Major International Business Headlines Brief::: 03 March 2022

Thu Mar 3 13:04:56 CAT 2022

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Major International Business Headlines Brief::: 03 March 2022 

 <https://www.nedbank.co.zw/> 

ü  Ukraine conflict: Growing numbers of firms pull back from Russia

ü  Chelsea: Roman Abramovich says he plans to sell club

ü  Netflix pauses future projects in Russia

ü  Jerome Powell: US central bank boss says he plans to raise rates

ü  The bosses helping staff pay their soaring energy bills

ü  Ukraine crisis: Crypto exchange boss rejects Russian user ban

ü  House prices see record cash rise, says Nationwide

ü  Ukraine conflict: Oil hits $113 a barrel despite emergency measures

ü  Shop prices rise at fastest rate in a decade, says BRC

ü  Smirnoff vodka maker Diageo pauses exports to Ukraine and Russia

ü  EU considering SWIFT exclusion for Belarus banks - official

ü  India accuses Huawei of tax evasion, government source says

ü  Citigroup hikes U.S. equities to 'overweight', sees demand for growth
stocks

ü  Brandenburg to hold news conference on Tesla gigafactory on Friday

ü  EXCLUSIVE Russian firms rush to open Chinese bank accounts as sanctions
bite - sources

ü  Russian finance ministry halts forex, gold purchases for 2022

ü  Euro zone business growth accelerated in Feb as Omicron faded -PMI

 <mailto:info at bulls.co.zw> 

Ukraine conflict: Growing numbers of firms pull back from Russia

Thirty years ago when communism collapsed in the Soviet Union, Western firms
jostled to be first through the door.

The arrival of brands such as Coca-Cola and McDonald's symbolised the start
of a new era, closely followed by retailers, miners, lawyers and advisers.
And Russians became eager consumers of Levi jeans and luxury goods.

Now, in the wake of President Putin's military aggression in Ukraine, some
firms, including Apple, Jaguar Land Rover, H&M and Burberry, have announced
they are pausing activities in Russia.

So which firms, in which sectors, are exiting fastest and why have others
remained silent?

Oil and gas

When the conflict in Ukraine broke out, energy firm BP came under immediate
pressure. The company owns a large stake in Russian energy giant Rosneft,
but within days it had announced the operation would be hived off.

That was closely followed by pledges from Shell, ExxonMobil and Equinor to
cut their Russian investments following pressure from shareholders, as well
as from governments and the public.

Those energy stakes are valuable. BP's Rosneft stake accounted for a fifth
of the firm's most recent profits. Shell could be sacrificing up to $3bn
(£2.2bn) for exiting its ventures with Gazprom.

But firms want to be seen to be doing the "right thing", says Russ Mould,
investment director at AJ Bell.

Meanwhile, Total Energies, another big player in Russia, has said it won't
fund new projects in the country, but unlike its peers does not plan to sell
existing investments.

It is still far from clear what will happen to those investments - whether
they can eventually be sold, recouping some of their value, or if they will
simply be written off.

Entertainment

Film fans in Russia wanting to go and see Warner Bros' new blockbuster The
Batman won't be able to after the company suspended new film releases in the
country.

The US movie-maker was joined by Disney and Sony, with premieres of
animation Turning Red and Marvel adaptation Morbius also being withdrawn.

Netflix is suspending all "future projects" in the country too while it
assesses "the impact of current events".

All companies said their decisions were based on the "humanitarian crisis"
in Ukraine, rather than as a result of sanctions that have been imposed.

But the decision will send a similar message. Being left out "in the
cultural cold" will increase Russia's sense of isolation, says Susannah
Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Technology

Apple has halted all product sales in Russia, and limited other services
such as Apple Pay and Apple Maps. Its shops have closed as well.

For a firm like Apple selling imported items, that's a relatively
straightforward decision to take, suggests Chris Weafer, chief executive of
consulting firm Macro-advisory Limited. He has worked in Moscow for the past
24 years.

"Companies do not want to be associated with the Russian regime and what's
happening in Ukraine," he says. Their Russian business may be profitable,
but "the rest of the world is more important" when it comes to a
reputational risk like this.

On top of that, some tech companies, flooded by misinformation, are
restricting Kremlin-linked media outlets posting on their platforms.

Facebook, for example, was restricted in Russia after it said it had refused
to stop fact-checking and labelling content from state-owned news
organisations.

Retail

Swedish fashion giant H&M has become the latest retailer to withdraw, and
many more are likely to follow suit, according to Maureen Hinton of retail
consultancy GlobalData.

But while H&M cited "tragic developments" in Ukraine, other brands including
Nike have simply said they can't currently guarantee delivery of goods to
customers in Russia.

Burberry, which has a flagship store on Moscow's Red Square, said it was
pausing all shipments because it had become "difficult to fulfil orders in
Russia".

Russia was the fifth largest European retail market in 2021, valued at
£337.2bn. Some brands may not want to burn their bridges, if there's a
chance of returning at some later date.

That is why many firms simply say they are "reconsidering" or "suspending"
sales rather than withdrawing altogether, says Chris Weafer.

And with sanctions limiting forms of payment, restrictions on taking foreign
exchange out of the country and huge uncertainty over future prices and
consumer appetite, the business climate is "extremely challenging" he adds,
making the decision to hit pause easier.

Cars

Jaguar Land Rover (JLR), General Motors, Aston Martin and Rolls-Royce are
among the car-makers that have halted deliveries of vehicles to Russia due
to the conflict, while construction equipment manufacturer JCB has paused
all operations.

Cars are the biggest UK export to Russia, but still only 1% of UK cars went
to Russia last year.

So any decision to stop exporting won't be particularly costly, and will
have been made easier by nagging concerns over whether or not payments will
arrive, says investment analyst, Russ Mould.

Transporting cars to Russia could prove difficult anyway, with the world's
two largest cargo shipping companies, MSC and Maersk, suspending routes to
and from Russia, except for food, medical and humanitarian supply
deliveries.

Some car manufacturers, such as Volkswagen and BMW have had to pause
production at some European plants because of a lack of parts from Ukraine.

Consultancy firms

Large consultancy and law firms were some of the first to set up a presence
in Russia after the fall of communism, but mostly operate out of the
spotlight.

