Seize $300bn of frozen Russian reserves to rebuild Ukraine, says EU chief Business

ggood morning.

A senior EU official has proposed that the bloc seize $300 billion in frozen Russian foreign exchange reserves to help fund Ukraine’s reconstruction.

The West has taken control of about half of Putin’s $600 billion in gold and currency reserves, and authorities are now considering how these could be used to support Europe’s recovery. Ukraine.

Seizing foreign exchange reserves would be a dramatic move, but EU foreign policy chief Josep Borrell pointed to the US decision to set aside $3.5 billion of central bank assets to pay for humanitarian aid and compensation for the victims of the September 11 attacks. .

He told the Financial Times: “I would be very supportive because it’s full of logic. We have the money in our pockets, and someone needs to explain to me why it’s good for Afghan money and not good. for Russian money.

5 things to start your day

1) Bond jerks hit Italy as Eurozone risk returns with a vengeance Italian political risk is back on the table, just as the ECB’s debt shield disappears

2) Bank of England staff in the office only one day a week Staff spend majority of week working from home despite ministers urging workers to return to office

3) Overhaul ‘outdated’ laws and allow insects to be fed to pigs and chickens, says Tesco boss More: From insect feed to vertical farms – we need a paperwork bonfire to deliver the food of the future

4) Morrisons blocks Issa brothers’ bid for McColl’s The supermarket has launched a last-ditch attempt to wrest the convenience store chain from the clutches of Asda owners

5) ‘Save less and borrow more’ to avoid recession, economists say Soaring inflation and growing uncertainty mean experts have downgraded their household consumption forecasts

What happened overnight

Shares in Tokyo opened lower on Monday, following the United States’ slide on investor concerns over rising interest rates, with the focus on Japanese corporate earnings.

The benchmark Nikkei 225 fell 1.12pc, or 302.68 points, to 26,700.88 in early trading, while the broader Topix index fell 0.79pc, or 15, 12 points, at 1,900.79.

While mainland China shares fell at the open on global inflation concerns and the toll of Beijing’s Covid lockdown policies.

The Shanghai Composite Index fell 0.16pc, or 4.89 points, to 2,996.67 in early trading, while the Shenzhen Composite Index on China’s second-largest stock exchange fell 0.04pc , or 0.68 points, to 1,858.71.

coming today

Business : HG Capital Trust, Victrex (intermediate results)