Gautam Adani, India’s richest man, began selling $2.4bn-worth of shares in ​​Adani Enterprises, his sprawling conglomerate, despite an attack by a short-seller. Hindenburg Research accuses the wider Adani Group of dodgy accounting practices that it says artificially inflated the share price—a charge the group vigorously denies. The mud seemed to be sticking: Adani Enterprises’ share price dropped by 17% on Friday; Adani Total Gas’s sank by 20%.

President Joe Biden named Jeff Zients to replace Ron Klain as the White House chief of staff. The businessman—who co-owns a popular bagel chain in Washington, DC—coordinated the Biden administration’s covid response. The reshuffle comes at a delicate moment: Mr Biden is under fire for his handling of classified documents, as his party gears up for a presidential reelection campaign next year.

A group of Ukrainian soldiers arrived in Germany and will soon commence training on 40 Marder fighting vehicles that Berlin pledged to Ukraine. The training begins days after Olaf Scholz, Germany’s chancellor, promised—after much dithering—to send German-made Leopard 2 tanks to fight Russia. The West has stepped up its military support for Ukraine in anticipation of an upcoming Russian offensive.

South Korea’s national pension fund will run out by 2055—two years earlier than expected—according to an official forecast. The service, which is the world’s third largest, had 915trn won ($743.1bn) of funds at the end of October. South Korea’s president, Yoon Suk-yeol, had promised sweeping pension reforms to counter the effects of a shrinking population and low economic growth.

 
 
Palestinian militants fired two rockets towards Israel from Gaza, both of which were intercepted by air defences, before Israel launched retaliatory strikes. Earlier, Israeli troops killed ten Palestinians and wounded others during a military raid on Jenin refugee camp in the occupied West Bank. Israeli forces said they were targeting Islamic militants. It is the deadliest such incident in years.

Britain’s chancellor, Jeremy Hunt, outlined his long-term plan to boost economic growth. He said the government will delay tax cuts until it has curbed inflation, which ran at 9.2% in December. Britain’s government faces criticism for overseeing soaring living costs and industrial sluggishness, including a collapse in British carmaking. Mr Hunt rejected “declinism” and said Britain could become the next Silicon Valley.

Hong Kong labelled cannabidiol (CBD) “a dangerous drug” and banned it from next Wednesday. CBD, a non-psychoactive cannabis compound that has shown promise in reducing anxiety and pain, is currently available in bars and shops. Trafficking and manufacturing CBD can carry a maximum penalty of life imprisonment and a HK$5m ($639,000) fine; possession will also be punished.

Fact of the day: 775,014, the number of cars that emerged from British factories in 2022, the worst year since 1956. Read the full story.

 

 

America is also sending 31 Abrams tanks. President Joe Biden announced a $400m package that includes eight M88 recovery vehicles, which can tow the Abrams.

 

Production has roughly doubled from the previous year, when the military junta seized power, to nearly 795 tonnes in 2022.

 

Myanmar’s generals are deeply superstitious

They hope sunflowers will bring them good fortune

www.economist.com

 

Myanmar’s civil war and covid pandemic have put its frail economy in a tailspin.

 

Some old-fashioned politicking is under way at the lavish waterfront Waldorf Astoria hotel in Dana Point, California.

 

Ms McDaniel will probably win. But the contest has emboldened her detractors.

 

Mike Lindell, a conspiracy theory-oriented businessman who is also running, has counted the “failures” of her leadership: the 2018 midterm elections, when Republicans lost the House of Representatives; the 2020 presidential election; the 2022 midterms; and two run-off Senate races.

Germany’s defence minister, Boris Pistorius, said that the 14 Leopard tanks it has promised to Ukraine will arrive in “late March, early April”. America is also sending 31 Abrams tanks. President Joe Biden announced a $400m package that includes eight M88 recovery vehicles, which can tow the Abrams. Germany’s move—taken after much dithering—allows Poland and other countries to export their German-made Leopards. Ukraine is now hoping the West gives it fighter jets, but Olaf Scholz, Germany’s chancellor, insisted that there is no chance of that happening. Meanwhile, Russia launched a mass air raid on Ukraine during the morning rush hour.

America’s economy slowed slightly to an annual growth rate of 2.9% in the fourth quarter of 2022, down from 3.2% in the third quarter, according to early figures from the US Commerce Department. The world’s biggest economy beat market expectations despite rising interest rates eroding business activity—but a recession in the second half of the year still looks likely.

Sayfullo Saipov, an Islamist extremist who killed eight people driving a truck on a Manhattan bike path in 2017, was convicted of 28 federal charges. He could face the death penalty, a rare consideration in New York. America’s attorney-general issued a moratorium on federal executions, but allowed prosecutors to seek the death penalty in this case.

Russia outlawed one of the largest independent Russian-language news websites, Meduza, as part of the government’s media crackdown. Prosecutors said the site, which has been critical of the war in Ukraine, was “undesirable” and a threat to the country’s security. Meduza was established in Latvia in 2014; it was blocked by Russia in March but continued to post on Telegram, where it has more than 1.2m subscribers.

 

Israeli troops killed nine Palestinians and wounded multiple others during a military raid on Jenin refugee camp in the occupied West Bank, according to Palestinian health officials. Israeli forces said they were targeting Islamic militants plotting “major” attacks. It is the deadliest such single incident in years. Over 170 Palestinians were killed in raids in 2022, as part of what Israel calls an anti-terrorism offensive.

France recalled its ambassador to Burkina Faso a day after agreeing to withdraw troops from the country. 400 French troops were fighting an ongoing Islamist insurgency, but Burkina Faso’s government says it wants to defend itself. France has also fallen out with other African allies—after more than nine years in 2022 its soldiers left neighbouring Mali without having completed their mission.