Most have so far remained tight-lipped over their plans, following Russia's
invasion of Ukraine, but Jonathan Holt, the UK boss of KPMG, said it was
reviewing its clients in line with the sanctions. He added that would mean
ending some relationships both in the UK and across the world.

What sanctions are being imposed on Russia?

How badly will Russia be hit by new sanctions?

EY said it would comply with sanctions, but has not confirmed whether or not
it intends to sever ties with any clients.

Some legal and consulting firms also say they are reviewing their client
base and Russian links.

A senior executive for consultancy firm McKinsey, for example, wrote in a
social media post that the company would "no longer serve any government
entity in Russia."

But according to reports in the Wall Street Journal, McKinsey would not
comment on whether that ban would apply to state-controlled companies like
Rosneft. According to McKinsey's website, it serves 21 of the 30 biggest
Russian companies.

Who remains?

While the flood of announcements from firms stepping back from Russia goes
on, there are calls for more to join them - especially some of the biggest
consumer brands.

But some will find it a lot harder to extricate themselves, even if pressure
mounts in the coming days and weeks.

In retaliation against Western sanctions, the Russian government has banned
the sale of Russian assets. So firms that, in recent years, have been
encouraged to establish a presence in Russia, to make breakfast cereals or
detergents, are "locked in" with local businesses, staff and supply chains.

Mr Weafer believes it is likely that large consumer brands may express
concerns over the military conflict, but try to "ride it out".

"They'll leave the door open for an improvement that will allow them to
stay," he predicts.-BBC

Chelsea: Roman Abramovich says he plans to sell club

Chelsea owner Roman Abramovich says he is planning to sell the club.

In a statement on the Premier League club's website, businessman Abramovich
said he had made the "incredibly difficult decision" which "pains" him.

The Russian will not ask "for any loans to be repaid" and said proceeds of
the sale would be donated to war victims.

Abramovich had said on Saturday he would give "stewardship and care" of
Chelsea to its foundation trustees following Russia's invasion of Ukraine.

That led to speculation Abramovich - who has loaned the club more than
£1.5bn - would put Chelsea up for sale, and billionaire Hansjorg Wyss told
Swiss newspaper Blick on Wednesday that he had been offered the chance to
buy the club.

Wyss said Abramovich wanted "to get rid of Chelsea quickly" after the threat
of sanctions was raised in Parliament.

Abramovich, 55, is alleged to have strong ties to Russian President Vladimir
Putin, which he has denied.

He said "all net proceeds from the sale" would be donated to the "victims of
the war in Ukraine".

BBC Sport understands Abramovich has already received offers for Chelsea and
that he values the club at as much as £3bn.

In his statement, Abramovich said: "I have always taken decisions with the
club's best interest at heart.

"In the current situation, I have therefore taken the decision to sell the
club, as I believe this is in the best interest of the club, the fans, the
employees, as well as the club's sponsors and partners.

"The sale of the club will not be fast-tracked but will follow due process.
I will not be asking for any loans to be repaid.

"I have instructed my team to set up a charitable foundation where all net
proceeds from the sale will be donated. The foundation will be for the
benefit of all victims of the war in Ukraine."

BBC Sport understands the trustees of Chelsea's charitable foundation, who
had not yet agreed to take control of the club, will no longer be asked to.
Abramovich was criticised for not referencing Russia's invasion of Ukraine
in that original statement on Saturday.

Chelsea's players were not told ahead of time about their owner's new
statement, which was released less than a hour before the side's FA Cup
fifth-round tie at Luton Town.

After falling behind early on, the Premier League team won 3-2 to reach the
quarter-finals.

Abramovich bought Chelsea in 2003 for £140m, and in his statement said it
had "never been about business nor money, but about pure passion for the
game and club".

Since his purchase of the club, Chelsea have been transformed, setting the
template for how much finance was needed to compete at the top end of the
Premier League.

In total, Abramovich has loaned the club more than £1.5bn, which has helped
to bring great success.

Under his ownership, the club have won every major trophy possible -
including the Champions League twice, both the Premier League and FA Cup
five times, the Europa League twice and the League Cup three times.

In August 2021, they won the Uefa Super Cup and in February won their first
Club World Cup.

He has appointed 13 different managers and the club spent more than £2bn in
the transfer market under his ownership.

Chelsea's women's team, who became affiliated to Chelsea FC in 2004, have
thrived under Abramovich's ownership, winning the Women's Super League four
times, the Women's FA Cup, three times and reaching the Champions League
final last season.

Their high profile has seen world stars such as Australia's Sam Kerr and
Danish forward Pernille Harder move to the club.

'It's his choice, it's his club' - Tuchel on Abramovich's Chelsea sale

Why has Abramovich chosen to sell?

Other Russian billionaires have already been the subject of European Union
sanctions where their assets have been frozen.

That has included Russian billionaire Alisher Usmanov, who has commercial
links to Everton.

The United Kingdom government is yet to sanction Abramovich or Usmanov, but
Labour MP Chris Bryant said in Parliament on Tuesday that Abramovich was
"terrified of being sanctioned which is why he is going to sell his home
tomorrow [Wednesday], and another flat as well".

On Wednesday, during Prime Minister's Questions, Labour leader Keir Starmer
asked why Abramovich was not facing sanctions, with Boris Johnson replying
it was "not appropriate to comment on any individual cases at this stage".

A spokesperson denied the Labour leader's claims and said Abramovich had not
done anything sanctionable.

Wyss also said: "Abramovich is trying to sell all of his villas in England,
he also wants to get rid of Chelsea quickly.

"I and three other people received an offer on Tuesday to buy Chelsea from
Abramovich."

A spokesperson for Abramovich declined to comment on those claims.

'One of the most significant, controversial and influential figures in
history of English football' - analysis

Dan Roan, BBC sport editor

While this was not an entirely unexpected development after it became
apparent during the last 24 hours that Roman Abramovich was looking to sell
Chelsea, this dramatic announcement still feels like a seismic moment. Not
only for the west London club, but for the wider English game too.

The Russian billionaire's arrival almost two decades ago helped transform
the Premier League's competitive balance, profile and spending power,
reinforcing its status as a truly global competition.

The oligarch's riches turned Chelsea into a major force in the game, and his
ownership seemed to pave the way for subsequent takeovers by overseas
billionaires, at clubs like Manchester City for instance.

But there was significant controversy too.

