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Twitter’s suspension of journalists draws global backlash

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Twitter’s unprecedented suspension of at least five journalists over claims they revealed the real-time location of owner Elon Musk has drawn swift backlash from government officials, advocacy groups and journalism organisations across the globe.

Officials from France, Germany, the United Kingdom, the United Nations and the European Union condemned the suspensions, with some saying the platform was jeopardising press freedom.

The episode, which one well-known security researcher labelled the “Thursday Night Massacre“, is being regarded by critics as new evidence of the billionaire, who considers himself a “free speech absolutist,” eliminating speech and users he personally dislikes.

The United Nations is “very disturbed” by the arbitrary suspension of journalists on Twitter, spokesman Stephane Dujarric said on Friday, adding that media voices should not be silenced on a platform professing to give space for free speech.

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“The move sets a dangerous precedent at a time when journalists all over the world are facing censorship, physical threats and even worse,” Dujarric told reporters.

The French Minister of Industry Roland Lescure tweeted on Friday that following Musk’s suspension of journalists, he would suspend his own activity on Twitter.

The German Foreign Office warned Twitter that the ministry had a problem with moves that jeopardise press freedom.

The suspensions stemmed from a disagreement over a Twitter account called ElonJet, which tracked Musk’s private plane using publicly available information.

‘Violate the spirit of the First Amendment’

On Wednesday, Twitter suspended the account and others that tracked private jets, despite Musk’s previous tweet saying he would not suspend ElonJet in the name of free speech.

Shortly after, Twitter changed its privacy policy to prohibit the sharing of “live location information”.

Then on Thursday evening, several journalists – including from the New York Times, CNN and the Washington Post – were suspended from Twitter with no notice.

In an email to Reuters overnight, Twitter’s head of trust and safety Ella Irwin said the team manually reviewed “any and all accounts” that violated the new privacy policy by posting direct links to the ElonJet account.

“I understand that the focus seems to be mainly on journalist accounts, but we applied the policy equally to journalists and non-journalist accounts today,” Irwin said in the email.

The Society for Advancing Business Editing and Writing said in a statement on Friday that Twitter’s actions “violate the spirit of the First Amendment and the principle that social media platforms will allow the unfiltered distribution of information that is already in the public square”.

Musk appeared briefly in a Twitter Spaces audio chat hosted by journalists, which quickly turned into a contentious discussion about whether the suspended reporters had actually exposed Musk’s real-time location in violation of the policy.

“If you dox, you get suspended. End of story,” Musk said repeatedly in response to questions. Dox is a term for publishing private information about someone, usually with malicious intent.

The Washington Post’s Drew Harwell, one of the journalists who had been suspended but was nonetheless able to join the audio chat, pushed back against the notion that he had exposed Musk or his family’s exact location by posting a link to ElonJet.

Soon after, BuzzFeed reporter Katie Notopoulos, who hosted the Spaces chat, tweeted the audio session was cut off abruptly and the recording was not available.

In a tweet explaining what happened, Musk said “We’re fixing a Legacy bug. Should be working tomorrow.”

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Indian tycoon Adani hit by more losses, calls for probe

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NEW DELHI (AP) – Trading in shares in troubled Adani Enterprises gyrated Friday as the flagship company of India’s second-largest conglomerate tumbled 30% and then rebounded after more than a week of heavy losses that have cost it tens of billions of dollars in market value.

The debacle, which led Adani to cancel a share offering meant to raise $2.5 billion, has drawn calls for regulators to investigate after a U.S. short-selling firm, Hindenburg Research, issued a report claiming the group engages in market manipulation and other fraudulent practices. Adani denies the allegations.

Opposition lawmakers blocked Parliament proceedings for a second day Friday, chanting slogans and demanding a probe into the business dealings of coal tycoon Gautam Adani, who is said to enjoy close ties with Prime Minister Narendra Modi.

“We have no connection″ with the Adani controversy, Parliamentary Affairs Minister Pralhad Joshi told reporters outside Parliament on Friday.

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In an interview with CNN News 18, Finance Minister Nirmala Sitharaman brushed off concerns that the losses would spook global investors and said India’s financial market was “very well regulated.”

“As a result, the investors’ confidence which existed before shall continue even now,” she said, adding that the controversy wasn’t “indicative of how well Indian financial markets are governed.”

Amit Malviya, the governing Bharatiya Janata Party’s information and technology chief, said in a television interview that the opposition was using Adani’s crisis to target the Modi government over a private company’s shares and their market movements. “Regulators are looking into” what happened, he said.

