Germany faces 5 billion euros in Russian gas sanctions Business

ghello.

Germany is bracing for a €5bn (£4.3bn) hit after Russia targeted its gas supplies with new sanctions.

The country has been forced to buy replacement gas on the market since the Kremlin shut down the taps of Gazprom Germania, which was placed under government control last month.

The current impact is expected to reach 3.5 billion euros per year, with additional costs resulting from the filling of the natural gas storage facility in Rehden, the Welt am Sonntag reported.

The newspaper added that the additional costs would be passed on to energy suppliers and customers in the form of a gas tax from October.

5 things to start your day

1) More than 70 companies across the country will allow their staff to work a four-day week starting today More than 3,000 people working for 70 companies, including the Royal Society of Biology and a fish and chip shop in Norfolk, will work a shorter week with no loss to pay from today until December.

2) BT says to prevent rural people from getting stranded after big storms Ofcom wrote to BT after chaos caused by storms Arwen and Eunice left some communities without power for days.

3) Elite City law firm Clifford Chance appoints first-ever ‘global welfare chief’ The so-called Magic Circle Society, which last month raised the salaries of newly qualified solicitors in their twenties to £125,000, has hired Aon executive Charles Alberts for the new role.

4) Ryanair faces discrimination claims after testing airmen in Afrikaans a number of South African passengers complained over the weekend that the airline had given them a general knowledge test in Afrikaans, the third most widely spoken language in the country.

5) Metro Bank sued for “magic slot machines” A US software company has launched a High Court battle against Metro Bank over allegations that the lender leaked trade secrets for its “magic slot machines”.

What happened overnight

Major Asian stock markets rose this morning after Wall Street fell and a survey showed the slowdown in Chinese services activity eased in May as virus checks in Shanghai and other major cities were tightened. lifted.

The Shanghai Composite Index rose 1.2% after business news magazine Caixin said its monthly purchasing managers’ index for services rose to 41.4 from 36.2 in April.

The Hang Seng in Hong Kong gained 1.4pc and the Nikkei 225 in Tokyo gained 0.7pc.

coming today

• Company : No scheduled updates
• Economy: SMMT New Car Registrations (UK)Caixin services PMI (China)