With Abramovich - one of Russia's richest people - almost never commenting
in public, he also came to symbolise the detachment of some super-wealthy
club owners. Many also found the ruthlessness with which he treated managers
questionable.

There was always intrigue surrounding the motives for his ownership, and how
he made his fortune. While he has always denied direct links with Putin, the
invasion of Ukraine led to calls in parliament for the government to
sanction wealthy Russians.

Abramovich vehemently denies that he had done anything to merit sanctions
being imposed against him. But as the highest-profile oligarch in the
country, and with one MP citing concerns about alleged links to corruption,
his ownership was coming under mounting scrutiny.

And with the government facing mounting pressure to seize his assets, and
Abramovich criticised over his failure to explicitly condemn Russia's
invasion, it is little surprise that he has swiftly announced his decision
to sell.

In recent years Abramovich has been an increasingly infrequent visitor to
Stamford Bridge, withdrawing his application for a visa in 2018 after
relations between the UK and Russia worsened.

But while fans had got used to not seeing Abramovich, the Russian's
departure could mean the club is run very differently in future - and
perhaps with much more financial constraint - by whoever now buys it.

That may help explain why some at Chelsea will no doubt be sorry to see him
go. Many other observers, however, will be pleased, some of whom have always
viewed Abramovich's ownership as a classic example of 'sportswashing'.

Having always insisted he was passionate about the club and had its
interests at heart, he leaves as one of the most significant, controversial
and influential figures in the history of English football.

Chelsea will be a desirable football club for many given its status within
the game. It's in London which makes it very attractive to ultra high
net-worth individuals.

You have to caution that Chelsea has lost more money than any other club in
the history of the Premier League and its stadium is a lot smaller than some
of the other stadiums in London.

Speaking to some agents already today, I think the initial asking price is
around £3bn. I think that is unlikely to be achieved. But if you are looking
for a trophy asset - something to show off to your compatriots, to your
friends, then Chelsea has an awful lot of attraction.

They are European and world champions - that does add to its allure.

There are three potential types of bidders we could see.

We could see the individual billionaire looking to add to their portfolio of
well-known assets.

It could come for a private equity company based in the US who believes the
riches of Premier League are undervalued in traditional markets.

We could see from a sovereign wealth fund as we've seen in relation to
Manchester City, Newcastle and Paris St-Germain

This sale has come at a bad time in terms of the market. The share price of
Manchester United - a good peer group company for Chelsea - is now trading
significantly below its initial listing price in 2012. The market seems to
have lost its love-in with football and this could impact on the ultimate
price Chelsea is sold for.

Turbulent week for Chelsea

24 February: Russian President Vladimir Putin launches a military invasion
of Ukraine.

25 February: Labour's Chris Bryant tells MPs the UK government should remove
Roman Abramovich's ownership of Chelsea and seize his assets, citing
concerns about alleged links to corruption.

26 February: Abramovich announces he is handing "stewardship and care" of
Chelsea to its charitable foundation.

27 February: Foundation members express concern over whether Charity
Commission rules would allow them to run the club. Chelsea beaten 11-10 on
penalties by Liverpool in League Cup final at Wembley after game ended 0-0.

28 February: Abramovich asked by Ukraine to help support their attempts to
reach a "peaceful resolution" with Russia.

1 March: The Charity Commission says it is "seeking information" from
Chelsea after the club was placed under the control of its charitable
foundation.

2 March: Swiss billionaire Hansjorg Wyss claims he has been offered the
chance to buy Chelsea from Abramovich.

2 March: Abramovich announces he intends to sell the club.

'It can take months or years'

Former Newcastle and England striker Alan Shearer on BBC One: "It's a huge
moment for Chelsea. He has brought massive success over his 20 years but it
is not simple, selling a football club. It can take months or years.

"But more importantly, there is still no condemnation from Roman or the club
about what is happening in Ukraine."

Former Manchester City and England defender Micah Richards on BBC One: "It
is a better statement than Saturday, there is a lot more clarity and Roman
Abramovich has done the right thing.

"It is so sad we have to talk about this on a football night after all the
scenes we have seen. It is heartbreaking. The sooner it happens the
better."-BBC

Netflix pauses future projects in Russia

Streaming giant Netflix has announced it has paused all future projects and
acquisitions from Russia.

The company said it was assessing the impact of the current invasion of
Ukraine.

Filming for the production of Russian language series Zato will be halted.

Elsewhere in tech, cloud computing company Oracle also said it has suspended
operations in Russia.

The two companies are the latest US technology firms to take action against
Russia as attacks on Ukraine's cities have escalated.

On Tuesday, Apple also announced that it was halting sales in Russia.

Oracle's announcement on Twitter came three hours after Ukraine's Minister
of Digital Transformation tweeted the company, calling for support.

Deputy Minister Alexander Bornyakov told the Reuters news agency that
Ukraine has sought help from 50 different companies - in a bid to apply
pressure to Russia.

"More sanctions imposed, faster peace restored," Borynakov said on social
media.

In a tweet Oracle said: "On behalf of Oracle's 150,000 employees around the
world and in support of both the elected government of Ukraine and for the
people of Ukraine"

In recent days, global brands including Shell, Nike, H&M and Boeing have cut
ties or temporarily suspended sales in Russia.

Moscow has responded to foreign companies distancing themselves from Russia
by temporarily restricting Russian asset sales by foreigners.

On Wednesday, President Vladimir Putin met with the president of the Russian
Union of Industrialists and Entrepreneurs to discuss how it would attempt to
minimise the impact of sanctions announced so far.

Netflix would not comment on how many people use its streaming service in
Russia.

Earlier this week, however, it confirmed in a report by Hollywood Reporter
that it would not carry Russian state channels.

"Given the current situation, we have no plans to add these channels to our
service," a Netflix spokesperson told the magazine in a statement.

Under a law that only came into effect on 1 March, "audiovisual services" in
the country with more than 100,000 users will be required to carry 20 major
state television channels.-BBC

Jerome Powell: US central bank boss says he plans to raise rates

The US central bank's boss has indicated that he plans to press ahead with
interest rate increases this month.

Speaking in front of Congress, Jerome Powell said he's in favour of a 0.25
point increase, aimed at tackling the surging cost of living.

The bank is under pressure to rein in inflation as prices in the US rise at
the fastest rate in 40 years.

