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☆ Life and death in shattered Mariupol - a survivor's tale of war in Ukraine
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +5 min

MARIUPOL, Russian-controlled Ukraine, Feb 22 (Reuters) - Shells were exploding nearby but Tatiana Bushlanova didn't flinch when she spoke to Reuters in front of the shattered remains of her home in Mariupol last May. Tatiana, who is still in Mariupol, said the death and destruction visited on the city had hardened people's hearts. Their old apartment block was demolished - "the excavator stood there and took the building down bit by bit" - but getting compensation is a drawn-out process. "They said we'd find out in 70 days' time (if they get the handout) and if not, they'll probably put us in the queue for an apartment," Tatiana said. Reporting by Reuters; writing by Mark Trevelyan/Andrew Osborn; editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

☆ Russia’s economy is hurting despite Putin’s bluster
▼ + stars: | 2023-02-22 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

Russia’s economy did weaken as a result. “The Russian economy and system of government have turned out to be much stronger than the West believed,” Putin said in a speech to Russia’s parliament Tuesday. The bloc, which dramatically reduced its dependence on Russian natural gas last year, officially banned most imports of Russian crude oil by sea in December. Russia’s oil problemIn fact, Russia’s export revenue from oil rose last year. On the declineThe International Monetary Fund still expects Russia’s economy to expand by 0.3% this year and 2.1% the next.

☆ Top brands pull out of Russia, but their goods remain easy to find
▼ + stars: | 2023-02-22 | by ( Alexander Marrow | ) www.reuters.com time to read: +8 min

Brands' continued availability shows the challenge companies face in controlling supply chains when exiting a market. Market leader Wildberries sells old stock from Inditex brands and has almost 17,000 goods in its Zara catalogue. Informal supply routes could lead to more poor-quality goods entering Russia, however, as regulators lose oversight, Ben Tzion said. IKEA brand owner Inter IKEA Group said it sold remaining stock for an undisclosed amount to Yandex as it down-scaled IKEA Retail Russia. IKEA said it was looking into goods being advertised as similar to IKEA online.

☆ Russian defence chief keeps job despite Ukraine routs thanks to Putin
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +7 min

The Russian Defence Ministry did not respond to a request for comment on Shoigu or its own performance in Ukraine. Appointed defence minister in 2012, he is part of Putin's inner circle and has enjoyed hunting and fishing holidays with him in his native Siberia. The Russian army has been learning from its mistakes and successfully adapting, the source said. There's no escaping the poor performance of the Russian military". It was "inconceivable", said Jones, that a Western defence minister could have kept his job in such circumstances.

☆ Reaction and remarks from Biden's visit to Ukraine
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +3 min

KYIV, Feb 20 (Reuters) - Following are comments and reaction from U.S. President Joe Biden's surprise visit to Ukraine on Monday. "Later this week, we will announce additional sanctions against elites and companies that are trying to evade or backfill Russia's war machine. "This visit of the U.S. president to Ukraine, the first for 15 years, is the most important visit in the entire history of Ukraine-U.S. relations. UKRAINIAN FOREIGN MINISTER DMYTRO KULEBA"This visit is the victory of the Ukrainian people and President Zelenskiy. It has been conducted in spite of everything for the sake of Ukraine's victory and all the free world.

☆ Analysis: Kremlin moves to rein in Russian mercenary boss Prigozhin
▼ + stars: | 2023-02-13 | by ( Andrew Osborn | ) www.reuters.com time to read: +7 min

"The position of the (Kremlin) political bloc is not to let him into politics. Prigozhin told a Russian interviewer on Friday that he had "zero" political ambitions. Markov, who described Prigozhin as extremely confrontational, said he believed Putin had told Prigozhin to halt public criticism of the top brass at a St Petersburg meeting around Jan. 14. It advised recipients to stop mentioning Prigozhin or Wagner and suggested generic phrases to describe his forces instead. After years of denials, Prigozhin stepped out of the shadows in September to admit he had founded Wagner in 2014.

☆ Analysis: Oil rebound more likely this year, $100 a barrel possible, OPEC sources say
▼ + stars: | 2023-02-10 | by ( Alex Lawler | ) www.reuters.com time to read: +5 min

OPEC and OPEC+ do not publish oil price forecasts and do not have a price target. Officials and ministers from OPEC and OPEC+, are often reluctant to discuss the direction of prices on the record. Reuters spoke privately to five more OPEC country officials about the prospect of $100 oil. The IEA, which represents 31 countries including top consumer the United States, did not immediately reply on Friday to a request for comment on what $100 oil would mean for its members. In November, Birol said $100 oil was a real risk for the global economy.

SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Fans irate as FIFA moves Club World Cup match to Tangier
▼ + stars: | 2023-02-09 | by ( Fernando Kallas | ) www.reuters.com time to read: +2 min

RABAT, Feb 9 (Reuters) - The Club World Cup third-place match between Brazil's Flamengo and Egypt's Al Ahly planned to be held in Rabat before the final on Saturday has been moved to Tangier, FIFA said on Thursday. "Fans who have bought tickets for the double-header will be informed shortly," FIFA said in a statement. "Special travel arrangements will be organised by ONCF, Morocco's national railway operator, enabling those who want to watch the third-place match in Tangier to be able to do so. "Ticket holders will be able to exchange their current tickets for new ones for the third-place match, or have the option to apply for a refund of existing tickets." "FIFA's decision left the fans in lost in translation," Tatiana Ribeiro, from travel agency Ribeiro Viagens, told Reuters.

Several of this year's Grammy nominees, including "abcdefu" singer Gayle and R&B artist Muni Long, rose in popularity after influencers and everyday users posted TikTok videos with their music. Even as the music industry gathers in Los Angeles to celebrate artists and their songs at Sunday's Grammy awards, the relationship between hitmaker TikTok and music labels is showing signs of strain. As deals with the major music companies expire, the labels are looking to receive some of TikTok's ad revenue, according to Tatiana Cirisano, music industry analyst for Midia Research. One music industry insider, who spoke on condition of anonymity, said "it’s open to interpretation" why this is happening now. "TikTok has become really integral to the way that younger people relate to music, discover music and consume it,” Cirisano said.

☆ Putin expected to channel Stalingrad victory at key moment in Ukraine war
▼ + stars: | 2023-02-02 | by ( Tatiana Gomozova | ) www.reuters.com time to read: +3 min

REUTERS/Kirill BragaVOLGOGRAD, Russia, Feb 2 (Reuters) - President Vladimir Putin is expected to use an event to mark the Soviet victory over Nazi Germany in Stalingrad 80 years ago to rally Russians around his military campaign in Ukraine later on Thursday. Since Putin sent tens of thousands of troops into Ukraine in February last year in what he called a "special military operation", Russian officials have drawn parallels with World War Two and the struggle against the Nazis. Ukraine - which itself suffered devastation at the hands of Hitler's forces - rejects those parallels and accuses Russia of waging a war of imperial conquest. Thousands of people lined Volgograd's streets on Thursday to watch a victory parade as planes flew overhead and modern and World War Two-era tanks and armoured vehicles trundled through the city centre. Some of the modern vehicles had the letter 'V' painted on them, a symbol used by Russia's forces fighting in Ukraine.

☆ Putin evokes Stalingrad to predict victory over 'new Nazism' in Ukraine
▼ + stars: | 2023-02-02 | by ( Tatiana Gomozova | ) www.reuters.com time to read: +4 min

Russian officials have been drawing parallels with the struggle against the Nazis ever since Russian forces entered Ukraine almost a year ago. REUTERS/Kirill Braga 1 2 3 4 5VICTORY PARADEAs Putin finished speaking, the audience gave him a standing ovation. Thousands of people lined Volgograd's streets to watch a victory parade as planes flew overhead and modern and World War Two-era tanks and armoured vehicles rolled past. Some of the modern vehicles had the letter 'V' painted on them, a symbol used by Russia's forces in Ukraine. Irina Zolotoreva, a 61-year-old who said her relatives had fought at Stalingrad, saw a parallel with Ukraine.

☆ Large Brazilian banks may set aside around $890 mln for Americanas losses in Q4
▼ + stars: | 2023-02-01 | by ( Aluisio Alves | ) www.reuters.com time to read: +1 min

SAO PAULO, Feb 1 (Reuters) - Brazilian banks may start setting aside provisions for losses with retailer Americanas already in the fourth quarter of 2022, analysts say. Banks such as BTG Pactual , Bradesco (BBDC4.SA), Santander Brasil , Itaú Unibanco Holding (ITUB4.SA) and Banco do Brasil (BBAS3.SA) have around 15 billion reais in loans with Americanas, according to analyst reports. Analysts estimate the banks may provision around 30% of their loans in the fourth quarter, which would be equivalent to 4.5 billion reais ($890 million), even with bankruptcy protection taking place in January, as a precautionary measure allowed by the Brazilian central bank. The first Brazilian bank to release fourth quarter earnings, on Thursday, is Banco Santander Brasil. ($1 = 5.0544 reais)Reporting by Aluisio Alves; Writing by Tatiana Bautzerd; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian court orders seizure of emails of bankrupt retailer Americanas
▼ + stars: | 2023-01-26 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 26 (Reuters) - A Brazilian court has ordered the seizure of all corporate emails of managers and board members from bankrupt retailer Americanas SA (AMER3.SA) sent and received over the last 10 years, according to documents seen by Reuters. Bradesco said it was seeking evidence for potential litigation against Americanas, its managers, and potentially its controlling shareholders over "abuse of power." Americanas' largest shareholders are the billionaire founders of 3G Capital, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. The judge also ordered the seizure of all emails of employees in the finance and accounting division. Americanas is one of Brazil's largest retailers and has been in business for over 90 years.

