Live News: Morrisons and EG are making the latest bets on McColl’s

Read Time:5 Minute, 7 Second

What to see in Asia today

On the eve of Monday’s election, a street in Quezon City is decorated with election posters © Ezra Acayan / Getty Images

Presidential elections in the Philippines: The son and namesake of the late dictator Ferdinand Marcos is a favorite, and his partner Sarah Duterte, the daughter of incumbent President Rodrigo Duterte, is likely to get the post of vice president, according to opinion polls. A total of 18,100 legislative, regional, provincial and municipal seats are cast.

China: The April trade balance figures are expected to reflect coronavirus disruptions in production and supply chains.

Economic data: Indonesia is due to publish gross domestic product figures for the first quarter and a consumer price index. Japan is releasing its April consolidated index of purchasing and service managers, and its central bank is due to publish the minutes of a March meeting at which politicians voted for low interest rates.

Markets: Japan’s Topix and Australia’s S&P / ASX 200 opened 0.9% and 0.8% lower respectively. Asian markets in other countries are likely to follow suit, with futures on South Korea’s Kospi technology index falling 0.04 percent. Hong Kong is closed for the holiday.

The United States has for the first time imposed sanctions on Gazprombank executives

The U.S. sought to tighten sanctions against Russia on Sunday by blacklisting a number of financial executives and restricting the provision of professional services, even as the EU struggles to finalize its latest package of sanctions.

The United States has for the first time targeted Gazprombank executives, and has banned companies from providing Russia with corporate services such as accounting and consulting.

However, diplomats said Hungary continues to hold back progress in Brussels on the EU’s proposed sixth package of sanctions, which will include a gradual oil embargo aimed at squeezing out Moscow’s sources of cash.

As Russia prepares to celebrate Victory Day on Monday, the G7 and its allies are seeking to increase economic pressure on President Vladimir Putin’s regime. Joe Biden, the president of the United States, on Sunday met with his counterparts with the G7 and Ukrainian leader Volodymyr Zelensky as part of a coordinated demonstration of support for the war-torn country.

A senior Biden administration spokesman said new US sanctions had been imposed on 27 executives of Gazprombank, Russia’s third-largest creditor and a subsidiary of state-owned Gazprom. But these measures did not freeze the company’s assets and did not prohibit transactions with it, as this is the main way to sell Russian gas to Europe.

“We are sanctioning some of their top managers, these are the people sitting at the top of the organization to create a cooling effect. . . we do not want Gazprombank to be seen as a safe haven, ”said a senior Biden administration official.

More on sanctions here.

Morrisons and EG are making the latest bets on McColl’s

Wm Morrison has made the latest bid to save McColl’s, which has prompted petrol station operator EG Group to improve its offer to buy a UK chain of stores suffering from management.

Hours before the court was to formally appoint an administrator, Morrisons supermarket operator came up with an improved proposal to attract McColl’s creditors, who rejected his earlier offer.

The company EG, whose owners also control the Asda grocery chain, in turn offered to take over the financing of the McCall pension scheme. The move seeks to allay fears that it will use the controversial insolvency procedure to break promises made to 2,000 members of the retirement plan.

Proposals on Sunday marked the final hours of the bilateral battle for McColl’s, and people close to the process expected Morrisons and EG to submit the best and final bids before a decision is made on Monday.

McColl’s operates more than 1,200 stores, including more than 200 outlets operating under the Morrisons Daily brand. Any sale could protect some of the 16,000 jobs that would be at risk if the company collapsed. The group of stores has debts of around 145 million pounds.

Ministers are keeping a close eye on developments, and high-ranking Conservative figures say protecting jobs and livelihoods will be a priority. But one government official said the choice between “inflated EG credit and U.S. private equity” was not particularly appealing.

Morrisons is owned by American buyout group Clayton, Dubilier & Rice.

Read more about the offer here.

Scholz promises to continue sending heavy weapons to Ukraine

German Chancellor Olaf Scholz

Speech by German Chancellor Olaf Scholz reflects a shift in his views on Ukraine’s armaments © Britta Pedersen / DPA / AP

Chancellor Olaf Scholz said Germany would continue to send heavy weapons to Ukraine, saying it had a historic responsibility to help the government in Kiev defend itself against Russian aggression.

He made this statement during a speech marking the 77th anniversary of the Allied victory in World War II.

“We learned the main lesson from the catastrophic history of our country in the period from 1933 to 1945,” he said in a televised address. “No more war. No more genocide. No more tyranny. ”

“In the current situation, this can only mean one thing: we defend justice and freedom – on the side of the victim. We support Ukraine in its fight against the aggressor. ” Failure to do so, he added, would be like “surrendering to brute force.”

Scholz’s speech reflected a shift in his views on Ukraine’s armaments. He initially ruled out providing Kyiv with heavy weapons such as tanks and armored vehicles, saying it could make Germany a participant in the war and provoke a nuclear conflict with Russia.

But in recent days he has changed the tune. On Friday, the government announced that it would provide Ukraine with seven self-propelled howitzers, a type of artillery known as PzH 2000. This came after the decision to transfer to Kiev about 50 anti-aircraft guns Gepard (“Cheetah”).

Read more in Scholz’s comments here.

Source by [author_name]

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous post Sacramento Kings is hiring Mike Brown as the new head coach, sources say
Next post Netflix: The 48 Absolute Best TV Shows to Watch