FirstFT: Ukraine’s deadly strike on Russian military barracks

Good morning and joyful new 12 months. Welcome to the inaugural FirstFT of 2023.

Moscow mentioned a Ukrainian air strike on military barracks within the Russian-occupied city of Makiivka killed 63 troopers, in one of the bloodiest blows to the Kremlin’s ground forces because the begin of the struggle.

The defence ministry mentioned 4 high-explosive missiles struck the city’s short-term deployment base — a college constructing that stood close to an ammunition dump and weapons cache. Two further missiles have been shot down by Russian air defences, it added, with out saying when the assault occurred.

Russian navy bloggers steered casualties have been far better than the official figures, claiming that lots of of newly mobilised troops had died or have been lacking. Whereas not taking credit score for the strike, the Ukrainian navy mentioned in a Telegram publish that the Makiivka assault happened on New Yr’s Eve, killing 400 Russian troopers and injuring 300.

The air strike exhibits the harm western-supplied Himars missiles can inflict on Russian forces, who have been compelled to retreat within the face of a Ukrainian counter-offensive within the east and south final 12 months. However it additionally underlines poor tactical judgment from the Russian military commanders, in line with analysts.

• FT View: The aim for 2023 should be to offer Kyiv all the help it must convey the battle to an finish — on its phrases, writes our editorial board.

5 extra tales within the information

1. Japan to supply households ¥1mn per little one to go away Tokyo As the federal government makes an attempt to reverse many years of demographic decline, financial migration and the lure of the world’s greatest metropolis, the Japanese authorities will provide households up to ¥1mn ($7,600) per child in the event that they swap overcrowded Tokyo for municipalities outdoors town, in line with officers aware of the plan.

2. Hong Kong house gross sales drop to lowest stage in 15 years Hong Kong house gross sales have fallen 40 per cent year-on-year to their lowest level since the 2008 global financial crisis, knowledge from the native land registry and projections from actual property companies have proven. The stoop in one of many world’s priciest actual property markets is predicted to solely backside out by mid-2023.

3. Recession predicted to hit a 3rd of the world this 12 months A 3rd of the worldwide financial system can be hit by recession this year, the top of the IMF has mentioned, as she warned that the world faces a “more durable” 12 months in 2023 than the earlier 12 months. The US, EU and China are all slowing concurrently, mentioned IMF managing director Kristalina Georgieva.

4. Turkish exports hit file excessive in 2022 Turkey recorded a 13 per cent rise in exports by value, with gross sales hitting $254bn in 2022, President Recep Tayyip Erdoğan mentioned yesterday. The brand new file comes because the stoop within the worth of the lira made companies’ merchandise extra aggressive abroad, with the nation additionally benefiting from nearer financial ties to Russia.

5. Commodities increase raises worry of massive losses for retail traders Retail buying and selling volumes in commodity futures and the biggest commodity-focused funding funds surged in 2022. However whereas commodities have had a a lot better current file than that of shares and bonds, some market contributors and analysts have voiced fears about retail traders wading in to a extremely risky market dominated by specialised gamers.

The day forward

New US Congress sworn in When the 118th US Congress is sworn in on Tuesday, seven contemporary faces will be a part of the ranks of the 100-member Senate. Meet the newcomers, who embrace a hoodie-wearing stroke survivor, a Trump-backed writer and an ex-mixed martial arts fighter.

In memoriam Pelé’s household will hold a burial for the famous person Brazilian footballer after a procession by means of São Paulo. Internationally on the Vatican, Pope Emeritus Benedict XVI will lie in state at Vatican. (Unbiased, AP)

What else we’re studying

Enterprise tendencies, dangers and folks to look at in 2023 FT reporters across the globe break down what to search for this 12 months within the company world in sectors from power to non-public capital and know-how. Read our analysis to get a jump start on the new year.

Millennials shatter oldest rule in politics Individuals have tended to turn out to be extra conservative as they get older. From the “silent technology” born between 1928 and 1945 to “Gen X”, who got here alongside between 1965 and 1980, this sample has held agency — till now. The change has striking implications for UK Conservatives and US Republicans.

Taiwan’s navy reforms fall brief, consultants say China’s greater than two-decade push to construct armed forces able to realising its nationwide ambitions has left Taiwan’s navy dangerously outgunned. And the island’s lately introduced conscription reform was little greater than an emergency measure to end a chronic shortfall in military headcount, navy analysts say.

The beginning-ups in search of a treatment for outdated age The fantasy of dwelling endlessly has endured for hundreds of years, from discovering renewal in a fountain of youth to gaining immortality from a thinker’s stone. However as many individuals now spend their final many years sick, scientists are on a quest to additional increase not just lifespan but also healthspan: the variety of wholesome years we reside.

Stopping China’s progress can’t be a aim for the west Do we wish China to fail? That query got here up at a current seminar Gideon Rachman attended for western policymakers and commentators. However the query as a substitute must be: how do we manage the continuing rise of China? Gideon writes.

Take a break from the information

The clue 1-across on the most recent cryptic crossword puzzle is: Mist shrouds river in flood (6). See if you can guess the answer.