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Gerhard Schröder: Germany should strike Putin vitality deal and Ukraine ought to surrender Crimea

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Gerhard Schröder Putin Russia Germany Nord Stream gas energy crisis Crimea Ukraine - Sean Gallup/Getty Images

Gerhard Schröder Putin Russia Germany Nord Stream gasoline vitality disaster Crimea Ukraine – Sean Gallup/Getty Pictures

Germany should strike a take care of Putin to keep away from an vitality disaster this winter and Ukraine ought to surrender its declare to Crimea, Gerhard Schröder has stated.

The previous German chancellor stated his nation may avert a gasoline crunch by restarting work on the Nord Stream 2 pipeline from Russia.

The $11bn venture, which might double Russian gasoline provides to Germany, was accomplished final yr however the approval course of was halted on the outbreak of the struggle in February.

Mr Schröder, former chair of Rosneft and head of the shareholder committee at Nord Stream, additionally stated Ukraine ought to abandon its declare to Crimea and negotiate with Putin.

He informed Stern journal it might be a “massive mistake” to dismiss attainable concessions by Ukraine as a “dictated peace”.

He stated issues may very well be resolved by a compromise for the Donbas area primarily based on a Swiss canton mannequin, in addition to “armed neutrality” for Ukraine as a substitute for Nato membership.

Contents show

02:58 PM

British Airways poised to droop sale of long-haul flights from Heathrow

British Airways long-haul cancel - Rasid Necati Aslim/Anadolu Agency

British Airways long-haul cancel – Rasid Necati Aslim/Anadolu Company

British Airways is poised to pause gross sales of long-haul flights to locations comparable to New York because the airline battles disruption at Heathrow, writes Matt Oliver

The provider has already suspended ticket gross sales for short-haul flights from the nation’s greatest airport for at the very least every week in response to a cap on every day passenger numbers.

However a spokesman confirmed that BA can not rule out disruption to long-haul routes out of Heathrow both whereas the cap stays in place.

It may push costs increased and imply travellers making an attempt to e book last-minute journeys to further-afield locations comparable to New York, Singapore or Dubai could also be unable to seek out seats.

And price range rival Ryanair on Wednesday prompt it was well-positioned to capitalise on the turmoil.

​Read Matt’s full story here

02:43 PM

Wall Road opens increased forward of companies information

Wall Road’s important indices opened increased after two days of declines as targeted shifted to companies exercise information due later as we speak.

The S&P 500 and Dow Jones each opened 0.4pc increased, whereas the tech-heavy Nasdaq gained 0.7pc.

02:21 PM

Opec to approve tiny oil output rise in blow to Biden

Opec is about to lift oil output by a miniscule 100,000 barrels per day in what analysts described as an insult to Joe Biden.

The US President made a visit to Saudi Arabia final month to steer the Opec chief to pump extra to assist the US and international financial system.

The rise, equal to 86 seconds of world oil demand, comes after weeks of hypothesis that the journey – in addition to Washington’s clearance of missile defence system gross sales to Riyadh and the UAE – would carry in additional oil.

An Opec doc seen by Reuters confirmed the group was set to lift output by 100,000 bpd from September and two sources stated it has been successfully rubber-stamped at a gathering.

01:56 PM

Firefighters deal with blaze at Russian retailer’s warehouse

Russian Ozon retailer fire - HANDOUT/Russian Emergencies Ministry/AFP

Russian Ozon retailer hearth – HANDOUT/Russian Emergencies Ministry/AFP

A hearth broke out at a warehouse exterior Moscow owned by Russian e-commerce big Ozon.

Emergency companies within the nation stated greater than 80 folks have been working to deal with the blaze and two helicopters had been deployed.

Russia’s RIA information company cited emergency companies as saying that 11 folks have been reported injured within the hearth, which the emergencies ministry stated in an announcement had unfold to an space of 35,000 sq. metres.

Photos taken by a Reuters photographer on the scene confirmed a big plume of darkish smoke billowing from the roof of the warehouse.

01:34 PM

Particles from Elon Musk’s SpaceX rocket rains down on farm

Elon Musk Space X - Brad Tucker/Cover Images

Elon Musk House X – Brad Tucker/Cowl Pictures

Rocket particles believed to be from Elon Musk’s SpaceX has rained down on a sheep farm in rural Australia, piercing the panorama with chunks of jagged steel.

Matthew Discipline studies:

Lumps of rocket have been discovered embedded in farmland by native farmer Mick Miners of Jindabyne, New South Wales.

