Germany confirmed that it will dispatch 14 of its Leopard tanks to Ukraine, following much dithering and pressure from allies. The U-turn, which will also allow Poland and other countries to export their German-made Leopards, was announced by Chancellor Olaf Scholz at a cabinet meeting on Wednesday. America is similarly poised to send its Abrams tanks. Anatoly Antonov, Russia’s ambassador to America, said giving tanks to Ukraine would be a “blatant provocation”.

America’s justice department and eight states, including California and New York, sued Google, alleging that it illegally dominates the online-advertising market. They accused the tech giant of preventing publishers and advertisers from transacting over rival ad exchanges, among other anti-competitive practices. The lawsuit—the second federal antitrust case brought against Google—seeks to force the firm to divest several ad products.

Shares in Adani Group, a multinational conglomerate that underpins swathes of India’s economy, were hit by a scathing report by Hindenburg Research, an investment firm. The group was accused of market manipulation and accounting fraud; its chief financial officer called the claims “baseless”. Shares in the flagship Adani Enterprises dropped by 3.7% at their lowest point on Wednesday.

ASML, a Dutch manufacturer of chipmaking equipment, beat expectations with fourth-quarter earnings of €1.8bn ($2bn) and predicted sales growth of more than 25% this year. Europe’s largest technology company has been subject to curbs on exports to China, but demand elsewhere in the world is making up for it—ASML had a record backlog of €40bn in orders by the end of 2022.

 
Rupert Murdoch abandoned plans to reunite his two media companies, Fox Corporation and News Corporation. Shareholders had objected to the proposal, arguing that a merger would mask the value of News Corp, which owns the Wall Street Journal and The Times. (Fox Corp owns Fox News and other TV stations.) Mr Murdoch split the companies in 2013.

Documents with classified markings from Mike Pence’s tenure as vice-president in the Trump administration were found at his Indiana home. His aides conducted the search last week, after news broke of President Joe Biden’s documents scandal. Mr Pence had been “unaware” of their presence, said his lawyer. American prosecutors are investigating both Donald Trump and Mr Biden for similar offences.

Authorities in North Korea ordered a five-day lockdown in Pyongyang amid rising cases of an unspecified respiratory illness. Residents in the capital were told to stay at home and check their temperatures regularly, in the first city-wide lockdown in eight months. North Korea acknowledged an outbreak of covid-19 last year, but declared victory over the virus in August.

Fact of the day: 67%, the average adult literacy rate in sub-Saharan Africa, according to UNESCO, the UN’s cultural agency. Read the full story.


Ukraine will get Leopard tanks

Spinning a battle tank around on the spot is referred to by cavalry officers as a “180-degree pivot steer”. Germany is now doing something similar. On Wednesday morning, after days of dithering, Olaf Scholz’s government finally agreed to send 14 Leopard 2 tanks—a company’s worth—to Ukraine. Other countries will also be allowed to send their German-made ones, too. America may also grudgingly be sending about 30 of its M1 Abrams tanks, which could ease Mr Scholz’s angst.

The decision comes not a moment too soon. Western countries are rushing to build up Ukraine’s armoured forces for the next phase of the war, dispatching hundreds of armoured vehicles, including German ones. The omission of heavier main battle tanks—apart from 14 British Challenger 2 tanks—was glaring. The pity is that it took intense friendly fire, at home and abroad, to rattle Mr Scholz’s carapace hard enough to force him into a clanking Panzerwende.

Egypt’s unhappy anniversary

PHOTO: GETTY IMAGES

Twelve years ago, when tens of thousands of Egyptians gathered in Tahrir Square in downtown Cairo to demand the removal of President Hosni Mubarak, they also chanted for food and freedom. Mr Mubarak resigned, but for many of Egypt’s 104m citizens life has become worse.

Egypt’s economy is in a dire state. With inflation pushing past 20% and the Egyptian pound tumbling to an all-time low against the dollar this month, food has become unaffordable for many. The price of chicken has more than doubled in the past year; eggs have become a luxury. And Egyptians are no closer to freedom. There are 65,000 political prisoners in Egyptian jails, significantly more than under Mr Mubarak. Many are held without trial and in miserable conditions.

Despite growing disillusionment with the government of Abdel-Fattah al-Sisi, who has been in power since 2014, it is unlikely that protests similar to those in 2011 will break out soon. The cost of living is high, but the cost of dissent remains higher.

