Germany seizes control of Gazprom unit to protect supplies
Helen Cahill
38 min read
Gazprom Germania owns energy supplier Wingas and a gas storage firm - REUTERS/Fabrizio Bensch
Germany is preparing to seize control of the Gazprom unit controlling the country's largest gas storage facility to protect gas supplies.
The economy minister, Robert Habeck, said the energy regulator will run Gazprom Germania until September 30.
The move will allow Germany to operate a Gazprom storage facility in Lower Saxony. The Astora unit in the town of Rehden is regarded as a pillar of Germany's energy system.
Mr Habeck said: "The federal government is doing what is necessary to ensure security of supply in Germany. This also means that we do not allow energy infrastructures in Germany to be subject to arbitrary decisions by the Kremlin."
Gazprom said last Friday that it no longer owned its Germany subsidiary, but the company did not disclose the new ownership structure.
Mr Habeck said the transaction breached German trading laws as it took place without the government approval.
Gazprom Germania has a number of subsidiaries based in Europe, including the London-based trading arm Gazprom Marketing & Trading.
Britain and its allies ramped up plans to wean themselves off Russian gas supplies following the invasion of Ukraine.
Britain has joined the US embargo against Russian oil and has said it is "exploring" ways to exit Russian gas.
Meanwhile, the head of one of Europe’s biggest energy companies has criticised the European Union for allowing member states to become dependent on Russian gas.
Francesco Starace, chief executive of Italian electricity and gas giant Enel, said Brussels should have taken action to tackle the bloc’s “dependence on fossil fuels, namely gas, in a better and more aggressive way”.
05:15 PM
Wrapping up
It's time to close the blog, thank you for following! Here are the latest stories from our business team:
Dealers race to stock up on second-hand cars as microchip shortage hits production of new models
Car dealers scrambled to buy more second-hand vehicles at the end of last year as factories struggled to make new models amid ongoing chip shortages. Tim Wallace reports:
The value of new cars held by businesses dropped sharply from a peak of £16.4bn at the start of 2020 to £7.1bn in the three months to October, according to the Office for National Statistics.
04:57 PM
Lithuania cuts all Russian gas imports
Lithuania has become the first member of the EU to end its dependence natural gas from Russia, the bloc’s biggest supplier of the fuel.
Lithuanian companies cut their gas flows via Russian pipelines to zero over the weekend, without the need for a ban from the government, energy minister Dainius Kreivys said.
Last year, Russia directly supplied about 26pc of Lithuania’s gas needs and another 12pc came from storage in Latvia, according to Lithuania’s pipeline operator.
The country, which is studying options to expand its liquefied natural gas terminal on the Baltic sea, will now rely on LNG imports from the US and Norway.
04:40 PM
FTSE closes in the green
The FTSE 100 has recorded another positive close, helped by shares in housebuilders rising on the back of reports the Government may not demand £4bn to help leaseholders trapped with unsafe cladding on their buildings.
The index closed 0.3pc higher at 7,558.
AJ Bell financial analyst Danni Hewson said: "Housebuilders have been in the doldrums since the start of the year despite a supercharged housing market as investors priced in the cost of making repairs.
"The deal on the table would require companies to deal with issues on any medium rise building they've built over the last thirty years, but additional funding talks would be put off until later in the year.
"The long running dispute about who should foot the bill to deal with fire safety issues has been contentious and housebuilders will need to act quickly to show they're serious about making things right."
04:17 PM
Germany seizes control of Gazprom unit
Germany said it will seize a unit of Gazprom in the country in an attempt to ensure security of gas supply.
Gazprom Germania, the owner of energy supplier Wingas and a gas storage firm, will come under the trusteeship of the German energy regulator until Sept. 30, economy minister Robert Habeck told reporters in Berlin.
It means that the Federal Network Agency will assume the role of a shareholder and can take all necessary measures to ensure security of supply. The government won’t ultimately take ownership of the company.
Gazprom subsidiaries in Europe are coming under pressure as clients and business partners refuse to do business with them, raising the prospect that some won’t survive.
Gazprom Germania’s Astora unit operates Germany’s biggest gas storage facility in the northern town of Rehden in the state of Lower Saxony. The site is considered key to Germany’s energy security.
Mr Habeck said: “The federal government is doing what is necessary to ensure security of supply in Germany.
"This also means that we do not allow energy infrastructures in Germany to be subject to arbitrary decisions by the Kremlin.”
