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Adani loses Asia’s richest crown as stock rout deepens to $84 billion

BENGALURU, Feb 1 (Reuters) – Shares in Indian tycoon Gautam Adani’s conglomerate plunged again on Wednesday as a rout in his companies deepened to $84 billion in the wake of a U.S. short-seller report, with the billionaire also losing his title as Asia’s richest person.

Wednesday’s stock losses saw Adani slip to 15th on Forbes rich list with an estimated net worth of $76.8 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd (RELI.NS) who ranks ninth with a net worth of $83.6 billion.

Before the critical report by U.S. short-seller Hindenburg, Adani had ranked third.

The losses mark a dramatic setback for Adani, the school-dropout-turned-billionaire whose business interests stretch from ports and airports to mining and cement. Now, the tycoon is fighting to stabilise his businesses and defend his reputation.

It comes just a day after the group managed to muster support from investors for a $2.5 billion share sale for flagship firm Adani Enterprises on Tuesday, in what some saw as a stamp of investor confidence.

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The report by Hindenburg Research last week alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added.

Shares in Adani Enterprises (ADEL.NS), often described as the incubator of Adani businesses, plunged 30% on Wednesday. Adani Power (ADAN.NS) fell 5%, while Adani Total Gas (ADAG.NS) slumped 10%, down by its daily price limit.

Adani Transmission (ADAI.NS) was down 6% and Adani Ports and Special Economic Zone (APSE.NS) dropped 20%.

Adani Total Gas, a joint venture with France’s Total (TTEF.PA), has been the biggest casualty of the short seller report, losing about $27 billion.

“There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report,” said Ambareesh Baliga, a Mumbai-based independent market analyst.

“With the stocks down despite Adani’s rebuttal, it clearly shows some damage on investor sentiment. It will take a while to stabilise,” Baliga added.

Reuters Graphics

SCRUTINY

Underscoring the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse (CSGN.S) had stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients.

Deven Choksey, managing director of KRChoksey Shares and Securities, said this was a big factor in Wednesday’s share slides.

Credit Suisse had no immediate comment.

Scrutiny of the conglomerate is stepping up, with an Australian regulator saying on Wednesday it would review Hindenburg’s allegations to see if further enquiries were warranted.

Data also showed that foreign investors sold a net $1.5 billion worth of Indian equities after the Hindenburg report – the biggest outflow over four consecutive days since Sept. 30.

Headaches for the Adani Group are expected to continue for some time.

India’s markets regulator, which has been looking into deals by the conglomerate, has said it will add Hindenburg’s report to its own preliminary investigation.

State-run Life Insurance Corporation (LIC) (LIFI.NS)said on Monday it would seek clarifications from Adani’s management on the short seller report. The insurance giant was, however, a key investor in the Adani Enterprises share sale.

Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

Reporting by Chris Thomas in Bengaluru and Aditi Shah in New Delhi; Additional reporting by Bharath Rajeshwaran and Aditya Kalra; Editing by Edwina Gibbs and Mark Potter

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Over 50 injured in Peru as protests cause ‘nationwide chaos’

LIMA, Jan 20 (Reuters) – Dozens of Peruvians were injured after tensions flared again on Friday night as police clashed with protesters in anti-government demonstrations that are spreading across the country.

In the capital Lima, police officers used tear gas to repel demonstrators throwing glass bottles and stones, as fires burned in the streets, local TV footage showed.

In the country’s southern Puno region, some 1,500 protesters attacked a police station in the town of Ilave, Interior Minister Vicente Romero said in a statement to news media.

A police station in Zepita, Puno, was also on fire, Romero said.

Health authorities in Ilave reported eight patients hospitalized with injuries, including broken arms and legs, eye contusions and punctured abdomens.

By late afternoon, 58 people had been injured nationwide in demonstrations, according to a report from Peru’s ombudsman.

The unrest followed a day of turmoil in Thursday, when one of Lima’s most historic buildings burned to the ground, as President Dina Boluarte vowed to get tougher on “vandals.”

The destruction of the building, a near-century-old mansion in central Lima, was described by officials as the loss of a “monumental asset.” Authorities are investigating the causes.

Romero on Friday claimed the blaze was “duly planned and arranged.”

Thousands of protesters descended on Lima this week calling for change and angered by the protests’ mounting death toll, which officially stood at 45 on Friday.

Protests have rocked Peru since President Pedro Castillo was ousted in December after he attempted to dissolve the legislature to prevent an impeachment vote.

