AFP

Ukraine station strike toll climbs as EU vows accountability

The death toll from an air strike on a train station in central Ukraine rose to 25 on Thursday, as the EU warned those “responsible for Russian rocket terror will be held accountable”.

The warning came as Russia issued a counter-claim saying it targeted soldiers and killed 200 Ukrainian servicemen in the attack Wednesday on a rail hub in Chaplyne city of the Dnipropetrovsk region. 

The attack struck six months to the day since Russia began its invasion of Ukraine, which was also the day Ukraine celebrates its 1991 independence from the Soviet Union.

On Thursday, state rail operator Ukrainian Railways said the toll had risen overnight from 22 to 25, and included two children with a further 31 people injured.

Ukrainian President Volodymyr Zelensky had warned at the weekend Russia might do something “particularly cruel” to mark Ukraine’s independence celebrations.

Moscow claimed to have slain over 200 Ukrainian troops and 10 units of military equipment in the attack.

In a daily press briefing, the defence ministry said the train was “en route to combat zones” in the eastern Donbas region of Ukraine, which Russia seeks to fully control.

But EU foreign policy chief Josep Borrell “strongly” condemned “another heinous attack by Russia on civilians”.

“Those responsible for Russian rocket terror will be held accountable,” he said on Twitter.

– ‘Fight until the end’ – 

Washington warned Wednesday that Moscow was preparing to hold “sham” polls in occupied areas of Ukraine that would seek to formalise its control.

“Russian leadership has instructed officials to begin preparing to hold sham referenda,” White House national security coordinator John Kirby said.

“We can see a Russian announcement of the first one or ones before the end of this week.”

On Ukraine’s Independence Day, messages of solidarity poured in from Ukraine’s international allies.

British Prime Minister Boris Johnson paid a surprise visit to Kyiv, hailing Ukraine’s staunch defence, as sirens sounded throughout the day.

Putin had failed to account for the “strong will of Ukrainians to resist”, Johnson said.

“You defend your right to live in peace, in freedom, and that’s why Ukraine will win,” he added.

Earlier, Zelensky issued his own defiant morning video address, saying: “We don’t care what army you have, we only care about our land. We will fight for it until the end.”

Referring to Russia, he vowed Ukraine “will not try to find an understanding with terrorists”.

“Ukraine is the whole of Ukraine,” he said. “All 25 regions, without any concession or compromise.”

– Fresh aid –

The US marked the occasion by announcing $3 billion in fresh military aid.

The new funding will help Kyiv acquire more materiel for its armed forces, locked in a grinding war of attrition with Russian troops in the east and south, with neither side advancing significantly.

Johnson unveiled his own £54 million ($64 million) package of aid, including 2,000 “state-of-the-art drones” as well as anti-tank munitions.

Gatherings were banned in the capital Kyiv and Zelensky had urged citizens to be on guard against “Russian terror”. 

Nevertheless he and his wife marked a minute of silence for fallen Ukrainian soldiers and laid yellow and blue floral bouquets at a memorial in central Kyiv.

United Nations Secretary-General Antonio Guterres called the anniversary of the start of Russia’s war in Ukraine a “sad and tragic milestone”.

European Commission President Ursula von der Leyen said the EU has been standing with Ukraine “from the very beginning” and “will be for as long as it takes”.

Even Alexander Lukashenko, the authoritarian leader of Belarus congratulated Ukraine on its Independence Day, comments dismissed by a spokesman for the Ukrainian presidency.

Belarus offered its territory as a staging ground for Russia’s invasion.

Gas prices approach record peak on Russian supply fears

European natural gas prices climbed Thursday towards a record peak on heightened fears over Russian supplies, while global equities rose on the eve of a key speech from Federal Reserve chair Jerome Powell.

Europe’s benchmark Dutch TTF gas contract advanced to 318 euros per megawatt hour before paring gains.

That was not far from the record high 345 euros struck in March shortly after key gas producer Russia invaded Ukraine.

Prices have spiked in recent days as a three-day halt in Russian deliveries to Germany via the Nord Stream 1 pipeline approaches.

At the same time, one-year forward contracts for electricity prices in both France and Germany surged on Thursday to record pinnacles on worries over a winter energy crunch.

– ‘Unstoppable march upwards’ –

“Gas is on a seemingly unstoppable march upwards again, a dramatic move which will intensify the energy crisis,” said Hargreaves Lansdown analyst Susannah Streeter.

“Already plans are being brought in to save energy which will darken streets across Germany and make public buildings colder, but much tougher measures may have to be enforced given dwindling gas reserves.”

In stock market trade, European equities pushed higher mirroring Asian gains.

Frankfurt also drew some strength from news that the German economy expanded by an anaemic 0.1 percent in the second quarter.

That was upgraded from the prior projection of zero growth, but analysts remain downbeat.

“I’m trying to find a reason to be optimistic on the back of that, but in reality it just means the economy may take a little longer to fall into recession,” warned OANDA analyst Craig Erlam.

