Rep. Cory Mills.

Tom Williams/CQ-Roll Call, Inc via Getty Images

• Florida congressman Cory Mills gifted his colleagues inert grenades.
• The grenades, Mills said, were made for an MK19 grenade launcher.
• “These are manufactured in the Sunshine State and first developed in the Vietnam War,” Mills wrote.

A GOP congressman from Florida gifted his colleagues inert 40mm grenades to celebrate being named to the House Armed Forces and Foreign Affairs Committees.

Rep. Cory Mills on January 20 sent a letter welcoming his colleagues “to a mission-oriented 118th Congress,” along with a dummy grenade. Mills said he was “eager to get to work for the American people” and was honored to serve on the committees.

“In that spirit, it is my pleasure to give you a 40mm grenade, made for an MK19 grenade launcher,” Mills wrote. ‘These are manufactured in the Sunshine State and first developed in the Vietnam War.” 

The letter to his colleagues assured them in a postscript that “these Florida manufactured 40mm grenades are inert.” 

—Morgan Phillips (@_phillipsmorgan) January 26, 2023

 

Mills’ letter was posted to Twitter on Thursday by Daily Mail reporter Morgan Phillips.

“Per the letter, the grenades are inert, and were cleared through all security metrics,” Mills’ spokesman Juan Ayala said in an email to The Washington Post. “I just wish they tagged our official account.”

It’s unclear how many grenades Mills gifted to his colleagues. Representatives for the congressman did not immediately respond to Insider’s request for comment.

Mills, a congressman backed by former President Donald Trump, in November won his seat in Florida’s 7th Congressional district.

In May, Mills bragged about supplying law enforcement agencies with tear gas used against Black Lives Matter protesters. Mills has also parroted Trump’s claims that the election was rigged, per the Orlando Sentinel.

India’s Adani Enterprises Ltd (ADEL.NS) began a record $2.45 billion secondary share sale for retail investors on Friday, as a heavy selloff in Adani group companies intensified after an attack by a U.S.-based short seller.

The Adani conglomerate – controlled by one of the world’s richest men Gautam Adani – lost $11 billion in market capitalisation on Wednesday in India and saw falls in its U.S. bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens.

Adani Group has dismissed the report as baseless.

Adani Enterprises aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.

Bidding for the Adani Enterprises share sale for retail investors started on Friday and will close on Jan. 31. The firm has set a floor price of 3,112 rupees ($38.22) a share and a cap of 3,276 rupees.

But shares of seven listed group companies plunged on Friday, taking their cumulative market capitalization loss since Wednesday to around $30 billion, as of 0438 GMT.

Adani Enterprises dropped up to 6.2% and was last down 3.4% at 3,271 rupees.

Adani Transmission Ltd (ADAI.NS) tumbled as much as 19.2% in early trading and Adani Total Gas (ADAG.NS) sank 19.1% in the biggest daily drop since mid-March 2020, while Adani Green Energy (ADNA.NS) sank 15.8%, before paring some losses.

In its report, Hindenburg said key listed Adani Group companies had “substantial debt”, putting the conglomerate on a “precarious financial footing”, and that “sky-high valuations” had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.

Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report “highly credible and extremely well researched.”

Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.

Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled “Myths of Short Seller” on Thursday, saying deleveraging by promoters – or key shareholders – was “in a high growth phase”.

“I don’t see much effect of the Hindenburg report,” Esquire Capital Investment Advisors Chief Executive Samrat Dasgupta told Reuters. The Adani Enterprises share sale “should sail through successfully.”

Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not “see material risk arising to the Indian banking sector”.

Adani Group’s consolidated gross debt stood at 1.9 trillion rupees ($23.34 billion), Jefferies said.

Adani has said its debt is at a manageable level and that no investor has raised any concern.

Adani Enterprises’ net profit for the period ended Sept. 30, 2022 doubled to 9 billion Indian rupees ($110.31 million) while its total income nearly tripled to 795 billion Indian rupees, according to its share sale prospectus.

The company’s total liabilities as of Sept. 2022 stood at 869 billion rupees ($10.64 billion), the prospectus showed.

Indian shares opened lower on Friday as financials sustained the slide on risk aversion due to Hindenburg’s report on the books of Adani group companies, which offset easing concerns of recession in the U.S.

