Bloomberg Japan’s Defense Ministry said it spotted a Chinese military drone near the Japanese islands of Okinawa and Miyakojima on New Year’s Day. The unmanned reconnaissance aircraft, which the ministry identified as a WZ-7 drone, flew from the East China Sea towards the Pacific Ocean before circling back and heading west, the ministry said in a statement. The aircraft ...

Bloomberg A Ukrainian strike on a Russian military facility in the occupied eastern town of Makiyivka killed 63 troops being housed there, Russia’s defense ministry said, making it one of the deadliest losses acknowledged by Moscow. Ukraine warned that Russia may launch more attacks over the Orthodox Christmas holiday later this week even as it downed all 39 Shahed drones ...

  Bloomberg New Chinese Foreign Minister Qin Gang sought better Sino-US ties in a phone conversation with Secretary of State Antony Blinken on New Year’s Day, according to a statement from the Ministry of Foreign Affairs in Beijing. Qin, who served as China’s ambassador to the US prior to his new job, looked forward to maintaining a close working relationship ...

  Bloomberg New York Governor Kathy Hochul promised to reduce crime, improve affordability and stem the state’s population loss as she took the oath of office for her first full term. Hochul’s inauguration capped a remarkable ascendancy in New York politics, becoming the first woman to take the state’s top office in her own right, after inheriting it in 2021 ...

  Bloomberg The Bank of Korea (BOK) should keep its policy focus on fighting inflation and be ready to help stabilise markets, Governor Rhee Chang-yong said in a New Year speech. Inflation is the most important factor for people’s livelihoods and is expected to remain elevated, Rhee said, according to a transcript of his remarks released by the BOK. The ...

  Bloomberg European Central Bank (ECB) President Christine Lagarde said the currency union’s newest member proves that the euro has lasting appeal. “Croatia worked hard to become the 20th member of the euro area, and it succeeded,” Lagarde said in a statement. “It shows the euro is an attractive currency, which brings stability to its members.” The Adriatic country of ...

  Bloomberg Deutsche Bank AG confirmed it faces a higher capital requirement as its main regulator pushes lenders to dial back the risks they face in the lucrative business of leveraged finance. The German lender must hold common equity Tier 1 capital equivalent to 10.55% of its risk-weighted assets this year, up from 10.43% at the end of September, it ...

  Bloomberg European Central Bank (ECB) Governing Council member Joachim Nagel said additional measures are needed to curb rising expectations of future prices and return inflation to the 2% goal. “Our monthly surveys of firms and households are showing a significant increase in long-term inflation expectations,” Nagel said in an interview with the Zeitschrift für das gesamte Kreditwesen. The ECB ...

  Bloomberg While China stock bulls had another miserable year, their fortunes may finally improve in 2023 if the nation’s abrupt reopening from the Covid-19 restrictions eventually leads to a robust economic recovery. The Hang Seng China Enterprises Index, which tracks Chinese firms listed in Hong Kong, just suffered a third straight year of declines, a record losing streak since ...

  Bloomberg The worst year for equity bulls since 2008 will also be remembered as one when the predominant investment strategies veered from one another by the most in two decades. Divergent fortunes befell the most famous US stock benchmarks, with the S&P 500’s annual loss of almost 20% more than twice that of the Dow Jones Industrial Average. A ...