The unrest has until this week been concentrated in Peru’s south.

In the Cusco region, Glencore’s (GLEN.L) major Antapaccay copper mine suspended operations on Friday after protesters attacked the premises – one of the largest in the country – for the third time this month.

Airports in Arequipa, Cusco and the southern city of Juliaca were also attacked by demonstrators, delivering a fresh blow to Peru’s tourism industry.

“It’s nationwide chaos, you can’t live like this. We are in a terrible uncertainty – the economy, vandalism,” said Lima resident Leonardo Rojas.

The government has extended a state of emergency to six regions, curtailing some civil rights.

But Boluarte has dismissed calls for her to resign and hold snap elections, instead calling for dialogue and promising to punish those involved in the unrest.

“All the rigor of the law will fall on those people who have acted with vandalism,” Boluarte said on Thursday.

Some locals pointed the finger at Boluarte, accusing her of not taking action to quell the protests, which began on Dec. 7 in response to the ouster and arrest of Castillo.

Human rights groups have accused the police and army of using deadly firearms. The police say protesters have used weapons and homemade explosives.

Reporting by Marco Aquino; Writing by Isabel Woodford; Editing by Bill Berkrot, Leslie Adler and William Mallard

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Hundreds evacuated as blaze erupts in slum next to Seoul’s posh Gangnam district

SEOUL, Jan 20 (Reuters) – Fire swept through part of a shanty town in the South Korean capital, Seoul, on Friday, destroying 60 homes, many constructed from cardboard and wood, and forcing the evacuation of around 500 people.

Emergency services took five hours to put out the blaze, which erupted before daybreak in Guryong Village, a slum that lies just across a highway from Seoul’s affluent Gangnam district. Officials said no casualties were reported so far.

Home to around 1,000 people, Guryong is one of the last remaining shanty towns in the capital and has become a symbol of inequality in Asia’s fourth largest economy.

Ten helicopters and hundreds of firefighters, police and troops joined the effort to put out the blaze which, according to officials, razed almost one in ten of the 600-plus homes in Guryong.

“I saw a flash from the kitchen and opened the door, and flames were shooting from the houses next door,” said Shin, a 72-year-old woman whose home was completely burned in the inferno.

“So I knocked every door nearby and shouted ‘fire!’ and then called 119,” she said, giving only her surname.

Kim Doo-chun, 60, said his family was unaffected by the fire but he told Reuters that the village was constantly at risk of disaster due partly to its cardboard homes and narrow alleys.

“If a fire breaks out in this neighbourhood, the entire village could be in danger if we don’t respond quickly. So we’ve been responding together for decades,” said Kim, who has lived in the area for 30 years.

The slum has long been prone to fires and flooding, and safety and health issues abound.

The government had unveiled plans for redevelopment and relocation after a huge fire in late 2014, but those efforts have made little progress amid a decades-long tug of war between landowners, residents and authorities.

The civic authorities for Seoul and Gangnam district, and state-run developers have been at odds over how to compensate private landowners in Guryong and have yet to agree whether residents, most of whom are squatters, are entitled to government support for relocation and housing.

Informed about the fire while in Switzerland for the World Economic Forum, President Yoon Suk-yeol ordered all-out efforts to prevent a bigger disaster, his spokeswoman Kim Eun-hye said.

Seoul Mayor Oh Se-hoon visited the still smouldering village and asked officials to prepare to relocate affected families.

Reporting by Hyonhee Shin; Editing by Christian Schmollinger, Gerry Doyle & Simon Cameron-Moore

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Davos 2023: Cowed crypto crowd feel winter freeze at WEF

DAVOS, Switzerland, Jan 19 (Reuters) – In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for WEF attendees to see.

Last May, the dressed-up shop fronts that line both sides of the Promenade street running through the Swiss ski resort were dominated by crypto firms, rolling in bitcoin.

Now there are just a handful and the executives who have made it to Davos have swapped their hoodies for blazers, despite sub-zero temperatures outside.

Some of those from the digital industry which have set up shop on the fringes of the World Economic Forum (WEF) annual meeting were quick to distance themselves from cryptocurrencies.

“I hope there’s an increased focus on utility value and practical applications of the technology, and less focus on retail investors chasing meme coins,” Jeremy Allaire, CEO of USDC stablecoin issuer Circle, said.

“There was a lot of nonsense,” Allaire told the Reuters Global Markets Forum.

Former Reserve Bank of India Governor Raghuram Rajan believes last year’s plunge in digital assets allows investors to focus on the true value of the technology.

