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Putin 'has no idea what's coming': Biden sees dark endgame for Russian

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Biden spoke to US Congress on the sixth day of Russia's invasion of its European neighbor.

A man is silhouetted on a screen depicting Russia's President Vladimir Putin, during a rally against Russia's invasion of Ukraine, in Athens, Greece, Tuesday, March 1, 2022. (AP Photo/Thanassis Stavrakis)

US President on Tuesday vowed that Russia's will pay dearly over the long run even for his invasion of Ukraine, even if his military campaign succeeds in the short term.

"While he may make gains on the battlefield – he will pay a continuing high price over the long run," Biden said in his State of the Union address. Straying from the prepared text, Biden added "He has no idea what's coming." He did not elaborate.

Biden spoke to Congress on the sixth day of Russia's invasion of its European neighbor and as Kyiv stared down a miles-long armored Russian column potentially preparing to take over the Ukrainian capital, and the U.S. and a growing group of allies tighten sanctions.

ALSO READ:  Decoding PLI: Incentives for electronics — Look beyond the present scope

In the prime time speech, Biden announced a new step banning Russian flights from using American airspace and a Justice Department effort to seize the yachts, luxury apartments and private jets of wealthy Russians with ties to Putin. read more

He also signaled steps to hobble Russia's military in the future, even as he acknowledged it could improve its position in Ukraine.

"We are choking off Russia's access to technology that will sap its economic strength and weaken its military for years to come," he said.

"When the history of this era is written Putin's war on Ukraine will have left Russia weaker and the rest of the world stronger," he said.

Biden, who spoke earlier in the day with Ukrainian President Volodymyr Zelenskiy, has rejected direct U.S. military participation on the ground in Ukraine.

But the U.S. government has shared intelligence on Russia's operations and led the world in imposing a historic set of economic sanctions on Putin's government, allies and the country's largest banks, sending the currency into freefall.

ALSO READ: US will not engage in conflict with Russian forces in Ukraine: Biden

Nearly a week since Russian troops poured over the border, they have not captured any major Ukrainian cities after running into fiercer resistance than they expected.

(Reporting by Makini Brice and Trevor Hunnicutt; Editing by Heather Timmons and Alistair Bell)

Decoding PLI: Incentives for electronics — Look beyond the present scope

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Ind-Ra study shows current sops under the PLI scheme for electronics focus on low value-added services, but it can help build the right ecosystem to throw up bigger manufacturing opportunities later Decoding PLI: Incentives for electronics — Look beyond the present scope

Manufacturing is one of the principal growth engines that helps a country chug along the economic development track. To boost domestic manufacturing and cut down on import bills, the Centre, in March 2020, had introduced a production-linked incentive (PLI) scheme that aims to give companies - domestic and foreign - incentives on incremental sale of products manufactured locally. In almost two years now, 13 sectors have been covered under the scheme. Uncannily, the PLI scheme implementation coincided with the outbreak of the Covid-19.  Moneycontrol Pro thought it would be worthwhile to check the progress of the scheme in this pandemic-whacked period. 

Starting today, India Ratings and Research (Ind-Ra)  — a 100 percent Fitch group company — will review the progress of each of the sectors every week on Wednesdays. To begin with, Ind-Ra dissects the PLI scheme for large-scale electronics manufacturing, the first sector that was notified under the programme in April 2020. 

As part of the Digital India drive, the electronics sector has been on the central government’s radar for quite some time now. Several schemes were introduced in the past that aimed to provide a leg-up to the industry by way of grants and subsidies. In spite of all the incentives provided by the government, a sharply rising domestic demand (the digital “boom”) for electronic items far surpassed local production, leading to higher imports. The share of electronics in India’s total import bill rose to 4.2 percent in FY20 from1.8 percent in FY15.

To boost domestic production of mobile phones and specified electronic components and attract investments, the central government had notified the Production-Linked Incentive (PLI) scheme for electronics components in April 2020. Under the scheme, eligible companies are allowed to claim an incentive of 4-6 percent on incremental sales (over the base year of FY21) of manufactured goods for a period of five years. The government has already approved 16 players with a total envisaged investment of Rs 11,000 crore and expects a production value of Rs10.4 lakh crore in the next five years, of which about 60 percent is likely to be exported. The scheme is also likely to enhance the competitiveness of local electronics products.