Analysts expect a rate hike in March, which would be the first since 2018.

It comes as costs for food, fuel and cars have risen sharply in recent
months, leaving families' budgets strained.

Mr Powell admitted that he was open to further interest rate increases
further down the line if inflation, which measures how quickly the cost of
living rises over time, remains "persistently high."

The idea of raising interest rates is to keep those current and predicted
price rises under control.

Higher interest rates make borrowing more expensive, for example. For
households, that could mean higher mortgage costs, although - for the vast
majority of homeowners - the impact is not immediate, and some will escape
it entirely.

Many central banks, including the Federal Reserve in the US, aim to keep
inflation contained at 2%.

Mr Powell acknowledged that price increases have jumped far above that
target. In January, the increase in the cost of living jumped by 7.5% when
compared with a year earlier.

"The inflation that we're experiencing is just nothing like anything we've
experienced in decades," he said.

At the start of the pandemic, the Federal Reserve slashed rates to zero in a
bid to stimulate spending and the economy at a time when many sectors were
shut-down.

But a mix of issues, such as high demand as restrictions ease, labour
shortages and supply chain problems have led to increases in the cost of
goods in particular.

The chairman of America's central bank Jerome Powell has made it a point
during his tenure of trying to demystify what the Federal Reserve does. He
is committed to explaining what policymakers are doing and why because of
what happened during the 2008 financial crisis.

Even by those standards, he was unusually blunt during his semi-annual
Congressional testimony.

Mr Powell telegraphing explicitly what he wants to do at the central bank's
next meeting in two weeks: proposing a quarter percentage point rate
increase, while moving carefully and watching the economic implications of
war in Ukraine.

Even before Russia's invasion, the Fed had a tough job on its hands trying
to tame soaring inflation. A series of rate hikes were already expected this
year.

But the conflict in Ukraine has complicated that job. The invasion is likely
to undermine global growth while pushing up prices, especially for energy
and food.

Given the uncertainty, Mr Powell is taking the view that a cautious approach
is best and is putting all his cards on the table.

The chair recognised that "high inflation imposes significant hardship" on
people and said the Bank will use all its tools to ensure the increased
prices do not become "entrenched".

The Fed is not alone in its plans to raise interest rates from their current
levels. The Bank of England raised interest rates twice in three months and
drew outrage when its boss asked workers not to ask for a pay rise to try to
stop prices rising out of control.

Looking ahead, Jerome Powell said that the Fed expects inflation "to decline
over the course of the year as supply constraints ease... we are attentive
to the risks of potential further upward pressure" on prices.

He cautioned, however, that the invasion of Ukraine, and sanctions imposed
by Western countries, create a great deal of uncertainty around the prices
of wheat, oil, and other goods.

"The near-term effects on the US economy of the invasion of Ukraine, the
ongoing war, the sanctions, and of events to come, remain highly uncertain,"
he said in his semi-annual testimony to Congress.

"We will be monitoring the situation closely."

On Wednesday, oil prices surged again despite the US and other members of
the International Energy Agency agreeing to release 60 million barrels of
emergency stockpiles.

Russia is one of the world's largest oil and gas exporters, but US President
Biden has not ruled out banning imports from the country.-BBC

The bosses helping staff pay their soaring energy bills

When managing director, Ilona Hitel, heard that UK household energy bills
were about to soar higher, she decided to help her staff.

"I knew some of the team were anxious about the costs ahead, and inflation,
and so I said 'you don't need to worry'," explains Ms Hitel, the boss of
London-based public relations firm CommsCo.

With energy bills due to jump by an average 54% or £693 a year from April,
Ms Hitel is giving each of her 12-strong team a permanent £700 annual pay
rise. The money will be in addition to their usual annual increase.

"We've got a responsibility to look after our staff," she says. "It's about
how we treat our people in the hard times, and they were so pleased. It was
a good reaction, they appreciated it."

Energy prices are set to jump from April because the energy price cap - the
maximum price suppliers in England, Wales and Scotland can charge households
- is being raised, in response to much higher wholesale prices.

Yet, with inflation rising to 5.5% in January, (its highest level for 30
years), it is not just energy prices that are increasing strongly. The cost
of food has also soared. And Russia's invasion of Ukraine has led to much
higher petrol and diesel prices.

Given these cost of living pressures, Ms Hitel isn't the only boss who is
stepping in to support their staff financially during these troubling times.

Chris Stringer, chief executive of Birmingham-based That Recruitment
Company, sent an email to his 24 employees this month, letting them know
that they would be receiving a 5% pay rise - because he didn't want to to
see them struggling.

"The price rises have been on my mind for a while, although the decision to
give a pay rise wasn't very thought through," he admits. "I just thought
that I'm in a position to that do that, and, you know, 30k (£30,000) now, is
not the same as it was three years ago.

"The energy increase is concerning. Everybody is struggling now. I don't
think you should work just to pay the bills. Life is hard. Anyway, it's only
14 staff not like 250,000."

The recruitment consultancy boss jokes that the reaction of his staff
"wasn't as good as the response on (social media platform) LinkedIn", where
one of his employee's posted about the increase, and has received about
40,000 likes so far.

"It's not a life-changing sum for our staff, but they're pleased I've
recognised the cost of living, and given them extra security," he adds.

Stephen Clayton is another boss who has given his staff a permanent pay rise
to cover the cost of their rising energy bills. The chief executive of
energy consulting firm RS Renewables says he didn't want staff to be be
worrying about how to heat and light their homes.

"Some of my staff are young, some mothers with children, one whose monthly
energy bill had gone from like £100 to £300," says Mr Clayton. His firm is
based in South Shields, Tyne and Wear.

"I want people to leave the stresses at the door. But you can't do that when
you have a massive bill to pay, you're not going to perform."

He describes next month's energy price hike as "disgusting", adding: "Normal
people will be choosing between eating and heating, and that shouldn't be
the case."

Mr Clayton says his team of 12 were "over the moon" when he told them the
news in one-to-one meetings.

At Glasgow-based tech firm Firefish Software, employee David Connolly and
his colleagues have been given a pay rise of £600 per employee to help cover
the increased cost of living.

David Connolly says he had noticed that the cost of living had gone up

"It was a really nice surprise, I was shocked but delighted. Rising prices
have been a concern of mine over the last few weeks.

