9 minutes ago 11.44
Separately, the eurozone recorded a trade deficit of 7.6 billion euros with the rest of the world in February, compared with a surplus of 23.6 billion euros a year earlier, according to Eurostat. Almost 39% increase in imports due to energy imports exceeded 17% increase in exports.
The EU’s trade position deteriorated to a deficit of 15.8 billion euros from a surplus of 21.4 billion euros in February last year. The figures also show that the EU’s trade surplus with the United Kingdom has shrunk to 20.4 billion euros from 23 billion euros.
Updated at 11.51 BST
10 minutes ago 11.44
Eurozone industrial production recovered in February from a decline in January, thanks to stronger consumer goods production, which counteracted lower energy and capital goods production.
Production in the 19 euro-sharing countries rose 0.7% in February from January, according to Eurostat, the EU’s statistical office. The largest monthly increases are in Italy (up 4%), Croatia (up 2.7%) and Ireland (up 2.4%).
However, the data do not reflect the impact of the Russian invasion of Ukraine, which began on February 24 and shook business sentiment.
Updated at 11.45 BST
16 minutes ago 11.38
The UK Treasury has told me that there will be a British representation at all G20 meetings: some will be attended by the Chancellor and others by another British official. He said this is not unusual, as Rishi Sunak cannot attend all meetings alone.
1 hour ago 10.39
Western nations are preparing to organize coordinated walks and other diplomatic disregards in protest of Russia’s invasion of Ukraine at a meeting of G20 finance ministers in Washington.
US Treasury Secretary Janet Yellen plans to avoid G20 sessions attended by Russian officials on the sidelines of Wednesday’s International Monetary Fund and World Bank meetings. The Chancellor of the United Kingdom Rishi Sunak will also not attend certain sessions of the G20, said a source from the British government, as previously reported.
However, Yellen will attend an inaugural session on the war in Ukraine, regardless of Russia’s involvement, a US Treasury Department official said.
While some in Western capitals have argued that Russia’s actions should mean it is completely excluded from global meetings, this is not an opinion shared by others in the G20, including China and Indonesia, which chairs the group. this year.
2 hours ago 21.10
Gazprombank demands payment of $ 300 million from London’s Petropavlovsk gold mine
Russia’s gold producer Petropavlovsk, once one of London’s largest gold producers, has been mired in turmoil as its main creditor, Gazprombank, has demanded nearly $ 300 million in loans.
Gazprombank, which has been sanctioned and its assets frozen by the UK government, is demanding immediate repayment of $ 201m in loans and a $ 87m revolving loan by April 26th. However, Petropavlovsk has already warned that sanctions imposed on Russia following its invasion of Ukraine prohibit it from making payments.
The Gold Miner said in a statement to the London Stock Exchange today:
The company is considering the implications of these notices with its advisors.
Shares of Petropavlovsk fell 28% to a record low of 1.53 pence at the beginning of trading and are now trading 15% lower. Last month, Russian billionaire Sergei Sudarikov, who is a partial owner of the sanctioned Credit Bank of Moscow, bought a 29% stake in Petropavlovsk from its largest shareholder, Konstantin Strukov, who owns Russia’s UGC.
Last week, Petropavlovsk said it was considering going on sale “as soon as possible” because it would be “very challenging” to refinance a $ 304 million bond due in November. He warned that investors could be wiped out.
The company was badly affected by Western sanctions against Russia (although it is not on the sanctions list itself) and said at the time:
The group has limited cash reserves outside Russia. In Russia, there are legal restrictions that limit the group’s ability to transfer cash outside of Russia.
The company said last month that restrictions on buying and selling gold in Russia could make it difficult to find an alternative buyer for its products. Gazprombank is one of Petropavlovsk’s main customers and buys all its gold.
Updated at 10.26 BST
2 hours ago 09.37
Consumer stocks and banks are among the biggest risers in the UK and the rest of Europe today, while miners are affected by Rio Tinto’s poor performance.
The Euro Stoxx 600 rose 0.4 percent, with Danone at the top, up 7.6 percent, after positive results and rumors that French dairy Lactalis could apply. Heineken rose more than 4% after a jump in beer sales after bars and restaurants reopened in Europe after the blockade of Covid.
Major stock indexes in Europe traded between 0.2% (Germany’s Dax) and 0.4% (France’s CAC) higher, while the UK’s FTSE 100 rose 18 points, or 0.2%, to 7,619.
In London, consumer stocks such as Kingfisher, Reckitt Benckiser, Unilever and British American Tobacco are rising, as these stocks are seen as good defenses against the backdrop of the war in Ukraine.
