Aurelia Butler

ATHENS (Reuters) -Thousands protested in Athens on Wednesday during a day-long nationwide strike over what workers call a “deepening crisis” of rising prices and squeezed incomes, disrupting transport, ferries, schools and public hospitals.The country’s two biggest labour unions, representing about 2.5 million public and private sector workers, called the general strike that culminated in a rally outside parliament.For many of those there, everyday life has become unaffordable.”Our life now is just being in debt,” said Georgios Alexandropoulos, a 60-year-old courier worker.”I owe the electricity company and my landlord, I’m two months behind in rent, and I owe the last two electricity bills. Soon we will be in debt to everyone…we can’t go on like this.”Another protester, 57-year-old psychologist Michalis Tokaras, said he was forced to “cut back on everything”.”We have to choose between paying our mortgage or paying bills. We’ve reached the bottom,” he said.Police estimate at least 10,000 people turned up for the rally. “We won’t compromise with inflation,” one banner read. Greece emerged from a decade of financial crisis in 2018, only for the coronavirus pandemic to bring global travel to a standstill two years later, hurting its vital tourism industry. Now, soaring energy prices, exacerbated by sanctions against Russia since its invasion of Ukraine in February, have further hurt workers’ pockets.”For the last 14 years, workers have been carrying the burden of a deep crisis that has affected everyone’s incomes and lives,” said GSEE, the country’s umbrella private sector union.”As the years go by the crisis is constantly deepening, the burdens remain, our rights are shrinking.”Greece’s annual consumer inflation surged to a 25-year high of 7.2% in February on the back of rising energy, housing and transportation costs.The government has spent about 3.7 billion euros ($4 billion) since September to alleviate the burden of rising energy and fuel costs for farmers, households and businesses.GSEE said in March it had proposed a 13% increase in the monthly gross minimum wage to 751 euros due to inflation.The conservative government raised the minimum wage by 2% to 663 euros in January and Prime Minister Kyriakos Mitsotakis has promised a second, larger increase from May 1.For the striking workers, the measures do not go far enough.”Recently, our salaries – for those of us who have jobs – last for only half a month’s worth of expenses,” said Christos Katsikas, a 60-year-old school teacher.($1 = 0.9191 euros) More

The value of global trade fell 2.8 per cent between February and March as Russia’s invasion of Ukraine led to a sharp drop in container ship traffic from the two countries, according to the Kiel Institute for the World Economy.The data from the German research body are the first to indicate how much the conflict in Ukraine and extensive sanctions imposed on Russia by the west have hit global trade since the invasion started on February 24.The biggest impact was on trade with Russia, as the value of imports into the country fell 9.7 per cent in March from the previous month, while exports fell 5 per cent, according to the Kiel Institute. Its indicator tracks shipping data from 500 ports in real time, seasonally adjusting the value of exports and imports, to offer a measure of trading activity.“Real distortions caused by Russia’s invasion of Ukraine and the sanctions imposed by the west, as well as a high level of uncertainty among companies with relations to Russia, are noticeably setting back March trade,” said Vincent Stamer, head of Kiel Trade Indicator.Shipping container traffic halved in the past month at St Petersburg, Vladivostok and Novorossiysk, Russia’s three busiest container ports, because of the sanctions imposed on the country and the withdrawal of many western brands, the institute said. Ukraine’s main port at Odesa on the Black Sea has been “practically cut off from international maritime trade”, it added.The war in Ukraine had a chilling effect on EU trade, reducing exports from the bloc by 5.6 per cent in March and imports by 3.4 per cent. The impact on the US was milder, with its exports falling 3.4 per cent and imports dipping 0.6 per cent.By contrast, the impact on China was negligible, as its exports fell 0.9 per cent last month, while imports grew 0.9 per cent. Beijing has been more supportive of Russia’s invasion of Ukraine than the west and has not backed international sanctions on Moscow.China’s zero-Covid lockdowns have so far had little impact on port traffic in Shanghai and other cities, but they did increase container ship congestion, the institute said. About 12 per cent of all goods shipped worldwide were stuck on stationary ships — a figure surpassed only for two months last year.The figures tie in with separate data compiled monthly by JPMorgan and rating company S&P, which showed the global exports purchasing managers’ index dropping to 48 in March, down from 51 the previous month and the lowest since July 2020, when many countries had stringent coronavirus restrictions in place. This was also below the 50 mark, which indicates a majority of businesses reporting a contraction in exports compared with the previous month.The downturn in global manufacturing exports was geographically widespread, the PMIs showed, with two-thirds of the countries surveyed reporting a contraction.The war has disrupted supplies of staple resources and commodities such as maize, wheat, potash, neon gas, nickel and palladium from Russia and Ukraine, two of the world’s biggest producers of these commodities, pushing up energy and food prices and crimping production at several car and truckmakers.

