Around the World New intelligence points to pro-Ukraine group in Nord Stream attack, NYT reports

New intelligence reviewed by US officials suggests that a pro-Ukraine group - likely comprised of Ukrainians or Russians - attacked the Nord Stream gas pipelines in September, but there are no firm conclusions, the New York Times reported on Tuesday.

There was no evidence that Ukrainian President Volodymyr Zelenskiy or other Ukrainian Government officials were behind the attacks which spewed natural gas into the Baltic Sea, the newspaper reported, citing US officials.

The Sept 26 explosions on the pipelines connecting Russia and Germany occurred in the exclusive economic zones of Sweden and Denmark. Both countries have concluded the blasts were deliberate, but have not said who might be responsible.

The United States and NATO have called the pipeline attacks “an act of sabotage,” while Moscow has blamed the West. Neither side has provided evidence.

Denmark, Germany and Sweden said last month that their investigations have not yet concluded. The United States and Britain said on Tuesday they were waiting on those findings.

“We need to let these investigations conclude and only then should we be looking at what follow-on actions might or may not be appropriate,” said White House spokesperson John Kirby.

Germany said on Tuesday it had taken note of the New York Times report but that its own investigation had not yet produced results. NATO SecretaryGeneral Jens Stoltenberg and Swedish Prime Minister Ulf Kristersson both declined to comment on the New York Times report during a news conference in Stockholm. A senior aide to Zelenskiy, Mykhailo Podolyak, said that Kyiv was “absolutely not involved” in the blasts and has no information about what happened. (Excerpt from Reuters)

Suppressing China won’t make America great – Chinese Foreign Minister Qin Gang

China’s Foreign Minister says ChinaUS relations have “seriously deviated” while warning of potential conflict.

“Containment and suppression will not make America great. It will not stop the rejuvenation of China,” said Qin Gang.

Qin, China’s former ambassador to the US, held his first press conference as Foreign Minister on Tuesday.

The spy balloon saga has heightened tensions between the superpowers despite recent efforts to improve ties.

“It [the US] regards China as its primary rival and the most consequential geopolitical challenge. This is like the first button in the shirt being put wrong,” said

Qin Gang has held his first press conference as China’s Foreign Minister continues to roar down the wrong road, no amount of guardrails can stop the derailment and overturning, and it is bound to fall into conflict and confrontation. Who will bear its disastrous consequences?” what it really wants is for China to not hit back with words or actions when provoked, Qin added.

Qin, speaking on the sidelines of the annual meeting of China’s parliament in Beijing.

The Foreign Minister was responding to a question on whether a healthy China-US relationship was still possible as differences between the countries grew.

He also said the diplomatic crisis caused by the balloon incident could have been averted but the US acted with “the presumption of guilt”.

He was referring to US President Joe Biden’s comments last month that the US would “compete fully with China but [is] not looking for conflict”.

Oil falls by US$3/bbl as investors brace for steeper US rate hikes

Oil prices fell by US$3 a barrel on Tuesday after comments from US Federal Reserve Chair Jerome Powell stoked rate hike fears, the dollar strengthened and top crude importer China issued weak data.

Brent crude futures shed US$2.89, or 3.4%, to settle at US$83.29 a barrel, while the US West Texas Intermediate crude futures dropped by US$2.88, or 3.6%, to close at US$77.58 per barrel. Those were the biggest single day percentage declines for both contracts since Jan 4. Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data, pushing most commodities and financial markets lower.

“Those comments are ripping through the market, which has taken on a risk-off sentiment,” said John Kilduff, a partner at Again Capital LLC in NYC.

The remarks boosted the US dollar , which jumped more than 1% to a three-month month high, weighing on dollar-denominated oil by making it more expensive for buyers paying with other currencies.

“A full percent move up is just tremendous,” Kilduff added. More pressure came from a contraction in China’s exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions.

“Given the high inflation in the US and Europe, demand from there should keep weakening, which also dampens processing demand in China,” said Iris Pang, ING’s chief economist for Greater China.

Prices were supported by forecasts for tighter supply and higher demand.

Washington has previously described the suspected spy balloon as a “clear violation of US sovereignty”. Beijing admitted the object belonged to them, but said it was a civilian airship blown off-course. (Excerpt from BBC News)

US crude production and demand will rise in 2023 as Chinese travel drives consumption, the US Energy Information Administration (EIA) said in its Short Term Energy Outlook.

