Saturday, February 4, 2023 |
Hello, I'm glad to see you once again. We have developments aplenty on China's wandering balloon, the Adani Group fallout, Elon Musk's courtroom win, Egyptian mummy-embalming supplies and more. |
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Antony Blinken walks across the tarmac at Phnom Penh International Airport, Cambodia, August 5, 2022. Andrew Harnik/Pool |
- What happened: Secretary of State Antony Blinken postponed a visit to China after a Chinese spy balloon was tracked flying across the United States. China apologized for the "airship," saying it was blown off course and was being used for weather and science research. A Pentagon spokesman said the balloon changed course and demonstrated a capability to maneuver.
- What's next: The State Department said the trip would happen "at the earliest opportunity when conditions would allow." Both sides have something to gain from avoiding what looks like steps toward a new Cold War, leading some experts to scratch their heads over just what China was intending to convey.
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- The latest: Ukraine's president hosted European Union leaders in Kyiv to discuss further sanctions on Russia. Zelenskiy also said Ukraine would fight to hold the city of Bakhmut, which Moscow said its forces were encircling. EU leaders did not commit to a quick timeline for Ukraine to join the bloc.
- The longer view: Zelenskiy has been indefatigable in his appeal for more weapons, the latest of which are rockets that can hit targets deep behind Russia's front lines. Russian forces will need to adapt or face potentially catastrophic losses, our reporters write. Stay current with developments here.
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- This week: A U.S. short seller report raised concerns about the finances of the Adani Group, one of India's top conglomerates, and the fallout in markets has been huge.
- Next week: The Indian government began a review of Adani financial statements and other regulatory submissions. Short sellers are curious to know how Hindenburg, the group that issued the report, made its bet.
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- A rough week: Shehbaz Sharif said the IMF was giving his country a "tough time" over unlocking funding, the country's foreign-exchange reserves with the central bank fell to a little more than $3 billion, the rupee fell further, and a suicide bomber killed more than 100 people in Peshawar.
- Next door: Things are dire in Afghanistan, where more than 170 people have died because of cold weather in recent weeks.
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- Energy: Exxon Mobil set a company record and a historic high for the western oil industry with a $56 billion net profit for 2022. Its financial results and those of Shell and Chevron prompted renewed criticism and sparked calls for more windfall profit taxes.
- Elsewhere in business: Meta pleased investors with stricter cost controls. Alphabet and Amazon offered more subdued results and forecasts. A U.S. jury took two hours to find Elon Musk and Tesla not liable for misleading investors over one of Musk's tweets. Plaintiffs had claimed billions in damages.
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