NBC News, Dmitri S. Peskov, the Kremlin’s spokesman, said that the two Americans, Alex Drueke, 39, and Andy Tai Ngoc Huynh, 27, were “soldiers of fortune” who had been engaged in shelling and firing on Russian forces and should be “held responsible for the crimes they have committed.”

The sanctions imposed on Russia also played a role on Monday in an escalating confrontation with Lithuania, a member of both the European Union and NATO.

The Russian authorities threatened Lithuania with retaliation if the Baltic country did not swiftly reverse its ban on the transportation of some goods to Kaliningrad, the Russian exclave between Lithuania and Poland. Citing instructions from the European Union, Lithuania’s railway on Friday said it was halting the movement of goods from Russia that have been sanctioned by the European bloc.

Mr. Peskov told reporters the situation was “more than serious.” He called the new restrictions “an element of a blockade” of the region and a “violation of everything.”

small town of Toshkivka in Luhansk Province, part of the eastern region known as Donbas. That is where Russian forces have concentrated much of their military power as part of a plan to seize the region after having failed to occupy other parts of the country, including Kyiv, the capital, and Kharkiv, the second-largest city, in northern Ukraine.

Reports over the weekend suggested that Russian forces had broken through the Ukrainian front line in Toshkivka, about 12 miles southeast of the metropolitan area of Sievierodonetsk and Lysychansk. Those are the last major cities in Luhansk not to have fallen into Russian hands. As of Monday, it remained unclear whether Russia had made any further advance there.

But Ukrainian officials said Russian forces had intensified shelling in and around Kharkiv, weeks after the Ukrainians had pushed them back, suggesting that Moscow still had territorial ambitions beyond Donbas.

“We de-occupied this region,” Mr. Zelensky said in an address to a conference of international policy experts in Italy. “And they want to do it again.”

Matthew Mpoke Bigg reported from London, Andrew Higgins from Warsaw, Thomas Gibbons-Neff from Druzhkivka, Ukraine, and Rick Gladstone from New York. Reporting was contributed by Valerie Hopkins and Oleksandr Chubko from Kyiv; Dan Bilefsky from Montreal; Monika Pronczuk from Brussels; Austin Ramzy from Hong Kong; Stanley Reed from London; and Zach Montague from Rehoboth Beach, Del.

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Will War Make Europe’s Switch to Clean Energy Even Harder?

At the Siemens Gamesa factory in Aalborg, Denmark, where the next generation of offshore wind turbines is being built, workers are on their hands and knees inside a shallow, canoe-shaped pod that stretches the length of a football field. It is a mold used to produce one half of a single propeller blade. Guided by laser markings, the crew is lining the sides with panels of balsa wood.

The gargantuan blades offer a glimpse of the energy future that Europe is racing toward with sudden urgency. The invasion of Ukraine by Russia — the European Union’s largest supplier of natural gas and oil — has spurred governments to accelerate plans to reduce their dependence on climate-changing fossil fuels. Armed conflict has prompted policymaking pledges that the more distant threat of an uninhabitable planet has not.

Smoothly managing Europe’s energy switch was always going to be difficult. Now, as economies stagger back from the second year of the pandemic, Russia’s attack on Ukraine grinds on and energy prices soar, the painful trade-offs have crystallized like never before.

Moving investments away from oil, gas and coal to sustainable sources like wind and solar, limiting and taxing carbon emissions, and building a new energy infrastructure to transmit electricity are crucial to weaning Europe off fossil fuels. But they are all likely to raise costs during the transition, an extremely difficult pill for the public and politicians to swallow.

unwinding efforts to shut coal mines and stop drilling new oil and gas wells to replace Russian fuel and bring prices down.

proposed a carbon tax on imports from carbon-producing sectors like steel and cement.

And it has led the way in generating wind power, especially from ocean-based turbines. Siemens Gamesa Renewable Energy, for example, has been instrumental in planting rows of colossal whirligigs at sea that can generate enough green energy to light up cities.

Europe, too, is on the verge of investing billions in hydrogen, potentially the multipurpose clean fuel of the future, which might be generated by wind turbines.

halted approval of Nord Stream 2, an $11 billion gas pipeline under the Baltic Sea that directly links Russia to northeastern Germany.

As Ursula von der Leyen, the European Commission president, said when she announced a plan on March 8 to make Europe independent of Russian fossil fuels: “We simply cannot rely on a supplier who explicitly threatens us.” The proposal calls for member nations to reduce Russian natural gas imports by two-thirds by next winter and to end them altogether by 2027 — a very tall order.

This week, European Union leaders are again meeting to discuss the next phase of proposals, but deep divisions remain over how to manage the current price increases amid anxieties that Europe could face a double whammy of inflation and recession.

On Monday, United Nations Secretary General António Guterres warned that intense focus on quickly replacing Russian oil could mean that major economies “neglect or kneecap policies to cut fossil fuel use.”

price of palladium, used in automotive exhaust systems and mobile phones, has been soaring amid fears that Russia, the world’s largest exporter of the metal, could be cut off from global markets. The price of nickel, another key Russian export, has also been rising.

Mr. Rasmussen and other executives added that identifying suitable areas for wind turbines and obtaining permits required for construction take “far too long.” Challenges are based on worries that the vast arrays of turbines will interfere with fishing, obstruct naval exercises and blight views from summer houses.

To Kadri Simson, Europe’s commissioner for energy, renewable energy projects should be treated as an “overriding public interest,” and Europe should consider changing laws to facilitate them.

“We cannot talk about a renewables revolution if getting a permit for a wind farm takes seven years,” Ms. Simson said.