“With the energy crisis unlikely to improve, this likely means another quarter of flat growth at best before the economy falls into recession later this year.”

Asian indices rose after China unveiled fresh measures to boost its economy.

Traders followed a positive lead from Wall Street, where the Dow, Nasdaq and S&P 500 all closed higher.

Meanwhile, central bankers are meeting in Jackson Hole in the US state of Wyoming this week.

All eyes are on Powell’s Friday speech for clues about the Federal Reserve’s plans to tame runaway inflation with higher borrowing costs.

There are concerns that the Fed’s fight against soaring inflation could lead to a recession in the United States, which could, in turn, hit a global economy that is still recovering from the Covid pandemic.

– China stimulus –

Central banks around the world are trying to find a delicate balance between curbing inflation and avoiding recessions.

The challenge has been compounded this year by Russia’s invasion of Ukraine, which has sent energy and food prices skyrocketing.

Traders are also keeping an eye on how China will repair the economic damage from its strict Covid controls, a crisis in its property sector and power shortages caused by a record-breaking heatwave.

Fresh measures to shore up the economy were announced by China’s State Council on Wednesday, including steps to encourage lending, consumption and investment, according to the official Xinhua news agency.

They also included support for electricity producers and agriculture, two sectors hit especially hard by the heatwave, though Xinhua’s readout of the State Council meeting did not mention the extreme weather.

– Key figures at around 1010 GMT –

London – FTSE 100: UP 0.4 percent at 7,501.04 points

Frankfurt – DAX: UP 0.2 percent at 13,251.85 

Paris – CAC 40: UP 0.1 percent at 6,395.84

EURO STOXX 50: UP 0.2 percent at 3,674.31

Tokyo – Nikkei 225: UP 0.6 percent at 28,479.01 (close)

Hong Kong – Hang Seng Index: UP 3.6 percent at 19,968.38 (close)

Shanghai – Composite: UP 1.0 percent at 3,246.25 (close)

New York – Dow: UP 0.2 percent at 32,969.23 points (close)

Euro/dollar: UP at $0.9999 from $0.9970 on Wednesday

Pound/dollar: UP at $1.1842 from $1.1799

Euro/pound: DOWN at 84.44 pence from 84.47 pence

Dollar/yen: UP at 136.42 yen from 136.36 yen

West Texas Intermediate: UP 0.1 percent at $94.94 per barrel

Brent North Sea crude: UP 0.1 percent at $101.32

burs-rfj/lth

Gas prices approach record peak on Russian supply fears

European natural gas prices climbed Thursday towards a record peak on heightened fears over Russian supplies, while global equities rose on the eve of a key speech from Federal Reserve chair Jerome Powell.

Europe’s benchmark Dutch TTF gas contract advanced to 318 euros per megawatt hour before paring gains.

That was not far from the record high 345 euros struck in March shortly after key gas producer Russia invaded Ukraine.

Prices have spiked in recent days as a three-day halt in Russian deliveries to Germany via the Nord Stream 1 pipeline approaches.

At the same time, one-year forward contracts for electricity prices in both France and Germany surged on Thursday to record pinnacles on worries over a winter energy crunch.

– ‘Unstoppable march upwards’ –

“Gas is on a seemingly unstoppable march upwards again, a dramatic move which will intensify the energy crisis,” said Hargreaves Lansdown analyst Susannah Streeter.

“Already plans are being brought in to save energy which will darken streets across Germany and make public buildings colder, but much tougher measures may have to be enforced given dwindling gas reserves.”

In stock market trade, European equities pushed higher mirroring Asian gains.

Frankfurt also drew some strength from news that the German economy expanded by an anaemic 0.1 percent in the second quarter.

That was upgraded from the prior projection of zero growth, but analysts remain downbeat.

“I’m trying to find a reason to be optimistic on the back of that, but in reality it just means the economy may take a little longer to fall into recession,” warned OANDA analyst Craig Erlam.

“With the energy crisis unlikely to improve, this likely means another quarter of flat growth at best before the economy falls into recession later this year.”

Asian indices rose after China unveiled fresh measures to boost its economy.

Traders followed a positive lead from Wall Street, where the Dow, Nasdaq and S&P 500 all closed higher.

Meanwhile, central bankers are meeting in Jackson Hole in the US state of Wyoming this week.

All eyes are on Powell’s Friday speech for clues about the Federal Reserve’s plans to tame runaway inflation with higher borrowing costs.

There are concerns that the Fed’s fight against soaring inflation could lead to a recession in the United States, which could, in turn, hit a global economy that is still recovering from the Covid pandemic.

– China stimulus –

Central banks around the world are trying to find a delicate balance between curbing inflation and avoiding recessions.

The challenge has been compounded this year by Russia’s invasion of Ukraine, which has sent energy and food prices skyrocketing.

Traders are also keeping an eye on how China will repair the economic damage from its strict Covid controls, a crisis in its property sector and power shortages caused by a record-breaking heatwave.

