British Airways Heathrow airport flights IT delays - Chris J. Ratcliffe/Bloomberg
British Airways has apologised for chaos at Heathrow for the second time in a month after an hour-long IT glitch led to cancellations and delays.
The airline said a “technical issue” on Wednesday led to flights being grounded. Cancellations on some short-haul flights continued into Wednesday evening.
The problems come weeks after all short-haul flights were cancelled on a Saturday because of another technical glitch.
Staff were dispatched to Heathrow’s departure gates to warn passengers that cancellations and delays were still possible despite the IT failure being rectified.
One employee asked a passenger "where are you going?” before replying: “Oh, that one is probably cancelled."
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Customers are urged to check the BA website for information about their flights and cancellations.
One group of travellers at Heathrow were told that all short-haul flights had been cancelled, worried travellers, but those to long-haul destinations were still operating. However, departure boards showed that flights to destinations including New York had been cancelled.
One passenger, hoping to travel home to Amsterdam after a two-day business trip to London UK, said. “At first the staff were very good, they helped me to rebook my flight, but then that one got cancelled too.”
He was hoping to travel on another airline. “if I book a flight with KLM it’s like double the price because it’s last minute … I just want to go home.”
One parent was left waiting for three hours for their son, who is blind, to come through arrivals after his flight from Jersey was forced to wait on a taxiway.
A spokesman for BA said: "We experienced a technical issue for a short time this afternoon which affected our operation at Heathrow Terminal 5. This has now been resolved and we're resuming flight operations. We've apologised to those customers who have been inconvenienced."
05:10 PM
Wrapping up
That's all from us today, thank you for following! Before you go, have a look at the latest stories from our business team:
Glencore said it will not seek new deals in Russia but will continue its long-standing business ties in the country.
The world's largest commodity trader said “there is no realistic way” to offload its investments in Russian companies. It holds a 10.55pc stake in miner En+ and another 0.57pc in oil firm Rosneft.
Glencore said it will continue to honour legal obligations under pre-existing contracts, subject to meeting any sanctions and where it is “feasible and safe” to do so.
As a growing list of the world’s biggest companies, from blue-chip banks to consumer giants, announce plans to leave Russia, commodity trading houses have quietly continued their business of buying and selling the country’s natural resources.
They have historically been willing to operate in the most difficult jurisdictions and only a handful, including Gunvor Group and now Glencore, have announced they will stop new business in Russia.
04:52 PM
FTSE 100 closes in the green
Robust commodity stocks and rebounding oil prices kept the FTSE 100 positive on a turbulent day for the markets. The index ended the day up 0.5pc at 7,578.
"Stocks in Europe are retreating this afternoon as investors worry about rising energy costs that will hit consumers hard," commented Chris Beauchamp, chief market analyst at IG.
"While the FTSE 100 has escaped the losses so far today, with UK bills set to head in the same direction there are big questions about whether economies across the continent will be able to avoid a recession.
"Once again rising commodity prices have been the sticking plaster for the FTSE, masking losses across most of the rest of the index."
04:36 PM
Former BP executive appointed to Government's energy board
The Government has turned to a former executive of oil and gas giant BP to help the country cut fossil fuels. Rachel Millard has more:
Kwasi Kwarteng, the business secretary, has hired Peter Mather, BP's former Head of Country UK, to the board of the department for business, energy and industrial strategy. Mr Mather will oversee work on the "transition to a low carbon economy".
Mr Kwarteng said: "Peter’s wealth of experience in the energy industry will prove invaluable as we ensure our energy security into the future by boosting nuclear power and renewables in the UK."
04:15 PM
EU officials raid Gazprom offices in Germany
EU officials have raided the offices of Gazprom’s German units as part of a probe into the Russian gas giant’s role in pushing prices in the continent to records, Bloomberg reported.
Officials visited offices of companies such as Gazprom Germania and Wingas, which supplies about 20pc of the German market.
The raid comes as Europe steps up its probe into whether Gazprom’s behavior caused a spike in gas prices and worsened the region’s energy crunch.
Europe has been grappling with an energy crisis since last year, as Gazprom capped additional supplies at a time inventories were already at their lowest level in more than a decade.