Locals reported listening to a loud bang throughout the Snowy Mountains space of the area, earlier than the items of wreckage have been discovered, Australia’s ABC reported.

Australian house specialists stated they believed the rocket elements got here from a discarded crew capsule utilized by SpaceX’s 2020 crewed Dragon mission to the Worldwide House Station.

The capsule was jettisoned into house after finishing its mission and was presupposed to finally splash down into the ocean.

Brad Tucker, an area professional at Australian Nationwide College, informed native radio station 2GB: “SpaceX has this capsule that takes people into house however there’s a backside half… so when the astronauts come again, they go away the underside half in house earlier than the capsule lands.

​Read Matt’s full story here

12:35 PM

Bottlenecks dent German automobile gross sales

Germany VW car sales - Krisztian Bocsi/Bloomberg

Germany VW automobile gross sales – Krisztian Bocsi/Bloomberg

German automobile gross sales fell once more in July because the business battled persistent bottlenecks for key parts.

Just below 206,000 vehicles have been registered in Germany in July, 12.9pc lower than in the identical month final yr, in response to the federal transport authority.

New automobile gross sales had already fallen by 18.1pc in June and 10.2pc in Could.

Automobile producers have needed to take care of provide points for months, with shortages of key parts resulting in intermittent manufacturing stops and a stoop in gross sales.

Specifically, a scarcity of semiconductors, used within the autos’ digital techniques, has slowed the business down.

12:12 PM

Parliament shuts down TikTok account on safety issues

Parliament has shut down its TikTok account lower than every week after it was arrange.

The transfer comes after MPs sanctioned by China raised issues about information safety, Politico studies.

Nus Ghani, Tom Tugendhat and Ian Duncan Smith all wrote to the Speaker final week. The account has now been locked and its content material deleted.

12:00 PM

US futures rise as Pelosi completes Taiwan go to

US futures have pushed increased as among the investor anxiousness over US-China tensions eased.

US Home Speaker Nancy Pelosi accomplished a go to to Taiwan that has provoked an offended response from China, with markets calmer in contrast with the wave of tension that washed throughout belongings forward of her arrival. The yen and a greenback gauge have been little modified.

Futures monitoring the S&P 500, Dow Jones and Nasdaq all gained 0.4pc.

11:40 AM

Turkish inflation nears 80pc

Turkish inflation soared to just about 80pc final month, with skyrocketing meals, housing and vitality costs hitting shoppers laborious.

The Turkish Statistical Institute stated client costs rose by 79.6pc from a yr earlier, up about one share level from June.

Economists have blamed the massive rise in inflation on President Recep Tayyip Erdogan’s unorthodox perception that top borrowing prices result in inflation regardless of established financial principle.

In addition they say inflation may very well be even increased than official figures.

Turkey’s central financial institution has slashed rates of interest by 5 share factors since September to 14pc, sending the lira into sharp decline.

That contrasts with efforts by central banks world wide to lift rates of interest to deal with value rises.

11:22 AM

BMW warns on chip shortages and Ukraine disruption

BMW chip shortage -  BMW of North America

BMW chip scarcity – BMW of North America

BMW has warned that automobile deliveries shall be decrease this yr than final as a scarcity of microchips, Covid lockdowns in China and disruption from the struggle in Ukraine hammer the business.

Louis Ashworth studies:

The German carmaker minimize its supply outlook and stated enterprise situations are more likely to “stay troublesome” throughout the second half of the yr, blaming the struggle in Ukraine and provide chain disruptions.

Oliver Zipse, its chief government, stated: “We see an growing financial headwind arising along with the continued provide shortages.”

BMW’s web revenue fell to €3bn throughout the second quarter amid provide bottlenecks and delays attributable to lockdowns in China. It shipped simply over 563,000 models between April and June, down 19.8pc from the identical interval in 2021.

“The continuing provide bottlenecks, notably for semiconductors, the struggle in Ukraine and interruptions in provide chains have led to a decline in deliveries within the Automotive section within the first half of the yr,” stated BMW.

The corporate stated among the shortfall in gross sales was being offset by value will increase. With manufacturing restricted, BMW has targeted its assets on higher-end autos, which have higher revenue margins. The Munich-based firm stated this “high-quality product combine” was serving to to stem falling income.

10:58 AM

Fuel costs swing as merchants search readability over Russian provides

Pure gasoline costs fluctuated after two days of features as Russian provides stay low however secure, with merchants in search of extra readability over Moscow’s subsequent transfer.

Benchmark European costs swung between features and losses, although they’re nonetheless buying and selling close to their highest for the reason that early days of the struggle in March.

