Russia proposes Ukraine debt restructuring

On the sidelines of the G20 meeting in Turkey, Russia has made a proposal to the International Monetary Fund on Ukraine's debt to Moscow. The IMF welcomed the Kremlin's move, calling it "a positive step."

In a surprise announcement at the G20 summit in Turkey on Monday, Russian President Vladimir Putin said his country was willing to restructure the $3-billion (2.8-billion-euro) debt owed to Moscow by Ukraine.

Putin said that rather than seeking full debt repayment this year, Russia would consider receiving installments of $1 billion a year between 2016 and 2018.

"We're ready not to receive any money this year," Putin said in a statement.

The International Monetary Fund welcomed Russia's offer. "The proposal made by the Russian authorities regarding debt restructuring for Ukraine is a positive step," the global lender commented, adding that the details would now have to be debated between Moscow and Kyiv.

Breaking the deadlock

 

Watch video01:38

Support for Ukraine's economy

Originally, Moscow had insisted that Ukraine repay by December the $3 billion it issued to former President Viktor Yanukovich ahead of pro-European protests that led to his ouster in February 2014.

The Russian authorities' proposal was widely viewed as a crucial step towards more stability in Ukraine as fighting between government forces and Russia-backed separatists in eastern Ukraine died down.

The debt restructuring dispute had been hampering the IMF's $17.5-billion rescue plan for Ukraine which restricted Kyiv's ability to renegotiate billions of dollars in debt.

Stock markets on edge after Paris attacks

The tragic events in France's capital have caused unease in financial markets, with tourism-related shares hit particularly hard. But Paris traders proved they will not be cowed, opening trading amid high security.

The shock following the weekend's tragic attacks in Paris , which killed at least 129 people, rippled across global markets on Monday as traders began the week visibly on edge.

Proving that France will not be cowed by terrorists, financial markets opened as usual on Monday amid increased security. Still, stocks sank in early trading, with tourism and luxury-related companies particularly hit by fears. The CAC 40 index of top French companies dived 1.1 percent to 4,756.92 points in early trading, before pulling back in the course of the day, ending just 0.1 percent down. Aeroports de Paris, the operator of the capital's Charles de Gaulle and Orly airports, saw shares drop about 5 percent, as did aviation giant Air France, while Eurotunnel traded 4.5 percent lower.

In neighboring Germany, Frankfurt's DAX 30 slid 0.9 percent to open at 10,609.14 points compared with the last close before the devastating attacks, but fully recovered to end slightly higher. At London's FTSE 100, initial deals fell 0.6 percent to 6,080.83 points.

Fear on Asian markets

Asian stocks fell to six-week lows and emerging market currencies wilted as investors looked to the greenback for safety, while steering clear of the euro amid mounting fear for security in the currency bloc.

"Risk aversion is on the rise and we are seeing broad-based US dollar strength across the board and this may continue until the year end as recent economic data has also disappointed," said Mitul Kotecha, head of Asian FX and rates strategy at Barclays in Singapore.

Back into recession

Japan proved a case in point on Monday as both nervousness following the deadly terror attacks, and disappointing quarterly results weighed heavy on the Tokyo stock exchanges.

New data showed that the world's third-largest economy slipped back into recession after shrinking an annualized 0.8 percent in the third quarter. It was the second straight quarterly decline, and also the second time Japan has suffered six straight months of economic contraction - a technical recession - since Prime Minister Shinzo Abe came to power nearly three years ago.

The figures were worse than analysts' had expected, and dealt a fresh blow to Abe's program ofaggressive monetary and fiscal stimulus - dubbed Abenomics - aimed at jumpstarting growth.

Reacting to the uncertainty at home and abroad, the benchmark Nikkei closed down 1.04 percent, or 203.22 points, to 19,393.63, while the broader Topix index of all first-section shares, ended the day 0.90 percent in the red at 1,571.53.

China rebounds

In neighboring China, exchanges also took a hit in early trading, but most sectors managed to reverse losses later in the afternoon as fears eased. Meanwhile, Hong Kong stocks dropped, with the Hang Seng Index down 1.7 percent to 22,010.82, and the China Enterprises Index falling 2 percent to 9,978.80 points.

