World

Nepal tightens flight rules after crash that killed 22

Flights in Nepal will be cleared to fly only if there is favourable weather forecast throughout their route, according to new regulations announced in the wake of a recent crash that killed 22 people, officials said Thursday.

A full investigation into the crash of the Twin Otter aircraft in western Nepal on Sunday is underway, but a preliminary inquiry suggested that bad weather caused the accident.

Air traffic control lost contact with the twin-prop plane shortly after it took off from Pokhara and headed for Jomsom, a popular Himalayan trekking destination. 

The wreckage was found a day later, with all 16 Nepalis, four Indians and two Germans who were on board killed.

Aviation companies have raised concerns about how to implement the new regulations, citing the country’s limited weather forecasting infrastructure. 

Authorities say flight permits will now only be issued after the aircraft’s operator submits a flight plan with weather information for the destination and the entire route of the flight, according to a Civil Aviation Authority of Nepal notice issued on Tuesday. 

Providing en-route weather information was previously not mandatory. 

Air operators could also be prohibited from conducting flights if the Department of Hydrology and Meteorology forecasts adverse weather conditions for a certain time in any area. 

Aircraft operators say Nepal lacks infrastructure for accurate weather forecasts, especially in remote areas with challenging mountainous terrain where deadly crashes have taken place in the past. 

“Though the decision is essential and plays a vital role in the flight safety, we are confused on how to implement it as there is no clear way to get the en route weather information for domestic flights,” said Yog Raj Kandel Sharma, spokesperson of the Airlines Operators Association of Nepal.

The aviation authority has also formed a committee to look into the possibility of making it mandatory for there to be two pilots on board single-engine helicopters. 

Sunday’s crash was the latest air accident in the Himalayan country, which has some of the world’s trickiest runways to land on and where pilots must deal with capricious mountain weather.

Nepal’s air industry has boomed in recent years, carrying goods and people between hard-to-reach areas. 

In addition to difficult flying conditions, however, it has been plagued by poor safety due to insufficient training and maintenance.

The European Union has banned all Nepali carriers from its airspace over safety concerns.

Gunman kills four at Tulsa hospital in US mass shooting: police

A gunman has killed at least four people at a hospital building in Tulsa, Oklahoma, police said — the latest in a string of mass shootings across the United States in recent weeks.

The killings come as Texas families bury their dead after a school shooting left 19 young children dead just eight days earlier.

The Tulsa shooting suspect, who was armed with a rifle and a handgun during his attack on the Saint Francis hospital campus, died by suicide, police said Wednesday.

“Right now we have four civilians that are dead, we have one shooter that is dead, and right now we believe that is self-inflicted,” Tulsa Police Department Deputy Chief Eric Dalgleish told reporters.

He said officers responded immediately after emergency calls came in reporting that a gunman had stormed into the second floor of the Natalie Building, which houses a clinic on the Saint Francis campus.

Police “were hearing shots in the building” when they arrived, according to Dalgleish, who said officers then searched each room and floor while trying to clear the building during what authorities described as an active shooter situation.

Police Captain Richard Meulenberg said officers treated the scene as “catastrophic,” with “several” people shot and “multiple injuries.”

It was not clear how many other people might have been wounded. 

Dalgleish said the entire assault — from the moment emergency calls came in, to the time officers engaged the shooter — lasted about four minutes.

He also noted that the suspect had yet to be identified.

US President Joe Biden has been briefed on the shooting, the White House said in a statement, adding that the administration has offered support to Tulsa officials.

According to the Gun Violence Archive, there have been 233 mass shootings this year in the United States — more than one such incident per day in 2022 so far.

US media reported the country was hit by a dozen mass shootings over the recent Memorial Day weekend.

The United States generally counts mass shootings as involving four or more deaths.

– ‘Preventable’ –

Elizabeth Buchner, a legal assistant who lives behind the building where the shooting occurred, said she rushed out of her house when she heard helicopters and a loud commotion coming from the direction of the hospital.

