Russia is trying to stop Western companies from fleeing the country

The capital control, designed to stop the eviction, was announced by Russian Prime Minister Mikhail Mishustin, state news agencies TASS and RIA reported on Tuesday. Western companies are making decisions because of “political pressure”, he said, and they will be prevented from selling Russian assets until that pressure subsides.

“In order to enable businesses to make informed decisions, a draft presidential decree has been prepared to impose temporary restrictions on exiting Russian assets,” Mishustin was quoted as saying by BTA. “We expect that those who have invested in our country will be able to continue working here.

Oil giant BP (BP) is one of the most famous companies to leave Russia after its troops invaded Ukraine last week. He said on Sunday that he planned to leave his 19.75% stake in Russia’s largest oil company, Rosneft, and their joint ventures, one of Russia’s largest foreign investments.
Since then, others have followed suit, incl Shell (RDSA) and the Norwegian Equinor.
France’s TotalEnergies said on Tuesday it would not provide new capital for Russian projects and assessed the impact of harsh Western sanctions on existing investments in the country.

Major global investment funds are joining companies in trying to dump Russian assets. The $ 1.3 trillion Norwegian sovereign wealth fund will sell shares in 47 Russian companies as well as Russian government bonds, the Norwegian prime minister said on Sunday.

Russia has struggled to prevent a financial meltdown since the United States, the European Union and other Western allies imposed sanctions on much of the country’s banking system, including freezing hundreds of billions of dollars in foreign reserves Moscow has amassed for years to protect Russia’s economy. Analysts say the measures could lead to a banking crisis.

The roll fell by about 25% on Monday and now costs about one US cent. It has lost about half its value since Russia first invaded Ukraine in 2014, annexing Crimea and triggering much more limited sanctions. Russia’s stock market was not open for trading this week, but shares of Russian companies listed abroad have plummeted.

Russian authorities have already taken urgent measures to try to stabilize the financial system. The central bank has more than doubled interest rates to 20% and temporarily banned Russian brokers from selling securities held by foreigners. The government has ordered exporters to exchange 80% of their foreign exchange earnings for rubles and banned Russian citizens from making bank transfers outside Russia.

“I am sure that the sanctions pressure will eventually subside and those who will not limit their projects in our country, succumbing to the slogans of foreign politicians, will win,” Mishustin said.

Russia is trying to stop Western companies from fleeing the country Read More »

Seek personal happiness in the face of pure profit

When Berkshire Hathaway CEO Warren Buffett talks to college students, he offers some valuable career advice: Look for personal fulfillment over net income.

That means pursuing a job that you actually enjoy, in a workplace with talented people that you actively admire, Buffett wrote in his annual letter to shareholders on Saturday. Or, to put it another way, he advised: jobseekers should look for a job in the field “they would choose if they didn’t need money”.

“Economic realities, I admit, can hinder this kind of demand,” Buffett continued. “However, I urge students never to give up the search, because when they find this kind of job, they will no longer ‘work.’

The 91-year-old billionaire – currently the fifth richest man in the world, with a net worth of 114.7 billion dollars according to Forbes – speaks from personal experience. In his letter, Buffett wrote that he and his business partner, Charlie Munger, Berkshire’s vice president, both began as “part-time” at his grandfather’s grocery store in the early 1940s, where they were they were “assigned boring tasks and paid little.”

“Job satisfaction continued to elude them,” Buffett wrote, even as they branched out into selling securities and law, respectively. That changed when the duo “found what [they loved] to do ”in Berkshire, which Buffett bought in 1965, forcing the company’s previous management to leave.

At the time, Berkshire was a troubled textile company. Today, it is an investment and holding company that owns or holds long-term stakes in businesses such as Geico, Fruit of the Loom, American Express and Coca-Cola. It has a market capitalization of $ 708.61 billion as of Tuesday morning.

Buffett’s wealth was largely due to the last decades of Berkshire’s financial success, and in his letter, Buffett attributed this success in part to finding people he and Munger loved to work with. “We hire decent and talented people – no fools,” Buffett wrote. “The turnover is on average maybe one person a year.”

Berkshire may have been ahead of the curve in this regard: low turnover is becoming increasingly known as a recipe for particularly productive and profitable jobs. As CNBC Make It recently noted, “enthusiastic remnants” – who make up a third of the workforce – are more engaged, more productive and help businesses become more profitable, according to a December 2020 study published in the Journal of Managerial Issues.

Buffett seems to agree with these findings.

“With very few exceptions, we have now been ‘working’ for many decades with people we like and trust,” he wrote. “It’s the joy of life.”

