ACCRA, Dec 19 (Reuters) – (This Dec. 19 story has been corrected to repair debt figures in first chart)

Ghana on Monday suspended funds on most of its external debt, successfully defaulting as the nation struggles to plug its cavernous stability of funds deficit.

Its finance ministry mentioned it won’t service money owed together with its Eurobonds, business loans and most bilateral loans, calling the choice an “interim emergency measure”, whereas some bondholders criticised an absence of readability within the determination.

The authorities “stands ready to engage in discussions with all of its external creditors to make Ghana’s debt sustainable”, the finance ministry mentioned.

The suspension of debt funds displays the parlous state of the financial system, which had led the federal government final week to attain a $3-billion staff-level settlement with the International Monetary Fund (IMF).

Ghana had already introduced a home debt change programme and mentioned that an external restructuring was being negotiated with collectors. The IMF has mentioned a complete debt restructuring is a situation of its help.

The nation has been struggling to refinance its debt for the reason that begin of the yr after downgrades by a number of credit score rankings companies on issues it could not give you the option to problem new Eurobonds.

That has despatched Ghana’s debt additional into the distressed territory. Its public debt stood at 467.4 billion Ghanaian cedis ($55 billion as per Refinitiv Eikon information) in September, of which 42% was home.

It had a stability of funds deficit of greater than $3.4 billion in September, down from a surplus of $1.6 billion on the identical time final yr.

While 70% to 100% of the federal government income at present goes towards servicing the debt, the nation’s inflation has shot up to as a lot as 50% in November.

Ghana has been experiencing what some say is its worst economic crisis in a era. Last month, greater than 1,000 protesters marched via the capital Accra, calling for the resignation of the president and denouncing offers with the IMF as gasoline and meals prices spiralled.

Its gross worldwide reserves stood at round $6.6 billion on the finish of September, equating to lower than three months of imports cowl. That is down from round $9.7 billion on the finish of final yr.

The authorities mentioned the suspension won’t embody the funds in the direction of multilateral debt, new money owed taken after Dec. 19 or money owed associated to sure short-term commerce services.

‘NOT COMING OUT OF THE BLUE’

Holders of Ghana’s worldwide bonds confirmed in an emailed assertion late on Monday the formal launch of a creditor committee geared toward facilitating the “orderly and comprehensive resolution” of the nation’s debt challenges.

Any good religion negotiations, the creditor committee mentioned, would wish to keep away from unilateral actions and require the well timed change of detailed economic and monetary info between worldwide bondholders, the federal government and the IMF.

The steering committee was made up of Abrdn, Amundi, BlackRock, Greylock and Ninety One, the group mentioned in its assertion.

Kathryn Exum, who co-leads Gramercy’s Sovereign Research division, was hopeful about debt restructuring, noting that it ought to show simpler for collectors than different current rising market restructurings.

“It is more straight forward than the likes of Sri Lanka and Zambia, in the respect that there is not a lot of China debt,” Exum mentioned on Friday in feedback anticipating the external restructuring.

One bondholder who requested anonymity mentioned the shortage of element within the announcement may very well be trigger for concern for buyers.

Ghana’s external bonds, that are buying and selling at a deeply distressed stage of 29-41 cents within the greenback, dropped with the 2034 bond shedding greater than 3 cents, Tradeweb information confirmed.

Nonetheless, some buyers mentioned the suspension of external debt fee was anticipated.

“It is in line with Ghana getting into talks about restructuring with various debt holders, so not coming out of the blue,” Rob Drijkoningen, co-head of rising market debt at Neuberger Berman, which holds some Ghanaian Eurobonds.

Ghana did pay a Dec. 16 coupon due on a 2049 Eurobond, in accordance to an individual aware of the matter.

It was not instantly clear if the debt service suspension would come with a $1 billion 2030 bond that has a $400 million World Bank assure .

“We will not be commenting on the specifics of any particular bond or debt owed at this time, but… we are fully engaging all stakeholders,” a finance ministry spokesperson instructed Reuters.

Reporting by Christian Akorlie and Cooper Inveen; Additional reporting by Rachel Savage, Marc Jones and Jorgelina do Rosario; Writing by Rachel Savage and Cooper Inveen; Editing by Karin Strohecker, Ed Osmond, Arun Koyyur and Aurora Ellis

Our Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Dec 14 (Reuters) – President Joe Biden introduced an settlement geared toward bolstering commerce ties between the United States and Africa on Wednesday after years through which the continent took a again seat to different U.S. priorities as China made inroads with investments and commerce.