Still, environmental regulations and other rules relating to large infrastructure installations are usually the province of countries rather than European Union officials in Brussels.

And steadfast opposition from communities and industries invested in fossil fuels make it hard for political leaders to fast-track energy transition policies.

In Upper Silesia, Poland’s coal basin, bright yellow buses display signs that boast they run on 100 percent electric, courtesy of a grant from the European Union. But along the road, large billboards mounted before the invasion of Ukraine by state-owned utilities — erroneously — blame Brussels for 60 percent of the rise in energy prices.

Down in the Wujek coal mine, veterans worry if their jobs will last long enough for them to log the 25 years needed to retire with a lifelong pension. Closing mines not only threatens to devastate the economy, several miners said, but also a way of life built on generations of coal mining.

“Pushing through the climate policy forcefully may lead to a drastic decrease in the standard of living here,” said Mr. Kolorz at Solidarity’s headquarters in Katowice. “And when people do not have something to put on the plate, they can turn to extreme populism.”

Climate pressures are pushing at least some governments to consider steps they might not have before.

German officials have determined that it is too costly to keep the country’s last three remaining nuclear power generators online past the end of the year. But the quest for energy with lower emissions is leading to a revival of nuclear energy elsewhere.

Britain and France say they plan to invest in smaller nuclear reactors that can be produced in larger numbers to bring down costs.

Britain might even build a series of small nuclear fusion reactors, a promising but still unproven technology. Ian Chapman, chief executive of the U.K. Atomic Energy Authority, said every route to clean energy must be tried if there is to be any hope of reaching net zero emissions in three decades, the deadline for avoiding catastrophic climate change. “We’ve got to do everything we possibly can,” he said.

In the short term, much of what the European Union is proposing involves switching the source of fossil fuels, and, in particular, natural gas, from Russia to other suppliers like the United States, Qatar and Azerbaijan, and filling up storage facilities as a buffer. The risk is that Europe’s actions will further raise prices, which are already about five times higher than a year ago, in a market where supplies are short in part because companies are wary of investing in a fuel that the world ultimately wants to phase out.

Over the longer term, Europe and Britain seem likely to accelerate their world-leading rollout in renewable energy and other efforts to cut emissions despite the enormous costs and intense disruptions.

“The E.U. will almost certainly throw hundreds of billions of euros at this,” said Henning Gloystein, a director for energy and climate at Eurasia Group, a political risk firm. “Once the trains have left the station, they can’t be reversed.”

Melissa Eddy contributed reporting.

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Intel picks Magdeburg in Germany for new European chip factory, article with image

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BERLIN, Feb 27 (Reuters) – Tens of thousands of people across Europe marched in protest against Russia’s invasion of Ukraine on Sunday, the fourth day of the biggest assault on a European state since World War Two.

More than 100,000 people gathered in central Berlin, carrying signs reading: “Stop the War”, “Putin’s last war” and “We stand with Ukraine” along with Ukrainian and European Union flags.

Train and underground service was interrupted in some parts of the German capital as thousands flooded toward the Brandenburg Gate, near the Russian embassy.

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The protest came as missiles rained down on Ukrainian cities and thousands of Ukrainian civilians, mainly women and children, were fleeing from the Russian assault into neighbouring countries.

“Ukrainians: You’re welcome here!” shouted one of the speakers in Berlin as the crowd cheered.

More than 368,000 refugees, mainly women and children, have fled the fighting into neighbouring countries, the U.N. refugee agency said on Sunday, citing data provided by national authorities.

Around 80,000 protesters thronged Prague’s central square, with the Czech prime minister telling the crowd the country still remembered its own terror of Russian tanks rolling into the capital more than five decades ago. L8N2V20Z3

“Of course I had to come here today, because one must stand up to evil,” pensioner Jindrich Synek told Reuters. “I have experienced it in this square a couple of times already.”

Wenceslas Square was home to demonstrations during the 1989 Velvet Revolution that ended decades of Soviet-backed communist rule, as well as protests in 1968 when Soviet-led troops invaded communist Czechoslovakia to end reforms that upset Moscow.

In central Madrid, thousands of protesters waved Ukrainian flags. They held signs reading “Peace”, “Stop Putin”, and “Putin, you should be scared: my grandmother is really angry”.

“We want our country to be independent. We want to be in Europe. We want Putin to leave us alone, to leave our homes and not bomb our land, our parents and relatives in Ukraine,” said Vira Panas, 34, a Ukrainian woman living in Madrid.

In Denmark, roughly 400 demonstrators gathered in front of the Ukrainian embassy in central Copenhagen where many participants lit candles and laid flowers to show their support for the Ukrainian people.

“My own city is being bombed with cruise missiles in the 21st century. That makes no sense,” said Artem, a 40-year-old software developer from Kyiv who lives in Denmark with his family.

“We need to show that people care and this is why we need as many people as possible. We can’t stop the missiles with demonstrations but we can show that we are all supporting the truth,” he added.

Similar protests took place in Rome, Lisbon and London.

In Russia itself, people took to the streets to voice their opposition to war. Police detained more than 1,700 people at anti-war protests that occurred in 46 Russian cities on Sunday.

That raised the total detainees since the start of Russia’s invasion of Ukraine on Feb. 24 to around 5,500, independent protest monitoring group OVD-Info said. read more

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Reporting by Berlin, Prague, Madrid, Copenhagen and Moscow bureaus; Editing by Emelia Sithole-Matarise and Raissa Kasolowsky

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Live Updates: In Phone Call, Biden Warns Putin of ‘Severe’ Costs of Invading Ukraine

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Russia Could Invade Ukraine at Any Time, U.S. Says

Jake Sullivan, the national security adviser, warned that President Vladimir V. Putin of Russia could launch a major assault on Ukraine before the end of the Winter Olympics in Beijing, but said that Mr. Putin had not reached a final decision yet.

