Good morning.
Germany is preparing for a € 5 billion (£ 4.3 billion) success after Russia bets on its gas supplies with new sanctions.
The country has been forced to buy alternative gas to the market since the Kremlin shut down Gazprom Germania, which came under government control last month.
The current impact is expected to reach 3.5 billion euros a year, with more costs to fill the Rehden natural gas storage facility, Welt am Sonntag reported.
The newspaper added that the additional costs will be passed on to energy suppliers and customers in the form of a gas rate from October.
5 things to start the day
1) More than 70 companies across the country will allow staff to work a four-day week from today More than 3,000 people working for 70 companies, including the Royal Society of Biology and a fish and potato shop fried in Norfolk, will work a shorter week with no losses to pay from today until December.
2) BT said it would stop stopping rural people after major storms Ofcom wrote to BT after the chaos caused by storms Arwen and Eunice left some communities without electricity for days.
3) Elite City law firm Clifford Chance names first ‘head of global welfare’ The so-called magic circle firm, which last month raised the salaries of newly qualified lawyers by £ 20,000 to £ 125,000 , has hired Aon executive Charles Alberts new role.
4) Ryanair faces discrimination claims after testing in Afrikaans at the wheel, several South African passengers complained over the weekend that the airline forced them to take a general knowledge test in Afrikaans, only the third most spoken language in the country.
5) Metro Bank sued for “magic money machines” A US software company has started a high-court battle against Metro Bank over claims that the lender leaked trade secrets for its “magic money machines” “.
What happened overnight
Major Asian stock markets advanced this morning after Wall Street slowed and a poll showed that the decline in Chinese services activity slowed in May as antivirus checks were lifted in Shanghai and other major cities.
Shanghai’s composite index rose 1.2% after Caixin Business News magazine reported that its monthly index of service purchasing managers rose to 41.4 from 36.2 in April.
Hong Kong’s Hang Seng gained 1.4% and Tokyo’s Nikkei 225 gained 0.7%.
Arrive today
- Corporate: No updates scheduled
- Economy: new car registrations SMMT (UK), Kashi services PMI (China)