People walks past a logo of SoftBank Corp on a street in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino
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Son said he was surprised by registration -source
SoftBank stake in Alibaba worth about $82 billion
Shares in Alibaba and SoftBank jumped on Wednesday
Focus on potential asset sales after Arm deal collapse
Group’s LTV ratio is rising as value of assets fall
TOKYO, Feb 9 (Reuters) – Japan’s SoftBank Group Corp (9984.T) said on Wednesday there was no link between Alibaba registering a U.S. share facility and any specific plans to sell down its stake in the Chinese e-commerce giant.
SoftBank’s shares jumped almost 6% in Tokyo, while Alibaba’s Hong Kong-listed shares were up almost 7%.
“The registration of the ADR conversion facility, including its size, is not tied to any specific future transaction by SBG,” SoftBank said in a statement to Reuters.
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SoftBank has previously used its Alibaba shares as collateral for loans and trimmed its stake using derivatives to capture upside from any rise in the company’s stock price.
After Alibaba (9988.HK), last week filed to register an additional 1 billion American Depository Shares (ADS), Citigroup analysts had said this might “suggest potential selling intention by SoftBank”.
In a fresh research note on Wednesday, Citi said Alibaba might have registered in advance a large number of ADS to support future plans of shareholders to convert the company’s Hong Kong stocks to those listed in New York.
SoftBank Chief Executive Masayoshi Son told analysts he was “surprised” and had not requested the Alibaba filing, a person familiar with the matter said on condition of anonymity.
Despite its 25% stake in Alibaba being worth about $82 billion, SoftBank is valued at just $84 billion and there has been speculation that the Japanese firm may monetize more of the holding, which began with a $20 million investment in 2000.
Alibaba’s shares have fallen about 60% from highs in October 2020, amid a regulatory crackdown against tech firms in China.
SoftBank’s fund raising plans were dealt a major setbackthis week after it abandoned plans to sell chip designer Arm to Nvidia (NVDA.O). The group is still investing through its Vision Fund unit and buying back shares.
SoftBank’s shares are down by about half from highs in March last year. The group squeezed out a profit in the October-December quarter after an upswing in valuations in Vision Fund’s private assets offset falling shares in its listed portfolio.
The group’s loan-to-value ratio is being closely watched after it rose to 22% from 19% three months earlier as the net value of SoftBank’s assets fell and debt rose. Son has pledged to keep the ratio below 25% in normal times.
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Reporting by Sam Nussey; Editing by Gerry Doyle and Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.
BoE’s Bailey says don’t bet on long run of rate hikes
LONDON, Feb 3 (Reuters) – The Bank of England raised interest rates to 0.5% on Thursday and nearly half its policymakers wanted a bigger increase to contain rampant price pressures, which the British central bank warned would push inflation above 7%.
In a surprise split decision, four of the nine Monetary Policy Committee members wanted to raise rates to 0.75% in what would have been the biggest increase in borrowing costs since the BoE became operationally independent 25 years ago.
A slim majority, including Governor Andrew Bailey, voted for a 0.25 percentage point increase.
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The pound briefly jumped above $1.36, its highest level since Jan. 20, and touched a two-year high against the euro before falling back after the European Central Bank raised the possibility of a rate hike of its own.
British government bonds sold off, with the 10-year yield at its highest since January 2019.
The BoE, which in December became the first major central bank to raise rates since the pandemic, flagged further modest tightening “in the coming months” even though growth will be hurt by global energy and goods price inflation.
But Bailey told investors not to assume the BoE was embarking on a long series of rate hikes, and said there would have to be a trade-off between strong inflation and weakening growth as many households see their incomes squeezed.
Earlier, finance minister Rishi Sunak detailed measures to help households cope with a leap in energy prices in April, when taxes for workers and firms are due to rise. read more
Bailey said he had a “hard message” for the public.
“We have not raised interest rates today because the economy is roaring away,” he told reporters. “An increase in Bank Rate is necessary because it is unlikely that inflation will return to target without it.”
Britain was facing an “extreme example” of an economic shock that would raise the cost of living for everyone, Bailey warned.
Some analysts said the BoE risked adding to the financial pain.
“We think that they are effectively cracking a supply side nut with a demand side hammer,” Richard McGuire, head of rates strategy at Rabobank, said.