“We are in the window when an invasion could begin at any time should Vladimir Putin decide to order it. I will not comment on the details of our intelligence information, but I do want to be clear: It could begin during the Olympics. We encourage all American citizens who remain in Ukraine to depart immediately. We want to be crystal clear on this point. Any American in Ukraine should leave as soon as possible and in any event, in the next 24 to 48 hours. We obviously cannot predict the future. We don’t know exactly what is going to happen, but the risk is now high enough and the threat is now immediate enough that this is what prudence demands. If you stay, you are assuming risk with no guarantee that there will be any other opportunity to leave, and there — no prospect of a U.S. military evacuation in the event of a Russian invasion.” Reporter: “Does the United States believe that the president — pardon me — that President Putin has made a decision because PBS NewsHour just reported a little bit ago that the United States does believe that Putin has made a decision, and has also communicated that decision to the Russian military. Is that accurate?” “The report that you just referenced, which I have not seen yet, it does not accurately capture what the U.S. government’s view is today. Our view is that we do not believe he has made any kind of final decision or we don’t know that he has made any final decision, and we have not communicated that to anybody.”

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Jake Sullivan, the national security adviser, warned that President Vladimir V. Putin of Russia could launch a major assault on Ukraine before the end of the Winter Olympics in Beijing, but said that Mr. Putin had not reached a final decision yet.CreditCredit…Photo by Tyler Hicks/The New York Times

President Biden warned Vladimir V. Putin of Russia on Saturday that invading Ukraine would result in “swift and severe” costs to Russia, diminish his country’s standing and cause “widespread human suffering,” as Western officials made another diplomatic push to dissuade Mr. Putin from pressing forward with an attack.

It remained unclear if Mr. Putin would invade, according to senior administration officials. One senior national security official, who briefed reporters shortly after the call took place, said that there was “no fundamental change in the dynamic that has unfolded now for several weeks,” an acknowledgment that Mr. Putin has continued to build up a military presence that has effectively surrounded Ukraine.

After the call, a senior administration official said that the situation remained as urgent as it was on Friday when Jake Sullivan, the president’s national security adviser, warned Americans to leave the country in the coming days.

The official pointed out that the Russians were continuing their military buildup even as Mr. Biden and Mr. Putin prepared to speak, underscoring concern among U.S. officials that Mr. Putin was capable of initiating a major military incursion, even if it remained unclear if he would actually do so.

The officials discussed the call on condition of anonymity because they were not authorized to speak publicly.

The Russian government was expected to present its assessment of the call soon.

The two leaders spoke just hours after the State Department ordered all but a “core team” of its diplomats and employees to leave the American Embassy in Kyiv over fears that Moscow would soon mount a major assault.

Reflecting the urgent concern in Washington over Russia’s growing military buildup surrounding its smaller neighbor, the Pentagon said it would temporarily pull 160 American military trainers out of the country, where they had been working with Ukrainian troops near the Polish border.

Even as Mr. Biden and Mr. Putin spoke by telephone — and after calls earlier Saturday between the top U.S. and Russian diplomats and between the countries’ defense secretaries — the path to a diplomatic resolution to the standoff appeared to be narrowing, with growing numbers of Russian and Russian-backed forces massing around Ukraine on three sides.

U.S. intelligence officials had thought Mr. Putin was prepared to wait until the end of the Winter Olympics in Beijing before possibly ordering an offensive, to avoid antagonizing President Xi Jinping of China, a critical ally. But in recent days, they say, the timeline began moving up, an acceleration that Biden administration officials began publicly acknowledging on Friday.

“We continue to see signs of Russian escalation, including new forces arriving at the Ukrainian border,” Mr. Sullivan told reporters on Friday, adding that an invasion could begin “during the Olympics,” which are scheduled to end on Feb. 20.

U.S. officials do not know whether Mr. Putin has decided to invade, Mr. Sullivan insisted. “We are ready either way,” he said. “Whatever happens next, the West is more united than it has been in years.”





Border with Russian units

KAZAKHSTAN

Russian units

SEA OF

AZOV

Transnistria, a

Russian-backed

breakaway region

of Moldova.

Russia invaded and

annexed the Crimean

Peninsula from

Ukraine in 2014.

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separating Ukrainian and

Russian-backed forces near

two breakaway provinces.

Border with

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Russian

units

Russia annexed

the Crimean

Peninsula from

Ukraine in 2014.

Transnistria, a

Russian-backed

breakaway region

of Moldova.

Approximate line

separating Ukrainian

and Russian-backed

forces.

The United States has picked up intelligence that Russia is discussing next Wednesday as the target date for the start of military action, officials said, acknowledging the possibility that mentioning a particular date could be part of a Russian disinformation effort.

The Ukrainian government urged calm, with President Volodymyr Zelensky saying that he had not seen intelligence indicating an imminent Russian attack, and that “too much information” about a possible offensive was sowing unnecessary fear.

The United States has ruled out sending troops to defend Ukraine, but it has increased deployments to NATO member countries in Eastern Europe. The Pentagon on Friday said it had ordered 3,000 more soldiers to Poland.