03:47 PM
JP Morgan boss calls for more sanctions against Russia
Jamie Dimon, the billionaire boss of JP Morgan, has urged Joe Biden to ramp up sanctions against Russia as he revealed the bank could lose $1bn (£760m) from the Kremlin's onslaught against Ukraine. Lucy Burton has more:
In his annual letter to shareholders, the US bank chief executive argued that America must step up sanctions and make a "permanent, long-lasting stand for democratic ideals and against all forms of evil" following Russia's invasion of Ukraine.
03:28 PM
Exxon Mobil plans $10bn oil project offshore Guyana
Exxon Mobil said it has decided to invest $10bn (£7.6bn) in a fourth oil production project off the coast of Guyana, the largest in the South American country.
Guyana is one of Exxon's top bets for future production growth, with as much as 1.2m barrels per day of oil and gas expected to be produced by 2027.
Exxon and partners Hess and CNOOC started production in Guyana in 2019 and are behind all output in the country. They have discovered more than 10bn barrels of recoverable oil.
Exxon's Yellowtail development in the Stabroek block is expected to produce about 250,000 barrels of oil per day starting in 2025. The $10bn project is one of up to 10 that the companies plan to install in Guyana.
03:11 PM
Handing over
That's all from me today, thanks for following along! Handing over now to Giulia Bottaro.
03:08 PM
Soaring energy bills drive up meat costs
Meat prices inflation energy bills - Aaron Chown/PA Wire
Shoppers are facing price increases of as much as 40pc for bacon and sausages and 25pc for beef as farmers are forced to pass on soaring costs, industry chiefs have warned.
Louis Ashworth has more:
A sharp rise in the cost of fuel, feed and fertiliser are squeezing producers who will soon be forced to pass on higher inflation to consumers, warned Nick Allen, chief executive of the British Meat Processors Association.
02:58 PM
Rows break out in Heathrow chaos
Here's an update from my colleague Sam Hall, who's at Heathrow this afternoon:
Arguments have broken out between passengers at Heathrow, as an increase in travellers led to long check-in queues at the airport’s Terminal 2.
02:55 PM
UK sets out 'detailed plan' to regulate crypto
The UK has set out a "detailed plan" to exploit the potential of cryptoassets and their underlying blockchain technology to help consumers make payments more efficiently.
As part of creating a global cryptoasset hub, City minister John Glen said Britain will legislate to bring some stablecoins under the regulatory net.
He said the Government will consult on creating regulations for a wider set of cryptoasset activities later this year.
Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold, to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.
Mr Glen told a conference: "If crypto technologies are going to be a big part of the future, then we in the UK want to be in, and in on the ground floor.
"We see enormous potential in crypto and we want to give ourselves every chance to take maximum advantage."
The "detailed plan" will also develop the potential of blockchain, including whether it can be used for issuing British government bonds or gilts.
02:45 PM
Germany resists EU ban on Russian gas
Germany has once again rejected an embargo on Russian gas imports as mounting civilian deaths in Ukraine increase pressure on the bloc to impose sanctions on Russia's energy sector.
Christian Lindner, the country's finance minister, said: "We are dealing with a criminal war. It is clear we must end as quickly as possible all economic ties to Russia.
"We must plan tough sanctions, but gas cannot be substituted in the short term. We would inflict more damage on ourselves than on them."
Lindner suggested that instead of a general ban on all energy imports from Russia, the EU could look separately at oil, coal and gas, as alternative suppliers for each of the fossil fuels could be found at varying speeds.
It comes after French President Emmanuel Macron said Russian oil and coal should be targeted in new sanctions, but didn't call for a similar measure for gas imports.
02:39 PM
No supply disruption despite protests, says fuel group
Protests at a number of oil facilities across the UK have had little impact on fuel deliveries, an industry body has said.
Climate activists from Extinction Rebellion and Just Stop Oil have been blocking 10 facilities around London, Birmingham and Southampton since Friday in protest against the continued use of fossil fuels.
But the Petrol Retailers Association, which represents more than a third of UK forecourts, said none of its members had contacted it regarding supply issues.
It said: "Some fuel suppliers are having to reschedule deliveries and our members are working closely with them and following their advice."
The RAC said protests had caused some disruption, but added: "We understand that operations are now back to normal, which will mean forecourts will receive supplies very soon."
Energy chief blasts Europe's dependence on Russian gas
The head of one of Europe’s biggest energy companies has criticised the European Union for allowing member states to become dependent on Russian gas, writes Matt Oliver.