"I've noticed prices increase at the petrol pump and then food shopping. The
energy bills increase hasn't happened yet for us, but I keep on hearing
horror stories so it had been a concern. It's good that employers are
helping employees who are struggling and need support."

Presentational grey line

New Economy

New Economy is a new series exploring how businesses, trade, economies and
working life are changing fast.

Presentational grey line

When it comes to giving employees the extra income to cover the increase in
their energy bills companies need to consider tax.

"If the idea is to give the employee an extra £600 in their pockets, it
could be arranged for this to be paid net via payroll," says Clare Bowen,
director at accountants MHA Monahans.

Ms Bowen explains this is where the employer would cover the tax and
national insurance due by increasing the gross amount paid, but cautions
this could represent a significant sum for someone on a higher rate tax
band.

"For example, if an employer wanted to give an extra £100 into an employee's
pay packet, £125 would have to be given for tax deducted to still amount to
£100. However, for any employee who earns more, within the 40% tax bracket,
employers would have to give £170. Not only must caution be exercised, but
employers must consider if this is fair."

She also adds that employers could alternatively look at giving the
additional money as a one-off extra payment rather than an increase to
general salary, and note that it is a discretionary gift to ensure it
doesn't get swept up in annual pay increases and become part of the normal
pay.

"Employers would also need to consider where it was an amount subject to
pension contributions," adds Ms Bowen.

Of course, contributing to employee's energy bills can pay dividends in
other ways.

"It makes employees feel valued and appreciated," says Melanie
Folkes-Mayers, managing director at human relations firm Eden Mayers HR
Consulting. "What you don't want is team members leaving for that additional
cost.

"An extra £50 a month isn't a huge amount to keep the team happy and help
heat their homes and feel comfortable."-BBC

Ukraine crisis: Crypto exchange boss rejects Russian user ban

The boss of one of the world's biggest crypto-currency exchanges has ruled
out restricting ordinary Russians from using the service.

Binance founder and chief executive Changpeng Zhao, told BBC Radio 4's Today
programme: "Many normal Russians do not agree with war."

Major cryptocurrency exchanges have been asked by Ukraine to block Russian
users.

One financial expert warned the war could become a "crypto conflict".

In a tweet sent on Sunday Ukraine's Deputy Prime Minster Mykhailo Fedorov
asked major crypto-currency exchanges to block the addresses of ordinary
Russian users, not just politicians.

I'm asking all major crypto exchanges to block addresses of Russian users.

It's crucial to freeze not only the addresses linked to Russian and
Belarusian politicians, but also to sabotage ordinary users.

The value of Bitcoin has risen 13% since the Russian invasion of Ukraine,
according to the Reuters news agency.

There has been speculation Russian oligarchs may pour their money into
cryptocurrencies to avoid sanctions and other restrictions.

And the Telegraph newspaper called cryptocurrency "Putin's sanctions-busting
super-weapon".

But Mr Zhao said: "We're not against any people.

"We differentiate between the Russian politicians who start wars and the
normal people.

"Many normal Russians do not agree with war."

"We don't control the industry.

"I can publish my sanction list, you can publish yours... Guess what? No-one
else is going to follow.

"It just moves Russian users to other smaller platforms," he said.

'Financial freedom'

In a statement published earlier, Binance said it would not unilaterally
freeze millions of "innocent users'" accounts.

"Crypto is meant to provide greater financial freedom for people across the
globe," the company told BBC News.

Any unilateral ban would "fly in the face" of the reason crypto existed.

But "while minimising the impact to innocent users", it was taking the steps
necessary to enforce sanctions.

'Libertarian values'

Mr Zhao said: "There are, I think, a few hundred individuals that are on the
international sanction list in Russia - those are mostly politicians, et
cetera.

"We follow that very, very strictly.

"And we are not in a position to sanction populations of people.

"We are not political - we are against war but we are here to help the
people."

Several other cryptocurrency exchanges have also ruled out freezing all
Russian accounts, according to a Vice News investigation.

Kraken's chief executive Jesse Powell, for example, said its platform would
not freeze Russian accounts, which would go against Bitcoin's "libertarian
values".

5/6 Sometimes the hardest thing about having power is knowing when not to
use it. Our mission is better served by focusing on individual needs above
those of any government or political faction. The People's Money is an exit
strategy for humans, a weapon for peace, not for war.

But Tom Keatinge, director of the Centre for Financial Crime and Security
Studies (CFCS), at the Royal United Services Institute (RUSI) think tank,
warned exchanges that failed to follow the rules might find themselves cut
off from financial services.

"Those banks that provide services to crypto exchanges will be watching
their clients' activities very carefully to ensure that they are diligently
applying the checks required by the expanding sanctions regimes against
Russia," he said.

The war in Ukraine could become the first meaningful "crypto conflict", Mr
Keatinge told BBC News, as those seeking to "evade sanctions, protect their
savings or avoid a collapsing banking system turn to cryptocurrencies for
solutions".

Criminals laundered $8.6bn (£6.4bn) of crypto-currency in 2021, up 30% on
the previous year, according to a report by blockchain data company
Chainalysis published prior to the invasion.

And the Financial Times revealed: "Trading between the Russian rouble and
crypto assets such as Bitcoin and Tether had doubled since the assault on
Ukraine began, reaching $60m a day."

Crackdown

The increase comes as governments have sought to cut Russia out of the
financial system.

On Wednesday, French Finance Minister Bruno le Maire said that the European
Union will include crypto currencies in its sanctions against Russia, aimed
at making Moscow's aggression against Ukraine as costly as possible.

He told journalists during a news conference that the sanctions against
Russia were very effective and have "disorganised" the Russian financial
system.

The British government has alsoannounced measures to crack down on money
laundering by Russian "oligarchs and kleptocrats", including new powers to
seize crypto assets.

Chainalysis's Caroline Malcolm told BBC News: "As with the traditional
financial system, Russian oligarchs could leverage crypto-currency to evade
the sanctions."

But it was unlikely designated persons under sanctions would move around
large quantities of cryptocurrency now.

"Russia's elite and financial authorities have been preparing for sanctions
for some time," she said.

"To the extent that cryptocurrency may be used to evade sanctions related to
this crisis, it likely would have happened slowly over the past several
months."

