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  • Today's business and finance round up 28th April 2022

Today's business and finance round up 28th April 2022

European gas prices spike as Russia starts cutting supply

28th April 2022

Bite-sized business news from the UK and beyond

Good morning Kellogg’s is taking the UK government to court over new rules that would prevent some cereals being sold in highly visible part of stores because of their high sugar content. The maker of Cornflakes, Coco Pops and Frosties says the rules ignore the nutritional value of adding milk to cereal, something it claims 92% of consumers do. This raises a couple of questions: 1) will changing the location of unhealthy food do enough to tackle obesity and 2) who are the 8% of the population eating dry cereal?!

Today's stories

  • European gas prices spike as Russia starts cutting supply

  • Mixed earnings fortunes for Big Tech

RUSSIAEuropean gas prices spike as Russia starts cutting supply

What’s going on?

Why is this important?

Since March Russia has demanded that “unfriendly” nations – that is those who are critical of its invasion of Ukraine - pay for gas in rubles. But they’ve refused to do so stating that the contracts call for payment in euros or dollars.But on Wednesday Russia went through on its threat and cut off supplies to Poland and Bulgaria. This sent European gas prices as much as 24% higher in anticipation that Russia will start halting shipments to other countries as well. Poland said it was prepared for the move and could cope without Russian gas by using supplies from the US and Middle East. 90% of Bulgaria’s gas comes from Russia and it said it was working on alternative sources but for the time being no restrictions on gas use was needed.Following the invasion of Ukraine, Western allies have sought to distance themselves from Russia by imposing tough economic sanctions including freezing the assets of wealthy Russians and excluding the country from international payment systems. But there was a reluctance to outlaw Russian gas as the EU is heavily reliant with 40% of supplies coming from the country.

Zooming out

Other stories to keep you in the loop

  • Highest starting salaries in the UK revealed

  • UK retail sales slump as soaring energy prices hit households

  • Post-Brexit trade barriers increase price of food imported from EU

  • GlaxoSmithKline sales boost from shingles jab and Covid antibody treatment

  • Spotify’s subscribers rise to 182m despite Joe Rogan controversy

  • KPMG to cash in on tech funding boom with new venture

  • Tasty year for Gousto as revenues surge to £315m

  • Thousands of consultants now working to achieve Chartered status, one year after qualification’s launch

TECHMixed earnings fortunes for Big Tech

Stat of the day

In 2021 89% of UK adults listened to the radio at least once a week, the same proportion as 30 years ago

Interesting links from around the web

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