US Business

US negotiator says odds against reviving Iran deal

The US pointman on Iran warned Wednesday it was more likely than not that talks would fail to revive a nuclear deal as he vowed no let-up in pressure if Tehran clings to its demands.

Rob Malley, who has led more than a year of indirect talks with Iran in Vienna, nonetheless told lawmakers that President Joe Biden’s administration still supported the 2015 nuclear accord and was ready to lift sanctions if it secures an agreement.

“As of today the odds of a successful negotiation are lower than the odds of failure and that is because of excessive Iranian demands to which we will not succumb,” Malley told the Senate Foreign Relations Committee.

He said the United States would reject “demands that go beyond the scope of the JCPOA,” using the official name for the Joint Comprehensive Plan of Action.

“We are fully prepared to live with and confront that reality if that is Iran’s choice,” Malley said.

He was likely referring to the clerical state’s demands to remove a terrorism blacklisting of the elite Revolutionary Guards, a step rejected by Biden and bitterly opposed by many in Congress.

But Malley made clear that Biden did not support military action — an option loudly mulled by Israel, which is suspected in a shadowy campaign of assassination against Iranian nuclear scientists.

“All options are on the table,” Malley said, while adding that military action would only “set back” Iran’s nuclear program.

Referring to the US history of war in the Middle East, Malley said, “We know that it costs.”

“But let’s leave it at this — the only solution here is a diplomatic one.”

– More economic pressure –

Malley, however, warned of greater economic pressure if talks fail — and said the United States would have the support of the Europeans, unlike under former president Donald Trump.

The Treasury Department said Wednesday it was imposing sanctions on a network backed by Revolutionary Guard and Russian officials that has shipped hundreds of millions of dollars of oil in defiance of unilateral US sanctions.

The JCPOA — brokered under then president Barack Obama with the blessing of European powers, Russia and China — promised economic relief for Iran which, inspectors said, had been complying with the accord’s severe curbs on its nuclear program.

Trump withdrew in 2018 and imposed sweeping unilateral sanctions including on Iran’s oil, vowing to bring Tehran to its knees.

Malley said that Trump’s approach had demonstrably failed, with Iran stepping up nuclear work since the US pullout.

Senators including some from Biden’s Democratic Party voiced exasperation, noting that Secretary of State Antony Blinken had warned in January that only “a few weeks” were left before Iran had advanced to the point that the JCPOA was no longer beneficial.

“We continue to wait and hope. But hope is not a national security strategy,” said Senator Bob Menendez, the Democratic chairman of the committee.

Menendez said Iran had convinced the world “that the United States wants the JCPOA more than the Iranian regime does.”

Malley replied that technical assessments remain “that the nonproliferation benefits of the deal are worth the sanctions relief that we would provide.”

He also offered strong criticism of Iran’s crackdown on recent protests against austerity measures.

“I don’t think this is a strong regime that is basking in being able to circumvent sanctions,” Malley said.

“It is a regime under duress and that’s because of its own mismanagement and our sanctions.”

VW Group to settle UK 'dieselgate' claims for £193 mn

Volkswagen on Wednesday said it would pay £193 million ($242 million, 226 million euros) to British claimants over its 2015 diesel emissions tests cheating scandal.

The German company has faced claims around the world since revelations that it cheated pollution tests by installing devices to reduce nitrogen oxide readings.

A class action was brought on behalf of some 91,000 claimants in England and Wales but Volkswagen settled out of court, avoiding a lengthy, potentially costly trial and any appeal.

“No admissions in respect of liability, causation or loss have been made by any of the defendants in the group action as part of the settlement,” VW said.

Terms and conditions of the settlement against Volkswagen Group outlets and dealers were confidential, it added in a statement.

But it said: “A payment of £193 million is being made to the claimants by the Volkswagen Group. A separate contribution is being made by the Volkswagen Group towards the claimants’ legal costs and other fees.”

Chief legal officer Philip Haarmann called the settlement “another important milestone” as the carmaker tries to rebuild trust after the “deeply regrettable events”.

In September 2015, the US Environmental Protection Agency found many VW cars being sold in the country were fitted with software in diesel engines to give better emissions results when tested.

Volkswagen admitted fitting 11 million vehicles with software to make engines appear less polluting in regulatory tests.