The Nifty 50 index (.NSEI) was down 1.14% at 17,683.40 as of 10:15 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 1.25% to 59,451.92.

The Nifty financial(.NIFTYFIN) index, which fell 2.13% in the previous session, has lost 2.25% as of 10:15 a.m. IST, dragging the markets down, while oil & gas stocks (.NIFOILGAS) declined over 3.5% with an uptick in crude prices.

Rising oil prices pose a risk to India, one of the largest importers of the commodity.

Stocks of seven Adani companies tumbled between 2% and 17% after falling between 1.5% and 9% on Wednesday when Hindenburg, a well-known U.S. short-seller, said in a report that key listed companies in the group controlled by billionaire Gautam Adani had “substantial debt.”

Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on Nifty 50 on Friday, ahead of a 200 billion rupees ($2.45 billion) follow-on public offer (FPO) of flagship Adani Enterprises (ADEL.NS), which begins later in the day and ends on Jan. 31.

The slide in financials and oil stocks overshadowed the positive macro data from the United States. The world’s largest economy grew faster than expected in the fourth quarter as consumers boosted spending on goods, data showed.

Wall Street overnight ended in the positive territory as strong U.S. economic data eased recession worries. In other Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) were up 0.10%.

Investors will shift focus to the Union budget on Feb. 1, with the government’s fiscal consolidation path and borrowing calendar for fiscal 2024 set to be triggers.

On the flipside, auto stocks (.NIFTYAUTO) advanced over 2%, led by gains in Bajaj Auto and Tata Motors after strong third quarter earnings reports.

($1 = 81.6500 Indian rupees)

Asian stocks rose on Friday and were poised for their fifth straight week of gains after data highlighted a resilient U.S. economy, boosting investor sentiment ahead of next week’s slate of central bank policy meetings.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose as much as 0.55% to hit an almost nine-month high of 562.10, and was last at 559.39.

The index, which fell nearly 20% last year, is up nearly 11% so far this month and is on course for its best-ever January performance. Japan’s Nikkei (.N225) rose 0.05%.

European stock futures indicated that stocks were set to rise, with the Eurostoxx 50 futures up 0.3%, German DAX futures 0.28% ahead and FTSE futures up 0.16%.

The U.S. economy grew faster than expected in the fourth quarter as consumers boosted spending on goods, data showed, but it could be the last quarter of solid GDP growth before the lagged effects of the Federal Reserve’s jumbo interest rate hikes are fully felt.

A separate report showed that labour market remains tight and could lead the Fed to keep interest rates higher for longer.

Ashwin Alankar, head of Global Asset Allocation at Janus Henderson Investors, said the headline GDP suggested robust economic activity and if a recession were to materialize it would be a shallower one.

“Overall GDP data was a ‘tale-of-two cities’ – good overall growth stemming from less-than-ideal drivers and prices mitigating but at a rate that is worrisome.”

Thursday’s set of data has raised investor hopes of a soft landing – a scenario in which inflation eases against a backdrop of slowing but still resilient economic growth.

Futures are pricing in a 94.7% probability of a 25-basis-point hike next Wednesday and see the Fed’s overnight rate at 4.45% by next December, or lower than the 5.1% rate Fed officials have projected into next year.

Data on U.S. personal consumption expenditures (PCE) due at 1330 GMT will provide further clues on inflation.

“The disinflation impulse is likely to stretch further, as has been evident from CPI (Consumer Price Index) releases lately, likely continuing to build a case for a 25 basis point rate hike by the Fed next week,” Saxo strategists said.

Next week will also feature Bank of England and European Central Bank meetings that will indicate the monetary policy path those central banks are likely to take.

Hong Kong’s Hang Seng Index (.HSI) was little changed after surging more than 2% on Thursday. Mainland China markets are due to resume trading on Monday after the Lunar New Year holiday.

Elsewhere in Japan, core consumer prices in Tokyo, a leading indicator of nationwide trends, rose 4.3% in January from a year earlier, marking the fastest annual gain in nearly 42 years.

The Japanese yen strengthened 0.1% to 134.04 per dollar as the data reinforced market expectations that quickening inflation could nudge the Bank of Japan to move away from its ultra-easy policy.