03:50 PM
British Airways resumes Heathrow operations as technical glitch resolved
British Airways has resumed operations at Heathrow Airport after an IT failure at Terminal 5.
A spokesman for BA said: "We experienced a technical issue for a short time this afternoon which affected our operation at Heathrow Terminal 5. This has now been resolved and we're resuming flight operations.
"We've apologised to those customers who have been inconvenienced."
03:33 PM
Meal replacement maker Huel posts soaring results as demand soars
Huel - Huel
Meal replacement maker Huel has posted soaring results as demand for its plant-based products has continued to grow.
Revenue in the year to July 2021 climbed 43pc while profits increased nearly three-fold to £2m.
The group, which was launched in 2015, also appointed Robyn Perriss, former chief financial officer at Rightmove, as a non-executive director.
03:20 PM
Handing over
That's all from me today – thanks for following along! My colleague Giulia Bottaro will take over from here.
03:05 PM
Ports brand minimum wage ferry rules 'unworkable'
Meanwhile, UK ports have hit back at Grant Shapps' request to block ferry firms that failed to pay the minimum wage, arguing it wasn't up to them to enforce rules on pay.
Richard Ballantyne, chief executive of the British Ports Association, said the expectation was "unworkable".
British Airways said it was investigating a technical issue after an IT outage sparked a raft of flight delays.
In a response on Twitter, the airline said: "We're investigating and working hard to resolve a technical issue and apologise for the inconvenience. We will provide further updates as quickly as possible."
The online departure board showed flights at Heathrow were delayed, with a few cancelled.
02:48 PM
BA flights grounded in latest IT crisis
Reports are emerging on social media of widespread British Airways flight delays due to a systems failure at Heathrow Terminal 5.
It's the latest IT crisis for the airline, which was forced to cancel all short-haul flights due to a technical outage less than a month ago.
JUST IN
All systems are down for British Airways in Terminal 5
Flights have stopped boarding Departure flights facing delays and could be cancelled
Russia has effectively legalised piracy by scrapping copyright laws after a raft of global brands halted sales or stopped exports to the country.
Prime Minister Mikhail Mishustin said Moscow has authorised retailers to import products from abroad without the trademark owner's permission.
He said these "parallel imports" were needed to ensure that certain goods could continue to be shipped to Russia.
"This approach will guarantee the shipment of goods to our country... in spite of the unfriendly actions of foreign politicians."
Russia's retail sector has been upended by western sanctions and decisions by firms such as H&M, Apple and Nike to curb their activity in the country.
02:28 PM
Boris Johnson: Russia sanctions won't be lifted after ceasefire
Boris Johnson has said G7 countries shouldn't lift sanctions against Russia if there's a ceasefire in Ukraine.
The Prime Minister said this would play "straight into Putin's playbook" and insisted "every single one of his troops" needs to be out of Ukraine.
When could sanctions on Russia begin to be lifted?
PM: “I certainly don’t think that you could expect the G7 to lift sanctions simply because there’s been a ceasefire in Ukraine… in my view we need to intensify sanctions until every single one of his troops is out of Ukraine”
The Government has asked ports to refuse access to regular ferry services that don't pay workers the minimum wage, as the fallout from P&O's mass sackings continues.
Transport Secretary Grant Shapps told MPs the request was a temporary measure while the Government consulted on legislative changes to make it a legal requirement.
P&O's decision to lay off 800 workers without warning and replace them with low-paid agency staff has sparked a fierce backlash and led to calls for a change of laws.
Mr Shapps also announced several other measure in response to the P&O decision, including his intention to seek international minimum wage corridors with allies to help make sure workers are not paid below the UK rate.
02:10 PM
Hackers steal crypto worth $600m from Axie Infinity
Axie Infinity crypto hack
Hackers have stolen cryptocurrency worth about $600m (£456m) from an online game in what is thought to be one of the largest such heists.
Gareth Corfield has the details:
The game, Axie Infinity, has its own version of the “blockchain”, the technology that powers Bitcoin, called Ronin.
A connection between Ronin’s blockchain and other cryptocurrencies, known as the Ronin Bridge, was illicitly accessed by hackers last week.