“It was the most law enforcement I’ve ever seen at one place in my entire life,” Buchner, 43, told AFP by telephone.

She said she witnessed a tactical team rush inside as part of a response that she described as “fast and strong,” with “no hesitation.”

Melissa Provenzano, an Oklahoma state legislator, also praised the officers’ swift response.

“It could have been so much worse,” she told CNN.

But she expressed frustration at how such tragedies keep happening in the country.

“These things are preventable, and it’s time to wake up and address this.”

– Uvalde funerals –

The shooting is the latest in a spate of deadly assaults by gunmen that have rocked the United States in the past month.

On May 14 a white supremacist targeting African Americans killed 10 people at a grocery store in Buffalo, New York. The shooter survived and is facing charges.

Ten days later an 18-year-old gunman armed with an AR-15 burst into an elementary school in the small Texas town of Uvalde and killed 21 people — 19 of them young children — before being shot dead by law enforcement.

On Wednesday one of the two teachers killed in that attack was laid to rest in Uvalde, a day after the first funerals for the children.

Gun regulation faces deep resistance in the United States, from most Republicans and some rural-state Democrats.

But Biden — who visited Uvalde over the weekend — vowed earlier this week to “continue to push” for reform, saying: “I think things have gotten so bad that everybody is getting more rational about it.”

Some key federal lawmakers have also voiced cautious optimism and a bipartisan group of senators worked through the weekend to pursue possible areas of compromise.

They reportedly were focusing on laws to raise the minimum age for gun purchases or to allow police to remove such weapons from people considered a threat to themselves or others — but not on an outright ban on high-powered rifles like those used in Uvalde and Buffalo.

China to double wind, solar energy capacity by 2025

China aims to double its wind and solar capacity by 2025, according to a new road map that also allows for more coal-fired power plants to bolster energy security.

The world’s biggest polluter earlier estimated it needs to double wind and solar use by 2030 to deliver on its pledges under the Paris climate accord.

The latest plan — if implemented — means China might reach that goal earlier.

But Beijing has also ramped up reliance on coal-fired power plants in recent months to support its ailing economy as the Ukraine war pushes up global energy prices.

The country’s central economic planner said 33 percent of power supply to the national grid will come from renewable sources by 2025, up from 29 percent in 2020, in a document released Wednesday.

“In 2025, the annual power generation from renewable energy will reach about 3.3 trillion kilowatt-hours… and the wind power and solar power generation will double,” the plan said.

China, already the world’s largest producer of renewable energy, has accelerated investment in solar and wind projects to tackle pollution at home, which researchers say kills millions every year.

Beijing has pledged to peak emissions by 2030 and become carbon neutral by 2060.

Investment in solar energy nearly tripled in the first four months of the year to 29 billion yuan ($4.3 billion) compared with January to April investment in the previous year, data from the National Energy Administration shows.

But China’s energy policy has remained a two-headed beast, with the country burning about half the coal used globally each year to power its economy.

Policymakers further embraced coal as the Ukraine war pushed up prices of oil and natural gas.

Premier Li Keqiang said coal underpinned China’s energy security in an emergency meeting last week to address economic woes, and the central bank has approved a $15 billion credit line to fund coal mining and coal-fired plants.

In March, the cabinet ordered miners to dig up 300 million tons of extra coal this year.

Local governments started building new power plants last year that will boost capacity from coal by the most since 2016, after an energy crunch paralysed swathes of the economy.

Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, said “energy security — avoiding another energy shortage and managing geopolitical risks — is the overwhelming priority” for China with the economic outlook uncertain.

The latest energy plan says renewables will supply “50 percent of the growth in power consumption” to 2025, lower than previous official estimates and signalling more room to expand coal power.

“The planners are projecting, or preparing for, faster demand growth which would see fossil fuel use and emissions still increase,” Myllyvirta said.

China to double wind, solar energy capacity by 2025

China aims to double its wind and solar capacity by 2025, according to a new road map that also allows for more coal-fired power plants to bolster energy security.

