Black Wednesday: Russian Army close to capturing entire Donbas region while Kremlin sends hundreds of bodies to Kyiv June 8, 2022 The Kremlin claims this morning the Russian Army has taken control of 97 per cent of one of the two provinces that make up the Donbas region, as it is drawing closer to its goal of fully capturing Ukraine’s eastern industrial heartland. It also appears that Russia now occupies roughly half of Donetsk province, according [...]
Zara owner Inditex’s profit up 80 per cent as shoppers stock up June 8, 2022 Zara owner Inditex has posted a bumper quarterly profit, while taking a hit of €216m after the temporary closure of its business in Ukraine and Russia. The Madrid-listed firm, which is the largest fashion company in the world, saw net income profit hit €760m in the first quarter of the year. It marked a decade-high [...]
World Bank slashes global growth forecast after warning the world is teetering on the edge of ‘stagflation’ June 7, 2022 THE WORLD Bank yesterday slashed its forecast for global growth this year by more than 1 per cent due to increasing inflation and the economic after-effects of Russia’s invasion of Ukraine. The body had anticipated global growth of 4.1 per cent at its last update in January, but cut that in an announcement yesterday to [...]
London Metal Exchange faces second lawsuit this week after Jane Street sues over nickel trading fiasco June 7, 2022 New York trading firm Jane Street Capital has followed its Wall Street rival Elliot Management in filing a lawsuit against the London Metal Exchange (LME), over its decision to halt trading of nickel and cancel trades in March. The high-frequency trading firm is suing the LME for $15.3m (£12.2m), after the Hong Kong Exchanges and [...]
Zelensky ‘glad we haven’t lost a very important ally’ for Ukraine after Johnson wins confidence vote June 7, 2022 Ukraine’s president Vlodymyr Zelensky has breathed a sign of relief that Boris Johnson won a confidence vote last night, saying he’s “glad we haven’t lost a very important ally.” His praise comes after Boris Johnson narrowly escaped being removed as leader with a slimmer margin of the vote then his predecessor Theresa May had in [...]
Allianz to take €400m hit after selling majority stake in Russian business June 7, 2022 Allianz has said it will take a €400m hit on its Russia operations, after agreeing to sell a majority stake in the business to the London registered company that owns one of Russia’s major insurance companies. The German insurer has agreed to sell a 50.1 per cent stake in its Russian business to London registered [...]
Watch as Putin warns Russia will retaliate if West sends long-range missiles June 7, 2022 President Vladimir Putin warned the West that Russia would strike new targets if the United States started supplying Ukraine with longer-range missiles, the TASS news agency. Watch the full video report.
Oil prices could take seven years to calm down, warn industry experts June 7, 2022 Oil prices could take seven years to return to normal levels, warned energy analysts, reducing the prospect of the windfall tax being lifted early.
M&A quarterly transactions down as investors nervy amid war in Ukraine June 7, 2022 The number of merger and acquisition transactions in the UK has plunged in the first quarter of the year, versus the end of last year. According to fresh figures published by the Office for National Statistics, there were some 370 completed M&A deals in the first quarter of the year. This was a significant drop [...]
Explainer-in-brief: In Ukraine, the fighting moves to a longer-range war June 7, 2022 We’re at day 104 of the war in Ukraine. After a break lasting weeks, Russia hit Kyiv again on Sunday. The day after, the UK confirmed it was sending more weapons. It will provide the longer-range rockets that President Zelensky – who was visiting the Donbas region yesterday – has been repeatedly calling for. The [...]