South Korea's Kospi ended the day down 1.5 percent, while Australia's S&P index closed 0.9 percent lower.

Travel fears

Airline stocks were among the worst hit on concerns that the Paris attacks could scare off tourists. Japan Airlines sank almost three percent and rival ANA nosedived 3.5 percent, while Down Under Virgin Australia plunged 6.5 percent. Indonesian flag carrier Garuda fell 1.3 percent.

"There will definitely be a negative psychological impact in the short term in tourism-related sectors. Airlines are particularly affected," Zhang Qi, a Shanghai-based analyst with Haitong Securities, told Bloomberg News. The situation in France is "still quite uncertain now, so investors seem to be broadly risk-off today."

Kiyoshi Ishigane, chief strategist at Mitsubishi UFJ Kokusai Asset Management, echoed those sentiments, but predicted the negative effects would be contained. "Global markets may turn to risk-off in the short term as geopolitical risk rises," Ishigane told Bloomberg News. "But I think the impact to the global economy is limited, even if there is some impact on the French and (European Union) economies."

Tension fuels oil prices

Meanwhile, the geopolitical tension sparked by the weekend's attacks sent oil prices rising in Asia. At around 6:30 a.m. GMT, US benchmark West Texas Intermediate for delivery in December was up 19 cents to $40.93 and Brent crude for January was trading 30 cents higher at $44.77 a barrel.

"With France starting to increase its (military) efforts in the affected region, prices for the rest of the week may have some upper push," aid Daniel Ang, an investor with Phillip Futures in Singapore.

However, he added, the continuing oversupply of oil was likely to shackle gains.

"Price increases fuelled by geopolitical tensions will only be for the short term. For the longer term, the main driver for prices will be global supply and demand, and with the glut it would be a bit more difficult for prices to move up a lot further," Ang told AFP news agency.

France conducts airstrikes on 'Islamic State' stronghold in Syrian city of Raqqa

French officials have said warplanes have struck the "Islamic State"-held city of Raqqa in Syria. The news comes as authorities have issued an international warrant for a man believed to have taken part in the attacks.

France launched airstrikes Sunday evening against suspected militants from the so-called "Islamic State" in the Syrian city of Raqqa. News of the strikes came as French authorities issued a warrant for a Belgian-born man believed to have taken part in the attacks across Paris on Friday.

On Twitter, the Defense Ministry announced that 12 aircraft, including 10 fighter jets, had been involved in the sorties that destroyed a command post, munitions dump and a training camp.

"The raid ... was launched simultaneously from the United Arab Emirates and Jordan. Twenty bombs were dropped," the statement said.

Carried out in coordination with the US command, the strikes were apparently in retaliation for Friday's attacks in Paris that killed at least 129 people in the French capital. French President Francois Hollande has blamed the "Islamic State" group for the gun and suicide attacks, calling them an "act of war."

Salah Abdeslam is wanted in connection with the attacks in Paris

France issues warrant for Paris suspect

Earlier Sunday, French authorities issued an international arrest warrant for a Belgian-born man believed to have taken part in the attacks.

The 26-year-old, named as Salah Abdeslam, is one of three brothers believed involved in the killings. He reportedly rented a black Volkswagen Polo that carried a group of hostage-takers who killed at least 89 people inside the Bataclan concert hall in apparently coordinated shootings and suicide bombings.

One of the three siblings died during the attack, while another was said to have been detained by police on Saturday.

Earlier Sunday, Belgian prosecutors said seven people had been arrested after raids in Brussels. Two assailants living in Belgium were among the killers who died during the attacks.

Police also questioned the relatives of one alleged attacker on Sunday, in an effort to gain clues about the attacks.

Six detained in France

At least six people have been arrested by French police, including the father and brother of Omar Ismail Mostefai, as well as the brother's wife. The six were detained under a French procedure to gather witness statements, although they were not being held as formal suspects. The AFP news agency reported that Mostefai was not close to his family.

Police also found a black Seat Leon vehicle, which could have been used by some of the attackers to escape, in the eastern Parisian suburb of Montreuil. Belgian police Saturday detained a French national who was suspected of renting a vehicle found near the attack on the Bataclan.

