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Reliance Group in letter defends its takeover of Future Retail stores

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Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a letter showsFuture Group

India's top retailer, Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a company letter shows.

The takeover was part of the race to dominate a $900-billion retail sector that set off a bitter dispute in which India's Supreme Court will decide whether Reliance or Amazon.com Inc gets to scoop up Future's assets.

The March 8 letter, seen by Reuters, reveals for the first time Reliance's stance on the events of the night of Feb. 25, when staff suddenly showed up at many of its rival's stores to take control over missed lease payments.

That move stunned not only Future but also Amazon, which has cited violation of certain contracts to legally block, since 2020, a $3.4-billion deal between the two Indian giants.

In the letter, Reliance said it went "well and truly beyond what can be expected" to keep Future "out of harm's way," as it took "significant steps" to ensure business continuity at Future and make sure there was "no impediment" to their deal.

These steps included financial support of 48 billion rupees ($634 million), comprising 11 billion rupees of unpaid lease rentals and 37 billion rupees of working capital.

Over months, Reliance had taken over the leases of more than 900 of Future's 1,500 stores, while still allowing the company to run them.

As Future proved unable to pay outstanding dues and losses in its retail operations swelled, Reliance faced "compelling circumstances" and decided to exercise its legal right to take over the stores, the letter added.

Neither Reliance nor Future immediately responded to a request for comment.

Future, which is staring at bankruptcy as its losses grow, has previously called Reliance's move "drastic and unilateral".

Before Amazon blocked it, Reliance, led by India's richest man, Mukesh Ambani, had proposed a $3.4-billion deal to buy Future's retail, wholesale and logistics operations, as well as some other businesses.

But following Reliance's abrupt takeover of its stores, Future sought several assurances in a March 2 letter, also seen by Reuters, asking if Reliance would stick to the deal without changing its value or terms.

In its response on March 8, Reliance said Future's request for assurances had to be seen "in the light of the rapidly evolving circumstances".

It added, "As and when the scheme (deal) is implemented, it will be in accordance with its terms."

Also Read: Centre's fiscal deficit jumps to 82.7% of FY22 target in April 2021-February 2022

Centre's fiscal deficit jumps to 82.7% of FY22 target in April 2021-February 2022

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The fiscal deficit rose sharply in February, having amounted to 58.9 percent of the full-year target in April 2021-January 2022.Centre's fiscal deficit rose to 58.9% of FY22 target in April 2021-January  2022

The Centre's fiscal deficit jumped to 82.7 percent of the FY22 target in April 2021-February 2022, data released on March 31 by the Controller General of Accounts showed.

The fiscal deficit had amounted to 76.0 percent of the full-year target for the corresponding period of FY21.

While the latest numbers on the government's finances continue to show the Centre is on track to meet its revised fiscal deficit target of 6.9 percent of GDP for FY22, February saw a sharp rise in the deficit.

The fiscal deficit had amounted to 58.9 percent of the full-year target in April 2021-January 2022.

In February, the Centre recorded a fiscal deficit of Rs 3.79 lakh crore, more than double of what it posted in the corresponding period last year.

Also Read: US calls India's stand on Russian sanctions 'deeply disappointing'

US calls India's stand on Russian sanctions 'deeply disappointing'

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Comments regarded as a deepening rift between the security partners as Russian Foreign Minister Sergei Lavrov traveled to Delhi for talks. Ukraine


The U.S. and  criticized India for considering a Russian proposal that would undermine sanctions imposed by America and its allies, showing a deepening rift between the emerging security partners as Foreign Minister Sergei Lavrov traveled to Delhi for talks.

“Now is the time to stand on the right side of history, and to stand with the  and dozens of other countries, standing up for freedom, democracy and sovereignty with the Ukrainian people, and not funding and fueling and aiding President Putin’s war,” Commerce Secretary Gina Raimondo told reporters in Washington on Wednesday. She called reports of the arrangement “deeply disappointing,” while adding that she hadn’t seen details.

Dan Tehan, Australia’s trade minister who also spoke at the briefing, said it was important for democracies to work together “to keep the rules-based approach that we’ve had since the second world war.”

The comments reflect growing unease with India among fellow members of the Quad, a group of democracies seeking to counter China’s assertiveness in the Asia-Pacific region that also includes the U.S.,  and Japan. India is the world’s largest buyer of Russian weapons, and has also sought to buy cheap oil as fuel prices surge.