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Warren Buffett and Charlie Munger: “We made a lot of money”, but here’s “what we really wanted”

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Seek personal happiness in the face of pure profit Read More »

Finland to discuss NATO accession despite threat from neighboring Russia with “military consequences”

Finland today they will discuss accession NATO after a referendum petition reached 50,000 signatories in response to the Russian invasion of Ukraine.

The debate over Finland’s NATO membership comes as neighboring Russia threatens the country with “military and political consequences” if it joins the military alliance.

Finnish lawmakers will discuss their country’s ability to join NATO on Tuesday after a poll showed a historic change in attitudes in the traditionally non-aligned country after Putin waged war with Ukraine.

“I fully understand that many Finns’ views on NATO membership have changed or are changing as Russia launches military action against Ukraine. This is understandable, “said Finnish Prime Minister Sanna Marin.

Prime Minister Sanna Marin said on Monday night that the planned debate in parliament the next day would cover the situation in Ukraine and was not intended to be

Prime Minister Sanna Marin said on Monday night that the planned debate in parliament the next day would cover the situation in Ukraine and was not intended to be “a broader discussion of Finland’s policy on military unification or non-alignment”.

Finland will discuss joining NATO today after a petition calling for a referendum reached 50,000 signatories in response to Russia's invasion of Ukraine.  Russia has threatened both Sweden and Finland, Moscow's Arctic neighbors, with

Finland will discuss joining NATO today after a petition calling for a referendum reached 50,000 signatories in response to Russia’s invasion of Ukraine. Russia has threatened both Sweden and Finland, Moscow’s Arctic neighbors, with “military consequences” if they join NATO. Both sides have rejected any Russian interference in their foreign security policy

She said Monday night that the planned debate in parliament the next day would cover the situation in Ukraine and was not intended to be “a broader discussion of Finland’s policy on military unification or non-alignment”.

But she added that as a civil petition calling for a parliamentary debate for a referendum had reached the 50,000 signatories needed to provoke a debate in parliament, “it makes sense to hear the parties’ views on resolving the issue.”

“From this point of view, the issue will be included in tomorrow’s parliamentary debate,” Marin said.

The petition, calling for a referendum on membership, was launched last Monday and reached the target of 50,000 by the end of the week.

Marin said the change in Finland’s view of joining NATO was influenced by Russia’s movements in Ukraine.

She told the Finnish newspaper Helsingin Sanomat: “The question is, if Russia crosses the border, are we alone or with others.”

Finland shares a long land border with Russia, and the two countries waged a brief but bloody war for it between 1939 and 1940, in which Finland inflicted heavy losses on Soviet forces.

Russia has threatened both Sweden and Finland, Moscow’s Arctic neighbors, with “military consequences” if they join NATO. Both sides have rejected any Russian interference in their foreign security policy.

People pass a damaged vehicle and an armored car at a checkpoint in Brovary, outside Kyiv, Ukraine, on Tuesday

People pass a damaged vehicle and an armored car at a checkpoint in Brovary, outside Kyiv, Ukraine, on Tuesday

Destroyed Ukrainian infantry fighting vehicle seen next to spent missile shell in Kharkov, eastern Ukraine, which was attacked by

Destroyed Ukrainian infantry fighting vehicle seen next to spent missile shell in Kharkov, eastern Ukraine, which was attacked by “cluster” ammunition on Monday

The debate comes after a poll released Monday by public broadcaster Yle, which shows that most Finns now support joining NATO, according to a poll released Monday, a historic change in attitudes and a big change from just a few months ago.

According to a poll commissioned by public broadcaster Yle, 53 percent of Finns support their country’s accession to the military alliance, 28 percent oppose it and 19 percent are unsure.

“A completely historic and exceptional result,” said Charlie Salonius-Pasternak, a senior fellow at the Finnish Institute of International Affairs. The change is dramatic.

The survey surveyed 1,382 respondents between the ages of 18 and 80 between Feb. 23 and 25, Yle said.

In contrast, a January poll published by the Helsingin Sanomat newspaper showed only 28 percent for and 42 percent against NATO membership.

“The only significant thing that has changed is that Russia has attacked a non-NATO neighbor,” Saloniy-Pasternak said.

Although the results of the latest poll may be the result of the initial shock of the Russian invasion, the researcher said he believes support is likely to remain higher.

When Yle last commissioned such a poll in 2017, support for NATO membership was 34 percent.