Fresh measures to shore up the economy were announced by China’s State Council on Wednesday, including steps to encourage lending, consumption and investment, according to the official Xinhua news agency.

They also included support for electricity producers and agriculture, two sectors hit especially hard by the heatwave, though Xinhua’s readout of the State Council meeting did not mention the extreme weather.

– Key figures at around 1010 GMT –

London – FTSE 100: UP 0.4 percent at 7,501.04 points

Frankfurt – DAX: UP 0.2 percent at 13,251.85 

Paris – CAC 40: UP 0.1 percent at 6,395.84

EURO STOXX 50: UP 0.2 percent at 3,674.31

Tokyo – Nikkei 225: UP 0.6 percent at 28,479.01 (close)

Hong Kong – Hang Seng Index: UP 3.6 percent at 19,968.38 (close)

Shanghai – Composite: UP 1.0 percent at 3,246.25 (close)

New York – Dow: UP 0.2 percent at 32,969.23 points (close)

Euro/dollar: UP at $0.9999 from $0.9970 on Wednesday

Pound/dollar: UP at $1.1842 from $1.1799

Euro/pound: DOWN at 84.44 pence from 84.47 pence

Dollar/yen: UP at 136.42 yen from 136.36 yen

West Texas Intermediate: UP 0.1 percent at $94.94 per barrel

Brent North Sea crude: UP 0.1 percent at $101.32

burs-rfj/lth

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

Sony blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Earlier, console competitor Nintendo said it was not considering raising prices for the moment. 

“In order to offer unique entertainment to a wide range of customers, we want to avoid pricing people out,” President Shuntaro Furukawa told the Nikkei business daily in an article published earlier this month.

“Our competition is the variety of entertainment in the world, and we always think about pricing in terms of the value of the fun we offer,” he said.

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

Sony blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Earlier, console competitor Nintendo said it was not considering raising prices for the moment. 

“In order to offer unique entertainment to a wide range of customers, we want to avoid pricing people out,” President Shuntaro Furukawa told the Nikkei business daily in an article published earlier this month.

“Our competition is the variety of entertainment in the world, and we always think about pricing in terms of the value of the fun we offer,” he said.

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

Sony blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Earlier, console competitor Nintendo said it was not considering raising prices for the moment. 

“In order to offer unique entertainment to a wide range of customers, we want to avoid pricing people out,” President Shuntaro Furukawa told the Nikkei business daily in an article published earlier this month.

“Our competition is the variety of entertainment in the world, and we always think about pricing in terms of the value of the fun we offer,” he said.

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday’s the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

SIE blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday’s the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

SIE blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Sony hikes PS5 prices in some markets, US consumers spared

Sony’s PlayStation 5 is already notoriously difficult to find, and on Thursday’s the popular console’s manufacturer said that it will also become more expensive for gamers in many parts of the world.

Sony Interactive Entertainment (SIE) has recommended raising the console’s retail price in Europe, the United Kingdom, Japan, China, Australia, Mexico and Canada, the company’s top official Jim Ryan said.

US consumers will be spared from the hikes, Ryan said, without providing further explanation.

The price rises will see a PS5 Digital Edition retail in Europe for 449.99 euros ($450), up from 399.99 euros.

The same console will be sold in the UK for 389.99 pounds ($462), up from 359.99 pounds, and in Japan for 49,478 yen ($363), up from 43,978 yen.

SIE blamed “high global inflation rates as well as adverse currency trends” for the price increases.

“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets,” Ryan said in a statement.

Sony’s current top priority is to address a supply crunch that has made PS5s difficult to buy, he said.

Gimme shelter: older Chinese take refuge from heatwave in subways

In chaotic and crowded subways, middle-aged and older residents of Chinese megacity Chongqing are taking shelter from the country’s hottest summer on record — the air conditioning and subterranean cool providing respite from the scorching temperatures outside.

Multiple Chinese provinces are sweltering under a heatwave, prompting power curbs that have forced factories to close and lights to dim on some of the country’s best-known city streets. 

Experts have said the intensity, scope and duration of the heatwave could make it one of the most severe recorded in global history.

In Chongqing, home to 30 million, the Jialing River — a tributary of the Yangtze — is running dry and patience is wearing thin.

Desperate to escape the heat, hundreds of middle-aged and older residents have headed to the depths of the city’s subway stations, whiling away the hours smoking, playing cards and napping.

Spread out snoozing in massage chairs or on blankets, some are street cleaners on their breaks, others manual labourers, while some just live close by or are out-of-work with nothing better to do.

Despite a recent Covid-19 outbreak in the city that saw 10 million summoned for mandatory testing, masks are few and between.

In a nearby supermarket that has become a hive of activity, one manager told AFP that many passing time underground have air conditioning at home but are bored and want to have a bit of subterranean fun with friends.

Nonplussed commuters squeeze past the crowds — a reminder that business in the city carries on despite the heat searing the streets above. 

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