjiang, Tibet, and Hong Kong, and human rights more broadly.”

    Neither leader wore a mask to ward off COVID-19, although members of their delegations did.

    U.S.-China relations have been roiled in recent years by growing tensions over issues ranging from Hong Kong and Taiwan to the South China Sea, trade practices, and U.S. restrictions on Chinese technology.

    But U.S. officials said there have been quiet efforts by both Beijing and Washington over the past two months to repair relations.

    U.S. Treasury Secretary Janet Yellen told reporters in Bali earlier that the meeting aimed to stabilise the relationship and to create a “more certain atmosphere” for U.S. businesses.

    She said Biden had been clear with China about national security concerns regarding restrictions on sensitive U.S. technologies and had raised concern about the reliability of Chinese supply chains for commodities.

    G20 summit host President Joko Widodo of Indonesia said he hoped the gathering on Tuesday could “deliver concrete partnerships that can help the world in its economic recovery”.

    However, one of the main topics at the G20 will be Russia’s war in Ukraine.

    Xi and Putin have grown close in recent years, bound by their shared distrust of the West, and reaffirmed their partnership just days before Russia invaded Ukraine. But China has been careful not to provide any direct material support that could trigger Western sanctions against it.

    Reporting by Nandita Bose, Stanley Widianto, Fransiska Nangoy, Leika Kihara, David Lawder and Simon Lewis in Nusa Dua, and Yew Lun Tian and Ryan Woo in Beijing; additional reporting by Jeff Mason and Steve Holland in Washington; Writing by Kay Johnson and Raju Gopalakrishnan; Editing by Angus MacSwan, Grant McCool, Heather Timmons and Rosalba O’Brien

    Our Standards: The Thomson Reuters Trust Principles.

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