The White House is eager to avoid a repeat of the chaotic evacuation of the U.S. Embassy staff from Kabul last August as Afghanistan fell to the Taliban. The United States and countries including Britain, Denmark, Germany, Japan, Latvia and the Netherlands have issued increasingly urgent calls for their citizens to leave Ukraine. On Saturday, KLM, the main Dutch airline, announced that it will stop flying to Ukraine, citing the security situation.

A State Department official emphasized on Saturday that the U.S. military would not be evacuating American citizens from Ukraine in the way troops did in Afghanistan.

Russia has accused Western countries of spreading misinformation about its intentions. On Saturday, its Foreign Ministry said it was pulling some of its diplomatic personnel out of Ukraine because it was “drawing the conclusion that our American and British colleagues seem to know about certain military actions.”

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Omicron Is Turning Europe’s Busy Season Silent

“You could feel Christmas was coming,” Amanda Whiteside, a manager at Gordon’s Wine Bar in London, said of the crowds and buzz. “And then it was gone.”

Throughout Britain and in other parts of Europe, new government restrictions combined with heightened anxiety over the highly contagious Omicron variant of the coronavirus have drastically reduced business at restaurants, pubs, event venues and stores, prompting urgent calls for additional government assistance.

In Britain, the government responded Tuesday, announcing 1 billion pounds ($1.3 billion) in aid for the hospitality industry, with one-time grants of £6,000 and rebates for employees’ sick leave.

The additional assistance was promised as a fresh wave of anxiety over the economy washes over the region. In France, government ministers announced Tuesday additional aid up to 12 million euros for travel agencies, events, caterers and indoor leisure companies that suffer big operating losses this month.

Spain, the government has scheduled an emergency meeting with regional leaders on Wednesday to discuss whether to adopt new restrictions. Italy’s government is meeting on Thursday.

“We are in a different phase now where lockdown will be potentially more costly,” said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics. “Up until now, we’ve been used to lockdowns followed by support from the government. I think that will be the case as well, but support will be more conditional, less comprehensive than before.”

Britain recorded the highest number of Covid-19 cases in Europe over the last seven days, according to the World Health Organization.

On Monday, organizations representing more than 100,000 businesses around the country sent an open letter to Prime Minister Boris Johnson, demanding more tax relief and grants to tide them over.

new requirements that customers must show proof of vaccination or recent recovery. And in the Netherlands, where the government announced a lockdown over the weekend, calls to the nation’s business registry asking for help climbed past 400 on Monday — seven times the number logged the previous Monday.

known as Plan B, on Dec. 8 as a response to Omicron, cancellations have been rolling in and foot traffic has disappeared in some areas.

At Gordon’s Wine Bar, it was common to find every table in its cavelike cellar and on its outdoor patio full and a long line of customers waiting. Then Plan B was put in place.

The drop-off, said Ms. Whiteside, the administrative manager, “was very dramatic.”

Customers thinned out, and several staff members got Covid, she said. Gordon’s is now offering only outside service, and Ms. Whiteside estimates that sales are down 25 percent.

Half a mile away, in Soho, the Coach and Horses pub was similarly contending with fewer customers and sick staff. Last week, business was off by a third, while on Monday it fell “off the edge of a cliff,” said Alison Ross, the manager.

Kaasbar Utrecht, is shuttered, and $100,000 at the cafe. Plans to rebuild a nightclub he owns that was burned in a fire in January have been postponed. He has had to let go most of his 80-person staff and is now trying to make money selling mulled wine in the streets and cheese packages door to door.

Mr. Waseq said that because he opened his business after the pandemic began and did not have 2019 sales to use as a benchmark comparison, he was not eligible for government assistance.

Ron Sinnige, a spokesman for the national business registry, the Kamer van Koophandel, said the agency was flooded with calls this week asking about financial assistance, advice or liquidating their operations. Some were seeking guidance on how to qualify as an essential business — could a clothing store sell candy and soda, could a beauty salon offer postsurgical massages or list Botox injections as a medical procedure?

The questions were a sign of people’s creativity and despair, Mr. Sinnige said. “As opposed to previous lockdowns, people are really at the end of their financial flexibility and emotional flexibility,” he said.

France has canceled a menu of year-end celebrations and barred tourists from Britain, a blow to the ski industry.

On Tuesday, the Swedish government imposed some new restrictions that included allowing only seated customers to be served in restaurants and bars.

Ireland imposed an early curfew of 8 p.m. on restaurants and bars that began on Monday, while limiting attendance at events.

In Denmark, restaurants and bars must cut off serving alcohol after 10 p.m., and a slate of venues and event spaces including ​​theaters, museums, zoos, concert halls and Tivoli, Copenhagen’s landmark amusement park, have been closed.

Switzerland’s restrictions that bar unvaccinated people from going to restaurants, gyms and museums are expected to last until Jan. 24.

In Germany, the check-in process at stores, which requires stopping everyone at the door and asking to see vaccination certification and an ID, was deterring shoppers at what would normally be the busiest time of the year, the German Trade Association said.

Retailers surveyed by the group reported a 37 percent drop in sales from Christmas 2019.

“After months of lockdowns, the restrictions are once again bringing many retailers to the edge of their existence,” said Stefan Genth, head of the Trade Association.

A court in the northern state of Lower Saxony last week threw out the restrictions there, after the Woolworth department store chain challenged them on grounds that they were not fairly applied and that requiring shoppers to wear masks provided sufficient protection. The ruling on Thursday raised hopes that other states would follow its lead, giving a final boost to last-minute shoppers.

“Last weekend was better, but overall the shopping season has been more than depressing,” said Mark Alexander Krack, head of the Lower Saxony Trade Association.

Eshe Nelson contributed reporting.