“We’re at the right place now in terms of crypto,” he said.

Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds for financial services and beyond.

“We are an infrastructure, plumbing play. We build infrastructure today for digital assets, which is crypto. Tomorrow it will be different assets,” said Dmitry Tokarev, chief executive of Copper, which provides custody services.

“I would question some of the stuff that I saw, ‘What is the return on that?'” Tokarev added, referring to the big presence of crypto companies at the last WEF meeting, which was unusually held in May as a result of the COVID-19 pandemic.

“We have been always ignoring the noise. All our partners were here last year. They are here this year,” Tokarev added.

The world of digital assets has changed drastically since May, with the value of the crypto market plummeting and some of the major crypto companies going under as investors pulled back from riskier assets in the face of rising interest rates.

The market capitalization of crypto currencies has shrunk by $1.4 trillion, a third of its value from peaks hit in late 2021 and some of the best-known crypto firms are under stress or have gone under, including the collapse of crypto exchange FTX.

“There is a place for trading use cases but they cannot be the singular focus, we need to move to more real use cases and put attention there,” said Denelle Dixon, CEO of Stellar Development Foundation, which supports the Stellar blockchain.

‘DODGED A BULLET’

While interest remains in the technology, the conversation is turning to responsibility.

Colm Kelleher, chairman of Swiss bank UBS (UBSG.S), told a WEF panel that blockchain technology will help reduce costs for banks. But he said the industry needed to figure out the basics, such as anti-money laundering controls.

“We kind of dodged a bullet,” Kelleher said, noting that the collapse in the value of crypto currencies had not caused systemic problems. “We did have investors who did want to invest in coinage. And we had to draw a line on what was suitable for those investors,” he added.

Yat Siu, co-founder of Hong Kong-based blockchain gaming developer Animoca Brands, was supportive of the firms in Davos.

“These are companies with serious cash positions and revenue generating companies,” Siu said. “They’re billion dollar enterprises.”

Crypto is trying to establish its presence, SkyBridge Capital founder Anthony Scaramucci said, adding “there’s nothing more establishment than the World Economic Forum.” Scaramucci maintains a bullish stance on crypto despite losses last year.

Back on the Davos Promenade, some signs of crypto’s lost swagger endure.

Parked right outside a pavilion promoting blockchain early in the week was a bright orange Mercedes.

On the hood, instead of the carmaker’s insignia was a copper-colored symbol for bitcoin.

The tires carried a slogan in white: “In Bitcoin we trust”.

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Additional reporting by Lananh Nguyen in Davos, Stefania Spezzati and Lisa Mattackal; Editing by Alexander Smith

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Davos 2023: Greta Thunberg accuses energy firms of throwing people ‘under the bus’

DAVOS, Switzerland, Jan 19 (Reuters) – Greta Thunberg called on the global energy industry and its financiers to end all fossil fuel investments on Thursday at a high-profile meeting in Davos with the head of the International Energy Agency (IEA).

During a round-table discussion with Fatih Birol on the sidelines of the World Economic Forum (WEF) annual meeting, activists said they had presented a “cease and desist” letter to CEOs calling for a stop to new oil, gas and coal extraction.

“As long as they can get away with it they will continue to invest in fossil fuels, they will continue to throw people under the bus,” Thunberg warned.

The oil and gas industry, which has been accused by activists of hijacking the climate change debate in the Swiss ski resort, has said that it needs to be part of the energy transition as fossil fuels will continue to play a major role in the energy mix as the world shift to a low-carbon economy.

Thunberg, who was detained by police in Germany earlier this week during a demonstration at a coal mine, joined with fellow activists Helena Gualinga from Ecuador, Vanessa Nakate from Uganda and Luisa Neubauer from Germany to discuss the tackle the big issues with Birol.

Birol, whose agency makes policy recommendations on energy, thanked the activists for meeting him, but insisted that the transition had to include a mix of stakeholders, especially in the face of the global energy security crisis.

The IEA chief, who earlier on Thursday met with some of the biggest names in the oil and gas industry in Davos, said there was no reason to justify investments in new oil fields because of the energy crunch, saying by the time these became operational the climate crisis would be worse.

He also said he was less pessimistic than the climate activists about the shift to clean energy.

“We can have slight legitimate optimism,” he said, adding: “Last year the amount of renewables coming to the market was record high.”

But he admitted that the transition was not happening fast enough and warned that emerging and developing countries risked being left behind if advanced economies did not support the transition.