It is expected that the assembling of mobile parts may become the most attractive activity, as the incentive of 4-6 percent is about 50-100 percent of the total assembly cost of mobile phones. The manufacturing of some of the basic components with low value addition, such as casing, batteries, and audio, may also pick up momentum, while high-end components, such as camera, display, and memory, will take time.

Shortcomings

The PLI scheme still needs to address a few issues. First, to ramp-up local production, the scheme offers incentives only for a fixed period of five years, starting from the base year of FY21. With the raging global supply-chain issues and the pandemic-led demand disruption, mobile phone manufacturers may not be able to achieve the near-term production targets and claim incentives.

Second, the incentives of 4-6 percent is pretty meaningful given that operating profit margins for large mobile phone manufacturers range between 3-7 percent. This may improve the competitiveness of Indian manufacturers substantially over the scheme period. However, the competitiveness of the manufacturing facilities in the absence of the incentives remains to be seen.

Third, the current scheme aims at providing big incentives to large corporate houses in select sectors, who can quickly build the scale. This is a deviation from the earlier schemes (MEIS, RoDTEP), which aimed at providing small incentives to a much wider corporate landscape. In order to provide a complete manufacturing ecosystem, active participation of small-scale players will also be required. It remains to be seen how much of the PLI incentives percolate down to SME/MSME participants.

Finally, issues relating to the availability of skilled manpower and high-latency infrastructure facilities need to be addressed.

Opportunities

In Ind-Ra’s view, the advantage of the PLI scheme should be seen beyond its present stated scope. For instance, committed investments, at present, are predominantly focused on low value-added services such as assembling or manufacturing low-cost components (casings), which form less than 10 percent of a mobile phone’s total Bill-of-Material. In order to achieve the stated target of increasing the gross domestic value addition from the current 15-20percent to 35-40 percent for mobile phones and 45-50 percent for electronic components, a shift to higher value-added products/processes is required. Nevertheless, companies would expect a robust manufacturing ecosystem before committing investments and starting with low value-added activities will provide the adequate boost.

Moreover, India now attracts manufacturing activities for low-cost smartphones or feature phones, which have lower Average Selling Price ASP), and hence, lower likely incentives. A progressive shift towards higher ASP brands or products would improve the stickiness of cash flows in the long term.

Structurally, many global telecom OEMs are focusing more on R&D and marketing activities, while outsourcing low value-added manufacturing activities to their suppliers. These OEMs have preference for a focused set of suppliers with whom they intend to have long-term contracts. A timely execution of orders by Indian corporate houses may open up future business potential.

In summary, the PLI scheme for mobile handsets provides a leg-up to manufacturing by providing meaningfully big incentives to a few large players. It still needs to address a few issues, including structural competitiveness in the absence of PLI incentives, availability of skilled manpower and high-latency infrastructure, benefits to the SME/MSME segment, and near-term supply-chain issues. Nevertheless, the benefit of the PLI scheme should be seen beyond its present stated scope. The progression from low-cost components to high-cost components, or from low-ASP products to high-ASP products can throw up much larger opportunities.

Read Also| February GST collections at Rs 1.33 lakh crore, down 5.6% from January

February GST collections at Rs 1.33 lakh crore, down 5.6% from January

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At Rs 10,340 crore, the GST compensation cess collected in February is the highest ever, crossing the Rs 10,000-crore mark for the first time. The finance ministry said this indicated a recovery in certain key sectors, such as automobiles.

GST collection rises 7% to Rs 1.13 lakh crore in February - BusinessToday

Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6 percent from the first month of 2022, data released on March 1 by the finance ministry showed.

Of the total, Central GST was Rs 24,435 crore, State GST was Rs 30,779 crore, Integrated GST was Rs 67,471 crore, and compensation cess was Rs 10,340 crore.

Also Read: No adversarial relationship between Centre and states on GST: FM Sitharaman

In February, the government settled Rs 26,347 crore to Central GST and Rs 21,909 crore to State GST from Integrated GST. As such, the total revenue for the month post settlement was Rs 50,782 crore for the Centre and Rs 52,688 crore for State GST.