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The floor of the New York Stock Exchange (NYSE) is seen after the close of trading in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson

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NEW YORK, Nov 26 (Reuters) – COVID-19 has resurfaced as a worry for investors and a potential driver of big market moves after a new variant triggered alarm, long after the threat had receded in Wall Street’s eyes.

Worries about a new strain of the virus, named Omicron and classified by the World Health Organization as a variant of concern, slammed markets worldwide and dealt the S&P 500 index its biggest one-day percentage loss in nine months. The moves came a day after the U.S. Thanksgiving holiday when thin volume likely exacerbated the moves.

With little known about the new variant, longer term implications for U.S. assets were unclear. At least, investors said signs that the new strain is spreading and questions over its resistance to vaccines could weigh on the so-called reopening trade that has lifted markets at various times this year.

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The new strain may also complicate the outlook for how aggressively the Federal Reserve normalizes monetary policy to fight inflation.

“Markets were celebrating the end of the pandemic. Slam. It isn’t over,” said David Kotok, chairman and chief investment officer at Cumberland Advisors. “All policy issues, meaning monetary policy, business trajectories, GDP growth estimates, leisure and hospitality recovery, the list goes on, are on hold.”

The S&P 500 fell by a third as pandemic fears mushroomed in early 2020, but has more than doubled in value since then, though the pandemic’s ebb and flow has driven sometimes-violent rotations in the types of stocks investors favor. The index is up more than 22% this year.

Before Friday, broader vaccine availability and advances in treatments made markets potentially less sensitive to COVID-19. The virus had dropped to a distant fifth in a list of so-called “tail risks” to the market in a recent survey of fund managers by BofA Global Research, with inflation and central bank hikes taking the top spots.

On Friday, however, technology and growth stocks that had prospered during last year’s so-called stay-at-home trade soared, including Zoom Communications (ZM.O), Netflix Inc (NFLX.O) and Peloton (PTON.O).

At the same time, stocks that had rallied this year on bets of economic reopening may suffer if virus fears grow. Energy, financials and other economically sensitive stocks tumbled on Friday, as did those of many travel-related companies such as airlines and hotels.

The new Omicron coronavirus variant spread further around the world on Sunday, with 13 cases found in the Netherlands and two each in Denmark and Australia, even as more countries tried to seal themselves off by imposing travel restrictions.

First discovered in South Africa, the new variant has now also been detected in Britain, Germany, Italy, the Netherlands, Denmark, Belgium, Botswana, Israel, Australia and Hong Kong. read more

Friday’s swings also sent the Cboe Volatility Index (.VIX), known as Wall Street’s fear gauge, soaring and options investors scrambling to hedge their portfolios against further market swings. read more

Reuters Graphics

Andrew Thrasher, portfolio manager for The Financial Enhancement Group, had been concerned that recent gains in a handful of technology stocks with large weightings in the S&P 500, including Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O), were masking weakness in the broader market.

“This set the kindling for sellers to push markets lower and the latest COVID news appears to have stoked that bearish flame,” he said.

Some investors said the latest COVID-19 related weakness could be a chance to buy stocks at comparatively lower levels, expecting the market to continue rapidly recovering from dips, a pattern that has marked its march to record highs this year.

“We’ve had numerous days when economic optimism collapses. Each of these optimism collapses were a good buying opportunity,” wrote Bill Smead, founder of Smead Capital Management, in a note to investors. Among the stocks he recommended were Occidental Petroleum (OXY.N) and Macerich Co (MAC.N), down 7.2% and 5.2% respectively on Friday.

One of several wild cards is whether virus-driven economic uncertainty will slow the Federal Reserve’s plans to normalize monetary policy, just as it has started unwinding its $120 billion a month bond buying program.

Futures on the U.S. federal funds rate, which track short-term interest rate expectations, on Friday showed investors rolling back their view of a sooner-than-expected rate increase.

Investors will be watching Fed Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen’s appearance before Congress to discuss the government’s COVID response on Nov. 30 as well as U.S. employment numbers, due out next Friday.

Investors held out hope that markets could stabilize. Jack Ablin, chief investment officer at Cresset Capital Management, said moves may have been exaggerated by lack of liquidity on Friday, with many participants out for the Thanksgiving holiday.

“My first reaction is anything we are going to see today is overdone,” Ablin said.

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Reporting by Saqib Iqbal Ahmed; Additional reporting by Chuck Mikolajczak, Megan Davies and Lewis Krauskopf; Writing by Ira Iosebashvili; Editing by Megan Davies, Richard Chang and Alexander Smith

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What America’s Port Crisis Looks Like Up Close

SAVANNAH, Ga. — Like toy blocks hurled from the heavens, nearly 80,000 shipping containers are stacked in various configurations at the Port of Savannah — 50 percent more than usual.

The steel boxes are waiting for ships to carry them to their final destination, or for trucks to haul them to warehouses that are themselves stuffed to the rafters. Some 700 containers have been left at the port, on the banks of the Savannah River, by their owners for a month or more.

“They’re not coming to get their freight,” complained Griff Lynch, the executive director of the Georgia Ports Authority. “We’ve never had the yard as full as this.”

As he speaks, another vessel glides silently toward an open berth — the 1,207-foot-long Yang Ming Witness, its decks jammed with containers full of clothing, shoes, electronics and other stuff made in factories in Asia. Towering cranes soon pluck the thousands of boxes off the ship — more cargo that must be stashed somewhere.

turmoil in the shipping industry and the broader crisis in supply chains is showing no signs of relenting. It stands as a gnawing source of worry throughout the global economy, challenging once-hopeful assumptions of a vigorous return to growth as vaccines limit the spread of the pandemic.