Youth climate activist Greta Thunberg takes part in a discussion on “Treating the climate crisis like a crisis” with International Energy Agency head Fatih Birol (not pictured) on the sidelines of the World Economic Forum in Davos (WEF) in Davos, Switzerland January 19, 2023. REUTERS/Arnd Wiegmann

‘REAL MONEY’

The United Nation’s climate conference, held in Egypt last year, established a loss and damage fund to compensate countries most impacted by climate change events.

Nakate, who held a solitary protest outside the Ugandan parliament for several months in 2019, said the fund “is still an empty bucket with no money at all.”

“There is a need for real money for loss and damage”.

In 2019, the then 16-year-old Thunberg took part in the main WEF meeting, famously telling leaders that “our house is on fire”. She returned to Davos the following year.

But she refused to participate as an official delegate this year as the event returned to its usual January slot.

Asked why she did not want to advocate for change from the inside, Thunberg said there were already activists doing that.

“I think it should be people on the frontlines and not privileged people like me,” she said. “I don’t think the changes we need are very likely to come from the inside. They are more likely to come from the bottom up.”

The activists later walked together through the snowy streets of Davos, where many of the shops have temporarily been turned into “pavilions” sponsored by companies or countries.

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Writing by Leela de Kretser; Editing by Alexander Smith

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Berlin sets condition for U.S. on supplying German-made tanks to Ukraine – source

  • Germany’s Leopard tanks seen as best suited for Ukraine
  • All eyes on Germany when defence leaders meet on Friday
  • U.S. to provide $125 mln to Ukraine to support energy systems
  • Cabinet minister among dead in Ukraine helicopter crash

KYIV/BERLIN, Jan 19 (Reuters) – Germany will send German-made tanks to Ukraine so long as the United States agrees to do likewise, a government source in Berlin told Reuters, as NATO partners remained out of step over how best to arm Ukraine in its war against Russia.

Ukraine has pleaded for modern Western weapons, especially heavy battle tanks, so it can regain momentum following some battlefield successes in the second half of 2022 against Russian forces that invaded last February.

Berlin has veto power over any decision to export its Leopard tanks, fielded by NATO-allied armies across Europe and seen by defence experts as the most suitable for Ukraine.

Several times in recent days, German Chancellor Olaf Scholz has stressed, behind closed doors, the condition that U.S. tanks should also be sent to Ukraine, the German government source said on condition of anonymity.

When asked about Germany’s stance, U.S. President Joe Biden’s spokesperson Karine Jean-Pierre said: “The president believes that each country should make their own sovereign decisions on what steps of security assistance and what kinds of equipment they are able to provide Ukraine.”

NATO allies have sought to avoid the risk of appearing to confront Russia directly and have refrained from sending their most potent weapons to Ukraine.

According to a U.S. official, the Biden administration is set to approve a new aid package for Ukraine, worth more than $2 billion, which would likely include Stryker armoured vehicles for Kyiv, but not M1 Abram tanks.

The package could be announced as early as Friday during a meeting of top defence officials from dozens of countries at the U.S. Ramstein Air Base in Germany.

The Pentagon is still not prepared to meet Kyiv’s request for M1 Abrams tanks, Colin Kahl, the Pentagon’s top policy adviser who had just returned from a trip to Ukraine, has said.

“I just don’t think we’re there yet,” Kahl said. “The Abrams tank is a very complicated piece of equipment. It’s expensive. It’s hard to train on. It has a jet engine.”

Germany’s new Defence Minister Boris Pistorius will host U.S. Defense Secretary Lloyd Austin on Thursday.

Austin will press Pistorius at the meeting to allow for the transfer of German-made Leopard tanks to Ukraine, as several NATO countries had them and were willing to deliver them quickly, U.S. officials said.

PRESSURE ON GERMANY

Attention at Friday’s meeting will be focused on Germany, which has said Western tanks should only be supplied to Ukraine if there is an agreement among Kyiv’s main allies.

Britain has raised the pressure on Berlin this month by becoming the first Western country to send tanks to Ukraine, pledging a squadron of its Challengers. Poland and Finland have said they will send Leopard tanks if Germany approves them.

In a speech by video link to the Davos forum on Wednesday, Ukrainian President Volodymyr Zelenskiy urged Western allies to supply his country before Russia mounts its next missile and armoured ground attacks.

“The supplying of Ukraine with air defence systems must outpace Russia’s next missile attacks,” Zelenskiy said. “The supplies of Western tanks must outpace another invasion of Russian tanks.”

