Shell could be forced to abandon its investment in a major Russian gas project after Putin threatened to seize the rights to the plant. The Kremlin said the rights to the Sakhalin-2 plant would be transferred to a new Russian company, citing threats to the country’s national interests and financial security. Shareholders have a month to say whether they will get shares in the new company, but have been warned that they may not get their money back if they do not. The move could cause complications for Shell, which owns a 27.5% stake in Sakhalin-2. The company had previously said it would sell its stake – the value of which Shell fell to $ 1.6 billion (1, 1.3 billion) earlier this year – with Chinese state-owned energy companies tied to a possible deal. .

5 things to start your day with

  1. BT employees will go on strike for the first time since Thatcher was privatized. 40,000 employees strike in broadband strike as they reject “unsustainable” pay rise
  2. How Heinz Challenged Tesco in the Bean Battle The showdown sheds light on the supermarket-supplier tensions as inflation bites
  3. Elon Musk escalates Tesla war on work from home with “please explain” emails Staff receive automated communications if they do not go to the office often enough
  4. The increase in early retirement fuels inflation, says the top mandarin of the Ministry of Finance The exit of almost half a million workers from the labor market harms the economy

What happened overnight

Asian markets struggled again this morning after another sell-off on Wall Street fueled by fears of a recession, with warnings of gloomy prospects for the global economy as central banks brake to boost inflation. Evidence shows that American consumers – the backbone of the world’s leading economy – have been increasingly cautious about spending that hit stock again on Thursday, with the S&P 500 suffering its worst January-June year since 1970. As the war in Ukraine shows no signs of ending – keeping energy costs high – there is an expectation that borrowing costs will continue to rise and lead economies into recession. After a broad decline on Thursday in Asia, markets struggled to recover, but with little confidence. Tokyo, Shanghai, Seoul, Taipei and Bangkok fell, although small gains were made in Sydney, Singapore, Manila and Jakarta. Hong Kong was closed due to holidays.

He is coming today

Corporate: There are no scheduled updates Finance: Inflation (EU), manufacturing PMI (UK, US, EU China), mortgage approvals (UK)