Hundreds gathered at the Place de La Republique on Sunday to mourn those killed in the attacks

City on edge

The Paris attacks left at least 132 dead and over 300 wounded, dozens of them critically.

The City of Light remains on edge, with thousands of troops in the streets and tourist sites and public buildings closed.

On Sunday, hundreds of mourners were briefly evacuated from the Place de La Republique, which has become a memorial area for those who died in the Friday killings, after firecrackers sparked a false alarm.

"Whoever starts running starts everyone else running," said Alice Carton, city council member who was at the square, speaking with AP. "It's a very weird atmosphere. The sirens and screaming are a source of fear."

Mass grave of Yazidi women killed by 'IS' found in Iraq

Iraqi Kurdish forces have discovered a mass grave containing the bodies of women who were executed by the 'Islamic State' (IS). The UN has described the brutal campaign against the Yazidi minority as a possible genocide.

The bodies of an estimated 80 Yazidi victims were found in a mass grave on the edge of the city of Sinjar in Iraq on Saturday, according to local reports. Kurdish forces discovered the grave while clearing bombs from the area which was recently reclaimed from 'IS' militants.

Officials were able to locate the grave based on information provided by young women who witnessed the executions and escaped IS enslavement. Although the grave has yet to be excavated, Miyasir Hajji, a local council member for Sinjar, told AFP that it is thought to contain the bodies of around 78 women who were 40 to 80 years-old.

"It seems that the (IS) terrorist members only wanted young girls to enslave," Hajji said. Yazidi residents in Sinjar were targeted as part of an IS campaign which included mass murders, enslavement, and rape.

 

Watch video02:14

Kurds take Sinjar from IS

'Death would have been better'

Clumps of hair, bones, money and keys were found at the grave site by the mayor of Sinjar and local Yazidis. The items allegedly belonged to older women from the village of Kocho who were separated from the young by IS militants during their attack.

According to local survivors, after being separated, the older women were led behind a building and shot while the younger women were taken as sexual slaves.

Reuters spoke with 24-year-old Badr Sleiman Taha from Kocho who said his mother, aunt and grandmother were among those shot behind the institute. While at the mass grave, he recognized the cane of an old woman from his village among the remains.

"Death would have been better than what I felt when I saw that grave," Taha told Reuters by phone from Sinjar.

Several mass Yazidi graves had already been discovered in the area north of Sinjar mountain, which was retaken from IS in December of 2014.

Possible genocide

The United Nations has already described the IS campaign against the Yazidis as a possible genocide. Mahma Xelil, the mayor of Sinjar, announced that the grave would remain undisturbed so that experts could collect evidence to help build their case.

US President Barack Obama justified the country's air campaign against IS militants in the area last year by invoking the duty to prevent a Yazidi genocide.

The Yazidi are a religious sect whose beliefs combine elements of several ancient Middle Eastern religions and are considered devil-worshipers by IS militants.

Currently, Kurdish peshmerga forces are clearing explosive devices left by IS in Sinjar before Yazidi residents can return to their homes.

G20: US, Russia discuss war in Syria

After the shock of the terrorist attacks in Paris, there has been some movement on the diplomatic front as both Obama and Putin met to discuss how to beat the terrorists in Syria. Bernd Riegert reports from Antalya.

The images running all day on the TVs at the G20 summit in Antalya were not the usual pictures of rather dull meeting rooms. Instead, TVs were tuned to news channels broadcasting from various countries and in a number of different languages. Paris, the terrorist attacks and the investigation were the only subject anyone was interested in.

The leaders of the 20 most important countries in the world were also only focused on one topic: How can we effectively counter Islamist terrorism, which in recent months has struck not only France but also Turkey, Russia, Tunisia and Lebanon? The members of the G20 all agreed that the war in Syria is currently one of the main sources of terrorism abroad.

Obama and Putin spoke on the sidelines of the conference

Obama, Putin want Syria ceasefire

US President Barack Obama promised to redouble the fight against the so-called "Islamic State" (IS), the group controlling large parts of Syria and Iraq. At the same time, a spokesperson for the president called for greater efforts from the allies in the anti-IS coalition currently conducting air attacks in Syria.

