Britain’s biggest tobacco companies finally bowed to mounting pressure following Russia’s invasion of Ukraine and suspended or scaled back their operations in the country (The Times £).
British American Tobacco will continue selling cigarettes in Russia, defying a gathering movement among global brands to halt operations there in response to the invasion of Ukraine (The Guardian).
Heineken joined the exodus of western brands from Russia as the country’s invasion of Ukraine entered its 14th day (The Mail). The Dutch brewer said the war was ‘unprovoked and completely unjustified’ and it would stop advertising and selling Heineken beer in Russia.
The owner of KFC and Pizza Hut, along with Mothercare, Heineken and Universal Music Group, have become the latest companies to pause business in Russia in response to its invasion of Ukraine (The Guardian).
McDonald’s has said it will take a $50m hit each month after temporarily closing its 847 restaurants across Russia (The Times £).
Mothercare shares plummet as retailer stands down operations in Russia (The Mail).
The maker of Cadbury Dairy Milk chocolate bars and the clothing chain Uniqlo are among companies still trading in Russia despite international calls for a boycott over the invasion of Ukraine (The Telegraph). Mondelez makes approximately $1bn of sales annually in the country and has refused to respond to calls to end trading there.
From Unilever to Kellogg’s, The Telegraph shines a spotlight on the companies controversially staying put in Russia.
“Unilever represents the decadent corporatism echoed by Putin’s propaganda,” a City editorial in The Telegraph thunders. “Retail giant claims to be ethical yet continues to sell ‘everyday essential foods’ in Russia.”
The Lex column in The Financial Times (£) argues that cutting business ties with Russia for US brands is easier said than done.
Stay or go? The Financial Times (£) explores the Russian dilemma Western consumer brands are wrestling in a news-in-depth.
Unilever handed chief executive Alan Jope a 42% pay rise last year to almost £5mn after the company exceeded growth targets, partly because of price rises on its products made in response to inflation (The Financial Times £).
Irish dairy and beef farmers are being urged to start growing crops, as agriculture ministers from G7 countries including Britain’s George Eustice prepare to meet on Friday to discuss grain shortages and food price volatility amid the war in Ukraine (The Guardian).
Russia’s grip on the fertiliser market is being felt by British farmers who face sharply rising prices that are expected to have a big effect on the supply chain and push up the cost of groceries (The Times £).
Anti-poverty campaigner Jack Monroe has urged the government to help low income families hit hardest by rising bills (BBC News).
The impact of the cost-of-living crisis on children in the UK already living in poverty would in some cases prove “fatal”, the food writer and campaigner Jack Monroe has told MPs, adding: “And that’s not a term that I use lightly.” (The Guardian).
A third of households in Britain were spending more than their income before the coronavirus pandemic, according to official figures that highlight the precarious financial situation millions of people were in before the cost of living crisis hit (The Guardian).
The cost of filling an average family car with diesel has topped £90 for the first time, as soaring oil prices hit household budgets (BBC News).
Increased fuel prices will lead to people paying more for food in shops and restaurants, an industry trade body the Federation of Wholesale Distributors said (BBC News).
Businesses are calling for urgent government support to withstand the fall-out from sanctions on Russia and the Ukraine crisis as they warn of the risks of significant inflation and a dampening climate for investment (The Times £).
One of the world’s leading ratings agencies has warned that Russia will “imminently” default on its international creditors and has cut Moscow’s credit rating in the face of severe capital controls on the country (The Times £).
European stocks rallied sharply yesterday to claw back some of their recent losses as investors took punts on some of those shares that have been pummelled since Russia invaded Ukraine (The Times £).
Waitrose and Aldi are to stop selling disposable BBQs because of their impact on the natural environment and wildlife (The Guardian).
Marks & Spencer has bought a stake in London-based sportswear seller the Sports Edit, which stocks clothing from giants such as Adidas and Nike and smaller brands such as Free People Movement (The Mail).
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