Tag Archives: Breaking news

SEC charges Genesis and Gemini with selling unregistered securities

SEC chairman Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on Sept. 14, 2021 in Washington.

Evelyn Hockstein-Pool/Getty Images

The Securities and Exchange Commission on Thursday charged crypto firms Genesis and Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors.

Gemini, a crypto exchange, and Genesis, a crypto lender, partnered in February 2021 on a Gemini product called Earn, which touted yields of up to 8% for customers.

According to the SEC, Genesis loaned Gemini users’ crypto and sent a portion of the profits back to Gemini, which then deducted an agent fee, sometimes over 4%, and returned the remaining profit to its users. Genesis should have registered that product as a securities offering, SEC officials said.

“Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,” SEC chair Gary Gensler said in a statement.

Gemini’s Earn program, supported by Genesis’ lending activities, met the SEC’s definition by including both an investment contract and a note, SEC officials said. Those two features are part of how the SEC assesses whether an offering is a security.

Regulators are seeking permanent injunctive relief, disgorgement, and civil penalties against both Genesis and Gemini.

The two firms have been engaged in a high-profile battle over $900 million in customer assets that Gemini entrusted to Genesis as part of the Earn program, which was shuttered this week.

Gemini, which was founded in 2015 by bitcoin advocates Cameron and Tyler Winklevoss, has an extensive exchange business that, while beleaguered, could possibly weather an enforcement action.

But Genesis’ future is more uncertain, because the business is heavily focused on lending out customer crypto and has already engaged restructuring advisers. The crypto lender is a unit of Barry Silbert’s Digital Currency Group.

SEC officials said the possibility of a DCG or Genesis bankruptcy had no bearing on deciding whether to pursue a charge.

It’s the latest in a series of recent crypto enforcement actions led by Gensler after the collapse of Sam Bankman-Fried’s FTX in November. Gensler was roundly criticized on social media and by lawmakers for the SEC’s failure to impose safeguards on the nascent crypto industry.

Gensler’s SEC and the Commodity Futures Trading Commission, chaired by Rostin Benham, are the two regulators that oversee crypto activity in the U.S. Both agencies filed complaints against Bankman-Fried, but the SEC has, of late, ramped up the pace and the scope of enforcement actions.

The SEC brought a similar action against now bankrupt crypto lender BlockFi and settled last year. Earlier this month, Coinbase settled with New York state regulators over historically inadequate know-your-customer protocols.

Since Bankman-Fried was indicted on federal fraud charges in December, the SEC has filed five crypto-related enforcement actions.

This is breaking news. Check back for updates.

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Latest news on Russia and the war in Ukraine

Kremlin says Britain has not asked for help over missing Britons

Russian Presidential Press Secretary Dmitry Peskov.

Contributor | Getty Images News | Getty Images

The Kremlin’s press spokesman said Britain has not requested any help from Moscow following the disappearance of two Britons near the zone of intense fighting in Donetsk in eastern Ukraine.

The men, Chris Parry and Andrew Bagshaw, were working as volunteers in the country helping people to evacuate and were last seen traveling toward Soledar, the epicenter of fierce fighting between Russia and Ukraine this week. Around 500 civilians are believed to still be in the town despite the intense battles in and around the town.

Kremlin Press Secretary Dmitry Peskov was asked by reporters to comment on a claim by the head of Russia’s Wagner mercenary group, Yevgeny Prigozhin, that the body of one of the two missing Britons had been found. Prigozhin’s press service did not say which of the men it had found, or provide any evidence to support Prigozhin’s claim, but posted images of their passports on Telegram, claiming the documents had been found on the body.

Peskov claimed the men were “militants,” without providing evidence. The Britons’ families say the men were aid workers.

“We do not have any information on this. The only thing we know, again only from media reports, is that we are talking about British citizens who, in fact, were militants, participated in hostilities with weapons in their hands, and, it seems, their documents were found on the battlefield. But we don’t know the details.”

“This is an area where fighting continues, a special military operation, so sometimes it is difficult to get some information quickly,” Peskov said, adding that Britain had not asked Moscow for help.

Asked whether Moscow was ready to help if requested, Peskov said it would depend on “what they would ask for” but requests would be considered.

“And what could be our help here? It depends on what can be formulated by the British side. But I am not aware of any contacts. I do not know, maybe there were some contacts through the Foreign Ministry. I am not aware of this.”

— Holly Ellyatt

Ukrainian troops hold out in Soledar as Russia builds up forces, Kyiv says

This grab taken from AFP video footage shows a member of Ukraine’s military looking away as a BM-21’Grad’ MLRS 122mm rocket launcher fires on the outskirts of Soledar on January 11, 2023.

Arman Soldin | Afp | Getty Images

Russia is building up its forces in Ukraine but Ukrainian forces are holding out in fierce fighting for the eastern town of Soledar, Deputy Defence Minister Hanna Malyar said on Thursday.

She told a news briefing that the number of Russian military units in Ukraine had risen to 280 from 250 a week earlier as Moscow tried to gain the “strategic initiative”.

“Fighting is fierce in the Soledar direction,” Malyar said. “They (the Russians) are moving over their own corpses.”

“Russia is driving its own people to the slaughter by the thousands, but we are holding on,” she said.

Another senior military official, Brigadier General Oleksiy Gromov, told the briefing that the military situation in Ukraine remained “difficult”, with the heaviest fighting on the eastern front.

Russian forces were trying to cut through Ukrainian lines and surround Ukrainian troops, he said.

Gromov also said the danger of an attack being launched from Belarus, a Russian ally to the north of Ukraine, would remain throughout this year.

— Reuters

Russian forces struck Kherson region 90 times yesterday, official says

General view of the missile impact on a street in the city of Kherson after a missile struck a residential area of the city on the night of Jan. 10, 2023.

Sopa Images | Lightrocket | Getty Images

Russian troops struck the southern region of Kherson 90 times on Wednesday, killing one civilian and injuring five others, according to the regional governor.

“According to the data from Kherson Regional Military Administration, Russian invaders shelled the Kherson region’s territory 90 times,” Kherson Regional Military Administration head Yaroslav Yanushevych said on Telegram in an update on Wednesday’s military activity.

Artillery, multiple launch rocket systems, mortars and tanks were used in the attacks, he added.

As for Kherson city, the regional capital, Russian forces shelled the city 27 times, he said, attacking residential quarters. “Enemy shells hit the maternity hospital, private and apartment buildings,” Yanushevych said in comments translated by Google.

CNBC was unable to verify the information in the report.

— Holly Ellyatt

Russian forces struck Kherson region 90 times yesterday, official says

General view of the missile impact on a street in the city of Kherson after a missile struck a residential area of the city on the night of Jan. 10, 2023.

Sopa Images | Lightrocket | Getty Images

Russian troops struck the southern region of Kherson 90 times on Wednesday, killing one civilian and injuring five others, according to the regional governor.

“According to the data from Kherson Regional Military Administration, Russian invaders shelled the Kherson region’s territory 90 times,” Kherson Regional Military Administration head Yaroslav Yanushevych said on Telegram in an update on Wednesday’s military activity.

Artillery, multiple launch rocket systems, mortars and tanks were used in the attacks, he added.

As for Kherson city, the regional capital, Russian forces shelled the city 27 times, he said, attacking residential quarters. “Enemy shells hit the maternity hospital, private and apartment buildings,” Yanushevych said in comments translated by Google.

CNBC was unable to verify the information in the report.

— Holly Ellyatt

Satellite images show scale of destruction in Soledar and Bakhmut

Maxar satellite imagery of bombed out apartment buildings and homes in Soledar, Ukraine.

Maxar | Maxar | Getty Images

Satellite images collected and released by Maxar Technologies show the destruction wrought upon the eastern Ukrainian towns of Soledar and Bakhmut in Donetsk, where fighting between Ukrainian and Russian forces has been going on for months.

Maxar collected new high-resolution satellite imagery between Jan. 3-10 that helps to convey the magnitude and intensity of the ongoing fighting in the area around both towns, with both Russia and Ukraine claiming to have killed hundreds of each other’s troops on a daily basis.

The satellite imagery released by Maxar reveals thousands of bomb craters in fields and along roads in and around the two towns as well as the destruction of homes, schools and farm buildings.

Maxar satellite imagery showing school and buildings destroyed in Bakhmutske, just to the immediate south of Soledar, in Ukraine.

Maxar | Maxar | Getty Images

The image above shows destroyed buildings destroyed in Bakhmutske, just to the immediate south of Soledar. The one below shows fields marked by craters from relentless artillery exchanges.

Craters in fields just east of Bakhmut, Ukraine.

Maxar | Maxar | Getty Images

A Maxar satellite image showing the destroyed Pokrovske School to the east of Bakhmut:

Maxar satellite imagery showing the destroyed Pokrovske School to the east of Bakhmut in Donetsk, Ukraine.

Maxar | Maxar | Getty Images

Here’s what farm buildings in Yakovlivka, south of Bakhmut, looked like before fighting in eastern Ukraine became intense in August 2022.

Here’s what farm buildings in Yakovlivka, south of Bakhmut, looked like before the start of the siege in eastern Ukraine.

Maxar | Maxar | Getty Images

Here’s what the same farm buildings looked like in images taken in early January 2023:

Farm buildings in Yakovlivka in January 2023. Satellite image (c) 2022 Maxar Technologies.

Maxar | Maxar | Getty Images

Russia redeploying elite airborne forces as originally intended, UK says

A Taifun VDV military vehicle at the International Military-Technical Forum “Army 2022” at Kubinka military training ground in Moscow on Aug. 18, 2022.

Anadolu Agency | Anadolu Agency | Getty Images

The redeployment of Russia’s elite airborne forces, the VDV, to the Donbas in eastern and southern Ukraine signals that military commanders are trying to employ them in line with their intended function as an “elite rapid reaction force,” Britain’s Ministry of Defense said Thursday.

The ministry noted that, over the last two days, heavy fighting has continued both around the town of Soledar in the Donetsk region, and on the approaches to Kremina in the neighboring Luhansk region.

“Since the start of January 2023, Russia has almost certainly allocated elements of the 76th Guards Air Landing Division of the VDV (airborne forces) to reinforce the Kremina front line after assessing the sector was significantly vulnerable,” the ministry noted in its latest intelligence update on Twitter.

“Until November 2022, Russia committed almost the whole of the deployable VDV as long-term, ground-holding troops along the front line in the Kherson area,” it noted.