ALSO READ: US official warns India, others against increasing Russian oil imports

While India has supported calls for a cease-fire and a diplomatic solution, it abstained at the United Nations on votes for draft resolutions condemning Russia’s invasion that were ultimately vetoed by Moscow. Bloomberg reported Wednesday that India is weighing a plan to make rupee-ruble-denominated payments using an alternative to SWIFT after the U.S. and European Union cut off seven Russian banks from using the Belgium-based cross-border payment system operator.

The Russian plan involves rupee-ruble-denominated payments using the country’s messaging system SPFS and central bank officials from Moscow are likely to visit next week to discuss the details. No final decision has been taken.

India’s middle-ground position on the war has left to a raft of diplomacy in the past few weeks, with China’s foreign minister visiting for the first time since 2019 and now Lavrov seeking to shore up support. At the same time, the U.S. and its allies are also stepping up engagement in a bid to influence Prime Minister Narendra Modi’s government.

ALSO READ: Steel, fuel prices to impact domestic steel demand in coming quarters: SteelMint

Japanese Prime Minister Fumio Kishida visited Delhi earlier this month, and Australian Prime Minister Scott Morrison also held a video summit with Modi. On Wednesday, Secretary of State Antony Blinken held a call with his counterpart, Subrahmanyam Jaishankar, to discuss “the worsening humanitarian situation in Ukraine” among other issues.

During Lavrov’s trip, India is also hosting U.S. Deputy National Security Advisor for  Economics Daleep Singh and U.K. Foreign Secretary Liz Truss. Her office said she “will point to the importance of all countries reducing strategic dependency on Russia at this time of heightened global insecurity.”

India has pushed back against U.S. concerns by noting that it needs Russian arms to counter China, particularly after border clashes in 2020, and alternatives are too expensive. The strategic relationship between India and Russia dates back to the Cold War and remains robust, even as Modi has shifted the country more toward the U.S. orbit in recent years.

Steel, fuel prices to impact domestic steel demand in coming quarters: SteelMint

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While hot-rolled coil (HRC) is quoting in the range of Rs 76,000-77,000 per tonne, cold-rolled coil (CRC) is costing between Rs 85,000-86,000 per tonne. Rebar price stands at Rs 72,000-73,000 a tonne, SteelMint India said on Thursday.Steel, fuel prices to impact domestic steel demand in coming quarters:  SteelMint

The domestic steel demand is expected to take a hit in the coming quarters due to "very high steel prices" and continuously rising fuel prices, according to industry consultancy SteelMint India. Steel prices in India are trading at an all-time high.

While hot-rolled coil (HRC) is quoting in the range of Rs 76,000-77,000 per tonne, cold-rolled coil (CRC) is costing between Rs 85,000-86,000 per tonne. Rebar price stands at Rs 72,000-73,000 a tonne, SteelMint India said on Thursday.

Steel prices in India are trading at an all-time high. While hot-rolled coil (HRC) is quoting in the range of Rs 76,000-77,000 per tonne, cold-rolled coil (CRC) is costing between Rs 85,000-86,000 per tonne. Rebar price stands at Rs 72,000-73,000 a tonne, SteelMint India said on Thursday.

In the domestic market, prices of HRC in the first week of March were in the range of Rs 68,000-69,000 a tonne, while CRC was at Rs 73,000-74,000 per tonne. Rebar was costing about Rs 67,500-68,500 a tonne. SteelMint said it "expects demand to be negative in coming quarters on rising steel prices and higher fuel prices, which may defer buying activities".

The government on Thursday hiked petrol, diesel prices by 80 paise a litre each, the 9th increase in 10 days, taking the total hike to Rs 6.40 a litre. Rising fuel prices will impact the logistics for the supply of steel items which may also impact the demand, the consultancy said.

According to SteelMint, domestic steel consumption is likely to be at 98 million tonnes in April 2021-March 2022.

Read Also:- Role of IT in the Stock Market

Indian economy vulnerable because of growing budget deficit and an inflationary trend: Nomura

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The report assessed vulnerability and resilience of 20 EM economiesIndian economy vulnerable because of growing budget deficit and an inflationary  trend: Nomura

India’s economy is “vulnerable” because of its increasing fiscal deficit and retail inflation, and indirect exposure to the Russia-Ukraine war, according to a report by Nomura on Emerging Markets.

