Gas prices jump 24pc as Putin turns off the taps

Ggood morning. We’ve seen the first sign that Vladimir Putin is serious about his threat to turn off the taps. Gazprom confirmed it’s cut off flows of natural gas to Poland and Bulgaria as they had failed to pay in roubles, adding that supplies will be halted until payment has been made. European gas prices … Read more

Twitter locks down to stop staff ‘going rogue’ over Elon Musk takeover – live updates

Ggood morning. Twitter has locked down changes to its website in an effort to stop unhappy staff ‘going rogue’ and making unauthorized changes in the wake of Elon Musk’s $44bn takeover. Elsewhere, public sector net borrowing came in under forecast in March, with £18.1bn added to the debt pile. 5 things to start your day … Read more

Markets tumble as panic grows over China’s zero Covid collapse

MArkets tumbled across the world on Monday as fears of a new Chinese lockdown sparked panic buying in Beijing. Around £40bn was wiped off the FTSE 100 which dropped 1.9pc, amid concerns over a wave of draconian restrictions to prevent the collapse of China’s zero Covid policy. Economists warned the world’s second-largest economy may already … Read more

EU admits ruble payments for Putin’s gas might not breach sanctions

London’s miners have had another weak day, but this time did not drag the FTSE 100 below the performance of its global peers during a rough day on international markets. The FTSE 100 closed down sharply, and was likely saved from an even more devastating drop by a rapidly falling pound. It ended at 7,521, … Read more

Elon Musk says ‘woke mind virus’ makes Netflix unwatchable

Ggood morning. Netflix is ​​tearing up all its old rules after a disastrous set of quarterly results cast doubts over its future prospects. The streaming giant said it lost 200,000 subscribers in the first three months of the year – its first decline in more than a decade. While its withdrawal from Russia led to … Read more

France pushes EU to ban Russian oil

Ggood morning. Russian energy imports are back in focus this morning after France called on other European nations to support fresh sanctions. Bruno Le Maire, France’s finance minister, said it was necessary “more than ever” to implement a ban on Russian oil, cutting off a key source of revenue for the Kremlin. While the US … Read more

Putin claims Europe cannot survive without Russian gas

Ggood morning. Russian authorities are said to be preparing a step-by-step approach to rolling back capital controls that have propped up markets ever since the war began. Discussions this week revolved around a potential extension of the deadline for exporters to convert their foreign earnings to rubles, and a lowering of the threshold below 80pc. … Read more

Extinction Rebellion protests force Lloyd’s of London staff to work from home

Ggood morning. There’s yet another reminder of the cost-of-living crisis this morning, with the latest ONS figures showing wage growth is lagging well behind surging inflation. While average earnings excluding bonuses rose 4.1pc in February from a year ago, when adjusted for prices they dropped 1.3pc – the biggest fall since 2013. There were also … Read more

Russian Railways crashes into default as sanctions hammer Moscow

Ggood morning. The World Bank has issued dire forecasts for both Ukraine and Russia this year as a result of the war, warning the outlook could get even bleaker if the conflict drags on. Ukraine’s economy will collapse by 45.1pc this year, the bank predicted, far worse than the 10pc to 35pc downturn the IMF … Read more