The world’s biggest polluter earlier estimated it needs to double wind and solar use by 2030 to deliver on its pledges under the Paris climate accord.

The latest plan — if implemented — means China might reach that goal earlier.

But Beijing has also ramped up reliance on coal-fired power plants in recent months to support its ailing economy as the Ukraine war pushes up global energy prices.

The country’s central economic planner said 33 percent of power supply to the national grid will come from renewable sources by 2025, up from 29 percent in 2020, in a document released Wednesday.

“In 2025, the annual power generation from renewable energy will reach about 3.3 trillion kilowatt-hours… and the wind power and solar power generation will double,” the plan said.

China, already the world’s largest producer of renewable energy, has accelerated investment in solar and wind projects to tackle pollution at home, which researchers say kills millions every year.

Beijing has pledged to peak emissions by 2030 and become carbon neutral by 2060.

Investment in solar energy nearly tripled in the first four months of the year to 29 billion yuan ($4.3 billion) compared with January to April investment in the previous year, data from the National Energy Administration shows.

But China’s energy policy has remained a two-headed beast, with the country burning about half the coal used globally each year to power its economy.

Policymakers further embraced coal as the Ukraine war pushed up prices of oil and natural gas.

Premier Li Keqiang said coal underpinned China’s energy security in an emergency meeting last week to address economic woes, and the central bank has approved a $15 billion credit line to fund coal mining and coal-fired plants.

In March, the cabinet ordered miners to dig up 300 million tons of extra coal this year.

Local governments started building new power plants last year that will boost capacity from coal by the most since 2016, after an energy crunch paralysed swathes of the economy.

Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, said “energy security — avoiding another energy shortage and managing geopolitical risks — is the overwhelming priority” for China with the economic outlook uncertain.

The latest energy plan says renewables will supply “50 percent of the growth in power consumption” to 2025, lower than previous official estimates and signalling more room to expand coal power.

“The planners are projecting, or preparing for, faster demand growth which would see fossil fuel use and emissions still increase,” Myllyvirta said.

War in Ukraine: Latest developments

Here are the latest developments in the war in Ukraine:

– Street fighting in Severodonetsk –

Ukrainian forces pledge to fight “until the end” in Severodonetsk but with Russian forces in control of most of the key eastern city, their prospects of success appear slim.

“Street fighting continues,” Lugansk regional governor Sergiy Gaiday says on Telegram, estimating that 80 percent of the city is in Russian hands.

Lugansk is one of two regions, along with Donetsk, that make up Ukraine’s industrial heartland Donbas which Russia has vowed to “liberate”.

Once in control of Severodonetsk, Russian forces will likely try cross the Donets river, which flows through the city, to try take nearby Donetsk, Britain’s defence ministry wrote in an intelligence note Thursday.

Ukrainian forces have destroyed bridges across the river.

“It is likely Russia will need at least a short tactical pause to re-set for opposed river crossings and subsequent attacks further into Donetsk Oblast,” the British intelligence memo said.

– AU chief to meet with Putin on food – 

The head of the African Union, Senegalese President Macky Sall, will meet President Vladimir Putin in the southwestern Russian city of Sochi on Friday to discuss food shortages caused by the conflict, which are exacerbating hunger in parts of Africa.

Both Ukraine and Russia are major suppliers of wheat and other cereals to Africa, while Russia, which is under export-limiting Western sanctions, is a key producer of fertiliser.

Sall’s office says the visit, which was proposed by Putin, is aimed at “freeing up stocks of cereals and fertilisers” and easing the Ukraine conflict.

During the week, Sall criticises the decision by EU members to expel Russian banks from the SWIFT financial messaging system, which has made it harder for them to process international payments for Russian goods.

– Danes vote to join EU defence policy – 

Danes vote overwhelmingly in a referendum to join the EU’s common defence policy 30 years after the NATO member opted out.

Almost 67 percent of people in the traditionally eurosceptic country back the move, which comes hot on the heels of neighbouring Finland’s and Sweden’s historic applications for NATO membership.