James Athey, investment director at abrdn, said inflation expectations in financial markets were little changed by the BoE’s announcement.
“The Bank seemingly cannot win in such a scenario as the market is essentially saying that if they don’t create a recession then inflation won’t come down far enough,” he said.
Thursday’s move marked the first back-to-back increases in Bank Rate since 2004.
The Bank of England (BoE) building is reflected in a sign, after the BoE became the first major world’s central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Melville//File Photo
After the BoE’s announcement, investors priced in Bank Rate hitting 1.0% by May and 1.5% by year-end.
“It would not be surprising if we see a further increase, but please don’t get carried away,” Bailey said.
SPLIT DECISION
The BoE said consumer price inflation – which was 5.4% in December – should peak at around 7.25% in April, which would be the highest rate since the recession-ravaged early 1990s and miles off its 2% target.
High inflation meant post-tax income for working households would fall by 2% this year and 0.5% next year, while weakening demand would push unemployment up to 5% in three years’ time.
The BoE said it will start to unwind its 895 billion pound ($1.2 trillion) quantitative easing programme by allowing the government bonds it holds to roll off its balance sheet as they mature. It will sell its much smaller stock of corporate bonds.
Price pressures look set to persist for much longer than forecast in November by the BoE, which trebled its forecast for wage growth this year to 3.75%.
Inflation in a year’s time is now seen above 5% based on the market outlook for interest rates.
But in a sign the BoE thinks investors have priced in too many rate hikes, it predicted inflation in three years’ time would be below target at around 1.6%.
Bailey, his deputies Ben Broadbent and Jon Cunliffe, Chief Economist Huw Pill and external MPC member Silvana Tenreyro all voted for a 25 basis-point rate hike.
The BoE said they recognised the risks of strong price pressures but also the potential for inflation to fall faster if global energy and goods costs ease as markets expect.
They warned a larger rate hike could have an “outsized impact” on expectations for borrowing costs.
Deputy Governor Dave Ramsden and external members Michael Saunders, Jonathan Haskel and Catherine Mann voted for a half-percentage-point rate rise to reduce the risk that recent pay growth and inflation expectations became more firmly embedded.
BOND SALES
The BoE said the unwinding of its asset purchases would start next month when a British government bond held by the central bank matures. The 27.9 billion pounds of proceeds will not be reinvested, the BoE said – and nor will future gilt redemptions, worth around 70 billion pounds over 2022 and 2023.
The BoE will consider actively selling gilts once Bank Rate hits 1%.
It said it plans to reduce its 20 billion pounds of corporate bond holdings to zero no sooner than end-2023, by not reinvesting maturing bonds and a sales programme.
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Reporting by Andy Bruce; Editing by Catherine Evans, William Maclean
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Britain warns Russia of possible sanctions over Ukraine
Russia has massed troops near Ukraine
UK already has sanctions on some Russian people, entities
Kremlin says sanctions will backfire and hurt UK companies
Johnson will tell Putin to “step back from the brink”
LONDON/MOSCOW, Jan 31 (Reuters) – Britain urged Russian President Vladimir Putin on Monday to “step back from the brink” over Ukraine, warning that any incursion would trigger sanctions against companies and people with close links to the Kremlin.
Kremlin spokesman Dmitry Peskov said the threat of such measures, echoing moves outlined by a senior U.S. official following a Russian troop buildup near Ukraine, would amount to an attack on Russian businesses. read more
Kremlin spokesman Dmitry Peskov called the British warning “very disturbing”, and said such statements undermined Britain’s investment attractiveness and would backfire by hurting British companies.
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“It’s not often you see or hear such direct threats to attack business,” Peskov said. “An attack by a given country on Russian business implies retaliatory measures, and these measures will be formulated based on our interests if necessary.”
Since the fall of the Soviet Union in 1991, London has become the pre-eminent global centre for a vast outflow of money from former Soviet republics.
Opponents of Putin have repeatedly called on the West to get tough on Russian money, though oligarchs and Russian officials continue to flaunt their wealth at Europe’s most luxurious destinations.
British Prime Minister Boris Johnson is due to travel to Ukraine and will also speak to Putin by telephone.
“What I will say to President Putin, as I’ve said before, is that I think we really all need to step back from the brink, and I think Russia needs to step back from the brink,” Johnson told reporters.