And analytics tools used for following money were more effective than those
"capable of disrupting Russia's use of a network of traditional bank wires
or physical cash to evade sanctions".

Tom Robinson, of blockchain analysis company Elliptic, said crypto-currency
could be an attractive haven for the wealth of oligarchs as it could not be
seized and no-one could prevent it being moved.

But it was "highly traceable, which means that they would find it difficult
to spend anywhere that sanctions are enforced".-BBC

House prices see record cash rise, says Nationwide

The cost of a typical UK home rose by a record £29,162 in the last year,
according to the Nationwide.

The building society said it was the biggest cash increase in property
prices since it started collecting comparable data in 1991.

It pushed up the price of an average UK home to £260,230 in February, it
said.

Property values are being driven by continued demand from buyers who are
competing for relatively few properties on the market.

The Nationwide, one of the UK's larger mortgage lenders, said that its data
suggested UK house prices had risen by 12.6% in the year to the end of
February.

That was an acceleration from the 11.2% annual increase recorded in January.

Significant house price rises are continuing despite a squeeze on household
finances caused by the rising cost of domestic energy, petrol and other
necessities such as food.

"The continued buoyancy of the housing market is a little surprising, given
the mounting pressure on household budgets from rising inflation, which
reached a 30-year high of 5.5% in January, and since borrowing costs have
started to move up from all-time lows in recent months," said Robert
Gardner, Nationwide's chief economist.

He said the economic outlook was uncertain, although it was likely that the
housing market would slow.

Many people reconsidered how they lived and worked during the Covid
lockdowns, leading to a race for space among buyers. In recent months, there
has been a considerable shortage of homes on the market to match demand,
which has pushed up asking prices.

The Nationwide said the price of a typical home was 20% higher than the same
month two years ago, just before the start of the pandemic - the equivalent
of a £44,000 increase.

Karen Noye, a mortgage expert at wealth managers Quilter, said: "For
first-time buyers these increases represent a game of cat and mouse where
prospective buyers just manage to save enough for a deposit before the cost
of their first home is just out of reach again."

Myron Jobson, senior personal finance analyst at Interactive Investor, said:
"The harsh reality is rising rents, ballooning inflation which continues to
outstrip wage growth, and a lack of affordable housing has priced many out
of the market." -BBC

Ukraine conflict: Oil hits $113 a barrel despite emergency measures

Oil prices have surged despite new measures aimed at calming markets worried
by the invasion of Ukraine.

Brent crude - the international benchmark for oil prices - has hit $113 a
barrel, marking the highest level since June 2014.

It rose even after the International Energy Agency's members agreed to
release 60 million barrels of oil from emergency stockpiles.

Russia is one of the biggest energy producers in the world.

As a result, concerns about Russia's invasion of Ukraine have sparked
concerns among investors that oil or gas supplies could be affected.

Meanwhile, the price of US oil - West Texas Intermediate crude - rose to
almost $109 a barrel.

The United States and 30 other member countries of the International Energy
Agency (IEA) agreed to release the oil in a bid to stabilize energy markets
worldwide.

"We are prepared to use every tool available to us to limit disruption to
global energy supply as a result of President Vladimir Putin's actions,"
White House spokeswoman Jen Psaki said on Tuesday.

She added that Washington would carry on looking at how to speed up moving
energy supplies away from Russia.

Another statement by the IEA noted that the invasion of Ukraine came against
a "backdrop of already tight global oil markets, heightened price
volatility, commercial inventories that are at their lowest level since
2014".

Petrol price movements in the UK are mainly determined by the price of crude
oil, which is the raw material for fuel, and the exchange rate between the
dollar and the pound, because oil is traded in dollars.

On Monday, the RAC said the average price of petrol had jumped to a record
high of £1.51 a litre on Sunday, while diesel increased to £1.55.

Jay Hatfield, chief investment officer at ICAP, said the "dramatic" price
increases seen globally were unlikely to persist though if the situation in
Ukraine becomes more stable.

Share prices across Europe and the US also fell further on Tuesday as
attacks on cities in Ukraine continued.

Markets in US, Europe and UK fell amid fears about the impact of the ongoing
conflict.

Having been up in early trading, the FTSE 100 turned negative amid the
warnings of the consequences of Western sanctions on Moscow and signs that
Russia was stepping up its invasion of Ukraine.

Western countries have imposed punishing sanctions against Moscow, with
another raft of companies winding down Russian operations and halting
investment, such as BP and Shell.

Italian energy giant Eni also said it planned to sell its stake in the Blue
Stream pipeline. Eni co-owns the pipeline, which carries Russian gas to
Turkey, with Russian energy firm Gazprom.

Meanwhile, French oil and gas group TotalEnergies said it would no longer
provide capital for new projects in Russia on Tuesday.

Frankfurt saw steeper losses, which analysts suggested could be linked to
Germany's reliance on Russian energy imports.

Russia's currency was stable, however, having collapsed 30% on Monday to
record lows against major currencies. One rouble was worth less than one US
cent in trading on Tuesday.

The rouble's fall cuts its buying power and hits savings of ordinary
Russians. The decline was only halted when Russia's central bank doubled
interest rates to make the currency more attractive to investors.

The sanctions' stranglehold on Moscow's finances has hit the central bank's
access to a lot of Russia's huge reserves of money held in the form of
foreign currencies.

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: "This is a
fast-moving situation and investors should be mindful of potential share
price volatility in the short to medium term."

Analysis: Rob Young, lead presenter, BBC World Service Business

Russia's invasion of Ukraine has investors on edge.

There is a huge amount of uncertainty about what is likely to happen next,
and you can see that in the volatility on markets.

Western sanctions on Russia have caused turmoil in the global banking
sector, with firms scrambling to ensure they're not doing business with any
sanctioned individual or company.

European and US asset managers who are keen to offload their Russian
investments may find it difficult to do so with the Moscow stock exchange
currently closed and talk that the Kremlin will prevent foreigners from
selling up.

That - together with the lack of revenue from Russian customers - could mean
lower profits for western companies, from energy giants to carmakers to
investment funds.

Sanctions can hurt both sides, not just the sanctioned.

But many company bosses are clear - decisions are being made, not simply
about money, but on moral grounds too.

Meanwhile, the war continues to unsettle the energy markets, with the price
of oil now well over $100 a barrel.