Germany’s industrial fortunes are sagging, why inflation has become a cause for concern among central bankers, and why American manufacturers are now waiting a record 92 days on average to assemble the parts and raw materials they need to make their goods, according to the Institute of Supply Management.

On the surface, the upheaval appears to be a series of intertwined product shortages. Because shipping containers are in short supply in China, factories that depend on Chinese-made parts and chemicals in the rest of the world have had to limit production.

But the situation at the port of Savannah attests to a more complicated and insidious series of overlapping problems. It is not merely that goods are scarce. It is that products are stuck in the wrong places, and separated from where they are supposed to be by stubborn and constantly shifting barriers.

The shortage of finished goods at retailers represents the flip side of the containers stacked on ships marooned at sea and massed on the riverbanks. The pileup in warehouses is itself a reflection of shortages of truck drivers needed to carry goods to their next destinations.

Vietnam, a hub for the apparel industry, was locked down for several months in the face of a harrowing outbreak of Covid. Diminished cargo leaving Asia should provide respite to clogged ports in the United States, but Mr. Lynch dismisses that line.

“Six or seven weeks later, the ships come in all at once,” Mr. Lynch said. “That doesn’t help.”

Early this year, as shipping prices spiked and containers became scarce, the trouble was widely viewed as the momentary result of pandemic lockdowns. With schools and offices shut, Americans were stocking up on home office gear and equipment for basement gyms, drawing heavily on factories in Asia. Once life reopened, global shipping was supposed to return to normal.

But half a year later, the congestion is worse, with nearly 13 percent of the world’s cargo shipping capacity tied up by delays, according to data compiled by Sea-Intelligence, an industry research firm in Denmark.

Many businesses now assume that the pandemic has fundamentally altered commercial life in permanent ways. Those who might never have shopped for groceries or clothing online — especially older people — have gotten a taste of the convenience, forced to adjust to a lethal virus. Many are likely to retain the habit, maintaining pressure on the supply chain.

“Before the pandemic, could we have imagined mom and dad pointing and clicking to buy a piece of furniture?” said Ruel Joyner, owner of 24E Design Co., a boutique furniture outlet that occupies a brick storefront in Savannah’s graceful historic district. His online sales have tripled over the past year.

On top of those changes in behavior, the supply chain disruption has imposed new frictions.

Mr. Joyner, 46, designs his furniture in Savannah while relying on factories from China and India to manufacture many of his wares. The upheaval on the seas has slowed deliveries, limiting his sales.

He pointed to a brown leather recliner made for him in Dallas. The factory is struggling to secure the reclining mechanism from its supplier in China.

“Where we were getting stuff in 30 days, they are now telling us six months,” Mr. Joyner said. Customers are calling to complain.

His experience also underscores how the shortages and delays have become a source of concern about fair competition. Giant retailers like Target and Home Depot have responded by stockpiling goods in warehouses and, in some cases, chartering their own ships. These options are not available to the average small business.

Bottlenecks have a way of causing more bottlenecks. As many companies have ordered extra and earlier, especially as they prepare for the all-consuming holiday season, warehouses have become jammed. So containers have piled up at the Port of Savannah.

Mr. Lynch’s team — normally focused on its own facilities — has devoted time to scouring unused warehouse spaces inland, seeking to provide customers with alternative channels for their cargo.

Recently, a major retailer completely filled its 3 million square feet of local warehouse space. With its containers piling up in the yard, port staff worked to ship the cargo by rail to Charlotte, N.C., where the retailer had more space.

Such creativity may provide a modicum of relief, but the demands on the port are only intensifying.

On a muggy afternoon in late September, Christmas suddenly felt close at hand. The containers stacked on the riverbanks were surely full of holiday decorations, baking sheets, gifts and other material for the greatest wave of consumption on earth.

Will they get to stores in time?

“That’s the question everyone is asking,” Mr. Lynch said. “I think that’s a very tough question.”

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As Secular Peace Effort Stutters in Israel, Religious Mediators Hope to Step In

JERUSALEM — The rabbi stood before the grave of the imam, weeping as he gave his eulogy. In life, Rabbi Michael Melchior said, Sheikh Abdullah Nimr Darwish had promised him that he would never leave his side. In death, the sheikh had left him feeling as bereft as an orphan.

Sheikh Abdullah died in 2017, four years before the Islamist party he helped found, Raam, became the first independent Arab faction to join an Israeli government coalition. But the sheikh’s funeral and his unlikely friendship with Rabbi Melchior, as well as their below-the-radar attempts at religious-based peacemaking between Israelis and Palestinians, were all part of an unexpected, decades-long back story of an effort by some Islamists to find a place within Israeli politics.

For Mansour Abbas, a politician standing in tears to the rabbi’s right that day, the sheikh’s death was one of several pivotal way stations in his journey to lead Raam into Israel’s government.

“At Sheikh Abdullah’s funeral and Rabbi Melchior’s speech, it hit me — that I need to be committed to Sheikh Abdullah and Rabbi Melchior’s joint approach,” said Mr. Abbas, who became Raam’s leader in 2018 and entered Parliament two years ago. The speech and the funeral “made me go from being a supporter and minor contributor to it to someone wishing to strengthen it and push it forward,” he said.

violent clashes in May. And Israel had just ended a brief war with Hamas, the militant group that holds sway in the Gaza Strip.

Both Raam and Hamas have roots in the same Islamist movement. And Raam’s leading influence, Sheikh Abdullah, was convicted and imprisoned in the 1980s for links to a militant Islamist group.