LIST OF RUSSIAN ELITES
The United States, the European Union and Britain have warned Putin of tough sanctions if Russia attacks Ukraine after gathering tens of thousands of troops near the border. read more
A senior Biden administration official said Washington and its allies have prepared a list of Russian elites in or near Putin’s inner circle for hitting with economic sanctions.
“The individuals we have identified are in or near the inner circles of the Kremlin and play a role in government decision making or are at a minimum complicit in the Kremlin’s destabilizing behavior,” the official said in Washington, speaking on condition of anonymity.
The United States has developed specific sanctions packages for both Russian elites who meet the criteria and their family members, and these efforts are being pursued in coordination with U.S. allies and partners, the official said.
Russia denies planning to attack Ukraine and is demanding security guarantees including a promise by NATO never to let Kyiv join the alliance.
The British government will introduce new legislation this week to broaden the scope of sanctions it can apply to Russia to try to deter aggression towards Ukraine, Foreign Secretary Liz Truss said on Sunday. read more
She said London should be able to target “any company of interest to the Kremlin and the regime in Russia” and that “there would be nowhere to hide for Putin’s oligarchs”.
Visiting Hungary, British Defence Secretary Ben Wallace said it was important to defuse the crisis as a war would lead to greater instability, higher fuel prices and migrant flows.
Wallace expressed support for a planned trip to Russia on Tuesday by Hungarian Prime Minister Viktor Orban for talks with Putin, adding: “We need to de-escalate this and stand up for the right for sovereignty of Ukraine.” read more
Britain has imposed sanctions on about 180 people and 48 entities since Russia annexed Crimea form Ukraine in 2014. https://www.gov.uk/government/publications/the-uk-sanctions-list
On the sanctions list are six people Britain says are close to Putin: businessmen Yuri Kovalchuk, Arkady Rotenberg and Nikolai Shamalov, former KGB officer Sergei Chemezov, Russian Security Council Secretary Nikolai Patrushev and Federal Security Service (FSB) chief Alexander Bortnikov.
The sanctions allow Britain to freeze individual assets and ban individual from entering the United Kingdom.
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Reporting by Guy Faulconbridge, William James and Dmitry Antonov; editing by Michael Holden and Timothy Heritage
Our Standards: The Thomson Reuters Trust Principles.
Internal inquiry report to be published Wednesday- media
Johnson and officials accused of breaking rules
Police to investigate alleged lockdown breaches
LONDON, Jan 25 (Reuters) – An internal inquiry into allegations of lockdown parties at Boris Johnson’s Downing Street office could be published as soon as Wednesday, delivering findings that might determine the prime minister’s future after police also launched an investigation.
Johnson is fighting for his political life after allegations that he and staff partied at the heart of the British government in breach of rules they had themselves imposed to fight the coronavirus pandemic. L1N2TY0L8
Revelations of revelry including boozy parties in Downing Street, suitcases of supermarket alcohol, a broken children’s swing, a wine fridge and jokes by staff about how to present such parties to reporters, have hammered Johnson’s ratings.
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On Tuesday, London Metropolitan Police Commissioner Cressida Dick, Britain’s top officer, said an investigation had been opened into a number of events “at Downing Street and Whitehall in the last two years” to assess whether criminal offences had been committed.
There was speculation the announcement would delay the publication of the findings of an internal inquiry by senior official Sue Gray, who has been examining allegations of more than a dozen incidents of rule-breaking at Downing Street.
Gray’s report, which she will deliver to Johnson before it is published, is seen as crucial to his fate, and he and his ministers have said people should not reach any conclusions ahead of its release.
The Financial Times and other media reported that it was expected Johnson would be given it on Wednesday, and it would then be published possibly later in the day or on Thursday.
Johnson’s spokesperson has said the timing was a matter for Gray.
“We’re not going to speculate on the outcome. It’s for her to decide and we’ll await that review,” Deputy Prime Minister Dominic Raab told Sky News.
‘CLARITY’
Gray has been looking into a string of allegations about parties held at Downing Street when government guidance imposed strict limits on socialising.
A spokesman said Johnson did not believe he had broken the law over any of the gatherings.
“I welcome the Met’s (London Metropolitan Police) decision to conduct its own investigation because I believe this will help to give the public the clarity it needs and help to draw a line under matters,” Johnson told parliament.
