Hong Kong transport operators, supermarkets cut services as COVID-19 cases surge - CNA

HONG KONG: Hong Kong's subway operator, bus companies and one of the city's biggest supermarket chains said they were reducing services this week due to a worsening COVID-19 outbreak that has seen daily infections explode since early February.

The latest strains came as Hong Kong authorities clung firmly to their "dynamic zero" coronavirus strategy which, like mainland China's seeks to curb all outbreaks at any cost.

The global financial hub's Transport Department said 98 bus routes would be suspended with operators facing critical manpower shortages.

A rise of infected people coupled with a drop in customers due to stringent social distancing measures made it hard to maintain operations, it said in a statement late on Wednesday (Mar 2).

The city's subway operator MTR Corp, known for its efficiency, said on Thursday it would cut services on eight lines because of staff shortages and a sharp drop in customers.

"We have been striving to maintain train service despite the worsening COVID-19 situation. However, the latest development of the pandemic is affecting the manpower for daily operations," it said on its website.

ParknShop, one of the city's largest supermarket chains, said it was shortening opening hours for more than 200 outlets to protect its staff and customers. Some stores would close as early as 3pm, it said.

Since the pandemic began in 2020, the tally of infections in the Chinese-ruled city stands at more than 290,000, with a death toll of about 1,100.

About 700 of those deaths have been in the past week, with the majority unvaccinated people.

Health experts from the University of Hong Kong estimated about 1.7 million people were already infected by Monday, with the coming week expected to bring a peak of about 183,000 daily infections.

There has been widespread confusion and chaos among many residents this week due to the government's mixed messaging over whether a city-wide lockdown would take place and the almost daily tweaking of coronavirus rules.

Hong Kong's international reputation had been "very damaged" by the confusing messages, creating alarm, said prominent businessman and government adviser Allan Zeman.

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2022-03-03 02:22:52Z
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‘No desire to pay’: China’s manufacturers feel the pain of Ukraine crisis - South China Morning Post

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‘No desire to pay’: China’s manufacturers feel the pain of Ukraine crisis  South China Morning Post
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2022-03-02 12:30:10Z
CAIiEI2zoxaAtjO_Df9a4na8s18qGQgEKhAIACoHCAowief2CjCJ2dUCMLiWxwU

Apple, Ford, other big US brands join corporate wave shunning Russia - CNA

Some of America's best-known companies including Apple, Google, Ford, Harley-Davidson and ExxonMobil rebuked and rejected Russia for its invasion of Ukraine, under steady pressure from investors and consumers decrying the violence.

Apple Inc late on Tuesday (Mar 1) said it had stopped sales of iPhones and other products in Russia, adding that it was making changes to its Maps app to protect civilians in Ukraine.

Tech firms including Alphabet Inc's Google dropped Russian state publishers from their news, and Ford Motor - with three joint venture factories in Russia - told its Russian manufacturing partner it was suspending operations in the country. Motorcycle maker Harley-Davidson Inc suspended shipments of its bikes.

ExxonMobil Corp said would discontinue operations in Russia and was taking steps to exit the Sakhalin-1 venture, following in the steps of British energy giants Shell Plc and BP, Russia's biggest foreign investor.

Many corporations have been unusually clear in their condemnation of Russia.

"We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence," Apple said in a statement.

The steady drumbeat of companies taking a stance increased later in the day as rockets struck major cities in Ukraine.

"Ford is deeply concerned about the invasion of Ukraine and the resultant threats to peace and stability. The situation has compelled us to reassess our operations in Russia," Ford said, adding to several days of announcements by global car companies.

"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," said Exxon, adding it will not invest in new developments in Russia.

Boeing suspended parts, maintenance and technical support services for Russian airlines, a Politico reporter tweeted. The US planemaker suspended major operations in Moscow and will also temporarily close office in Kyiv, the tweet said. Boeing did not immediately respond to a request for comment.

Restrictions from the West have hit the Russian economy hard, with the rouble currency falling as much as a third to a record low. Financial isolation is rising as shipping companies say they will not serve Russian ports.

The US government is expected to ban Russian flights from American airspace as soon as Wednesday, government and industry officials told Reuters.

And a boom of investor interest in environmental, social and governance (ESG) factors, is making it more difficult for those companies that sit on the sidelines.

Russian companies are in particular peril with such Western investors, since they often are not open to talks to change their behaviour, said TJ Kistner, vice president at Segal Marco Advisors, a large US pension consultant.

Western investors may respond by pulling out. "The only course of action for many is simply divestment," Kistner said.

Moscow has responded by temporarily curbing foreign investors from selling Russian assets.

