Good morning.
Putin is tightening his grip over businesses and workers as the Russian economy begins to falter.
The Kremlin has proposed new laws that would force private businesses to repair tanks and weapons and make new goods for the military.
It would also force “special measures” on workers, including night shifts and overtime.
The drastic move reflects Russia’s difficulties as its war in Ukraine drags on and sanctions continue to hammer the economy.
Earlier this week the Kremlin unveiled £24bn of spending cuts over the next three years as Russia braces for a recession.
5 things to start your day
1) US buyer cleared for takeover of British nuclear sub supplier – Ultra Electronics will be sold to Boston-based Advent International
2) Six Nations Rugby chairman denies conspiring to destroy Phones 4U – Ronan Dunne testified that he attended a secret lunch with Olaf Swantee but did not discuss pricing strategies
3) HSBC to sell Russian division to banking tycoon – Lender under pressure from ministers to ‘fully condemn’ Kremlin’s war
4) Nadhim Zahawi’s fight for tax cuts in the face of brutal economics – Time is not on the side of the new Chancellor with his colleagues in open revolt
5) Inside the corporate war engulfing Ben & Jerry’s activist agenda – Serving up social justice leaves sour taste for Unilever
What happened overnight
Tokyo shares opened higher this morning, with the benchmark Nikkei 225 index rising 0.7pc.
In contrast, Hong Kong stocks opened down. The Hang Seng Index dropped 1pc and the Shanghai Composite Index dipped 0.07 percent, or 2.22 points, to 3,353.13.
However, the Shenzhen Composite Index on China’s second exchange edged up 0.06pc.
Coming up today
- Corporate: Baltic Classified Group, Currys, Watches of Switzerland (full-year results); Entain, Ferrexpo, John Wood Group, Persimmon, RS Group, Victrex (trading update)
- Economics: Halifax house prices (UK); ADP employment change, jobless claims (US)
