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Russia has launched a new barrage of missiles at targets across Ukraine, hobbling the country’s electricity infrastructure just days after withdrawing its forces from the strategically important city of Kherson.
The Ukrainian air force said more than 90 missiles were fired as part of the offensive, which Kyiv said was the largest daily fusillade since the Kremlin retaliated after last month’s destruction of a crucial bridge linking Crimea to the Russian mainland.
The Russian attack came the same day Zelenskyy told fellow world leaders that while he was open to peace talks to end the war, he would not pause fighting over winter. In a video address to the heads of the world’s largest economies, meeting at a G20 summit in Bali, Zelenskyy reiterated that Ukrainian borders were inviolable and were not open to negotiation.
His comments follow suggestions by some US officials, including military chief General Mark Milley, that winter may provide an opportunity to begin negotiations with Russia and that Ukraine might never be able to expel Moscow’s forces from all its territory.
In neighbouring Poland, the government convened an emergency security meeting on Tuesday evening after two people were reportedly killed by a missile strike close to Przewodów, a village near the Ukraine border.
Five more stories in the news
1. G20 leaders to agree draft communiqué rejecting ‘era of war’ World leaders gathered in Bali plan to condemn threats to use nuclear weapons, reflecting rising global anxiety around Russia’s war against Ukraine. The language regarding the war and Moscow’s repeated use of nuclear rhetoric is stronger than western officials forecast.
Elsewhere at G20:
Chinese equities sustained a rally yesterday after Joe Biden and Xi Jinping signalled a desire to improve US-China relations ahead of the summit.
Wealthy nations led by the US and Japan have offered Indonesia a $20bn package to help pay for the coal-dependent country’s shift to renewable energy.
Australia prime minister Anthony Albanese pressed Chinese president Xi Jinping to lift punitive export sanctions, Xi, however, offered no immediate relief.
2. Global investigators pounce on FTX The collapse of Sam Bankman-Fried’s crypto empire has sparked a vast global investigation, with dozens of authorities circling the company as lawyers warn there could be 1mn creditors in its bankruptcy proceeding.
3. Goldman paid $12mn to silence misogyny claims A Goldman Sachs partner accused executives including chief executive David Solomon of making misogynistic comments in a complaint that resulted in the Wall Street bank paying her a settlement totalling more than $12mn, according to those familiar with the matter. Goldman paid the settlement in 2020 in an effort to keep the allegations secret, the people said.
4. India attempts to shift focus from coal at COP27 India is drawing support for its proposal for countries to agree to the phase down of all fossil fuels at the UN climate summit, rather than the narrower deal to phase down coal that was struck at the last summit. The country was blamed for weakening the final coal agreement at COP26.
5. Weak yen puts Japan’s economy into reverse in third quarter Japan’s economy saw an unexpected contraction for the first time in a year on the back of surging import bills in the third quarter, caused by the yen’s plunge to multi-decade lows. GDP in the July to September period shrank 1.2 per cent from the previous year.
Thank you to readers who voted in our poll yesterday. Fifty-two per cent of respondents said US-China relations will improve as a result of Xi and Biden’s meeting this week.
The day ahead
Japan trade balance data Trade balance figures for October are due out today. In the first half of this fiscal year, Japan’s trade balance stood at a deficit — in part because of the weak yen. (Reuters)
Rishi Sunak meets Joe Biden in Bali At the G20 summit today, the new British prime minister and US president will meet in person for the first time as pressure grows to finalise the Northern Ireland protocol. (Guardian)
Nasa’s scheduled launch of Artemis I test flight mission The spacecraft’s two-hour launch window begins at 1:04am ET/2:04pm HKT — subject to local unsettled weather. It’s mission is to travel around the Moon from the Kennedy Space Center, but the longer-term plan is to create a permanent Moon base to support missions to Mars. (Space.com, FT)
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What else we’re reading and watching
Singapore Airlines’ pregnancy pivot Up until this year, the airline’s female cabin crew were fired when they became pregnant, even though maternity discrimination is against Singapore law. Many hope that forthcoming anti-discrimination legislation will be more effective in rooting out such practices.
Cracks in the US Treasury bond market As recession looms and most asset prices face a dramatic sell-off, the world’s most important debt market is creaking once again. With the meltdown in UK gilts exposing the vulnerability of bond markets, can the US survive a wave of selling?
Related read: Central bankers are to shift towards a more gradual monetary tightening, economists predict, as recent “jumbo” rate moves show signs of taming inflation and officials acknowledge the growing threat of recession.
China’s offshore ‘police service stations’ spark European alarm Beijing denies the police overseas service stations have any role in policing, though the Qingtian police named “foreign police work” as one function of facilities in Barcelona and Budapest. The Netherlands has ordered two such facilities closed, and the UK security minister called reports of undeclared Chinese police stations “extremely concerning”.
Tech lay-offs teach us a lesson about the ‘war for talent’ Once upon a time, young graduates thought they had a choice to make: they could become rich but miserable in an investment bank or law firm, or they could live without a huge salary but do something more fun. Then the big technology companies came along, writes Sarah O’Connor.
Foreign companies adopt ‘China for China’ strategy Rather than rely on Chinese factories to produce goods that are ultimately sold elsewhere, some businesses are adopting a strategy that aims to draw on deeper research and development facilities in the country to make products for a vast, growing domestic market.
HTSI has rounded up five tiny gadgets with superpowers, including a pen-sized translator that doubles as a scanner and a “no-faff” crowdfunded timer.
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