Chevron Chief Executive Mike Wirth told a Houston conference there is “not a lot of swing capacity”, making the global market vulnerable to any unexpected supply disruption.

“The key unknown for 2023 will be the disruption to Russia’s oil and refined product exports,” Commonwealth Bank of Australia analyst Vivek Dhar said in a note. (Excerpt from Reuters)

Protesters in the small ex-Soviet state of Georgia threw petrol bombs and stones at Police on Tuesday night after Parliament gave its initial backing to a draft law on “foreign agents” which critics say represents an authoritarian shift.

Police in the centre of the capital Tbilisi used water cannon and tear gas in attempting to disperse thousands of demonstrators, who fear the draft law could hurt the South Caucasus country’s hopes of European Union membership.

The law, backed by the

The US called for establishing “guardrails”, but

Qin said: “If the US does not put on the brakes and

Bangladesh: Deadly explosion hits commercial building in Dhaka Georgians throw stones, petrol bombs at Police in protest over new law

ruling Georgian Dream party, would require any organisations receiving more than 20% of their funding from overseas to register as “foreign agents”, or face substantial fines.

Critics have said it is reminiscent of a 2012 law in Russia that has since been used to crack down on dissent.

Georgian President Salome Zourabichvili, who wants to veto the law it if crosses her desk, said she was on the side of the protesters.

“You represent a free Georgia, a Georgia which sees its future in the West, and won’t let anyone to take this future away,” she said in an address recorded in the United States, where she is on an official visit.

“Nobody needs this law ... everyone who has voted for this law has violated the constitution,” she said. Parliament, though, can override her veto.

Protesters angrily remonstrated with Police armed with riot shields who then used tear gas and watercannon. At least three petrol bombs, as well as stones, were thrown at Police. (Excerpt from Reuters)

At least 17 people have been killed and 140 injured in an explosion inside an office building in the Bangladeshi capital Dhaka, Police and fire service officials have said.

The explosion shook the fourth and fifth floors of a five-storey building in Gulistan, a major hub for wholesale goods in the capital, shortly before 5pm local time (11:00 GMT) on Tuesday.

Authorities could not immediately provide the reason behind the huge explosion in the bustling commercial area.

“At least 17 people have died, including two women,” Police Inspector Bacchu Mia told AFP.

Mia said more than 140 had been brought to

US President Joe Biden has proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance programme’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults.

In his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden. His budget would draw a direct line between those new taxes and the popular health insurance programme for people older than 65, essentially asking those who have fared best in the economy to subsidise the rest of the population.

Biden wants to increase the Medicare tax rate from 3.8 percent to 5 percent on income exceeding US$400,000 per year, including salaries and capital gains. That would likely increase tax revenues by more than US$117 billion across 10 years, according to prior estimates by the Tax Policy Center.

“This modest increase in Medicare contributions from those with the highest incomes will help keep the Medicare program strong for decades to come,” Biden wrote in a Tuesday essay in The New York Times. He called Medicare a “rock-solid guarantee that Americans have counted on to be there for them when they retire”.

The proposed Medicare the Dhaka Medical College Hospital (DMCH).

Fire officials carry the body of a victim after the explosion in Dhaka building but more than 150 firefighters were at the site to assist in rescue efforts, a fire services spokesperson said.

More than 112 people were treated for head wounds, fractures and other injuries at DMCH, hospital director Nazmul Islam told AFP.

No fire broke out in the

Biden proposes taxes on the rich to cover Medicare expenses

changes were part of a fuller budget proposal that Biden planned to release on Thursday in Philadelphia. Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats holding only a slim majority in the Senate. (Excerpt from Al Jazeera)

Even though rescuers got to the scene within seven minutes of the blast, the extent of the damage has hampered their efforts to reach people who may still be stuck inside, according to Fire Department Chief Brigadier General Main Uddin.

“It’s risky to enter the building now,” he said. “We needed reinforcements for columns and beams to continue rescue (efforts) on the ground floor and the underground,” Uddin said.

“There is still the possibility of people stuck inside the building,” he said. (Excerpt from Al Jazeera)