US president Joe Biden made a surprise visit to Kyiv on Monday in a show of American commitment ahead of the first anniversary of Russia’s invasion of Ukraine.
On a trip shrouded by secrecy for security reasons after months of planning, Biden announced $500mn in new military aid.
“I’m here to show our unwavering support for the nation’s independence, sovereignty and territorial integrity,” Biden said, vowing to stand with Ukraine for “as long as it takes”.
The stopover came at a pivotal moment in the war, as western nations discuss how far to go in arming Kyiv and as the 80-year old president gears up for a possible re-election campaign.
Ukraine is calling for the speedy delivery of billions of dollars in western weapons, while Russia has increased attacks and is preparing a larger offensive, although its progress has been halting so far.
President Volodymyr Zelenskyy thanked Biden for coming at “the most difficult time” for his country. “This conversation brings us closer to victory,” Zelenskyy said at a joint appearance at Mariinsky Palace, his official residence.
FT subscriber event: To mark the first anniversary of Russia’s full-blown invasion of Ukraine, the FT will be holding an exclusive webinar for subscribers to discuss the future of the war, with FT correspondents and special guests. Register for free.
Five more stories in the news
1. Fresh tremors hit earthquake-devastated province in Turkey Two tremors measuring 6.4 and 5.8 in magnitude struck the province of Hatay yesterday, two weeks after the region was devastated by larger earthquakes that killed almost 45,000 people.
Related read: Turkey’s massive cost of rebuilding shattered towns and cities Tens of billions of dollars will be required to fund the reconstruction of quake-ravaged areas.
2. China’s top diplomat to discuss Ukraine war during Moscow visit Wang Yi, China’s most senior foreign policy official, will discuss the war in Ukraine with senior Russian officials this week and may meet Russian president Vladimir Putin, the Kremlin said yesterday. The announcement comes a day after the US warned that Beijing was “strongly considering” supporting Russia’s sputtering war effort with arms supplies.
3. Hong Kong proposes letting retail investors trade cryptocurrencies Under plans launched yesterday by the Hong Kong Securities and Futures Commission, the industry’s two largest crypto tokens — bitcoin and ether — would be opened up to retail customers. Licensed exchanges would be required to ensure clients have “sufficient knowledge of virtual assets” before they are allowed to trade.
4. World Bank members split on reforms Developing nations have warned against reforms at the World Bank that would imperil its triple-A credit rating and increase funding costs after Trump appointee David Malpass’s early departure. Shareholders and economists have argued the bank could provide more climate finance by expanding its balance sheet and taking on more risk.
5. South Korea’s ruling party leader hints at need for nuclear weapons Chung Jin-suk, the leader of South Korea’s ruling People Power party, has warned that the country may have to “seriously consider” developing its own nuclear weapons as a deterrent to its northern neighbour. North Korea today fired two short-range ballistic missiles, following the launch on Saturday of what Pyongyang claimed was a Hwasong-15 intercontinental ballistic missile, which experts believe is capable of striking the mainland US.
The day ahead
Putin speaks on war Today, Russia’s president Vladimir Putin will address the war in Ukraine and its impact on Russian society in a delayed state-of-the-nation address, the Kremlin said.
Economic data Gross domestic product is the main US data point today and minutes from the last Federal Reserve’s meeting land tomorrow.
Related read: What is the level of dissent within the Federal Reserve? Evidence of widespread dissent could persuade the market that the Fed might be open to raising rates higher and for longer.
Public sector finance UK public-sector borrowing figures for January are out today. Increases in debt interest and spending on energy support schemes made last month’s release the highest monthly total since records began in January 1993.
Companies Last week NatWest announced an almost tripling of profits driven by higher interest rates. These should also boost profits for HSBC and Lloyds Banking Group when they report today and tomorrow.
What else we’re reading
America’s struggle to contain the deadly drug Fentanyl US parents are mourning the deaths of their children amid an unprecedented drugs crisis, which claimed 107,000 lives in the year to August 2022. About two-thirds of those deaths were caused by fentanyl, a synthetic opioid that is 50 times more potent than heroin and used to treat severe cancer pain. But it is increasingly being cut into illegal street drugs via a well-honed supply chain built by Chinese and Mexican crime syndicates.
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Britain can learn from Singapore on savings The UK invests too little. Naturally, this has led to a discussion of how to induce more investment. Yet how would the extra investment be funded by a country that is even more strikingly short of savings than it is of investment? Singapore’s model could be the answer, writes Martin Wolf.
Missing Chinese dealmaker casts chill across tech sector The disappearance of Bao Fan, founder of investment bank China Renaissance, has set on edge the country’s vast tech industry that the dealmaker helped build. Bao’s fate is a pivotal test of Beijing’s stance on the sector — a two-year crackdown has already sidelined Alibaba chief Jack Ma, decimated the vast for-profit education industry and hit investments globally.
China’s ChatGPT catch-up: Tech giants such as Baidu and Alibaba are racing to match the west’s recent developments in artificial intelligence.
CEO whisperers: who does the boss turn to in their hour of need? Some leaders use trusted insiders, others rely on “professional critics” to tell them uncomfortable truths. Oliver Balch spoke to a range of chief executives to hear their stories. “CEOs often lack candid challenge . . . and instead end up in a little echo chamber, which is when companies are in danger of getting things horribly wrong,” said one CEO.
Take a break from the news
After years spent as a “bottle brunette”, Grace Cook decided to reclaim her identity as a blonde and love her natural hair.
Source: Economy - ft.com