“Now redeployed to the Donbas and southern Ukraine, commanders are likely attempting to employ VDV more in line with their supposed doctrinal role as a relatively elite rapid reaction force,” it said.

— Holly Ellyatt

‘Fighting continues’ in Soledar, Zelenskyy says, after Russia asserts victory

Ukraine’s President Volodymyr Zelenskyy again rejected Russia’s claims to have to have encircled and captured the salt-mining town of Soledar in Donetsk, saying fighting continues for the town in eastern Ukraine.

“Now the terrorist state [Ukraine frequently labels Russia in this way] and its propagandists are trying to pretend that some part of our city of Soledar — a city that was almost completely destroyed by the occupiers — is allegedly some kind of Russia’s achievement,” Zelenskyy said in his nightly address Wednesday.

“But the fighting continues. The Donetsk direction is holding out. And we do everything, without stopping for a single day, to strengthen Ukrainian defense,” he said.

Maxar satellite imagery of bombed out apartment buildings and homes in Soledar, Ukraine.

Maxar | Maxar | Getty Images

There were confusing reports Wednesday as to whether Russian and Wagner Group (a private Russian military company) forces had taken control of the town, after the head of the Wagner Group Yevgeny Prigozhin claimed Tuesday that his force had captured the town.

The Kremlin said Wednesday, however, that reporters should await a statement from the Ministry of Defense on the status of Soledar.

Yevgeny Prigozhin, a Russian businessman and close ally of Vladimir Putin, recently admitted to creating the Wagner Group, a private military company fighting in Ukraine, in 2014.

Mikhail Svetlov | Getty Images

Later, the ministry said its elite airborne units, the VDV, had surrounded Soledar from the north and south but that “assault squads” were fighting in the town center. The update from the Russian Ministry of Defense was seen by some as a bid by the Russian military — which has been criticized by Prigozhin — to assert its authority and undermine the Wagner Group leader.

President Vladimir Putin’s military reshuffle on Wednesday, in which he put loyalist Gen. Valery Gerasimov, the chief of the General Staff of the Russian armed forces, in charge of troops fighting in Ukraine and replacing Gen. Sergei Surovikin — who was supported by Prigozhin — has also been seen as part of the power struggle between the military and Prigozhin and his Wagner Group.

— Holly Ellyatt

Putin’s new commander likely to be greeted with ‘extreme displeasure’ by some pro-war Russians

Valery Gerasimov attends a military meeting in Moscow in December 2022, when he was chief of the General Staff. Gerasimov will take direct control of the ongoing invasion of Ukraine.

Sergey Fadeichev | Afp | Getty Images

Vladimir Putin has put the overall head of the Russian military in direct command of the Ukraine war, but the appointment probably will not sit well with some quarters in Russia, according to an intelligence assessment released late Wednesday.

Valery Gerasimov will take direct responsibility for executing the so-called “special operation” in Ukraine, Russia’s Defense Ministry announced Wednesday.

Gerasimov had served as chief of the General Staff, or head of Russia’s armed forces. Pro-war elements in Russia widely blame Gerasimov for their military’s inept performance in the war.

The move to put him in charge “is likely to be greeted with extreme displeasure by the Russian ultra-nationalist and military blogger community, who have increasingly blamed Gerasimov for the poor execution of the war,” Britain’s Ministry of Defense said in an intelligence update.

Gerasimov replaces General Sergei Surovikin, who took operational command of the war only three months ago.

In contrast to Gerasimov, Surovikin has been praised by ultra-nationalists for his “more realistic” approach, the U.K. ministry said. He had previously led Russian forces in Syria and oversaw the brutally indiscriminate bombardment of Aleppo.

Surovikin will now report to Gerasimov.

As deputy commander in Ukraine, Surovikin’s “authority and influence is almost certainly hugely reduced,” the UK ministry said.

— Ted Kemp

U.S. Defense Secretary Austin and Chairman Milley will host Ukraine Defense Contact Group next week

U.S. Secretary of Defense Lloyd Austin (L) gives opening remarks as Chairman of the Joint Chiefs of Staff General Mark Milley (R) listens during a virtual meeting of the Ukraine Defense Contact Group at the Pentagon May 23, 2022 in Arlington, Virginia.

Alex Wong | Getty Images

Defense Secretary Lloyd Austin and Joint Chiefs of Staff Chairman U.S. Army Gen. Mark Milley will head to Germany next week for another meeting of the Ukraine Defense Contact Group.

The Ukraine Defense Contact group, a coalition of nearly 50 countries supporting Ukraine’s military needs, has met several times since it was formed in April.

Among the topics to be discussed at Ramstein Air Base will be Ukraine’s desire for main battle tanks and modern fighter jets for its fight against Russia.

“When it comes to the kinds of capabilities that we provide them, we’ll continue to have that conversation with them, with our international allies and our partners, and we’ll take a variety of considerations into account,” Pentagon press secretary U.S. Air Force Brig. Gen. Pat Ryder said announcing the trip.

— Amanda Macias

Top Russian military officer put in charge of Ukraine action

The ruins of the salt mine damaged by Russian shelling in Soledar in the Donetsk region of the Donbas.

Sopa Images | Lightrocket | Getty Images

Russia’s top military officer was put in charge of troops fighting in Ukraine, a move that appears to reflect the Kremlin’s dissatisfaction with the current leadership and flaws in the military’s performance.

Russia’s Defense Ministry said that Gen. Valery Gerasimov, the chief of the General Staff of the Russian armed forces, was named the new commander of the unified group of forces in Ukraine.

The previous commander, Gen. Sergei Surovikin, was demoted to become Gerasimov’s deputy along with two other generals.

The reshuffle, which was formally ordered by Defense Minister Sergei Shoigu, clearly came on Russian President Vladimir Putin’s approval, signaling that he still has trust in his top military leaders who have faced broad criticism for the troops’ performance in the conflict.

It also suggests a recognition of flaws in carrying out what Putin called “the special military operation” in Ukraine.

While announcing Gerasimov’s appointment, the Defense Ministry said it was aimed at improving coordination between various forces fighting in Ukraine.

“Raising the level of leadership of the special military operation is linked to the expansion of the scale of the tasks being fulfilled as part of it and the need to organize closer interaction between branches of the military and to increase the quality of supplies and the efficiency of directing groups of forces,” the Defense Ministry said in a statement.

— Associated Press

White House declines to say if U.S. will equip Ukraine with main battle tanks

White House Press Secretary Karine Jean-Pierre holds the daily press briefing at the White House in Washington, December 5, 2022.

Jonathan Ernst | Reuters

The White House declined to say whether the U.S. would specifically provide Ukraine with main battle tanks.

White House Press Secretary Karine Jean-Pierre told reporters at a daily briefing that President Joe Biden reaffirmed U.S. support in Kyiv’s fight, adding that Washington “will continue to stand with Ukraine for as long as it takes.”

She declined to elaborate on the makeup of additional U.S. security assistance packages.

Last week, Washington announced its largest package since Russia’s full-scale invasion of Ukraine began nearly a year ago.

The upcoming military aid package, the 29th such tranche, brings U.S. commitment to Ukraine’s fight to about $24.9 billion since the beginning of the Biden administration.

New to this aid package are 50 Bradley infantry fighting vehicles, armored tracked vehicles manufactured by U.S. defense firm BAE Systems. Bradleys are typically equipped with a rotating turret, mounted 25mm gun and TOW anti-tank missiles. The U.S. will provide 500 TOW anti-tank missiles and 250,000 rounds of ammunition for use with the Bradleys.

— Amanda Macias

Russia’s deputy prime minister says it’s had no problems selling oil despite sanctions

G7, the EU and Australia implemented on December 5 a cap on Russian oil prices. Market players have doubts the measure will be effective.

Bloomberg | Bloomberg | Getty Images

Russian oil producers have had no difficulties in securing export deals despite Western sanctions and price caps, Russian Deputy Prime Minister Alexander Novak told a televised online government meeting on Wednesday.

“We’ve been in constant contact with the companies, the contract making for February has been completed, and on the whole, the companies are not saying they have problems as of today,” Novak told the meeting led by President Vladimir Putin.

Russian oil production has so far shown resilience in the face of the sanctions, imposed after Moscow sent troops into Ukraine on Feb. 24, and of the price caps, introduced by Western countries last month.

Putin last month signed a decree that banned the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.

Novak said the main problem for Russian oil was a high discount to international benchmarks as well as rising freight costs.

— Reuters

‘Soledar is not under the control’ of Russian forces, Ukrainian official says

A Ukrainian soldier in his position as a tankman as the Russia-Ukraine war continues on the Bakhmut front line in Donetsk, Ukraine, on Jan. 8, 2023.

Anadolu Agency | Anadolu Agency | Getty Images

Ukraine is continuing to reject Russian claims that its forces have captured the Donetsk town of Soledar.

Serhiy Cherevatyi, spokesperson for the eastern military command, told Ukrainian television Wednesday that “Soledar is not under the control of the Russian Federation. Heavy fighting is going on there now,” he said, in comments translated by NBC News.

Cherevatyi claimed Russians had “carried out a special information operation” to promote the claim that Russian forces had already captured Soledar but said “this is not true.”

“The situation there is difficult, but it is under the control of the state leadership of our armed forces. We are working on making management decisions that will allow us to stabilize the situation in the city and cause maximum damage to the enemy with minimal losses from our side,” he added. 

This morning, Ukraine’s operational update said Soledar was among the settlements in Donetsk that were being shelled, while Reuters reported that from the outskirts of the town, plumes of smoke could be seen rising, describing the incoming artillery fires as “relentless.”

CNBC was unable to immediately verify Cherevatyi’s claim. On Tuesday, the head of the Russian private military company, the Wagner Group, which has been fighting in the area around Soledar and Bakhmut for months, claimed that his fighters had taken “control of the entire territory of Soledar” while urban warfare was continuing.

Capturing Soledar would be a coup for Russia as it seeks to advance further and capture nearby Bakhmut. Ultimately, Russia wants to take full control of Donetsk and the wider Donbas region.

— Holly Ellyatt

Read CNBC’s previous live coverage here:



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Latest news on Russia and the war in Ukraine

‘There will be no World War III,’ Zelenskyy says in surprise Golden Globes speech

Ukrainian President Volodymyr Zelenskyy told the audience at the 80th Golden Globe awards Tuesday night that his country will stop Russia’s invasion but warned that there are “still battles and tears ahead.”