That has seen it pay tens of billions of dollars in damages, refunds and court fees, most of them in the United States and Germany.

The High Court in London ruled in April 2020 that Volkswagen was liable to pay compensation in England and Wales to the owners of some 1.2 million VW, Audi, Seat and Skoda vehicles.

Pfizer offers to sell medicines at cost to poorest countries

US pharmaceutical giant Pfizer on Wednesday said it would sell its patented drugs on a not-for-profit basis to the world’s poorest countries, as part of a new initiative announced at the World Economic Forum in Davos.

“The time is now to begin closing this gap” between people with access to the latest treatments and those going without, chief executive Albert Bourla told a press conference at the exclusive Swiss mountain resort gathering.

“An Accord for a Healthier World” focuses on five areas: infectious diseases, cancer, inflammation, rare diseases and women’s health — where Pfizer currently holds 23 patents, including the likes of Comirnaty and Paxlovid, its Covid vaccine and oral treatment.

“This transformational commitment will increase access to Pfizer-patented medicines and vaccines available in the United States and the European Union to nearly 1.2 billion people,” Angela Hwang, group president of the Pfizer Biopharmaceuticals Group, told AFP.

Five countries: Rwanda, Ghana, Malawi, Senegal and Uganda have committed to joining, with a further 40 countries — 27 low-income and 18 lower-middle-income — eligible to sign bilateral agreements to participate.

“Pfizer’s commitment sets a new standard, which we hope to see emulated by others,” Rwanda’s President Paul Kagame said.

But he added that “additional investments and strengthening of Africa’s health systems and pharmaceutical regulators” would also be needed.

– Seven years behind –

Developing countries experience 70 percent of the world’s disease burden but receive only 15 percent of global health spending, leading to devastating outcomes.

Across sub-Saharan Africa, one child in 13 dies before their fifth birthday, compared to one in 199 in high-income countries.

Cancer-related mortality rates are also far higher in low and middle-income countries — causing more fatalities in Africa every year than malaria.

All this is set to a backdrop of limited access to the latest drugs. 

Essential medicines and vaccines typically take four to seven years longer to reach the poorest countries, and supply chain issues and poorly resourced health systems make it difficult for patients to receive them once approved. 

“The Covid-19 pandemic further highlighted the complexities of access to quality healthcare and the resulting inequities,” said Hwang.

“We know there are a number of hurdles that countries have to overcome to gain access to our medicines. That is why we have initially selected five pilot countries to identify and come up with operational solutions and then share those learnings with the remaining countries.”

– ‘Very good model’ –

Specifically, the focus will be on overcoming regulatory and procurement challenges in the countries, while ensuring adequate levels of supply from Pfizer’s side.

The “not-for-profit” price tag takes into account the cost to manufacture and transport each product to an agreed upon port of entry, with Pfizer charging only manufacturing and minimum distribution costs.

If a country already has access to a product at a lower price tier, for example vaccines supplied by GAVI, a public-private global partnership, that lower price will be maintained.

Hwang acknowledged that even an at-cost approach could be challenging for the most cash-strapped countries, and “this is why we have reached out to financial institutions to brief them on the accord and ask them to help support country level financing.”

Pfizer will also invite other stakeholders — including governments, multilateral organisations, NGOs and even other pharmaceuticals — to join the accord.

It is also using funding from the Bill & Melinda Gates Foundation to advance work on a vaccine against Group B Streptococcus (GBS), the leading cause of stillbirth and newborn mortality in low-income countries.

“This type of accord is a very good model, it’s going to help get medicines out,” Gates told the Davos conference, adding that “partnerships with companies like Pfizer have been key to the progress we have made” on efforts like vaccines.

But University of East Anglia health economist Farasat Bokhari said that “the devil is in the detail”, asking “what is it that the countries have to agree to in this accord?”

Bokhari told AFP he would want to know if the agreements entailed commitments to volume, or exclusionary deals that would prevent other companies bringing equivalent drugs to market in the future.

Nike halts sales to retailers in Russia

Nike will not renew licensing agreements in Russia, the company said Wednesday, joining a growing list of Western companies pulling back from the country following the invasion of Ukraine.

The move affects licensed retailers as Nike shuttered company-owned stores two months ago soon after Moscow sent troops into the neighboring country.

“Due to operational challenges in Russia, Nike has made the decision not to renew or enter into any new business commitments, including with our franchisee Up&Run,” the company said.