The report has analysed the resilience and vulnerability of 20 major EM economies, taking into account recent stressors and the countries’ fundamental financials.

Poor fiscal health

The report said that while budget deficits have ballooned in nearly all countries due to the pandemic, resulting in higher public debt ratios, some countries such as India are in a worse shape than others. It clubbed India with Brazil, Hungary, South Africa and China, while it grouped the better offs as Russia, Peru, Chile and Turkey. 

To control inflation and reduce its impact on poorer households, India may need to consider increased subsidies for fuel.

The report stated “large net importers of food and energy may need to impose price controls or increased food and fuel subsidies to limit the rise in inflation, thereby cushioning the cost-of-living impact on poorer households but at the cost of larger budget deficits”.

It stated, “The surge in commodity prices – notably food prices, which have a much larger weighting in the CPI baskets of EM countries than their DM counterparts – will result in more EM countries joining the double-digit inflation camp (Russia could soon join Turkey with over 50% inflation). Even in Asia, where inflation has been relatively low, prices are set to accelerate”.

The country’s indirect-exposure to the Russia-Ukraine war comes from its fertiliser imports. Thirty percent of India’s fertiliser imports come from Russia and Belarus.

Hanging on commodity prices

In the overall assessment, India has been placed among economies that have “relatively sound fundamentals and will benefit once commodity prices decline”. The other countries in this group are China, South Korea, Thailand and the Philippines. 


Titled ‘Beware of painting all EMs with the same brush’, the report has classified the 20 countries into three. Countries with weak economic fundamentals and high negative exposure to Russia and Ukraine via high commodity prices as vulnerable; countries with fairly healthy fundamentals, limited exposure to the two warring countries and that could benefit from high commodity prices as resilient; and countries that have relatively sound fundamentals and will benefit once commodity prices decline as ‘commodity-dependent group’

India falls in the commodity-dependent group. Hungary, Romania, Turkey, the Czech Republic and Russia fall under the ‘vulnerable’ group  and Brazil,Peru, Mexico, South Africa and Indonesia come under the ‘resilient group’.

Delhivery aims IPO for Q1 as market sentiment improves for large offerings

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Offer is pegged to be around Rs 7,000 crore, rides on a positive outlook for sectorThe Initial Public Offering (IPO) Boom For New Age Companies Has Faded Much  Too Quickly. Will Investors Make A Bid For Delhivery? - Inventiva

Logistics company  aims to launch its initial public offering (IPO) in the June 2022 quarter, said investment bankers who know about the plans.

The Gurugram-based company filed in November its draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi). It got Sebi’s approval for the  in January.

Challenging market conditions due to the US Federal Reserve’s hawkish pivot and Russia’s attack on Ukraine have roiled the  market after a record-breaking 2021.

"The market has seen an improvement in the past one week amid talks of ceasefire between Russia and Ukraine. If market conditions continue to improve, we can see large issuances such as  launch their share sale," said a banker. Four IPOs have got launched in the past one week compared to just three between January and February.

  is pegged to be around Rs 7,000 crore. It is India’s largest multimodal, fully-integrated logistics and supply-chain firm by revenues (FY21 basis).

Brokerage Motilal Oswal said in in a recent note the domestic logistics sector offers a large addressable opportunity as it is pegged to grow at an annualized rate of 9 per cent to $365 billion between FY20 and FY26. It expects the growth to be higher for the organised players due to their “relentless focus on technology and automation.”

At present, the logistics market is highly fragmented with organized players accounting for less than 4 per cent of market share. Motilal Oswal said the shift to unorganised to organized sector is already underway.

“This shift has gathered pace with the rollout of GST, which increased demand for national, integrated supply chain service providers with integrated warehousing and Transportation models, that allow customers to scale operations at lower fixed costs, while creating opportunities for optimizing footprints and capacity utilization, lesser inventory, and faster and cheaper fulfillment,” said Alok Deora and Dhirendra Patro, who are analysts at Motilal Oswal, in a note.

As per the brokerage, some of the key positives of Delhivery are an asset-light business model, diverse customer base, and sophisticated network infrastructure.

Motilal Oswal said Delhivery has proprietary technology systems that enable it to offer integrated logistics services to a wide variety of customers. Its technology stack consists of over 80 applications that encompass all supply chain processes.