Costs surged after Russia curbed flows by the important thing Nord Stream pipeline to round 20pc of transaction.

Moscow has blamed technical points, however German Chancellor Olaf Scholz as we speak reiterated that there have been no delays on Germany’s aspect and laid the blame with the Kremlin.

10:42 AM

Pound edges increased forward of BoE resolution

Sterling edged increased towards a broadly weaker greenback this morning as buyers stay targeted on tomorrow’s Financial institution of England assembly.

Cash markets are presently pricing in a higher than 90pc probability of an enormous 50 basis-point fee hike because the Financial institution makes an attempt to chill inflation from a four-decade excessive of 9.4pc.

However analysts stated the pound was largely being pushed by threat sentiment and exterior components forward of the coverage assembly.

The pound rose 0.1pc towards the greenback to $1.21735. Towards the euro it slipped 0.1pc to 83.65p.

10:23 AM

Rolls-Royce will get go-ahead for £1.5bn ITP Aero sale

Rolls-Royce ITP Aero £1.5bn - JUSTIN TALLIS / AFP

Rolls-Royce ITP Aero £1.5bn – JUSTIN TALLIS / AFP

In additional deal information this morning, Rolls-Royce has been given the inexperienced gentle by the Spanish authorities to promote its ITP Aero enterprise for €1.8bn (£1.5bn).

The engineering big will hand over the Spanish enterprise – which builds plane engines and generators – to a consortium of buyers led by personal fairness agency Bain Capital.

The sale completes the corporate’s plan to lift at the very least £2bn and assist rebuild its steadiness sheet, Rolls-Royce stated.

The consortium buying ITP Aero, which has its headquarters within the Basque area, additionally consists of Sapa and JB Capital.

Final yr, Rolls-Royce chief government Warren East referred to as the sale a “vital milestone” in its cash-boosting disposal programme.

10:10 AM

Avast surges on £6bn takeover approval

Shares in Avast have soared to a file excessive after the competitors watchdog waved by its £6bn takeover by Norton LifeLock.

The cybersecurity agency surged 42pc to the highest of the FTSE 100. That is its greatest leap ever.

09:58 AM

Employees to endure file wage squeeze as Britain plunges into recession

Britain is plunging into recession because the surging price of dwelling inflicts a long-term pay minimize on struggling staff and wipes out the financial savings of greater than two million households, certainly one of Britain’s main forecasters has warned.

Tim Wallace has extra:

Hovering payments will pressure tens of millions of individuals to make use of their financial savings or flip to borrowing to pay for the fundamentals as inflation climbs to 11pc, in response to the Nationwide Institute for Financial and Social Analysis (Niesr).

Round 5.3m households can have no financial savings in any respect by 2024, one in each 5, and twice the present stage. One other 1.7m shall be left with lower than two months of earnings within the financial institution, making them weak to any monetary surprises.

For 1.2m households, meals and vitality payments alone will exceed their disposable incomes, even earlier than some other spending.

Actual private disposable incomes are predicted to fall by 2.5pc this yr owing to a mixture of upper prices and Rishi Sunak’s tax raids, marking the sharpest annual drop since data started in 1948.

​Read Tim’s full story here

09:27 AM

Hiscox to supply insurance coverage for Ukraine grain hall

Hiscox has revealed it is a part of a deliberate insurance coverage consortium offering cowl for ships taking grain out of Ukraine.

Commerce physique the Lloyd’s Market Affiliation final month stated a consortium may very well be fashioned to supply cowl for grain shipments.

Aki Hussain, Hiscox chief government, stated the consortium hadn’t but been finalised however stated the corporate had dedicated its help.

It got here because the Lloyd’s of London insurer plunged to a pre-tax lack of $107m (£88m) within the first half as a result of a steep decline within the worth of its funding portfolio.

The corporate stated losses from Ukraine and Russia have been $48m web of reinsurance – a slight enhance from a $40m estimate made in Could.

09:15 AM

Tinder boss quits

Tinder CEO -  Stephen McCarthy

Tinder CEO – Stephen McCarthy

The chief government of Tinder has give up a fortnight after launching a “belief and security” drive to carry extra girls onto the relationship app, writes Gareth Corfield.

Renate Nyborg was the corporate’s fifth boss since 2012. A Could 2022 profile of Nyborg described her as a “secure, drama-free chief”. She was appointed to the highest seat final September.

In a BBC interview in late July Ms Nyborg, 36, who met her husband on Tinder, stated she was launching a drive to enhance girls’s security on the app by offering higher abuse reporting instruments.

