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Poland Ups Pressure to Send German-Made Tanks to Ukraine | Article

Poland stated Monday it was eager to send out German-designed Leopard tanks to Ukraine with out acceptance, but would initially seek out permission from Berlin, as Kyiv presses its allies for significant weaponry.

European nations agreed to shell out another 500 million euros ($540 million) to arm Kyiv in the newest boost to the multi-billion-dollar generate to assist Ukraine drive again Russian forces.

Nevertheless, while scores of nations have pledged armed forces hardware, Kyiv is clamouring for a lot more superior and heavier weapons, notably the potent Leopard — witnessed as key to punching by means of enemy strains.

Berlin, which desires to grant permission for the tanks to be despatched to Ukraine, has appear underneath fireplace for failing to get the essential conclusion.

Right after days of mounting pressure and stalling, German International Minister Annalena Baerbock on Sunday stated Germany would not stand in the way if Warsaw asked to send out Leopard tanks.

“We will find this approval,” Poland’s Primary Minister Mateusz Morawiecki explained to reporters Monday.

“Even if we did not get this kind of an approval in the conclusion, we will give our tanks to Ukraine in any case — inside of a compact coalition of countries, even if Germany is not in that coalition”, Morawiecki explained.

Polish federal government spokesman Piotr Muller later informed state tv that a official request was “an crucial gesture and we will unquestionably have it out in the coming days”.

Ukraine, which is still making use of Soviet-period tanks, has stated the world’s indecision is only “killing far more of our people”.

Poland declared earlier this thirty day period that it was prepared to supply 14 Leopard tanks to Kyiv but was waiting around for a clear assertion from Berlin authorising the transfer.

Berlin has insisted on the require for all allies to get the job done jointly.

Chancellor Olaf Scholz’s spokesman reiterated that stance Monday, declaring the authorities “does not rule out” the tanks’ transfer but added: “It has not nevertheless been resolved.”

– Permission required –

Haunted by its write-up-Environment War II guilt, Germany has always acted diligently when it arrives to conflicts.

German regulations involve nations around the world that order its weapons to talk to for approval before handing them around.

This is to reduce German-designed armaments from remaining applied in conflict zones against Germany’s passions.

On Friday, some 50 nations agreed to deliver Kyiv with billions of dollars’ really worth of army hardware, which includes armoured cars and munitions essential to push back Russian forces.

European overseas ministers on Monday agreed to expend an more 500 million euros to arm Ukraine, diplomats reported. This requires the whole typical EU paying out to 3.6 billion euros.

– Ambassadors expelled –

In a additional ratcheting up of tensions between Russia and its European neighbours, the Baltic states Latvia and Estonia claimed they would expel the Russian ambassadors to their nations around the world.

Estonia eradicated the ambassador in a tit-for-tat move just after Russia said it was downgrading diplomatic ties with Tallin due to its “total Russophobia”.

Hours later on, Latvia’s international ministry stated it had asked Russia’s ambassador to go away in solidarity with Estonia, and owing to Moscow’s ongoing “military aggression” in Ukraine.

– ‘Destroyed’ Soledar –

In Ukraine’s war-scarred east, a Russian proxy formal claimed to have frequented Soledar, the flattened city in the Donetsk region of Ukraine that Moscow said it captured this thirty day period.

Denis Pushilin, Moscow’s prime official liable for Donetsk, mentioned late Sunday he had visited the “destroyed” salt mining city with Zurab Makiev, a member of Russia’s parliament.

Russia claimed control of Soledar on January 13. Ukraine has not formally introduced the withdrawal of its forces from the city.

Russia’s defence ministry has stated the town’s seize is an crucial step to pushing out Ukrainian troops from Bakhmut, a larger sized mining city close by.

Pushilin reported fighting in Bakhmut was “intensifying” and claimed Russian troops were advancing and that mercenaries have been managing strategic heights around Bakhmut.

In Moscow, residents braved the risk of arrest to lay flowers at an improvised memorial to at minimum 46 people today killed in a Russian assault on a household developing in Dnipro very last 7 days.

“How can I express how I feel about this tragedy. I want to express sympathy and give condolences to the people who are suffering suitable now,” Elena Ivanova, a mathematician, told AFP.