 

Opium production in Myanmar jumped to a nine-year high, reversing a downward trend, according to the UN. Production has roughly doubled from the previous year, when the military junta seized power, to nearly 795 tonnes in 2022. Opium poppy cultivation increased by a third, while the potential yield rose by 88%. Myanmar’s civil war and covid pandemic have put its frail economy in a tailspin.

Fact of the day: 775,014, the number of cars that emerged from British factories in 2022, the worst year since 1956. Read the full story.


Disney marks its centenary

PHOTO: AP

The happiest place on earth will be even jollier on Friday, as celebrations begin at Disneyland for the company’s 100th birthday. Disney’s first century has been a triumph: today the studio rules the worldwide box office, it has more streaming subscriptions than any of its competitors, and its theme parks are once again bustling now lockdowns have been lifted.

But its boardroom is less cheery. Fewer people watch films in the cinema and cable-TV, Disney’s main source of profit, is being replaced by streaming. Plus, despite all those subscribers to its streaming service, Disney is losing more than $1bn a quarter. In November the company fired its chief executive. His replacement, Bob Iger, now faces a challenge from Nelson Peltz, an activist investor who wants a board seat. Mr Iger, who previously ran Disney from 2005 to 2020, has been given two years to steady the ship and find a successor. Disney’s second century is starting with a bumpy ride.

A Modi documentary reverberates in India

PHOTO: GETTY IMAGES

In recent days India’s ruling Bharatiya Janata Party and its leader Narendra Modi have provided a textbook example of the Streisand effect. That occurs when attempts to suppress something—in this case a controversial documentary—draw more attention to it. When “The Modi Question”, a BBC production, aired last week, the BJP immediately dismissed it as a “propaganda piece” for its account of the riots that killed more than 1,000 people, mainly Muslims, in Gujarat when Mr Modi was the state’s chief minister in 2002. The Hindu nationalist party then invoked an emergency law to ban the video on the internet.

Twitter and YouTube have complied by taking down videos, but clips continue to proliferate on social-media channels. Activists and students have planned more screenings, even though some have been arrested. Media watchdogs have condemned the BJP’s heavy-handed response, which raises more questions about the commitment to democracy of the party and its leader.

 
 
The race for the Republican Party executive
PHOTO: GETTY IMAGES

Some old-fashioned politicking is under way at the lavish waterfront Waldorf Astoria hotel in Dana Point, California. On Friday the Republican National Committee will choose its chair, who is responsible for fundraising and party messaging. For the first time since 2013, the race is contested. The incumbent of three two-year terms, Ronna McDaniel, is facing a stiff challenge from Harmeet Dhillon, a conservative lawyer.

Ms McDaniel will probably win. But the contest has emboldened her detractors. Mike Lindell, a conspiracy theory-oriented businessman who is also running, has counted the “failures” of her leadership: the 2018 midterm elections, when Republicans lost the House of Representatives; the 2020 presidential election; the 2022 midterms; and two run-off Senate races. Ms McDaniel’s ties to Donald Trump have alienated Never-Trumpers, while more insurgent types are calling for an organisational overhaul. But at a moment when the word “Republican” frequently precedes “division”, her message—of “unity and certainty”—may prove sufficient to get her over the line.

Fighting femicides in Spain

PHOTO: GETTY IMAGES

On Friday Spanish government officials will meet domestic-violence experts to discuss a worrying increase in femicides—murders of women because of their sex. There have been six in January, as well as the killing of an eight-year-old girl, following 11 in December. (Since records began in 2003, the annual average has been 59.) The government is reportedly considering allowing authorities to inform abused women if their partners have previous convictions for violent crimes.

The country has made strides to protect women since 2016, when a court ruled that a woman’s lack of physical resistance to the five men who raped her meant that the crime was not violent and therefore merely “sexual abuse” (the Supreme Court later found the men guilty of rape). In 2020 the country recorded proportionately fewer cases of femicide than several of its neighbours, including France and Germany. And unlike other countries, Spain counts any murder of a woman by a man, where gender is deemed to have played a role, as femicide.

 

The 1619 Project sparks more debate

PHOTO: HULU

The culture wars are coming to Hulu. In 2019, the New York Times magazine released a controversial set of essays that put slavery and the black American experience at the centre of the country’s founding and development. The 1619 Project divided opinion: it won a Pulitzer prize for commentary in 2020 while being denounced by some historians for factual inaccuracies. Several school districts, such as Chicago, embraced it as a curriculum for pupils; elsewhere whole states, such as Florida, have banned it, favouring more traditional views of American history.

Now the controversy will be streamed in a six-part series produced by Oprah Winfrey and Nikole Hannah-Jones, the project’s creator, among others. Each episode adapts an essay from the collection to show how slavery impacts the present day. So far reviews have been mixed. Some praise it as innovative; others say it falls short of some more original documentaries about the black experience.

 

Germany confirmed that it will dispatch 14 of its Leopard tanks to Ukraine, following much dithering and pressure from allies.

 

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”.

 

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.

 

A strange news report briefly rattles the Adani Group

The episode also throws light on a quirk of Indian corporate ownership

www.economist.com

 

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.

 

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.

 

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.

 

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.

 

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 may also claw back support by ditching unpopular reforms pushed by Ms Ardern, including an expensive merger between the national television and radio broadcasters.

 

Russia and the downing of MH17

 

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.

 

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.

 

Why Donbas is once again at the heart of the war in Ukraine

Russia says its aim is now to “liberate” the region in eastern Ukraine

www.economist.com

 

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”.

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