A man visibly upset while sitting in a car damaged by shelling in Brovary, near Kyiv, Ukraine, on Tuesday

A man visibly upset while sitting in a car damaged by shelling in Brovary, near Kyiv, Ukraine, on Tuesday

Finland has a common border with Russia, 830 miles long. Although neither she nor neighboring Sweden are members of NATO, both countries are partners in the Western military alliance.

Faced with Moscow’s demands that NATO not expand eastward, Helsinki and Stockholm have rejected any Russian interference in their security policy.

Both sides have received assurances from NATO that the door remains open for them, although the Social Democrats in power in both countries have no plans to join.

In another response to the Russian invasion of Ukraine, Alko, a state-owned distributor of alcohol in Finland, removed vodka and other Russian products from the shelves on Monday.

“The situation in Ukraine is shocking and we have taken it seriously,” said spokesman Anu Koskinen, announcing the suspension of sales both in stores and online.

Members of Ukraine's civil defense unit hand over new assault rifles on the opposite side of an explosive bridge on Kyiv's northern front on Tuesday

Members of Ukraine’s civil defense unit hand over new assault rifles on the opposite side of an explosive bridge on Kyiv’s northern front on Tuesday

The measure will affect about 30 Russian products – most of them vodka – from its total stock of 11,000 items.

In neighboring Sweden, the state-owned alcohol monopoly Systembolaget has also announced it will stop selling Russian products.

Last week, Russia threatened its close Arctic neighbors, Sweden and Finland, with “military consequences” if it joined NATO.

Sweden and Finland are the two countries closest to Russia in the Arctic Circle.

“Finland and Sweden must not base their security on undermining the security of other countries, and their accession to NATO could have disastrous consequences and face some military and political consequences,” Russian Foreign Affairs spokeswoman Maria Zakharova said during briefing.

The foreign ministry later repeated the threat on Twitter.

“We consider the Finnish government’s commitment to a military non-alignment policy as an important factor in ensuring security and stability in Northern Europe,” the ministry said. “Finland’s accession to NATO would have serious military and political consequences.”

It is widely believed that Vladimir Putin invaded Ukraine after Western nations discussed the idea of ​​joining NATO on fears that it could end up with a US military presence on its doorstep.

Such a move by Sweden or Finland could potentially provoke such anger.

Ukrainian leaders want to join NATO, but Russia is strongly opposed to the move.

Western countries have increased arms supplies to Ukraine to help its forces defend themselves, but have so far ruled out sending troops.

However, the country has stepped up its ties with the West by applying to join the European Union – a largely symbolic move so far, but it will not like Putin, who has already been outraged by Ukraine’s desire to join NATO. .

Messages aimed at advancing Russian troops have surfaced on billboards, bus stops and electronic road signs across the capital. Some used swear words to encourage Russians to leave. Others appealed to their humanity.

Finland to discuss NATO accession despite threat from neighboring Russia with “military consequences” Read More »

Kevin Feigi calls Dr. Strange an “anchor” to the MCU

Marvel Studios chief Kevin Feigi called Dr. Strange “the anchor of Marvel’s cinematic universe” in a speech in honor of Benedict Cumberbatch’s achievements.

The Avengers: Endgame changed everything. The Avengers may have defeated Thanos, but we also saw the fall of some of the most powerful heroes on Earth – the death of Iron Man, the Black Widow and even the retirement of Captain America.

Of course, this raises the question of who will lead the MCU after the game. During a ceremony marking the addition of Benedict Cumberbatch to the Hollywood Walk of Fame, Marvel boss Kevin Feigy hinted that it could all be due to Dr. Strange.

“Benedict has turned this character into an icon, appearing in historically three of the six best films of all time,” said Feigi (via Variety). “It was a big trip: I remember our first meeting as a general and we wanted to introduce him to this great character – and before we could, he said, ‘Tell me about Dr. Strange’ because you knew.” Because somewhere you know what that could be. “

And you’ve always seen the huge potential in this character. As a result, you have become an anchor in Marvel’s cinematic universe and the only actor able to lead us through the madness of the Multiverse. “

Of course, Dr. Strange is no stranger to the Avengers in the original comics. He led the Avengers to victory at various points in history, with an ever-changing lineup that is now reflected in the MCU.

Dr. Strange in the multiverse of madness – 44 teaser images

Dr. Strange has appeared not only in team films and his own solo films, but has also appeared in outings of other MCU characters, including Thor: Ragnarok and his recent major appearance in Spider-Man: No Way Home. Given that the MCU multiverse is already a hot topic in many movies and TV shows – including Dr. Strange in the Multiverse of Madness – it looks like he will be heavily involved in the MCU in the future, perhaps more than any other character.