Big Tech companies also are continuing efforts to stop Russian forces from taking advantage of their products.

Apple said it had blocked app downloads of some state-backed news services outside of Russia.

Microsoft earlier said it would remove Russian state-owned media outlet RT's mobile apps from its Windows App store and ban ads on Russian state-sponsored media. Google barred RT and other Russian channels from receiving money for ads on websites, apps and YouTube videos, similar to a move by Facebook.

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2022-03-02 00:18:00Z
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Singapore banks halt Russia commodities lending to cut risks - Yahoo

DBS Group, Oversea-Chinese Banking Corp. and United Overseas Bank have stopped issuing letters of credit involving Russian energy deals. (PHOTO: REUTERS/Edgar Su)

By Stephen Stapczynski, Faris Mokhtar and Alfred Cang

(Bloomberg) —Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country.

The limits include a halt on issuing so-called letters of credit in U.S. dollars for trades involving Russian commodities, including oil and liquefied natural gas, according to people familiar with the situation.

DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. have stopped issuing letters of credit involving Russian energy deals because of uncertainty over the course of sanctions, according to the people, who asked not to be identified as the information isn’t public. OCBC’s restrictions cover all commodities, one of the people said.

A choke on trade financing in a top commodities hub such as Singapore could snarl the trade of some physical cargoes and add further pressure to prices, even though the U.S. and European Union sought to exclude energy from the latest round of new sanctions.

Energy prices have rallied since Western nations unleashed more sanctions to isolate Russia, one of the world’s biggest oil and gas exporters. Brent crude, the global benchmark, advanced to trade above US$100 a barrel on Monday, while European natural gas closed more than 4% higher.

The move also comes as Singapore’s Foreign Minister Vivian Balakrishnan said in parliament Monday that the government plans to impose sanctions on Russia, including some export controls and will block certain Russian banks and some financial transactions involving Russia, though details are still being worked out.

Lenders in the city-state, a key trading hub for commodities trade and finance in Asia, join at least two of China’s largest state-owned banks and some banks in Europe in restricting the ability to purchase Russian commodities.

“DBS will comply with all applicable sanctions,” the bank said in response to request for comment. “Separately, we have minimal direct exposure to Russia, and consistent with our risk management obligations, have adjusted appetite for transactions consuming Russian exposure limits.”

‘Manage Any Risks’

OCBC said in emailed response to questions: “Our business is predominately in Asia and our international branches serve mostly our network customers. Our exposure to Russian entities is not significant.”

A UOB spokesman said the bank had “earlier advised a handful of our clients with trade flows affected by potential sanctions to manage down exposure accordingly,” without providing further details. The bank also says on its website that it may decide not to process transactions “if these activities fall outside UOB’s risk appetite.”

The city-state’s bank regulator, the Monetary Authority of Singapore, said Monday that it sent a circular to all financial institutions in the city-state “reminding them to manage any risks associated with the situation in Ukraine and the sanctions imposed by major jurisdictions.”

“Financial institutions are aware of the heightened risks, and are taking appropriate measures to manage any legal, reputational and operational risks arising from the sanctions imposed by various jurisdictions,” it said.

© 2022 Bloomberg L.P.

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2022-03-01 02:23:11Z
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Taekwondo-Putin stripped of black belt over Ukraine invasion - CNA

Russian President Vladimir Putin has been stripped of his honorary taekwondo black belt over his country's invasion of Ukraine, a personal rebuke heaped on top of international economic and sporting sanctions.

World Taekwondo, citing its motto of "Peace is More Precious than Triumph," condemned the Russian military action in Ukraine, saying the "brutal attacks on innocent lives" violated the sport's values of respect and tolerance.

"In this regard, World Taekwondo has decided to withdraw the honorary 9th dan black belt conferred to Mr. Vladimir Putin in November 2013," the governing body said in a statement.

It added that it would join the International Olympic Committee in banning the Russian flag and anthem at its events.

The decision comes after the International Judo Federation said on Sunday it would suspend Putin's status as honorary president and ambassador "in light of the ongoing war conflict in Ukraine".

Other sporting organization such as FIFA and UEFA have suspended Russian national teams and clubs from competition.

Putin has demonstrated capable technique while appearing in martial arts uniforms, projecting an image of strength as he has in other carefully staged events such as those of him riding bare-chested on a horse or playing ice hockey.

Russian forces bombarded Ukraine's second largest city, Kharkiv, on Monday, drawing new sanctions from the United States and its allies as part of the international isolation of Russia.

