31st March 2022
Bite-sized business news from the UK and beyond
Good morning Could the next Facebook be on the way? A new social media app billed as the “anti-Instagram” is taking UK and US universities by storm. BeReal prompts users at a different time every day to share a picture of the most mundane parts of their day.
- Russian rouble payment deadline nears
- UK meal replacement startup hits £100m in sales
Russian rouble payment deadline nears
What’s going on?
Why is this important?
Russia is targeting “unfriendly countries” including the UK, US and EU nations that imposed sanctions on the country following its invasion of Ukraine back in February.
Last week President Putin said that Russian gas would have to be paid for in roubles by 31 March. So far the EU has rejected the idea saying that it breaches the contracts in place which state either euro or dollar payments.
Paying in roubles could help boost the currency’s value, which dropped to record lows after the war in Ukraine began but has since begun to recover.
Russia hasn’t said what will happen if its demands are not met, but a government spokesman suggested that gas deliveries could be cut short. This would be disastrous for the EU that receives 40% of its gas supply from Russia, compared to the UK that only gets 3%.
But countries are preparing for that eventuality. Yesterday Germany and Austria, which get 50% and 80% of their gas from Russia respectively, announced plans to ration gas with households and businesses being urged to curb their consumption.
Canada have agreed to send more oil to the Europe this year, but it’s not nearly enough to offset Russia’s supply.
Other stories to keep you in the loop
- One in five ‘would struggle to cope in a cashless society’
- Surging living costs force Britons to work past retirement age
- London arm of sanctioned Russian bankVTB close to collapse
- Ikea plans to close Tottenham branch, putting 450 jobs at risk
- Price of avocados surges to a record high
- British Airways hit again by 'technical' failure that has delayed flights
- London rental platform Goodlord raises £27m
UK meal replacement startup hits £100m in sales
Stat of the day
Chris Rock’s comedy-tour ticket sales have surged, with minimum prices up nearly 8x from before the Oscars
Interesting links from around the web