Putin is tightening control of businesses and workers as the Russian economy begins to falter. The Kremlin has proposed new laws that would force private companies to repair tanks and weapons and make new goods for the military. It will also impose “special measures” on workers, including night shifts and overtime. The drastic move reflects Russia’s difficulties as the war in Ukraine drags on and sanctions continue to hit the economy. Earlier this week the Kremlin unveiled spending cuts of £24 billion over the next three years as Russia prepares for recession.

5 things to start your day

  1. US buyer approved to acquire UK nuclear sub-supplier – Ultra Electronics to be sold to Boston-based Advent International
  2. Six Nations rugby chairman denies conspiring to destroy Phones 4U – Ronan Dunne testified he attended secret lunch with Olaf Swantee but did not discuss pricing strategies
  3. HSBC to sell Russian arm to banking tycoon – Lender under pressure from ministers to ‘totally condemn’ Kremlin war
  4. Nadhim Zahawi’s fight for tax cuts in face of brutal economy – Time is not on the new Chancellor’s side with his colleagues in open rebellion
  5. Inside the corporate war engulfing Ben & Jerry’s activist agenda – Serving social justice leaves a sour taste at Unilever

What happened in the night

Tokyo stocks opened higher this morning, with the Nikkei 225 index up 0.7%. In contrast, Hong Kong stocks opened lower. The Hang Seng fell 1 percent and the Shanghai Composite shed 0.07 percent, or 2.22 points, to 3,353.13. However, the Shenzhen Composite on China’s second bourse rose 0.06 percent.

It’s coming today

Corporate company: Baltic Classified Group, Currys, Watches of Switzerland (full year results). Entain, Ferrexpo, John Wood Group, Persimmon, RS Group, Victrex (trade update) Finance: Halifax (United Kingdom) house prices. ADP Employment Change, Unemployment Claims (US)