“The United States is ‘all in’ on Africa’s future,” Biden instructed African leaders attending a three-day summit in Washington.

Biden’s remarks, and the summit, goal to place the United States as a accomplice to African international locations amid its competitors with China, which has sought to increase its affect by funding infrastructure initiatives on the continent and elsewhere. Chinese commerce with Africa is about 4 occasions that of the United States, and Beijing has change into an vital creditor by providing loans with much less stringent circumstances than Western lenders.

Biden stated a brand new U.S. settlement with the African Continental Free Trade Area will give American firms entry to 1.3 billion folks and a market valued at $3.4 trillion. He listed firms that had made offers on the summit, together with General Electric Co (GE.N) and Cisco Systems Inc (CSCO.O).

“When Africa succeeds, the United States succeeds. Quite frankly, the whole world succeeds as well,” the president stated.

Delegations from 49 international locations and the African Union, together with 45 African nationwide leaders, are attending the three-day summit, which started on Tuesday, the primary and is the primary of its form since 2014. Washington has provided $55 billion in assist for Africa underneath the Biden administration for meals safety, local weather change, commerce partnerships and different points.

After his remarks, Biden considered a few of the World Cup semifinal match between Morocco and France with Morocco’s prime minister, Aziz Akhannouch, and different leaders attending the summit, the White House stated.

This afternoon, Biden will host leaders going through 2023 elections, together with from Gabon and Liberia for a dialogue on elections and democratic rules. Then Biden and his spouse, Jill, will host African leaders and their spouses at a White House dinner with Vice President Kamala Harris and her husband Doug Emhoff.

The summit is a part of a renewed push to spice up ties with a continent as China good points affect with commerce, funding and lending drives. Beijing has held its personal high-level conferences with African leaders each three years for greater than 20 years.

Some U.S. officers have been reluctant to border the gathering as a battle for affect. Biden did not point out China in his remarks, and Washington has toned down its criticism of Beijing’s lending practices and infrastructure initiatives.

Biden is anticipated to announce his assist for the African Union’s becoming a member of the G20 group of the world’s largest economies as a everlasting member throughout Thursday’s summit occasions.

U.S. Trade Representative Katherine Tai instructed African counterparts on Tuesday she needs to enhance the continent’s U.S. commerce preferences program to spice up funding.

“We are not looking for a relationship that is transactional, that’s extractive, that is burdensome, or leaves various countries in a more fragile, poor state after a deal is done,” State Department spokesman Ned Price instructed reporters on Monday.

On Wednesday, White House nationwide safety spokesman John Kirby highlighted the significance of U.S. investments in Africa and serving to international locations there play a extra energetic position within the world financial system.

“It’s a two-way discussion that we want to have with Africa about trade, investment and opportunities for economic growth,” he instructed reporters.

At a gap commerce discussion board on Wednesday, African leaders referred to as for extra funding.

“Instead of exporting commodities, the U.S. should find an opportunity in investing,” Kenyan President William Ruto stated. “They have the machinery, they have the know-how, so that they can produce for the African continent in Africa.”

Ruto cited projections that Africa’s agribusiness sector will greater than triple to $1 trillion by 2030 and stated U.S. capital might help resolve the continent’s bodily infrastructure deficit to unlock this progress.

CHINA-AFRICA TRADE

According to a Eurasia Group evaluation, in 2021 China-Africa commerce, at $254 billion, enormously outstripped U.S.-Africa commerce, which stood at $64.3 billion. Those figures are up from $12 billion and $21 billion, respectively, in 2002.

Beijing’s lending to Africa has led to Western expenses that China has mired African international locations in debt.

Beijing’s ambassador to Washington rejected the concept forward of the summit, citing a report that African international locations owe 3 times extra debt to Western establishments, whereas noting that Chinese-built hospitals, highways, airports and stadiums are “everywhere” in Africa.

China stays the area’s largest bilateral investor, however its new mortgage commitments to Africa have declined lately.

It’s not all about financial sway – Washington has been alarmed by China’s efforts to ascertain a navy foothold in Africa, together with on the Atlantic coast in Equatorial Guinea.

