Kyiv and other Ukrainian cities hit by Russian missiles at rush hour

Monday, October 10, 2022

by Linda Noakes

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Here's what you need to know.

Russia launches attacks across Ukraine, Malaysia's PM calls for early polls, and Chinese tech shares sink on U.S. export curbs

Today's biggest stories

Cars burn after a Russian military strike in central Kyiv, October 10, 2022. REUTERS/Gleb Garanich

RUSSIA-UKRAINE WAR

Russia pounded cities across Ukraine during rush hour, killing civilians and knocking out power and heat, in apparent revenge strikes after President Vladimir Putin declared a blast on Russia's bridge to Crimea to be a terrorist attack.

Cruise missiles tore into busy intersections, parks and tourist sites in the center of downtown Kyiv with an intensity unseen even when Russian forces attempted to capture the capital early in the war.

Belarusian President Alexander Lukashenko said he had ordered troops to deploy with Russian forces near Ukraine in response to what he said was a clear threat to Belarus from Kyiv and its backers in the West.

Igor Tikhiy, a 49-year-old marketing professional, has a simple answer to the question of why he fled to Georgia last week, crossing the border in the dead of night on his bicycle. "I don't want to shoot anybody. That's why I'm here." We spoke to war-averse Russians seeking sanctuary.

Some 7.6 million Ukrainian refugees have scattered around Europe since Russian President Vladimir Putin sent troops over the border, but many are having difficulty finding jobs and homes. The European Commission unveiled a new online tool to help Ukrainians find a job as the bloc looks to extend its protection for those displaced.

Here's what you need to know about the conflict right now

Restaurant customers watch the announcement made by Malaysian Prime Minister Ismail Sabri Yaakob dissolving parliament in Kuala Lumpur, October 10, 2022. REUTERS/Hasnoor Hussain


WORLD

Malaysian Prime Minister Ismail Sabri Yaakob called for an early election, to win a stronger mandate and stabilize the rocky political landscape that has persisted in the wake of the multi-billion dollar 1MDB scandal and COVID crisis. Here's how Malaysia's election system works.

Protests ignited by the death of a young woman in police custody continued across Iran in defiance of a crackdown by the authorities, as a human rights group said at least 185 people, including children, had been killed in demonstrations.

War between Taiwan and China is "absolutely not an option", Taiwan President Tsai Ing-wen said, as she reiterated her willingness to talk to Beijing and also pledged to boost the island's defences with precision missiles. China again rejected her latest overture, saying the island was an inseparable part of its territory.

North Korea's recent flurry of missile tests were designed to simulate showering the South with tactical nuclear weapons as a warning after large-scale navy drills by South Korean and U.S. forces, state news agency KCNA said.

Heavy rains eased across Australia's east, a slight relief for flood-weary residents. But authorities warned another intense weather system could hit several inland regions bringing more downpours and triggering flash flooding.

U.S.

If Republicans win control of the U.S. House of Representatives in November's midterm elections, they expect to use a powerful and potentially dangerous tool as leverage in their dealings with President Joe Biden: The federal debt ceiling.

Spurred by a deluge of threats and intimidating behavior by conspiracy theorists and others upset over former President Donald Trump's 2020 election defeat, some election officials across the United States are fortifying their operations as they ramp up for another divisive election.

U.S. banks are giving far less to federal candidates this election cycle and increasing the proportion they are handing to Democrats as they rethink their political giving, according to a Reuters analysis of data compiled by the Center for Responsive Politics and more than half a dozen industry officials and lobbyists.

The Supreme Court is set to hear arguments in an industry challenge to the constitutionality of a California animal welfare law in a case that could undermine the power of states to regulate a range of issues within their own borders.

A lack of rain and snow in central California and restricted water supplies from the Colorado River in the southernmost part of the state have withered summer crops like tomatoes and onions and threatened leafy greens grown in the winter. That has added pressure to grocery prices, putting a squeeze on wallets with no end in sight.

BUSINESS & MARKETS

Shares in Chinese tech giants Alibaba and Tencent as well as in chipmakers slumped, as investors were spooked by new U.S. export control measures aimed at slowing Beijing's technological and military advances.

The Bank of England sought to ease concerns about this week's expiry of its program to calm turmoil in the government bond market, announcing new safety net measures including a doubling of the maximum size of its debt buy-backs.

While British households head into a winter of soaring energy costs, a tumbling currency and nearly double-digit inflation, the country's banks are in line for a handsome payday as mortgage prices spike after a decade of stagnation.

Plans by European companies to hike wages and pay one-off bonuses to help staff cope with a torrid winter are raising alarm among investors concerned that the extra cost could hurt profits and undermine the region's economy.

The strikes that have hit French oil refineries and storage sites will continue, with workers at TotalEnergies and ExxonMobil's Esso France sticking to their positions as petrol stations run dry throughout the country.

As Japan throws open its doors to visitors this week after more than two years of pandemic isolation, hopes for a tourism boom face tough headwinds amid shuttered shops and a shortage of hospitality workers.

Quote of the day

"Xi would fear that any self-correction could be used by potential enemies to topple him"

Wu Guoguang

Former Communist Party insider

How China's Xi accumulated power, and why it matters in a third term

Video of the day

British artist doodles all over his house

From the outside walls to the kitchen sink, Sam Cox, known as Mr Doodle, has covered every inch of his home in depictions of figures and symbols.

And finally…

Banking crisis breakthroughs win Nobel economics prize for Bernanke, Diamond and Dybvig

A trio of U.S. economists including Former Federal Reserve chief Ben Bernanke won this year's Nobel Economics Prize for laying the foundation of how the world now manages global crises like the recent pandemic or the Great Recession of 2008.

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