"February, being a 28-day month, normally witnesses revenues lower than that in January. This high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the omicron wave, which peaked around January 20," the finance ministry said in a statement.

While total GST collections declined sequentially last month, they were up 17.6 percent from February 2021. This is also the eighth month in a row that total GST mop-up has come in above the Rs 1-lakh-crore mark.

TREND IN TOTAL GST COLLECTIONS
MonthAmount (in Rs crore)YoY change (in %)
February 20221,33,02617.6%
January 20221,40,98617.6%
December 20211,29,78012.7%
November 20211,31,52625.3%
October 20211,30,12723.7%
September 20211,17,01022.5%
August 20211,12,02029.6%
July 20211,16,39333.1%
June 202192,8002.1%

The GST compensation cess collected in February is the highest ever, crossing the Rs 10,000-crore mark for the first time. The finance ministry said this indicated a recovery in certain key sectors, such as automobiles.

Also Read| Investor-founder relation in India is one of master-slave: Ashneer Grover


Investor-founder relation in India is one of master-slave: Ashneer Grover

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'I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again,' says co-founder of fintech unicorn BharatPe, Asheer Grover in resignation letter

Investor-founder relation in India is one of master-slave: Ashneer Grover |  Business Standard News


In his resignation letter to the Board, co-founder Ashneer Grover has hit out at the in his company. In the wee hours of Tuesday, the embattled founder of the fintech unicorn quit as the managing director and one of the directors of the Board.

Shedding light on his fraught relationship with the company’s investors, Grover wrote: "You treat us founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-founder relation in India is one of master-slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again."

"None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office," he added.

Grover was referring to Micky Malka of Ribbit Capital, Harshjit Sethi of Sequoia, Teruhide Sato of Beenext, Rahul Vijay Kishore of Coatue, and Deven Parekh of Insight Partners.

Ribbit Capital owns 11 per cent of shareholding in the company, Beenext holds 9.6 per cent, Sequoia 19.6 per cent, Coatue 12.4 per cent, according to data from Tracxn. Insight Partners holds around 10 per cent of the company, according to media reports.

Grover has resigned amid a tussle in the company where Grover has found himself on the opposite side of the Board, key in the company and his co-founders.

Meanwhile, the Singapore International Arbitration Centre (SIAC) has refused to grant emergency relief to Grover from a governance review being conducted by the company, according to sources.

Earlier this month, he had filed an arbitration plea earlier this month to stop a probe into alleged financial mismanagement in the company. The MD, who went on leave last month till March-end, is also said to be seeking indemnity against future action by the company through the plea.

The company and Grover are also reportedly in talks to settle the matter by buying out the latter’s stake in the unicorn. Grover’s stake of 9.5 per cent in the company was worth Rs 1,915 crore based on the last funding round in August, when was valued at $2.8 billion.


Commercial LPG cylinder prices hiked by Rs 105, check rates in your city

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There has been no change in domestic LPG cylinder prices. LPG Cylinder rates are revised monthly across all the states and union territories in India.

LPG Price Hike: Commercial LPG Price Surged by Rs 105. Check Rates in Your  City

The prices of 19 kg commercial LPG cylinders have been increased by Rs 105 in Delhi from March 1, news agency ANI reported.

Following the price hike, the 19 kg commercial cylinder will cost Rs 2,012 in the national capital from Tuesday. The price of a 5 kg cylinder has also been increased by Rs 27. Now a 5 kg cylinder will cost Rs 569 in Delhi.

Following the given hike, commercial gas cylinders in Kolkata will now cost Rs 2,089. In Mumbai, commercial gas will now cost Rs 1,962 with the hike of Rs 105. Chennai also saw a hike of Rs 105 with the price of a 19-kg commercial gas cylinder rising to Rs 2,185.5.

On the other hand, there has been no change in domestic LPG cylinder prices. LPG Cylinder rates are revised monthly across all the states and union territories in India

Notably, the National Oil Marketing companies slashed the prices of 19 kg commercial LPG cylinder by Rs 91.50 on February 1, ahead of the Union Budget 2022.