For their half, many African leaders reject the concept they want to decide on between the United States and China.

“The fact that both countries have different levels of relations with African countries makes them equally important for Africa’s development,” Ethiopia’s U.N. ambassador, Taye Atske Selassie Amde, instructed Reuters. “However, it should be known each African country has the agency to determine their respective relationship and best interest.”

Additional reporting by David Lawder, Steve Holland and Andrea Shalal in Washington and Michelle Nichols in New York; Editing by Don Durfee, Leslie Adler, Heather Timmons and Jonathan Oatis

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SAN JUAN, Puerto Rico/Santo Domingo, Sept 19 (Reuters) – Hurricane Fiona was churning north on Monday night after bringing torrential rain and highly effective winds to the Dominican Republic and triggering a complete energy outage in neighboring Puerto Rico, the place no less than two folks died.

The Category 2 hurricane will seemingly turn out to be a Category 3 because it strikes throughout heat Caribbean waters towards the Turks and Caicos. Fiona was upgraded to a Category 2 with winds of 105 mph (169 kph) by the National Hurricane Center on Monday night.

On Tuesday, the middle of Fiona is predicted to go close to or to the east of the archipelago, which is topic to a present hurricane warning, the U.S. National Hurricane Center (NHC) stated. Tropical storm situations have been additionally anticipated within the Bahamas.

After strafing Puerto Rico, Fiona made landfall within the Dominican Republic close to Boca Yuma at 3:30 a.m. native time, in accordance with the NHC. The heart of the storm reached the northern coast of Hispaniola earlier than midday.

It is the primary hurricane to attain a direct hit on the Dominican Republic since Jeanne left extreme injury within the east of the nation in September 2004.

Fiona brought on extreme flooding, leaving a number of villages remoted, and a few 800 evacuees and greater than 11,000 folks with out energy within the jap area of the nation.

“The damage is considerable,” stated Dominican Republic President Luis Abinader. He plans to declare a state of catastrophe within the provinces of La Altagracia, the place the famed resort of Punta Cana is situated, El Seibo and Hato Mayor.

In La Altagracia, within the excessive east of the nation and the place the hurricane made landfall Monday morning, the overflow of the Yuma River broken agricultural areas and left a number of cities remoted.

Electric and water utilities are working to revive companies in affected areas.

In Puerto Rico, a territory of the United States, residents have been nonetheless going through robust winds, frequent lightning and heavy rain.

Fiona made landfall there on Sunday afternoon, dumping as much as 30 inches (76.2 cm) of rain in some areas.

The storm comes 5 years after the Puerto Rico was ravaged by Hurricane Maria, which triggered the worst energy blackout in U.S. historical past.

U.S. President Joe Biden spoke with Puerto Rico Governor Pedro Pierluisi on Monday, promising to extend the help personnel despatched to the island over the following few days.

“The President said that he will ensure that the Federal team remains on the job to get it done,” in accordance with the White House.

Federal Emergency Management Agency (FEMA) Administrator Deanne Criswell will journey there on Tuesday.

Jeannette Rivera, 54, a public relations employee in Orlando, Florida, stated she had not spoken together with her household since a spotty telephone name early Sunday.

She fears for her dad and mom’ security and the well being of her 84-year-old father, who had simply contracted COVID-19 and was operating a fever.

“My worry is that if they need help, there’s no way to communicate,” Rivera stated.

WITHOUT POWER

Nearly 90% of Puerto Rico remained with out energy on Monday, in accordance with Poweroutage.us. Officials stated it will take days to reconnect the entire island of three.3 million folks.

Many roads have been left impassable as a consequence of downed bushes and mudslides. Images on social media depicted submerged vehicles, folks wading in waist-deep water and rescue boats floating down swamped streets. Just 30% of ingesting water clients have service.

Crews rescued some 400 folks from flooding in Salinas, a city within the south the place rain has turned to a drizzle. The south and southeast areas have been the toughest hit.

Puerto Rico’s energy grid stays fragile regardless of emergency repairs after Maria, in accordance with Center for a New Economy, a Puerto Rican assume tank.