Axis Bank set to buy Citi's India consumer business: Report

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In April 2021, Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy

Citibank, citigroup, foreign banks

Private sector lender  is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday.

According to the sources, the deal, to be valued at USD 2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals.

In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.

The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.

Once the deal gets the approvals, the sources said the balance sheet size of  will expand and the retail segment will witness a significant jump.

An e-mail sent to  seeking comments on the proposed deal did not elicit any response immediately.

Earlier this month, Axis Bank said it was yet to take a decision on the purchase of Citigroup's India retail business.

Citigroup had entered India in 1902 and started the consumer banking business in 1985.

Apart from the institutional banking business, Citigroup in India will continue to focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.

Also Read:- As sustainability reporting kicks in, ESG investing faces global credibility risk

As sustainability reporting kicks in, ESG investing faces global credibility risk

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Paul Clements-Hunt, who coined the acronym ESG, said that the ESG fund industry is headed for a ‘shakeout’ over the next five years As sustainability reporting kicks in, ESG investing faces global  credibility risk

In two days’ time, from April 1, new corporate governance rules as mandated by the Securities and Exchange Board of India (Sebi) will become operational. The top 1,000 companies ranked by market capitalisation will be required to include Business Responsibility and Sustainability Report (BRSR) in their annual reports. This, many experts see, as the precursor to formalisation of Environmental, Social and Governance (ESG) disclosures in India through a set of standard metrics.

The actions that corporations take for sustainability, and to protect the planet, is important for investors to understand corporate purpose, strategy, and management quality of companies.

From an investors’ point of view, ESG rankings can be a useful way to hold companies accountable, and measure them on their sustainability actions and efforts. That said, it may well be worthwhile to flag a caveat. How does one measure outcomes, and impact on a quantifiable scale that are not nationally, if not globally, standardised?

Paul Clements-Hunt, who coined the acronym ESG, said that the ESG fund industry is headed for a “shakeout” over the next five years. He is of the view that the finance sector has “sprinkled ESG fairy dust” on products that do little to account for environmental, social and governance risks.

“Anybody who uses ESG, sustainability or green purely as a marketing device is really heading for trouble. You’ll see a developing queasiness from marketing departments where, perhaps, ESG funds aren’t all what they’re cracked up to be,” he said in an interview to Bloomberg.

Experts have been cautioning about the risks associated with opaqueness in ESG measurement. In an essay in the Harvard Business Review last year, Jennifer Howard-Grenville, Diageo Professor of Organization Studies, at the Cambridge Judge Business School, said that the “current focus on ESG measurement is dangerously narrow. It fails to capture the complex, systemic nature of social and environmental systems, and indeed that of business organizations themselves”.

ESG funds and their managers from across the world are gradually, but increasingly, showing signs of acknowledging that a more restrained approach may be required in ESG investing, which may also be partly drawn by disproportionately greater commissions that incentivises them to skew their portfolios towards such investments.

The key question for asset managers is: What are classified as ESG investment, and what are not?

A recent Schroders Institutional Investor Study, ‘Gearing up against greenwashers: investors seek clarity on sustainability terminology,’ has revealed that investors want a better understanding of sustainability terminology so as to avoid ‘greenwashers’. ‘Greenwashing’ happens when companies falsely communicate and make unsubstantiated claims about environmentally-friendly products, and processes.

“A dearth of clear, agreed sustainability definitions present a challenge to investors looking to invest sustainably”, it said. The study surveyed 650 institutional investors across 26 countries during April 2020.

Tariq Fancy, who was BlackRock’s first global chief investment officer for sustainable investing between 2018 and 2019, has also cautioned about the errors that are beginning to creep into these investments, guided by incomplete information, and interpretation.

“Green bonds, where companies raise debt for environmentally friendly uses, is one of the largest and fastest-growing categories in sustainable investing, with a market size that has now passed $1 trillion. In practice, it’s not totally clear if they create much positive environmental impact that would not have occurred otherwise,” Fancy said in a recent online essay.

This is because “most companies have a few qualifying green initiatives that they can raise green bonds to specifically fund while not increasing or altering their overall plans. And nothing stops them from pursuing decidedly non-green activities with their other sources of funding,” he added.

Financial institutions may have an extra motivation to push for ESG products, driven by higher fees that they earn.