 
 

New Zealand’s new prime minister

PHOTO: GETTY IMAGES

Chris Hipkins was sworn in as New Zealand’s prime minister on Wednesday, less than a week after the surprise resignation of Jacinda Ardern. An ally of Ms Ardern, Mr Hipkins is something of a political utility man. Most recently minister of education and police, he has also served as health minister, from where he oversaw New Zealand’s stringent response to covid-19. Mr Hipkins was the only candidate for the premiership nominated by his Labour Party.

Outside party ranks, Mr Hipkins faces a bumpier ride. Labour is trailing the opposition National Party in polls as the cost of living spirals. He says he will tackle the “pandemic of inflation” and make “the tax system fairer”. He may also claw back support by ditching unpopular reforms pushed by Ms Ardern, including an expensive merger between the national television and radio broadcasters. If all that fails, Mr Hipkins’s term could be brief—New Zealand goes to the polls in October.

 

Russia and the downing of MH17

PHOTO: GETTY IMAGES

In November a Dutch court convicted two Russians and a Ukrainian separatist (in absentia) for shooting down Malaysian Airlines flight MH17 over Ukraine in 2014, killing 298 mainly Dutch passengers and crew. On Wednesday the European Court of Human Rights will decide whether it can hear a case charging the Russian state itself with responsibility for the attack. The case, brought by the Netherlands and Ukraine, hinges on whether Russia exercised control over the forces of the Donetsk People’s Republic (DNR).

Russia says the separatist mini-state in eastern Ukraine acted alone. That seems less plausible since the separatist states obediently let Russia annex them after invading Ukraine last year. In its November ruling the Dutch court determined that Russia had “overall control” over the DNR, and was thus involved in downing MH17, after hearing evidence such as an intercept of the DNR’s then-prime minister phoning Moscow and asking to speak to “the boss”.

Good economic health provided a glimmer of hope that the region could escape recession, as lower energy prices and China’s reopening also bolster prospects for the global economy.

 

The company—which also owns a swathe of luxury brands including Tissot, Longines and Omega—reported an increase of 4.6% in net global sales from the previous year.

 

https://www.businesstimes.com.sg/companies-markets/swatch-upbeat-after-china-ends-zero-covid-policy

 

www.businesstimes.com.sg

 

Pekka Haavisto, Finland’s foreign minister, said discussions with Turkey about Finland’s and Sweden’s bid to join NATO should be paused until the “dust has settled”.

 

Next week it will reach its closest point to Earth, a mere 27m miles away, as it heads back to the Oort cloud at the edge of the solar system.

 

Flagellated by allies at home and abroad, the government of Olaf Scholz, Germany's chancellor, has started moving.

 

The new composite PMI numbers for Europe, released on Tuesday morning, provide some further insights into inflation pressures in the manufacturing and services sectors. American figures will be released later in the day.

 

Could Europe end up with a worse inflation problem than America?

The new transatlantic divide

www.economist.com

 

Increasing wage costs could be part of the reason. In Europe, where wages are often decided in collective-bargaining agreements, pay has been increasing more slowly than in America’s flexible and tight labour market, but is now steadily piling pressure on prices.

 

The fortunes of the world’s biggest enterprise-software firm may offer clues to the state of the tech industry overall. Since November 2021 Microsoft’s shares have fallen by 27%.

 

Trustbusters should let Microsoft buy Activision Blizzard

Blocking the deal is as likely to harm consumers as it is to protect them

www.economist.com

 

That is two percentage points fewer than the tech-heavy Nasdaq index, probably because Microsoft’s customers are disproportionately businesses⁠—which have tended to cut back less than consumers have.

 

A Trump probe in Georgia heats up

 

A special grand jury has compelled unco-operative witnesses to testify, including Rudy Giuliani (Mr Trump’s former lawyer) and Lindsey Graham (a Republican senator).

 

It could include recommendations for criminal charges, such as solicitations of election fraud—though any indictments would come from a separate grand jury.

 

The many woes of El Salvador

 

President Nayib Bukele said El Salvador had repaid its creditors "in full" as $604m of bonds matured on Tuesday.

 

Concerns that the Central American country might default were alleviated last year when the government secured a $450m loan from the Central American Bank for Economic Integration and executed two bond buybacks.

 

After making El Salvador the first country in the world in which bitcoin is legal tender, in September 2021, Mr Bukele started to invest public money in the cryptocurrency.

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