February, 2022

• 24 February

  Burger King franchisee cuts portion sizes over inflation

    Bloomberg Carrols Restaurant Group Inc, the largest Burger King owner in the US, is cutting its chicken-nugget portion sizes as surging beef and wage costs hit profit. Beef costs were up 33% in the fourth quarter compared with a year earlier for Carrols, which owns more than 1,000 Burger King stores. It’s a big deal for the seller of ...

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• 24 February

  Sunak makes low-tax pitch as UK leadership question looms

  

    Bloomberg Chancellor of the Exchequer Rishi Sunak laid out a vision to cut taxes in the UK, establishing his credentials as a Thatcherite who can appeal to the members of his Conservative Party who are questioning Prime Minister Boris Johnson’s leadership following a succession of scandals. “I firmly believe in lower taxes,” Sunak said at the annual Mais lecture ...

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• 24 February

  European currencies plummet

    Bloomberg Europe’s currencies slid after Russia’s invasion of Ukraine plunged the continent into its biggest security crisis since World War II. The euro dropped to a nearly seven-year low against the Swiss franc as investors flocked to haven assets. The pair dropped as much as 1%, the largest slide in more than two years, before rebounding slightly. The common ...

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• 24 February

  UK energy price cap may spike to $4,006 per house

  

    Bloomberg The UK’s cap on energy prices could spike another 50% in October to more than 3,000 pounds ($4,006) per household following huge gains in the wholesale natural gas and electricity markets, according to Investec Bank Ltd. The calculation assumes no change in prices over the remainder of the observation window that sets prices, but sustained market rallies could ...

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• 24 February

  Paris wheat hits record, corn surges as attack risks supplies

  

    Bloomberg Grain markets catapulted even higher as Russia’s attack on Ukraine put a vital source of global supplies at risk. Wheat surged by the maximum allowed by the exchange, and corn earlier did the same. Milling wheat traded in Paris soared as much as 16% to a record, and oilseeds also bounded higher, heightening concerns of a further acceleration ...

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• 24 February

  Stocks sink, Brent scales $100 on Russia assault

  

    Bloomberg Global stocks and equity futures tumbled while bonds and oil soared as Russian President Vladimir Putin’s decision to order a military attack on Ukraine cast a pall over global markets. S&P 500 and Nasdaq 100 contracts slid about 1.7% and 2.3% respectively, signalling the latter, tech-heavy gauge faces a bear market. The Stoxx 600 Europe index shed some ...

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• 24 February

  Russian market rout wipes $250b in value

  

    Bloomberg Russian assets nosedived as military attacks across Ukraine prompted emergency central bank action and investors braced for the toughest round of Western sanctions yet, wiping out more than $250 billion in stock market value. The ruble sank to a record low and stocks collapsed 45% — their biggest-ever retreat. Russian Eurobonds plummeted, pushing some into distressed territory. The ...

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• 24 February

  Gold surges to 15-month high as attack on Ukraine boosts havens

    Bloomberg Gold surged to the highest since 2020 after Russian forces attacked targets across Ukraine, triggering the worst security crisis in Europe since World War II and crushing risk sentiment. President Vladimir Putin vowed to “demilitarise” Ukraine and replace its leaders, while the West threatened additional sanctions in response. US President Joe Biden announced he would impose “further consequences” ...

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• 24 February

  Adnoc L&S inks charter deal for floating storage unit with AG&P

  

    Abu Dhabi / WAM Adnoc Logistics & Services (Adnoc L&S) and Atlantic Gulf & Pacific International Holdings (AG&P), a leading downstream LNG platform and infrastructure development company, have signed a charter agreement to utilise Adnoc L&S’s LNG Carrier Ish as a Floating Storage Facility (FSU). Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the ...

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• 24 February

  UAE leaders wish Sultan of Brunei on National Day

    ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan sent a cable of congratulations to Sultan Hassanal Bolkiah Mu’izzaddin of Brunei on the occasion of his country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown ...

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