Lloyds Banking Group was also among the highest FTSE 100s, and the banking index rose 1.4% as the yield on 10-year UK government bonds rose above 2% for the first time since the end of 2015.
Updated at 09.38 BST
2 hours ago 25.09
Just Eat is considering selling Grubhub’s arm after a drop in orders
Just Eat Takeaway is considering selling its Grubhub arm after announcing a drop in orders compared to high levels during the Covid blockade.
The home delivery specialist said orders fell 1% to 264.2 million in the first three months of 2022 as it struggles against levels boosted by last year’s pandemic. As a result, it lowered the value of its transactions and earnings forecasts for the year.
The Dutch-based company agreed to buy US-based Grubhub for $ 7.3 billion (£ 5.8 billion) in June 2020 in a deal completed last year that created the world’s largest delivery service. food outside China.
Motorcycle courier from the online food ordering and delivery company, Just Eat, in Spain. Photo: Xavi Lopez / SOPA Images / REX / Shutterstock 3 hours ago 08.46
Heineken sells more beer after the bars open
Heineken, the world’s second-largest brewery, has sold more beer than expected thanks to growing demand in Europe, where bars and restaurants have reopened after Covid’s blockade in recent months.
The Dutch company said revenue rose 35% to almost 7 billion euros in the first three months of the year compared to the same period last year. Beer volumes rose 5.2% on an equivalent basis from a year earlier, above analysts’ expectations of a 3.5% increase. They are 2.8% before 2019.
The volume of premium beer increased by 6.3%, led by Heineken, which increased by nearly 13%. Growth is mainly due to Brazil, China, the Netherlands, Spain, Ireland, Italy, the United Kingdom, Portugal, Nigeria and the United Arab Emirates.
Heineken shares rose 3.4% after the news.
Heineken beer bottles can be seen at a bar in Monterey, Mexico. Photo: Daniel Beseril / Reuters
Updated at 09.16 BST
3 hours ago 24.08
Rio Tinto notes the risks of inflation and protracted war
Anglo-Australian mining giant Rio Tinto reported lower-than-expected iron ore supplies in the first quarter, noting risks of sustained high inflation, new Covid blockades in China and a protracted war between Russia and Ukraine.
The world’s largest iron ore producer delivered 71.5 million tonnes of iron ore used for steel production in the three months to March 31, up from 77.8 million tonnes a year earlier and analysts estimate for 76 million tons.
Labor shortages and supply chain difficulties hampered the company’s efforts to intensify its operations in Pilbara, Western Australia, during the first three months of the year.
Shares of Rio Tinto fell 2.2%, making them the biggest loser in the FTSE 100 this morning. Other miners, Fresnillo and Anglo American, were also among the biggest losers.
Rio Tinto CEO Jakob Stausholm said:
Production in the first quarter was as challenging as expected, which again underscored the need to increase our operating results.
Turning to the prospects, he said:
Economic growth and demand for goods have started well this year as the world continues to recover from a pandemic decline. However, market expectations were revised downwards amid sustained high inflation, the outbreak of the Russia-Ukraine war and the resumption of the blockade of Covid-19 in China. Additional risks of decline include protracted war and other geopolitical tensions, prolonged labor shortages, and supply and monetary policy adjustments to curb inflation.
In March, Rio Tinto became the first major mining company to announce that it was severing all ties with Russian business. It owned an 80% stake in Queensland Alumina in a joint venture with Russia’s Rusal, the world’s second-largest aluminum producer.
Updated at 09.18 BST
4 hours ago 08.09
European stocks opened cautiously higher.
Germany’s Dax rose 0.1 percent, France’s CAC and Italy’s FTSE MiB added 0.3 percent, Spain’s Ibex rose 0.2 percent, while Britain’s FTSE 100 rose 0.1 percent to 7608.
4 hours ago 08.03
Sunak to miss some G20 meetings, to keep up the pressure on Russia
British Finance Chancellor Rishi Sunak will attend only a handful of G20 meetings in Washington this week, Reuters reported, citing a government source, after US officials said they would avoid meetings with Russian officials.
U.S. officials said Monday that Finance Minister Janet Yellen will miss some meetings of G20 finance ministers in advanced and emerging economies if Russian officials are present.
Sunak will also not attend all G20 meetings. A government source told Reuters:
According to the United States, the Chancellor will attend major sessions of the G20 … and will continue to work with our allies to call for Russian aggression and push for stronger coordinated action to punish Russia and support Ukraine.
Russian Finance Minister Anton Siluanov will lead the Russian delegation to the sessions held on the sidelines of the biennial meetings of …
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