Danish Prime Minister Mette Frederiksen says Denmark is “showing that when Putin invades a free country and threatens the stability in Europe, we others pull together.”

– War-weary Ukrainians get football boost –

Ukraine’s football team beat Scotland in their first competitive match since the Russian invasion to set up a World Cup play-off final against Wales on Sunday.

Ukraine manager Oleksandr Petrakov dedicates his side’s 3-1 win to those fighting in the trenches of his war-torn homeland.

“This victory was not for me or for the team members, it was for our country. This was a huge victory for Ukraine.

“They did everything for the people they play for, the Ukrainians.

“For the people watching them back home: the armed forces in the trenches, the people working in the hospitals. They say thank you to us, and we say thank you to them.”

burs-cb/spm

Amazon to close Kindle bookstore in China

US tech giant Amazon said Thursday that it will stop operating its Kindle e-bookstore in China from next year, closing the chapter on a massive consumer market.

The e-commerce pioneer has in recent years appeared to admit defeat to local Chinese rivals such as Alibaba and JD.com, ending its online retail operations for Chinese consumers in 2019.

Amazon’s decision to pull the Kindle service comes about eight years after it first set up an official store for the e-book reader on Alibaba’s Tmall platform.

“Amazon will stop operating its Kindle e-bookstore in China a year from now on June 30, 2023,” the company said Thursday in a statement on Chinese social media platform Weibo.

This means that customers can no longer buy new e-books, although those that have been purchased can still be downloaded until June 2024 and will remain readable afterwards, it said.

It did not give a reason for ending the service.

Customers can still buy Kindle devices from other Tmall retailers, but not from its official online store.

Amazon said in a separate notice that although it announced “the adjustment of Kindle-related business in China”, this does not change its long-term commitment to the market.

“Millions of Kindle reading devices” were sold in China between 2013 and 2018, according to state media outlet China Daily.

The report added that by end-2016, China became the biggest market for these devices.

Kindle’s exit is the latest among global brands, after US internet services giant Yahoo pulled out of mainland China last year and Microsoft said it would close its career-oriented social network LinkedIn in the country.

Microsoft cited a “challenging operating environment” as Beijing tightened control over tech firms.

While e-commerce is very popular with Chinese consumers, Amazon has struggled to make headway in the country.

Local competitors such as Alibaba and JD.com have capitalised on their supplier networks and understanding of Chinese consumers to gain market share, before Amazon could acquire a foothold.

Asked about Kindle’s exit, Chinese commerce ministry spokesman Gao Feng said was “normal… to adjust products and services according to market development”.

Currently, Amazon China has more than 10,000 staff and offices in 12 cities including Beijing, Shanghai, Hangzhou and Shenzhen, the company said.

Asian markets drop on recession fears, output report hits oil

Equities fell in Asia on Thursday as traders grow increasingly worried that central bank moves to rein in inflation could tip economies into recession.

However, price pressures were eased by a more than two percent drop in crude following a report saying Saudi Arabia had indicated it was willing to pump more if Russia was unable to fulfil pledges to boost production.

Having enjoyed a healthy start to the week, markets are again on the back foot owing to bank policymakers’ plans to tighten their belts to prevent inflation running out of control.

The Bank of Canada ramped up its key lending rate by half a percentage point Wednesday and warned of further tough measures down the line as energy and food costs spike.

The move came as several top Federal Reserve officials said they were in favour of similar increases in the United States. Wednesday also saw the central bank begin to offload its vast bond holdings that were bought as part of its quantitative easing programme to bring rates down to near zero.

Now observers fear that the increasingly hawkish moves by finance heads — combined with China’s lockdown-induced weakness and the Ukraine war — will cause economies to contract.

“We do see the rise in probability of a recession in the second half of this year, potentially persisting into 2023 as the Fed continues to battle inflation,” Tracie McMillion, of Wells Fargo Investment Institute, told Bloomberg Television.

She added that traders may not have completely taken into account the Fed’s balance sheet reduction.

“The impact of quantitative tightening starting to roll off the Fed’s balance sheet this month is really untested and unprecedented. Our guess is that it’s probably not fully priced into markets,” she said.