☆ Americanas' billionaire shareholders say they were unaware of accounting problems
▼ + stars: | 2023-01-23 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 23 (Reuters) - Americanas SA (AMER3.SA) three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer. "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems". Securities industry regulator CVM has also launched probes into Americanas, which has seen its stock lose more than 90% of its value since the news of the accounting problems emerged. 3G Capital itself has no stake in Americanas.

☆ Lula replaces Brazil's army commander, source says
▼ + stars: | 2023-01-21 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +1 min

BRASILIA, Jan 21 (Reuters) - Brazilian President Luiz Inacio Lula da Silva fired the army commander, General Julio Cesar de Arruda, on Saturday, a source with knowledge of the matter said. His replacement will be General Tomas Miguel Ribeiro Paiva, army commander of the southeast, the source said. Brazil's army and the Ministry of Defense did not immediately comment on the matter. Lula said this week that intelligence services failed on Jan. 8, when government buildings in Brasilia were stormed by supporters of far-right former President Jair Bolsonaro. Lula has said recently that his government would purge hardcore Bolsonaro loyalists from the security forces.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

☆ Brazil's BTG gets court decision reversing part of Americanas' protection from creditors
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 18 (Reuters) - Brazilian bank BTG Pactual obtained a court decision on Wednesday overturning part of Americanas SA's (AMER3.SA) protection from creditors, according to court documents seen by Reuters, in a move the retailer says "harms its viability". BTG confirmed the decision in a securities filing, but did not give details. Americanas told Reuters in a statement that the "unilateral action taken by its creditors harms its viability", adding it was still seeking a short-term solution for its creditors. Later on Wednesday, Brazilian lender Bradesco (BBDC4.SA) said it had asked a Rio de Janeiro court to only allow Americanas to withdraw funds from the bank with prior approval. Americanas confirmed that Bradesco withheld more than 450 million reais ($86.77 million) from the company's cash position, "acting in disagreement with the injunction" the retailer had obtained protecting it from creditors.

☆ Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

[1/2] The oil products tanker Nord and a bulk carrier sail near the crude oil terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. "The oil products' embargo will have a greater impact than the restrictions on crude oil," said the senior Russian source who spoke on condition of anonymity due to the sensitivity the situation. The source said the sanctions will lead to more crude oil supplies from Russia, which lacks storage capacity for oil products. Its oil products exports averaged around 1.2 million barrels per day (bpd) in 2022, according to the International Energy Agency. Vedomosti also said Russian oil exports had risen by 1.2% in early January, while refining volumes had increased by 1.4%.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel, some of which will be produced from Russian crude. China has raised its first batch of 2023 export quotas for refined oil products by nearly half from a year ago. "But without Chinese exports pushing swing barrels westward, Europe is unlikely to replace the 0.5 million bpd loss in Russian diesel exports come the embargo," Energy Aspects analysts said. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough to meet domestic demand from its large diesel car fleet. Reuters GraphicsAn EU ban on Russian crude imports that took effect in December will be broadened to include refined fuels from Feb. 5.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

☆ Brazil's BTG Pactual appeals decision protecting billionaire-backed Americanas from creditors
▼ + stars: | 2023-01-15 | by ( Tatiana Bautzer | ) www.reuters.com time to read: 1 min

SAO PAULO, Jan 15 (Reuters) - Brazilian bank Banco BTG Pactual SA has appealed a court injunction that protected billionaire-backed retailer Americanas (AMER3.SA) from creditors on Friday, documents seen by Reuters show. In an appeal filed on Saturday, BTG lawyers argue the court injunction orders illegaly the reversal of a payment made by Americanas to BTG. Americanas and BTG did not immediately respond to requests for comment. Reporting by Tatiana Bautzer; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Russian mercenary boss courts Putin with Ukrainian battlefield success
▼ + stars: | 2023-01-13 | by ( Andrew Osborn | ) www.reuters.com time to read: +7 min

Now as the founder of Russia's most powerful mercenary group, he is vying for Vladimir Putin's favour by claiming a rare battlefield win in Ukraine. Russia claimed victory on Friday after Ukraine said its forces were holding on after a 'hot' night of fighting. The defence ministry on Friday attributed victory to its airborne units, missile forces and "artillery of a grouping of Russian forces". Margarita Simonyan, editor-in-chief of the state-controlled RT channel and close to the Kremlin, thanked Prigozhin for Soledar. Despite its sometimes publicly strained ties with the Russian defence ministry, some Western military analysts suspect Wagner is closely affiliated with it.

Wagner chief Yevgeny Prigozhin, center, with soldiers in what they said was a salt mine in Soledar, Ukraine in this image released on Jan. 11. By contrast, Kremlin spokesman Dmitry Peskov neither confirmed that Soledar had fallen to Russian forces or mentioned the Wagner group’s involvement in attempts to take it. Russia has consistently denied the involvement of the Wagner Group in its official military operations. Prigozhin during the funeral of Wagner group fighter near St. Petersburg, on Christmas Eve. To date, the hawks have been far louder than the pragmatists, and a chorus of hard-right bloggers have excoriated Russia’s military performance, while television pundits have called for a tougher approach.

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