Germany’s Leopard 2 is regarded as one of the West’s best tanks. It weighs more than 60 tons (60,000 kilograms), has a 120mm smoothbore gun and can hit targets at a distance of up to five kilometres (three miles).

Ukraine, which has relied primarily on Soviet-era T-72 tank variants, says the new tanks would give its troops the mobile firepower to drive out Russian troops in decisive battles.

TOUGH FRONTLINE SITUATION

The fighting has been concentrated in the south and east of Ukraine, after Russia’s initial assault from the north aimed at taking Kyiv was thwarted during the first months of an invasion that Russian President Vladimir Putin called a “special military operation”.

“The situation on the frontline remains tough, with Donbas being the epicentre of the most fierce and principled battles,” Zelenskiy said in a video address on Wednesday. “We are seeing a gradual increase in the number of bombardments and attempts to conduct offensive actions by the invaders.”

Donbas, comprised of Luhansk and Donetsk, is the industrial heartland of Ukraine’s east. Russian forces have been pressing for months for control of the city of Bakhmut in Donetsk but with limited success, and have shifted their attention to the smaller nearby town of Soledar in recent weeks.

Ukrainian military analyst Oleh Zhdanov said in a YouTube video that Ukrainian army units remained in Soledar, with heavy fighting in western districts despite Russian claims for more than a week that it now controlled the town.

Reuters could not verify battlefield reports.

HELICOPTER CRASH

Separately, a helicopter crashed in fog near a nursery outside Kyiv on Wednesday, killing 14 people, including Ukraine’s interior minister, and a child.

Ukrainian officials have not suggested that any action by Russia was responsible for the helicopter going down.

The crash was “a terrible tragedy” and “the pain is unspeakable”, Zelenskiy said on Telegram, and in his nightly video address, he said the had asked the SBU intelligence service to investigate the cause.

Reporting by Andreas Rinke in Berlin and Reuters bureaux; Writing by Grant McCool and Himani Sarkar; Editing by Howard Goller and Simon Cameron-Moore

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Ukraine’s interior minister among 15 dead in helicopter crash

  • No immediate explanation for helicopter crash
  • Ukraine closer to receiving Western tanks
  • Zelenskiy to address World Economic Forum in Davos
  • Moscow sees no sign of talks

BROVARY, Ukraine, Jan 18 (Reuters) – Ukraine’s interior minister was among at least 15 people killed on Wednesday morning when a helicopter crashed near a nursery outside Kyiv, Ukrainian officials said.

Officials said nine people on board the aircraft and six on the ground, including three children, were killed when the French-made Super Puma helicopter crashed in a residential area in the suburb of Brovary on the capital’s eastern outskirts. Earlier, officials had given an initial death toll of 18.

The regional governor said 29 other people were injured, including 15 children.

President Volodymyr Zelenskiy called the crash a terrible tragedy, saying the full casualty toll was still being determined and he had ordered an investigation.

“As of this minute, three children died. The pain is unspeakable,” he said in a statement.

At the scene, debris was scattered over a muddy playground and emergency workers milled about a fleet of ambulances.

In a courtyard lay several dead bodies wearing blue interior ministry uniforms and black boots, visible from under foil blankets draped over them. A large chunk of the aircraft had landed on a car, destroying it.

National police chief Ihor Klymenko confirmed that Interior Minister Denys Monastyrskyi was killed alongside his first deputy, Yevheniy Yenin, and other ministry officials flying in the helicopter operated by the state emergency service.

Ukrainian officials said it was not immediately clear what had caused the helicopter to crash. There was no immediate comment from Russia, which invaded Ukraine last February, and Ukrainian officials made no reference to any Russian attack in the area at the time.

“Unfortunately, the sky does not forgive mistakes, as pilots say, but it’s really too early to talk about the causes,” air force spokesperson Yuriy Ihnat said, adding it could take at least several weeks to investigate the disaster.

Monastyrskyi, 42, a lawyer and lawmaker appointed in 2021 to run the ministry with responsibilty for the police, was the most senior Ukrainian official to die since the war began.

FIGHTING

Separately, Ukraine reported intense fighting overnight in the east of the country, where both sides have taken huge losses for little gain in intense trench warfare over the last two months.

Ukrainian forces repelled attacks in the eastern city of Bakhmut and the village of Klishchiivka just south of it, the Ukrainian military said. Russia has focused on Bakhmut in recent weeks, claiming last week to have taken the mining town of Soledar on its northern outskirts.