“We still think the policy change is a long way off,” ING regional head of research Robert Carnell said. “The spring salary negotiations are key to watch as wage growth is a prerequisite for sustainable inflation.”

The dollar index , which measures the U.S. currency against six other peers, rose 0.23%, while the euro fell 0.22% to $1.0866.

Sterling was last trading at $1.23805, down 0.25% on the day.

Oil prices rose on expectations of a boost to demand from China’s reopening and after the strong U.S. data. U.S. West Texas Intermediate crude rose 0.41% to $81.34 per barrel and Brent was at $87.83, also up 0.41% on the day.

As element of the typical dialogue, Head of the Business office of the President of Ukraine Andriy Yermak experienced a assembly with the ambassadors of the G7 nations around the world and the Head of the Delegation of the European Union.

Source link

The post Yermak discusses Ukraine’s Peace Formula with G7 and EU ambassadors appeared first on Ukraine Intelligence.

The rapid take-up of electric vehicles in India’s fledgling market has prompted a major rethink about the country’s long-term fuel needs as refiners in Asia’s third-largest economy hasten their shift away from oil production.

India, one of the world’s fastest growing oil markets, has lagged major economic peers in Europe and Asia in the adoption of EVs but sales are now picking up and investment in the production of new autos and energy infrastructure is accelerating.

The faster-than-anticipated industry growth means India’s gasoline consumption will peak sooner than previously thought, some analysts and industry participants say, forcing top oil firms to expedite transition plans to alternative business lines, notably increased petrochemical manufacturing.

“We were anticipating that peak gasoline demand will be around 2040-2045 earlier, but going by the trend and the speed with which we are developing the ecosystem around EVs, the peak demand would be mid-2030s,” Debasish Mishra, Partner, energy, resources and industrials, Deloitte India told Reuters. He expects diesel demand to peak around the same time as petrol.

Slowing fuel demand will be quite visible by around 2030 as EV technologies stabilise, compared with an earlier projection of 2040s, an industry source at an India-based refinery told Reuters, adding that heavy trucking sector will see changes a little later.

“Refiners are already investing in petrochemical integration to cope with the potential loss in fuel demand,” said the source who declined to be named because he is not authorised to speak to the media.

Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics.

Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country’s top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries.

Reliance Industries Ltd (RELI.NS), operator of the world’s biggest refining complex, plans to invest 750 billion rupees ($9.38 billion) to expand its chemical business, while Essar Group plans to set up a 400 billion rupee petrochemical complex in east India.

Nayara Energy (ESRO.M3) expects 15-20 new integrated petrochemical plants will start in the next decade.

EVs, TRUCKS

China currently dominates global EV production and domestic adoption of new energy vehicles is well advanced. The China Passenger Car Association expects sales of new energy cars, mainly EVs, to hit 8.5 million units this year, or 36% of all new sales.

Despite new momentum in India, the question for the country is whether it will be enough to ultimately shake its fossil fuel dependency.

“Limited charging infrastructure, low domestic EV production and high EV battery costs remain some of the key hurdles in maintaining strong EV uptake in the long run,” said Dylan Sim, oil market analyst at FGE.

India’s progress is modest by global comparisons, however, last year registered EVs tripled to 1.01 million from 2021, most of them two- and three-wheelers.

While EVs make up just 1% of the 3 million cars sold each year, New Delhi wants to grow this to 30% by 2030 and has introduced a range of policies to get there, including tax breaks for consumers.

India’s state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024.

The private sector is also providing EV bulls hope.

Gurugram-headquartered ride-hailing service Blusmart, which owns a fleet 3,000 EVs, has seen brisk growth.

Its co-founder Punit Goyal told Reuters it now provides 500,000 monthly trips, up from about 35,000 when it started in 2019.

Local automakers like Tata Motors and Mahindra & Mahindra have made big investments while foreign players like Kia and BYD have announced premium models for the Indian market.

About 40% of India’s fuel demand is for diesel, which is mostly used by trucks.

Chetan Maini, chairman of Sun Mobility, which provides electric mobility solutions, said India’s smaller trucks, including three-wheelers, are likely to be early adopters in the transition given the cost advantage for e-commerce and delivery firms.