On January 1, oil marketing companies had slashed the price of 19 kg commercial LPG cylinder by Rs 102.50.

On December 1, Commercial cooking gas price was increased by Rs 100, taking the cost of a 19 kg commercial LPG cylinder to Rs 2,101 in Delhi. This was the second-highest price of the commercial cylinder after 2012-13 when it cost around Rs 2,200 per cylinder.

In November, the commercial cooking gas prices were increased by Rs 266.

Price hike in coming months

A sharp rise in cooking gas prices is expected from April 2022, according to various media reports. Reportedly, the prices of compressed natural gas (CNG), Piped Natural Gas (PNG), and even electricity could also rise in the coming months.

Read Also |Madhabi Puri Buch appointed Sebi chairperson for a term of three years

Madhabi Puri Buch appointed Sebi chairperson for a term of three years

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Current chairman Ajay Tyagi's tenure as Sebi chairman ends today. He served as chairman for five years. Puri Buch, who has been granted an initial term of three years, will assume charge on March 1

Madhabi Puri Buch

Madhabi Puri Buch has on Monday been appointed as the chairperson for market regulator (Sebi). The Appointments Committee of Cabinet has approved Buch's appointment for an initial period of three years. Her tenure as a whole-time member of ended in October 2021.

Puri Buch will be the first woman to head the securities market regulator, which has evolved to become one of the most important institutions in the financial market ecosystem. She is also the first person from the private sector to head 

Current chairman Ajay Tyagi’s tenure as chairman ends today. He served as chairman for five years. Puri Buch, who has been granted an initial term of three years, will assume charge on March 1.

Puri Buch has worked closely with Tyagi as she was the WTM between April 05, 2017 and October 04, 2021.

She has handled key portfolios such as surveillance, collective investment schemes and investment management.

An alumna of Indian Institute of Management (IIM), Ahmedabad, Buch has three decades of financial market experience. She joined ICICI Bank in 1989.

At the private lender, Buch worked in corporate finance, branding, treasury and loans, before moving to ICICI Securities. She headed the domestic investment bank before moving abroad, where she headed private equity firm Greater Pacific Capital. She later served as a consultant to the New Development Bank, set up by the BRICS bloc of nations.

Read Also| India skips resolution to call for UN General Assembly session on Ukraine

Article Source:- Business Standard

India skips resolution to call for UN General Assembly session on Ukraine

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The resolution was adopted with 11 votes in favour, paving the way for the General Assembly to meet on the crisis as soon as Monday.

UN Security Council

India abstained from a procedural vote taken in the UN Security Council to call for a rare special emergency session of the UN General Assembly on Russia's aggression against 

The resolution was adopted with 11 votes in favour, paving the way for the General Assembly to meet on the crisis as soon as Monday. India, China and the UAE abstained, while voted against the resolution.

The 15-nation Security Council met on Sunday afternoon to hold the vote on the emergency special session of the 193-member General Assembly on Russia's invasion of 

This comes two days after the Russian veto blocked a UNSC resolution on its "aggression" against 

The vote calling for the UNGA session was procedural so none of the five permanent members of the Security Council -- China, France, Russia, UK and the US -- could exercise their vetoes.

President of the 76th session of the General Assembly Abdulla Shahid, who was to attend the 49th regular session of the Human Rights Council in Geneva, cancelled his trip "due to the ongoing situation in Ukraine and potential developments in the Security Council," for the vote.

He also met with Ukraine's Permanent Representative to the UN Ambassador Sergiy Kyslytsya on Saturday after the veto on the draft resolution in the Security Council. Kyslytsya briefed Shahid "on the security situation in Kyiv and the potential action he would be seeking in the General Assembly."

UN Secretary General Antonio Guterres also cancelled his scheduled trip to Geneva for the Human Rights Council meeting "due to the aggravating situation in Ukraine."


The Security Council on Friday evening failed to adopt the US-sponsored resolution that would have deplored Russia's "aggression" against Ukraine after Moscow used its veto.

On Friday too, India, China and the UAE abstained from the resolution, while 11 members of the Council voted in favour.