 

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California staggered by deadly back-to-back mass shootings

2023-01-24T08:06:56Z

Just two days after a gunman killed 11 people at a Los Angeles-area dance studio, seven more victims were shot dead in an agricultural area near San Francisco, as California suffered one of its bloodiest spates of mass gun violence in decades.

Authorities said they had not identified the motive for either of the rampages, which seemed especially baffling in part because the suspects in each were men of retirement age, much older than is typical for perpetrators of deadly mass shootings that have become numbingly routine in the United States.

California Governor Gavin Newsom said he was visiting wounded survivors from Saturday night’s massacre in the Los Angeles suburb of Monterey Park when he was informed of Monday’s killings in northern California.

“Tragedy upon tragedy,” Newsom wrote on Twitter.

Otherwise, the back-to-back shootings appeared to have little in common.

The latest spasm of gun carnage struck the coastal town of Half Moon Bay, about 30 miles south of San Francisco, where a gunman opened fire on groups of farm workers at two locations, leaving a total of seven dead and one badly wounded, then fled.

The accused gunman, identified as Chunli Zhao, 67, was arrested a short time later after he was found sitting in his vehicle, parked outside a sheriff’s station, where authorities said they believe he had come to turn himself in.

A semi-automatic handgun was found in his car, San Mateo County Sheriff Christina Corpus told an evening news conference.

Corpus said the suspect and worked at one of the two crime scenes, which she described as agricultural “nurseries.” Local media described one site as a mushroom farm.

In a separate Bay-area incident on Monday evening that drew far less attention, one person was killed and seven wounded in a “shooting between several individuals” in Oakland, police reported, in circumstances suggesting a case of gang violence. Police gave few details, but said the surviving victims had all gotten themselves to area hospitals.

News of the massacre in Half Moon Bay surfaced as police worked through a second full day of their investigation into the shooting at the Star Ballroom Dance Studio in Monterey Park, just east of downtown Los Angeles, where a gunman shot 11 people to death. Nine others were wounded.

Authorities said the suspect, Huu Can Tran, 72, drove next to an adjacent town and barged into a second dance hall but was confronted by the club’s operator, who wrestled the weapon away during a brief scuffle.

Tran, himself a longtime patron of the Star Ballroom, catering mainly to a older dance enthusiasts, fled again and vanished overnight.

He shot himself to death in his parked getaway vehicle, a cargo van, on Sunday morning, about 12 hours after his rampage, as police surrounded him in the town of Torrance, south of Los Angeles, authorities said.

Saturday’s violence unfolded in the midst of a Chinese Lunar New Year celebration in Monterey Park, a hub of the Asian-American community in Southern California, giving rise initially to concerns the attack may have been racially motivated. The second day of the event was canceled.

It ranked as the deadliest mass shooting ever in Los Angeles County, according to Hilda Solis, a member of the county Board of Supervisors.

By comparison, the 1984 massacre of 21 people at a McDonald’s restaurant in San Diego stands as the greatest loss of life from a single shooting incident on record in California.

Fourteen people were slain in San Bernardino, east of L.A. County, in 2015, by a married couple who authorities described as extremists inspired by foreign terror groups. They were killed hours later in a shootout with police.

The two latest shootings were also notable for the age of the suspects, one in his late 60s, another in his early 70s.

A database of 185 mass shootings between 1966 and 2022 maintained by the nonprofit Violence Project includes just one carried out by someone 70 or older – a retired miner who killed five people in Kentucky in 1981.

Attesting to the firepower unleashed at the Monterey Park ballroom, investigators collected 42 bullet casings and a large-capacity ammunition magazine from the scene, Los Angeles County Sheriff Robert Luna told reporters on Monday.

He said a search of the suspect’s mobile home in a gated senior-living community in the town of Hemet, 80 miles east of Los Angeles, turned up a rifle, electronic devices and items “that lead us to believe the suspect was manufacturing homemade” weapons silencers. Police also seized hundreds of rounds of ammunition from the dwelling and a handgun from the suspect’s vehicle.

Monterey Park Police Chief Scott Wiese said investigators were looking into unconfirmed reports that the violence may have been precipitated by jealousy or relationship issues.

Adam Hood, who rented a home from Tran in the Los Angeles area, told Reuters his landlord enjoyed ballroom dancing and was a regular at the Star Ballroom, though he complained that others there were talking behind his back.

“He was distrustful of the people at the studio, angry and distrustful. I think he just had enough,” Hood said.

