Business

World powers, including the United States and the European Union, have announced their first round of sanctions against Russia over its recognition of two breakaway republics in Ukraine. They include blacklisting certain banks, barring American and European banks from trading Russian government bonds, and targeting individuals with asset freezes and travel bans. FRANCE 24's Business Editor Stephen Carroll looks at how the measures might affect the Russian economy.

Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.

Switzerland's second-largest bank stands accused of handling funds for dictators, drug traffickers and torturers after a whistleblower leak led to a year-long investigation by a consortium of journalists. And the United States and Britain have raised the stakes for potential sanctions on Russia if it invades Ukraine. Finally, Italy's famed glassblowers are cracking under red-hot energy prices.

London Fashion Week is back, with an increasing share of brands cutting the use of fur and aiming to show off their green credentials. We find out more. But first, we take a closer look at the EU's new €150 billion investment plan for Africa.

European Union leaders are meeting with their counterparts from the African Union in Brussels this Thursday. Several major economic issues will be discussed, including the €150 billion investment plan promised by EU Commission President Ursula von der Leyen. Ahead of that gathering, French President Emmanuel Macron promised a deal on reallocating of up to $100 billion of International Monetary Fund finance to African countries. Also today, we bring you the latest on the fuel shortage crisis in Nigeria.

Heineken is raising the price of a pint, as supply shortages and high costs hit the beer-brewing business. It's a concrete example of how inflation is affecting both businesses and consumers. Meanwhile, inflation in the UK has hit a 30-year high, and French shoppers are worried about their purchasing power.

Exports of French wine and spirits jumped to a record high of €15.5 billion in 2021, boosted by the global economic recovery and the lifting of trade tariffs by the United States. Sales of champagne soared by 42 percent, according to the association representing French wine and spirit exporters. Also today, Airbnb says it expects bookings to return to pre-pandemic levels by the end of March this year, as the rental platform reports record revenues for 2021.

Stock markets returned to calmer trading on Tuesday after a volatile day on Monday, when investors were spooked by a joke made by Ukrainian President Volodymyr Zelensky about an imminent Russian invasion. His spokesman later clarified that the comments were "ironic". Oil prices, meanwhile, remain close to their highest level in seven years over fears of potential disruption to supplies. Also today, we look at the latest pay talks between French workers and employers, as inflation continues to rise.

Fears that a Russian invasion of Ukraine could be imminent have sent jitters across global stock markets. In Europe, Paris's CAC 40 and Germany's DAX both fell more than 3 percent at midday. Russia's main stock market also saw a sharp decline, adding to last week's sell-off. Plus, after two years grappling with changes to their careers, a growing number of people in France are turning to the real estate sector to start a completely new job.

Canadian truckers protesting against Covid-19 restrictions are blocking three major border crossings with the US. The movement is affecting businesses, especially the auto industry. The blockade of the Ambassador Bridge that connects Windsor, Ontario to Detroit, Michigan has forced major car plants to shut down or run at reduced capacity due to parts shortages. We take a closer look.