British Prime Minister Boris Johnson walks outside Downing Street in London, Britain, January 25, 2022. REUTERS/Peter Cziborra
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ITV reported on Monday that Johnson and his now wife Carrie had attended a surprise party of up to 30 people for his birthday in the Cabinet Room at Downing Street in June 2020, when indoor gatherings were banned.
Johnson’s office described the alleged party as a brief gathering by staff to wish him a happy birthday, adding that he was there for “less than 10 minutes”.
He has previously admitted attending another gathering in May 2020, which was organised by an aide encouraging people to “bring your own booze”, but said he implicitly believed it to be a work event.
His office also apologised to Queen Elizabeth after it emerged staff partied late into the night in Downing Street on the eve of her husband Prince Philip’s funeral in April 2021, when mixing indoors was banned. Johnson himself was at his country residence that day.
LEADERSHIP CONTEST?
Reports of the gatherings have seen Johnson’s ratings plunge, with much of the public and some of his 359 Conservative Party lawmakers calling for him to resign.
So far though, there have been fewer than the 54 lawmakers required to trigger a confidence vote that could result in a leadership contest, but patience is wearing thin.
“With the police now investigating, this nightmare gets even worse,” senior Conservative David Davis, who has already called on Johnson to quit, said on Twitter.
Johnson has survived scandals throughout his career but his premiership, straddling both Britain’s departure from the European Union and the worst pandemic for a century, has been defined by turbulence.
His 2019 plan to suspend parliament and force Brexit through was overturned by the Supreme Court. Eventually, to the delight of millions who changed their political allegiance to vote for him, he negotiated a divorce deal with the EU.
When the pandemic struck, he drew criticism for delaying shutting the country down. He nearly died from COVID-19 himself before recovering to oversee a world-leading vaccine rollout.
But reports that he and his staff were flouting the rules they imposed on the British public are testing Johnson’s legendary ability to bounce back.
“You break the rules, you’ve got to go,” said Ian Dowrich, 59, a builder from Brentwood, Essex, who said he had voted for Johnson.
Police chief Dick said police had not typically investigated every alleged lockdown breach, but that, after receiving some findings from Gray’s inquiry, there were grounds to do so now.
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Additional reporting by Kate Holton, Kylie MacLellan, Helena Williams and Ben Makori; writing by Guy Faulconbridge, William James and Michael Holden; Editing by Catherine Evans, Alexandra Hudson and Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
ALMATY, Jan 5 (Reuters) – Kazakh President Kassym-Jomart Tokayev accepted the government’s resignation on Wednesday after a fuel price increase in the oil-producing Central Asian country triggered protests in which nearly 100 police were injured.
Police used tear gas and stun grenades late on Tuesday to drive hundreds of protesters out of the main square in Almaty, the former Soviet republic’s biggest city.
Clashes resumed on Wednesday after the Cabinet resigned. A Reuters correspondent saw thousands of protesters pressing ahead towards Almaty city centre, some of them on a large truck, after security forces failed to disperse them with tear gas and flashbang grenades.
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Atameken, Kazakhstan’s business lobby group, said its members were reporting cases of attacks on banks, stores and restaurants.
Kazakhstan is a tightly controlled country which cultivates an image of political stability, helping it attract hundreds of billions of dollars of foreign investment in its oil and metals industries over three decades of independence.
City authorities urged residents to stay home, saying that the law enforcement operation was continuing.
The protests began after the government lifted price controls on liquefied petroleum gas at the start of the year. Many Kazakhs have converted their cars to run on LPG because of its low cost.
Speaking to acting cabinet members, Tokayev ordered them and provincial governors to reinstate price controls on LPG, and broaden them to gasoline, diesel and other “socially important” consumer goods.
He also ordered the government to develop a personal bankruptcy law and consider freezing utilities’ prices and subsidising rent payments for poor families.
Kazakh law enforcement officers are seen on a barricade during a protest triggered by fuel price increase in Almaty, Kazakhstan January 5, 2022. REUTERS/Pavel Mikheyev
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He said the situation was improving in protest-hit cities and towns, including Almaty and the surrounding province, where the authorities declared a state of emergency with a curfew and movement restrictions.