“There will be no World War III, this is not a trilogy. Ukraine will stop Russian aggression on our land,” Zelenskyy said in a video address to the audience gathered at the famed Beverly Hilton in Beverly Hills, California.

Zelenskyy also thanked the support his war-weary country has experienced from partners and allies around the world.

— Amanda Macias

U.S. Army delivers tanks and vehicles in Europe to beef up NATO frontier

U.S. Army vehicles, including tanks, are brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands.

U.S. army vehicles including tanks are brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands January 11, 2023.

Piroschka Van De Wouw | Reuters

U.S. army vehicles including tanks are brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands January 11, 2023.

Piroschka Van De Wouw | Reuters

An U.S. army vehicle is brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands January 11, 2023.

Piroschka Van De Wouw | Reuters

U.S. army vehicles including tanks are brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands January 11, 2023.

Piroschka Van De Wouw | Reuters

U.S. army vehicles including tanks are brought ashore in the Netherlands as a military unit is transported to Poland and Lithuania as part of a NATO mission to reinforce the alliance’s eastern flank after the Russian invasion of Ukraine, in Vlissingen, Netherlands January 11, 2023.

Piroschka Van De Wouw | Reuters

— Piroschka Van De Wouw | Reuters

‘We must be ready’ at the border with Belarus, Zelenskyy says

Ukrainian President Volodymyr Zelenskyy attended a coordination meeting in Lviv on the current security situation in the northwest of the country.

Zelenskyy was briefed on the operational situation on the border with Belarus, as well as hearing details about “counter-subversive measures” in northwestern regions.

“The main topic is the security situation in the north-western regions of Ukraine,” Zelenskyy said on his Telegram channel, according to comments translated by NBC News. “We discussed state border protection, the operational situation on the border with the Republic of Belarus, and counter-subversive measures in these territories.”

“We understand that apart from powerful statements, we do not see anything powerful there, but nevertheless we must be ready both at the border and in the regions,” he said.

This photograph taken on November 3, 2022 shows a Ukrainian border guard carrying an Anglo-Swedish NLAW anti-tank missile launcher at a fortified position near the Ukrainian border with Russia and with Belarus.

Sergei Supinsky | AFP | Getty Images

Throughout the war, Kyiv has been wary about military activities within Belarus and near its border with Ukraine given that Minsk, Russia’s ally, allowed its territory to be a staging ground for the invasion of Ukraine’s northern regions at the start of the war.

Despite joint military drills with Russia, and the formation of a joint fighting force, Minsk insists it has no plans to enter the war as an active participant on Russia’s side.

Russia and Belarus are about to hold several weeks of joint aviation drills. On Wednesday, Belarus’ defense ministry said that joint air defense forces had been reinforced, with new missile units moved into position, Reuters reported.

— Holly Ellyatt

Estonia tells Russia to reduce number of diplomats in Tallinn

Anti-Russian banners hang on the fence in front of Russian embassy are seen in Tallinn, Estonia on 31 July 2022.

Nurphoto | Nurphoto | Getty Images

Estonia has told Russia to reduce the number of diplomats at its embassy in Tallinn by February, the Baltic country’s foreign ministry said on Wednesday.

It said in a statement Russia should lower the number of diplomats to eight, which equals the number of Estonian diplomats in Moscow.

The Russian embassy in Tallinn on its website lists 17 diplomats. Since the Russia’s invasion of Ukraine, Estonia has already expelled three diplomats.

“In light of the fact that during the war of aggression, the staff of the Russian embassy is not engaged in advancing Estonian-Russian relations, it is our view that there are no grounds for the current size of the Russian embassy,” the ministry said on Wednesday.

— Reuters

Kremlin cautious on Soledar capture claim, saying ‘let’s not rush’

Kremlin spokesperson Dmitry Peskov appeared cautious to endorse claims by Russian mercenary group leader Yevgeny Prigozhin that the town of Soledar in Donetsk has come under the full control of his Wagner Group forces.

When asked by reporters to comment on Prigozhin’s statement on Tuesday, in which he claimed that his Wagner fighters — a paramilitary group fighting alongside Russia’s regular units — had taken “control of the entire territory of Soledar,” Peskov advised caution.

“Wait, let’s not rush, let’s wait for official statements [by the Ministry of Defense],” Peskov said, according to comments translated by NBC News.

“Overall, there is a positive dynamic there, but success in the military operation will be achieved when we fulfill the goals set by the Supreme Commander-in-Chief [Russian President Putin] for the special military operation.”

Kremlin spokesperson Dmitry Peskov at a news conference of Russian President Vladimir Putin after a meeting of the State Council on youth policy in Moscow, Russia, Dec. 22, 2022.

Valeriy Sharifulin | Sputnik | Reuters

“Although tactical successes are also very important. They come at a very high price, at the price of the fantastic heroism of our fighters, so this is another reason to be proud of our guys who do not regret their lives or their health to give us these tactical successes,” Peskov said.

Ukraine disputes the claim that Soledar has been captured, with officials saying heavy fighting continues there. They also claim Russia has suffered immense losses pursuing its capture of Soledar and Bakhmut.

Soledar is known for its salt mines, and capturing the town would give Russian forces an advantageous location from which to launch more assaults on nearby Bakhmut, capturing which is seen as a key goal for Russia as it looks to seize full control of the eastern Donetsk region and wider Donbas. Putin has said the “liberation” of Donbas is a key goal of what Russia calls its “special military operation” in Ukraine.

— Holly Ellyatt

Russia’s fossil fuel earnings fall in December as Western measures bite

European countries have been scrambling to find alternative sources of oil and gas following Russia’s full-scale invasion of Ukraine in Feb. 2021.

Bloomberg | Bloomberg | Getty Images

Major Western measures targeting Russia’s oil revenues are costing the Kremlin roughly 160 million euros ($171.8 million) per day, according to a new report, prompting Ukrainian officials and campaigners to call for policymakers to ratchet up the financial pressure on Moscow in order to help Kyiv prevail in the war.

A report by the Centre for Research on Energy and Clean Air, an independent Finnish think tank, found that Russia’s earnings from fossil fuel exports fell 17% in December, slipping to their lowest level since President Vladimir Putin launched his full-scale invasion of Ukraine in late February.

It comes just over one month after the European Union’s ban on seaborne imports of Russian crude and the G-7’s price cap came into force.

Read more on the story here.

— Sam Meredith

‘Soledar is not under the control’ of Russian forces, Ukrainian official says

A Ukrainian soldier in his position as a tankman as the Russia-Ukraine war continues on the Bakhmut front line in Donetsk, Ukraine, on Jan. 8, 2023.

Anadolu Agency | Anadolu Agency | Getty Images

Ukraine is continuing to reject Russian claims that its forces have captured the Donetsk town of Soledar.

Serhiy Cherevatyi, spokesperson for the eastern military command, told Ukrainian television Wednesday that “Soledar is not under the control of the Russian Federation. Heavy fighting is going on there now,” he said, in comments translated by NBC News.

Cherevatyi claimed Russians had “carried out a special information operation” to promote the claim that Russian forces had already captured Soledar but said “this is not true.”

“The situation there is difficult, but it is under the control of the state leadership of our armed forces. We are working on making management decisions that will allow us to stabilize the situation in the city and cause maximum damage to the enemy with minimal losses from our side,” he added. 

This morning, Ukraine’s operational update said Soledar was among the settlements in Donetsk that were being shelled, while Reuters reported that from the outskirts of the town, plumes of smoke could be seen rising, describing the incoming artillery fires as “relentless.”

CNBC was unable to immediately verify Cherevatyi’s claim. On Tuesday, the head of the Russian private military company, the Wagner Group, which has been fighting in the area around Soledar and Bakhmut for months, claimed that his fighters had taken “control of the entire territory of Soledar” while urban warfare was continuing.

Capturing Soledar would be a coup for Russia as it seeks to advance further and capture nearby Bakhmut. Ultimately, Russia wants to take full control of Donetsk and the wider Donbas region.

— Holly Ellyatt

Joint air force exercises between Russia and Belarus likely ‘genuine,’ UK says

The annual Army Games defense technology international exhibition.

Sopa Images | Lightrocket | Getty Images

A joint Russian-Belarusian tactical flight exercise to be held in the country from Jan. 16 until the start of February is likely to be a genuine drill, according to Britain’s Ministry of Defense.

“The new deployment of Russian aircraft to Belarus is likely a genuine exercise, rather than a preparation for any additional offensive operations against Ukraine,” the ministry said in its latest intelligence update on Twitter.

“Although Russia maintains a large number of forces in Belarus, they are mostly involved in training. They are unlikely to constitute a credible offensive force,” it noted. There has been persistent speculation that Russia’s ally Belarus could actively enter the war in Ukraine to fight alongside Russian forces, despite an insistence from the government in Minsk that it will not join the fighting.

The ministry noted how “amateur aircraft spotters noted the arrival of total of 12 Mi-8 support helicopters and Mi-24 and Ka-52 attack helicopters. With some appearing with ‘Z’ markings, the aircraft landed at Machulishchy Air Base near Minsk.”

— Holly Ellyatt

Ukraine tight-lipped about Soledar’s fate, says forces are holding out

Two Ukrainian soldiers look at the southern front line.

Sopa Images | Lightrocket | Getty Images

Ukraine has not conceded defeat in Soledar in Donetsk, a town that Russia’s mercenary paramilitary group, the Wagner Group, claims to now fully control.

Ukraine’s President Volodymyr Zelenskyy did not comment on the salt-mining town’s fate in his nightly address Tuesday, only thanking Ukrainian forces who have been defending Soledar, saying:

“I thank everyone who helps us defend Ukraine and freedom, fights for independence and works to strengthen Ukraine! Today I’d like to pay special tribute to the warriors of the 46th separate airmobile brigade for their bravery and steadfastness in defending Soledar! Thank you, warriors!”

Ukrainian Presidential Advisor Oleksii Arestovych said Tuesday that Soledar was “semi-surrounded, if we look at open sources it looks like this: the western parts are [taken] by the enemy, but the center and northwest, and southwestern parts [of the city] are standing,” in YouTube in comments translated by NBC News.

Elsewhere, Ukraine’s Deputy Defense Minister Hanna Maliar said on Telegram Tuesday that fighting was continuing in Soledar.

