Montana has become the first state to ban TikTok due to security concerns. State Governor Greg Gianforte signed the bill into law that prohibits any company owned by the Chinese Communist Party from operating in Montana, specifically citing TikTok at his press conference, as the belief that people’s data was being transacted to the Chinese government was an issue of national security. The bill gives Chinese technology companies one year to divest and cease operations in Montana.
Gautam Adani, CEO of Indian conglomerate Adani Group, has invited bankers and investors to visit its key assets to restore confidence following short seller Hindenburg Research's allegations of accounting fraud against the group earlier this year which saw the market value of its listed companies wiped by over $100bn. Bankers have been invited to the new Mumbai airport the group is building, port and energy facilities in Mundra, Gujarat and dinner with senior Adani Group executives. This is the first such event since the report.
Column: Investors favor Japan's rising sun over China's fading star: McGeever
Reuters
23-05-18 00:21
Bank of America's latest surveys, reissued Wednesday, shows investors both in favour of Japanese equities and selling off Chinese assets amid changing economic fortunes for both countries. While Japanese stocks are now at levels not seen for over 30 years, Chinese assets - particularly bonds - are falling out of favour among investors as the country's economic growth slows.
Air raid alerts have sounded throughout Ukraine while the military has warned of potential missile strikes due to the ongoing conflict with Russia. Several explosions have been reported in Ukraine’s capital, Kyiv, and neighbouring cities, including Darnytskyi and Dnipro. Warning to take cover have been issued across much of the country, including central and the southern regions. Heavy fighting and territorial gains by the Ukrainian army in Bakhmut have been reported, but the mercenary group Wagner, spearheading the assault, has not reported ammunition shortages, according to Serhiy Cherevatyi, a Ukrainian military spokesperson. The Russian brigade group has continued to fire all available weapons as it seeks to gain control of Bakhmut. Paul Kolbe, the Executive Director of the US Office of the Director of National Intelligence has stated that Moscow’s ultimate aim remains annexing the Donbas region of Ukraine, not war by attrition.
China's fiscal revenue rose 11.9% in the first four months of 2023, up from a 0.5% rise in January-March, as the country's economy continues to recover from COVID-19. Fiscal revenue was 8.32 trillion yuan ($1.20 trillion) in the first four months, while fiscal expenditure grew 6.8% to 8.64 trillion yuan over the same period. In April, fiscal revenue jumped approximately 70% from a year earlier, accelerating from a 5.5% rise in March. However, April data suggests a possible loss of momentum at the start of Q2 following the end of COVID-19 lockdowns last year. Analysts expect China's economy to grow almost 8% in the second quarter, partly due to a low base last year.
Explosions were reported in several locations across Ukraine, including air raids in the capital Kyiv, leading to many residents taking shelter. Other regions, including Zhytomyr to the west of Kyiv, and Kirovohrad, Cherkasy and Dnipropetrovsk in central Ukraine, also reported warnings. The rocket attacks followed an attack by Russia utilising hypersonic missiles; while the Ukrainian air defences largely succeeded in intercepting the missile attack, falling debris caused a fire in the Darnytskyi district of Kyiv.
Sony is considering a partial spin-off of its finances business within the next two to three years, while retaining a stake of just under 20%. The Japanese company acquired the unit in $3.7bn deal in 2018, and reported a 49% rise in operating profit to JPY223.9bn ($2bn) following a gain from a real estate sale. Sony is now focusing on driving synergy between its image sensors and entertainment businesses, such as music, movies and gaming. The electronic goods company plans to sell 25 million PlayStation 5 consoles this year to a record of any PlayStation device.
Indigenous children, including an 11-month-old baby, were found alive after surviving a plane crash in Colombia that occurred over two weeks ago. While the three adults onboard died, the children aged 13, 9 and 4, as well as the baby survived after they ventured into the forest and survived on fruits and built shelters. Rescuers found remnants of their shelters and deployed over 100 soldiers as well as sniffer dogs and three helicopters in a "difficult" search. The region is difficult to access, and air travel is the primary mode of transport.
England flanker Ben Curry is set to miss the Rugby World Cup after he sustained an injury to his hamstring tendon during Sale Sharks' 21-13 Gallagher Premiership semi-final win over Leicester on Sunday. The flanker will miss the final against Saracens at Twickenham on Saturday, and though there is no confirmed timeframe for his recovery, he is expected to be out of action for at least four months. Curry made his England debut against the US last year and was part of Steve Borthwick’s Six Nations squad earlier this year.
England wicketkeeper Jonny Bairstow sympathised with Ben Foakes after his fellow keeper was left out of England’s Ashes warm-up squad. Bairstow had been dropped due an injury, allowing Foakes to make himself first choice keeper under coach Brendon McCullum and captain Ben Stokes. Despite this, former England captain Michael Atherton supported the decision to pick Bairstow, arguing that his tendency to score runs meant he could be more likely to help the team win than lose.
Novak Djokovic has said that after his defeat to 20-year-old Dane Holger Rune in the Italian Open quarter-finals, the long-awaited “shift of generations” has finally come to men’s tennis. The Big Three – Djokovic, Rafa Nadal and Roger Federer – have dominated the ATP Tour for nearly two decades but age and injury have begun to catch up with them. For the first time in 19 years, neither Djokovic nor the injured Nadal will play in the Rome final. The next generation of players led by world number two Carlos Alcaraz is like a breath of fresh air for the sport, Djokovic said.