The theft was only discovered when an Axie Infinity player tried to withdraw their own cryptocurrency from the game but was unable to do so, prompting enquiries.
Axie Infinity’s developers, Vietnam-based Sky Mavis, said the hackers used a previously unknown backdoor in its systems to transfer Ronin tokens into the more widely used Ethereum cryptocurrency.
Private cryptographic keys were said to have been obtained by the hackers and used to pass through Ronin’s transaction validation systems, which should have stopped the theft.
The EU is said to be preparing fresh sanctions against more Russian banks as the West expands its economic crackdown on Moscow.
EU officials are considering hitting four non-sanctioned banks that were removed from the Swift system, including VTB, the Wall Street Journal reports.
It's not thought there are any plans to target Gazprombank or Sberbank, which handle energy payments by European firms to Russia.
It comes as officials also look at broader sanctions on family members of targeted Russian business elites or oligarchs in a bid to stem the movement of assets abroad.
01:36 PM
Wall Street slips as Russia fears return
US stocks fell at the opening bell as hopes faded for a de-escalation in the Russia-Ukraine war and investors turned their attention back to inflation.
The S&P 500 and Dow Jones both slipped 0.2pc in early trading, while the Nasdaq was down 0.3pc.
01:24 PM
HSBC breaches competition rules with 'bundling' tactics
HSBC banking small business CMA - DANIEL LEAL-OLIVAS
More than 200 of HSBC's small company customers were wrongly told they had to take out a business current account to be able to access a loan.
The Competition and Markets Authority (CMA) found that HSBC breached banking rules over a nine-year period by telling small firms it was a lending requirement to have a business current account.
The move, dubbed "bundling", affected 204 customers relating to 210 loans worth more than £800,000.
HSBC reported the breaches, which took place between 2002 and 2021, to the CMA itself and confirmed it ended them from September last year.
It wrote to affected customers to waive the non-compliance clauses from the relevant loan agreements and has also offered refunds of all the current account fees and charges, while making it clear they do not need to keep the accounts with HSBC to have a loan with the lender.
The CMA has now imposed legally binding directions on HSBC ensuring it takes action to ensure the breaches do not happen again, including improved staff training.
Adam Land at the CMA said:
The rules are clear – banks should not ask customers to open or retain business accounts in order to have a loan with them.
It is right that HSBC have offered refunds and we will monitor compliance with our directions closely to ensure this doesn't happen again.
01:09 PM
US companies add 455,000 jobs in March
Employment growth at US companies advanced strongly in March, suggesting higher wages are helping firms fill a near-record number of vacancies.
Payrolls increased 455,000 this month following a revised 486,000 rise in February, according to the ADP Research Institute. This was just above the 450,000 increase forecasts in a Bloomberg survey of economists.
The data supports the Federal Reserve's view that the labour market is robust and competition for workers remains intense, with many employers offering higher pay to attract candidates.
It comes ahead of the government's official employment report on Friday, which is set to show private payrolls increased by about half a million in March.
🇺🇸Robust & broad-based +455k private payroll gain in March, reported by @ADP
🟢+486k in Feb (revised up by 11k)
🟢Goods: +79k Manufacturing +54k Construction +15k Mining +9k
BP turns to state energy giants in Russian asset sale
BP Moscow Russia energy sanctions - Oleg Nikishin/Getty Images
BP is said to have approached state-backed energy firms in Asia and the Middle East as it tries to offload its Russian assets.
The FTSE 100 energy giant has made preliminary approaches to China National Petroleum and Sinopec Group about the planned sale of its roughly 20pc stake in Rosneft, Bloomberg reports.
It's also said to have contacted some potential buyers in the Middle East and gauging interest from Indian firms such as Oil & Natural Gas Corp and Indian Oil.
According to the report, the efforts have gained little traction so far, highlighting the difficulty facing companies trying to sever ties with Moscow.
BP's other option is to strike a deal with Rosneft, either by handing the stake back or selling it, likely at a huge discount.
As is stands, the firm sees as transaction with Rosneft as the most realistic option, as it would struggle to sell down its holding on the market or find another buyer.