In addition to replacing the prime minister, Tokayev also appointed a new first deputy head of the National Security Committee who replaced Samat Abish, a nephew of powerful ex-president Nursultan Nazarbayev.
Nazarbayev, 81, a Soviet-era Communist Party boss, ranKazakhstan for almost 30 years before resigning abruptly in 2019 and backing Tokayev as successor. Nazarbayev retains sweeping powers as the chairman of the security council; he has not convened the council or commented on this week’s violence.
The protests began in the oil-producing western province of Mangistau on Sunday, after LPG prices more than doubled following the lifting of caps.
A source familiar with the situation said some workers at Mangistaumunaigas, a Kazakh-Chinese oil-producing joint venture based in the Mangistau province, were on strike, although this was not affecting output so far.
Tokayev declared the emergency in Almaty and Mangistau and has said that domestic and foreign provocateurs were behind the violence.
Separately, the interior ministry said that in addition to Almaty, government buildings were attacked in the southern cities of Shymkent and Taraz overnight, with 95 police officers wounded in clashes. Police have detained more than 200 people.
Almaty mayor Bakytzhan Sagintayev said in an address to residents that the situation in the city was under control and security forces were detaining “provocateurs and extremists”.
Dollar-denominated bonds issued by Kazakhstan came under pressure as traders reacted to the unrest. The 2045 bond fell nearly 1 cent in early trade to 141.24 cents in the dollar, its lowest level in three months, Refinitiv data showed.
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Writing by Olzhas Auyezov and Mark Trevelyan; Editing by Robert Birsel, Michael Perry, Peter Graff
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LONDON, Dec 13 (Reuters) – Britain said on Monday that the Omicron coronavirus variant was spreading at a “phenomenal rate” and now accounted for about 40% of infections in London, so people should get a booster shot because the double-vaccinated are still vulnerable.
Since the first Omicron cases were detected on Nov. 27 in the United Kingdom, Prime Minister Boris Johnson has imposed tougher restrictions and told the nation on Sunday that a “tidal wave” of Omicron was coming. read more
Britain says that unless action is taken there could be a million people infected with Omicron by the end of the month.
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“It’s spreading at a phenomenal rate, something that we’ve never seen before, it’s doubling every two to three days in infections,” Health Secretary Sajid Javid told Sky News.
“That means we’re facing a tidal wave of infection, we’re once again in a race between the vaccine and the virus.”
The pound fell 0.4% to $1.3225, while it was broadly steady against the euro at 85.29 pence. read more
Johnson, who is grappling with a rebellion in his party over measures to curb Omicron and an outcry over alleged parties at his Downing Street office during last year’s lockdowns, said people should rush to get booster vaccines to protect “our freedoms and our way of life”.
After COVID-19 was first detected in China in late 2019, he faced criticism for initially resisting lockdown.
He has also faced criticism for overseeing mistakes in transferring patients into care homes, and for building a costly test-and-trace system that failed to stop a deadly second wave.
Across the world, COVID has killed 5.3 million people, wiped out trillions of dollars in economic output and turned normal life upside down for many.
TWO VACCINES NOT ENOUGH
Data released on Friday showed that vaccine efficacy against symptomatic infection was substantially reduced against Omicron with just two doses, but a third shot boosted protection up to over 70%. read more
Javid said there had been no deaths yet confirmed in England and just 10 people hospitalised in England with the variant, but Omicron was probably behind around 40% of infections in London.
He said that while symptoms might be milder, the variant’s swift spread meant that unless the government acted then the health service could be overwhelmed.
“Even when a virus is mild, a small percentage of people from a very large number still can equal a high number of hospitalizations,” Javid said.
“Two doses are not enough, but three doses still provide excellent protection against symptomatic infection.”
The government wants to offer all adults a booster by New Year, an ambitious target given the Christmas holiday and that vaccinating 1 million people per day is around double the current 530,000 per day.
New vaccination sites will be set up to work seven days, the military will help, and some routine health appointments will have to be postponed.
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Reporting by Guy Faulconbridge and Michael Holden;
Editing by Andrew Cawthorne
Our Standards: The Thomson Reuters Trust Principles.