An announcement that large stockpiles of crude will be released would
ordinarily send prices lower.

Today's news, however, has done nothing to ease market concerns about the
potential for shortages of oil from Russia.-BBC

Shop prices rise at fastest rate in a decade, says BRC

Prices in shops rose at their fastest rate in over a decade in February, the
British Retail Consortium (BRC) says.

Shop price inflation jumped from 1.5% in January to 1.8% in February,
according to the BRC-NielsenIQ price index.

It marks the highest rate of inflation it has recorded since November 2011.

The sharp rise was partly driven by fresh food price rises and higher prices
for other goods such as beauty and furniture products.

Many people have been struggling with a cost of living crisis as fuel prices
and energy bills continue to soar.

The latest official figures provided by the Office for National Statistics
(ONS) showed living costs rising at their highest rate for 30 years.

Non-food inflation rose to 1.3% in February, rising from 0.9% in January
which is its highest rate since September 2011, the BRC said on Wednesday.

The inflation rate for fresh food, which measures how quickly costs for
everyday items increase over time, rose to 3.3% - up from 2.9% in January,
according to the industry group.

The BRC said this was partly because of poor harvests, both in the UK and
overseas.

'Unwelcome news'

Helen Dickinson, chief executive of the BRC, said that the price rises would
be "unwelcome news" for households who already face taking how less because
of energy price rises and higher National Insurance rates.

Retailers, Ms Dickinson added, are still facing cost pressures from higher
shipping rates, labour shortages, product price increases and rising energy
prices. Many of these increases continue to be passed on to customers.

"Retailers are going to great lengths to mitigate against these price rises
and support their customers, for example, many supermarkets have expanded
their value ranges for food," Ms Dickinson continued.

"Unfortunately, there are limits to the costs that retailers can absorb,"
she added.

Mike Watkins, head of retailer and business insight at research firm
NielsenIQ, said he expects shop prices to continue to rise over the next few
months.

"With falling disposable income for most households, retailers will need to
keep encouraging customers to spend by offering choice and value and, for
some, discounts as well as added benefits for loyal shoppers," Mr Watkins
added.

The Bank of England has warned the increase in the cost of living could
exceed more than 7% this year.

Food chains such as Greggs, have already raised the price of some goods in
order to cover increased labour costs. The High Street retailer Next, has
also said its prices could rise by up to 6% this year to keep up with higher
costs.

Supermarket giant Tesco has also warned that the "worst is yet to come" for
rising food prices.

Jack Monroe, a food poverty campaigner, has said that the prices of everyday
essentials are going up by more than the official inflation rate, hitting
the poorest hardest.

The ONS agreed that "one inflation rate doesn't fit all" and said it would
soon be publishing a wider variety of cost-of-living metrics.-BBC

Smirnoff vodka maker Diageo pauses exports to Ukraine and Russia

(Reuters) - Spirits company Diageo (DGE.L), the maker of Smirnoff vodka and
Guinness, has paused exports to Ukraine and Russia, the company said on
Thursday.

"Our priority is the safety of our people in Ukraine and the wider region,"
a spokesperson said.

The Thomson Reuters Trust Principles.

EU considering SWIFT exclusion for Belarus banks - official

(Reuters) - The European Union is considering excluding banks in Belarus
from the SWIFT messaging system that underpins the global financial
transactions, as it has already done for seven Russian banks, an EU official
said on Thursday.

"On the SWIFT side, we're also looking now at the preparation of the
equivalents for the Belarus financial sector, but knowing that SWIFT is not
as strategically important in the Belarus economy as it is in the Russian
side," the official said.

The Thomson Reuters Trust Principles.

India accuses Huawei of tax evasion, government source says

(Reuters) - An Indian tax investigation into China's Huawei Technologies has
found the telecoms equipment maker manipulated account books to reduce its
taxable income in the country, an Indian government source told Reuters on
Thursday.

Without naming the company, India's Ministry of Finance said on Thursday a
major telecoms group did not account for income of 4 billion rupees ($52
million) in its books, and showed expenses of 4.8 billion rupees that the
firm failed to justify.

A Huawei spokesperson in India did not immediately respond to a request for
comment.

Last month, India's income tax authorities conducted searches at Huawei's
office premises in New Delhi, neighbouring Gurugram and tech hub Bengaluru.
The government conducted raids at the residences of its senior executives as
well. read more

The government said more investigations were in process.

($1 = 75.8825 Indian rupees)

The Thomson Reuters Trust Principles.

Citigroup hikes U.S. equities to 'overweight', sees demand for growth stocks

(Reuters) - Citigroup upgraded U.S. equities to "overweight" rating on
Thursday on analysts' expectations of a revival in appetite for growth
stocks due to a sharp drop in bond yields following the Ukraine-Russia
crisis.

Bond yields plunged after Russia's invasion of Ukraine last week ramped up
the prospects of inflationary risks, but the expectations of interest rate
hikes from major central banks have dropped.

"Despite the difficult events in Ukraine, global equities have been fairly
robust. The latest plunge in real yields does imply that this year's
derating of growth stocks should stop," said economist Robert Buckland.

U.S. Treasury yields surged on Wednesday, bouncing off eight-week lows, as
Federal Reserve Chair Jerome Powell supported the U.S. central bank raising
rates this month, while being flexible in response to the Russia-Ukraine
war's impact on the economy.

The benchmark 10-year yield US10YT=RR rose to 1.875% on Wednesday after its
1.682% dive in the prior session - the lowest since Jan. 5.

Citigroup said shares of companies in its list of 60 stocks with "meaningful
exposure to Russia" slumped 17% so far this year, compared with an 8% drop
in the MSCI's gauge of stocks across the globe (.dMIWD00000PUS).

PepsiCo (PEP.O), Glencore (GLEN.L), Carlsberg (CARLb.CO) Epam Systems
(EPAM.N) and Uniper (UN01.DE) are some of the big names in the list.

The brokerage raised the global IT sector to "outperform", citing its robust
performance growth of 2% since the Ukraine-Russia conflict, according to
Citigroup's analysis.

Citigroup also downgraded the rating of Japan and global industrial sector
to "neutral" and maintains the "overweight" rating of UK and global
financial sector.

The Thomson Reuters Trust Principles.