Maria, a Category 5 storm in 2017 which killed greater than 3,000 folks, left 1.5 million clients with out electrical energy and knocked out 80% of energy traces. Thousands of Puerto Ricans nonetheless stay beneath makeshift tarpaulin roofs.

While the National Weather Service lifted its hurricane warning for Puerto Rico on Monday, officers warned that rainbands may comply with the storm system for lots of of miles.

A 70-year-old man within the northern city of Arecibo is the primary identified casualty in Puerto Rico. He was attempting to start out his electrical generator when the machine exploded, killing him immediately, police stated.

A second man drowned within the afternoon. Police stated an 88-year-old girl died of a coronary heart assault at a shelter.

Hundreds of responders have been aiding in restoration efforts after Biden declared an emergency for the island, permitting FEMA to coordinate catastrophe aid and supply emergency protecting measures.

Pierluisi stated the federal government’s response has been far more environment friendly than throughout Hurricane Maria, which grew to become extremely politicized with former President Donald Trump’s administration criticized for being too sluggish in offering catastrophe aid. Trump refuted that.

The authorities has not estimated the damages, since it’s nonetheless within the response interval, although the governor stated damages have been within the thousands and thousands.

For a lot of the 5 years since Maria struck Puerto Rico, the debt-laden authorities and the Puerto Rico Electric Power Authority have been mired in chapter and island funds have been managed by a federally appointed oversight board.

(This story corrects 12 months that Hurricane Jeanne struck Dominican Republic to 2004, not 2018, in fifth paragraph)

Reporting by Ivelisse Riveria in San Juan and Ezequiel Abiu Lopez in Santo Domingo; Additional reporting by Tyler Clifford, Rich McKay, Trevor Hunnicutt, Mica Rosenberg, Christian Plumb and Tim Reid; Writing by Tyler Clifford and Costas Pitas; Editing by Frank McGurty, Mark Porter, Richard Chang and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

KYIV, Sept 6 (Reuters) – Blasts rang out and energy was cut within the Russian-occupied Ukrainian metropolis housing Europe’s greatest nuclear energy plant on Tuesday, hours earlier than a report by the United Nations nuclear watchdog that might make clear the specter of disaster.

Both warring nations accuse one another of risking a nuclear catastrophe by shelling the Zaporizhzhia plant, which invading Russian forces seized early within the battle however which continues to be operated by Ukrainian technicians.

It is positioned on the frontline on a Russian-held financial institution of a reservoir and throughout the water from Ukrainian-held positions.

Dmytro Orlov, the Ukrainian mayor of the encircling metropolis of Enerhodar who operates from outdoors Russian-held territory, mentioned on social media {that a} highly effective explosion had rung out shortly after midday. Residents had been left with out energy or water.

Moscow repeated its longstanding accusations that Ukrainian forces had been shelling the plant.

Kyiv says it’s Russia that has been staging such incidents, to undermine worldwide help for Ukraine and as a potential pretext to cut the plant from the Ukrainian energy grid and steal its output. Russia has to this point spurned worldwide pleas to tug its forces again from the positioning and demilitarise the realm.

The hotly anticipated report by the International Atomic Energy Agency follows a fact-finding mission to the plant final week, led by IAEA chief Rafael Grossi, who braved shelling to cross the frontline and attain it. Two IAEA specialists have stayed behind to maintain a long-term presence there.

It was not clear whether or not the IAEA report would ascribe blame for incidents there. After crossing again into Ukrainian-held territory, Grossi mentioned there was proof of harm however he stopped in need of pointing fingers, though he later retweeted remarks from EU Council President Charles Michel, who mentioned: “Russia has put the world in danger”.

Grossi is predicted to temporary the U.N. Security Council in New York on his findings afterward Tuesday.

Ukrainian President Volodymyr Zelenskiy on Monday warned of a near “radiation catastrophe” on the plant and mentioned Russia’s shelling of it confirmed Moscow “does not care what the IAEA will say”.

He was talking after IAEA officers, citing data equipped by Ukraine, mentioned the only real remaining reactor had gone offline after the plant’s backup energy line had been cut to extinguish a hearth.

They mentioned the road itself had not been broken and could be reconnected and that the plant had sufficient electrical energy to function safely. The reactor could be reconnected to the grid as soon as backup energy was restored.

