Good morning.
Putin is tightening control over companies and workers as the Russian economy begins to falter.
The Kremlin has proposed new laws that would force private companies to repair tanks and weapons and manufacture new goods for the military.
It would also force “special measures” on workers, such as night shifts and overtime.
The drastic move reflects Russia’s difficulties as its war in Ukraine drags on and sanctions continue to hit the economy.
Earlier this week, the Kremlin presented £ 24bn in spending cuts over the next three years as Russia prepares for a recession.
5 things to start the day
1) The US buyer authorized the acquisition of the British nuclear sub-supplier: Ultra Electronics will be sold to Advent International, based in Boston
2) Six Nations Rugby President denies having conspired to destroy Phones 4U – Ronan Dunne stated that he attended a secret lunch with Olaf Swantee but did not talk about pricing strategies
3) HSBC will sell the Russian division to the banking tycoon: the lender under pressure from ministers to “totally condemn” the Kremlin war
4) Nadhim Zahawi’s struggle for tax cuts in the face of the brutal economy – Time is not on the side of the new chancellor with his colleagues in open revolt
5) Within the corporate war engulfing Ben & Jerry’s activist agenda – Serving social justice leaves a sour taste for Unilever
What happened overnight
Shares in Tokyo opened higher this morning, with the Nikkei 225 benchmark rising 0.7%.
In contrast, Hong Kong shares opened lower. The Hang Seng index fell 1% and Shanghai’s composite index fell 0.07 percent, or 2.22 points, to 3,353.13.
However, Shenzhen’s composite index on China’s second-largest stock market rose 0.06%.
Arrive today
- Corporate: Baltic Classified Group, Currys, Watches of Switzerland (annual results); Entain, Ferrexpo, John Wood Group, Persimmon, RS Group, Victrex (commercial update)
- Economy: house prices in Halifax (UK); Change of employment of ADP, unemployment applications (USA)