Western intelligence shows Russia is amassing aircraft close to the border with Ukraine, an indication that Moscow is preparing to throw its jets and helicopters into the war as part of a new offensive.
As much as 80 per cent of Russia’s air force remains in good condition after nearly a year of fighting, according to western intelligence.
Speaking after a meeting of more than 50 Ukraine allies at Nato’s headquarters in Brussels yesterday, US defence secretary Lloyd Austin said efforts to improve Ukraine’s air defences were under way.
“We want to make sure they [Ukrainian soldiers] have the ability to protect themselves in the event Russia decides to introduce its air force into the fight,” said Austin.
Ukrainian and Nato officials have also warned in recent days of ammunition shortages as the war approaches its first anniversary on February 24.
Kyiv’s forces are estimated to be firing more than 5,000 artillery rounds every day — equal to a smaller European country’s orders in an entire year in peacetime.
You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser.
But Russia is estimated to be firing four times that amount each day as it seeks to gain territory in the east of the country. Moscow has mobilised 300,000 fresh reservists in recent weeks for the expected new offensive.
Fierce fighting continues, with heavy losses on both sides, particularly around the town of Bakhmut in the Donbas region where conditions have been compared to the first world war.
Military briefing: Western intelligence suggests Russia will deploy more air power when it launches a new offensive but in some parts of Ukraine, it has already begun.
‘We are for peace’: Pleas by the US and its European allies to Latin American leaders for old Russian military equipment to be sent to Ukraine have been rebuffed.
Five more stories in the news
1. Developing story: Scotland’s first minister Nicola Sturgeon quits Nicola Sturgeon, the first woman to hold the position of Scotland’s first minister, has resigned after eight years as leader of the devolved government in Edinburgh. The decision follows a backlash over her strategy for securing Scottish independence and criticism of a proposed gender law. This is a developing story and for more updates you can visit our live blog.
2. US stocks stabilise after inflation data Despite falling as much as 1 per cent after the release of January inflation data, the S&P 500 closed yesterday’s session flat. US consumer prices rose 6.4 per cent year on year last month — a slight slowdown from the previous month but higher than economists had expected.
3. US bank executives raise hopes for ‘soft landing’ Executives at some of Wall Street’s biggest banks said the US economy was holding up better than corporate leaders had anticipated and that the mood was more optimistic than it was a few months ago. The comments from top brass at Goldman Sachs, Bank of America and Wells Fargo reflect the growing belief that the Federal Reserve may achieve a so-called soft landing for the US economy this year.
4. Exclusive: Billionaire set to launch $3.75bn bid for Tottenham Hotspur The Iranian-American billionaire Jahm Najafi is preparing a blockbuster $3.75bn takeover bid for Tottenham Hotspur, the Premier League football club, according to two people with direct knowledge of the plans. A takeover could see the North London-based club spend more to challenge for the Premier League and other trophies.
5. TSMC shares decline after Buffett’s Berkshire dumps stock Shares in the world’s largest contract manufacturer of computer chips dropped more than 3 per cent, after Warren Buffett’s Berkshire Hathaway revealed it had trimmed its stake. According to an SEC filing, Berkshire also reduced its holdings in Activision Blizzard after Microsoft’s agreed purchase came under regulatory scrutiny. But Berkshire acquired more Apple shares in the final three months of 2022, the filings show.
The days ahead
Economic data Figures released later are expected to show retail sales rose last month compared with December. Economists also expect industrial production to increase while the National Association of Home Builders will report a rise in its home builder confidence survey, according to economists.
Corporate earnings Food and beverage group Kraft Heinz, online gaming platform Roblox, biotech company Biogen and motor fuel company Sunoco will report their latest quarterly earnings before the opening bell. Insurance group AIG, internet real estate technology group Zillow, digital communications company Cisco, ecommerce platform Shopify, and software maker Synopsys will report earnings after the market closes.
US budget The non-partisan Congressional Budget Office is expected to publish new reports on the country’s budget and economic outlook, as well as a likely date the Treasury could begin defaulting on debt payments unless the Congress approves an increase in the government’s borrowing limit.
What else we’re reading
Opinion: New interventionism could threaten global trade Security concerns are driving the fashion for active industrial policy, but there are potential downsides, writes Martin Wolf. In practice, it is quite difficult to make such interventionism work, and while fragmentation is very easy to start, it will be hard to control and even harder to reverse.
US airlines poach pilots from regional affiliates There is an ongoing industry battle for cockpit talent that has seen salaries for pilots rise but service levels for smaller communities fall. Regional carriers lose about 20 per cent of their pilots in a normal year to mainline carriers, but last year it was more than two-thirds, reports Claire Bushey.
‘Big Bang 2.0’: Reviving the City of London Ministers and financiers hope a series of proposals to loosen EU-derived rules can be a blueprint for the post-Brexit era, and there is political pressure to show that leaving the EU has brought benefits. But can the reforms make London more competitive against rival financial capitals?
Syrians left to fend for themselves after quake The international community responded immediately to the devastating February 6 earthquake by sending hundreds of millions of dollars in supplies and rescue teams to disaster-hit southern Turkey. But in the rebel-held Syrian town of Jinderes, no international aid arrived for nearly a week, leaving shell-shocked victims to fend for themselves.
It is possible to hate your job but love your work “More and more, I meet people who say they love their work but hate their jobs,” writes Sarah O’Connor. People find meaning in all kinds of employment — but that can be eroded by low pay, bureaucracy and squeezed resources.
Do you find meaning in your job? Tell us in our poll below.
Take a break from the news
It is not easy to get changed outside for a swim in a Scottish loch. Especially when it is January, the air temperature is hovering around minus 1C and you are trying to preserve some shred of modesty among the strangers who surround you. “This bare-cheeked frozen misery marked the start of one of the best weekends of my life,” writes Isabel Berwick, who shares why interest in ice swimming is heating up.
Source: Economy - ft.com