Russia’s diplomatic mission to worldwide organizations in Vienna, the place the IAEA is predicated, mentioned on Telegram that three Ukrainian shells had landed near the plant’s gas storage unit, strong radioactive waste storage and near one of many energy items.

It printed photographs of shell impacts to again its assertion. Reuters couldn’t confirm both aspect’s claims.

MISSILE STRIKES

Thousands of individuals have died and thousands and thousands have fled Ukraine since Russia lauched what it calls a particular navy operation in February saying it aimed to demilitarise its neighbour. Kyiv and the West name it a brazen conflict of conquest.

The previous week has seen the main target of combating shift to the south, the place Ukraine has began a long-awaited counter-attack to recapture territory seized early within the conflict.

Little data has emerged concerning the progress of that marketing campaign, with Kyiv barring journalists from the frontline and releasing solely restricted experiences, to protect shock.

Russia says it has repelled the assault. Western navy specialists say Ukraine’s intention seems to be to entice 1000’s of Russian troops on the west financial institution of the extensive Dnipro River and cut them off by destroying their rear provide strains.

Meanwhile, Russia continued to bombard Ukrainian cities elsewhere. Rescue employees discovered the physique of a lady beneath the rubble of an residence constructing in Kharkiv after in a single day shelling of Ukraine’s second-biggest metropolis, mayor Ihor Terekhov mentioned. The governor mentioned two others had been additionally killed within the province. learn extra

Ukrainian officers mentioned Russia had additionally struck an oil depot in Kryvy Rih, President’s Zelenskiy’s hometown.

“There’s a big fire at the oil depot. Fire services are working at the site. We’re working to establish the scale of destruction and information about casualties,” Valentyn Reznychenko, a neighborhood regional official, mentioned.

Russian President Vladimir Putin was in the meantime proven together with his defence minister as he inspected a giant navy train in Russia’s Far East. learn extra

The New York Times reported that U.S. intelligence had assessed that Russia was shopping for artillery ammunition from North Korea as sanctions start to scale back its capacity to maintain its operations in Ukraine. There was no quick response to that from Moscow.

ENERGY CRISIS

Fears in Europe have elevated over a doubtlessly bleak winter after Russia introduced it was maintaining its major fuel pipeline to Germany shut.

Moscow blames disruption to tools upkeep brought on by Western sanctions for its halt to the stream of fuel by means of the Nord Stream 1 pipe. European nations name that nonesense.

Pipeline operator Gazprom’s (GAZP.MM) deputy chief govt officer, Vitaly Markelov, informed Reuters on Tuesday that Nord Stream 1 wouldn’t resume shipments till Siemens Energy (ENR1n.DE) repaired defective tools. learn extra

Siemens mentioned it didn’t perceive Gazprom’s illustration of the state of affairs.

Russian international ministry spokeswoman Maria Zakharova blamed the United States for the power disaster. She mentioned it had pushed European leaders in direction of what she referred to as the “suicidal” step of slicing financial and power cooperation with Moscow. learn extra

Reporting by Reuters
Writing by Peter Graff and Andrew Osborn
Editing by Angus MacSwan

Our Standards: The Thomson Reuters Trust Principles.

The clock on Spasskaya tower displaying the time at midday, is pictured subsequent to Moscow?s Kremlin, and St. Basil?s Cathedral, March 31, 2020. REUTERS/Maxim Shemetov

LONDON, June 27 (Reuters) – Russia defaulted on its international sovereign bonds for the first time for the reason that Bolshevik revolution, as sweeping sanctions successfully minimize the nation off from the worldwide monetary system and rendered its belongings untouchable to many traders.

A U.S. official mentioned on Monday the default confirmed how dramatically the sanctions had been impacting Russia’s economic system. The official was chatting with reporters because the White House launched a reality sheet detailing potential G7 actions to assist Ukraine and additional stem Moscow’s oil revenues learn extra .

“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the actions are that the U.S, along with allies and partners have taken, as well as how dramatic the impact has been on Russia’s economy,” the U.S. official added in a briefing on the sidelines of a G7 summit in Germany.

Earlier, some bondholders mentioned they’d not acquired overdue curiosity on Monday following the expiry of a key cost deadline a day earlier. learn extra

Russia has struggled to maintain up funds on $40 billion of excellent bonds since its invasion of Ukraine on Feb. 24, as sweeping sanctions have successfully minimize the nation off from the worldwide monetary system and rendered its belongings untouchable to many traders.