“Our business remains on pause and we are providing pay continuity to our employees.” 

Nike’s statement was in response to an AFP inquiry into the status after Russian newspaper Vedomisti reported that Up & Run’s parent, Inventive Retail Group (IRG), would shutter its retail locations in Russia because of lack of access to merchandise.

IRG’s website shows 37 Nike locations, nine of which are listed as “temporarily closed.”

“As you can see from our stores, deliveries are suspended and the goods are in short supply,” IRG spokeswoman Lyudmila Semushina told AFP. “In the current realities, we cannot continue to support the work of Nike mono-brand stores and will be forced to close them.” 

Nike’s move comes just two days after Starbucks said it was shuttering its 130 cafes in the country, and last week, McDonald’s announced its exit from Russia, where it had 850 restaurants employing 62,000 workers.

Russia’s President Vladimir Putin ordered troops into pro-Western Ukraine on February 24, triggering unprecedented sanctions and sparking an exodus of foreign corporations including H&M, Adidas  and Ikea.

Another mass shooting, another US gun control debate

A mass shooting that left 19 schoolchildren and two teachers dead in the deeply pro-gun state of Texas on Tuesday increased pressure on US politicians to take action over the ubiquity of firearms — but also brought the grim expectation of little or no change.

It was the eighth mass shooting this year, according to the Everytown gun control group, and came 10 days after another 18-year-old murdered 10 African Americans at a supermarket in New York.

But nearly 10 years after a man slaughtered 20 children and six others in an attack on the Sandy Hook elementary school in Newtown, Connecticut, and four years after 17 were killed at a Florida high school, restrictions on gun purchases and ownership have not significantly changed.

“I had hoped, when I became president, I would not have to do this, again,” a distraught President Joe Biden said as he led national mourning, vowing to overcome the US gun lobby and find a way to tighten gun ownership laws.

“Another massacre… an elementary school. Beautiful, innocent, second, third, fourth graders,” he said. “I am sick and tired of it. We have to act. And don’t tell me we can’t have an impact on this carnage.”

But guns of all kinds, especially high-powered assault rifles and semi-automatic pistols are cheaper and more widely available than ever across the United States.

And the all-too-familiar arguments over guns, public safety and rights re-opened immediately on the news of Tuesday’s mass shooting.

– Gun massacres ‘politicized’? –

The debate is set to intensify going into the weekend when Houston, Texas hosts the annual convention of the country’s leading pro-gun lobby, the National Rifle Association.

Scheduled to speak at the convention is former president Donald Trump, Texas Governor Greg Abbott, Texas Senator Ted Cruz and other prominent Republicans.

Senator Chris Murphy, who represents Connecticut, made an emotional call on the Senate floor on Tuesday for lawmakers to take action.

“Nowhere else does that happen except here in the United States of America and it is a choice. It is our choice to let it continue,” he said.

But Cruz quickly pushed back, saying people will use the shooting to attack the right of people under the US Constitution’s 2nd Amendment to own guns.

“When there’s a crime of this kind, it almost immediately gets politicized,” Cruz said.

Attacking constitutional gun rights “is not effective in stopping these sort of crimes,” he added.

– More guns, more shootings –

Yet data shows the grim national cost of gun crime.

Last week, the Centers for Disease Control and Prevention said the number of gun deaths in the United States underwent a “historic” increase in 2020.

And the US racked up 19,350 firearm homicides in 2020, up nearly 35 percent over 2019, and 24,245 gun suicides, up 1.5 percent.

At 6.1 deaths per 100,000 inhabitants in 2020, the firearm homicide rate was the highest in a quarter century. 

Mass shootings have also risen, according to Everytown.

“Since 2009, there have been 274 mass shootings in the United States, resulting in 1,536 people shot and killed and 983 people shot and wounded,” the group says.

The country is swamped with guns. US firearms makers produced more than 139 million guns for the commercial market over the two decades from 2000, and the country imported another 71 million.

That includes high-powered assault rifles, which can be found for $500, and 9 millimeter pistols that combine ease of use, high accuracy and semi-automatic triggers with prices as low as $200.

– Gun laws eased in Texas –

But at every incident, proposals by state and federal lawmakers to tighten laws are rebuffed by conservative colleagues, who count on voter support from a sizeable portion of the public opposed to gun control.