After significant Ukrainian gains in the second half of 2022, the frontlines have hardened over the last two months. Kyiv says it hopes new Western weapons would let it resume an offensive to recapture land, especially heavy tanks which would give its troops mobility and protection to push through Russian lines.

Western allies will be gathering on Friday at a U.S. air base in Germany to pledge more weapons for Ukraine. Attention is focused in particular on Germany, which has veto power over any decision to send its Leopard tanks, fielded by armies across Europe and widely seen as the most suitable for Ukraine.

Berlin says a decision on the tanks will be the first item on the agenda of Boris Pistorius, named its new defence minister this week.

Britain, which broke the Western taboo on sending main battle tanks over the weekend by promising a squadron of its Challengers, has called on Germany to approve the Leopards. Poland and Finland have already said they would be ready to send Leopards if Berlin allows it.

Lithuania’s president, attending the World Economic Forum in Davos, Switzerland, said he was confident there would be a decision to send tanks.

“I’m confident because this is what I’m hearing here, talking with other leaders. There is momentum,” Gabrielius Landsbergis told Reuters in an interview.

Germany’s Chancellor Olaf Scholz was due to address the forum later on Wednesday, though his government is thought likely to be waiting until later in the week to unveil any decision on tanks. Ukraine’s Zelenskiy was also due to address Davos by video link.

Russian Foreign Minister Sergei Lavrov said on Wednesday Moscow saw no prospects of peace talks and there could be no negotiations with Zelenskiy. Russia has said talks are possible only if Ukraine recognises Moscow’s claims to Ukrainian territory; Kyiv says it will fight until Russia withdraws from all of Ukraine.

In his remarks, Lavrov compared the West’s approach to Russia to Hitler’s “final solution”, the Holocaust plot to murder all European Jews. Lavrov was criticised by Israel last year for saying Hitler was part Jewish and the worst anti-Semites were Jews, after being asked why Moscow portrays Zelenskiy, who has a Jewish background, as a Nazi.

In the central Ukrainian city of Dnipro, the civilian death toll from a missile that struck an apartment block on Saturday rose to 45, including six children, among them an 11-month-old boy, Zelenskiy said in his nightly video address.

Ukrainian authorities called off the search for survivors on Tuesday. Around 20 other people are still missing in the rubble after the attack, the deadliest for civilians of a three-month Russian missile bombardment campaign against cities far from the front.

Moscow denies intentionally targetting civilians. It launched what it calls its special military operation in Ukraine last year saying Kyiv’s ties with the West posed a security threat.

Tens of thousands of people have been killed and millions forced to flee homes in what Kyiv and the West call an unprovoked invasion to subdue Ukraine and seize its land.

Writing by Peter Graff; Editing by Angus MacSwan

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Millions of Chinese workers on the move ahead of Friday travel peak

  • Half a million people now crossing China’s borders per day
  • China now open to world – state leader tells World Economic Forum
  • Medical workers rush to vaccinate elderly

BEIJING, Jan 18 (Reuters) – Millions of urban workers were on the move across China on Wednesday ahead of the expected Friday peak of its Lunar New Year mass migration, as China’s leaders looked to get its COVID-battered economy moving.

Unfettered when officials last month ended three years of some of the world’s tightest COVID-19 restrictions, workers streamed into railway stations and airports to head to smaller towns and rural homes, sparking fears of a broadening virus outbreak.

Economists are scrutinising the holiday season, known as the Spring Festival, for glimmers of rebounding consumption across the world’s second largest economy after new GDP data on Tuesday confirmed a sharp economic slowdown in China.

While some analysts expect that recovery to be slow, China’s Vice-Premier Liu He declared to the World Economic Forum in Switzerland on Tuesday that China was open to the world after three years of pandemic isolation.

National Immigration Administration officials said that, on average, half a million people had been moved in or out of China per day since its borders opened on Jan. 8, state media reported.

But as workers flood out of megacities, such as Shanghai, where officials say the virus has peaked, many are heading to towns and villages where unvaccinated elderly have yet to be exposed to COVID and health care systems are less equipped.

LARGE ROLLING SUITCASES, BOXES OF GIFTS

As the COVID surge intensified, some were putting the virus out of their mind as they headed for the departure gates.

Travellers bustled through railway stations and subways in Beijing and Shanghai, many ferrying large wheeled suitcases and boxes stuffed with food and gifts.

“I used to be a little worried (about the COVID-19 epidemic),” said migrant worker Jiang Zhiguang, waiting among the crowds at Shanghai’s Hongqiao Railway Station.