“As we speak we’re saying the departure of Tinder CEO Renate Nyborg, and I’ve made some modifications to the administration workforce and construction that I’m assured will assist ship Tinder’s full potential,” Match Group chief government Bernard Kim stated in a letter to shareholders.

09:03 AM

Taylor Wimpey features on ‘sturdy’ housing demand

Taylor Wimpey is among the FTSE’s high risers this morning after it hailed “sturdy” demand for housing regardless of hovering construct price inflation and rising rates of interest.

The housebuilder posted a 16.3pc rise in pre-tax income to £334.5m for the primary half of the yr as completions got here in barely forward of expectations.

Because of this, it raised its expectations for full-year income to the highest finish of consensus. Shares rose 2.5pc.

Taylor Wimpey additionally introduced a cost-of-living cost of as much as £1,000 to assist workers with hovering gasoline prices.

The group stated it’s going to make the cost to all workers on salaries of as much as £70,000, that means that round 90pc of its workforce are eligible.

08:56 AM

EDF to chop nuclear output as French vitality disaster deepens

EDF nuclear French output - LOU BENOIST / AFP

EDF nuclear French output – LOU BENOIST / AFP

EDF has stated it is more likely to make additional cuts to its nuclear reactor output in a transfer that can exacerbate the nation’s vitality disaster.

The French firm stated that energy stations on the Rhone and Garonne rivers will produce much less electrical energy within the coming days, although there will be a minimal stage of output to maintain the grid secure.

It comes amid a heatwave sweeping Europe, which is limiting the corporate’s potential to chill its vegetation.

Underneath French guidelines, EDF should cut back or halt nuclear output when river temperatures attain sure thresholds to make sure the water used to chill the vegetation gained’t hurt the setting when put again into the waterways.

EDF, which is getting ready to nationalisation, has estimated that its nuclear output this yr would be the lowest in three a long time.

08:39 AM

FTSE risers and fallers

The FTSE 100 has began the day on the again foot as buyers stay cautious over rate of interest rises forward of tomorrow’s Financial institution of England assembly.

The blue-chip index misplaced 0.3pc in its third day of losses after sturdy features in July.

Shares in cybersecurity agency Avast soared 42pc after the competitors watchdog provisionally cleared its £6bn takeover by rival NortonLifeLock.

Housebuilder Taylor Wimpey gained 3.5pc after elevating revenue steering to the highest finish of expectations amid “sturdy” housing demand whilst rates of interest rise.

The domestically-focused FTSE 250 edged up marginally. Hiscox tumbled greater than 8pc after the insurer posted a pre-tax lack of $107.

08:19 AM

Simply Eat orders fall as pandemic growth fades

Just Eat Takeaway Katy Perry

Simply Eat Takeaway Katy Perry

Simply Eat Takeaway has reported a drop in orders for the primary half of the yr as a pandemic-fuelled growth in demand pale.

Complete orders fell 7pc within the first half of 2022 because of the lifting of lockdowns and fewer folks ordering meals to their properties.

Nonetheless, income within the UK and Eire rose 13pc amid a push to enhance income from particular person meals gross sales.

Simply Eat forked out €414m (£346m) on advertising within the first six months of 2022 – a 40pc enhance on final yr – following a take care of US-based Grubhub and launching a pricey promoting marketing campaign with Katy Perry.

It additionally wrote down the worth of US-based Grubhub by €3bn amid plunging inventory market valuations and rising rates of interest.

Jitse Groen, Simply Eat’s chief government, stated:

After a interval of outstanding development, Simply Eat Takeaway.com is now two occasions bigger than it was pre-pandemic.

While this development required vital funding, we’ve continued to give attention to executing our technique to construct and function extremely worthwhile meals supply companies.

08:13 AM

Avast will get inexperienced gentle for £6bn NortonLifeLock merger

The competitors watchdog has provisionally given the inexperienced gentle for British cybersecurity agency Avast’s £6bn merger with NortonLifeLock.

The Competitors and Markets Authority stated it doesn’t imagine the tie-up raises competitors issues following an in-depth investigation.

Whereas issues have been raised in its preliminary probe, the CMA stated extra detailed evaluation discovered the merging companies face “vital competitors” from McAfee and a spread of smaller rivals.

The watchdog has set a deadline of August 24 for responses to its provisional resolution, with a ultimate report due by September 8.

Kirstin Baker, chair of the CMA inquiry group, stated:

Thousands and thousands of individuals throughout the UK depend on cyber security companies to maintain them protected on-line.

After gathering additional info from the businesses concerned and different business gamers, we’re presently glad that this deal will not worsen the choices out there to shoppers.