Before the start of the summit in Antalya, Russian President Vladimir Putin, whose country is also leading airstrikes in a separate campaign, said that "forces must now be combined." Unexpectedly, Obama and Putin met for around half an hour on the sidelines of the conference, and according to eye witnesses they had an intense discussion.

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Opinion: An asymmetrical war

Obama and Putin's interaction during the traditional "family photo" lasted only six seconds, but this was considerably more relaxed than their last meeting in September, at the UN General Assembly in New York. It's not known what exactly the two presidents - who until now have been working against each other in Syria - discussed or decided.

However, a White House spokesman in Antalya said that they agreed on the need for a political solution and a ceasefire in Syria, and that they wanted the United Nations to mediate. Both presidents, he said, obviously welcomed the Syria talks that had taken place so far. It was suggested at the Vienna talks on Saturday that a transition government should be appointed in Syria in six months' time.

Tricky situation

To date, both Russia and Iran have supported Syrian ruler Bashar al-Assad. The US, Western countries and Saudi Arabia are demanding that he be replaced. It's now possible that the common fight against "Islamic State" could bring the two sides together. According to an EU diplomat on the fringes of the G20 summit, the formula could be: "Fight terrorism first and deal with Assad later."

However, Turkey is involved in this as well. Turkish President Recep Tayyip Erdogan, who is hosting the summit, is also conducting airstrikes in Syria and Iraq - but he's attacking Kurdish rebels, too. Turkey considers them to be terrorists. But the United States is supplying these Kurdish fighters with weapons, as they are the only ground troops in Syria who are capable of advancing against IS.

Merkel: 'We stand together'

"We are stronger than any form of terrorism": Merkel

German Chancellor Angela Merkel expects the summit on the Turkish Riviera to send out a "strong signal" against Islamist terrorism. "We are stronger than any form of terrorism," she said, in front of journalists.

Merkel conceded, however, that Europe must protect its external borders better if it is to be able to register Syrian refugees and prevent the possibility of terrorist infiltration. In Paris, it emerged that one of the attackers may have traveled to France via Greece and Serbia disguised as a refugee.

European Commission President Jean-Claude Juncker strongly rejected suggestions by conservative politicians in Europe that the EU needed to change its strategy with regard to refugees. "I don't like this at all," said Juncker, speaking in Antalya. "The refugees are not responsible for the attacks in Paris."

Europe, he said, would remain an open continent; refugees were trying to escape precisely the same terrorists just witnessed in action in Paris on Friday.

Despite the sunny weather, the atmosphere was gloomy in Antalya

EU aims to better protect its borders

European Council President Donald Tusk summarized the mood among the majority of the G20 members, saying: "We must take action now." The EU wants to strengthen its internal anti-terrorism defenses, too, and EU interior ministers will meet next Friday in a special session in Brussels to discuss their plans.

Many countries have already reintroduced border controls. Initially, this was justified as a way to enable the more efficient registering of refugees. Now, fear of terrorist infiltration may be used to justify suspending the Schengen regulations on freedom of travel.

The sun shone all day on Turkey's picturesque coast and the luxury hotels where the G20 summit was held, but despite this, the atmosphere was gloomy. "The sky has darkened," said Obama of the situation after the Paris attacks. The Turkish hosts cancelled all the usual musical performances during the evening dinner, along with the rest of the scheduled entertainment, "out of respect for the victims."

Hamas, Hezbollah, Islamic Jihad denounce Paris attacks

Leaders of Hamas, Hezbollah, Islamic Jihad and dozens of Syrian rebel groups have denounced the Paris assaults as "against human values," expressing their deepest condolences to the people of France.

The leaders of Hamas, Hezbollah and Islamic Jihad all issued statements Saturday denouncing the attacks in Paris, where 129 people were killed and more than 350 people were wounded on Friday night.

Dozens of Syrian rebel groups have also denounced the attacks in a joint online statement as "against human values."

The joint statement, which also included the powerful Jaish al-Islam rebel groups, condemned "in the strongest terms" the coordinated assault.

"We learned today, with great shock and condemnation, about the terrorist attacks against civilians in the city of Paris," the statement said.