“Heavy fighting is going on to hold Soledar. The enemy does not pay attention to the heavy losses of their personnel and continues an active assault. The approaches to our positions are simply strewn with the bodies of dead enemy fighters,” Maliar said.

CNBC has asked Ukraine’s defense ministry for comment.

— Holly Ellyatt

Paramilitary chief claims his fighters have taken complete control of Soledar

The head of the Russian private military company, the Wagner Group, which is predominantly fighting in the area around Bakhmut in Donetsk, has claimed that his fighters have completely taken control of the strategically important salt mining town of Soledar.

“Units of the Wagner PMC [private military company] have taken control of the entire territory of Soledar. The city center has been surrounded, and urban warfare is under way. The number of prisoners will be announced tomorrow,” Yevgeny Prigozhin, the founder and head of the Wagner Group, said in a statement Tuesday released on Telegram and translated by Russian state news agency Tass, accompanied by an image of fighters in what could be an underground mine. The Wagner Group is a paramilitary group of mercenaries fighting alongside Russia’s regular units.

Yevgeny Prigozhin, a Russian businessman and close ally of Vladimir Putin. He recently admitted to creating the Wagner Group, a private military company fighting in Ukraine, in 2014.

Mikhail Svetlov | Getty Images

Prigozhin has achieved a much higher-profile since Russia invaded Ukraine and his Wagner fighters joined in Russia’s war effort. He previously denied links to the paramilitary group that he founded in 2014 in order to support pro-Russian separatists in eastern Ukraine.

Since admitting founding the group, however, he has been keen to capitalize on their relative successes on the battlefield. Yesterday, Prigozhin commented, “Once again, I want to emphasize that no units except for the fighters of the Wagner PMC took part in the assault on Soledar.”

The ruins of the salt mine damaged by Russian shelling in Soledar in the Donetsk region of the Donbas.

Sopa Images | Lightrocket | Getty Images

On Tuesday, Britain’s Ministry of Defense said it believed that Russian and Wagner forces were likely in control of most of Soledar after “tactical advances” in the last four days. A Ukrainian official said yesterday that Russia had concentrated the best fighters from the Wagner Group in Soledar.

Ukraine’s government has been largely tight-lipped about Soledar’s fate, with President Volodymyr Zelenskyy not commenting on the town’s status in his nightly address and one official saying the city was only “semi-surrounded.”

— Holly Ellyatt

Zelenskyy calls for ‘new level of modern military equipment’

Ukrainian President Volodymyr Zelenskyy slammed a proposal from Russian President Vladimir Putin for a temporary cease-fire during Orthodox Christmas on Jan. 7.

Ukrinform | Future Publishing | Getty Images

Ukrainian President Volodymyr Zelenskyy thanked allies for their renewed commitment to give his country more weapons, but called for a “new level of modern military equipment.”

“It is even more important now when Russia is gathering forces for another escalation,” Zelenskyy said during a nightly address on his official Telegram channel.

Zelenskyy said that now was the “time for new powerful decisions, for new powerful support.”

“The free world has everything necessary to stop Russian aggression and bring the terrorist state to a historic defeat and it is important not only for us, it is important for global democracy, for all those who value freedom,” Zelenskyy added.

— Amanda Macias

Ukraine estimates staggering recosntruction costs nearly one year into war with Russia

A Russian soldier walks amid the rubble in Mariupol’s eastern side where fierce fighting between Russia/pro-Russia forces and Ukraine on March 15, 2022.

Maximilian Clarke | SOPA Images | Lightrocket | Getty Images

Ukrainian Prime Minister Denys Shmyhal said the reconstruction of Ukraine is expected to cost an estimated 110 billion hryvnia, or roughly $2.9 billion.

“The scale of destruction is enormous,” Shmyhal said on his official Telegram channel.

He added that the “Ukraine Recovery Program will become the largest reconstruction project since the Second World War. We have already identified four key sources of its funding.”

— Amanda Macias

Best fighters from ‘Wagner Group’ in war hotspot Soledar, official says

The best fighters from Russia’s paramilitary group, known as the Wagner Group, have been deployed to fight in Soledar in Donetsk in eastern Ukraine, where Russian forces have made tactical gains in recent days.

Serhiy Cherevaty, spokesman for Ukraine’s eastern forces, told local TV channel 24 that Russian forces were deploying their best Wagner fighters at Soledar, which had been struck 86 times by artillery over the past 24 hours.

Russia is believed to see the capture of Soledar as a step toward its bigger target, that of capturing Bakhmut in Donetsk where fighting has been intense for months.

Cherevaty said Russia was using World War I-style tactics, throwing large numbers of men into battle and absorbing heavy losses.

The Wagner Group is a private military company whose forces are fighting alongside Russia’s standard military units. Wagner fighters have been privately recruited and the group is estimated to be around 50,000-men strong. Many of the servicemen have been recruited from Russian prisons having been offered the chance to fight in Ukraine in return for pardons. Some Wagner fighters have reportedly already received pardons having fulfilled their military contracts.

“This is basically not a 21st-century war,” Cherevaty said, according to comments on Youtube translated by NBC News.

“Currently, the hottest spot in the Bakhmut direction is Soledar. There are fierce battles now, and the enemy has concentrated there the best units of the … ‘Wagner’ group [there], which are supported by the regular armed forces of the Russian Federation. Fierce battles are ongoing there. The enemy is trying to seize this Ukrainian city at any cost,” he said.

Ukrainian soldiers near a stele with a Ukrainian flag and a handwritten inscription that reads: “Bakhmut is Ukraine” on Jan. 4, 2023, in Bakhmut, Donetsk Oblast, Ukraine.

Global Images Ukraine | Getty Images News | Getty Images

On Tuesday alone, Cherevaty said that 86 instances of shelling had been recorded around Soledar and surrounding settlements. Ukraine’s President Volodymyr Zelenskyy said Monday night that hardly any walls were left standing in Soledar and that Russian corpses covered the landscape.

“What did Russia want to gain there? Everything is completely destroyed, there is almost no life left. And thousands of their people were lost: the whole land near Soledar is covered with the corpses of the occupiers and scars from the strikes,” Zelenskyy said.

— Holly Ellyatt

Russia risks becoming a failed state by 2033, experts say

Russia, as we know it, may not survive the coming decade and risks becoming a failed state as it pursues its costly war in Ukraine, according to a survey of global strategists and analysts.

The Atlantic Council’s Scowcroft Center for Strategy and Security polled 167 global strategists and practitioners last fall on the biggest prospective drivers of geopolitical, societal, economic, technological and environmental change.

Russian President Vladimir Putin chairs a meeting of the Council for Strategic Development and National Projects, via video link at the Novo-Ogaryovo state residence outside Moscow, Russia December 15, 2022. 

Mikhail Metzel | Sputnik | Reuters

One of the poll’s most surprising takeaways, according to the American think tank, was that respondents pointed to a potential Russian collapse over the next decade.

This was “suggesting that the Kremlin’s war against Ukraine could precipitate hugely consequential upheaval in a great power with the largest nuclear-weapons arsenal on the planet,” the Atlantic Council noted.

Read more on the story here

Russian and Wagner forces make ‘tactical advances’ in Soledar, UK says

In the last four days, Russian forces and their colleagues in the Russian private military company known as the Wagner Group have made “tactical advances” into the small Donbas town of Soledar, according to the latest intelligence update from Britain’s Ministry of Defense.

Soledar is around 6 miles north of Bakhmut, the capture of which likely continues to be Russia’s “main immediate operational objective,” the ministry noted.

Despite recent advances into Soledar and “increased pressure” on nearby target Bakhmut, the ministry said “Russia is unlikely to envelop the town imminently because Ukrainian forces maintain stable defensive lines in depth and control over supply routes.”

A Ukrainian multiple-launch rocket system is hiding among the trees near Soledar as the fighting in the Donbas region continues.

Sopa Images | Lightrocket | Getty Images

The ministry noted that “Russia’s Soledar axis is highly likely an effort to envelop Bakhmut from the north, and to disrupt Ukrainian lines of communication.”

“Part of the fighting has focused on entrances to the 200km-long disused salt mine tunnels which run underneath the district. Both sides are likely concerned that they could be used for infiltration behind their lines.”

On Monday night, Ukraine’s President Volodymyr Zelenskyy said that while Russian forces “have now concentrated their greatest efforts on Soledar, the result of this difficult and long battle will be the liberation of our entire Donbas.”

He conceded, however, that the fighting was “extremely difficult” around Soledar, a place where he said there were barely any walls left standing.

“Due to the resilience of our warriors there, in Soledar, we have gained additional time and additional power for Ukraine,” he said in his nightly address.

“And what did Russia want to gain there? Everything is completely destroyed, there is almost no life left. And thousands of their people were lost: the whole land near Soledar is covered with the corpses of the occupiers and scars from the strikes.”

— Holly Ellyatt

Read CNBC’s previous live coverage here:

Read original article here

Asia-Pacific shares trade higher ahead of U.S. inflation report

Thai baht to ‘recover the strongest’ among regional currencies on China reopening: Credit Suisse

The Thai baht will “recover the strongest” amongst other Southeast Asian currencies on China’s reopening, said Credit Suisse’s Asia FX strategist Max Lin.

Lin claimed Thailand has not implemented any sort of travel restrictions on Chinese tourists, and the government is “still very supportive” of the tourism freedom.

“It sounds like there still will be a lot of regional tourism demand,” he said, pointing to reports of Chinese outbound tourism activities on travel booking websites.

The Thai Baht has strengthened back to levels seen in April 2022 and last stood at 33.41 against the greenback.

—Lee Ying Shan

Apple’s Asia suppliers mostly fall after reports of in-house screen manufacturing

Shares of some Apple suppliers in Asia fell after Bloomberg reported that the company will begin making in-house screens in 2024.

South Korea listed stocks of LG Display fell 3.35% in its afternoon trade shortly after the report, while Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Manufacturing Co. also traded 0.41% lower.

Separately, Shenzhen-listed shares of BOE Technology Group, or Jingdongfang, rose more than 1% as Reuters reported that the Apple supplier is planning invest a substantial sum to build new factories in Vietnam.

— Jihye Lee

Cryptocurrencies trade higher even as Coinbase announce layoffs

Cryptocurrencies inched higher after crypto company Coinbase announced plans to trim 20% of its workforce as it looks to preserve cash during the crypto market downturn.

Bitcoin last traded higher by 1.55% at $17,459.63 according to Coin Metrics. Ether gained 1% to $1,337.85.