As such, we’ve provisionally concluded that the deal can go forward.

08:02 AM

FTSE 100 slips on the open

The FTSE 100 has misplaced floor on the open following a slide on Wall Road sparked by renewed US-China tensions.

The blue-chip index slipped 0.3pc to 7,390 factors.

07:58 AM

Bain banned from UK contracts over ‘grave misconduct’ in South Africa

Administration consultancy Bain & Co has been banned from British authorities contracts for 3 years due to its “grave skilled misconduct” in a significant corruption scandal in South Africa.

Cupboard Workplace minister Jacob Rees-Mogg informed the Boston-based firm he was not satisfied it had taken its position within the scandal “sufficiently significantly” and branded its integrity “questionable”, the Monetary Instances studies.

The ban pertains to Bain’s involvement within the so-called state seize scandal in South Africa, which pertains to widespread corruption underneath former president Jacob Zuma.

The UK is the primary western nation to impose penalties on Bain, however the US is underneath strain to comply with go well with.

Bain stated it was “stunned and dissatisfied” on the resolution and stated it might think about choices for a evaluate.

It added: “Within the meantime, we’ll proceed to work with the Cupboard Workplace to make sure that we do what’s required to revive our standing with the UK authorities.”

07:41 AM

Meta bosses ditch Silicon Valley

Sir Nick Clegg’s resolution to partially relocate to London is the newest in a string of departure’s from the Fb group’s California headquarters.

Chief advertising officer Alex Schultz made the transfer earlier this yr, whereas Instagram chief Adam Mosseri is about to shift to the corporate’s King’s Cross base.

Different bosses to desert Silicon Valle are Man Rosen, chief info safety officer, who’s now primarily based in Israel, and Naomi Gleit, head of product, who’s in New York.

Javier Olivan, head of development, is dividing his time between California and Spain, in response to the FT.

Mr Zuckerberg himself divides his time between California and his dwelling in Hawaii, the place he spent lots of time early within the pandemic.

Learn extra on this story: Instagram chief relocates to London as Meta scrambles to counter TikTok

07:33 AM

Sir Nick Clegg joins Silicon Valley exodus

Good morning. 

Sir Nick Clegg is partly relocating to the UK, turning into the newest high Meta official to ditch Silicon Valley.

The previous deputy prime minister turned social media government will break up his time between properties in London and California, the Monetary Instances.

It comes after Instagram boss Adam Mosseri stated he is shifting to London, whereas chief advertising officer Alex Schultz has additionally made the transfer.

Sir Nick, who’s in command of Meta’s dealings with governments world wide, has been candid about his reluctance to reside in California. He is stated to be shifting to be nearer to his mother and father and for ease of journey to Europe and Asia.

5 issues to begin your day

1) Workers to suffer record wage squeeze as Britain plunges into recession  Thousands and thousands of households’ financial savings to be worn out as inflation surges to 11pc, forecaster warns

2) HSBC looking at ‘alternative structures’ as break-up pressure grows  Indignant buyers in Hong Kong name for the financial institution’s Asian operations to be spun-off

3) Record bookings at Airbnb as travel bounces back  US firm expects to ship file income and income within the subsequent quarter

4) Star Observer columnist suspended after trans rights row  Nick Cohen agrees to pause writing whereas GNM investigates allegations about his conduct by campaigner Jolyon Maugham

5) Ferrari to raise prices of luxury sports cars  Booming demand has pushed up quarterly gross sales by 29pc

What occurred in a single day

Asia-Pacific bond yields adopted US Treasury yields increased this morning and the greenback continued its climb after Federal Reserve officers signalled they’re nowhere close to performed elevating rates of interest.

Yields have been additionally helped as demand for the most secure belongings retreated following US Home Speaker Nancy Pelosi’s arrival in Taiwan. The safe-haven yen continued its slide.

That lifted shares in Asia, regardless of the slide on Wall Road in a single day.

Japan’s Nikkei gained 0.5pc, rebounding from Tuesday’s two-week closing low, whereas Chinese language blue chips jumped 0.9pc and Hong Kong’s Dangle Seng gained 0.8pc.

MSCI’s broadest index of Asia-Pacific shares edged 0.11pc increased. Taiwan’s inventory benchmark was about flat, whereas Australian equities declined 0.5pc.

Developing as we speak

  • Company: Endeavour Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (interims)

  • Economics: Composite PMI (UK, US, EU), companies PMI (UK, US, EU), retail gross sales (EU), producer value index (EU), manufacturing unit gross sales (US)

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