Ruble plunges, Shell exits Russia

MOSCOW (AP) — Ordinary Russians face the prospect of higher prices as Western sanctions against invading Ukraine sent the ruble plummeting. It has led to uneasy people queuing at banks and ATMs in a country that has seen more than one currency disaster in the post-Soviet era. The Russian currency plunged around 30% against the US dollar after Western countries announced measures to block some Russian banks from the international payment system SWIFT and to restrict Russia’s use of its huge foreign currency reserves. foreign. The exchange rate then regained ground after swift action by the Russian central bank.


___

Shell to withdraw from energy investments in Russia because of war

LONDON (AP) — Shell says it is pulling out of Russia as President Vladimir Putin’s invasion of Ukraine continues to cost foreign investment and the expertise of the country’s all-important energy industry. . The company on Monday announced its intention to withdraw from joint ventures with Russian energy giant Gazprom and related entities. This includes stakes in a key liquefied natural gas project and two oilfield development projects in Siberia. Shell also intends to end its involvement in the now discontinued Nord Stream 2 gas pipeline. BP announced on Sunday its intention to get rid of a nearly 20% stake in Russian-controlled Rosneft. Norway’s Equinor said on Monday it would stop all new investment in Russia and start selling stakes there.

___

Seesaws return to Wall Street, oil up after Russian sanctions

NEW YORK (AP) — Markets trembled on Monday amid concerns about rising oil prices and the severity of the impact on the global economy after the United States and its allies increased financial pressure on Russia for its invasion of Ukraine. Stocks fell, rose and fell again as investors piled into bonds looking for safety and the value of the Russian ruble plunged to a record low. The S&P 500 lost as much as 1.6% but recouped much of its losses to end down 0.2%. Oil prices rose sharply amid concerns about what will happen to crude supplies.

___

Biden’s pick in high court defies expectations on labor cases

DETROIT (AP) — Unions and worker advocates have applauded President Joe Biden’s nomination of Justice Ketanji Brown Jackson to the Supreme Court. Yet a look back at Jackson’s decisions in cases involving corporations and unions suggests that she won’t always rule the way they want or expect her to. Although Jackson is widely considered a liberal on social and economic issues and an advocate for workers’ rights, her rulings, as a federal district court judge and then as a federal appellate judge since the last year, defy easy categorization.

___

With sanctions, Russian Sberbank faces “failure” in Europe

BELGRADE, Serbia (AP) — Sberbank and Russian bank subsidiaries in southeastern Europe are facing closures or takeovers following international sanctions imposed on Moscow for its invasion of Ukraine. The European Central Bank said on Monday that Sberbank Europe AG and its branches in Slovenia and Croatia were bankrupt or likely to go bankrupt after “experienced large outflows of deposits” due to the impact of the conflict on their reputation. In Slovenia and Croatia, Sberbank temporarily closed branches or restricted cash withdrawals following a rush by customers last week. Sberbank Europe AG also has subsidiaries in Bosnia, the Czech Republic, Hungary and Serbia.

___

Biden to launch ambitious retirement home quality overhaul

WASHINGTON (AP) — President Joe Biden launches a major overhaul of nursing home standards in his State of the Union address. White House officials on Monday outlined a series of measures long sought by advocates and opposed by the industry. Together, these measures would raise the bar for quality, increase government oversight and continue efforts to keep COVID-19 out of nursing homes. The cornerstone of Biden’s plan is a new requirement for minimum staffing standards for nursing homes. Experts say staffing levels are a key marker of care home quality and that many facilities lack sufficient numbers of nurses, nursing assistants and other workers.

___

Biden’s sanctions on Russia could allow Moscow to profit from oil and gas

NEW YORK (AP) — There’s a glaring exclusion in President Joe Biden’s sanctions against Russia, and it’s oil and natural gas, which will continue to flow freely to the rest of the world. This means that money will also continue to flow to Russia. Biden defends the decision by saying he needs a stable oil supply so that Americans will feel less pain at the gas pump. Inflation is at its highest level in 40 years and that has been a political challenge for Biden. But some academics, lawmakers and analysts say excluding fossil fuels could undo the sanctions and embolden Russian President Vladimir Putin.

___

Chris Licht named new CNN chief to replace Zucker

NEW YORK (AP) — Chris Licht, who has served as top producer for late-night host Stephen Colbert since 2016, has been named CNN’s new president and CEO. Licht will replace Jeff Zucker, who was forced out as CNN chief earlier this month for not disclosing his romantic relationship with a CNN marketing executive to his superiors. Licht has a background in current affairs, working as a senior producer on “CBS This Morning” and “Morning Joe” before breaking into late-night television. He was appointed by Discovery chief executive David Zaslav pending expected approval of Discovery’s takeover of CNN’s parent company, WarnerMedia. Licht said in a statement that he was looking forward to returning to his journalistic roots.

___

The S&P 500 fell 10.71 points, or 0.2%, to 4,373.94. The Dow Jones Industrial Average fell 166.15 points, or 0.5%, to 33,892.60. The Nasdaq gained 56.77 points, or 0.4%, to 13,751.40. The Russell 2000 Small Business Index gained 7.16 points, or 0.4%, to 2,048.09.

About Eleanor Blackburn

Check Also

Serbia’s purchase of FK-3s from China marks a shift in Vucic’s diplomatic and defense policy

As the eyes of the world focused on Russia and its invasion of Ukraine, a …