12:41 PM
German inflation surges to highest since reunification
German inflation jumped to its highest since records began after reunification in the early 1990s, as surging energy prices pile more pressure on households.
Consumer prices surged 7.6pc in March from a year earlier – topping economists' expectations.
It followed a higher-than-expected inflation reading of almost 10pc in Spain earlier today, as the war in Ukraine sparks turbulence across the continent.
The figures are likely to fuel expectations that the ECB will raise interest rates – something President Christine Lagarde has so far resisted.
12:32 PM
Russia to pay part of Eurobond in dollars
Russia's finance ministry reportedly plans to pay the remaining part of the Eurobond due on April 4.
It comes after Moscow offered to buy back part of the issue in roubles, Reuters reports.
Analysts said the offer was designed to help local holders of the $2bn (£1.5bn) sovereign bond receive payment, while also easing the country's hard-currency repayment burden.
11:45 AM
What happens if Russian gas is switched off?
Russian President Vladimir Putin Ukraine energy gas prices crisis - Mikhail KLIMENTYEV / SPUTNIK / AFP
Worries are mounting that Vladimir Putin may turn off the energy supply taps that flow into Europe, in a stand-off over how payments will be made.
It comes as the Kremlin battles to prop up its currency, the rouble, after a wave of sanctions by Western countries push Russia’s economy to the brink. While Europe is conscious of keeping the lights on, it also does not want to inadvertently aid Putin’s war efforts.
As Europe prepares for a gas supply crunch, Germany, its biggest economy, has triggered an emergency plan.
What is at stake if Russia goes ahead with its threats?
Moscow has said there were no breakthroughs in talks with Ukraine yesterday, further dampening optimism about a potential ceasefire.
Dmitry Peskov, the Kremlin's spokesman, said it was "positive" that Ukrainian negotiators had started to provide specific proposals on paper.
"But on the rest, we can't report anything very promising, no breakthroughs. Very, very prolonged work is still ahead."
Russia yesterday said it was scaling back some military operations, and raised the prospect of direct talks between Vladimir Putin and Volodymyr Zelensky.
But Russian shelling continued today, with fears the assault could intensify outside Kyiv.
11:10 AM
Wall Street to fall as Ukraine optimism fades
Wall Street's main indices look set to decline at the opening bell as optimism about a de-escalation of Russia's war in Ukraine faded.
The West has been sceptical about Moscow's pledge to scale back military operations, while traders are focusing on surging inflation and concerns that the Treasury curve signals a looming recession.
Futures tracking the S&P 500 and Dow Jones fell 0.4pc and 0.3pc respectively, while the Nasdaq lost 0.5pc.
10:57 AM
EU vows to prepare for gas supply crunch
The EU has said it will work closely with member states to prepare for gas supply disruptions after Germany triggered an emergency plan amid fears Russia could turn off the taps.
Frans Timmermans, the EU's climate policy chief, said:
We are prepared for any such cases. We will of course, work closely with member states to have everybody be prepared for any sort of situations.
10:49 AM
Revolut off the hook as FCA extends key crypto deadline
The City watchdog is extending a deadline for its approval of crypto firms, granting more time for Revolut and 11 others to get their affairs in order.
The Financial Conduct Authority (FCA) said companies on its temporary register of crypto businesses will be given additional time if they can show they require it, such as providing more information for the application, pursuing an appeal against the FCA's decision or winding down their operations.
More than 100 firms applied for permission to operate while their applications were ongoing – only 12 remain on that register.
The FCA said: "We have been reviewing cryptoasset firms' applications to ensure they meet the minimum standards we expect – that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime."
10:37 AM
Ikea to close north London store putting 450 jobs at risk
Ikea Tottenham London - Julian Finney/Getty Images
Ikea plans to close a store in Tottenham, north London, putting 450 jobs at risk, as part its push to open more shops in city centres, writes Laura Onita.
The decision comes only a month after the Swedish giant opened its first shopping centre in Hammersmith, west London.
The flat-pack furniture retailer has been focusing on smaller, inner-city locations over the years rather than just huge edge-of-town sites as shopping habits evolve.
