Fed set to raise interest rates for first time since 2018, markets rise on Ukraine hopes – as it happened | Business
Here’s a roundup of other news from today.
Beverage maker Fever-Tree and owner of restaurant chains Wagamama and Frankie & Benny’s have warned of dramatic cost increases as the price of raw materials, gas and electricity soar and the war in Ukraine adds pressure on their businesses.
Fever-Tree lowered its earnings forecast, blaming a “dramatic rise” in commodity prices after Russia invaded Ukraine. The company, which had forecast adjusted profits of £69-72m this year, lowered its outlook to between £63-69m.
The Federal Reserve is set to raise interest rates for the first time since 2018 as it battles soaring US inflation, the impact of war in Ukraine and the lingering coronavirus crisis.
The Fed has a dual mandate: to maximize employment and to keep prices in check. The labor market and broader economy have rebounded impressively from pandemic lows, thanks in part to Fed rate cuts and a massive stimulus program, but prices have risen by 7, 9% in the year to February – the highest inflation rate. in 40 years.
The Church of England is pressuring French energy giant TotalEnergies over its decision not to cut ties with Russia after Vladimir Putin invaded Ukraine.
The church’s pensions board and the manager of its investment fund said they would reconsider their stake in the business.
At least 18 Russian-linked private jets or helicopters have been removed from the Isle of Man aircraft register as offshore authorities enforce EU and UK sanctions.
Three planes were retired last week, including a helicopter and private jets believed to ultimately belong to Roman Abramovich, Oleg Tinkov – an oligarch not subject to direct sanctions – and Dmitry Mazepin.
The UK could eliminate any need for Russian gas imports this year through a combination of energy efficiency, expanding renewable energy generation and a campaign to help people change their behavior, according to researches.
Information campaigns have played an important role in changing people’s behavior during the Covid-19 pandemic. Many people are unaware of the energy savings they could achieve through small changes that do not change their comfort but can significantly reduce their bills.
Russian oligarchs will no longer have access to trinkets such as cars, artwork and designer handbags sold by British companies, after the government blocked exports worth hundreds of millions of dollars. books.
British companies sold a total of £2.6billion worth of goods to Russia last year, the bulk of which was cars, at around £400million, as wealthy Russians jumped in in prestigious brands such as Aston Martin, Bentley and Rolls-Royce.