Ukraine crisis: Wealthy Russians snap up jewellery, watches as sanctions take toll - CNA Luxury

With Western sanctions on Russia sending the rouble plunging, the country’s wealthy are snapping up luxury jewellery and watches that have high resale value.

In an interview with Bloomberg, Bvlgari’s CEO, Jean-Christophe Babin, said that the jeweller has seen as increase in sales at their Russian stores. “In the short term, it has probably boosted the business,” Babin commented. He described Bvlgari jewellery as a “safe investment”.

Gold and jewellery have been traditional stores of value for investors in times of turmoil. The luxury watch resale market has also been booming, changing hands in the secondary market for several times their retail price.

Amid the crisis, Europe’s biggest luxury brands, including Bvlgari, Cartier, Omega and Rolex, are continuing to operate in Russia, Bloomberg reported.

Meanwhile, the war has dealt a severe blow to Russian billionaires. The West is continuing to announce fresh sanctions on several Russian oligarchs, including seizing of assets, in a bid to target Vladimir Putin’s closest business allies.

A Forbes report estimates that Russian billionaires have lost more than US$126 billion (S$171 billion) in wealth amid the Ukraine invasion. 

Billionaires have also had their superyachts seized. According to reports, Russian business tycoon Alisher Usmanov’s superyacht Dilbar was restricted from leaving its anchorage in Hamburg, Germany. The value of the yacht, which is equipped with the largest indoor swimming pool ever installed on a private vessel, is estimated at approximately US$735 million. 

French authorities have also seized a massive yacht linked to billionaire Igor Sechin, CEO of state oil company Rosneft.

Other wealthy billionaires are scrambling to move their yachts to the Maldives, which does not have an extradition treaty with the US.

The crisis has also led to a fallout in the sports world. Amid mounting pressure, Russian oligarch Roman Abramovich said that he will sell Premier League football club Chelsea, which he has owned since 2003.

“I have always taken decisions with the club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees as well as the club’s sponsors and partners,” Abramovich said in a statement.

The billionaire also pledged to donate all net proceeds from the sale to victims of the war.

According to British MP Chris Bryant, the fear of sanctions has led Abramovich to sell his London properties. The oligarch owns a 15-bedroom mansion on Kensington Palace Gardens, a wealthy street also known as "Billionaires' Row". 

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2022-03-04 04:11:43Z
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Ukrainian biathlete Yevhen Malyshev, 19, killed in fight against Russia - Yahoo Singapore News

Yevhen Malyshev, a 19-year-old Ukrainian biathlete, was among the many who died this week fighting off Russia's invasion of his homeland, the International Biathlon Union confirmed Wednesday.

The IBU expressed its condolences in a statement announcing the indefinite ban of all Russian and Belarussian athletes from international competition, at the advice of the International Olympic Committee. The organization's executive board will reportedly discuss a potential suspension for both federations by its meeting on March 17.

The IBU expressed solidarity with Ukraine amid the unprovoked attack by its neighboring power:

"Above all, the EB expresses its deepest condolences on the loss of former Ukrainian biathlete Yevhen Malyshev (19), who died this week serving in the Ukrainian military. The EB once again condemns the Russian attacks on Ukraine and the support provided by Belarus and reiterates its hope for an immediate end to the war."

Per Spanish outlet Marca, Malyshev competed on the Ukrainian national team before moving on from the sport two years ago.

It has been unclear how many Ukrainian soldiers have died in the fighting, though recent reports estimate more than 2,000 citizens to have been killed and many more to have fled.

Yevhen Malyshev is one of many in Ukraine to have lost their lives to the Russian invasion. (Photo by Sergei Savostyanov\TASS via Getty Images)

Ukrainian athletes joining fight as Russian athletes face bans

Malyshev was hardly the only Ukrainian athlete, current or former, to join the fight against Russia. Champion boxers Wladamir Klitschko, Vitali Klitschko, Vasiliy Lomachenko and Oleksandr Usyk have all enlisted with defense forces.

Usyk did so despite it delaying his upcoming heavyweight title defense, a rematch against Anthony Joshua after capturing the former champ's WBA, WBO and IBF belts. Eddie Hearn, the promoter of the match, said Wednesday they are willing to wait as long as it takes for Usyk to return to boxing.

Olympic karate medalist Stanislav Horuna has also joined the fight, pledging to "kill every occupant who invades."

While Ukrainian athletes take up arms, an increasing number of Russian athletes are being sidelined or being forced to compete as neutral athletes.

In addition to biathlon, federations governing international hockey, soccer, basketball, track and field, figure skating, skiing, volleyball and many more have banned the participation of Russia in international competitions, while entities such as the NHL, NBA, boxing organizations and Formula 1 have move events out of the country.

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2022-03-03 05:47:28Z
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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
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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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