Related Galleries:

Police officers detain a man, believed by law enforcement to be the Half Moon Bay mass shooting suspect, in Half Moon Bay, California, U.S., January 23, 2023, in this screengrab taken from a social media video. Kati McHugh via REUTERS

People gather for a candle light vigil after a mass shooting during Chinese Lunar New Year celebrations in Monterey Park, California, U.S. January 23, 2023. REUTERS/David Swanson

People gather for a candle light vigil after a mass shooting during Chinese Lunar New Year celebrations in Monterey Park, California, U.S. January 23, 2023. REUTERS/David Swanson

People gather for a candle light vigil after a mass shooting during Chinese Lunar New Year celebrations in Monterey Park, California, U.S. January 23, 2023. REUTERS/David Swanson

A suspect is arrested by law enforcement personnel after a mass shooting at two locations in the coastal northern California city of Half Moon Bay, California, U.S. January 23, 2023 in a still image from video. ABC Affiliate KGO via REUTERS.
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Amazon launches a subscription prescription drug service

Amazon is adding a prescription drug discount program to its growing health care business.

The retail giant said Tuesday that it will launch RxPass, a subscription service for customers who have Prime memberships. Amazon said people will pay $5 a month to fill as many prescriptions as they need from a list of about 50 generic medications, which are generally cheaper versions of brand-name drugs.

The company said the flat fee could cover a list of medications like the antibiotic amoxicillin and the anti-inflammatory drug naproxen.

Sildenafil also made the list. It’s used to treat erectile dysfunction under the brand name Viagra and also treats a form of high blood pressure.

Amazon sells a range of generic drugs through its pharmacy service. Some already cost as low as $1 for a 30-day supply, so the benefit of this new program will vary by customer.

The new program doesn’t use insurance, and people with government-funded Medicaid or Medicare coverage are not eligible. It will be available in 42 states and Washington, D.C. at launch.

Any program that gets low-cost generic drugs to more patients “is a good thing,” said Karen Van Nuys, an economist who studies drug pricing at the University of Southern California. But she added that she wasn’t sure how much of an impact RxPass will have.

She noted that the program is limited to Amazon Prime customers. Other options like the Mark Cuban CostPlus Drug Co. sell more generic drugs, many for under $5.

“I just don’t know that it’s expanding access to a new set of patients,” Van Nuys said.

Still, the move could help the company take up some more space in the health care market, even though it has not always been successful in its aim. Last year, the company shuttered its hybrid virtual, in-home care service called Amazon Care after it failed to get traction from employers. And Haven, a company Amazon created in collaboration with JPMorgan and Berkshire Hathaway to improve health costs, dissolved a year earlier than that.

Amazon has said its online drug store Amazon Pharmacy is a key part of its health care plan, along with primary care organization One Medical, which the online giant is seeking to acquire for $3.9 billion. The Federal Trade Commission is investigating the proposed buyout.

In November, the company also said it would begin offering “Amazon Clinic,” a messaging service that connects patients with doctors for about two dozen common conditions, such as allergies and hair loss.

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Poland Ups Pressure to Send German-Made Tanks to Ukraine

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Prime Minister Mateusz Morawiecki said he would send the heavy tanks even without Germany’s approval.

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EXPLAINED: How General Gerasimov is Trying to ‘Fix’ the Russian Army

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His tactics so far have led Wagner’s Chief to label him and his superiors a “bunch of clowns.”

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EXPLAINED: How General Gerasimov is Trying to ‘Fix’ the Russian Army | Article

As any person who has at any time been promoted will attest, the 1st several months of your new job is frequently used dealing with the problems and failings of your predecessor.

 

A single of the starkest examples of this on the planet appropriate now is the man tasked by Vladimir Putin to straighten out his reinvasion of Ukraine which has not exactly gone in accordance to the approach originally envisaged by the Kremlin.

 

Remind me, who’s in charge now?

 

Standard Valery Gerasimov was appointed Commander of the Joint Grouping of Forces earlier this month, replacing Sergei Surovikin who was only in the task for a few months.

 

In a humiliating small twist, Surovikin now serves as Gerasimov’s deputy.

 

What did Surovikin do to deserve that?

 

In a nutshell, he did not get the war, but he also presided over a selection of humiliating defeats for Russia and instituted strategies which failed to reach their preferred effects.