Last year, a Pew poll said just 53 percent of Americans want stricter gun laws, and only 49 percent think tougher laws would decrease mass shootings.

Politicians like Abbott have instead moved to ease controls. Last year, the Texas governor signed a law allowing anyone in the state over 21 to openly carry a handgun without a license or training, and, with certain qualifications, people over 18 can also do so.

Shannon Watts, the founder of Moms Demand, an activist arm of Everytown, pointed out that Texas is one of the country’s largest gun markets and has a high firearms death rate.

“If more guns and fewer laws made Texas safer, it would be the safest state with declining rates of gun violence,” Watts wrote on Twitter.

“But it has high rates of gun suicide and homicide, and is home to four of the 10 deadliest mass shootings.”

European and US stock markets struggle to recover

European and US stock markets struggled to mount a rebound Wednesday as investors weighed the fallout from surging inflation, higher interest rates, China’s economic slowdown and the Ukraine war.

The day before, global equities had retreated as volatility grips financial markets.

A series of weak indicators around the world and downbeat forecasts from big firms have chilled trading floors in recent weeks as the surge in prices begins to drag on consumer confidence, with warnings now swirling of a possible global recession.

The tech sector was again in the firing line after Snap, the parent of social media app Snapchat, provided a gloomy economic outlook, sending its shares diving more than 40 percent on Wall Street Tuesday.

Wall Street titans followed Snap down, with Facebook-parent Meta and Google-parent Alphabet tanking.

“The feel-good factor from earlier in the week has fizzed away, but there is still some element of relief washing through the financial markets that the crutch of cheap money isn’t going to be withdrawn quite so quickly,” said Susannah Streeter, investment and markets analyst at Hargreaves Lansdown. 

She said expectations that the Federal Reserve would avoid hiking US interest rates by as much as 0.75 percent in one go to bring down inflation “helped lift the Dow Jones (Tuesday)… and has steadied overall market sentiment”.

Investors are awaiting the Fed’s next move on interest rates, with expectations for more half-point hikes to come as officials struggle to bring inflation down from four-decade highs.

With minutes from the Fed’s most recent policy meeting due out later Wednesday, Wall Street’s main stock indices opened lower, with the Dow shedding 0.4 percent. 

The broader S&P 500 as well as the tech-heavy Nasdaq were down by a similar amount.

With numerous Fed officials having spoken since the meeting, “the minutes released today may not move today’s trading dial much, unless they convey some more aggressive-minded thinking on the pace of balance sheet reduction,” said Patrick J. O’Hare at Briefing.com.

European stocks made modest gains in afternoon trading.

Traders are also closely watching China, which continues to struggle with the fast-spreading Omicron coronavirus variant.

The world’s second-biggest economy is sticking to its zero-Covid strategy despite the dire impact of lockdowns on growth.

And with no easing of that policy in sight, observers warned that a series of recent support measures would not be enough to lift optimism.

“Fiscal multipliers will be minimal in an economy where economic interaction and activity have slowed sharply,” said Stephen Innes of SPI Asset Management.

“Moving beyond mobility restrictions in short order is a pre-condition, but not a guarantee, for an Asia-led economic recovery.”

Russia’s invasion of Ukraine has meanwhile put financial markets under renewed stress by driving up prices and impeding growth, the European Central Bank said in a report published Wednesday.

Inflation in the eurozone, as elsewhere, has accelerated as costs for energy, agricultural goods and raw materials have risen sharply.

– Key figures at around 1330 GMT –

London – FTSE 100: UP 0.5 percent at 7,517.96 points

Frankfurt – DAX: UP 0.2 percent at 13,947.77

Paris – CAC 40: UP 0.3 percent at 6,271.73

EURO STOXX 50: DOWN 0.4 percent at 3,598.53

New York – Dow: DOWN 0.4 percent at 31,797.63

Tokyo – Nikkei 225: DOWN 0.3 percent at 26,677.80 (close)

Hong Kong – Hang Seng Index: UP 0.3 percent at 20,171.27 (close)

Shanghai – Composite: UP 1.2 percent at 3,107.46 (close)

Euro/dollar: DOWN at $1.0666 from $1.0739 on Tuesday

Pound/dollar: DOWN at $1.2517 from $1.2535

Euro/pound: DOWN at 85.20 pence from 85.64 pence

Dollar/yen: UP at 127.11 yen from 126.86 yen 

Brent North Sea crude: UP 0.8 percent at $111.55 per barrel

West Texas Intermediate: UP 0.9 percent at $110.72 per barrel

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Ukraine's Zelensky calls for Western unity as Russia advances

Ukrainian President Volodymyr Zelensky blasted the West for lacking unity on Wednesday, as the Russian invasion entered its fourth month and Moscow’s troops advanced in eastern Ukraine.