The UNSC resolution was expected to be blocked since Russia, a permanent member of the Council and President of the UN organ for the month of February, was certain to use its veto. Western nations said the resolution had sought to show Moscow's isolation on the global stage for its invasion and actions against Ukraine.

US Ambassador to the UN Linda Thomas-Greenfield had said after the failed UNSC vote that "we will be taking this matter to the General Assembly, where the Russian veto does not apply and the nations of the world will continue to hold accountable."

While a UNSC resolution would have been legally binding, General Assembly resolutions are not. A vote in the 193-member UN body is symbolic of world opinion.

In the explanation of vote in the Security Council on Friday, India's Permanent Representative to the UN Ambassador T S Tirumurti had said India is "deeply disturbed" by the recent turn of developments in Ukraine and urges that all efforts be made for the immediate cessation of violence and hostilities.

Tirumurti also said India is "deeply concerned" about the welfare and security of the Indian community, including a large number of Indian students, in Ukraine.

"Dialogue is the only answer to settling differences and disputes, however daunting that may appear at this moment. It is a matter of regret that the path of diplomacy was given up. We must return to it. For all these reasons, India has chosen to abstain on this resolution," Tirumurti had said.

In March 2014, after Russia's annexation of Crimea, the General Assembly had adopted a resolution that underscored the "invalidity" of the referendum held in "autonomous Crimea".

By a recorded vote of 100 in favour to 11 against, with 58 abstentions, the Assembly had adopted a resolution titled 'Territorial Integrity of Ukraine', calling on States, organisations and specialised agencies not to recognise any change in the status of Crimea or the Black Sea port city of Sevastopol, and to refrain from actions or dealings that might be interpreted as such. India had abstained from the resolution.

Under the resolution "Uniting for Peace", adopted by the General Assembly in November 1950, an emergency special session can be convened within 24 hours of such a meeting being requested.

The UNGA "resolves that if the Security Council, because of lack of unanimity of the permanent members, fails to exercise its primary responsibility for the maintenance of peace and security in any case where there appears to be a threat to the peace, breach of the peace, or act of aggression, the General Assembly shall consider the matter immediately with a view to making appropriate recommendations to Members...," the resolution states.

"If not in session at the time, the General Assembly may meet in emergency special session within twenty-four hours of the request therefore. Such emergency special session shall be called if requested by the Security Council on the vote of any seven members, or by a majority of the Members of the United Nations," it says.

The UNGA resolution of 1950 also reaffirms the "importance of the exercise by the Security Council of its primary responsibility for the maintenance of peace and security, and the duty of the permanent members to seek unanimity and to exercise restraint in the use of the veto.

Also Read|  Russia-Ukraine crisis further complicates matters for RBI, its MPC

Russia-Ukraine crisis further complicates matters for RBI, its MPC

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When one looks back and compares, it feels like the policy stimulus responses during an unprecedented COVID-19 pandemic were easy to manage. Exiting the stimulus in the thick of geopolitical risks has just made the equation a difficult one to crack 

RBI's MPC did see Ukraine-Russia tension as a bigger risk than omicron -  The Economic Times

It is clear that governments and central banks, the Reserve Bank of India (RBI) included, across the world are looking for an opportune moment to exit from stimulus mode and drain out excess liquidity. In its February monetary policy, the RBI deferred the normalisation of policy rates because the weakness in India’s growth recovery continues and it is outweighed by the worryingly high ‘global inflation’.

A few weeks after the policy, global dynamics have changed with rising geopolitical uncertainties following the Russia-Ukraine conflict war, and the consequent sanctions imposed by the West. The ‘normalisation process’, which was difficult, could get worse, mainly because we are moving further into the conundrum of higher inflation and lower growth (at least globally). The MPC will have to delve on how the exogenous geopolitical risk will impact inflation and growth spillovers in the middle of a gradual exit from the accommodative monetary policy.

Firstly, the Economist points out that Russia’s attack on Ukraine is likely to isolate Russia’s economy. The immediate global implications will be in terms of higher inflation, lower growth, and disruptions in the financial markets via deeper sanctions. However, the good news is that the impact on India’s growth is likely to be limited as Russia is not India’s major trading partner with just 0.8 percent share in India’s export and 1.5 percent of its imports.