The pressure on trade could increase as the US and EU are preparing a new round of sanctions against Russia in response to allegations of atrocities committed by the Russian military in Ukraine, including in towns near Kyiv.The EU plans to target Russian coal imports, widen its restrictions on the country’s banking sector and impose export bans worth €10bn in areas including quantum computers and advanced semiconductors and bans worth €5.5bn on products including wood, cement, seafood and liquor.Washington, which is co-ordinating its action against Moscow with other G7 and EU countries, is poised to ban new investment in Russia while increasing sanctions on the country’s financial institutions, state-owned enterprises and government officials. More

Cairo-headquartered Afreximbank said its Ukraine Crisis Adjustment Trade Financing Programme for Africa was approved by its board at the end of March.It said the fund would extend to areas such as oil and metals buy-back financing, commodity export revenue stabilisation and tourism revenue deficit financing.”Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and grains, the outbreak of the conflict has wider repercussions on a global scale, including adversely affecting African economies, especially those that rely heavily on grain, fertiliser and fuel imports,” it said in a statement. The two countries account for around 29% of global wheat exports, 19% of world corn supplies and 80% of world sunflower oil exports.The bank said it had already received financing requests exceeding $15 billion.”There is some urgency to meet these requests to avoid catastrophic social conditions across Africa and reduce the risk of their morphing into political challenges,” it said. More