 

All over a thirty day period after his appointment, Russia retreated from the southern city of Kherson, the only regional capital it held.

 

Then around New Calendar year, Ukraine released a devastating attack on an unprotected compound housing hundreds of newly mobilized Russian troops in the occupied city of Makiivka, a suburb east of Donetsk.

 

Russian officials acknowledged that at minimum 89 men and women were killed, but Ukrainian resources as perfectly as lots of Russian war correspondents stated the death toll was closer to 400. Even the reduced figure would depict the most important decline of lifestyle from a one strike as formally noted by Moscow considering the fact that the start out of the whole-scale invasion in February.

 

Adding to Surovikin’s woes, his pièce de resistance – pummelling Ukraine’s population into submission by launching weeks of mass missile and drone assaults against civilian infrastructure – failed to both of those completely damage Ukraine’s energy grid or grind down its people today.

 

What is Gerasimov’s system?

 

Basically, to produce a significant and disciplined army that can get the war in Ukraine. It appears like a stable approach, but aside from remaining 11 months far too late, Gerasimov is already staying ridiculed for how he’s likely about it.

 

We’ll occur back to that, but 1st it’s truly worth looking at what Gerasimov claimed on Monday evening in his 1st community comments considering that getting promoted.

 

Speaking to the information web site Argumenty i Fakty on Monday evening, Gerasimov sought to double-down on the Kremlin’s excuses for not currently being equipped to achieve victory in a “special operation” which it truly considered would only final a issue of days.

 

Instead than sticking to the authentic narrative of “denazifying” Ukraine, Russia has experienced to excuse defeat just after defeat as currently being a end result not of its military services failings, but of the alleged fact it is in fact preventing the whole western earth.

 

“Our country and its armed forces are nowadays performing in opposition to the whole collective West,” Gerasimov said on Monday.

 

“Today, these kinds of threats contain the aspirations of the North Atlantic Alliance to broaden to Finland and Sweden, as very well as the use of Ukraine as a device for waging a hybrid war against our nation.”

 

How does Gerasimov system to get?

 

1 of his primary priorities is to improve the “day-to-day discipline” of Russia’s troops.

 

The British Ministry of Defence (MoD) famous on Monday that due to the fact Gerasimov had taken charge, officers have been “attempting to clamp down on non-regulation uniform, journey in civilian cars, the use of mobile phones, and non-common haircuts”.

 

Haircuts?

 

Yup, haircuts. This work in unique has sparked common derision from those people in Russia with the luxurious of getting able to brazenly criticise the Kremlin.

 

The head of the Wagner Team of professional-Kremlin mercenaries, Yevgeny Prigozhin, said Gerasimov and the military services leadership ended up “a bunch of clowns” who instead of concentrating on significant matters, ended up obsessing with the “glamourisation of the army.”

 

Separatists battling for the Kremlin in jap Ukraine named the shift “farce” that would hinder troops.

 

And Ramzan Kadyrov, the Moscow-set up head of Chechnya, mentioned the get was an insult to his Muslim troops battling in Ukraine who mature their beards in honour of Allah and the Prophet Muhammad.

 

The British MoD additional: “The Russian force carries on to endure operational deadlock and major casualties Gerasimov’s prioritisation of mainly insignificant polices is very likely to affirm the fears of his numerous sceptics in Russia.

 

“Alongside with Defence Minister Sergei Shoigu, he is more and more viewed as out of contact and targeted on presentation more than material.”

 

Is Gerasimov carrying out something of… material?

 

He suggests he is but how perfectly it turns out is yet be witnessed.

 

Speaking on Monday night time, Gerasimov acknowledged that Russia’s mobilisation of 300,000 troops experienced not absent to system, indicating: “The method of mobilization education in our region was not fully adapted to the new modern day economic relations.

 

“So I had to deal with all the things on the go.”

 

Previously this month Russian Defence Minister Sergei Shoigu stated he would make “major changes” to the country’s armed forces, boosting personnel to 1.5 million – presumably clean-shaven – troops.

 

Gerasimov’s willpower generate is part of this but it is but to be found what other massive programs he has.

 

What could we count on?

 

Both Ukraine and Russia are predicted to start offensives in the spring, and we know the Kremlin is digging in its heels for a very long and protracted conflict.

 

What we do not know is the specific form possibly of these offensives could get.