What’s worrying is the indirect spillovers of a broader growth slowdown. This is important in the context that the MPC has judged that India’s growth recovery is incomplete, and policy support remains inevitable. The IMF, in January, slashed the global growth forecast for 2022 and 2023 by 50 bps and 70 bps respectively due to Omicron-associated restrictions. If global growth weakness emerges and there is further downward revision, India’s buoyant recovery could take a set-back via the trade channel. Also, if supply bottlenecks emerge, the manufacturing and infrastructure sector could have notable repercussions. Given the MPC’s higher weightage to growth over inflation since March 2020, geopolitical risks could make the MPC remain ‘accommodative’ for a longer time.

On the other hand, near-term inflation will play spoilsport. The ‘oil monster’ has woken up from its slumber, boiling at about $100 per barrel, and is likely to remain range-bound in the immediate future. This increase in the crude barrel will seep into the retail inflation through direct channels such as increase in pump prices and the palpable impact via freight rate hikes, which companies would eventually pass on to the consumer.

This could push wholesale inflation higher for a couple of months, but high base-effect of the previous year is likely to temper the spikes. The headline retail inflation number may not come down to the MPC’s inflation forecast of 4.5 percent for 2022-23. The three-month ahead and one-year ahead inflation expectations, which dipped recently as per RBI’s survey forecasts, could see an immediate upward shift for the shorter time horizon.

Inflation in the next couple of months will be high owing to supply side disruptions. Thus, RBI Deputy Governor Michael Patra’s comments in the minutes are important. He points that inflation led by supply constraints cannot be stabilised by monetary policy instruments. Thus, one can infer that change in the ‘accommodative stance’ and raising policy rates could be further delayed.

The one area where the RBI will have a significant intervention will be in the external sector management. The current account deficit is likely to swell due to rising crude oil imports. In addition, with the expected normalisation of monetary policy and rate hikes by key advanced economies, foreign portfolio outflows could weigh on the balance of payments scenario. Ashima Goyal, emeritus professor at the Indira Gandhi Institute for Development Research, is of the view that interest-sensitive foreign flows are still a small percentage of the Indian market, and, therefore, potential outflows are a miniscule portion of India’s forex reserves (pegged at around $630 billion). With rising imports and likely portfolio outflows as a reaction to geopolitical and monetary policy normalisations, balance of payments and currency management will be more critical than gradual normalisation.

The headwinds from the geopolitical risks coupled with the expected policy normalisation by advanced economies have pushed the RBI’s MPC in a tricky position where there are no easy answers. The added challenges of global growth slowdown spillovers led by global value chains bottlenecks will be an important determinant to look out for. Near-term inflation spikes if led by supply shortages/disruptions is unlikely to shift the policy stance to ‘neutral’ in the coming policy.

When one looks back and compares, it feels like the policy stimulus responses during an unprecedented COVID-19 pandemic were easy to manage. Exiting the stimulus in the thick of geopolitical risks has just made the equation a difficult one to crack.

Also Read| Russian participation at Mobile World Congress 2022 to be restricted

Russian participation at Mobile World Congress 2022 to be restricted

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The event organiser Global System for Mobile Communications has said some Russian firms will be barred from the event and there will be no Russian pavilion this time

Russian participation at Mobile World Congress 2022 to be restricted

There would be no Russian pavilion and some firms would also be barred from showcasing products at the annual Mobile World Congress that begins in Barcelona on February 28, the organisers have said.

The Global System for Mobile Communications said the Russian participation at the much-followed annual meet would be curtailed in keeping with the sanctions imposed on Moscow by the West after its invasion of Ukraine.

“In light of this emerging situation and considering the tragic loss of life, MWC seems immaterial under the circumstances," GSMA said in a statement shared on its website, condemning the Russian invasion.

The industry body said it would "continue to cooperate with international sanctions against Russia", as the situation evolves.

Also Read: Russia Ukraine News Highlights | More than 50,000 Ukrainians flee country in 48 hours, says UN

It also vowed to follow, "all government sanctions and policies resulting from this situation," and said "there will be no Russian Pavilion at MWC22."

