PwC announces separation of Russian firm in first Big Four exit March 6, 2022 Pricewaterhousecoopers (PwC) will no longer have a member firm in Russia, with the multinational due to announce its decision tomorrow to separate its Russian company from the rest of its global network in the wake of Putin’s invasion of Ukraine. The move by the Big Four giant will affect 3,700 partners and staff in Russia, [...]
Sunak under pressure to drop NI rise in wake of Ukraine invasion March 6, 2022 Rishi Sunak is under increased pressure to drop his 1.25 percentage points increase of National Insurance next month in the wake of Russia’s invasion of Ukraine. It is expected the war will lead to higher inflation than expected due to Europe’s large reliance on Russian gas and Ukrainian agricultural products, like wheat. Annual growth in [...]
Russia unlikely to meet debt obligations as Western sanctions bite, Moody’s warns March 6, 2022 One of the world’s top credit rating agencies has raised concerns over Russia’s ability to service its debt as Western sanctions hobble Moscow’s economy. Moody’s said its move to downgrade Russian debt to the second-lowest rung on its ratings ladder was “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations”. [...]
Week ahead: Fears over Russia-Ukraine escalation to loom over City March 6, 2022 An intensification in the Russia-Ukraine war will drive investors’ moves this week in the City. The capital’s premier FTSE 100 index had a torrid time last week, losing nearly seven per cent of its value, its worst week since March 2020 when the UK was plunged into lockdown. Traders were spooked by the potential economic [...]
What impact will Russia’s invasion of Ukraine have on oil and gas? March 4, 2022 | City Talk Russia’s invasion of Ukraine is first and foremost a human tragedy. As investors though, our role is to interpret the market implications on behalf of our clients. Here, we consider the impact of the invasion on oil and gas markets. Firstly, it’s important to understand how markets stood before the invasion. Global energy markets were [...]
Swift backlash: Will Russia snake past Western sanctions? March 3, 2022 Sanctions are intended to choke economies for decades. This week could a sign that Russia is heading for the mire. The intended effects of Western sanctions are already materialising. This week, the rouble, Russia’s currency, collapsed around 40 per cent. The Moscow Stock Exchange has been shuttered since Monday. Concern about Russia being effectively frozen [...]
Commodities boom weighs on London’s top indexes March 3, 2022 London’s top indexes plummeted yesterday as investors ditch assets with exposure to the economic fallout of the Russia-Ukraine conflict and pour into commodities as prices continue to surge. The capital’s premier FTSE 100 index plummeted 2.57 per cent to 7,238.85 points, while the domestically-focused FTSE 250, which is more aligned with the health of the [...]
Bank of England gives website and logo face-lift in ‘inclusion’ drive March 3, 2022 The Bank of England has given its website and logo a fresh lick of paint, it announced today. A new typeface on the central bank’s website is designed to make it easier for people with dyslexia to read. The Bank has also tweaked its logo to be more “inclusive”. “The Bank of England has been [...]
ONS: Nearly all Brits pinched by cost of living squeeze March 3, 2022 Almost all Brits are feeling the pinch of the cost of living squeeze, causing them to cut back on spending, reveals official figures released today. Over eight in 10 households have noticed an uptick in their cost of living, up five percentage points over the last week, according to the Office for National Statistics (ONS). [...]
UK services economy surges after end of Plan B curbs despite inflation reaching record high March 3, 2022 Brits rushed back to pubs, bars and restaurants after the end of Plan B measures, boosting the UK’s services economy, but firms are raising prices at a record rate, reveals a closely watched survey released today. Activity among British services firms climbed to an eight month high, hitting 60.5 in February, according to IHS Markit’s [...]