Italian Foreign Minister Luigi Di Maio, Canadian Foreign Minister Melanie Joly, French Foreign Minister Jean-Yves Le Drian, U.S. Secretary of State Antony Blinken, British Foreign Secretary Liz Truss, German Foreign Minister Annalena Baerbock, and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell Fontelles attend a plenary session of the G7 summit of foreign and development ministers at the Museum of Liverpool, in Liverpool, Britain, December 11, 2021. REUTERS/Phil Noble/Pool
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G7 condemns Russian military build-up near Ukraine -draft
Calls on Putin to de-escalate
Warns of severe cost and massive consequences
Russia denies it plans to invade Ukraine
LIVERPOOL, England, Dec 12 (Reuters) – Russia faces massive consequences and severe costs if President Vladimir Putin attacks Ukraine, the Group of Seven warned in a draft statement seen by Reuters on Sunday.
U.S. intelligence assesses that Russia could be planning a multi-front offensive on Ukraine as early as next year, involving up to 175,000 troops.
The Kremlin denies it plans to invade and says the West is gripped by Russophobia. Moscow says the expansion of NATO threatens Russia and has contravened assurances given to it as the Soviet Union collapsed in 1991.
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At a meeting in the northern English city of Liverpool, the G7 delegates said they were united in their condemnation of Russia’s military build-up near Ukraine and they called on Moscow to de-escalate.
“Russia should be in no doubt that further military aggression against Ukraine would have massive consequences and severe cost,” the draft statement said, confirmed by G7 sources.
“We reaffirm our unwavering commitment to Ukraine’s sovereignty and territorial integrity, as well as the right of any sovereign state to determine its own future,” the draft said.
A statement released by the Russian Embassy in London on Saturday evening, before the joint G7 document was reported, said that Britain’s frequent use of the phrase “Russian aggression” during the Liverpool meeting was misleading and designed to create a cause for the G7 to rally round.
“Russia has made numerous offers to NATO on ways to decrease tensions. The G7 forum could be an opportunity to discuss them, but so far we hear nothing but aggressive slogans,” the embassy statement said.
‘RED LINE’
For Moscow, the growing NATO embrace of a neighbouring former Soviet republic – and what it sees as the nightmare possibility of alliance missiles in Ukraine targeted against Russia – is a “red line” it will not allow to be crossed.
Putin has demanded legally binding security guarantees that NATO will not expand further east or place its weapons close to Russian territory; Washington has repeatedly said no country can veto Ukraine’s NATO hopes.
In 2014 Russia seized the Black Sea peninsula of Crimea from Ukraine, prompting the West to impose sanctions on Russia.
The Kremlin said on Sunday that Putin told U.S. President Joe Biden that Russian troops posed no threat and that Moscow was being demonised for moving troops around its own territory.
Kremlin spokesman Dmitry Peskov said there were very serious conceptual differences between Russia and the United States on Moscow’s “red lines”. read more
The G7 comprises Britain, France, Germany, Italy, Japan, Canada and the United States, as well as a representative from the European Union.
“We call on Russia to de-escalate, pursue diplomatic channels and abide by its international commitments on transparency of military activities,” the G7 said in the draft.
“We reconfirm our support for the efforts of France and Germany in the Normandy Format to achieve full implementation of the Minsk Agreements in order to resolve the conflict in eastern Ukraine.”
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Writing by Andy Bruce and Guy Faulconbridge
Editing by Raissa Kasolowsky and David Goodman
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WASHINGTON, Dec 9 (Reuters) – A U.S. appeals court on Thursday rejected a request by former President Donald Trump to withhold records from the House of Representatives probe of the deadly Jan. 6 attack on the Capitol, saying he had provided “no basis” for his request.
“Former President Trump has provided no basis for this court to override President Biden’s judgment,” a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit wrote.
President Joe Biden had previously determined that the records, which belong to the executive branch, should not be subject to executive privilege and that turning them over to Congress was in the best interest of the nation.
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“Both branches agree that there is a unique legislative need for these documents and that they are directly relevant to the Committee’s inquiry into an attack on the legislative branch and its constitutional role in the peaceful transfer of power,” the court said.
The ruling marks yet another blow to the Republican former president, who has waged an ongoing legal battle with the committee over access to documents and witnesses.
The House Select Committee investigating the riot has asked the National Archives, the U.S. agency housing Trump’s White House records, to produce visitor logs, phone records and written communications between his advisers.