Francesco Starace, chief executive of Italian electricity and gas giant Enel, said Brussels should have taken action to tackle the bloc’s “dependence on fossil fuels, namely gas, in a better and more aggressive way”.
01:43 PM
Video: Brits suffer Easter travel chaos
01:03 PM
Carrefour turns down the lights as French energy crunch deepens
Carrefour France supermarket energy lights - REUTERS/Regis Duvignau
France's energy crisis is getting so acute that supermarket chains are now dimming the lights.
Carrefour said it was cutting power consumption from this morning, heeding calls from the country's grid operator for households and businesses to curb power usage.
It comes as France grapples with nuclear outages just as temperatures plunge below freezing. As many as 25 of EDF's 56 nuclear reactors are offline.
A spokesman for Carrefour told Bloomberg the company was using methods like “reducing heating in offices, and dimming lighting in the group’s 400 stores across the country”.
12:50 PM
Crypto is 'new front line' for scams, says Andrew Bailey
Cryptocurrencies are the new "front line" in criminal scams that financial regulators are trying to prevent.
That's according to Andrew Bailey, who said the underlying technology of crypto was contributing to innovation in financial services, but also created an "opportunity for the downright criminal".
The Bank of England Governor said: "You only have to ask the question: What do people committing ransom attacks usually demand payment in? The answer is crypto."
The Financial Conduct Authority last week extended a deadline for approving crypto businesses, giving a dozen firms more time to get their applications in order.
The crypto industry has warned of an impending exodus of companies moving their operations abroad if they can't gain regulatory approval by meeting strict anti-money laundering rules.
But Mr Bailey accused some cryptocurrency users of acting as though national rules didn't apply to them.
Speaking at a Bank of England conference, he said: "Some crypto enthusiasts say they shouldn't be covered by Russian sanctions because that's not their world. I'm sorry, it is your world. We're all in the same world."
12:45 PM
Germany offers state guarantees to lure Gazprom buyers
Gazprom Germany state loan UK - Sean Gallup/Getty Images
Germany is said to be offering state-backed loans as it scouts potential buyers for Gazprom's division in the country.
The German government is in talks with private buyers interested in Gazprom Germania or some of its units, Bloomberg reports.
According to the report, buyers would be offered guarantees and loans through the state-owned development lender KfW IPEX-Bank.
It comes amid reports that ministers are preparing to nationalise Gazprom's UK retail business. The Russian state energy giant has said it no longer owns its German division, which in turn owns the British unit, though it hasn't revealed any details of the new ownership.
12:30 PM
Heathrow check-in queues hit 90 minutes
Here's an update on the travel chaos from Sam Hall, who's reporting from Heathrow:
Passengers at Heathrow’s Terminal 2 have reported check-in queues of over an hour and a half.
John Masterson, who was flying to Cologne in Germany, said: “I don’t think I’ll miss my flight, but it’s not good considering my flight is at 2:45pm and I’ve been here since 11am.”
“Normally you just walk through the check-in, but it took over an hour and a half,” said Mr Masterson, who had travelled to the airport from Horsham in West Sussex.
Mr Masterson, 58, added that he had also been queuing to go through security for at least 45 minutes.
11:26 AM
Russian gas imports keep rising
Russia gas sanctions Vladimir Putin Bucha war crimes energy - Rodrigo Abd
Russian gas imports to the EU have hit the highest levels since the invasion of Ukraine despite an apparent massacre of civilians in Bucha that has sparked an outcry around the world.
Helen Cahill has more details:
EU imports of Russian gas have surged to a post-invasion high of 975.9 Gwh/day, according to data from Bloomberg. The spike in imports comes as French President Emmanuel Macron calls for new sanctions against Russia over civilian killings in the streets of Bucha, a town on the outskirts of the Ukrainian capital Kyiv.
11:16 AM
Twitter set to lead Wall Street higher
Wall Street is set to open in positive territory this afternoon, driven by strong gains for Twitter.
The social media site jumped 26pc in pre-market trading after Elon Musk took a $2.9bn stake.
Futures tracking the tech-heavy Nasdaq rose 0.3pc, while the S&P 500 gained 0.1pc and the Dow Jones was broadly flat.
10:57 AM
Twitter shares soar as Elon Musk takes $2.9bn stake
Elon Musk Tesla Twitter stake - Brendan Smialowski / AFP
Elon Musk has taken a $2.9bn (£2.2bn) stake in Twitter, sending shares in the social media website soaring by more than a quarter in pre-market trading.