According to data from FactSet and published by the Wall Street Journal, ESG funds had an average fee of 0.2 percent at the end of 2020, whereas other more standard baskets of stocks had fees of 0.14 percent. The Wall Street Journal said that “socially focused exchange-traded funds give asset managers higher fees in a low-fee industry.”

The lack of reliable and standardised data and metrics has opened up the precarious possibility of pitting one investors’ views against another, meaning one portfolio manager could classify a firm as ESG-friendly, while another might view the same firm as not doing much on sustainability efforts.

Sheila Patel, chair of Goldman Sachs Asset Management, underlined this with caution. “When you think about the composition of ESG funds it’s first of all important to remember they are still meant to be a fund invested to get a return for the portfolio. And so they can tilt based on industry groups, based on sector views and that may or may not relate to an ESG view,” Patel told CNBC.

There is no gainsaying that ESG investing today is big business. Trillions of dollars are at stake, based on the individual fund managers’ interpretation about companies. This can be fraught with risks as the absence of a standardised, transparent system of gauging sustainability efforts may allow fund managers’ biases to influence ESG investment decisions, rather than informed choices guided by prudent, globally accepted norms, and audit.

PM Modi inaugurates 5.21 lakh houses of PMAY scheme beneficiaries in Madhya Pradesh

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Addressing the programme via video conferencing, Modi said his government has given topmost priority to providing houses to the poor people.Modi inaugurates 5.21 lakh houses of PMAY scheme beneficiaries in MP -  Koshur Samachar

Prime Minister Narendra Modi on Tuesday inaugurated 5.21 lakh houses of beneficiaries of the Pradhan Mantri Awas Yojna (PMAY)-Gramin in Madhya Pradesh while participating in the ‘Grah Pravesham’, a ceremony to hand over new houses to their owners.

Addressing the programme via video conferencing, Modi said his government has given topmost priority to providing houses to the poor people.

So far, 2.5 crore houses have been constructed under the PMAY scheme in the country, including two crore in rural areas, he said.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan participated in the programme from Chattarpur in the state.

On the occasion, PM Modi also said that under the Nal-Jal scheme in the country, six crore families were provided pure water tap connections in their houses.

Besides, over four crore fake ration cards have been cancelled since 2014 by the present government in the country to prevent theft of food grains worth crores meant for the poor, the PM said.

“We have the policy to ensure that even the last man in the queue gets the benefit of government schemes,” he said.

 Modi also called upon people to take a vow to construct 75 ‘amrit sarovar’ (ponds) in every district of the country over the next 12 months, as the nation marks 75 years of its independence.

Ukraine, Russia hold new talks in Turkey aimed at ending the fighting

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The first face-to-face talks in two weeks between Russia and Ukraine began Tuesday in Turkey, raising flickering hopes there could be progress toward ending a warUkraine

The first face-to-face talks in two weeks between Russia and  began Tuesday in Turkey, raising flickering hopes there could be progress toward ending a war that has ground into a bloody campaign of attrition.

Ahead of the meeting in Istanbul, the Ukrainian president said his country is prepared to declare its neutrality, as Moscow has demanded, and is open to compromise over the contested eastern region of Donbas comments that might lend momentum to negotiations. But he warned the ruthless war continued, and even the negotiators assembled, Russian forces hit an oil depot in western  and a government building in the south.

Turkish President Recep Tayyip Erdogan told the two sides that they had a historic responsibility to stop the fighting.

We believe that there will be no losers in a just peace. Prolonging the conflict is not in anyone's interest, Erdogan said, as he greeted the two delegations seated on opposite sides of a long table. Also in the room was Roman Abramovich, owner of Chelsea Football Club.

A longtime ally of Russian President Vladimir Putin who has been sanctioned by Britain and the EU, the billionaire has been playing an unofficial mediating role. Kremlin spokesman Dmitry Peskov said Abramovich has been ensuring certain contacts between the Russian and Ukrainian sides and that his role was approved by both countries.

Putin's aim of a quick military victory has been thwarted by stiff Ukrainian resistance but still hopes were not high for a breakthrough. Reflecting skepticism among Ukraine's Western allies, British Foreign Secretary Liz Truss said she thought the Russian president was not serious about talks.

In fighting that has devolved into a back-and-forth stalemate, Ukrainian forces retook Irpin, a key suburb northwest of the capital, Kyiv, President Volodymyr Zelenskyy said late Monday. But he warned that Russian troops were regrouping to take the area back.