Other digital coins like Cronos and Cardano also advanced gains.

CEO Brian Armstrong said there was “no way” to reduce expenses and increase its chances of “doing well in every scenario” without reducing head count.

—Lee Ying Shan, Kate Rooney

Philippines inflation will return to as low as 2% by 2024, says finance secretary

Inflation in the Philippines is expected to return to the government’s target range in two years, Finance Secretary Benjamin Diokno said.

Diokno said he is confident that average inflation for 2023 will be between 2.5% to 4.5% before easing to 2% to 4% by the next year, he told CNBC on the sidelines of the Asian Financial Forum in Hong Kong.

Headline inflation in the Philippines still remains high, increasing to 8.1% in December 2022 from 8% the month before, according to government data.

Bangko Sentral ng Pilipinas governor Felipe Medalla announced on Monday that interest rates will be raised by another 25 to 50 basis points in February. Diokno added he expects the central bank to pivot some time this year.

“There’s also the possibility that we will cut at some point in this year because we might be overshooting,” he said.

— Charmaine Jacob

Australia’s consumer prices rose 7.3% in November on back of higher housing and food prices

Australia consumer price index rose 7.3% year-on-year in November, according to data from the Australian Bureau of Statistics, a sign that inflationary pressures have yet to slow.

The figure is in line with Reuters’ expectations, and higher than last month’s reading of 6.9%.

Housing, food and transport were amongst the top components fueling the hike, the release said.

Separately, Australia reported an in crease in sales of 1.4% for November compared to a month ago, buoyed by Black Friday sales.

— Lee Ying Shan

CNBC Pro: This global ETF is the only fund that’s posted gains every year for the past decade

The only stock ETF to have had a positive return every year over the past decade has been revealed by CNBC Pro.

It is the sole fund of almost 7,000 equities ETFs worldwide screened by CNBC Pro not to have a single year of negative returns between Jan. 1, 2013, and Dec. 31, 2022.

It has also offered investors a 14% compounded annual growth rate over the same period, which is significantly more than broader index tracking funds, according to Koyfin data.

CNBC Pro subscribers can read more here.

— Ganesh Rao

South Korea’s unemployment rate climbs to 11-month high

South Korea’s unemployment rate for December climbed 3.3%, marking the highest in 11 months, government data showed.

The reading is higher compared to November’s figure of 2.9%

In spite the higher unemployment figure, the total number of employed people in 2022 came up to 28.089 million, up from 816,000 from a year ago.

– Lee Ying Shan, Jihye Lee

CNBC Pro: ‘An expensive mistake: Citi says stop hoarding cash — and reveals two areas to invest in

Investors endured a tough 2022, as stocks and bonds fell amid broader market turmoil.

While many sought refuge in the relative safety of cash, Citi says it’s now time to put it to work and named two ways to deploy it for higher returns.

Pro subscribers can read more here.

— Zavier Ong

Fed should stay politically independent while tackling inflation, Powell says

Fed Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation.

In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” the chair said in prepared remarks.

“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” he added.

— Jeff Cox

Copper hits highest price since June

Copper hit a high not seen since June.

The metal settled up just under 1.3% at $4.0775. It posted a high of $4.0835, which was its most expensive since it hit $4.1160 on June 17.

Copper has gained about 7% since 2023 began.

— Gina Francolla, Alex Harring

Coinbase to layoff 20% of workforce

Coinbase’s stock gained 6% after the crypto exchange operator announced plans to slash 20% of its workforce in an attempt to trim costs.

The layoffs will impact 950 jobs and marks the second round of cuts from the company in recent months. Coinbase laid off 18% of its workforce in June in preparation for a potential recession and crypto winter, saying that it had grown “too quickly” during the bull market.

Crypto markets have come under pressure following the collapse of FTX, one of the industry’s largest operators.

Coinbase said the new round of layoffs will bring down its operating expenses by 25% for the quarter ending in March, according to a new regulatory filing.

— Kate Rooney, Samantha Subin

Read original article here

Asia-Pacific shares trade higher ahead of U.S. inflation report

Thai baht to ‘recover the strongest’ among regional currencies on China reopening: Credit Suisse

The Thai baht will “recover the strongest” amongst other Southeast Asian currencies on China’s reopening, said Credit Suisse’s Asia FX strategist Max Lin.

Lin claimed Thailand has not implemented any sort of travel restrictions on Chinese tourists, and the government is “still very supportive” of the tourism freedom.

“It sounds like there still will be a lot of regional tourism demand,” he said, pointing to reports of Chinese outbound tourism activities on travel booking websites.

The Thai Baht has strengthened back to levels seen in April 2022 and last stood at 33.41 against the greenback.

—Lee Ying Shan

Apple’s Asia suppliers mostly fall after reports of in-house screen manufacturing

Shares of some Apple suppliers in Asia fell after Bloomberg reported that the company will begin making in-house screens in 2024.

South Korea listed stocks of LG Display fell 3.35% in its afternoon trade shortly after the report, while Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Manufacturing Co. also traded 0.41% lower.

Separately, Shenzhen-listed shares of BOE Technology Group, or Jingdongfang, rose more than 1% as Reuters reported that the Apple supplier is planning invest a substantial sum to build new factories in Vietnam.

— Jihye Lee

Cryptocurrencies trade higher even as Coinbase announce layoffs

Cryptocurrencies inched higher after crypto company Coinbase announced plans to trim 20% of its workforce as it looks to preserve cash during the crypto market downturn.

Bitcoin last traded higher by 1.55% at $17,459.63 according to Coin Metrics. Ether gained 1% to $1,337.85.

Other digital coins like Cronos and Cardano also advanced gains.

CEO Brian Armstrong said there was “no way” to reduce expenses and increase its chances of “doing well in every scenario” without reducing head count.

—Lee Ying Shan, Kate Rooney

Philippines inflation will return to as low as 2% by 2024, says finance secretary

Inflation in the Philippines is expected to return to the government’s target range in two years, Finance Secretary Benjamin Diokno said.

Diokno said he is confident that average inflation for 2023 will be between 2.5% to 4.5% before easing to 2% to 4% by the next year, he told CNBC on the sidelines of the Asian Financial Forum in Hong Kong.

Headline inflation in the Philippines still remains high, increasing to 8.1% in December 2022 from 8% the month before, according to government data.

Bangko Sentral ng Pilipinas governor Felipe Medalla announced on Monday that interest rates will be raised by another 25 to 50 basis points in February. Diokno added he expects the central bank to pivot some time this year.

“There’s also the possibility that we will cut at some point in this year because we might be overshooting,” he said.

— Charmaine Jacob

Australia’s consumer prices rose 7.3% in November on back of higher housing and food prices

Australia consumer price index rose 7.3% year-on-year in November, according to data from the Australian Bureau of Statistics, a sign that inflationary pressures have yet to slow.

The figure is in line with Reuters’ expectations, and higher than last month’s reading of 6.9%.

Housing, food and transport were amongst the top components fueling the hike, the release said.

Separately, Australia reported an in crease in sales of 1.4% for November compared to a month ago, buoyed by Black Friday sales.

— Lee Ying Shan

CNBC Pro: This global ETF is the only fund that’s posted gains every year for the past decade

The only stock ETF to have had a positive return every year over the past decade has been revealed by CNBC Pro.

It is the sole fund of almost 7,000 equities ETFs worldwide screened by CNBC Pro not to have a single year of negative returns between Jan. 1, 2013, and Dec. 31, 2022.

It has also offered investors a 14% compounded annual growth rate over the same period, which is significantly more than broader index tracking funds, according to Koyfin data.

CNBC Pro subscribers can read more here.

— Ganesh Rao

South Korea’s unemployment rate climbs to 11-month high

South Korea’s unemployment rate for December climbed 3.3%, marking the highest in 11 months, government data showed.

The reading is higher compared to November’s figure of 2.9%

In spite the higher unemployment figure, the total number of employed people in 2022 came up to 28.089 million, up from 816,000 from a year ago.

– Lee Ying Shan, Jihye Lee

CNBC Pro: ‘An expensive mistake: Citi says stop hoarding cash — and reveals two areas to invest in

Investors endured a tough 2022, as stocks and bonds fell amid broader market turmoil.

While many sought refuge in the relative safety of cash, Citi says it’s now time to put it to work and named two ways to deploy it for higher returns.

Pro subscribers can read more here.

— Zavier Ong

Fed should stay politically independent while tackling inflation, Powell says

Fed Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation.

In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” the chair said in prepared remarks.

“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” he added.

— Jeff Cox

Copper hits highest price since June

Copper hit a high not seen since June.

The metal settled up just under 1.3% at $4.0775. It posted a high of $4.0835, which was its most expensive since it hit $4.1160 on June 17.

Copper has gained about 7% since 2023 began.

— Gina Francolla, Alex Harring

Coinbase to layoff 20% of workforce

Coinbase’s stock gained 6% after the crypto exchange operator announced plans to slash 20% of its workforce in an attempt to trim costs.

The layoffs will impact 950 jobs and marks the second round of cuts from the company in recent months. Coinbase laid off 18% of its workforce in June in preparation for a potential recession and crypto winter, saying that it had grown “too quickly” during the bull market.

Crypto markets have come under pressure following the collapse of FTX, one of the industry’s largest operators.

Coinbase said the new round of layoffs will bring down its operating expenses by 25% for the quarter ending in March, according to a new regulatory filing.

— Kate Rooney, Samantha Subin

Read original article here

Powell stresses need for Fed’s political independence while tackling inflation

U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., on Dec. 14, 2022.

Liu Jie | Xinhua News Agency | Getty Images

Federal Reserve Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation.

In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” the chair said in prepared remarks.

“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” he added.

Powell’s remarks came at a forum to discuss central bank independence, and were to be followed by a question-and-answer session.

The speech did not contain any direct clues about where policy is ahead for a Fed that raised interest rates seven times in 2022, for a total of 4.25 percentage points, and has indicated that more increases likely are on the way this year.

While criticism of Fed actions by elected leaders is often done in quieter tones, the Powell Fed has faced vocal opposition from both sides of the political aisle.

Former President Donald Trump ripped the central bank when it was raising rates during his administration, while progressive leaders such as Sen. Elizabeth Warren (D-Mass.) have criticized the current round of hikes. President Joe Biden has largely resisted commenting on Fed moves while noting that it is primarily the central bank’s responsibility to tackle inflation.

Powell has repeatedly stressed that political factors have not weighed on his actions.