The US and EU are to unveil new sanctions against the business associates of Vladimir Putin and the Russian economy following a call by Volodymyr Zelensky for those guilty of war crimes in Ukraine to be “brought to justice”.The US is poised to broaden a ban on new investment in Russia’s energy sector while increasing sanctions against the country’s financial institutions, state-owned enterprises and government officials.The EU is to unveil fresh sanctions on some of Vladimir Putin’s closest business associates. Two of Putin’s daughters are also to be added to the list of people hit by EU asset freezes and travel bans, according to a draft document seen by the Financial Times. The new measures must be approved by EU ambassadors before being made public.The US and EU are planning to co-ordinate the announcements which come a day after Ukraine’s president demanded a system of justice akin to the Nuremberg trials be established to prosecute those responsible for killing unarmed citizens in Ukraine.Zelensky spoke to the UN Security Council yesterday after he visited the town of Bucha on the outskirts of Kyiv on Monday, following reports of a civilian massacre in the town close to the Ukrainian capital.He also blasted the Security Council for failing to prevent the Russian invasion of Ukraine.“If tyranny had received a response, it would have ceased to exist,” he said.Since Zelensky’s speech, evidence has emerged of fresh atrocities and makeshift civilian graves in the towns of Irpin and Borodyanka, on the outskirts of Kyiv, which last week were liberated by Ukraine’s army. The US and its allies have imposed severe sanctions against Russia since its invasion of Ukraine. The US has already banned new investments in Russia’s energy sector, but the step expected to be announced today would apply the prohibition across the Russian economy. The EU this week moved to ban Russian coal and other measures to further reduce its dependence on energy imports from Russia.The latest on the war in Ukraine: Sanctions: Italy and Spain led a fresh round of European expulsions of Moscow’s diplomats, taking the total to more than 90.Disinformation: Russian state media are bombarding citizens with alternative versions of the truth and denying accusations of war crimes in Ukraine while the US is leading efforts to publicise Ukraine’s intelligence. Military briefing: Nato’s “eyes in the sky” keep watch as war rages, while the Czech Republic is sending tanks to bolster Ukraine’s forces.Opinion: It is a tasteless thing to argue, and perhaps even to think, but America will be the ultimate “winner” of the Ukrainian crisis, writes Janan Ganesh. Martin Wolf makes the powerful argument for curbing the imports of Russian gas, not just oil and coal. Follow our live blog for the latest news on the conflict and our regularly updated maps are tracking Russia’s invasion of Ukraine. Thanks for reading FirstFT Americas. Here’s the rest of today’s news — GordonFive more stories in the news1. Fed to begin ‘rapid’ balance sheet reduction Lael Brainard, who sits on the Federal Reserve’s board of governors, said yesterday that the US central bank could begin the reduction of its $9tn balance sheet as soon as its next meeting in May. She also said the Fed is prepared to take “stronger” action when it comes to raising interest rates in order to bring down inflation.2. US, UK and Australia to co-operate on hypersonic weapons The allies are to work together to develop hypersonic weapons, expanding a trilateral security pact designed to help Washington and its allies counter China’s rapid military expansion. China and Russia have led in the development of these weapons which fly at more than five times the speed of sound.3. Oklahoma passes one of the toughest anti-abortion laws in the US The bill passed by the House of Representatives in the Republican-led state would make it a felony to perform abortions except in cases of life-threatening medical emergencies. Punishments would include fines of up to $100,000 and imprisonment for as long as 10 years.4. Uber adds planes and trains in ‘superapp’ push The ride-booking app is aiming to add long-distance bookings to its UK app this year, including intercity trains, coaches and flights, as it reboots chief executive Dara Khosrowshahi’s long-delayed plans to become a broader travel hub.5. Le Pen’s poll surge rattles French bonds and bank stocks The risk of a victory for Marine Le Pen came into sharp focus yesterday as polls ahead of the first round of voting on Sunday showed the far-right candidate gaining ground on president Emmanuel Macron. Bank stocks fell and bond spreads between French and German government debt widened. The day aheadNato foreign ministers meet The Biden administration said it would send another $100mn in military equipment to Ukraine, which is expected to include Javelin anti-tank missiles, on the eve of a meeting of Nato foreign ministers in Brussels.Federal Reserve minutes: The Federal Open Market Committee’s minutes from its March 15-16 policy meeting, where it decided to raise interest rates for the first time since 2018, will be released today. The minutes should provide insight into the debate over the pace of interest rate increases to combat inflation and its attempt to reduce the balance sheet. Earnings Jeans retailer Levi Strauss & Co is expected to report revenues of $1.5bn in the first quarter, according to analysts polled by Refinitiv. Strong demand for casual clothing has boosted demand, as some consumers still work from home. Canada’s largest cannabis producer Tilray is also reporting earnings results today.MBA Mortgage Applications: The Mortgage Bankers Association will release its weekly index indicating the number of mortgage applications for the week ended April 1. Last month, applications declined 6.8 per cent, as mortgage rates increased. Axiom launch Axiom (or Ax-1), the first all-private astronaut rocket mission to the International Space Station, is due to launch from Nasa’s Kennedy space centre in Florida.What else we’re readingThe weaponisation of finance The first of a two-part series on the new era of financial warfare examines how the west unleashed “shock and awe” on Russia’s economy, and how sanctions on the country’s central bank wielded the omnipresence of the US dollar to penalise an adversary of Washington.A new kind of media baron charges into Twitter Elon Musk’s investment in the social media platform and subsequent appointment to the company’s board of directors gives the Tesla chief executive a unique position and influence normally associated with traditional press barons. Tech reporters Hannah Murphy and Richard Waters spoke to experts about this week’s surprise developments.Carbon removal ‘unavoidable’ as climate change alarm bells ring Once a fringe idea, carbon capture and storage has become a key part of decarbonisation plans the world over. Supporters argue that we need a way to remove CO2 already in the atmosphere to stay below 1.5C of global warming. But does this technology risk providing big polluters a licence to carry on as normal? The FT weighs the pros and cons.Australia should blame itself for Solomon Islands’ shift to China Dismay in Australia, New Zealand, the US and Japan over a planned security pact overshadows long-running problems in their approach to the Pacific, writes Kathrin Hille — and shows how despite fears of losing influence, the west is struggling to do anything about it.Can David Solomon DJ? An investigation A chief executive’s public image can have demonstrable effects on corporate culture and share price performance. The Goldman Sachs chief executive’s elevation from weekend mix-jockey to festival headliner carries a measurable risk of being considered too eccentric. So it is on behalf of stakeholders that Alphaville asks: is Solomon any good?FitnessBoost your ride with investment-worthy cycle hacks from 3D-printed saddles to Tour de France-tested wheelsets, Fergus Scholes rounds up the 14 best bike upgrades.

Princeton Carbonworks PEAK 4550 Wheelset, from $3,000 More