China snubs Boeing to strike huge new deal with Airbus



Shell may be forced to abandon its investment in a major Russian gas project after Putin threatened to seize the rights to the facility.

The Kremlin said the rights to the Sakhalin-2 power plant will be transferred to a new Russian company, citing threats to the country’s national interests and economic security.

Shareholders have a month to say whether they will take a stake in the new company, but have been warned they may not get their money back if they don’t.

The move could cause complications for Shell, which owns a 27.5% stake in Sakhalin-2.

The company previously announced it would sell its stake – which Shell shrank in value by $1.6bn (£1.3bn) earlier this year – with Chinese state energy companies linked to a potential deal.

5 things to start your day

1) BT workers to strike for first time since Thatcher privatization 40,000 workers to go on broadband strike as they reject ‘unsustainable’ pay rise offer

2) How Heinz provoked Tesco into the bean battle Showdown highlights tensions between supermarkets and suppliers as inflation bites

3) Elon Musk escalates Tesla’s war on working from home with ‘please explain’ emails Staff receive automated communications if they don’t come to the office often enough

4) Soaring early retirements are fueling inflation, says senior Treasury official The exodus of almost half a million workers from the labor market is hurting the economy

5) Amazon blocks LGBTQ searches in UAE after political pressure The online giant says it adheres to the laws of the countries where it operates

What happened overnight

Asian markets struggled again this morning after another sell-off on Wall Street fueled by recession fears, with warnings of a bleak outlook for the global economy as central banks step on the brakes to fight the surge in the inflation.

Data showing that American consumers – the backbone of the world’s largest economy – were increasingly reluctant to spend dealt a further blow to stocks on Thursday, with the S&P 500 suffering its worst January-June since 1970.

With the war in Ukraine showing no signs of ending – keeping energy costs high – borrowing costs are expected to continue to rise and push economies into recession.

After a large decline on Thursday in Asia, the markets struggled to recover but with little conviction.

Tokyo, Shanghai, Seoul, Taipei and Bangkok all fell, although there were small gains in Sydney, Singapore, Manila and Jakarta. Hong Kong was closed for a holiday.

coming today

  • Company : No scheduled updates
  • Economy: Inflation (EU)Manufacturing PMI (UK, US, EU China)mortgage approvals (UK)

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