Peter Jelkeby, Ikea’s UK country manager, said: “The decision to propose closing the Tottenham store has not been taken lightly, but we believe it is the right thing to do as we strengthen our position for the future.”
The Tottenham store will continue to trade as normal until further notice.
Russia appears to be easing its rhetoric over demands for western countries to pay for gas imports in roubles.
The Kremlin said it won't immediately demand payments in the local currency, despite Vladimir Putin ordering the switch by March 31.
Spokesman Dmitry Peskov said the process will take time, with a separation between payment and delivery. Natural gas prices pared gains after the climbdown.
Mr Peskov also said Russia should work on widening the list of exports requiring rouble payments after the Duma Speaker called for grain, oil and other commodities to be included in the demands.
10:11 AM
Tui pays back first bailout funds as summer booking surge
Tui travel loans Covid pandemic - Ina FASSBENDER / AFP
Tui has confirmed it will repay €700m (£592m) of bailout funds to the German state and private lenders, as summer bookings climbed back towards pre-pandemic levels.
The world's biggest travel agency said it will return the money on April 1, leaving it with about €3.5bn in emergency pandemic funding lines.
Tui received the cash injections and access to state-backed loans as the pandemic sparked a slump in travel demand.
Fritz Joussen, chief executive of Tui, said: "Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered Tui safely through its most serious crisis."
The company said bookings for the summer season had hit 80pc of 2019 levels in recent weeks.
Shell's controversial Cambo oil field has been granted a two-year licence extension as the war in Ukraine sparks a rethink on North Sea oil.
The project had been paused in December after Shell withdrew following pressure from fossil fuel critics. But it's now said to be reconsidering its decision as the UK looks to reduce reliance on Russian energy.
Siccar Point, which co-owns the venture with Shell, said the firms were working with the Government to "map out the next steps on Cambo".
Private equity firm Apollo has scrapped its efforts to snap up publishing giant Pearson.
Earlier this month the FTSE 100 group revealed it had rejected two takeover offers from Apollo – the second valued at around £7bn. It said the offers "significantly undervalued" the company.
Apollo has now confirmed it was unable to reach agreement with Pearson's board over the terms of a potential deal and so it does not intend to make an offer.
Shares in Pearson slumped as much as 14pc.
09:49 AM
One in three homes turning down the heating to save money
ONS heating energy crisis bills - Steve Parsons/PA Wire
One in three households are turning down their heating and spending less on their weekly grocery shop as family budgets are battered by the cost of living crisis.
Tom Rees has more:
Official data revealed that older generations are feeling the squeeze the most, with almost a third of adults unable to cope with an unexpected £850 bill.
Britain is facing the biggest slump in living standards on record with a surge in energy bills and tax rises set to worsen the squeeze next month.
More than 8 in 10 adults suffered a rise in the cost of living in March, up from 6 in 10 in November, according to the Office for National Statistics.
As inflation hits its highest level in 30 years, half of adults are spending less on non-essentials and 36pc are shopping around more.
However, others are taking even more drastic action to cope with the squeeze. A third are using less gas and electricity at home and 31pc are scaling back their food shopping and essential purposes.
09:34 AM
Oil climbs after two-day drop
Oil prices are back on the rise as traders cautiously assess Russia's pledge to de-escalate fighting and its potential impact on supplies.
Benchmark Brent crude rose more than 2pc to above $112 a barrel, while West Texas Intermediate traded around $107. It comes after prices slid more than 8pc over the last two sessions.
The war is already taking its toll on Russian production, which fell below 11m barrels a day in the second half of March, while deliveries to refineries slid about 11pc.
Prices had slumped on hopes of a ceasefire, but western nations are sceptical about the Kremlin's claims.
09:14 AM
Economists slash German growth outlook
Economic advisers to the German government have slashed their growth forecast for 2022, warning that the war in Ukraine and soaring energy prices would take their toll.
The German Council of Economic Experts said it now expected GDP to expand by just 1.8pc year on year, down from an earlier forecast of 4.6pc.
They said: "Russia's war of aggression against Ukraine and energy prices are drastically worsening the economic outlook."
