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Kyiv Mayor Vitali Klitschko used an impassioned speech to the World Economic Forum in Davos to hammer home Ukraine’s plea for support in its war against Russia, telling the rich and powerful: “We are defending you personally”.
Mr Klitschko played the sound of air-raid sirens to delegates as he told them the war was killing people about only 2,000 kilometres from the idyllic summit venue where political and business leaders assembled in Switzerland.
The former professional boxer, speaking after President Volodymyr Zelenskyy had demanded tougher western sanctions on Russia, said at least 120 civilians had died in Kyiv and 200 apartment buildings been destroyed in the fighting.
“You in Switzerland never hear a siren,” he said. “Any second, a rocket or bomb can land in your building. It’s very close and every one of you has to understand it.”
Mr Klitschko said Ukraine was fighting to be part of the club of the world’s democracies against a Russian leadership which western officials have described as trying to keep its ex-Soviet neighbour in its sphere of influence.
He said the Kremlin saw Ukraine “as part of the Russian empire” and described President Vladimir Putin as having a vision to rebuild the former Soviet Union.
Gesturing at Davos delegates, he said: “We are fighting for our country, defending our family and children, but every one of you has to understand: we are defending you personally.
“We are fighting for values – democratic values. We are fighting, actually, for every one of you, and everyone has to understand that.”
Mr Klitschko said four children were among the civilian dead in Kyiv and that another 16 had been taken to hospital with injuries. He said the situation was far worse in other cities less accessible to international media.
Russia refocused its invasion away from Kyiv after failing to capture the capital in the early weeks of the war. Moscow’s troops are now fighting for control of the eastern Donetsk and Luhansk regions where fighting has raged for years.
Ukraine said on Monday it was fighting to keep control of the city of Severodonetsk, where Britain said Russia had deployed its modern Terminator vehicles in a battle for a stronghold still controlled by Ukrainian forces.
Russia said it had destroyed an ammunition depot in Luhansk. Both sides have reported heavy enemy losses, but given scarce details on their own casualties.
Mr Klitschko spoke at Davos on a panel alongside his brother Wladimir, who contrasted the deaths of civilians in towns around Kyiv with Russia’s claim to be carrying out a special operation against Ukraine’s military.
Photos of alleged massacre sites are part of a display at Davos called the “Russian War Crimes House”, previously the Russia House where delegates from Moscow would have attended the summit.
Russia was barred from this year’s forum — the first fully fledged Davos gathering since the earliest days of the coronavirus outbreak in January 2020 — while Ukrainian officials are there to lobby for more support.
Speaking at the war crimes display, Andriy Yermak, an adviser to Mr Zelenskyy, said Russia’s apparent impunity in killing civilians meant the “fate of Europe and the world is at stake”.
“Today a new world is being born in my country,” he said. “We are resisting an empire that sees genocide and crimes against humanity as routine, not taboo.”
A Ukrainian court on Monday found a young Russian soldier guilty of war crimes and handed him a life sentence, in the first such verdict during the three-month conflict.
A sergeant from Siberia, Vadim Shishimarin had admitted in court to killing a 62-year-old civilian, Oleksandr Shelipov, in the village of Chupakhivka in north-east Ukraine. Prosecutors said he shot between three and four bullets.
Mr Zelenskyy said Russian assets frozen in other countries should be used to pay for compensation for victims of the war.
“There must be a precedent of punishment for the aggressor and investment in a peaceful life,” he said.
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
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