Gareth Corfield has more:
The boss of Tesla disclosed his acquisition of a 9.2pc holding in Twitter, amounting to 73,486,938 shares in a filing on Monday morning.
Heathrow appears to be blaming high passenger numbers for the long delays this morning.
Meanwhile, a video posted by two-time British discus champion Kirsty Law shows chaotic scenes at the airport's security.
10:30 AM
My flight has been cancelled, can I claim a refund?
British holidaymakers have been hit by a new wave of coronavirus travel chaos, as plans have been hit by staff shortages, Covid checks, delays and cancellations.
There are delays to Eurostar services from St Pancras this morning after a Eurotunnel train broke down.
Jo, a Eurostar train manager, has summed up the gloomy mood with this photo.
10:18 AM
Pump prices to drive up staycation costs
Here's some more on the fuel crisis from Hannah Boland:
The disruption comes as families prepare for Easter getaways, with demand for staycations expected to remain higher than it was before the pandemic.
10:14 AM
Drivers braced for fuel shortages
Fuel shortage petrol protest - NEIL HALL/EPA-EFE/Shutterstock
Holidaymakers unable to fly, take the train or board a ferry might have trouble driving as well. Hannah Boland has more:
Drivers are facing petrol shortages at the pumps after protestors forced ExxonMobil, one of the UK’s biggest oil distribution network owners, to suspend operations at its sites.
10:07 AM
Broken down train delays Eurotunnel
Passengers trying to cross the Channel in the Eurotunnel are also facing delays this morning after a broken down train disrupted timetables.
Eurostar's website also shows delays to departures from London St Pancras to Paris as a result of the issues.
That's on top of major disruption at Dover prompted by the suspension of F&O ferry services, shortages of vessels for rival operators and bad weather over the weekend.
10:00 AM
Heathrow braced for baggage handler strike
Troubles at Heathrow could get even worse later this week after baggage maintenance engineers voted to strike over a pay freeze.
The Unite union has said more than 160 of its members employed by Heathrow's baggage engineering contractor Vanderlande Industries voted to stage Easter holiday strikes from April 8 until April 10.
The employees are are responsible for operating and maintaining the complete baggage system across every terminal. The strikes will impact all airlines at Heathrow, including BA, KLM, Air France and Lufthansa.
Heathrow said it was aware of the planned walkout and was working to mitigate the impact on passengers.
09:47 AM
EasyJet and IAG shares slide
This morning's chaos threaten to derail the fragile recovery for the travel sector as it rebounds from the pandemic.
Staffing issues are adding to concerns about higher fuel prices, and investors are already beginning to feel the heat.
Shares in EasyJet slid more than 2pc in morning trading, while British Airways parent company IAG fell 1.4pc.
09:43 AM
'Absolute chaos' in Manchester Airport
One passenger at Manchester Airport complains of "absolute chaos" with "no organisation whatsoever".
09:42 AM
Staff troubles deal latest blow to BA
Today's cancellations are the latest crisis to hit British Airways, which has been hit by a string of problems in recent months.
While Covid absences have been blamed, the airline is already facing challenges attracting and retaining staff amid poor morale.
British Airways cut around 10,000 jobs during the pandemic. Many have declined to return to the industry, meaning unhappy BA cabin crew could be targeted for recruitment by rival airlines.
Earlier this year the company said it will award bonuses of thousands of pounds each to pilots, cabin and ground crew as it tries to hold on to workers.
Ryanair boss Michael O’Leary has said his airline is now paying cabin crew up to £40,000 a year.
Meanwhile, BA has been left reeling by IT outages that prompted delays and cancellations twice in less than a month.
Frustrated passengers are continuing to complain of cancellations and long delays at Heathrow Airport as staffing issues threaten to ruin Easter getaways.
One complained it took nearly two hours to get through check-in and security.
09:02 AM
Ted Baker kicks off formal sales process
Ted Baker fashion takeover Sycamore - Chris J. Ratcliffe/Bloomberg
Shares in Ted Baker have jumped in early trading after the retailer said it's kicked off a formal sale process.
The fashion brand said it had received a third takeover move by US private equity firm Sycamore Partners. It's already rejected two offers from Sycamore, the second of which valued the business at £254m.
Ted Baker said it had also received another "unsolicited" approach by an unnamed party. Shares jumped 12pc.