The panel has said it needs the records to understand any role Trump may have played in fomenting the violence.
Security fencing is seen near the U.S. Capitol ahead of an expected rally Saturday in support of the January 6 Capitol attack defendants in Washington, U.S. September 17, 2021. REUTERS/Michael Weekes/File Photo
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Trump has argued that the materials requested by the House committee were covered by the executive privilege legal doctrine that protects the confidentiality of some White House communications.
Democratic Representative Bennie Thompson, who heads the select committee, and its vice chair, Republican Liz Cheney, issued a statement applauding the court decision which they said respected the panel’s interest in obtaining the records.
“We will get to the truth,” they said.
Trump’s lawyers have called the Democratic-led investigation politically motivated, and argue that the documents are protected.
This is now the second time a federal court has ruled against Trump in the matter.
U.S. District Judge Tanya Chutkan on Nov. 9 rejected Trump’s arguments, saying he had not acknowledged the “deference owed” to Biden’s determination that the committee could access the records. adding: “Presidents are not kings, and Plaintiff is not President.”
The court on Thursday gave Trump 14 days to file an emergency request to the Supreme Court to appeal the ruling.
“Regardless of today’s decision by the appeals court, this case was always destined for the Supreme Court,” Trump lawyer Liz Harrington tweeted.
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Reporting by Sarah N. Lynch; Editing by Scott Malone, Jonathan Oatis, Dan Grebler and Michael Perry
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Zelenskiy says plotters tried to rope in Ukraine’s richest man
Tycoon Akhmetov: Zelenskiy’s statements are “absolute lie”
Ukraine fully prepared for Russia escalation: Zelenskiy
Ukraine sovereign bonds tumble on security concerns
KYIV, Nov 26 (Reuters) – President Volodymyr Zelenskiy on Friday said Ukraine had uncovered a plot to overthrow his government next week, involving individuals from Russia caught on tape talking about roping Ukraine’s richest businessman into backing a coup.
The Kremlin denied any role in any coup plot, and the businessman called the president’s account an “absolute lie.” Zelenskiy himself gave few details and stopped short of saying whether he believed the Kremlin was behind the plot.
But the accusation raised the temperature at a time when Kyiv and its Western allies have already accused Moscow of massing troops near the Ukrainian border for a possible assault, a suggestion Moscow dismisses as false and alarmist.
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Speaking at an hours-long news conference, Zelenskiy said Ukrainian intelligence had obtained audio recordings of the plotters talking about involving business magnate Rinat Akhmetov into joining their coup.
“We have challenges not only from the Russian Federation and possible escalation – we have big internal challenges. I received information that a coup d’etat will take place in our country on Dec. 1-2,” Zelenskiy said.
Akhmetov said in a statement: “The information made public by Volodymyr Zelenskiy about attempts to draw me into some kind of coup is an absolute lie. I am outraged by the spread of this lie, no matter what the president’s motives are.”
“As a Ukrainian citizen, the country’s biggest investor, taxpayer, and employer, I will continue to defend a free Ukraine, a free economy, democracy, and freedom of speech.”
Ukraine’s sovereign dollar bonds tumbled to their lowest level in more than a year on Friday and the cost of insuring exposure to the country’s debt soared amid rising security concerns.
UKRAINE PREPARED FOR ESCALATION
Zelenskiy did not give full details of the coup plot. Asked explicitly whether he thought the Kremlin was involved, he said: “I’m sorry, I can’t talk about it.”
Ukrainian President Volodymyr Zelenskiy attends a news briefing following the Ukraine-EU summit in Kyiv, Ukraine October 12, 2021. REUTERS/Valentyn Ogirenko/File Photo
But he also spoke at length at the news conference of a threat of Russian military escalation, and said Ukraine would be ready for it.
“We are in full control of our borders and are fully prepared for any escalation,” Zelenskiy said.
The head of Ukraine’s military intelligence told the Military Times outlet last week that Russia had more than 92,000 troops massed around Ukraine’s borders and was preparing for an attack by the end of January or beginning of February.
Ukraine, which wants to join the NATO military alliance, has blamed Moscow for supporting separatists in a conflict in its east since 2014. It received a large consignment of U.S. ammunition and Javelin missiles earlier this year, prompting criticism from Russia.