His company currently has 80 battery swapping stations in Delhi for two- and three-wheelers and plans to set up 200 by March.

“A large opportunity by 2030 is going to be on the trucking side because the cost economics will work out really well,” Maini said.

Related Galleries:

The chief enforcer of former Philippine President Rodrigo Duterte’s brutal ‘war on drugs’ said on Friday he would cooperate with an International Criminal Court (ICC) investigation if the government decided to participate.

The ICC on Thursday said it had granted its prosecutor’s request to reopen an investigation into drug war killings and other suspected rights abuses. The court suspended the probe in November 2021 at Manila’s request after the country said it was implementing its own investigations and prosecutions.

“If the Philippine government would cooperate, then, I am a part of the…government, so I will cooperate,” Ronaldo dela Rosa, a former police chief who is now a senator told ANC News channel.

Dela Rosa, who oversaw Duterte’s anti-narcotics crackdown, which resulted in the deaths of more than 6,200 people, mostly small-time drug dealers, said he saw no problem if the government cooperated. “All my action will be in consonance with the decision of this government.”

There was no immediate comment from the office of President Ferdinand Marcos and the justice ministry.

Marcos in August said he had no intention of rejoining the ICC after Duterte, whose daughter is the country’s current vice president, pulled out of the court in 2019. Duterte said at the time the ICC had no right to meddle in his country’s affairs.

In a statement, the ICC said it was “not satisfied that the Philippines is undertaking relevant investigations that would warrant a deferral of the investigation.”

The court said that the actions by Philippine authorities did not amount to “tangible, concrete and progressive investigative steps in a way that would sufficiently mirror the Court’s investigation”.

Human Rights Watch said the ICC investigation was the only credible path to justice for victims and their families.

“As the court’s judges agreed, Philippine authorities are not ‘undertaking relevant investigations’ into these crimes or ‘making a real or genuine effort’ to carry these investigations out,” Human Rights Watch said in a statement. “The ICC offers a path forward to fill the accountability vacuum.”

Rights groups and critics say law enforcers summarily executed drug suspects. Police say those killed were armed and had violently resisted arrest. Meanwhile, the families of many drug war victims are still seeking justice in long, drawn-out cases.

In a rare conviction, a Philippine court in 2018 sentenced three police officers to up to 40 years in jail for the murder of a 17-year-old high school student. The teenager’s death featured in a report by a former ICC prosecutor.

Palestinian militants on Friday fired two rockets from the Gaza Strip towards southern Israel that were intercepted by missile defenses, and Israel then carried out strikes in Gaza.

The cross-border fire came after an Israeli raid in the occupied West Bank on Thursday that led to the largest single death toll in years of fighting.

The overnight rockets triggered sirens in Israeli communities near the border with Gaza, warning residents to take shelter. There were no reports of injuries.

Israel’s Channel 12 aired footage of Israeli interceptor missiles being launched into the night sky above the city of Ashkelon, about 12 km (7 miles) north of Gaza, which is controlled by the Islamist militant group Hamas.

A few hours later, Israel’s military said it had carried out strikes in Gaza. Palestinian witnesses said Israeli aircraft had targeted a Hamas training camp. No injuries were reported.

Tensions flared after Israeli commandos killed seven gunmen and two civilians during the raid on the flashpoint town of Jenin. Hamas and the smaller militant group Islamic Jihad promised a response, but there was no immediate claim for the rocket fire.

After the Jenin violence, the Palestinian Authority said it was ending its security coordination with Israel, an arrangement that is widely credited with helping to keep order in the West Bank and preventing attacks against Israel. It has frozen the cooperation numerous times in protest.

Prime Minister Benjamin Netanyahu said Israel was not looking to escalate the situation, though he ordered security forces to be on alert.

U.S., U.N. and Arab officials spoke with Israel and Palestinian factions to try to keep the clash in Jenin, among areas of the West Bank that have seen intensified Israeli operations, from sparking a broader confrontation.

Violence has surged since a series of lethal Palestinian street attacks in Israel last March and April. The attendant diplomatic stalemate has helped rally Palestinian support for Hamas and Islamic Jihad, which refuse coexistence with Israel – where Netanyahu’s new hard-right government includes members opposed to Palestinian statehood.

Related Galleries: