US has urged Ukraine to halt strikes on Russian oil refineries

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Good morning. The US has urged Ukraine to halt assaults on Russia’s power infrastructure, warning the drone strikes threat driving up world oil costs and upsetting retaliation, in line with three folks acquainted with the discussions.

The repeated warnings from Washington have been delivered to senior officers at Ukraine’s state safety service, the SBU, and its navy intelligence directorate, often called the GUR, the folks instructed the Monetary Occasions.

Each intelligence models have steadily expanded their very own drone programmes to strike Russian targets on land, sea and within the air because the begin of the Kremlin’s full-scale invasion in February 2022.

One particular person stated the White Home had grown more and more annoyed by brazen Ukrainian drone assaults which have struck oil refineries, terminals, depots and storage services throughout western Russia, hurting its oil manufacturing capability.

Russia stays one of many world’s most necessary power exporters regardless of western sanctions on its oil and fuel sector. Oil costs have risen about 15 per cent this 12 months to $85 a barrel, pushing up gas prices simply as US President Joe Biden begins his marketing campaign for re-election. Learn extra about Washington’s rebuke.

• EU defence: Brussels is exploring the way to bypass a treaty that prohibits arms purchases produced from the union’s finances, because it steps up efforts to extend financing for defence and Ukraine.

Right here’s what else I’m protecting tabs on immediately and over the weekend:

• Financial knowledge: The UK has February retail gross sales, whereas Ifo publishes its German enterprise local weather survey immediately.

• Central banks: The European Central Financial institution’s chief economist Philip Lane delivers a lecture on inflation and financial coverage on the Aix-Marseille College of Economics in France immediately. Russia’s central financial institution proclaims its rate of interest choice.

• Earnings: Phoenix Group, OMV and JD Wetherspoon report outcomes.

• Elections: Slovakia holds the primary spherical of presidential elections on Sunday, and Senegal holds a presidential ballot after the present president tried to postpone the vote.

• Holidays: Hindus and Sikhs have a good time Holi on Sunday, whereas Israel observes the Jewish pageant of Purim.

How properly did you retain up with the information this week? Take our quiz.

5 extra prime tales

1. Unique: The Financial institution of England governor has signalled that markets are proper to anticipate multiple rate of interest reduce this 12 months, saying he’s more and more assured inflation is heading in direction of goal. Providing an upbeat tackle the UK financial system, Andrew Bailey instructed the FT that fee cuts have been “in play” at future conferences of the Financial Coverage Committee amid indicators that tighter coverage had quelled the chance of a wage-price spiral.

2. UK customers’ confidence about their private funds has hit the very best stage in additional than two years, in line with a intently watched survey. Analysis firm GfK stated folks’s outlook on their very own monetary state of affairs for the 12 months forward rose two factors month on month to 2 in March. The rise marks the primary time since December 2021 that the measure has been above zero and places it properly above its long-run common of minus 1.7.

3. In a sweeping antitrust lawsuit, the US has alleged that Apple locked hundreds of thousands of its customers into a robust monopoly that has made it one of the vital precious firms on the planet. The swimsuit paints an image of an organization that has spent years knowingly heading off aggressive threats to its ecosystem, together with on the App Retailer, in messaging with rival Android telephones, on its “faucet to pay” service and within the smartwatch market. Learn extra in regards to the allegations.

4. Shares in social media firm Reddit leapt by virtually half on its market debut in a vote of confidence for preliminary public choices after two years of subdued exercise. The inventory closed at $50.44 after buying and selling started yesterday on the New York Inventory Change, up 48 per cent from its IPO worth of $34 a share. Right here’s extra on Reddit’s debut.

• Opinion: The joy over Reddit’s IPO has diverted consideration from an necessary challenge that would have higher ramifications for capital markets, writes Caroline Escott, chair of the Investor Coalition for Equal Votes.

5. Gatwick airport plans to pay its house owners a dividend for the primary time in 5 years, making the UK’s second-largest airport one of many first in Europe to reinstate shareholder payouts because the pandemic. London’s Heathrow airport and Manchester Airports Group, which owns three UK airports, haven’t but stated when dividends will restart. Learn extra on Gatwick’s earnings.

Information in-depth

Goldman Sachs has made nice progress at selling ladies previously few years, however the latest departure of Stephanie Cohen — who joined the financial institution straight out of faculty 25 years in the past and in 2020 grew to become the primary lady in years to run a core working division — has exacerbated considerations that the storied Wall Road financial institution’s efforts to diversify are stalling out on the prime.

We’re additionally studying . . . 

Chart of the day

It’s a elementary fact in politics {that a} authorities that makes the citizens really feel richer stands likelihood of having fun with favour. However within the US immediately, the hyper-partisan nature of politics has made it tougher for folks to maneuver between political camps, and the connection between financial sentiment and authorities recognition has damaged down, whereas remaining sturdy in western Europe.

Take a break from the information

Are there any steaks left to be found? The FT’s Louis Ashworth consults butchers, meals scientists and “meat influencers” who can’t stop looking for new methods to slice a cow.

Extra contributions from Benjamin Wilhelm