08:54 AM
EU says it holds Russia responsible for Ukraine atrocities
Away from travel chaos, the EU has condemned Russia for atrocities carried out in several Ukrainian towns, saying it will work on further sanctions against Moscow “as a matter of urgency”.
The bloc said in a statement: “The Russian authorities are responsible for these atrocities, committed while they had effective control of the area. They are subject to the international law of occupation.”
The EU added that it will assist Ukraine in collecting and preserving evidence of war crimes.
It follows mounting evidence that Russian troops executed scores of unarmed civilians in northern Ukraine.
08:44 AM
Dover disruption continues
Queues on the M20 in Ashford, Kent on Friday - Gareth Fuller/PA Wire
While queues are building at airports, chaos for traffic crossing the English Channel has entered its third day.
The suspension of P&O ferry services and a shortage of vessels for rival DFDS have hit capacity over the weekend, while Kent Police have implemented measures to control the movement of HGVs around Dover.
There were also delays to Eurostar services after a train broke down in the tunnel.
The chaos began on Friday night, with delays of up to nine hours reported over the weekend.
08:35 AM
Ryanair set to post £300m loss
Ryanair loss Covid fuel - REUTERS/Jason Cairnduff/File Photo
Meanwhile, Ryanair has warned it expects to post a loss of at least £300m for the full year as it stages a cautious recovery from the pandemic.
The budget airline said passenger numbers "recovered strongly" but were still more than a third below pre-pandemic levels.
The Dublin-based company said it will report a net loss of between €350m (£294m) and €400m for the year to the end of March. That's narrower than previous guidance of between €250m and €450m.
Ryanair said passenger numbers increased to more than 97m over the last year, up sharply from 27.2m in the year to March 2021. But continued restrictions in some regions mean they're still significantly below pre-Covid levels of 149m.
The group, which release its full results next month, said it has reduced its net debt from €2.3bn to €1.5bn over the past year as it continues to stabilise its operations.
Ryanair said it has also increased its hedging to cover 80pc of its fuel, amid significant volatility in oil prices sparked by the conflict in Ukraine.
08:22 AM
Expert reaction: Staff issues blow airline recovery off course
Russ Mould, investment director at AJ Bell, says staff shortages – combined with higher fuel prices – could hit airlines' earnings and dent the post-pandemic recovery.
The broader aviation sector has been waiting for the magic moment where flying restrictions were lifted, and individuals regained their confidence to get on a plane again.
08:15 AM
Queues build at Manchester Airport
It's not just Heathrow Airport struggling with Covid absences – Manchester has also been plunged into chaos.
Passengers at the UK's third-busiest airport reported huge queues at check-in and security this morning.
Images over the weekend showed chaos in security queues and piles of unclaimed bags in the reclaim hall.
08:05 AM
What's causing the travel chaos?
This morning's travel chaos appears to be down to a fresh surge in Covid cases, which has led to an unusually high level of staff absences.
High passenger numbers at the beginning of the school Easter holidays is also putting a strain on Heathrow, while additional Covid checks required by destination countries have also been blamed.
It's not clear whether British Airway's latest IT meltdown, which led to a string of cancellations last Wednesday, was also to blame for the issues.
It comes as Covid cases surge in England. By the end of the week ending March 26, one in 13 people were believed to have the virus – the highest figure since the pandemic began.
Several airlines – including both British Airways and EasyJet – have recently dropped their requirements to wear face masks on flights.
07:57 AM
British Airways ramps up short-haul prices
With cancellations mounting, British Airways is reportedly ramping up its prices for short-haul flights from Heathrow.
While a range of seats are still available, economy fares until Easter Monday have been pumped up in an apparent effort to deter customers from booking, the Independent reported.
For example, the lowest price for the 151-mile flight from Heathrow to Manchester up to and including April 17 is £415 – a rate of £2.75 per mile.
On a range of routes, the price per mile is said to be even more expensive than the top fares on Concorde's luxurious London to New York route.
07:50 AM
Extinction Rebellion blocks oil facility near Heathrow
As if flight cancellations weren't enough, travel chaos is being compounded by Extinction Rebellion protesters, who've blocked an oil facility near Heathrow.
The group said about 30 protesters had blocked the Esso West oil facility in west London as part of a campaign to force the Government to end its reliance on fossil fuels.
It's the fourth day of nationwide protests by Extinction Rebellion and Just Stop Oil, which have been targeting oil terminals and refineries across the UK ahead of what they say will be greater disruption in London starting on April 9.