 

We also do not know yet if Gerasimov will continue his predecessor’s system of standard mass missile attacks towards Ukraine’s electrical power infrastructure, or if they will shift their concentration to navy targets.

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Florida’s rejection of Black history course stirs debate

FORT LAUDERDALE, Fla. (AP) — Florida Gov. Ron DeSantis reiterated Monday the state’s rejection of a proposed nationwide advanced African American studies course, saying it pushes a political agenda — something three authors cited in the state’s criticism accused him of doing in return.

DeSantis said his administration rejected the College Board’s Advanced Placement African American Studies course because “we want education, not indoctrination.” It was revealed last week that the Florida Department of Education recently told the College Board it would bar the course unless changes are made.

The state then issued a chart late Friday that says the course promotes the idea that modern American society oppresses Black people, other minorities and women, includes a chapter on “Black Queer Studies” that the administration finds inappropriate, and uses articles by critics of capitalism.

The governor said the course violates legislation dubbed the Stop WOKE Act he signed last year. It bars instruction that defines people as necessarily oppressed or privileged based on their race. At least some writers the course cites believe modern U.S. society endorses white supremacy while oppressing racial minorities, gays and women.

“This course on Black history, what’s one of the lessons about? Queer theory. Now who would say that an important part of Black history is queer theory? That is somebody pushing an agenda,” said DeSantis, a possible Republican presidential candidate in 2024.

Florida House Democratic Leader Fentrice Driskell called the administration’s rejection of the course “cowardly” and said it “sends a clear message that Black Americans’ history does not count in Florida.”

“Imagine how boring and closed minded we’d all be if we only met ideas that we agreed with,” she said Monday.

The College Board, after a decade of development, is testing the African American Studies course at 60 high schools nationwide. No school or state would be required to offer it after its scheduled rollout.

The organization offers AP courses across the academic spectrum, including math, science, social studies, foreign languages and fine arts. Taught at a college level, students who score high enough on the course’s final exam usually earn course credit at their university.

The College Board hasn’t responded to emails and calls since Friday. It issued a statement last week saying it encourages feedback and will consider changes.

The state, in its Friday chart, criticized five living authors. The Associated Press emailed them and three responded.

— The section on “Black Queer Studies” includes readings by Roderick Ferguson, a Yale University professor of women’s, gender and sexuality studies. The state says he “exclaims, ‘We have to encourage and develop practices whereby queerness isn’t a surrender to the status quo of race, class, gender and sexuality.’”

Ferguson said that quote comes from an interview he did about his book, “One-Dimensional Queer.” The book, he said, is a discussion of “employment discrimination, laws against LGBTQ+ people, the suppression of progressive movements in the U.S., police violence against minority communities, restrictions on immigration (and) anti-black racism.”

“These are real histories. The arguments about them are based on scholarly investigation and research — as are the arguments from the other scholars on this list,” Ferguson said. “Unfortunately, we are in a moment in which right-wing forces are mobilizing to suppress the free discussion of those realities. If we need an example of that mobilization, we could probably just turn to the forces that came together to reject this course.”

— The state calls out the course for including “Black Study, Black Struggle,” a 2016 piece by UCLA history professor Robin D.G. Kelley, saying he “argues that activism, rather than the university system, is the catalyst for social transformation.” Kelley called that description oversimplified.

His piece challenges student activists to move their efforts beyond campus and decries racism, inequality, capitalism, militarism and police brutality. But he also said activists must love everyone, “even those who may once have been our oppressors,” and read and understand Western literature if they are to criticize it.

He said one point is “that we should not pay so much emphasis on trauma and victimization, but instead understand how we have fought for justice not just for Black people but for the whole nation (yes including struggling white people), despite the violence and oppression we have experienced.”

The state also points out Kelley wrote the 1990 book “Hammer and Hoe,” a history of communism in Alabama during the Great Depression of the 1930s.

“It won several awards and accolades, including from a few conservative anti-Communist historians, because it is based on thorough research — something DeSantis’s people are not familiar with,” Kelley said.

— The state criticized the inclusion of a section about “Movement for Black Lives,” a coalition of more than 50 groups including Black Lives Matter and the National Conference of Black Lawyers. It says the group wants to abolish prisons and that it alleges there is a “war” against gay and transsexual Black people.

