UK economy rebounds; Evraz directors resign after Abramovich’s sanction; BAT leaves Russia – as it happened | Business

It’s time to wrap up – here are today’s top stories:

Western governments have announced plans to impose punitive tariffs on Russian trade to further isolate Moscow from the global economy following the invasion of Ukraine.

In a development aimed at increasing pressure on Vladimir Putin, the G7 group of wealthy nations has said it will strip Russia of “most favored nation” (MFN) status under World Trade Organization rules ( WTO).

The establishment of tougher measures in response to Putin’s military aggression in a joint statement On Friday, the G7 said a “broad coalition” of WTO members was preparing to revoke major benefits from Russia’s membership.

The G7 is made up of the United States, United Kingdom, Canada, France, Germany, Italy and Japan, and declares:


“We are united in our resolve to hold President Putin and his regime accountable for this unwarranted and unprovoked war that has already isolated Russia in the world,”

The board of directors of Evraz, the steel and mining group in which Roman Abramovich controls a 29% stake, made up of 10 members, resigned after sanctions were imposed on the Russian oligarch and the actions of the company have been suspended.

Evraz’s 10 remaining non-executive directors – including former Ford executive Stephen Odell and Sir Michael Peat, former private secretary to Prince Charles and whose surname is KPMG’s p – have now all resigned.

Canada imposes sanctions on five people, including Abramovich, and also prohibit 32 Russian companies and government entities from receiving defense equipment or supplies from Canada.

Cigarette group BAT is pulling out of Russia, just two days after deciding to continue producing tobacco products there.

The UK economy performed better than expected after the Omicron Variant disruption.

UK GDP rose 0.8% in January, beating forecasts, as the return of restaurant dining boosted the service sector. Construction and production also increased, despite ongoing supply chain issues.

However, several economists have predicted that growth will weaken this year due to rising inflation and the war in Ukraine.

Chancellor Rishi Sunak has said Russia’s invasion of Ukraine is creating ‘significant economic uncertainty’ – as he ponders whether to offer more support in this month’s spring statement .

The UK and EU have launched an investigation into whether Google and Meta collusion in the online display advertising space.

British farmers have warned that soaring gas costs could force producers to cut production, adding to worries about shortages and rising prices.

Minette Pastesthe NFU president, said the war had “brought attention to the importance and fragility of food security, both at home and abroad”.

Drummers noted:


“There are clear short and long term actions the government can take to maintain confidence and stability in UK food producing businesses.

We have shared them with the government and would like to emphasize that we are ready to move them forward together, in order to navigate the extreme volatility we are seeing today and expect to grow in the months to come.

The founder of the homebuilder red row promised to pay for 1,000 Ukrainian refugees to come to the UK.

Steve Morgan also criticized the government for being slow to respond to the humanitarian crisis created by the Russian invasion.

American private equity group Apollo plans to launch a takeover bid for the school publisher Pearsonafter two approaches were rebuffed:

Heathrow needs to hire 12,000 staff to handle an expected summer holiday boom, the UK’s busiest airport said, as it warned the aviation industry’s recovery was ‘overshadowed by war and Covid”.

Uber Fares across the UK are set to rise sharply from Monday evening, when 20% VAT will be applied to journeys booked through the app.

Good evening. GW

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