The experts, whose forecasts are closely watched by Chancellor Olaf Scholz's government, said they expected inflation to hit a decades-high peak of 6.1pc this year as energy costs and supply chain disruptions continue to push up prices around the world.
09:00 AM
Spanish inflation soars to 10pc on Ukraine war
Spanish inflation has unexpectedly surged at its fastest rate in almost four decades as Russia's invasion of Ukraine pushes energy bills ever higher.
In the latest grim sign of Europe's cost-of-living crisis, Spain said EU-harmonised consumer prices jumped 9.8pc in March, outstripping economists' forecasts.
A national gauge rose by the same amount – the biggest jump since 1985 – driven by food, fuel and electricity.
Germany will release inflation data later today, while eurozone numbers on Friday are set to hit a fresh high.
Spain inflation is now effectively at double digits, with energy prices absolutely out of control. This is now panic territory of the sort that can get governments ousted, so I expect more policy support to be announced sooner than later. pic.twitter.com/2yIDrrRpmM
Citi workers stay at home as power cut hits Canary Wharf
Staff at Citigroup's Canary Wharf offices are working from home today amid a major power cut across east London.
Many of the bank's UK workers were forced to head home early yesterday when party of the building lost power, Bloomberg reports.
In a memo to staff, James Bardrick, Citigroup's UK chief, warned the disruption could continue beyond today.
He wrote: "We expect access to power in and around Canary Wharf to be compromised tomorrow, and possibly for a longer period of time. As a precaution, please plan to work from home tomorrow."
UK Power Networks said it expected the power cuts affecting Canary Wharf to be resolved by 11.30am.
Citi appears to be the hardest hit by the outages. At HSBC's offices, power was reportedly lost for several hours, forcing the bank to activate auxiliary generators.
Power also went out at Credit Suisse, but it used secondary supplies to ensure disruption was limited.
We would like to apologise to customers in the E1 and E14 areas of London who are still without power following an earlier fire at a substation. We are working hard to reconnect supplies as quickly as possible. For updates, please visit our website: https://t.co/FWa5DA5eZLpic.twitter.com/WaPHMch6sM
Petropavlovsk in debt talks after Gazprombank payments fail
London-listed miner Petropavlovsk has started talks with advisers over a potential debt restructuring after lender Gazprombank was hit by sanctions.
The company said it was in the early stages of discussion on the mater after it was unable to make around $10m (£7.6m) of interest payments due in the last week.
Petropavlovsk has seen its share price crash more than 75pc since the start of the year as Russia's invasion of Ukraine sent investors fleeing.
The miner said sanctions against Gazprombank had left it unable to sell gold, adding that restrictions on purchasing and selling gold in Russia could make it "challenging".
08:22 AM
Bloomsbury gets profit boost thanks to Sarah Maas fantasy hit
Bloomsbury publisher Sarah Maas fantasy - Clara Molden
Soaring sales of the new novel by fantasy author Sarah Maas have helped Bloomsbury to lift its profit forecasts for the second time in as many months.
The Harry Potter publisher said full-year profits are set to be "materially" ahead of already-upgraded expectations thanks to strong consumer book sales, and after it also overcame ongoing print supply challenges.
Bloomsbury hailed "exceptional" sales in the final month of its financial year, which it largely put down to demand for Ms Maas's number one global bestseller House Of Sky And Breath.
Other top sellers included What I Wish People Knew About Dementia by Wendy Mitchell, Violeta by Isabel Allende and The Leviathan by Rosie Andrews.
This put the group on track to "comfortably" beat its £212.5m in expected sales and pre-tax profits of £22.3m.
08:15 AM
Raab: Russia sanctions will remain until invasion withdrawn
Dominic Raab has said sanctions against Russia will remain it place until the country withdraws its troops from Ukraine.
The Deputy Prime Minister told the BBC: "The sanctions are there to tighten the grip on Putin's war machine and until the invasion is withdrawn – and I think that would need to be entirely or on a verifiable basis – I don't think the sanctions can or should be lifted."
08:08 AM
Opec expected to rebuff calls to replace lost Russian oil
Producer cartel Opec is expected to rebuff calls to cover a shortfall in oil exports for Russia even as prices remain high.