The state criticizes the section’s inclusion of a reading by Leslie Kay Jones, an assistant sociology professor at Rutgers University. It cites her quote, “Black people produce an unquantifiable amount of content for the same social media corporations that reproduce the white supremacist superstructure that suppresses us.”

Jones said she found no indication that the Movement for Black Lives has ever advocated for prison abolition. She is surprised DeSantis’ staff attacked her for criticizing social media companies, as he does the same.

She said this is why students should have the ability “to come to their own conclusions through an evaluation of primary and secondary texts.”

“Is Ron DeSantis claiming that Florida students are unable to formulate their own opinions?” she said. ___

Izaguirre reported from Tallahassee, Florida.

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As Yellen woos Africa, sceptics ask “Is the U.S. here to stay?“

2023-01-24T07:09:26Z

U.S. Treasury Secretary Janet Yellen’s three-country trip to Africa – the leading edge of a new diplomatic push by the Biden administration – aims to show the continent the United States is a true partner, one here for the long-haul.

But after decades of losing ground to China and the tumult of the Donald Trump years, when the former president threatened to slash aid and roll back military support, it is a tough sell.

As Africa struggles with economic headwinds caused by the COVID-19 pandemic, the war in Ukraine and, notably, Washington’s own monetary policy, Africans are asking for proof the United States will stay the course this time.

Yellen, so far, is at pains to make guarantees.

“I don’t know how I can give assurances, honestly,” she told Reuters in an interview en route from Senegal to Zambia. But Republicans and Democrats alike support long-standing initiatives, including in the areas of health and trade, she said.

Yellen’s trip kicks off a year of high-level U.S. visits that will include President Joe Biden, Vice President Kamala Harris, Trade Representative Katherine Tai, and Commerce Secretary Gina Raimondo.

Washington hosted African leaders from 49 countries and the African Union at a summit in December, where Biden said the United States was “all in” on Africa’s future and planned to commit $55 billion over the next three years.

African officials have broadly welcomed the United States’ renewed engagement. But the timing, two years into Biden’s four-year term, is viewed by many as “late and somewhat half-hearted”, said Chris Ogunmodede, a Nigerian researcher and associate editor of World Politics Review.

“The fears that Biden will not follow through, or that he could lose and be replaced by a hostile Republican administration, definitely exist,” he said.

As the United States touts its long-standing ties to Africa and a renewed commitment to ramping up trade and investment, it’s playing catch-up with China and facing a growing challenge from Russia.

Chinese trade with Africa is about four times that of the United States, and Beijing has also become an important creditor by offering cheaper loans than Western lenders.

American officials – both Democrats and Republicans – have criticised China’s lending as lacking transparency and predatory.

In Senegal, Yellen warned Africa against “shiny deals that may be opaque and ultimately fail to actually benefit the people” and has accused China of dragging its feet on a critical debt restructuring in Zambia.

But U.S. fiscal policy is creating its own drag.

African countries have become collateral victims of this year’s rate hikes by the U.S. Federal Reserve, aimed at curbing inflation at home.

“Tightening financial conditions and the appreciating US dollar have had dire consequences for most African economies,” the African Development Bank (AfDB) wrote in a report last week.

The cost of debt service is expected to hit $25 billion next year according to the World Bank, up from $21.4 billion in 2022. In local currency term, it’s risen even faster, increasing the risk of debt distress, the AfDB stated.

African countries are also finding it harder to access capital markets to meet their fiscal needs and refinance maturing debt.

The United States, meanwhile, has largely failed to offer viable alternatives to cheap Chinese credit, officials said.

“China is an important partner,” Democratic Republic of Congo Finance Minister Nicolas Kazadi told Reuters. “It is clearly shown that it’s not easy to mobilise U.S. investors.”

One senior U.S. Treasury official said the United States had long been engaged in Africa, funding anti-HIV work and working on other health issues. “We don’t often talk about it. It’s not named bridges or highways … but if you think about just the sheer lives saved – estimates of 25 million lives saved with our engagement with (AIDS relief) – that is real.”

African countries have largely rejected U.S. pressure to take sides in the Russia-Ukraine conflict, some of them citing Moscow’s colonial-era support for their liberation movements.

Russia has blocked Ukrainian grain exports, driving up food inflation and aggravating one of the worst food crises in Africa’s history, U.S. officials note.

On Friday, Yellen said in Senegal that the war was hurting the continent’s economy, and that a Group of Seven-led price cap on Russian crude oil and refined products could save African countries $6 billion annually.