On Saturday, police said they had arrested 83 people in 24 hours over blockades at three locations near London.
Heathrow Airport Esso West Extinction Rebellion - Andrea Domeniconi/Extinction Rebellion
Extinction Rebellion Heathrow Esso - Andrea Domeniconi/Extinction Rebellion
Extinction Rebellion Heathrow Esso - Andrea Domeniconi/Extinction Rebellion
07:42 AM
Flight cancelled '10 minutes before gate announced'
Passengers have taken to social media to complain about lengthy queues, delays and cancellations at Heathrow Airport as holidaymakers face Easter travel misery.
07:36 AM
British Airways cancels almost 90 flights
It's not just EasyJet suffering cancellations – British Airways has also been forced to scrap almost 90 flights.
The chaos is being blamed on higher staff absences due to a surge in Covid cases.
07:33 AM
EasyJet apologises over travel chaos
EasyJet has apologised for a string of cancellations, saying it will offer rebooking, vouchers or refunds to passengers whose flights have been cancelled:
We are sorry for any inconvenience this may cause to customers on affected flights.
07:12 AM
EU prepares more sanctions over Russia war crimes
The EU is preparing to roll out fresh sanctions against Russia in response to multiple reports that its troops executed unarmed civilians in Ukrainian towns.
The bloc was already looking at tightening measures, but evidence of war crimes in towns such as Bucha near Kyiv have added urgency to the issue.
Charles Michel, President of the European Council, wrote on Twitter: Shocked by haunting images of atrocities committed by Russian army in Kyiv liberated region. EU is assisting Ukraine & NGOs in gathering of necessary evidence for pursuit in international courts. Further EU sanctions & support are on their way."
French President Emmanuel Macron this morning said there were "very clear clues" that Russia had committed war crimes and more sanctions were needed.
07:01 AM
FTSE 100 opens higher
The FTSE 100 has started the week on the front foot despite lingering concerns over the war in Ukraine.
The blue-chip index rose 0.4pc at the open to 7,568 points.
06:54 AM
EasyJet cancels flights due to Covid absences
EasyJet Covid cancellations BA - Matt Alexander/PA Wire
EasyJet has been forced to cancel dozens of flights after a fresh surge in Covid cases left it struggling with unusually high sickness levels.
The budget airline cancelled around 60 flights to and from the UK today, out of around 1,645 that were scheduled. British Airways also made a small number of cancellations yesterday.
EasyJet said it had taken action to mitigate the disruption by rostering additional standby crews, however it had been forced to make some cancellations and would consolidate flights where it had multiple options.
It said: "We are sorry for any inconvenience this may cause to customers on affected flights. Customers have been contacted and provided with their options which include rebooking onto an alternative flight or receiving a voucher or full refund."
One in 13 people in England are estimated to have had Covid in the week ending March 26 – the highest since the pandemic began.
06:46 AM
London Metal Exchange faces probe over nickel turmoil
London Metal Exchange nickel FCA Bank of England - Yui Mok/PA Wire
The Financial Conduct Authority and Bank of England are launching reviews into the London Metal Exchange after weeks of turmoil that plunged the nickel market into crisis.
The FCA will review the suspension and resumption of the nickel market, while the central bank's Prudential Regulation Authority will review the operations of the LME's clearing house.
In a joint statement, they said: "After a period of stability, the FCA intends to review the LME's approach to managing the suspension and resumption of the market in nickel to determine what lessons might be learned in relation to the LME's governance and market oversight arrangements."
Both watchdogs will also engage with firms who held significant positions in the market to assess the effectiveness of their risk management and governance during the period.
The LME said it welcomed the review. Separately, it announced it would appoint an independent party to conduct its own review into events in the nickel market.
06:33 AM
Households cut back spending
Here's some more detail on the confidence crisis from my colleague Hannah Boland:
Younger age groups were less concerned about inflation, which in February hit its highest level in 30 years, of 6.2pc. “This could be due to more younger people still living at home,” the group said.
06:30 AM
Confidence slumps amid cost-of-living crunch
Good morning.
There are more signs that the cost-of-living crisis is taking its toll, with confidence among British consumers slumping to its lowest level since the 2008 financial crash.
An index compiled by PwC fell to minus 20 in March, representing a 30-point drop since last June. Worries over lower incomes and soaring bills were cited as the main concerns.
It comes after the energy price cap jumped by more than 50pc last week, pushing up bills for the average household by £693. Looming tax rises and sustained inflation are also putting a strain on household budgets.
