FirstFT: Russia doubles interest rates as rouble plunges

Good Morning. This article is a version on our site FirstFT Newsletter. Subscribe to us Asia, Europe / Africa or America Edition to send it directly to your inbox every weekday morning

The Central Bank of Russia has more than Double interest rates Support for the ruble plummeted as the economic impact of President Vladimir Putin’s invasion of Ukraine hit the Russian economy.

During an emergency, the Russian central bank raised interest rates to 20% from 9.5%, with the currency losing almost a third of its value against the dollar following the announcement of Unprecedented sanctions On Russia’s banking system.

Also the central bank Strangers are forbidden From the sale of local securities and suppressed trading on the Moscow Stock Exchange with the spread of fears of financial chaos in Russia.

The Kremlin acknowledged that the economic reality in Russia was “Significant change” Following the sharp decline in the value of the ruble and the rise in interest rates. Putin called for an emergency meeting with his economic advisers later today in response to Russia’s growing financial crisis.

Over the weekend queues formed at Russia’s empty cash machines Savers feared the collapse of the ruble and feared they would not be able to access the international payment system.

In other developments:

Follow the latest developments with us Live blog And monitor the conflict On the maps. We have too Explains Detailing how Western sanctions could stumble the Russian economy and our systemic system claims that Putin’s war is increasingly seen as a miscalculation that could Make it more dangerous.

Thank you for reading FirstFT Americas. To keep up to date with everything that is happening in Ukraine, Sign up here Receive the essential newsletter of my Valentina Pop colleagues, Europe Express – Gordon

The largest SWF in the world to vote against Apple’s pay policy The Norwegian Petroleum Fund will do just that Vote against The iPhone maker’s salary policy, as well as shareholders’ proposals on transparency, forced labor, civil rights audits and sustainability disclosures, depending on its voting intent.

Buffett mourns some good deals Warren Buffett lamented over Lack of attractive investments Available to its $ 713 billion Berkshire Hathaway conglomerate over the weekend. In his annual letter to investors, Buffett wrote that low interest rates inflated valuations in the financial markets and that he and partner Charlie Monger found “little that excites us.”

A column of cash, cash equivalents and short-term treasury ($ 1 billion) shows that Berkshire Hathaway's pile remains close to record

3. Australian cities underwater after “rain bomb” Strikes Destructive floods Cities and towns drowned In Queensland and New South Wales, which has led to thousands of insurance claims and provoked criticism of the Australian government’s position on climate change.

4. Pride Frank hunted down 35 legal teams from rival Cadwelder Fried Frank, U.S. Attorney’s Office Set fire to a team of financial services lawyers From its rival Cadwalader, Wickersham & Taft, as fierce competition for lawyers rages across the industry.

5. An Austrian group faces charges of fraud and embezzlement Allegedly, senior executives at the packaging company have Bull Flexibles Embezzled millions of euros and committed accounting fraudAmazing investors who lent the group almost 500 million euros less than six months ago.

Corona digestion

  • Corpses Stacked B- Of Hong Kong Hospitals and public morgues as the number of Covid-19 cases increases in the field.

  • Three out of 10 respondents agreed Follow-up at work Was enlarged During Cubid, according to a survey by the largest trade union federation in the UK.

  • Russian invasion of Ukraine has Hopes were shattered Of a strong global economic recovery from the Corona virus – at least in the short term.

The day ahead

UN Conferences The UN General Assembly, which includes all members, will hold a Emergency seat On Russia’s invasion of Ukraine. The UN Human Rights Council is opening its 49th session in Geneva, with French Foreign Minister Jean-Yves Le Drian speaking on security concerns, and Kenya hosting the fifth session of the UN Environment Assembly.

Emanuel Macron will announce a re-election campaign The French president is expected to announce his candidacy for re-election. The FT is Monitoring national opinion polls Ahead of the first round of voting in April.

What else are we reading

Is fertility an issue in the workplace? When Reina Brands posted updates on her Twitter resume last year, UCL’s associate professor’s focus was Not professional but personal: “Repeated Pregnancy Loss” (2019-20) and the Birth of Her Son (2021). “I believe it’s time to update #academic resumes to include all of women’s lives,” she wrote.

All the champions and policies in the world will fail if the culture is hostile, runs an unsympathetic line or uses personal information against employees

All champions and policies in the world will fail if the culture is hostile, runs an unsympathetic line or uses personal information against employees © Dom Mackenzie

Donald Trump’s accounts may hold him accountable The former U.S. president apparently feels more than usually unassailable, having objected to two dismissals and a special adviser inquiry. But despite his love of bombast, Trump’s legal troubles are far from over. Writes our system system.

The race for the post-dollar world Russia’s invasion of Ukraine is a Critical turning point That it will have lasting economic consequences. Among them will be an accelerated transition to a bipolar global financial system, one based on the dollar and the other on the renminbi, writes Rene Forhar.

How a Brazilian criminal organization has built a global drug empire According to state prosecutors, which was founded as a prison fraternity 30 years ago in Sao Paulo, the Primiro Comando da Capital, or First Capital Command, has developed into a multinational mafia, with a revenue stream generating more than $ 500 million annually. Here’s how they did it.

Cancer, Cubid and me Of Miranda Green Cancer diagnosis It happened in parallel with the onset of Cubid’s emergency, which led to the postponement of her treatment. “Then began the most surrealistic and extreme period of my life,” she writes.


When Cubid’s restrictions were lifted in the UK, designers returned to the track with new ideas for displays. More than a few of the 37 brands returning to personal performances in London this season have shown an urge to do something More considered and memorable.

Richard Quinn was one of many designers who created memorable shows during London Fashion Week © Mike Marsland / WireImage

Thanks for reading and remember you can add FirstFT to myFT. You can also choose to receive a FirstFT push notification every morning in the app. For more information on the Financial Times, follow us on Twitter @Economic times.

FT Asset Management – The inner story of the motives and upheavals behind a multi-billion dollar industry. Sign up Here.

The week ahead Start each week with a preview of what’s on the agenda. Sign up Here.

FirstFT: Russia doubles interest rates as rouble plunges Source link FirstFT: Russia doubles interest rates as rouble plunges

Related Articles

Back to top button