Speaking to Reuters on February 25, GSMA Chief Executive John Hoffman said there were no plans to cancel or put off MWC 2022, which will be held from February 28 to March 3.

Also Read: President Volodymyr Zelenskyy refuses to flee, asks Ukraine to 'stand firm'

"As we see the situation today, we don't see any need or requirement to do that," said Hoffman. "Of course it's an evolving situation and we will continue to monitor it."

Country pavilions shine a spotlight on smaller companies and this year, the absence of a pavilion could dent prospective deals or opportunities for Russian firms.

Larger exhibitors with ties to Russia, however, can still pay GSMA to be on the show floor and the organiser confirmed it would not stop them until further sanctions force its hand.

President Volodymyr Zelenskyy refuses to flee, asks Ukraine to 'stand firm'

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Russian troops stormed toward Ukraine's capital Saturday as explosions reverberated through the city and the president urged the country to stand firm against the siege.

Volodymyr Zelenskyy, Ukrainian President

Russian troops stormed toward Ukraine's capital early Saturday as explosions reverberated through the city and the president urged the country to stand firm against the siege that could determine its future. He refused American help to evacuate, saying: The fight is here.

Hundreds of casualties were reported in the fighting, which included shelling that sliced through a Kyiv apartment building and pummeled bridges and schools. There also were growing signs that may be seeking to overthrow Ukraine's government, which U.S. officials have described as Russian President Vladimir Putin's ultimate objective.

The assault represented Putin's boldest effort yet to redraw the world map and revive Moscow's Cold War-era influence. It triggered new international efforts to end the invasion, including direct sanctions on Putin.

As his country confronted explosions and gunfire, and as the fate of Kyiv hung in the balance, President Volodymyr Zelenskyy appealed for a cease-fire and warned in a bleak statement that multiple cities were under attack.

This night we have to stand firm, he said. "The fate of is being decided right now.

Zelenskyy was urged to evacuate Kyiv at the behest of the U.S. government but turned down the offer, according to a senior American intelligence official with direct knowledge of the conversation. The official quoted the president as saying that the fight is here" and that he needed anti-tank ammunition but not a ride.

For their part, U.S. defense officials believe the Russian offensive has encountered considerable resistance and is proceeding slower than Moscow had envisioned, though that could change quickly.

The Kremlin accepted Kyiv's offer to hold talks, but it appeared to be an effort to squeeze concessions out of the embattled Zelenskyy instead of a gesture toward a diplomatic solution.

The Russian military continued its advance, laying claim Friday to the southern city of Melitopol. Still, it was unclear in the fog of war how much of Ukraine is still under Ukrainian control and how much or little Russian forces have seized.

As fighting persisted, Ukraine's military reported shooting down an II-76 Russian transport plane carrying paratroopers near Vasylkiv, a city 25 miles (40 kilometers) south of Kyiv, an account confirmed by a senior American intelligence official. It was unclear how many were on board. Transport planes can carry up to 125 paratroopers.

The U.S. and other global powers slapped ever-tougher sanctions on as the invasion reverberated through the world's economy and energy supplies, threatening to further hit ordinary households. U.N. officials said millions could flee Ukraine. Sports leagues moved to punish and even the popular Eurovision song contest banned it from the May finals in Italy.

Through it all, Russia remained unbowed, vetoing a U.N. Security Council resolution demanding that it stop attacking Ukraine and withdraw troops immediately. The veto was expected, but the U.S. and its supporters argued that the effort would highlight Moscow's international isolation. The 11-1 vote, with China, India and the United Arab Emirates abstaining, showed significant but not total opposition to Russia's invasion of its smaller, militarily weaker neighbor.

The meeting exposed Russia-Ukraine frictions, including when Ukrainian Ambassador Sergiy Kyslytsya requested a moment of silence to pray for those killed and asked Russian Ambassador Vassily Nebenzia to pray for salvation." Nebenzia retorted that the remembrance should include people who have died in eastern Ukraine's Donbas region. Pro-Russian separatists there have been fighting the Ukrainian government, which Russia accuses of abuses. A moment of tense silence did ensue.

NATO, meanwhile, decided to send parts of the alliance's response force to help protect its member nations in the east for the first time. NATO did not say how many troops would be deployed but added that it would involve land, sea and air power.