The Kremlin has repeatedly mentioned there aren’t any grounds for Russia to default however it’s unable to ship cash to bondholders due to sanctions, accusing the West of making an attempt to drive it into a synthetic default.

Russia’s efforts to keep away from what could be its first major default on worldwide bonds for the reason that Bolshevik revolution greater than a century in the past hit a insurmountable roadblock in late May when the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) successfully blocked Moscow from making funds.

“Since March we thought that a Russian default is probably inevitable, and the question was just when,” Dennis Hranitzky, head of sovereign litigation at legislation agency Quinn Emanuel, advised Reuters. “OFAC has intervened to answer that question for us, and the default is now upon us.”

A proper default could be largely symbolic given Russia can’t borrow internationally for the time being and does not have to because of plentiful oil and fuel export revenues. But the stigma would in all probability increase its borrowing prices in future.

The funds in query are $100 million in curiosity on two bonds, one denominated in U.S. {dollars} and one other in euros , Russia was because of pay on May 27. The funds had a grace interval of 30 days, which expired on Sunday.

Russia’s finance ministry mentioned it made the funds to its onshore National Settlement Depository (NSD) in euros and {dollars}, including it has fulfilled obligations.

Some Taiwanese holders of the bonds had not acquired funds on Monday, sources advised Reuters. learn extra

With no actual deadline specified in the prospectus, legal professionals say Russia may need till the tip of the next enterprise day to pay the bondholders.

SMALL PRINT

While rankings businesses normally formally downgrade a rustic’s credit standing to replicate default, this doesn’t apply in case of Russia as most businesses now not charge it

The authorized state of affairs surrounding the bonds appears advanced.

Russia’s bonds have been issued with an uncommon number of phrases, and an rising stage of ambiguities for these bought extra just lately, when Moscow was already dealing with sanctions over its annexation of Crimea in 2014 and a poisoning incident in Britain in 2018.

Rodrigo Olivares-Caminal, chair in banking and finance legislation at Queen Mary University in London, mentioned readability was wanted on what constituted a discharge for Russia on its obligation, or the distinction between receiving and recovering funds.

“All these issues are subject to interpretation by a court of law, but Russia has not waived any of its sovereign immunity and has not submitted to the jurisdiction of any court in any of the two prospectuses,” Olivares-Caminal advised Reuters.

In some methods, Russia has been in default already.

A committee on derivatives has dominated a “credit event” had occurred on a few of its securities, which triggered a payout on a few of Russia’s credit score default swaps – devices utilized by traders to insure publicity to debt in opposition to default.

This was triggered by Russia failing to make a $1.9 million cost in accrued curiosity on a cost that had been due in early April. learn extra

Until the Ukraine invasion, a sovereign default had appeared unthinkable, with Russia being rated funding grade as much as shortly earlier than that time. A default would even be uncommon as Moscow has the funds to service its debt.

The OFAC had issued a short lived waiver, often called a common licence 9A, in early March to permit Moscow to maintain paying traders. It let it expire on May 25 as Washington tightened sanctions on Russia, successfully slicing off funds to U.S. traders and entities.

The lapsed OFAC licence isn’t the one impediment Russia faces as in early June the European Union imposed sanctions on the NSD, Russia’s appointed agent for its Eurobonds. learn extra

Moscow has scrambled in current days to search out methods of coping with upcoming funds and keep away from a default.

President Vladimir Putin signed a decree final Wednesday to launch momentary procedures and provides the federal government 10 days to decide on banks to deal with funds beneath a brand new scheme, suggesting Russia will think about its debt obligations fulfilled when it pays bondholders in roubles.

“Russia saying it’s complying with obligations under the terms of the bond is not the whole story,” Zia Ullah, associate and head of company crime and investigations at legislation agency Eversheds Sutherland advised Reuters.

“If you as an investor are not satisfied, for instance, if you know the money is stuck in an escrow account, which effectively would be the practical impact of what Russia is saying, the answer would be, until you discharge the obligation, you have not satisfied the conditions of the bond.”

Reporting by Karin Strohecker in London, Andrea Shalal in Elmau and Emily Chan in Taipei and Sujata Rao in London; Editing by David Holmes, Emelia Sithole-Matarise & Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.