Turning our attention to Russia this morning, reports indicate that the Southern Ukrainian city of Kherson has fallen to Russian forces in what is now the most significant gain for the Russians as they continue with their invasion of a sovereign neighbouring country.
Kharkiv, Ukraine’s second-largest city remains under heavy Russian bombardment while the capital Kyiv also faces a strong military presence.
There was a flurry of South African related activity yesterday as the SA ambassador to Ukraine fled Kyiv while South Africa abstained from voting in a United Nations (UN) resolution calling for the withdrawal of Russian troops.
At a sitting of the UN, SA joined 35 other nations in abstaining from a resolution vote calling for Russian forces to immediately withdraw from Ukraine.
South African ambassador to the UN, Mathu Joyini said the resolution did not “create an environment conducive for diplomacy, dialogue, and mediation.”
Joyini went on to say the naming of the resolution – Aggression Against Ukraine – could further deepen the divisions between Russia and Ukraine.
The resolution passed overwhelmingly with 141 of the 193 nations at the UN voting in favour of its passage.
As one of the 35 nations to abstain from the vote, South Africa was joined by BRICS partners China and India while Brazil voted in favour of the resolution with Russia voting no, of course.
The statement released last week from the department of international relations and cooperation (Dirco) calling for the immediate withdrawal of Russian forces from Ukraine was apparently approved by minister Naledi Pandor but irked President Ramaphosa.
Sources said the president felt it did not reflect South Africa’s true position on the matter but officials told Daily Maverick that Ramaphosa did sign off on the statement and it remains available on the Dirco website.
Daily Maverick reports that Ramaphosa may be trying to keep a strategic ambiguity in play for South Africa in an effort to avoid offending Russia, which is a historic ally for the ANC and more recently a close ally in the BRICS bloc.
Earlier in the day, Dirco said the SA ambassador to Ukraine, André Groenewald fled Kyiv on Tuesday along with his family and other SA diplomats all of whom are safely out of the country.
Meanwhile, the New York Times reports that Chinese officials knew of Russia’s plans to invade Ukraine in early February already and asked the country to delay its invasion until after the Winter Olympics were completed in Beijing.
The Times cites Western senior intelligence officials including those in the Biden administration.
On the local front, on Tuesday evening the third part of the State Capture report was made public with the entire report focusing on the corruption and senior figures at the Bosasa company.
In case you missed it, here’s a nifty list detailing all the people and businesses the Zondo Commission recommends be prosecuted by the NPA across the three-part report.
In the markets, the rand is trading flat this morning and is currently changing hands at R15.33/$ as the currency markets get some respite from the global upheaval.
“The Russian Ruble has also stabilized somewhat and closed below 100.00 last night.
Fed Chairman Jerome Powell stated that the Fed is likely to hike 25 basis points in March but that if high inflation persisted they would not hesitate to hike by 50 basis points at future meetings,” comments TreasuryONE.
On the commodity front, gold is trading a touch softer at $1,926, platinum is at $1,075 and palladium at $2,676.
“The price of Oil continues to climb with Brent hitting an 8-year high of $118.22 earlier this morning.
OPEC+ have indicated that they would be sticking to their plan of gradual production increases. Brent is currently a touch lower at $116.50,” comments TreasuryONE.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Mantashe: Zondo inquiry report doesn’t say how I’m linked to corruption – EWN
Denel employees in bid to attach R4.3m in assets after court order to pay outstanding salaries – Fin24
Eskom has to build a ‘record’ amount of transmission lines to keep lights on – Fin24
Global Business
Treasury’s Yellen Urged to Ensure Crypto Isn’t Russia Sanctions Workaround – Bloomberg
Nations to start talks on plastics pact seen as next Paris deal – Engineering News/Bloomberg
Shell is said to continue purchasing Russian oil and gas – Fin24/Bloomberg
Markets
Oil Up, Exceeds $116 Mark as Tight Supply Remains – Investing.com
Dollar Up, Euro Near 21-Month Low as Ukraine Crisis Worries Linger – Investing.com
Asia-Pacific stocks mostly rise as oil prices continue jumping, with Brent topping $116 per barrel – CNBC
Tech
TikTok faces investigation into its impact on young people’s mental health – The Verge
Google’s Bay Area employees will return to the office in April – The Verge
Microsoft: Data wiper cyberattacks continuing in Ukraine – VentureBeat
Caption: The United Nations flag.
Image: Wikimedia Commons