The group, led by Saudi Arabia, is likely to agree to another modest production increase for May when it meets tomorrow, according to a Bloomberg survey.
Russian oil exports have plunged by a quarter as many traders shun the country over its invasion of Ukraine, while companies including BP and Shell have pledged to withdraw.
Major importers have urged Opec to boost supplies to ease prices, which have held above $100 a barrel. But the group have resisted the calls, insisting that there's no shortage in world markets yet.
07:57 AM
Germany turns to biogas amid Russia gas threat
Growing fears that Russia could cut off gas supplies are pushing Germany to a new source of energy: biogas.
Europe's largest economy is racing to reduce its reliance on Russian energy and has initiated an emergency gas supply plan as Putin's deadline for rouble payments looms.
Germany energy gas biogas roubles - John MACDOUGALL / AFP
Germany Russia biogas gas energy sanctions - John MACDOUGALL / AFP
07:51 AM
European shares fall after three days of gains
The FTSE 100's gains this morning may be modest, but the index still appears to be outperforming its European rivals.
The pan-European Stoxx 600 dropped 0.5pc, retreating after three straight sessions of gains that were driven by hopes of a breakthrough in Russia-Ukraine peace talks.
The reversal suggests investors may feel the optimism was overblow, while concerns remain about soaring inflation and a potential recession.
Swiss drugmaker Roche also weighed on the wider market, dropping 2.2pcafter it said its drug to treat small cell lung cancer failed to meet its targets in a late-stage trial.
07:47 AM
Germany: 'Every kilowatt hour counts'
Here's a bit more detail on Germany's emergency gas plans:
Robert Habeck, the country's finance minister, said that while gas supplies were secure for the time being, it was monitoring the situation closely.
He said: "Nevertheless, we must increase precautionary measures to be prepared for an escalation on the part of Russia. With the declaration of the early warning level, a crisis team has convened."
The crisis team, which includes members of his ministry, the German network regulator, network operators, and representatives of Germany's 16 federal states would closely monitor the situation "so that – if necessary – further measures can be taken to increase supply security".
Mr Habeck also urged consumers and companies to reduce consumption, saying that "every kilowatt hour counts".
Russia accounted for 55pc of Germany's gas imports in 2021. Although that figure fell to 40pc in the first quarter of 2022, Mr Habeck has said Germany will not achieve full independence from Russian supplies before mid-2024.
07:41 AM
John Menzies accepts £571m Kuwaiti bid
John Menzies takeover Kuwait FTSE - PA
Airport ground-handling specialist John Menzies has accepted a £571m takeover bid by a Kuwaiti firm.
The Scottish company said it had reached an agreement on the terms of the deal with Agility Warehousing.
The 608p-per-share offer, which follows two previous lower bids, is 81pc above Menzies' share price before the suitor first approached in early February.
Philipp Joeinig, chief executive of Menzies, said:
The Menzies directors believe that the offer represents a fair and recommendable price for shareholders which recognises Menzies' future prospects.
Menzies is an outstanding business with a long and rich history. The board of Menzies applauds the work that the Menzies management team have done to steer the business through the challenging impacts of the pandemic and position the business for continued future growth and the next evolution in its journey.
07:29 AM
FTSE risers and fallers
The FTSE 100 has pushed tentatively higher this morning, extending yesterday's rally after Russia pledged to scale back operations around Kyiv.
The blue-chip index rose 0.1pc, boosted by heavyweight commodity stocks.
BP and Shell rose 1.4pc and 2.2pc respectively as oil prices clawed back heavy losses suffered earlier in the week. The latter was also helped by JP Morgan raising its price target on the stock.
Miners Glencore, Rio Tinto, Fresnillo and Anglo American all pushed higher, tracking a rebound in metal prices.
But gains were capped by Experian, which fell 2.7pc to the bottom of the FTSE 100 after Citigroup cut its rating on the credit data firm. Lloyds also dropped 2.6pc on a double downgrade from RBC.
The domestically-focused FTSE 250 dropped 0.6pc after surging 2pc yesterday.
07:22 AM
Russia proposes Swift alternative to India for rouble payments
India's government is said to be considering a proposal from Moscow to use a system developed by Russia's central bank for payments.