Russia calls its actions in Ukraine a "special operation" that it says is not designed to occupy territory but to destroy its southern neighbour's military capabilities and capture what it regards as dangerous nationalists.

(Reporting by Daniel Trotta; Editing by Peter Rutherford)

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2022-03-01 01:44:40Z
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Bank of China's Singapore operation stops financing Russian oil trades: Source - The Straits Times

SINGAPORE (REUTERS, BLOOMBERG) - Bank of China's Singapore operation has stopped financing deals involving Russian oil and Russian companies, amid concerns of western sanctions following Russia's invasion of Ukraine, said a source on Monday (Feb 28) with knowledge of the matter.

Bank of China did not immediately reply to requests for comment.

Reuters reported last Thursday that major buyers of Russian oil were struggling to open letters of credit from Western banks to cover purchases or find ships willing to transport Russian oil.

European banks Societe Generale and Credit Suisse Group have halted the financing of commodities trading from Russia, it was reported on Sunday. The two banks, key financiers to commodity trading houses, are no longer providing the money needed to move raw materials such as metals and oil from Russia. 

At least two of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, underscoring the limits of Beijing’s pledge to maintain economic ties with one of its most important strategic partners in the face of Western sanctions.

Western nations agreed over the weekend to exclude some Russian banks from the Swift bank messaging system and targeted the central bank’s foreign reserves. BP also moved to dump its shares in Russian oil giant Rosneft PJSC, taking a financial hit of as much as US$25 billion (S$34 billion).

“Removing some Russian banks from Swift could result in a disruption of oil supplies as buyers and sellers try to figure out how to navigate the new rules,” Mr Andy Lipow, president of Lipow Oil Associates in Houston, said earlier in a note.

Russia’s invasion of Ukraine has roiled markets from energy to metals and grains, heaping more inflationary pressure on a global economy already hit with surging costs.

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2022-02-28 02:47:06Z
1318187997

Russian central bank hikes rates, scrambles to limit fallout of tough sanctions - CNA

RUN ON BANKS?

Russians waited in long queues outside ATMs on Sunday, worried that new Western sanctions over Moscow's invasion of Ukraine will trigger cash shortages and disrupt payments.

"A bank run has already started in Russia over the weekend ... and inflation will immediately spike massively, and the Russian banking system is likely to be in trouble," said Jeffrey Halley, Asia-based senior market analyst at OANDA.

Nomura analysts said the fresh reprisal measures by the West against Russia is likely to have wider global implications.

"These sanctions from the West are likely to eventually hurt trade flows out of Russia (about 80 per cent of FX transactions handled by Russian financial institutions are denominated in USD), which will also hurt the growth outlook of Russia's key trading partners including Europe and lead to greater inflationary pressures and risk of stagflation, we think," the analysts wrote in a note to clients.

Energy major BP opened a new front in the West's campaign to isolate Russia's economy, with its decision to abandon its stake in state oil company Rosneft at a cost of up to US$25 billion, the most aggressive move yet by a company in response to Moscow's invasion of Ukraine.

The Russian business operations of other Western corporations are also in the spotlight as governments tighten the financial screws on Moscow

Several European subsidiaries of Sberbank Russia, majority owned by the Russian government, are failing or likely to fail due to the reputational cost of the war in Ukraine, the European Central Bank, the lenders' supervisor, said on Monday.

FINANCIAL STABILITY

The Russian central bank in several announcements on Sunday sought to ensure financial stability. It said it would resume buying gold on the domestic market from Feb 28.

It added that customers of sanctioned banks would be unable to use their bank cards outside Russia, and that cards issued by the sanctioned banks won't work on Google Pay or Apple Pay.

It also ordered market players to reject attempts by foreign clients to sell Russian securities, according to a central bank document seen by Reuters.

That could complicate plans by the sovereign wealth funds of Norway and Australia, which said they planned to wind down exposure to Russian-listed companies.

In a bid to inject cash into the financial system, the central bank said there would be no limit at a "fine-tuning" repo auction it plans to hold on Monday and added that the banking system remained stable after the new sanctions targeting Russia's financial institutions.

The central bank said bank cards were working as normal and that customers' funds could be accessed at any time. It said it would substantially increase the range of securities that can be used as collateral to get central bank loans.

The central bank also said it is temporarily easing restrictions on banks' open foreign currency positions after the sanctions. The measure, allowing banks suffering from "external circumstances" to keep positions above the official limits, will be in place until Jul 1, it said in a statement.

The central bank said that it would continue to monitor changes in currency positions "in order to guarantee the normal functioning of the currency and money markets and the financial stability of lending institutions".

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2022-02-28 07:58:00Z
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