Brandenburg to hold news conference on Tesla gigafactory on Friday

(Reuters) - The German state of Brandenburg has called a news conference for
Friday at which it will announce its decision on approval for the planned
Tesla (TSLA.O) gigafactory near Berlin, it said on Thursday.

"The approval procedure for the e-car and battery factory of the U.S.
company Tesla in Gruenheide in Brandenburg is nearing completion. This will
be announced tomorrow at a press conference in the State Chancellery in
Potsdam," the state government said in a statement.

Earlier, Handelsblatt reported that Tesla had won final approval from the
Brandenburg state environment office for its gigafactory. read more

The Thomson Reuters Trust Principles.

EXCLUSIVE Russian firms rush to open Chinese bank accounts as sanctions bite
- sources

(Reuters) - The Moscow branch of a Chinese state bank has seen a surge in
enquiries from Russian firms wanting to open new accounts, a person familiar
with the matter said, as the country's businesses struggle with
international sanctions after its invasion of Ukraine.

"Over the past few days, 200-300 companies have approached us, wanting to
open new accounts," the person, who works at the Moscow branch of a Chinese
state bank and has direct knowledge of its operations, told Reuters.

He declined to be named or have his bank identified as he is not authorised
to speak with media.

It was not clear how widespread Russian demand for new accounts at Chinese
banks was, but the banker source told Reuters many of the companies seeking
new accounts do business with China and that he expected yuan transactions
by such firms to increase.

Western governments are shutting off Russia's economy from the global
financial system, pushing international companies to halt sales, cut ties
and dump tens of billions of dollars' worth of investments. read more

China has repeatedly voiced opposition to the sanctions, calling them
ineffective and insisting it will maintain normal economic and trade
exchanges with Russia. read more

A handful of Chinese state banks operate in Moscow, including Industrial &
Commercial Bank of China (601398.SS), Agricultural Bank of China
(601288.SS), Bank of China and China Construction Bank (601939.SS).

China Construction Bank declined to comment. The other three Chinese state
banks did not respond to Reuters' request for comment.

A Chinese businessman with long-term ties with Russia, who also did not want
to be identified, said several Russian companies he works with are now
planning to open yuan accounts.

"It's pretty simple logic. If you cannot use U.S. dollars, or euros, and
U.S. and Europe stop selling you many products, you have no other options
but to turn to China. The trend is inevitable," the source told Reuters.

As a growing number of Western companies abandon Russia, the willingness of
emerging market giants such as China to sustain business relations with
Moscow highlights a deep rift over Europe's biggest crisis since the World
War Two. That trend could threaten to chip away the dominance of the U.S.
dollar in global trade. read more

FESCO Transportation Group , a major Russian transport and logistics
company, said this week it will accept Chinese yuan from customers, after
some Russian banks were kicked out of the global financial messaging system
SWIFT. read more

"It's natural for Russian companies to be willing to accept yuan," said Shen
Muhui, head of a trade body that promotes links between Russia and China.

But small Chinese exporters are suffering from a tumble in the rouble and
many are suspending deliveries to avoid potential losses, he said.

The Russian currency dived to a record low of more than 17 rouble to the
yuan on Wednesday , having lost nearly 40% of its value against the Chinese
unit over the past week.

"Companies will be switching to yuan-rouble business but in any case things
will become two, three or four times more expensive for Russians because the
exchange rate between the yuan and rouble is also changing," said Konstantin
Popov, a Russian entrepreneur in Shanghai.

Shen said Russian demand for Chinese goods will nevertheless grow in the
long term. "The key is to solve trade settlement issues" in the face of
sanctions, he said.

The Thomson Reuters Trust Principles.

Russian finance ministry halts forex, gold purchases for 2022

(Reuters) - Russia's finance ministry said on Thursday that it was halting
purchases of foreign currency and gold for this year as part of a suspension
of parts of its fiscal rule relating to the use of extra oil and gas
revenues.

Under a rule adopted in 2017, Russia buys foreign currency when oil prices
are high and sells when prices go below $44 per barrel, shielding the rouble
from oil price swings.

The Thomson Reuters Trust Principles.

Euro zone business growth accelerated in Feb as Omicron faded -PMI

(Reuters) - Business activity across the euro zone accelerated sharply last
month as demand soared, particularly in the bloc's dominant services
industry, according to a survey mostly conducted before Russia invaded
Ukraine.

As the Omicron coronavirus variant swept across Europe earlier this year,
many governments reimposed restrictions. But most of those curbs have been
eased.

IHS Markit's final Composite Purchasing Managers' Index, seen as good gauge
of overall economic health, climbed to a five-month high of 55.5 in February
from 52.3 in January.

However, that was below the 55.8 preliminary estimate which contained 82% of
replies and was published on Feb. 21 - before the Russian invasion.

"The survey data for February depict a euro zone economy that was regaining
robust growth momentum ahead of the invasion of Ukraine," said Chris
Williamson, chief business economist at IHS Markit.

"Business activity accelerated to a pace commensurate with GDP growth in
excess of 0.6%, buoyed by a relaxation of virus restrictions."

As restrictions were eased consumers returned to restaurants, bars and other
services while also buying manufactured goods, so the composite new business
index climbed to 55.6 from 52.7, its highest since September.

A PMI for the services industry bounced to 55.5 from 51.1, well above the 50
mark that separates growth from contraction but below an initial 55.8
estimate.

Manufacturing growth in the bloc waned slightly last month but activity was
still strong and supply chain constraints eased, a sister survey showed on
Tuesday, although factories and consumers faced soaring prices.

Services firms had to bear input costs rising at the fastest rate since the
survey began in mid-1998 and increased their prices at a record pace. The
output prices index rose to 58.8 from 57.9.

Inflation soared to a record high 5.8% last month, official preliminary data
showed on Wednesday, almost triple the European Central Bank's 2.0% target.

That will likely intensify a policy dilemma for ECB policymakers when they
meet next week, needing to convey a sense of calm amid war-related market
turmoil but also responding to mounting price pressures.

"With inflation risks rising and growth prospects waning, the Ukraine
conflict adds to business and household headwinds for the coming months, and
exacerbates the difficult juggling act of the ECB in controlling inflation
while sustaining a robust economic recovery," Williamson said.

The Thomson Reuters Trust Principles.

Invest Wisely!

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INVESTORS DIARY 2022

Company

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Companies under Cautionary

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Nampak Zimbabwe

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