On Monday, though, South Africa hosted a visit by Russian Foreign Minister Sergei Lavrov and defended its decision to hold joint naval exercises with Russia and China off its east coast next month – a day before Yellen was scheduled to arrive.

“All countries conduct military exercises with friends worldwide,” South Africa’s Foreign Minister Naledi Pandor, standing alongside Lavrov, told reporters.

Washington, Beijing and Moscow are all courting African nations with their own interests in mind, say foreign policy experts including Ebrahim Rasool, a former South African ambassador to the United States. African leaders, hoping for greater representation in bodies like the G20 and UN Security Council, can play that game too.

“The U.S. sometimes has good intentions and meetings but not always the follow-through,” Rasool said, adding that sometimes Russia and China are needed to stir the U.S. into action.

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U.S. Treasury Secretary Janet Yellen gives a speech after she visited the House of Slaves (Maison des Esclaves) at Goree Island off the coast of Dakar, Senegal January 21, 2023. REUTERS/Ngouda Dione

U.S. Treasury Secretary Janet Yellen receives a pilgrim award certificate from Augustin Senghor, Mayor of the Goree Island, after she visited the House of Slaves (Maison des Esclaves) at Goree Island off the coast of Dakar, Senegal January 21, 2023. REUTERS/Ngouda Dione
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After a long, cold year, investors are flocking back to Europe

2023-01-24T07:11:40Z

The skyline with its financial district is photographed on early evening in Frankfurt, Germany, September 18, 2018. REUTERS/Kai Pfaffenbach/File Photo

A European recession looked like a no-brainer just a few weeks ago, but that picture has changed dramatically, and investors have started pouring money into the region’s stocks, currency and bonds.

Warmer temperatures and well-filled gas storage facilities mean there’s less concern about power shortages and sky-high energy bills. That, along with China reopening its economy at breakneck speed, promises a boost for Europe’s export-oriented economy.

JPMorgan has raised its forecast for euro zone first-quarter economic growth to 1% from a contraction of 0.5%, echoing a similar move from Goldman Sachs earlier this month.

Data from BofA Global Research on Friday showed the first weekly inflow of investor money into European equity funds in almost a year.

Markets are picking up those positive vibes. The euro is set for its largest three-month gain against the dollar since 2011, having risen nearly 10%.

European stocks have vastly outperformed their U.S. peers. The euro STOXX (.STOXXE) benchmark has beaten its U.S. peer, the S&P 500 (.SPX), by over 18 percentage points since September. Morgan Stanley says this is its best outperformance in 20 years relative to Wall Street.

“It’s a very big move in European gas prices and that has dramatically improved the outlook. The perception has shifted from the worst kind of contraction, especially for countries like Germany, to potentially avoiding recession,” said Samy Chaar, chief economist at Lombard Odier in Geneva.

“It’s difficult to see a negative. Whether it’s investment-grade bonds, or equities, or the euro, it’s all very good news”.

Dutch natural gas futures , a regional benchmark, have fallen back to where they were before Russia invaded Ukraine and are down 80% from their August peak.

Investors are allocating cash back to European equities and cutting exposure to Wall Street, where pricey tech stocks are getting hammered by rising rates.

In terms of valuations, European blue-chips are trading at a multiple of around 13, compared with a ratio of around 20 for the S&P 500, according to Refinitiv data. That 7-point premium is well above the five-year average of 1.5, suggesting that European shares look cheap compared to the U.S.

Roberto Lottici, portfolio manager at Banca Ifigest in Milan, recently sold his Amazon (AMZN.O) position to buy European banks like Intesa (ISP.MI), BNP (BNPP.PA) or Santander, (SAN.MC) and utilities.

That said, not everyone is upbeat.

BofA European equity strategists, for example are “positioned against (the) consensus view”, as they feel recent monetary tightening, the harshest in four decades, will lead to a recession, which will drag down stocks.

Even self-declared bulls are cautious.

Banca Ifigest’s Lottici said the “sword of Damocles” of the war in Ukraine still dangles over Europe.

“Lower gas prices are surely a positive, but their rapid fall also tell us that they can rise just as fast should things go wrong. I’m managing my assets very carefully,” he said.

The euro has stormed 15% higher against the dollar from September’s 20-year low of $0.9528 and some analysts think it has much further to go.

