Ggood morning.
Putin is tightening his grip on businesses 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 make new goods for the military.
It would also impose “special measures” on workers, including night shifts and overtime.
The drastic move reflects Russia’s difficulties as the war in Ukraine continues and sanctions continue to affect the economy.
Earlier this week, the Kremlin unveiled £24 billion in austerity measures over the next three years as Russia braces itself for a recession.
5 things to start your day with
1) US buyer approved to acquire UK nuclear sub-supplier – Ultra Electronics is sold to Boston-based Advent International
2) Six Nations Rugby President Denies Conspiracy To Destroy Phones 4U – Ronan Dunne testified that he attended a secret lunch with Olaf Swantee, but did not discuss pricing strategies
3) HSBC sells Russian division to banking magnate † Kremlin under pressure from ministers to ‘completely condemn’ war Kremlin
4) Nadhim Zahawi’s Struggle for Tax Cuts in the Face of Brutal Economy – Time is not on the side of the new chancellor with his colleagues in open revolt
5) Inside the corporate war sweeping Ben & Jerry’s activist agenda – Serving social justice leaves a sour taste at Unilever
What happened overnight?
Tokyo stocks opened higher this morning, with the benchmark Nikkei 225 index rising 0.7 percent.
By contrast, Hong Kong shares opened downward. The Hang Seng Index fell 1 pc and the Shanghai Composite Index fell 0.07 percent or 2.22 points to 3,353.13.
However, the Shenzhen Composite Index on China’s second exchange rose 0.06 pc.
coming today
- For Business: Baltic Classified Group, Currys, Watches from Switzerland (full year results)† Entain, Ferrexpo, John Wood Group, Persimmon, RS Group, Victrex (trade update†
- Economy: House prices in Halifax (UK† ADP employment change, jobless claims (U.S†