We still have to fight, we have to endure, Zelenskyy said in his nighttime video address to the nation. This is a ruthless war against our nation, against our people, against our children.

He also lashed out at Western countries, which he has repeatedly accused of not going far enough in either sanctioning Moscow or supporting  with weapons. As a result, Ukrainians were paying with their lives, he said.

If someone is afraid of Russia, if he or she is afraid to make the necessary decisions that are important to us, in particular for us to get planes, tanks, necessary artillery, shells, it makes these people responsible for the catastrophe created by Russian troops in our cities, too, he said. Fear always makes you an accomplice.

A missile struck an oil depot in western Ukraine late Monday, the second attack on oil facilities in a region that has been spared the worst of the fighting. On Tuesday morning, an explosion blasted a hole in a nine-story administration building in Mykolaiv, a southern port city that Russia has unsuccessfully tried to capture.

A gaping hole could be seen in the center of the building in a photo posted on the Telegram channel of the regional governor, Vitaliy Kim. He said most people escaped the building and rescuers were searching for a handful of missing people.

It's terrible. They waited for people to go to work before striking the building, he said. I overslept. I'm lucky.

Earlier Russia-Ukraine talks, held in person in Belarus or by video, failed to make progress on ending a more than month-long war that has killed thousands and driven more than 10 million Ukrainians from their homes including almost 4 million from their country.

Russia has long demanded that Ukraine drop any hope of joining NATO, which Moscow sees as a threat. Zelenskyy indicated over the weekend he was open to that, saying Ukraine was ready to declare its neutrality, but he has stressed that the country needs security guarantees of its own as part of any deal.

As well as Irpin, Ukrainian forces also seized back control of Trostyanets, south of Sumy in the northeast, after weeks of Russian occupation that has left a landscape devastated by war.

Arriving in the town Monday shortly afterward, The Associated Press saw the bodies of two Russian soldiers lay abandoned in the woods and Russian tanks lay burned and twisted. A red Z marked a Russian truck, its windshield fractured, near stacked boxes of ammunition. Ukrainian forces piled atop a tank flashed victory signs. Dazed residents lined up amid charred buildings seeking aid.

It was unclear where the Russian troops went, under what circumstances they fled and whether the town will remain free of them.

Ukraine, meanwhile, said it would try to evacuate civilians from three southern cities on Tuesday. Deputy Prime Minister Iryna Vereshchuk said humanitarian corridors would run from heavily bombed Mariupol as well as Enerhodar and Melitopol. The latter two cities are under Russian control, but Vereshchuk didn't address to what extent Moscow had agreed to the corridors, except for saying 880 people fled Mariupol a day earlier without an agreement in place.

In other developments:

The head of the United Nations' nuclear watchdog arrived in Ukraine to try to ensure the safety of the country's nuclear facilities. Russian forces have taken control of the decommissioned Chernobyl plant, site in 1986 of the world's worst nuclear accident, and of the active Zaporizhzhia plant, where a building was damaged in fighting.  Atomic Energy Agency chief Rafael Mariano Grossi said the war is putting Ukraine's nuclear power plants and other facilities with radioactive material in unprecedented danger.

Russia has destroyed more than 60 religious buildings across the country in just over a month of war, with most of the damage concentrated near Kyiv and in the east, Ukraine's military said in a post Tuesday.

Bloomberg News said it has suspended its operations in Russia and Belarus. Customers in both countries won't be able to access any Bloomberg financial products and trading functions for Russian securities were disabled in line with  sanctions, it said. Bloomberg Philanthropies pledged $40 million, meanwhile, in support for Ukrainians and refugees.

Putin's ground forces have become bogged down because of the stronger-than-expected Ukrainian resistance, combined with what Western officials say are Russian tactical missteps, poor morale, shortages of food, fuel and cold weather gear, and other problems.

In response, Russia appeared to be concentrating more on Donbas, the predominantly Russian-speaking region where Moscow-backed rebels have been waging a separatist war for eight years, the official said.

While that raised a possible face-saving exit strategy for Putin, it has also raised Ukrainian fears the Kremlin aims to split the country, forcing it to surrender a swath of its territory. Still, Zelenskyy's comments that he was open to compromise on the region indicated a possible path for negotiations.

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