Fighting reached the edge of the industrial city of Severodonetsk, which is under fierce bombardment by Russian forces who are trying to encircle it in one of their key goals in Ukraine’s Donbas region.

An unrepentant Moscow told the West to lift sanctions to stave off a global food crisis sparked by the war between two countries that together produce nearly a third of the world’s wheat. 

Zelensky renewed calls for heavy weapons from foreign partners, saying the billions of dollars’ worth already put up were not enough to help Ukraine’s outgunned forces.

“Unity is about weapons. My question is, is there this unity in practice? I can’t see it. Our huge advantage over Russia would be when we are truly united,” Zelensky said via videolink to an event on the sidelines of the World Economic Forum in Davos.

Zelensky said Ukraine was grateful for US support, but urged Europe to step up, specifically naming neighbouring Hungary which is blocking an EU-wide embargo on Russian oil.

The Ukrainian president said hours earlier in his daily address to the nation that Russian forces “want to destroy everything” in eastern Ukraine.

Western funds and weapons have helped Ukraine hold off its neighbour’s advances in many areas, including the capital Kyiv.

Russia is now focused on expanding its gains in eastern Donbas, home to pro-Russian separatists, as well as the southern coast.

– ‘Completely destroy’ –

The governor of the eastern region of Lugansk, Sergiy Gaiday, said fighting had reached the “outskirts” of Severodonetsk, which was being hammered by air strikes, rockets, artillery and mortars.

“Russian troops have advanced far enough that they can already fire mortars,” Gaiday said in a statement on social media, adding that, “yesterday there was already fighting on the outskirts of the city.” 

“The Russian army has decided to completely destroy Severodonetsk. They are simply erasing Severodonetsk from the face of the earth,” the governor said in a separate video on Telegram. 

“I think that the next week will be decisive.”

In the town of Soledar, Ukraine’s salt manufacturing hub, the ground shook moments after Natalia Timofeyenko climbed out of her bunker to reassure herself that she was not alone.

“I go outside just to see people. I know that there is shelling out there but I go,” the 47-year-old said after a thundering blast smashed apart a chunk of a mammoth salt mine where she worked with most of her friends and neighbours.

Ghostly frontline towns like Soledar are being hammered by Russian artillery as they sit along the crucial road that leads out of besieged Severodonetsk and its sister city Lysychansk.

Twelve people were killed by “extremely heavy shelling and attacks” in the neighbouring region of Donetsk, which also forms part of Donbas, the Ukrainian presidency said.

In a sign that the rest of the country remains at risk, Russian cruise missiles struck the major southern rail hub of Zaporizhzhia, killing one person and damaging dozens of houses, the presidency added.

– ‘Solving the food problem’ –

In Moscow, authorities made it clear Russia was settling in for a long conflict, with parliament scrapping the upper age limit for soldiers.

“We will continue the special military operation until all the objectives have been achieved,” Defence Minister Sergei Shoigu said, using President Vladimir Putin’s name for the war.

Tough sanctions imposed after Russia’s February 24 invasion of its pro-Western neighbour are causing food shortages around the world, Moscow added.

“Solving the food problem requires a comprehensive approach, including the removal of sanctions that have been imposed on Russian exports and financial transactions,” said Russian deputy foreign minister, Andrey Rudenko.

He also demanded that Ukraine de-mine its ports.

The West argues it is Russia’s offensive in Ukraine and blockade of Ukraine’s ports that has pushed global food prices to an all-time high — sparking fears of worsening hunger, particularly in Africa.

With its unity questioned by Zelensky, EU chief Charles Michel said he was “confident” of an oil deal embargo before a Brussels summit on Monday despite Hungary’s resistance.

NATO’s unity has also been called into question with Turkey threatening to block Sweden and Finland from joining in the wake of the Ukraine invasion. 