The market watchdog, the Securities and Exchange Board of India, has not commented. The Economic Times newspaper reported, citing unnamed SEBI sources, that it had asked stock exchanges to check for any unusual activity in Adani stocks.

Shares in Adani Enterprises fell as much as 30%, to 1,017 rupees ($12), on Friday. At the end of trading, the price had recovered to 1,531 rupees ($18.70) but was still down by 2%. The company’s share price has plunged more than 50% since Hindenburg released its report last week, when it stood at 3,436 rupees ($41). Stock in six other Adani-listed companies were down 5% to 10% on Friday.

So far there has been no indication that the company’s woes might threaten the wider financial sector in India. Its equities market is large enough to sustain the fallout at this moment, said Brian Freitas, a New Zealand-based analyst with Periscope Analytics who has researched the Adani Group.

“Adani stock forms a small part of the equities market and investor concerns right now are restricted to the company, not the whole system or market itself,” Freitas said. India’s Nifty and Sensex indexes were both higher on Friday.

It could take time for problems to surface, Shilan Shah of Capital Economics said in a report. “From the macro perspective there are few signs of contagion,” he said. “But it is too early to sound the all clear.”

The S&P Dow Jones indices said Thursday it would remove Adani Enterprises from its sustainability indices beginning Tuesday, following a “media and stakeholder analysis triggered by allegations of stock manipulation and accounting fraud.”

That might dent the Adani Group’s sustainability credentials and could affect investor sentiment, Freitas said.

Adani, who made a vast fortune mining coal and trading before expanding into construction, power generation, manufacturing and media, was Asia’s richest man and the world’s third wealthiest before the troubles began with Hindenburg’s report.

By Friday, his net worth had halved to $61 billion, according to Bloomberg’s Billionaire Index, where he dropped to the 21st spot worldwide.

He has said little publicly since the troubles began, though in a video address after Adani Enterprises canceled its already fully subscribed share offering he promised to repay investors. The company has said it is reviewing its fundraising plans.

Hindenburg’s report said it was betting against seven publicly listed Adani companies, judging them to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” Other issues in the report included concerns over debt, alleged use of offshore shell companies to artificially raise share prices and past investigations into fraud.

Adani’s speedy, debt-led expansion in recent years caused his net worth to shoot up nearly 2,000%. Even before last week, critics said his ascent was aided by his apparent close ties to Modi and his government. Analysts say he has been successful at aligning his priorities with those of the government by investing in key sectors, but point out that he also has major infrastructure projects in states that are ruled by opposition parties.

“The question now turns to the future of the Adani Group and how they will grow,” said Aveek Mitra, founder of Avekset Financial Advisory.

As a company heavily involved in infrastructure — from airports and ports to highways — it needs financing to grow in order to service its debt, which stands at $30 billion, out of which $9 billion is from Indian banks.

Adani may be able to sell some assets and continue its expansion, but at a much slower pace than earlier, Mitra said.

“Banks, financial institutions and investors will think five times before investing now,” he added.

Associated Press writer Ashok Sharma contributed to this report.

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Ottawa expands price caps to Russian petroleum products to reduce revenues

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OTTAWA — The federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.

The department says the maximum price for seaborne Russian-origin petroleum will be US $100 per barrel for “premium-to-crude” products as of Sunday, and US $45 for “discount-to-crude” products.

It says in a press release the new caps build on a Russian crude oil price limit announced in December, adding both moves will weaken President Vladimir Putin’s ability to fund the war against Ukraine.

The Department of Finance says the caps will be enforced by prohibiting buyers who do not abide by the price caps from obtaining services from companies in the G7 or Australia.

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It says the price cap mechanism has been designed to reduce Russian revenues while recognizing the importance of stable energy markets and minimizing negative economic effects.

Finance Minister Chrystia Freeland says Russian oil revenues have already declined since the first price cap took effect and the additional price caps “will be another blow to Putin’s war chest.”

This report by The Canadian Press was first published Feb. 4, 2023.

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This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.

 

The Canadian Press

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Adani crisis ignites India contagion fears, credit warnings – Al Jazeera English

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  1. Adani crisis ignites India contagion fears, credit warnings  Al Jazeera English
  2. Indian tycoon Adani hit by more losses, calls for probe  CP24
  3. Adani Flagship Shelves $122 Million Bond Plan After Market Rout  BNN Bloomberg
  4. How Adani selloff stacks up against the biggest stock collapses  Deccan Herald
  5. Adani response to Hindenburg report: Embattled corporations invoking nationalism, or national sentiment, is not unheard of  The Indian Express
  6. View Full Coverage on Google News

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