“Now it doesn’t matter anymore. Now it’s okay if you get infected. You’ll just be sick for two days only,” Jiang, aged 30, told Reuters.

The infection rate in the southern city of Guangzhou, capital of China’s most populous province, has now passed 85%, local health officials announced on Wednesday.

In more isolated areas, state medical workers are this week going door-to-door in some outlying villages to vaccinate the elderly, with the official Xinhua news agency describing the effort on Tuesday as the “last mile”.

Clinics in rural villages and towns are now being fitted with oxygenators, and medical vehicles have also been deployed to isolated areas.

While authorities confirmed on Saturday a huge increase in deaths – announcing that nearly 60,000 people with COVID had died in hospitals between Dec. 8 and Jan. 12 – state media reported that heath officials were not yet ready to give the World Health Organization (WHO) the extra data it is now seeking.

Specifically, the U.N. agency wants information on so-called excess mortality – the number of all deaths beyond the norm during a crisis, the WHO said in a statement to Reuters on Tuesday.

The Global Times, a nationalistic tabloid published by the official People’s Daily, quoted Chinese experts saying the China Center for Disease Control and Prevention was already monitoring such data, but it would take time before it could be released.

Doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID, Reuters reported on Tuesday.

Reporting By Bernard Orr in Beijing and Beijing and Shanghai newsrooms; Additional reporting By Xihao Jiang in Shanghai; Writing By Greg Torode; Editing by Michael Perry

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Davos 2023: Big Oil in sights of climate activist protests

DAVOS, Switzerland, Jan 16 (Reuters) – Big oil firms came under pressure at the start of the World Economic Forum (WEF) from activists who accused them of hijacking the climate debate, while a Greta Thunberg-sponsored “cease and desist” campaign gained support on social media.

Major energy firms including BP (BP.L), Chevron (CVX.N) and Saudi Aramco (2222.SE) are among the 1,500 business leaders gathering for the annual meeting in the Swiss resort of Davos, where global threats including climate change are on the agenda.

“We are demanding concrete and real climate action,” said Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland.

The annual meeting of global business and political leaders opens in Davos on Monday.

“They will be in the same room with state leaders and they will push for their interests,” Siegrist said of the involvement of energy companies during a demonstration attended by several hundred people on Sunday.

The oil and gas industry has said that it needs to be part of the energy transition as fossil fuels will continue to play a major role in the world’s energy mix as countries shift to low carbon economies.

On Monday, a social media campaign added to the pressure on oil and gas companies, by promoting a “cease and desist” notice sponsored by climate activists Thunberg, Vanessa Nakate and Luisa Neubauer, through the non-profit website Avaaz.

It demands energy company CEOs “immediately stop opening any new oil, gas, or coal extraction sites, and stop blocking the clean energy transition we all so urgently need”, and threatens legal action and more protests if they fail to comply.

The campaign, which had been signed by more than 660,000 people, had almost 200,000 shares on Monday morning.

Sumant Sinha, who heads one of India’s largest renewable energy firms, said it would be good to include big oil companies in the transition debate as they have a vital role to play.

“If oil people are part of these conversations to the extent that they are also committing to change then by all means. It is better to get them inside the tent than to have them outside the tent,” Sinha, chairman and CEO of ReNew Power, told Reuters, saying that inclusion should not lead to “sabotage”.

Rising interest rates have made it harder for renewable energy developments to attract financing, giving traditional players with deep pockets a competitive advantage.

As delegates began to arrive in Davos, Debt for Climate activists protested at a private airport in eastern Switzerland, which they said would be used by some WEF attendees, and issued a statement calling for foreign debts of poorer countries to be cancelled in order to accelerate the global energy transition.

Additional reporting by Kathryn Lurie; Editing by Alexander Smith and Alex Richardson

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‘Feels like summer’: Warm winter breaks temperature records in Europe

  • Ski slopes deserted due to lack of snow
  • Activists call for faster action on climate change
  • Pollen warning issued as plants bloom early
  • Governments get short-term gas-price respite

LONDON/BRUSSELS, Jan 4 (Reuters) – Record-high winter temperatures swept across parts of Europe over the new year, bringing calls from activists for faster action against climate change while offering short-term respite to governments struggling with high gas prices.

Hundreds of sites have seen temperature records smashed in the past days, from Switzerland to Poland to Hungary, which registered its warmest Christmas Eve in Budapest and saw temperatures climb to 18.9 degrees Celsius (66.02°F) on Jan. 1.