U.S. officials were in touch with Ukraine to get additional information on the plot, said Assistant Secretary of State for European and Eurasian Affairs Karen Donfried.
Ministers from NATO member states, including U.S. top diplomat Antony Blinken, would also meet Ukrainian officials during a summit in Latvia next week, Donfried told reporters in a telephone briefing.
Zelenskiy also said his chief of staff Andriy Yermak would soon be contacting representatives of Russia about the standoff between the two countries. Separately, Yermak said he would be contacting senior Kremlin official Dmitry Kozak.
Russia has said it suspects Ukraine of wanting to recapture separatist-controlled territory by force. Zelenskiy said Ukraine had no such plans and added that Russia’s rhetoric opposing Ukraine’s bid to join NATO was a worrying signal.
A former actor who once played a fictional president in a popular sitcom, the 43-year-old Zelenskiy came to power by a landslide in 2019 promising to end the war in eastern Ukraine, which Kyiv says has killed 14,000 people.
But after a lull in fighting and confidence-building measures including prisoner swaps, tensions with Russia rose this year. President Vladimir Putin said the West was taking his “red lines” about NATO expansion too lightly. read more
At his news conference, Zelenskiy said he wanted the prisoner swaps to resume. He called on Russia to state explicitly that it would not launch a new attack on Ukraine.
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Reporting by Natalia Zinets and Pavel Polityuk in Kyiv
Additional reporting by Simon Lewis in Washington
Writing by Matthias Williams
Editing by Peter Graff and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
A view shows the entrance to the construction site of the future Tesla Gigafactory in Gruenheide near Berlin, Germany, August 12, 2021. REUTERS/Hannibal Hanschke/File Photo
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Tesla withdraws application for state funding
All subsidies should be eliminated, Musk tweets
Car plant construction progressing well – economy ministry
Regional funding application still underway
BERLIN, Nov 26 (Reuters) – Tesla (TSLA.O) said on Friday it has withdrawn its application for state aid for its planned battery factory near Berlin as CEO Elon Musk declared the electric vehicle maker opposed all subsidies.
The European Union in January approved a plan that included giving state aid to Tesla, BMW (BMWG.DE) and others to support production of electric vehicle batteries and help the bloc to reduce imports from industry leader China.
Tesla was expected to receive 1.14 billion euros ($1.28 billion) in EU funding for its battery plant in Gruenheide, Brandenburg under the plan, with a final decision likely by the end of the year.
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“Tesla has informed the Federal Ministry of Economics and the Brandenburg Ministry of Economics… it is withdrawing its IPCEI application for state funding for the battery factory in Grünheide,” a Tesla spokesperson said, referring to European subsidies allocated to so-called ‘Important Projects of Common European Interest’.
Construction plans for the plant would not be affected by the decision, the spokesperson said.
“It has always been Tesla’s view that all subsidies should be eliminated,” Musk posted on Twitter in response to a tweet by another user after Tesla said it had withdrawn its funding application.
“But that must include the massive subsidies for oil & gas. For some reason, governments don’t want to do that…,” Musk added, deviating from the subject of the factory grant.
Tesla itself is investing 5 billion euros in the battery plant, according to German economy ministry estimates.
Meanwhile, construction of a car production site alongside the battery plant, which Tesla has begun building under pre-approval permits while it awaits final approval from the regional government, has made good progress in the last few weeks, a spokesperson for the federal economy ministry said.
The electric vehicle maker also applied in November 2020 for regional funding from Brandenburg, according to the regional government’s website.
A Brandenburg economy ministry spokesperson said this application had not been withdrawn.
The amount Tesla applied for is undisclosed, but investments worth over 100 million euros are generally given 6.8% of their value, the website says.
The latest round of online consultations for the public to express environmental and other concerns about the car factory and battery plant closed last week and Tesla CEO Elon Musk has said he hopes to formally begin production by the end of the year and then ramp up as quickly as possible.
Musk has made his irritation for German laws and processes known, saying in a letter to authorities in April that the country’s complex planning requirements were at odds with the urgency needed to fight climate change. read more
($1 = 0.8876 euros)
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Reporting by Christian Kraemer, Nadine Schimroszik, Victoria Waldersee, editing by Thomas Escritt and Susan Fenton
Our Standards: The Thomson Reuters Trust Principles.