To those in and around Raam, its new role makes more sense in the context of Sheikh Abdullah’s spiritual journey since he left jail, when he had an ideological about-face and sought to use Islamic teachings to justify a more peaceful approach.

helped legitimize the idea of Arab participation in government by pursuing Raam’s support.

are fighting to restore momentum to a formal peace process that petered out in 2014. To them, Mr. Abbas’s political maneuver was a natural outgrowth of a long-term project of religious-based peace building begun by Sheikh Abdullah.

“My sheikh went through several stations in his life,” said Sheikh Raed, citing Sheikh Abdullah’s break with militance after leaving prison in the 1980s.

“The whole religious dialogue,” Sheikh Raed said, “started from that point.”

Born in 1948 in an Arab town in what became Israel, Sheikh Abdullah flirted briefly with Communism as a young man before turning more seriously to Islam.

In the 1970s, he founded the Islamic Movement, a group based in Israel that aimed to encourage the Muslim minority to deepen its faith and, ultimately, to create a society governed by Islamic law. The group also had a militant wing that carried out arson attacks on Israeli property.

But in the 1980s, he surprised his followers by pushing to establish better relations between Arabs and Israelis, within both Israel and the occupied territories.

participation of the Islamic Movement’s political wing, later known as Raam, in Israeli parliamentary elections. That caused a split in the movement, with some members forming a now banned splinter group that rejected participation in the Israeli parliamentary process.

But Sheikh Abdullah continued on a path of moderation, writing a book that rejected any religious justification for suicide attacks. He also began to work on several peace-building projects with Rabbi Melchior, then a deputy foreign minister in the Israeli government.

communal violence in the city of Acre, in northern Israel.

In 2014, they coordinated to avoid religious violence in mixed Arab-Jewish cities when the Jewish day of atonement, Yom Kippur, fell on the same day as the Islamic celebration of Eid al-Adha, and tried to taper conflict during a low-level intifada the next year.

Mr. Abbas became involved in the initiatives and later developed a close relationship with Rabbi Melchior, speaking with him several times a month.

To the rabbi, these religious-based peace initiatives offered a way to move on from the secular-led diplomatic efforts of the 1990s and 2000s, which he said failed in part because they did not sufficiently include religious elements from the two populations.

“The traditional and religious population felt that the peace was part of the uprooting of what they felt was their sense of belonging, of their DNA, of their identity, of their narrative,” Rabbi Melchior said.

After Sheikh Abdullah’s death, Sheikh Raed took up his mantle. He worked with Rabbi Melchior to defuse another crisis in 2017, when the installation of metal detectors at the entrance to the Aqsa Mosque compound in Jerusalem almost set off another uprising.

In 2020, Sheikh Raed released a lengthy religious tract that provided a theological justification for Raam’s joining an Israeli government. Several months later, Mr. Abbas joined the current governing coalition.

During the coalition negotiations, Mr. Abbas gave a televised speech in Hebrew, largely pitched at Israeli Jews, in which he called for coexistence and presented himself as a citizen of Israel. Analysts later said it played a pivotal role in positioning him as an acceptable partner for Jewish-led parties. The speech was his own, but he spoke beforehand with Rabbi Melchior about its content, both men said.

To some Palestinian citizens of Israel, Mr. Abbas is a sellout for helping put right-wing Jewish politicians in power in exchange for what critics perceive as only token victories.

Ayman Odeh, the leader of the left-wing party Hadash, said Mr. Abbas’s approach was transactional, positioning Palestinian citizens of Israel as servants and subjects instead of as true citizens with collective rights.

“I don’t want to work as a politician under a Jewish supremacy,” said Mr. Odeh, whose party includes a mix of Arabs and Jews. “I fight for deep equality on both a civil and national level between the two peoples.”

But to advocates like Sheikh Raed and Rabbi Melchior, Mr. Abbas’s decision was a hopeful byproduct of a long process of religious peace-building that seeks to place Palestinians and Israelis on a more equal footing, and which political leaders would do well to amplify.

“If the religious element is not inside the peace camp, and not included fully, it just won’t happen,” Rabbi Melchior said. “I, for one, do not want to exclude the secular — not from our society and not from the peacemaking,” he added. “I just want to expand that sense of peace.”

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Europe’s Dilemma: Take In ISIS Families, or Leave Them in Syria?

When Belgium said in March that it would repatriate some women who had joined the Islamic State, along with their children, Jessie Van Eetvelde welcomed the decision with relief — even though she knows it will likely mean time in prison.

She and her two children have been living for at least two years in detention camps in Syria. Her dream, she says, is to have her children, whose father fought for the Islamic State, attend school in Belgium. For that, she is ready to pay the price of having joined the militant group in 2014, if Belgium will take her back.

“Maybe they realized that those who want to go back are sorry and want a second chance,” Ms. Van Eetvelde, 43, said recently in a WhatsApp voice message.

Many European countries have balked at allowing the return of people linked to ISIS, yet some, like Belgium and Finland, are now heeding the advice of security experts and rights groups who say that repatriations are the safest option.

lost its last territorial foothold in Syria, more than 200 women from 11 European countries and their 650 children are living in two Syrian camps, Al Hol and Roj, according to figures compiled by Thomas Renard, a researcher at the Egmont Institute, a Brussels-based think tank.

Although the Europeans represent a small fraction of the 60,000 people being held in the camps, who are mostly Iraqis and Syrians, European governments are facing increasing pressure to bring the adults back to face trial amid an argument that the countries’ inaction violates their commitment to human rights.