– ‘Brace yourself’ –

After a weak lead from Wall Street, Asia was mostly in negative territory. Hong Kong shed one percent, while Tokyo, Sydney, Seoul, Singapore, Wellington, Manila, Jakara and Taipei were also well down. Shanghai and Mumbai edged up.

Frankfurt and Paris opened higher. London was closed for a holiday.

Concern over the outlook was shared by Wall Street titan Jamie Dimon, who warned that the wave of unprecedented crises were combining to cause an economic superstorm.

“That hurricane is right out there down the road coming our way,” the JPMorgan Chase & Co boss said. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

However, in sign of the huge uncertainty coursing through markets, a top strategist at the bank, Marko Kolanovic, painted a more positive picture, forecasting a market recovery through 2022.

“We remain positive on risky assets due to near record-low positioning, bearish sentiment, and our view that there will be no recession given support from US consumers, global post-Covid reopening, and China stimulus and recovery,” he wrote in a note.

There was some relief for those concerned about inflation as oil sank more than two percent on a Financial Times report that Saudi Arabia was considering a plan to boost output as Russia struggles to meet targets owing to Ukraine war-linked sanctions.

The bans imposed on Moscow have sent crude soaring this year, just as demand picks up owing to the reopening of economies but Riyadh has ignored previous calls to pump more. But with supplies increasingly strained, the OPEC linchpin could be coming round.

“This will be well received by Western leaders given inflation — and inflation expectations — remain eye-wateringly high, and central banks try to raise rates at the risk of tipping their economies into a recession,” said Matt Simpson of StoneX Financial.

“More supply essentially soothes some of those inflationary fears, even if there is a lot more work to do when it comes to fighting inflation.”

The FT report follows a Wall Street Journal article saying OPEC was considering removing Russia from an agreement that has locked producers into limited output increases, which analysts said could lead to an early end of the pact and allow nations to open the taps more.

OPEC is due to hold its monthly meeting Thursday to discuss output, though it is considered unlikely the group will make any changes yet.

– Key figures at around 0810 GMT –

Tokyo – Nikkei 225: DOWN 0.2 percent at 21,413.88 (close)

Hong Kong – Hang Seng Index: DOWN 1.0 percent at 21,082.13 (close)

Shanghai – Composite: UP 0.4 percent at 3,195.46 (close)

Euro/dollar: UP at $1.0689 from $1.0658 on Wednesday

Pound/dollar: UP at $1.2535 from $1.2492

Euro/pound: UP at 85.28 pence from 85.25 pence

Dollar/yen: DOWN at 129.85 yen from 130.15 yen

Brent North Sea crude: DOWN 2.2 percent at $113.75 per barrel

West Texas Intermediate: DOWN 2.2 percent at $112.71 per barrel

New York – Dow: DOWN 0.5 percent at 32,813.23 (close)

London – FTSE 100: Closed for a holiday

Fear of landslides haunts Brazil survivors

While firefighters search for missing people under thick mud, residents in the Brazilian city of Recife can barely sleep: they fear landslides like the ones that claimed 120 lives in recent days. 

“We have children, we have all our things inside the house. We stay up until dawn, afraid that the hill will fall on us,” Claudia do Rosario told AFP on Wednesday, standing at the door of her modest home with its sheet-metal roof and pink walls stained by damp.

A few streets away from her neighborhood of Vila dos Milagres, the torrential rains of last weekend caused landslides that destroyed everything in their path and buried several houses. 

If it rains so heavily again, as the National Institute of Meteorology forecasts for the next few hours, the 43-year-old fears the same thing will happen to her house. 

The neighbors who lost their homes “called the Civil Defense many times and they never came. They only came after the deaths occurred. Are they waiting for the same thing to happen here to come?” said Rosario, who is unemployed. 

Storekeeper Maria Lucia da Silva, 37, was also worried. 

“Whenever it rains, the hill gives way a little… we are all very nervous here. We call the authorities but so far they have not given us a solution, they say that the priority is in the part of the neighborhood that was most affected,” she said. 