Day Two of Russia's invasion, the largest ground war in Europe since World War II, focused on the Ukrainian capital, where Associated Press reporters heard explosions starting before dawn. Gunfire was reported in several areas.

A large boom was heard in the evening near Maidan Nezalezhnosti, the square in central Kyiv that was the heart of protests which led to the 2014 ouster of a Kremlin-friendly president. The cause was not immediately known.

Five explosions struck near a major power plant on Kyiv's eastern outskirts, said Mayor Vitaly Klitschko. There was no information on what caused them, and no electrical outages were immediately reported.

It was unclear how many people overall had died. Ukrainian officials reported at least 137 deaths on their side from the first full day of fighting and claimed hundreds on the Russian one. Russian authorities released no casualty figures.

U.N. officials reported 25 civilian deaths, mostly from shelling and airstrikes, and said that 100,000 people were believed to have left their homes. They estimate that up to 4 million could flee if the fighting escalates.

Zelenskyy tweeted that he and U.S. President Joe Biden spoke by phone and discussed strengthening sanctions, concrete defense assistance and an antiwar coalition."

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His whereabouts were kept secret after Zelenskyy told European leaders in a call Thursday that he was Russia's No. 1 target and that they might not see him again alive. His office later released a video of him standing with senior aides outside the presidential office and saying that he and other government officials would stay in the capital.

Zelenskyy earlier offered to negotiate on a key Putin demand: that Ukraine declare itself neutral and abandon its ambition of joining NATO. The Kremlin said Kyiv initially agreed to have talks in Minsk, then said it would prefer Warsaw and later halted communications. Foreign Ministry spokeswoman Maria Zakharova said later that Kyiv would discuss prospects for talks on Saturday.

The assault was anticipated for weeks by the U.S. and Western allies and denied to be in the works just as long by Putin. He argued the West left him with no other choice by refusing to negotiate Russia's security demands.

In a window into how the increasingly isolated Putin views Ukraine and its leadership, he urged Ukraine's military to surrender, saying: We would find it easier to agree with you than with that gang of drug addicts and neo-Nazis who have holed up in Kyiv and have taken the entire Ukrainian people hostage.

Playing on Russian nostalgia for World War II heroism, the Kremlin equates members of Ukrainian right-wing groups with neo-Nazis. Zelenskyy, who is Jewish, angrily dismisses those claims.

Putin has not disclosed his ultimate plans for Ukraine. Foreign Minister Sergey Lavrov gave a hint, saying, We want to allow the Ukrainian people to determine its own fate. Putin spokesman Dmitry Peskov said Russia recognizes Zelenskyy as the president, but would not say how long the Russian military operation could last.

Ukrainians abruptly adjusted to life under fire, after Russian forces invaded the country from three sides as they massed an estimated 150,000 troops nearby.

Residents of a Kyiv apartment building woke to screaming, smoke and flying dust. What the mayor identified as Russian shelling tore off part of the building and ignited a fire.

What are you doing? What is this? resident Yurii Zhyhanov asked Russian forces. Like countless other Ukrainians, he grabbed what belongings he could, took his mother, and fled, car alarms wailing behind him.

Elsewhere in Kyiv, the body of a dead soldier lay near an underpass. Fragments of a downed aircraft smoked amid the brick homes of a residential area. Black plastic was draped over body parts found beside them. People climbed out of bomb shelters, basements and subways to face another day of upheaval.

We're all scared and worried. We don't know what to do then, what's going to happen in a few days, said Lucy Vashaka, 20, a worker at a small Kyiv hotel.

At the Pentagon, press secretary John Kirby said the U.S. believes the offensive, including its advance on Kiev, has gone more slowly than Moscow had planned, noting that Ukraine forces have been fighting back. But he also said the military campaign is in an early stage and circumstances can change rapidly.

The Biden administration said Friday that it would move to freeze the assets of Putin and Lavrov, following the European Union and Britain in directly sanctioning top Russian leadership.

Zakharova, the Russian Foreign Ministry spokeswoman, called the sanctions against Putin and Lavrov an example and a demonstration of a total helplessness of the West.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Article source:- business-standard

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