In another part of Tuesday’s speech, he addressed calls from some lawmakers for the Fed to use its regulatory powers to address climate change. Powell noted that the Fed should “stick to our knitting and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities.”

While the Fed has asked big banks to examine their financial readiness in case of major climate-related events such as hurricanes and floods, Powell said that’s as far as it should go.

“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections,” he said. “But without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a ‘climate policymaker.'”

The Fed this year will, however, launch a pilot program that calls for the nation’s six biggest banks to take part in a “scenario analysis” aimed at testing institutions’ stability in the event of major climate events.

The exercise will take place apart from the so-called stress tests that the Fed uses to test how banks would fare under hypothetical economic downturns. Participating institutions are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.

Read original article here

Latest news on Russia and the war in Ukraine

Putin’s ceasefire demand is likely an information operation to damage Ukraine’s reputation: Institute for the Study of War

Russian President Vladimir Putin’s demand for a ceasefire for Orthodox Christmas — which Ukraine has rejected — is likely a ploy designed to make Ukraine look aggressive and intransigent, according to analysts at the think tank Institute for the Study of War (ISW). Orthodox Christmas takes place on January 7.

“Putin’s announcement that Russian forces will conduct a 36-hour ceasefire in observance of Russian Orthodox Christmas is likely an information operation intended to damage Ukraine’s reputation,” the group wrote in a Twitter post.

The think tank wrote in subsequent tweets that “Ukrainian and Western officials, including US President Joe Biden, immediately highlighted the hypocrisy of the ceasefire announcement and emphasized that Russian forces continued striking Ukrainian military and civilian infrastructure on December 25—when many Orthodox Ukrainians celebrate Christmas—and New Year’s.”

Ukrainian President Volodymyr Zelenskyy said that there would be a ceasefire once Russian troops left his country.

“Putin could have been seeking to secure a 36-hour pause for Russian troops to afford them the ability to rest, recoup, and reorient to relaunch offensive operations in critical sectors of the front,” ISW wrote.

“Putin cannot reasonably expect Ukraine to meet the terms of this suddenly declared ceasefire and may have called for the ceasefire to frame Ukraine as unaccommodating and unwilling to take the necessary steps toward negotiations,” it said, adding that Russia has employed this kind of information tactic before.

— Natasha Turak

Ukraine’s deputy prime minister warns residents in occupied areas not to attend church services

Construction workers climb onto the roof of a destroyed church in the village of Bohorodychne, Donetsk region on January 4, 2023, amid the Russian invasion of Ukraine.

Dimitar Dilkoff | AFP | Getty Images

Ukraine’s deputy prime minister warned residents in Russian-occupied areas not to attend church services for Orthodox Christmas, which is celebrated on January 7, warning it could be dangerous.

“There is information that the Russians are preparing terrorist attacks in churches in the temporarily occupied territories for Orthodox Christmas,” Iryna Vereshchuk wrote on her Telegram channel, though she did not provide evidence for the claim.

“I urge citizens to be careful and, if possible, to refrain from visiting places with a large crowd of people,” she said. “Take care of yourself and your loved ones.”

— Natasha Turak

Estonia is committing nearly 1 million euros to take down Soviet-era monuments

The Baltic nation of Estonia is allocating more than 900,000 euros to take down Soviet-era monuments set up all over the country while it was a part of the Soviet Union, the Poland-based Belarusian news agency Nexta reported.

Estonia has been an ardent supporter of Ukraine against Russia’s invasion. It is a member of NATO and the EU.

— Natasha Turak

Artillery shelling reported in eastern Ukraine despite cease-fire

Artillery shelling is continuing in parts of eastern Ukraine despite a purported unilateral Russian ceasefire declared by Vladimir Putin, multiple news outlets are reporting.

“One witness in the Russian-occupied regional capital Donetsk, close to the front, described outgoing artillery fired from pro-Russian positions on the city’s outskirts after the truce was meant to take effect,” news agency Reuters wrote.

Russia’s defense ministry also says that shelling from Ukraine is continuing. Ukraine has refused to take part in the ceasefire, calling it hypocritical and a cover to allow more reinforcements for Russian troops while preventing Ukrainian forces to advance.

— Natasha Turak

Russia’s 36-hour cease-fire begins

Ukrainian soldiers of a special forces unit prepare to fire mortar shells at Russian forces amid artillery fights on Dec. 20, 2022, in Bakhmut, Ukraine.

Pierre Crom | Getty Images News | Getty Images

Russia’s cease-fire, ordered by Putin for Russian Orthodox Christmas on Jan. 7, began officially at noon Moscow time.

“At noon today, the ceasefire regime came into force on the entire contact line. It will continue until the end of 7 January,” Russia’s state Channel One news announced.

The move is seen by many as a chance to let Russian soldiers rest and recuperate and to prevent Ukrainian troops from making territorial gains. Ukraine has rejected the cease-fire, likening it to a trap aimed at giving Russian forces an advantage.

— Natasha Turak

Zelenskyy rejects Putin’s temporary cease-fire proposal, says war will end ‘when your soldiers leave’

Ukrainian President Volodymyr Zelenskyy slammed a proposal from Russian President Vladimir Putin for a temporary cease-fire during Orthodox Christmas on Jan. 7.

Ukrinform | Future Publishing | Getty Images

Ukrainian President Volodymyr Zelenskyy slammed a proposal from Russian President Vladimir Putin for a temporary cease-fire during Orthodox Christmas on Jan. 7, calling it a cover to stop Ukrainian forces’ advances and bring in more reinforcements for Russian troops.

“They now want to use Christmas as a cover, albeit briefly, to stop the advances of our boys in Donbas and bring equipment, ammunition and mobilized troops closer to our positions,” Zelenskyy said in his nightly video address. “What will that give them? Only yet another increase in their total losses.”

Zelenskyy spoke in Russian rather than Ukrainian, and said that a real cease-fire meant “ending your country’s aggression … And the war will end either when your soldiers leave or we throw them out.”

Many have pointed out that Russia did not offer a cease-fire on on Dec. 25, which is celebrated by many Orthodox Ukrainians, or for the new year. New Year’s Eve saw Russia attacking cities in Ukraine with drone strikes, taking out power infrastructure and destroying residential buildings.

— Natasha Turak

Bradley armored vehicles will provide ‘firepower and armor that will bring advantages on the battlefield,’ Pentagon says

Ukrainian soldiers with the 43rd Heavy Artillery Brigade sit atop 2S7 Pion self propelled cannon on the battlefield, as Russia’s attack on Ukraine continues, during intense shelling on the front line in Bakhmut, Ukraine, December 26, 2022.

Clodagh Kilcoyne | Reuters

The Pentagon said that the Bradley Fighting Vehicles will provide Ukraine with an advantage on the battlefield but declined to elaborate on how the armored vehicles would be equipped and how long training would take.

It was also unclear how many Bradleys the U.S. would send to Ukraine and how long it would take for the tracked armored vehicles to make their debut on the battlefield against Russia.

The White House is slated to announce the next security assistance package on Friday.

Pentagon Press Secretary U.S. Air Force Brig. Gen. Pat Ryder said that the Bradleys will provide “a level of firepower and armor that will bring advantages on the battlefield as Ukraine continues to defend their homeland.”

— Amanda Macias

‘We know better than to take anything we see or hear from Russia at face value,’ State Department says of Russia’s proposed truce

U.S. State Department spokesman Ned Price holds a press briefing on Afghanistan at the State Department in Washington, August 16, 2021.

Kevin Lamarque | Reuters

State Department spokesman Ned Price said it was up to Ukraine if they want to participate in Russia’s proposed truce.

Price said that the U.S. has “little faith in the intentions behind this announcement,” adding that Russia has previously broken such promises.

“We know better than to take anything we see or hear from Russia at face value. Unfortunately, they have given us no reason to take anything that they offer at face value,” Price added.

Earlier on Thursday, Russian President Vladimir Putin proposed a temporary ceasefire.

The cease-fire would allow Orthodox Christians in Russia and Ukraine to celebrate Christmas services.

— Amanda Macias

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Nonfarm payrolls rose 223,000 in December, as strong jobs market tops expectations

Payroll growth decelerated in December but was still better than expected, a sign that the labor market remains strong even as the Federal Reserve tries to slow economic growth.

Nonfarm payrolls increased by 223,000 for the month, above the Dow Jones estimate for 200,000, while the unemployment rate fell to 3.5%, 0.2 percentage point below the expectation. The job growth marked a small decrease from the 256,000 gain in November, which was revised down 7,000 from the initial estimate.

Wage growth was less than expected in an indication that inflation pressures could be weakening. Average hourly earnings rose 0.3% for the month and increased 4.6% from a year ago. The respective estimates were for growth of 0.4% and 5%.

By sector, leisure and hospitality led with 67,000 added jobs, followed by health care (55,000), construction (28,000) and social assistance (20,000).

Stock market futures rallied following the release as investors look for signs that the jobs picture is cooling and taking inflation lower as well.

“From the market’s perspective, the main thing they’re responding to is the softer average hourly earnings number,” said Drew Matus, chief market strategist at MetLife Investment Management. “People are turning this into a one-trick pony, and that one trick is whether this is inflationary or not inflationary. The unemployment rate doesn’t matter much if average hourly earnings continue to soften.”

The relative strength in job growth comes despite repeated efforts by the Fed to slow the economy, the labor market in particular. The central bank raised its benchmark interest rate seven times in 2022 for a total of 4.25 percentage points, with more increases likely on the way.

Primarily, the Fed is looking to bridge a gap between demand and supply. As of November, there were about 1.7 job openings for every available worker, an imbalance that has held steady despite the Fed’s rate hikes. The strong demand has pushed wages higher, though they mostly haven’t kept up with inflation.

The drop in the unemployment rate came as the labor force participation rate edged higher to 62.3%, still a full percentage point below where it was in February 2020, the month before the Covid-19 pandemic hit.

A more encompassing measure of unemployment that takes into account discouraged workers and those holding part-time jobs for economic reasons also declined, falling to 6.5%, its lowest-ever reading in a data set that goes back to 1994. The headline unemployment rate is tied for the lowest since 1969.

The household count of employment, used to calculate the unemployment rate, showed a huge gain for the month, rising 717,000. Economists have been watching the household survey, which has generally been lagging the establishment count.