The plan involves payments in roubles and rupees using Russia’s messaging system SPFS, Bloomberg reports. This would allow the Kremlin to sidestep sanctions blocking it from the Swift transaction system.
India is keen to continue bilateral trade due to its dependency on Russian weapons and the prospect of buying cheaper oil as global prices surge.
Prime Minister Narendra Modi has been pushing back against pressure from western nations by arguing that arms purchases from Russia are needed to counter China’s growing military assertiveness.
07:18 AM
Rouble close to clawing back post-invasion losses
Putin's rouble demands appear to be having the desired effect on the Russian currency, which is close to clawing back all the losses suffered since the invasion of Ukraine.
The rouble has gained ground in 13 of the past 14 trading sessions in Moscow, paring most of the 33pc decline it suffered after Putin sent Russian troops to invade Ukraine.
The currency rose again this morning, gaining more than 4pc to around 86 against the dollar, edging close to its pre-war level.
07:14 AM
Gas prices jump as Germany sounds the alarm
Natural gas prices pushed higher as Germany initiated an emergency gas supply plan amid fears Moscow could turn off the taps.
Benchmark European prices rose as much as 6.1pc after finance minister Robert Habeck said Germany had entered the first of three possible phases of the plan. The UK equivalent rose more than 9pc.
Vladimir Putin has demanded that "unfriendly" nations pay for gas imports in roubles – a demand the G7 has unanimously rejected.
The two sides are at a stand-off ahead of tomorrow's deadline, sparking market volatility as traders fear further disruption to supplies.
07:03 AM
FTSE 100 opens higher
The FTSE 100 has nudged higher at the open, building on yesterday's gains amid optimism about Russia-Ukraine ceasefire talks.
The blue-chip index gained 0.2pc to 7.549 points.
06:48 AM
Raab: UK taking sceptical view on Russian promises
Britain will take a very sceptical view towards Russia and its pledge to scale down military operations around Kyiv.
That's according to Dominic Raab, who said the Government will judge Moscow on its actions not words.
Russia has promised to de-escalate its assault around the capital, but western countries expect that to lead to an intensification of fighting in other areas. Ukraine also reacted with scepticism.
The Deputy Prime Minister told Sky News: "The door to diplomacy will always be left ajar, but I don't think you can trust what is coming out of the mouth of Putin's war machine."
06:42 AM
Germany activates emergency gas plan
Putin's demands for gas payments in roubles are triggering further jitters in energy markets.
Germany has declared an "early warning" stage of emergency over gas supplies as it braces for a potential escalation by Moscow.
It's the first of three possible phases of an emergency plan to manage squeezed energy supplies, with the threat of Russia cutting off flows completely. A task force will meet daily to monitor the situation.
Robert Habeck, Germany's economy minister, called on companies and consumers to help by reducing energy consumption wherever possible, but insisted there was currently no gas supply shortage.
06:33 AM
Russia mulls widening roubles demands
Good morning.
While there are tentative signs of de-escalation in the Russia-Ukraine war, tensions between Moscow and the West show no signs of letting up.
A top Putin ally has proposed that Moscow expands its demands for roubles payments from the West to commodities including oil, metals and fertilisers.
It comes after Putin ordered so-called "unfriendly" nations to pay for gas imports in the local currency – a move the G7 has firmly rejected.
The Kremlin is battling to prop up the rouble after a wave of western sanctions sent Russian markets crashing.
5 things to start your day
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2) Dyson unveils air purifying headset Wearing a face mask in public has gone from a peculiar sight to an everyday occurrence in the past two years, but people may still not be ready for Dyson’s latest invention.
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5) 70,000 civil servants to go Government spending has soared to a “high-water mark”, with a Treasury minister promising to slash the number of civil servants.
What happened overnight
The strong gains on Wall Street and in Europe were largely matched in Asia, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Manila, Jakarta and Wellington all performing well. Tokyo bucked the trend by falling.
Coming up today
Full-year results: Keywords
Economics: Consumer confidence, business climate (EU); inflation (Ger); GDP, ADP employment change, personal consumption expenditures (US)
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