In France, where the night of Dec. 30-31 was the warmest since records began, temperatures climbed to nearly 25C in the southwest on New Year’s Day while normally bustling European ski resorts were deserted due to a lack of snow.

The Weather Service in Germany, where temperatures of over 20C were recorded, said such a mild turn of the year had not been observed in the country since records began in 1881.

Czech Television reported some trees were starting to flower in private gardens while Switzerland’s office of Meteorology and Climatology issued a pollen warning to allergy sufferers from early blooming hazel plants.

The temperature hit 25.1C at Bilbao airport in Spain’s Basque country. People basked in the sun as they sat outside Bilbao’s Guggenheim Museum or walked along the River Nervion.

“It always rains a lot here, it’s very cold, and it’s January, (but now) it feels like summer,” said Bilbao resident Eusebio Folgeira, 81.

French tourist Joana Host said: “It’s like nice weather for biking but we know it’s like the planet is burning. So we’re enjoying it but at the same time we’re scared.”

Scientists have not yet analysed the specific ways in which climate change affected the recent high temperatures, but January’s warm weather spell fits into the longer-term trend of rising temperatures due to human-caused climate change.

“Winters are becoming warmer in Europe as a result of global temperatures increasing,” said Freja Vamborg, climate scientist at the European Union’s Copernicus Climate Change Service.

It follows another year of extreme weather events that scientists concluded were directly linked to global warming, including deadly heatwaves in Europe and India, and flooding in Pakistan.

“The record-breaking heat across Europe over the new year was made more likely to happen by human-caused climate change, just as climate change is now making every heatwave more likely and hotter,” said Dr Friederike Otto, climate scientist at Imperial College London.

Temperature spikes can also cause plants to start growing earlier in the year or coax animals out of hibernation early, making them vulnerable to being killed off by later cold snaps.

Robert Vautard, director of France’s Pierre-Simon Laplace Institute, said that while temperatures peaked from Dec. 30 to Jan. 2, the mild spell has lasted for two weeks and is still not over. “This is actually a relatively long-lived event,” he said.

EMPTY SLOPES

French national weather agency Meteo France attributed the anomalous temperatures to a mass of warm air moving to Europe from subtropical zones.

It struck during the busy skiing season, leading to cancelled trips and empty slopes. Resorts in the northern Spanish regions of Asturias, Leon and Cantabria have been closed since the Christmas holidays for lack of snow.

On Jahorina mountain above the Bosnian capital Sarajevo, which hosted the 1984 Winter Olympics, it should have been one of the busiest weeks of the season. Instead, the chair-lifts hung lifeless above the grassy slopes. In one guesthouse a couple ate dinner alone in the restaurant, the only guests.

A ski jumping event in Zakopane, southern Poland, planned for the weekend of Jan. 7-8 was cancelled.

Karsten Smid, a climate expert at Greenpeace Germany, said while some climate change impacts were already unavoidable, urgent action should be taken to prevent even more drastic global warming.

“What’s happening right now is exactly what climate scientists warned us about 10, 20 years ago, and that can no longer be prevented now,” Smid said.

WEATHER EASES GAS STRAIN

The unusually mild temperatures have offered some short-term relief to European governments who have struggled to secure scarce gas supplies and keep a lid on soaring prices after Russia slashed deliveries of the fuel to Europe.

European governments have said this energy crisis should hasten their shift from fossil fuels to clean energy – but in the short term, plummeting Russian fuel supplies have left them racing to secure extra gas from elsewhere.

Gas demand has fallen for heating in many countries due to the mild spell, helping to reduce prices.

The benchmark front-month gas price was trading at 70.25 euros per megawatt hour on Wednesday morning, its lowest level since February 2022 – just before Russia’s invasion of Ukraine.

The head of Italy’s energy authority predicted that regulated energy bills in the country would fall this month, if the milder temperatures help keep gas prices lower.

However, a note by Eurointelligence cautioned that this should not lull governments into complacency about Europe’s energy crisis.

“While it will give governments more fiscal breathing room in the first part of this year, resolving Europe’s energy problems will taken concerted action over the course of several years,” it said. “Nobody should believe this is over yet.”

Reporting by Kate Abnett, Richard Lough, Alan Charlish, Krisztina Than, Luiza Ilie, Susanna Twidale, Riham Alkousaa, Jason Hovet, Emma Pinedo, Kirsten Donovan, Federico Maccioni; writing by Matthias Williams; Editing by Janet Lawrence and Mark Heinrich

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