A Russian missile hit a busy shopping mall in central Ukraine on Monday, triggering a blaze in which the number of dead may be “impossible to imagine”, said the country’s president, who described the attack as a “terrorist” act.
Hours after Volodymyr Zelenskyy pleaded with G7 leaders for more missile defence systems following a series of attacks at the weekend, Ukraine’s president posted a video on Telegram of the missile attack in Kremenchuk, about 320km south-east of Kyiv on the Dnipro river, that showed the shopping mall ablaze.
“The occupiers fired missiles at the mall, where there were more than a thousand civilians,” Zelenskyy said in the post. “The mall is on fire, rescuers are fighting the fire, the number of victims is impossible to imagine,” he added.
In a speech on Monday night, Zelenskyy said the Russian state had “become the largest terrorist organisation in the world”, adding that buying Russian oil and maintaining ties with its financial institutions was “giving money to terrorists”.
Dozens of strikes have rocked Ukrainian cities in recent days, including areas far from frontline battles, just as leaders of G7 countries started their summit in the German Alps.
In Schloss Elmau, G7 leaders vowed to impose new sanctions on Russia’s ability to import technologies for its arms industry as they promised to step up their security commitments to Ukraine. The group of seven advanced economies said they would “align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services and technologies”.
More from the G7 summit:
Energy: Emmanuel Macron wants to see a drive for higher global oil production as the French president seeks ways of bringing down the cost of energy.
Climate change: Major global companies are pushing world leaders to step up action to tackle climate change at the G7 summit, calling for large-scale carbon pricing and measures to boost demand for clean technology.
Thanks for reading FirstFT Asia and here’s the rest of the day’s news — Emily
Five more stories in the news
1. Japan tries to avert Tokyo blackout The Japanese government on Monday called on businesses and the public in the Tokyo area to cut electricity use, saying a lack of generating capacity risked plunging the capital into a power blackout. The blackout alert, the second this year, is likely to revive contentious debate about restarting Japan’s nuclear plants.
2. Trump’s plans for Spac deal suffer blow after subpoenas Donald Trump’s plans to take his media business public have suffered a further blow after a federal grand jury issued subpoenas to a blank-cheque company that is set to merge with Trump Media and Technology Group.
3. Credit Suisse found guilty over Bulgarian drug money failings Credit Suisse has become the first domestic bank to be found guilty of a corporate crime by Swiss authorities after a court found the lender failed to stop the laundering of Bulgarian drug money. The verdict was handed down in the southern Swiss city of Bellinzona by the country’s highest criminal court on Monday
4. Naspers to sell more of Tencent stake in bid to revive shares The South African internet group Naspers, Tencent’s biggest shareholder, has abandoned a pledge not to sell stock in China’s most valuable company as it seeks to finance a buyback to help its struggling share price.
5. Hajj flights from Israel to Saudi Arabia included in talks Discussions are under way on a deal that would allow Palestinians with Israeli citizenship to fly directly to Saudi Arabia to perform the hajj and umrah religious pilgrimages, according to people familiar with the matter. The initiative is one of several being discussed ahead of US president Joe Biden’s trip to Israel and Saudi Arabia next month.
The day ahead
Australian foreign minister visits Malaysia Penny Wong will visit Malaysia to meet her counterpart Saifuddin Abdullah, defence minister Hishammuddin Hussein, and trade and industry minister Azmin Ali. (The Diplomat)
Nato meeting Officials will gather in Madrid on Tuesday for three days of discussions, including Nato’s expansion in the wake of Russia’s invasion of Ukraine. Yesterday Nato announced it is increasing its forces on high alert by more than sevenfold to 300,000.
Scottish first minister outlines independence plan Nicola Sturgeon is expected to set out in detail how she plans to hold a second independence referendum.
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What else we’re reading
Xi’s fraying relationship with the middle class After a return to gruelling lockdowns under President Xi Jinping’s zero-Covid policy, a new trend has emerged: runxue, the study of how to get out of China for good. Trapped in a web of unpredictable and chaotic lockdown rules, many Chinese are now dreaming of a permanent escape.
What’s a good (and bad) way to leave your job? We too often fail to manage job endings well. The consequences not only affect the person leaving, but can also harm staff remaining — and the company itself. Naomi Shragai, a business psychotherapist and author, shares her top tips for amicable endings.
‘Sanctuary states’ for abortion as US legal battles loom The overturning of Roe vs Wade, triggered automatic abortion bans in 13 Republican states, with more expected. Meanwhile, pro-choice legislators have proposed or already passed legislation to codify abortion rights and legal protections. The moves add to an increasingly complex patchwork of abortion rules across the US based on party lines.
Explainer: Our reporter parses the crucial passages from the ruling on abortion rights.
Crypto and meme corporate bonds may follow their own path The crash of some of the flagbearers of the equity bubble has been painful for investors. Less noticed are the losses of their bonds. Such gaps illuminate differences in the ownership and returns for stocks versus bonds, writes Ellen Carr at Barksdale Investment Management.
Can we avoid disasters, and should we even bother trying? In his book The Precipice, philosopher Toby Ord argues that humanity has reached a dangerous moment in its existence. One in which it has developed the means to subject itself to an existential catastrophe but not yet the wisdom or the knowledge to say for certain that we will avoid it.
Summer reads
Looking for a page-turner? Check our Laura Battle’s 10 top fiction recommendations.
Source: Economy - ft.com