“Europe is recovering in a big way,” Nomura FX strategist Jordan Rochester said. His bank expects the euro to reach $1.10 by the end of January and $1.16 by year-end.

The improvement in the European economy is also driving flows into fixed income. Richard McGuire, head of rates strategy at Rabobank, said while the impact of lower energy prices on government bonds “has many moving parts… when you put them together, we would argue that it’s bullish.”

On the one hand, he said lower inflation and less need for debt issuance to fund energy subsidies is positive for bonds, but this has to be weighed against higher growth, which tends to hurt traditional safe-haven.

European peripheral debt has particularly benefited. The Italian 10-year yield , the benchmark for non core euro zone issuers, has fallen by 87 basis points year-to-date, outpacing a 49 bps fall for the German equivalent and 44 bps for the U.S. Yields move inversely to prices.

Corporate credit has also got a lift. A closely watched index of European corporate credit (.MERER00) has seen its yield fall nearly 50 basis points this year.

“We’ve been definitely increasing our weighting to credit, we did most of that in October and November,” said David Zahn, head of European fixed income at Franklin Templeton.

“The credit markets in Europe were pricing in a recession, and when you think a recession is going to be fairly mild, you want to buy that”.

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Pakistan says power restored after second major breakdown in months

2023-01-24T06:51:42Z

Pakistan’s energy minister on Tuesday blamed the worst power outage in months on a lack of investment in the network, saying the aid-dependant nation had “learned lessons” from the breakdown that left millions of people without electricity.

Like much of the national infrastructure, the power network desperately needs an upgrade, but funding has been patchy as Pakistan lurched from one International Monetary Fund bailout to the next. The outage, which began on Monday morning, was the second major breakdown since October.

“We learned lessons from yesterday that we need to invest in the distribution system,” Energy Minister Khurram Dastgir told reporters as he announced that power had been fully restored to the nation of nearly 220 million people.

“There hasn’t been any investment in improving these systems from the previous government,” he added.

The International Monetary Fund has bailed out Pakistan five times in the last two decades. Its latest bailout tranche, however, is stuck due to differences with the government over a programme review that should have been completed in November.

Pakistan has enough installed power capacity to meet demand, but the sector is so heavily in debt that it cannot afford to invest in infrastructure and power lines. Analysts say transmission and distribution are the weakest links.

China has invested in its power sector as part of a $60 billion infrastructure scheme that feeds into its “Belt and Road” initiative, but details of this investment are unclear.

Dastgir said the cause of the outage was not yet known, but the ministry was conducting a safety audit of the entire network. “The government plans to add more power distribution lines within the next 36 months,” he added.

Millions of Pakistanis suffer partial blackouts almost daily, including scheduled “load shedding” power outs aimed at conserving electricity.

Many take these disruptions in their stride, investing in generators and solar panels to generate their own power, but the frail infrastructure also takes its toll. “Without electricity, we can’t do anything,” said Sara Khan, the principal of a school for girls in Jacobabad, a southern city which regularly goes up to 18 hours a day without power. “The people are facing too many difficulties because of the power cuts.”

Related Galleries:

A laundryman uses cell phone as he sits at his shop during country-wide power breakdown in Peshawar, Pakistan January 23, 2023. REUTERS/Fayaz Aziz

A man sits outside his shop during a country-wide power breakdown in Karachi, Pakistan January 23, 2023. REUTERS/Akhtar Soomro

A stock broker monitors the share prices on computers, powered by the generator, in the hall of Pakistan Stock Exchange (PSX) during country-wide power breakdown in Karachi, Pakistan January 23, 2023. REUTERS/Akhtar Soomro

Volunteers of the Edhi Foundation, a non-profit social welfare programme, work at a communication and control room during a country-wide power breakdown in Karachi, Pakistan January 23, 2023. REUTERS/Akhtar Soomro

Vehicle lights cause light streaks on the road along a market, during country-wide power breakdown in Karachi, Pakistan January 23, 2023. REUTERS/Akhtar Soomro

A satellite image shows before and after in Islamabad, Pakistan, following a country-wide power breakdown, January 23, 2023. NASA EOISDIS Worldview/Handout via REUTERS

A man starts a generator outside his shop during a country-wide power breakdown in Karachi, Pakistan January 23, 2023. REUTERS/Akhtar Soomro
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