Swedish Prime Minister Magdalena Andersson said her country was “not sending money to terrorist organisations”, rejecting Turkish claims over alleged support for Kurdish militant groups.

– ‘It is just war’ –

A swathe of southern Ukraine meanwhile is living under Russian occupation.

President Vladimir Putin on Wednesday signed a decree simplifying a procedure to obtain a Russian passport for residents of the southern Ukrainian regions of Kherson, under the full control of Russian troops, and partly-occupied Zaporizhzhia.

Residents expressed concerns about the future in Kherson. Moscow-backed officials are pushing for formal annexation by Russia.

“People are very apprehensive,” trolleybus driver Alexander Loginov, 47, told AFP from the cabin of his vehicle, during a press trip organised by the Russian defence ministry. 

Day-to-day life remains marked by uncertainty, especially over payment of salaries as “Ukrainian banks are closing”.

“To be honest, it is just war,” Loginov added.

And 200 bodies were found in the basement of a destroyed building of the port city of Mariupol, which fell to Moscow recently after a devastating siege, Ukrainian authorities said.

As the locals refused to collect and pack the heavily decomposed bodies, the Russian emergency workers just left the scene, Ukrainian ombudswoman Lyudmyla Denisova said on Telegram Wednesday.

“It is impossible to be within the area due to the corpse smell,” she wrote. “The occupiers turned the entire Mariupol into a cemetery.”

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French green activists block TotalEnergies' annual meeting

More than 100 activists sought to block oil giant TotalEnergies’ annual general meeting in central Paris on Wednesday to protest the energy firm’s climate policies and continued presence in Russia following the invasion of Ukraine. 

Greenpeace, Friends of the Earth and Alternatiba protesters handcuffed themselves to each other and impeded shareholders’ access to the building, claiming that TotalEnergies is not doing enough to fight climate change.

“It is no longer possible for the old world to serenely meet to validate projects that are destructive to the climate, human rights and peace,” the French branch of Friends of the Earth said on Twitter. 

Activists unfurled a five-metre (16-foot) long banner saying, “no retreat, no general assembly”, a reference to the energy firm’s presence in Russia, where it runs liquefied natural gas projects. 

The meeting at the Salle Pleyel concert hall in central Paris was eventually declared open by TotalEnergies chief executive Patrick Pouyanne, but with the venue almost empty as so few shareholders had been able to enter.

He said that the AGM could go ahead “as a certain number of shareholders are present”.

TotalEnergies is aiming for net-zero carbon emissions by mid-century and has pledged to reduce emissions of its petroleum products by 30 percent compared to 2015.

Pouyanne said, however, during the AGM that a goal outlined by the International Energy Agency (IEA) for a 30-percent drop in the consumption of petroleum products within a decade was not tenable.

“We deviate from the IEA scenario, the fall in demand for oil and gas will not be linear, it will not fall by 30 percent over the next 10 years,” he said in response to a question from a shareholder.

Shareholders at TotalEnergies’ AGM overwhelmingly approved a report outlining the company’s climate plans.

Detailing its goals through 2030, several shareholders had said in advance that they would vote against it as it was not ambitious enough.

A group of shareholders representing 0.78 percent of the giant’s capital had also deposited a resolution — that was rejected — asking for the group to respect the Paris climate deal, which seeks to limit global warming to 2 degrees Celsius and if possible 1.5 degrees.

“There are shareholders who recognise the climate emergency but on the whole they are still too passive,” Greenpeace France campaigner Edina Ifticene told AFP. 

On Tuesday, oil giant Shell’s general assembly in central London was suspended for two hours due to disruption from climate change activists.

Earlier on Wednesday, TotalEnergies announced it had bought a 50-percent stake in the US renewables producer Clearway Energy Group, as it seeks to expand its portfolio in the sector in the United States.

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Kerry tells Davos climate coalition swelling

US climate envoy John Kerry said Wednesday more countries and companies are swinging behind a bid to combat climate change by jump-starting markets for technologies with massive investments.

They have joined a group known as the “First Movers Coalition”.

“Today the First Movers Coalition initiative leaps from the 35 initial companies that came to the table to 55 companies, with the additions of major corporations: FedEx, Ford Motor Company, and others,” Kerry told reporters at the World Economic Forum in Davos, Switzerland.