Russia launched a barrage of cruise missiles at Ukraine's capital, Kiev, and Odesa after midnight on May 12, according to Ukrainian officials. The country said it had shot down 29 of the 30 missiles. One death was reported from the overnight attacks. The missile strike was seen as an escalation ahead of an anticipated counteroffensive. Most of the ground fighting is stalemated along the main front line in Ukraine's east and south, but both sides are targeting other territory with long-range weapons. Sophisticated Western air defence systems have spared Kiev from the main front line's destruction. President Recep Tayyip Erdogan of Turkey announced an extension to an agreement between Ukraine and Russia to allow grain exports across the Black Sea, following the country's calls for further clarity and reassurance.
Rail traffic has been suspended between Simferopol and the city of Sevastopol following the derailment of a freight train carrying grain. Crimean railways said in a statement that the incident was caused by “interference by outsiders” and Baza, a pro-Kremlin Telegram channel, said it had been caused by an IED that detonated on the tracks. Reports claim that eight cars came off the tracks, five of which overturned. The incident comes following two previous explosions on freight trains in Russia's Bryansk region earlier this month. There has been no claim of responsibility for any of the attacks to date.
Leaders of the G7 nations, including the US, the UK, Canada, France, Germany and Japan, have met to discuss tougher sanctions against Russia over the ongoing conflict in Ukraine. Economic coercion by China was also on the agenda, with the group looking at ways to reduce strategic dependence on imports and diversify supply chains and markets. Discussions also centred on tighter regulation and a range of new measures on Moscow's roughly $5bn annual trade in diamonds. The three-day summit continues today and includes representatives of the European Union.
NYSE Arca Equities will investigate likely erroneous trades in IT provider CDW Corp after shares plunged as much as 96% to $7 in pre-market trading on 11 November, following investors mistaking the ticker for the newly listed CaliberCos (CWD.O). The exchange operator said it plans to bust all trades at or below $162.85 between 4am and 4.22am ET. Similar cases of share reaction due to mistaken identity have occurred previously, including in 2020, when investors confused China-based company Zoom Technologies’ stock for video conferencing app Zoom Video Communications.
US jobless claims slipped by 22,000 to a seasonally adjusted 242,000 last week, beating expectations, according to the US Labor Department. The figure for the previous week was 264,000 following a surge in claims for unemployment insurance in Massachusetts. The state's own Department of Unemployment Assistance said it had encountered "an increase in fraudulent claim activities"; however, unadjusted claims in Massachusetts fell by 14,042. Economists polled by Reuters had estimated 254,000 new filings.
Extreme weather is becoming a regular feature of life in Italy due to the impact of climate change, with storms, floods, droughts and avalanches all taking a toll on the country over the last year. At least nine people died this week after flooding in northern Italy caused rivers to burst their banks. Various factors exacerbate the threat of climate change: while Italy's varied geology lends itself to floods and landslides, urbanisation and intensive farming have both proved problems. Critics of Italy's first National Plan for Adaptation to Climate Change, published last December, say it is underfunded and undermine EU attempts to reduce carbon emissions.
Chinese, Indian climbers die during separate Everest expeditions
Reuters
23-05-18 12:42
A Chinese climber died while attempting to summit Mount Everest, while an Indian woman died after being evacuated from the base camp due to an unspecified illness, Nepalese officials have confirmed. At least eight climbers have died on the mountain, including the Chinese and Indian nationals, during this year's climbing season. Despite the recent fatalities, climbing permits continue to be issued, with the season ending this month. At least 11,000 climbers have scaled Everest, and at least 320 people have died on the mountain.
Severe flooding in Italy, driven by torrential rain, has left at least nine people dead and caused billions of pounds worth of damage to the agriculture sector. The region of Emilia-Romagna suffered up to 300 landslides, 23 overflowing rivers, damage and destruction of roads, and 42 flooded municipalities. Agricultural lobby Coldiretti has reported incalculable losses among 5,000 flood-drenched farms and the Superior Institute for Environmental Protection and Research has identified Emilia-Romagna as one of Italy’s most at-risk regions for flooding. The devastation has knocked out power and mobile phone services, and left remote villages cut off by landslides.
European governments have failed to act fast enough to turn around their industrial policy and meet Ukraine’s growing needs for artillery ammunition, armored vehicles, and other weaponry, military experts have warned. Kyiv’s stores of Russian-made equipment are becoming depleted, as are the West’s own stockpiles, raising the risk of shortages in supplies for Ukraine by the end of the year, which would hamper Ukraine’s ability to launch any further offensives. “That was not core to the planning, and they were not stockpiling ammunition in sufficient numbers for that type of contingency," says Camille Grand from the European Council on Foreign Relations. The European Commission this month announced a 500 million euro plan to boost production in Europe of the artillery shells Ukraine needs. Military experts say that although the initiative marks a significant shift, it has been too slow to act. The E.U. is yet to issue any new contracts.
Amid reports that the Russian military is largely holding its position, although concerns are developing over long-range missile supplies, Ukraine is appealing for more military aid from the West and for more sanctions to be imposed on Russia. Reports suggest that some of the new weapons pledges may not reach the battlefield until well after the start of a counteroffensive.