In the areas where the landslides swept in, firefighters, municipal workers and other officials were searching Wednesday for three people who remained missing, an AFP videographer confirmed.

The mayor’s office of Recife — the capital of the northeastern state of Pernambuco — set up telephone and WhatsApp lines for neighbors to report incidents, and said more than 200 officials were in the area for “cleaning, social assistance, civil defense and health.” 

It said a shelter had also been set up in Vila dos Milagres to provide medical assistance, clothing and basic necessities to those who had been impacted by the disaster. 

The landslides struck overnight Friday and Saturday morning, when 70 percent of the average rainfall for the entire month of May fell in some parts of the regional capital.

On Wednesday, the Pernambuco government updated the death toll to 120 and said that 7,312 people had been left homeless.

The images from Recife recalled the drama that occurred in February in Petropolis, in the southeastern state of Rio de Janeiro, where 233 people died after torrential rains and landslides.

Experts attribute such tragedies to a combination of heavy rains exacerbated by climate change and the construction of large neighborhoods with precarious housing in high-risk areas, such as hillsides. 

The National Center for Monitoring and Alerts of Natural Disasters (Cemaden) estimates that some 9.5 million people live in areas at risk of landslides or flooding, many of them in favelas — poor neighborhoods — without basic sanitation.

Fear of landslides haunts Brazil survivors

While firefighters search for missing people under thick mud, residents in the Brazilian city of Recife can barely sleep: they fear landslides like the ones that claimed 120 lives in recent days. 

“We have children, we have all our things inside the house. We stay up until dawn, afraid that the hill will fall on us,” Claudia do Rosario told AFP on Wednesday, standing at the door of her modest home with its sheet-metal roof and pink walls stained by damp.

A few streets away from her neighborhood of Vila dos Milagres, the torrential rains of last weekend caused landslides that destroyed everything in their path and buried several houses. 

If it rains so heavily again, as the National Institute of Meteorology forecasts for the next few hours, the 43-year-old fears the same thing will happen to her house. 

The neighbors who lost their homes “called the Civil Defense many times and they never came. They only came after the deaths occurred. Are they waiting for the same thing to happen here to come?” said Rosario, who is unemployed. 

Storekeeper Maria Lucia da Silva, 37, was also worried. 

“Whenever it rains, the hill gives way a little… we are all very nervous here. We call the authorities but so far they have not given us a solution, they say that the priority is in the part of the neighborhood that was most affected,” she said. 

In the areas where the landslides swept in, firefighters, municipal workers and other officials were searching Wednesday for three people who remained missing, an AFP videographer confirmed.

The mayor’s office of Recife — the capital of the northeastern state of Pernambuco — set up telephone and WhatsApp lines for neighbors to report incidents, and said more than 200 officials were in the area for “cleaning, social assistance, civil defense and health.” 

It said a shelter had also been set up in Vila dos Milagres to provide medical assistance, clothing and basic necessities to those who had been impacted by the disaster. 

The landslides struck overnight Friday and Saturday morning, when 70 percent of the average rainfall for the entire month of May fell in some parts of the regional capital.

On Wednesday, the Pernambuco government updated the death toll to 120 and said that 7,312 people had been left homeless.

The images from Recife recalled the drama that occurred in February in Petropolis, in the southeastern state of Rio de Janeiro, where 233 people died after torrential rains and landslides.

Experts attribute such tragedies to a combination of heavy rains exacerbated by climate change and the construction of large neighborhoods with precarious housing in high-risk areas, such as hillsides. 

The National Center for Monitoring and Alerts of Natural Disasters (Cemaden) estimates that some 9.5 million people live in areas at risk of landslides or flooding, many of them in favelas — poor neighborhoods — without basic sanitation.

Asian markets drop on recession fears, output report drags oil down

Equities fell in Asia on Thursday as traders grow increasingly worried that central bank moves to rein in inflation could tip economies into recession.