“The First Movers Coalition is mobilizing enormous purchasing power now to induce investment in brand-new technologies that could come to market,” he added.

Kerry likened the strategy to US government procurement schemes he said had boosted development of Covid-19 vaccines and private spaceflight.

He also listed a number of new countries to join the group, naming Britain, Denmark, Italy, India, Japan, Norway, Singapore and Sweden, and saying government policy could accelerate the transition in areas like green manufacturing and carbon capture and storage.

Billionaire philanthropist and Microsoft founder Bill Gates said that at present “so many of the green products carry a price premium, and the way you get rid of that is you scale up the production”, citing the examples of solar panels, wind power and lithium-ion batteries.

Other technologies could achieve large-scale adoption in the same way, Gates said, pointing especially to hydrogen power.

“A combination of policies, including tax credits, private sector demand, teaming up the small companies that have great ideas with these companies that are willing to buy… that is the path forward,” he added.

Google Chief Financial Officer Ruth Porat said that the firm had committed $200 million to carbon dioxide removal, forming the core of over $900 million in pledges from other firms for the coming decade.

“We have seen that having clarity and certainty about demand does catalyse growth in markets,” Porat added.

Meanwhile Sweden’s Finance Minister Mikael Damberg said the Nordic country “wants to be the first fossil-free welfare nation on the planet,” highlighting especially a pilot plant for fossil-free steel production using hydrogen.

Elvis fever set to shake Cannes

Cannes is set to be shaken, rattled and rolled on Wednesday as the world premiere of “Elvis” rocks the film festival on the French Riviera, in what is proving a vintage year for music-lovers.

The highly anticipated new film is the latest from Australia’s Baz Luhrmann, the technicolour genius behind “Romeo and Juliet” and “Moulin Rouge!”. 

Rising star Austin Butler, 30, steps into the blue suede shoes of Elvis Presley, and whispers around the Cannes Film Festival suggest it will rocket him into the A-list. 

The film also features Tom Hanks as The King’s infamous manager, Colonel Tom Parker.

It has been warmly welcomed by the family of Presley, who died in 1977 at the age of 42 after a descent into drug addiction.  

His granddaughter Riley Keough, who happened to be at Cannes with her directorial debut “War Pony” last week, said she had watched the film with her mother, Lisa Marie Presley, and grandmother, Priscilla Presley. 

“There’s a lot of family trauma and generational trauma that started around there. It was a very intense experience,” she told reporters.

Luhrmann has become a favourite at Cannes, having wowed critics with his debut “Strictly Ballroom” in 1992, and opening the festival twice, with “Moulin Rouge!” and “Gatsby”.

– Kaleidoscopic –

Celebrating its 75th edition, the festival has been a feast for music lovers this year. 

There were rave reviews for a new documentary about David Bowie, “Moonage Daydream” — part of a recent wave of innovative films about music legends. 

“It’s not a biography,” its director, Brett Morgen, told AFP. “The film is meant to be sublime, and kaleidoscopic, and kind of wash over you.”

Ethan Coen, one half of the beloved Coen brothers film-making duo, was also in Cannes to present a documentary about another rock’n’roll pioneer, Jerry Lee Lewis. 

Both docs eschew expert talking heads in favour of a more immersive experience. 

“I don’t care what experts say,” Coen told AFP at the festival. “Jerry Lee is a performer so I want to see the performance — not what some expert thinks about it.”

– Divided contest –

As arguably the world’s leading film festival, Cannes seeks a line-up that balances hard-hitting dramas, arthouse experimentation and blockbuster spectacles. 

This year has seen plenty of Hollywood glamour, with “Elvis” preceded by last week’s launch of “Top Gun: Maverick”, which brought Tom Cruise and a French Air Force display team to the red carpet. 

While they are playing out of the competition, the race for the top prize Palme d’Or has been a very mixed affair so far. 

No clear frontrunner has emerged from the 21 films in competition, with critics deeply divided over almost every entry. 

Perhaps the best reception up to now has been for “Decision to Leave” by Korean director Park Chan-wook, known for his 2003 thriller “Oldboy”. 

But the awards, to be presented on Saturday, are decided by a jury of film professionals — this year including Indian superstar Deepika Padukone, Iran’s two-time Oscar winner Asghar Farhadi and led by French actor Vincent Lindon. 

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