FirstFT: Massive earthquake kills more than 1,000 in Turkey and Syria

The biggest earthquake to hit Turkey in more than 80 years has killed more than 1,000 people in the south of the country and across the border in Syria.

The quake, which measured 7.8 on the Richter scale, caused huge destruction, levelling thousands of buildings and sending people fleeing into the streets. Turkish state media said 912 people were confirmed dead in the quake that hit just after 4am local time, while President Recep Tayyip Erdoğan said thousands more had been hurt across 10 Turkish provinces.

An initial Turkish assessment showed almost 3,000 buildings were destroyed across the affected areas, centred on the Turkish province of Kahramanmaraş, in the south of the country near the Syrian border, and spanning at least 500km. Turkey’s government has dispatched rescue teams, with military and cargo planes carrying supplies to the affected regions — with about 9,000 people working on the effort.

In Syria, more than 237 people were killed and hundreds more injured in government-held areas, mostly in the provinces of Hama, Aleppo, Tartus and Latakia, according to the country’s deputy health minister. In north-west Syria, the last pocket of the country still under opposition control, the Syria Civil Defence said more than 120 civilians had died.

Five more stories in the news

1. China steps up condemnation of balloon shooting by US Vice-minister of foreign affairs Xie Feng lodged a formal protest with the US embassy in Beijing in which he came close to accusing Washington of violating international law.

“What the US has done has dealt a serious blow and damaged the efforts and advances in stabilising China-US relations since the Bali meeting,” he added, referring to US president Joe Biden’s summit with Chinese leader Xi Jinping in November.

• Beijing’s balloon fleet: After years of research, China is now using its sprawling “lighter than air” programme for military purposes.

• Opinion: In the long run, the stakes are too high for US-China diplomacy to fall victim to a spy balloon, writes Gideon Rachman.

2. Ukraine to replace defence minister In Kyiv’s biggest shake-up since Russia launched its invasion, defence minister Oleksiy Reznikov is set to be replaced by head of military intelligence Kyrylo Budanov. Reznikov said he did not know of the change and added he would reject a new senior government role.

3. Stocks fall as investors worry over US rate rises European stocks and Wall Street futures declined and the dollar strengthened on Monday, after last week’s stronger than expected US jobs report raised the likelihood of further interest rate increases. Data released on Friday showed the US added 517,000 jobs in January.

4. Disney cuts ‘Simpsons’ episode with China labour camp reference in Hong Kong The missing programme mentions ‘forced labour camps where children make smartphones’. Beijing imposed a sweeping national security law on the city in 2020, which bans broadly defined crimes including secession and subversion as part of a clampdown on its political opposition and civil society.

5. France and Germany to push back against US green tech poaching France and Germany’s economy ministers will ask the US to stop making “aggressive” overtures to European companies in a bid to lure green investment across the Atlantic, French officials said ahead of a visit to Washington tomorrow. France’s Bruno Le Maire and Germany’s Robert Habeck aim to underscore EU concerns about Joe Biden’s climate bill and push for better co-operation.

The day ahead

Economic data The EU has December retail sales figures, Germany releases factory orders for the same month and S&P Global publishes its construction purchasing managers’ index for the UK.

Military meeting The defence ministers of Sweden and Finland meet Nato’s deputy secretary-general and Norwegian military chiefs at a two-day security conference in Oslo to discuss the war in Ukraine.

Gold bid Newcrest, Australia’s largest listed gold company, is considering a weekend takeover bid from rival Newmont. Newcrest shares rose more than 9 per cent in Australia.

Corporate results Activision Blizzard, Anima, Pinterest and Tyson Foods report.

What else we’re reading

How the $3.9bn Americanas scandal has shaken corporate Brazil With personal care products and cheap electronics, Americanas stores are a staple of the Brazilian high street. Since last month a multibillion-dollar accounting scandal at the retailer has gripped corporate Brazil, ensnaring some of the nation’s richest men and sparking bitter recriminations and accusations of fraud.

Biden makes his case for a second term Encouraging labour figures and a better than expected performance by Democrats in last year’s midterm elections — historically regarded as a referendum on the incumbent administration — have put US president Joe Biden in a much stronger position to launch another general election campaign.

Barclays chief executive: the life lessons I have discovered during cancer treatment CS Venkatakrishnan gives his personal account of leading the bank while undergoing care for non-Hodgkin lymphoma.

“You have to let go and have total trust in your colleagues to handle the responsibilities you are relinquishing temporarily. Senior executive teams comprise high-achieving, opinionated leaders — that is what got them there.”

Opinion: Letting the public decide is key to regulating Big Tech The US justice department is quite right that ordinary people should hear arguments on a second major antitrust case filed against Google, writes Rana Foroohar. It is dangerous to allow important decisions on key issues such as corporate power and the rules of surveillance capitalism to be made by technocrats behind closed doors.

Opinion: The paradox of financial conditions A gap has emerged between the US central bank and its peers at a time when its policy signals are at odds with financial conditions, writes Mohamed El-Erian. Central banks should be careful to avoid their communication becoming an undue source of economic and financial volatility even as they seek to address the same.

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