Hezbollah leader Sheikh Hassan Nasrallah condemned the attacks as "barbaric," and said in a televised speech that "our people in this region know very well this terrorism the 'Islamic State' has carried out in the French capital." He went on to say that “the 'Islamic State' will not last long."

Nasrallah stressed further that the recent attacks in a Hezbollah stronghold in Beirut's southern suburbs, in which 43 people were killed in a double suicide attack on Thursday, will only increase Hezbollah's determination to fight the jihadist movement in Syria.

Hezbollah has been backing Syrian President Bashar al-Assad in the country's five-year civil war.

The Islamist movement Hamas, which is considered a terrorist organization by the European Union and the United States, also condemned the gun and bomb attacks.

Hamas official Bassem Na'eem said in an email statement that Hamas "strongly condemned the series of attacks and hostile actions that were carried out in Paris."

"We pay our deep condolences to the families of the victims and we wish France safety and security," he added.

Nafez Azzam, a senior Islamic Jihad official, also condemned the attacks to reporters, saying, "I don’t think Islam is allowing this haphazard and arbitrary killing."

Syrian solidarity

Syrian activists, refugees and civilians took to social media to express their solidarity with France. Social media profile pictures were overlaid with the French flag and residents in Syria's war-torn capital, Damascus, wrote an open letter to the French people.

"We extend our hands to all the people that love peace and freedom, most of all the French people," the letter said.

World leaders have also denounced the assaults, with German Chancellor Angela Merkel saying: "We, your German friends, we feel so close to you. We are crying with you."

Earlier Saturday, the "Islamic State" (IS) militant group claimed responsibility for the Paris attacks. French President Francois Hollande has called IS' actions an "act of war."

Islamic scholars in Germany fear consequences from Paris

Following the Paris attacks, many Muslims fear that prejudices and resentments will increase in Germany as well. The image of Islam is deteriorating, despite intensive interfaith dialogue.

"Of course there will be repercussions," said Hamideh Mohagheghi, a lawyer and theologian who was born in Iran. "It's very important how we ourselves, as Muslims, deal with the attacks." Mohagheghi is one of the pillars of interfaith dialogue in Germany, and teaches Islamic theology at the University of Paderborn.

After these most recent attacks in Paris, Detlef Pollack, a professor of the sociology of religion at the University of Münster, is pessimistic. "It's very likely that the image of Muslims will deteriorate still further," he said.

Call for composure

Public political discussion still differentiates between Islamist attackers and Islam itself. However, Pollack said this differentiation doesn't always register with the general public. "It's very important right now that we don't overreact," he said.

"It's very likely that the image of Muslims will deteriorate still further": Pollack

According to Pollack, the aim of the attacks was to separate Muslims from the general population, and from the democratic societies in the West. "The idea is to create a Muslim community that will turn against Europe," he explained. "It's vital that we don't allow ourselves to be drawn onto the opposing side."

Experts say that the attitude and approach of both politics and Muslim organizations is decisive for peace within society. But Muslim organizations often seem to strive in vain for recognition. They have adopted an unequivocal stance against Islamist terrorism, yet aversion to Islam continues to increase.

DIY ideology

This is why Mohagheghi is calling for a theological argument with the "Islamic State" (IS). "If the attackers say that they're acting in accordance with their faith, we have to establish what this faith is that they've pieced together for themselves," she said. The reality, she explained, is that people may take individual components from the Koran and use them to construct their own ideology.

Chancellor Angela Merkel marked Ramadan with Nurhan Soykan (right), of the Central Council of Muslims, in June

Mohagheghi also wants politicians to follow through on their promises, pointing out that double standards are often at play in Europe. "A couple of days ago there was an attack in Beirut [two IS suicide bombers killed more than 40 people on Thursday - Ed.], but we heard no outcry here," she recalled. "I don't want to play down the attacks in Paris, but it would be good if we at least heard a word or two about it when murders like this take place elsewhere, too."

Essentially, though, Mohagheghi assesses the situation of the circa 4.5 million Muslims in Germany as being more positive than that of their co-religionists in France. "There's a very broad interfaith dialogue here; we've grown together and established mutual trust," she said.

In France, it's different, she added. "There, there are debates about how Muslims should have to eat pork as well in school canteens. We don't have that in Germany, thank God. We can be proud of that."