The U.S. heads into 2023 with most economists expecting at least a shallow recession, the result of Fed policy tightening aimed at tamping down inflation still running near its highest level since the early 1980s. However, the economy closed 2022 on a strong note, with GDP growth tracking at a 3.8% rate, according to the Atlanta Fed.

Fed officials at their last meeting noted that they are encouraged by the latest inflation readings but will need to see continued progress before they are convinced that inflation is coming down and they can ease up on rate hikes.

As things stand, markets are largely expecting the Fed to increase rates another quarter-percentage point at its next meeting, which concludes Feb. 1.

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Latest news on Russia and the war in Ukraine

Putin orders cease fire in Ukraine over Orthodox Christmas

Russian President Vladimir Putin talks on the phone with David Shmelev, a seven-year-old child from Stavropol Krai region, who took part in the New Year Tree of Wishes nationwide charity campaign, at the Novo-Ogaryovo state residence, outside Moscow on January 5, 2023.

Mikhail Klimentyev | Afp | Getty Images

Russian President Vladimir Putin has ordered a cease fire in Ukraine over Orthodox Christmas, the Kremlin said.

Russian troops must hold fire for 36 hours starting on Jan. 6, the Kremlin said.

Many Orthodox Christians, including those living in Russia and Ukraine, celebrate Christmas on Jan. 6 to 7. The head of the Russian Orthodox Church, called for both sides of the war in Ukraine to observe a Christmas truce, a step dismissed by Kyiv as a cynical trap.

Patriarch Kirill of Moscow and All Russia conducts a service in a church in Moscow, Russia November 18, 2022.

Yulia Morozova | Reuters

“Taking into account the appeal of His Holiness Patriarch Kirill, I instruct the Minister of Defense of the Russian Federation to introduce a ceasefire regime along the entire line of contact of the parties in Ukraine from 12.00 on January 6, 2023 to 24.00 on January 7, 2023,” Putin said in the order.

“Proceeding from the fact that a large number of citizens professing Orthodoxy live in the areas of hostilities, we call on the Ukrainian side to declare a ceasefire and allow them to attend services on Christmas Eve, as well as on Christmas Day,” Putin said.

— Reuters

UN says at least 6,900 killed in Ukraine since start of war

A woman kisses a cross on a grave of her mother killed by shelling during Ukraine-Russia conflict, in the besieged southern port of Mariupol, Ukraine March 23, 2022.

Alexander Ermochenko | Reuters

The United Nations has confirmed at least 6,919 civilian deaths and 11,075 injuries in Ukraine since Russia invaded its ex-Soviet neighbor on Feb. 24.

The Office of the U.N. High Commissioner for Human Rights said the death toll in Ukraine is likely higher, because the armed conflict can delay fatality reports.

“Most of the civilian casualties recorded were caused by the use of explosive weapons with wide area effects, including shelling from heavy artillery, multiple launch rocket systems, missiles and air strikes,” the international organization wrote in a release.

— Amanda Macias

Three family members reportedly killed as Orthodox Christians prepare to celebrate Christmas

Kyiv residents light candles during a service at a St. Michael’s Gold-domed monastery in Kyiv. The Orthodox church of Ukraine allows its adherents to celebrate Christmas on December 25th as well as on January 7th.

Sopa Images | Lightrocket | Getty Images

A married couple and their 12-year-old son have been killed during shelling of the town of Beryslav in the southern Kherson region as they were preparing to celebrate the Orthodox Christian Christmas, according to the deputy head of President Volodymyr Zelenskyy’s office.

“Tragic news in the city today. The shelling of the occupiers and a shell hitting the house killed the family,” Kyrylo Tymoshenko wrote on Telegram Thursday in comments translated by Google.

“This is all the baseness and meanness of Russia. In the morning they talk about the “Christmas truce”, and already at lunch they kill the whole family. What did the husband, wife and their 12-year-old son do? Because they are simply Ukrainians?,” he added.

“People were preparing to celebrate Christmas together, but a cynical attack by the Russians killed them in their own home,” he wrote.

Earlier this morning, the head of the Russian Orthodox Church Patriarch Kirill (who has been supportive of Russia’s invasion of Ukraine) called for a Christmas truce to begin on the Orthodox Church’s Christmas Eve on Jan. 6.

Russia denies deliberately targeting civilians but there are daily instances of residential buildings and civil infrastructure being attacked by its forces. CNBC was unable to verify the information in Tymoshenko’s post.

— Holly Ellyatt

Putin tells Erdogan the West has ‘destructive role’ in Ukraine war

Russia’s President Vladimir Putin speaks on the phone during a conversation with Agatha Bylkova from the Kurgan region, an 8-year-old participant of a New Year’s and Christmas charity event, in Moscow, Russia, January 3, 2023. 

Mikhail Klimentyev | Sputnik | Via Reuters

Russian President Vladimir Putin claimed once again that the West is playing a “destructive role” in the Ukraine war.

Speaking to Turkish President Recep Tayyip Erdogan Thursday, Russia’s leader touched upon economic ties between the two countries, specifically in the energy sector, as well as the conflicts in Syria and Ukraine.

“The situation around Ukraine was touched upon. On the Russian side, the destructive role of Western states is emphasized, pumping up the Kyiv regime with weapons and military equipment, providing it with operational information and target designation,” the Kremlin said on its Telegram channel, according to a Google translation of the comments.

“In the light of Recep Tayyip Erdogan’s readiness for Turkish mediation for a political settlement of the conflict, Vladimir Putin reaffirmed Russia’s openness to a serious dialogue, provided that the Kyiv authorities comply with the well-known and repeatedly voiced demands and take into account new territorial realities,” the Kremlin added, alluding to Russia’s insistence that Kyiv recognize territories it has illegally annexed from Ukraine.

While Russia’s relations with the West and, specifically, NATO, has declined steeply since the war in Ukraine began last February, Turkey has managed to maintain diplomatic and business links with Russia despite being a member of NATO itself. Ankara has helped to broker prisoner swaps and a grain export deal between the warring countries, for example, and has offered to mediate peace talks.

— Holly Ellyatt

Erdogan tells Putin ceasefire needed in Ukraine peace efforts

Russian President Vladimir Putin and Turkish President Tayyip Erdogan arrive for a news conference following their talks in Moscow, Russia March 5, 2020.

Pavel Golovkin | Reuters

Turkish President Tayyip Erdogan told Vladimir Putin in a phone call that peace efforts in the Russia-Ukraine war should be supported by a unilateral ceasefire and a “vision for a fair solution”, the Turkish presidency said on Thursday.

It said in a statement the two leaders discussed energy and the Black Sea grains corridor and that Erdogan told Putin concrete steps needed to be taken to clear Kurdish militants from the Syrian border region.

— Reuters

Russians shelling ‘the entire front line’ in Donetsk, official says

A destroyed residential building in the city of Lyman in the Donetsk region of Ukraine on Jan. 4, 2023.

Dimitar Dilkoff | Afp | Getty Images

Intense shelling is taking place along the entire front line in Donetsk in eastern Ukraine, according to one official, who said residential buildings and a hospital had been damaged during the attacks last night and this morning.

“At night and in the morning, the Russians intensely fired along the entire front line,” Pavlo Kyrylenko, head of the Donetsk Regional Military Administration, posted on Telegram Thursday.

Kurakhove, Maryinka and Avdiivka in Donetsk had been targeted, with houses, shops and equipment at an infrastructure facility damaged during the latest round of shelling.

He said two people had been killed around Horlivka and another was injured in Bakhmut, the epicenter of fighting in the Donetsk region. In Chasiv Yar, a high-rise building was destroyed, and four more houses and a hospital building were damaged, he said, while in Soledar a five-story building was damaged, although no one was injured.

In the Lysychansk area in neighboring Luhansk, Kyrylenko said Russian forces had fired an S-300 missile at Lyman.

— Holly Ellyatt

Ukraine’s economy estimated to have shrunk by 30.4% in 2022

Firefighters conduct search and rescue operations after Russian forces hit a cultural center in Chuhuiv, Kharkiv Oblast, Ukraine, on July 25, 2022.

Anadolu Agency | Anadolu Agency | Getty Images

The Ukrainian economy contracted 30.4% in 2022, according to a preliminary estimate from the Ukrainian economy ministry.

Economy Minister Yulia Svyrydenko said in a statement Thursday that Ukraine had suffered its largest economic losses and damage since its independence from the Soviet Union in 1991, as a result of Russia’s invasion of Ukraine that began in February 2022.

The economy ministry noted that the estimated contraction in 2022 was smaller than previously forecast, noting “this is objectively the worst result since independence, but better than most experts expected at the start of the full-scale invasion, when estimates ranged from 40-50% drop in GDP and beyond.”

Svyrydenko said Ukraine’s successes on the battlefield, the coordinated work of government and business as well as “the indomitable spirit of the population” and the speed of restoration of destroyed or damaged critical infrastructure as well as financial support from international partners had enable Ukraine to maintain the economic front during wartime.

Last September, the Ukrainian government, European Commission and World Bank, in cooperation with partners, estimated that the cost of reconstruction and recovery in Ukraine amounted to $349 billion; that figure is now likely much higher as the war continues.

— Holly Ellyatt

Kyiv given more light combat vehicles — but it wants heavy tanks

Ukraine is continuing to press its international partners to provide it with heavier tanks to fight Russia, having been offered more armored fighting vehicles by its allies this week.

On Wednesday, France announced that it was giving Kyiv light tanks, AMX-10 RCs, and President Joe Biden hinted that the U.S. could provide Ukraine with Bradley Fighting Vehicles (armored troop carriers) — but both still fall short of the modern, heavy tanks that Ukraine has been seeking, such as the U.S.’ M1 Abrams battle tanks and Germany’s Leopard 2s.

A U.S. soldier near a Bradley Fighting Vehicle.

Delil Souleiman | Afp | Getty Images

Ukraine’s President Zelenskyy on Wednesday thanked President Emmanuel Macron “for the decision to transfer light tanks and Bastion APCs [armored personnel carriers] to Ukraine,” but in his nightly address, Zelenskyy again questioned why its allies have been reluctant to supply Ukraine with modern Western armored vehicles and tanks.

“We will receive more armored vehicles, in particular wheeled tanks of French production. This is what sends a clear signal to all our other partners: there is no rational reason why Ukraine has not yet been supplied with Western-type tanks,” Zelenskyy said.

An AMX-10 RC tank deployed in Bosnia in 1995.

Gabriel Bouys | Afp | Getty Images

“This is very important in order to restore security for all Ukrainians and peace for all Europeans,” he added.