However, price pressures were eased by a drop in crude following a report saying Saudi Arabia had indicated it was willing to pump more if Russia was unable to fulfil pledges to boost production.

Having enjoyed a healthy start to the week, markets are again on the back foot owing to bank policymakers’ plans to tighten their belts to prevent inflation running out of control.

The Bank of Canada ramped up its key lending rate by half a percentage point Wednesday and warned of further tough measures down the line as energy and food costs spike.

The move came as several top Federal Reserve officials said they were in favour of similar increases in the United States. Wednesday also saw the central bank begin to offload its vast bond holdings that were bought as part of its quantitative easing programme to bring rates down to near zero.

Now observers fear that the increasingly hawkish moves by finance heads — combined with China’s lockdown-induced weakness and the Ukraine war — will cause economies to contract.

“We do see the rise in probability of a recession in the second half of this year, potentially persisting into 2023 as the Fed continues to battle inflation,” Tracie McMillion, of Wells Fargo Investment Institute, told Bloomberg Television.

She added that traders may not have completely taken into account the Fed’s balance sheet reduction.

“The impact of quantitative tightening starting to roll off the Fed’s balance sheet this month is really untested and unprecedented. Our guess is that it’s probably not fully priced into markets,” she said.

– ‘Brace yourself’ –

After a weak lead from Wall Street, Asia was mostly in negative territory. Hong Kong shed more than one percent, while Tokyo, Sydney, Seoul, Singapore, Wellington, Manila, Jakara and Taipei were also well down. Shanghai and Mumbai edged up.

Frankfurt and Paris opened higher. London was closed for a holiday.

Concern over the outlook was shared by Wall Street titan Jamie Dimon, who warned that the wave of unprecedented crises were combining to cause an economic superstorm.

“That hurricane is right out there down the road coming our way,” the JPMorgan Chase & Co boss said. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

However, in sign of the huge uncertainty coursing through markets, a top strategist at the bank, Marko Kolanovic, painted a more positive picture, forecasting a market recovery through 2022.

“We remain positive on risky assets due to near record-low positioning, bearish sentiment, and our view that there will be no recession given support from US consumers, global post-Covid reopening, and China stimulus and recovery,” he wrote in a note.

There was some relief for those concerned about inflation as oil sank more than two percent on a Financial Times report that Saudi Arabia was considering a plan to boost output as Russia struggles to meet targets owing to Ukraine war-linked sanctions.

The bans imposed on Moscow have sent crude soaring this year, just as demand picks up owing to the reopening of economies but Riyadh has ignored previous calls to pump more. But with supplies increasingly strained, the OPEC linchpin could be coming round.

“This will be well received by Western leaders given inflation — and inflation expectations — remain eye-wateringly high, and central banks try to raise rates at the risk of tipping their economies into a recession,” said Matt Simpson of StoneX Financial.

“More supply essentially soothes some of those inflationary fears, even if there is a lot more work to do when it comes to fighting inflation.”

The FT report follows a Wall Street Journal article saying OPEC was considering removing Russia from an agreement that has locked producers into limited output increases, which analysts said could lead to an early end of the pact and allow nations to open the taps more.

OPEC is due to hold its monthly meeting Thursday to discuss output, though it is considered unlikely the group will make any changes yet.

– Key figures at around 0720 GMT –

Tokyo – Nikkei 225: DOWN 0.2 percent at 21,413.88 (close)

Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,053.07

Shanghai – Composite: UP 0.4 percent at 3,195.46 (close)

Euro/dollar: UP at $1.0672 from $1.0658 on Wednesday

Pound/dollar: UP at $1.2510 from $1.2492

Euro/pound: UP at 85.32 pence from 85.25 pence

Dollar/yen: DOWN at 129.90 yen from 130.15 yen

Brent North Sea crude: DOWN 1.6 percent at $114.39 per barrel

West Texas Intermediate: DOWN 1.8 percent at $113.17 per barrel

New York – Dow: DOWN 0.5 percent at 32,813.23 (close)

London – FTSE 100: Closed for a holiday

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