Security experts, rights groups and lawyers of those who went to ISIS territories acknowledge that European governments face legitimate security concerns, along with political dynamics in countries fearful of terrorist attacks. But a growing number of government and intelligence officials say that leaving European citizens in Syria comes with greater risks, including that they could join terrorist groups that target Europe.

Kazakhstan and Turkey have repatriated many of their own citizens to prosecute them and, in some cases, reintegrate them into society.

The Kurdish leadership in the region that oversees the camps has not prosecuted the women, whose roles under ISIS’s rule often remain unclear. And because the administration is not internationally recognized, any prosecutions would still not get them out of their legal limbo.

Most European countries say that they have no legal obligation to help their citizens in the camps and that adults who joined ISIS should be prosecuted in Iraq and Syria.

Save the Children.

Reprieve says that many women in the camps were trafficked, raped and forced into marriage and domestic servitude.

Yet in several European countries, repatriations remain out of the question, said a French intelligence official who requested anonymity to discuss the topic. Part of the hesitancy, security analysts say, is that repatriated women could receive light or no prison sentences.

Britain has stripped British citizenship from nearly 20 women who joined ISIS, in some cases taking them to court to prevent their return. France has turned down numerous calls for repatriation, even as some of the women staged a monthlong hunger strike. The Netherlands and Sweden said that they might take in children, but without their mothers.

France reels from years of terrorist attacks, the government has opposed calls to repatriate people who left to wage jihad.

Although France has taken in 35 children from the camps on a case-by-case basis, 100 women with French citizenship and their 200 children remain mostly in the Roj camp, according to Jean-Charles Brisard, the director of the Paris-based Center for the Analysis of Terrorism.

France was due to repatriate at least 160 of them in early 2019, according to intelligence documents brought to light by the newspaper Libération that spring and seen by The Times this year. But the situation in the camps became too volatile, the French intelligence official said, and the plan was abandoned.

asked the International Criminal Court to consider whether the country’s policy makes President Emmanuel Macron complicit in war crimes.

A French woman who went on hunger strike in the Roj camp said that there was no running water and that many people there had respiratory problems. (The Times is not publishing her name, because she says she has received death threats from ISIS supporters who oppose their return to France.) “It’s very difficult to see doctors and dentists — there are no medicines,” she said, adding that the Frenchwomen wanted to return “to be tried, to be jailed.”

Jussi Tanner, a diplomat from Finland who is in charge of his country’s repatriations, said the women and children’s return was not a matter of “if, but of when and how.”

“Repatriating them as quickly as we can is better from a security point of view rather than pretending that the problem goes away when we look away,” he said. “You can leave them there, but they will return anyway.”

Claire Moses, Christopher F. Schuetze and Jasmina Nielsen contributed reporting.

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In the Russian Arctic, the First Stirrings of a Very Cold War

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FRANZ JOSEF LAND, Russia — Chunky green trucks carry Bastion anti-ship missiles that can be prepared for launch in just five minutes. A barracks building, sealed off from the elements like a space station, accommodates 150 or so soldiers. And a new runway can handle fighter jets, two of which recently buzzed the North Pole.

Franz Josef Land, a jumble of glacier-covered islands in the Arctic Ocean named after a Austro-Hungarian emperor, was until a few years ago mostly uninhabited, home to polar bears, walruses, sea birds and little else. But thanks to a warming climate, all that is changing, and quickly.

Nowhere on Earth has climate change been so pronounced as in the polar regions. The warming has led to drastic reductions in sea ice, opening up the Arctic to ships during the summer months and exposing Russia to new security threats.

Arctic Council, a diplomatic club of nations, including the United States, that share interests in the region.

National Snow and Ice Data Center said last year. The ocean has lost nearly a million square miles of ice and is expected to be mostly ice-free in the summertime, including at the North Pole, by around the middle of the century.

wrote of Russia’s problem of disappearing ice.

Lt. Col. Balabeg A. Eminov is the commander of the anti-ship battery and other facilities on Franz Josef Land, called the Trefoil Base. “The main question in the Arctic is the limited accessibility for ships, because of ice,” he said. “Now the area of open water is increasing, and with it the area for ship activity.”

published last year. The latest U.S. military strategy for the Arctic, published in 2019, refers euphemistically to vanishing ice as the “changing physical environment.”

father of the Russian Navy, and oil paintings of sailing ships in battle.

Moored at its base in Murmansk Fjord, the Peter the Great was also visited by flocks of sea gulls, which flapped around its gray-painted radar masts and over the 20 launch tubes for anti-ship missiles. Sailors with side arms stood watch by the gangplank, seemingly oblivious to the cold rain lashing their faces.

Elsewhere in Murmansk Fjord, and not shown to reporters, is another dimension of the Russian military buildup: a secretive program to train seals and beluga whales for as-yet unknown missions. Satellite images have revealed their sea pens at a special operations site. Two years ago, a trained beluga wearing a mysterious harness, possibly an escapee, turned up in Norway and was nicknamed Whaldimir.

posted the footage online. The United States this month sailed the U.S.S. New Mexico, a Virginia-class submarine, into Tromso, Norway, for a rare call at a civilian port.

In the same vein, the tour for foreign journalists to some of Russia’s most remote and secretive military facilities in the Arctic Ocean seemed intended to highlight the country’s capabilities.

“Inviting journalists to come look at these modernized, reinvigorated Cold War sites is all about signaling,” said Marisol Maddox, an Arctic analyst at the Polar Institute of the Woodrow Wilson Center, a research organization in Washington.

Russia, she said, wants to keep up its “strongman persona” in an era of climate change.

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