Zelenskyy said Ukraine’s allies should “not delay any of those defense opportunities that can speed up the defeat” of Russia, adding that “modern Western armored vehicles, Western-style tanks are just one of these key opportunities.”

— Holly Ellyatt

Biden says Bradley Fighting Vehicles are on the table for Ukraine

U.S. President Joe Biden speaks prior to signing railroad legislation into law, providing a resoluton to avert a nationwide rail shutdown, during a signing ceremony in the Roosevelt Room at the White House in Washington, U.S., December 2, 2022. 

Kevin Lamarque | Reuters

U.S. President Joe Biden said that sending Bradley Fighting Vehicles to Ukraine was being considered to help the Ukrainians in combating Russia’s invasion.

“Yes,” Biden said when asked if the option was on the table.

— Reuters

Claims that war pits Russia against NATO are ‘a bunch of BS,’ White House spokesman says

White House National Security Council Strategic Communications Coordinator John Kirby speaks during a press briefing at the White House in Washington, November 28, 2022.

Kevin Lamarque | Reuters

Russian claims that Moscow’s war in Ukraine is really a fight against NATO and Western countries are “a bunch of BS,” a Biden administration spokesman said.

“This is about a Russian invasion of Ukraine,” said U.S. National Security Council spokesman John Kirby. “And Russia is the one who started it. Russia is the one who’s visited violence on the Ukrainian people at a scale.”

Kirby added that the U.S. will “continue to provide [Ukraine] the kinds of systems and assistance they need to defend themselves,” including the coveted High Mobility Artillery Rocket System.

— Jacob Pramuk

Heavy fighting likely to persist in Ukrainian-held Bakhmut, U.S. official says

Ukrainian soldiers with the 43rd Heavy Artillery Brigade sit atop 2S7 Pion self propelled cannon on the battlefield, as Russia’s attack on Ukraine continues, during intense shelling on the front line in Bakhmut, Ukraine, December 26, 2022.

Clodagh Kilcoyne | Reuters

Heavy fighting around the largely ruined, Ukrainian-held city of Bakhmut is likely to persist for the foreseeable future, with the outcome uncertain as Russians have made incremental progress, according to a senior U.S. administration official.

— Reuters

Russian torture chambers uncovered in Kherson, Ukraine

Kherson police said local residents were held in cells and rooms for days, tortured with electricity and batons and forced to write Russian patriotic texts. Kherson was the only regional capital captured by Russia since the invasion, and Ukraine liberated it late last year.

KHERSON, UKRAINE – JANUARY 04: Officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the basements and rooms of Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine. According to the Kherson police, local residents were held in cells and rooms for days, tortured with electricity, batons and forced to write Russian patriotic texts. Kherson was the only regional capital captured by Russia since the invasion and it was liberated by Ukraine late last year. (Photo by Pierre Crom/Getty Images)

Pierre Crom | Getty Images

A burnt bed within a room as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the basements and rooms of Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine. 

Pierre Crom | Getty Images

A general view of the basement and rooms as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine. 

Pierre Crom | Getty Images

KHERSON, UKRAINE – JANUARY 04: Russian patriotic written letters as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the basements and rooms of Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine. According to the Kherson police, local residents were held in cells and rooms for days, tortured with electricity, batons and forced to write Russian patriotic texts. Kherson was the only regional capital captured by Russia since the invasion and it was liberated by Ukraine late last year. (Photo by Pierre Crom/Getty Images)

Pierre Crom | Getty Images

Walls are marked with the Russian war symbol Z as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the basements and rooms of Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine.

Pierre Crom | Getty Images

A general view of the basement and rooms as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine.

Pierre Crom | Getty Images News | Getty Images

A calendar marked on a wall in a cell as officers of the War Crimes Prosecutor office and police officers investigate war crimes committed by the Russian occupying forces on the local civilian population in the basements and rooms of Ukrainian penitentiary buildings on January 4, 2023 in Kherson, Ukraine.

Pierre Crom | Getty Images

— Pierre Crom | Getty Images

Zelenskyy and Macron discussed aid to boost Ukraine’s air defenses

Ukrainian President Volodymyr Zelenskyy shakes hands with French President Emmanuel Macron during a news briefing following their talks in Kyiv, Ukraine on February 8, 2022.

Gleb Garanich | Reuters

Ukrainian President Volodymyr Zelenskyy and French President Emmanuel Macron had a “long and detailed conversation” about efforts to boost Ukraine’s defenses against Russian attacks.

“We agreed on further cooperation to significantly strengthen our air defense and other defense capabilities,” Zelenskyy said in a post on his Telegram channel.

France and other European nations have funneled aid to Ukraine since Russia invaded its neighbor last year. Zelenskyy has pleaded for air defenses in particular as Russia pummels his country with missile strikes.

— Jacob Pramuk

Russia blames use of mobile phones for deadly Makiivka attack

Russia has been left reeling as the death toll rises following a Ukrainian strike on newly conscripted soldiers in Makiivka, a town in the partially Russian-occupied eastern Donetsk region in east Ukraine.

Russia’s Defense Ministry said Tuesday night that the death toll from the attack, which took place on New Year’s Eve, had risen to 89, according to reports by Russian state news agencies.

It had previously said 63 soldiers had died in the attack, which struck a college for conscripts in Makiivka, in a rare admission of multiple losses.

It blamed the unauthorized use of cellphones for the strike, saying their use had allowed Ukraine to locate and strike its personnel.

“This factor allowed the enemy to locate and determine the coordinates of the location of military personnel for a missile strike,” the ministry said in a statement, reported by RIA Novosti.

Mourners gather to lay flowers in memory of Russian soldiers who were killed in a Ukrainian strike on a college for newly conscripted Russian soldiers in the occupied city of Makiivka in eastern Ukraine on New Year’s Eve.

Arden Arkman | Afp | Getty Images

The ministry said Ukraine had struck the building in Makiivka using missiles from a HIMARS rocket system and claimed that Russian forces had intercepted four of six rockets. It claimed it had destroyed the HIMARS rocket system from which the attack was carried out. CNBC was unable to verify the defense ministry’s claims.

The attack has caused consternation in Russia, with mourners gathering in Samara, the region where the majority of the mobilized soldiers reportedly came from.

— Holly Ellyatt

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Asia-Pacific markets, Fed minutes, inflation, PMI, Singapore retail, Caixin services

Oil prices bounce after two days of declines on Chinese pent-up travel demand

Oil prices climbed more than 1% after seeing two days of declines, as China’s reopening added optimism for an economic rebound and support in demand.

Brent crude futures rose 1.08% to $78.68 a barrel, while the U.S. West Texas Intermediate futures gained 1.19% to $73.71 a barrel.

Investors appeared to have shrugged off concerns of a potential global recession dogged by shaky economic growth prospects of U.S. and China, leading to a more than 9% slump in oil prices in the past two days.

– Lee Ying Shan

CNBC Pro: Bank of America sees 50% upside in this global fertilizer stock due to a worldwide shortage

Bank of America sees a 50% upside in the shares of a global fertilizer maker due to a worldwide shortage.

The Wall Street bank says the company commands a 55% profit margin as it is insulated from the rise in natural gas prices.

CNBC Pro subscribers can read more here.

China’s Caixin services data shows improvement, remains in contraction territory

The Caixin China general services purchasing manager’s index showed easing of pressure on the sector for the month of December, with a reading of 48, maintaining in contraction territory.

The print rose from seeing a six-month low in the previous month with a reading of 46.7.

The 50-point mark separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

“Optimism improved significantly,” Caixin Insight Group’s senior economist Wang Zhe said, adding that the gauge for expectations for future activity rose nearly 4 points compared to a month ago.

“Service providers expressed strong confidence in an economic recovery following the easing of Covid containment measures,” said Wang.

– Jihye Lee

CNBC Pro: Tech’s had a brutal year. But four stocks have bright future, investor says

The technology sector took a bashing in 2022.

But investment pro Jason Ware is unfazed. He remains bullish on tech and named four stocks he likes.

Pro subscribers can read more here.

— Zavier Ong

Hong Kong’s S&P Global PMI indicates ease in private sector contraction

Hong Kong’s S&P Purchasing Managers’ Index ticked higher to 49.6 in December from 48.7 in November despite remaining in contraction territory for the fourth consecutive month.

S&P said a slower contraction seen in the city’s private sector was due to a pickup in business activity in the final month of 2022, buoyed by easing of Covid restrictions.

Demand in the city still remains subdued, S&P said, adding that overall new orders are shrinking on the back of deteriorating economic conditions.

— Lee Ying Shan

CNBC Pro: Citi is bearish on lithium — at least for the near future. But it’s giving some stocks big upside

Citi is bearish on lithium — at least for the near future. Lithium is a critical component of electric vehicle batteries.

But the bank remains bullish on its long-term outlook, and names three stocks to watch.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fed officials expect higher rates for “some time,” minutes show

The Federal Reserve released the minutes from its Dec. 13-14 meeting, which showed central bank officials expect rates to be higher for “some time.”

“Participants generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which was likely to take some time,” the meeting summary stated. “In view of the persistent and unacceptably high level of inflation, several participants commented that historical experience cautioned against prematurely loosening monetary policy.”

“A number of participants emphasized that it would be important to clearly communicate that a slowing in the pace of rate increases was not an indication of any weakening of the Committee’s resolve to achieve its price-stability goal or a judgment that inflation was already on a persistent downward path,” the minutes said.

— Jeff Cox

November JOLTS better than expected

Job openings in November were 10.5 million, according to the latest Job Openings and Labor Turnover Survey, or JOLTS.

The report came in slightly better than expected even though it was little changed from the previous month. Analysts expected JOLTS to be about 10 million in November.

The number of hires and total separations were also little changed at 6.1 million and 5.9 million, respectively. There were also 4.2 million quits and 1.4 million layoffs and discharges during the month.

—Carmen Reinicke

Chinese ADRs rise in premarket trading

Chinese ADRs climbed in premarket trading after Ant Group received approval to increase its registered capital, a sign that Chinese regulators may be loosening their grip on the country’s tech sector.

Shares of JD.com and Alibaba each rose more than 6%. NetEase, Baidu and Trip.com were other stocks making notable moves higher.

Ant Group, which previously had its own IPO plans scuttled by regulatory concerns, was allowed to double its registered capital as part of the new plan.

— Jesse Pound

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