Eventually, by opening the multiverse, he opened up many possibilities, including the appearance of classic X-Men characters, not to mention a mysterious new villain. Feigi previously called Endgame the “latest” Avengers movie, but we won’t be surprised to see Strange lead a new team in the future.

Ryan Leston is an entertainment journalist and film critic for IGN. You can follow him Twitter.

Kevin Feigi calls Dr. Strange an “anchor” to the MCU Read More »

The first IPC-Beijing 2022 Coordination Meeting was held for the Winter Paralympic Games

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The Russian people may not be able to withstand the “economic siege”, experts say

IN crippling sanctions imposed on Russia for its invasion of Ukraine they are already wreaking havoc on the lives of ordinary Russians, who can only expect things to get worse in the coming days and weeks, experts say.

Measures announced by the United States and its allies over the weekend include aimed at Russia’s central bank’s ability to maintain the country’s currency, the ruble, which fell by about 30% against the US dollar on Monday to less than 1 cent. He regained some position after Russia’s central bank more than doubled its key interest rate to 20% to support the currency.

Developments have forced Russians to face the prospect of higher prices and limited travel abroad, as the collapse of the ruble has forced nervous depositors to flock to banks and ATMs. Social media posts reported on long queues and running out of money.

Moscow’s public transport department warned city residents over the weekend that they may have trouble using Apple Pay, Google Pay and Samsung Pay to cover tariffs, as VTB, the Russian bank that handles transactions, is among those affected. from international sanctions.

As flights have been blocked, entrepreneur Vladimir Vyaselov told the Associated Press that he was considering driving to another country to catch a flight abroad on his student visa. “I have long disagreed with the decisions of all authorities, so I keep all my money only in currencies and I am skeptical of Sberbank, VTB, the national banks in general,” he said. “I can’t say I was ready [for sanctions] but I was as ready as possible to be a citizen of the Russian Federation. ”

At least half of Russia’s estimated $ 640 billion hard currency reserves are now frozen, according to European officials.

Russia’s central bank on Monday raised its key interest rate to 20% from 9.5% in a recent attempt to stem bank pressure. This means that Russian homeowners with mortgages or business owners who have taken out loans may be affected by the doubling of interest rates, analysts say.

Russians will see a decline in their standard of living as prices for imported goods, including iPhones, rise.

“Before the weekend, there were signs that the war in Ukraine was causing panic among Russian households and businesses. “Russians are queuing at bank branches and ATMs have been emptied as people try to exchange rubles for foreign currency,” Tatiana Orlova, an analyst at Oxford Economy, said in a note to customers on Monday. “There were local reports of people buying white goods [such as stoves and other large home appliances] to turn their depreciating rubles into something of tangible value. “

Deprived of basic products and facing high inflation, “we will begin to see public unrest,” said Karl Weinberg, chief economist at High Frequency Economics, during a conference call Monday.

“This will spread to their economy very quickly,” David Feldman, a professor of economics at William & Mary in Virginia, told the Associated Press. “Everything that is imported will lead to a jump in the local price in the currency. The only way to stop this will be strong subsidies. “

“economic siege”

The large-scale sanctions imposed on Russia by the United States and its allies are like an “economic siege, and I don’t think the Russian economy can withstand it,” Weinberg said.

“If we have three weeks of what is happening to the Russian economy today, it will be over,” Weinberg said. “My real feeling is that the Russian economy can’t survive three weeks without failing completely.”

“Western democracies have surprised many by pursuing a strategy of exerting intense economic pressure on Russia by effectively isolating themselves from global financial markets,” Oliver Allen, a market economist at Capital Economics, told investors in a research note. “If Russia continues on its current path, it is quite easy to see how the latest sanctions can only be the first steps towards a serious and lasting severance of Russia’s financial and economic ties with the rest of the world.


Alexander Windman on Russia’s nuclear provocations, sanctions against Putin and Biden’s response

05:49

Russia has made progress in producing many goods on the domestic market, including most of its food, to protect its economy from sanctions, Tyler Kustra, assistant professor of politics and international relations at the University of Nottingham, told the AP. However, for example, fruits that cannot be grown in Russia will “suddenly be much more expensive,” he said.

Russian consumers may be able to get food, but farmers in the country may not be able to get spare parts for their equipment, Weinberg suggested.

The automotive sector, which is a major employer, has been “affected very quickly by the ban on imports of microchips and other parts,” said Chris Weifer, chief executive of Macro-Advisory, a strategic consulting firm in Eurasia.

Weinberg said he was “reassured” that China was not trying to offset the damage done to Russia, which the economist said could be achieved by Russia selling all its exports to Beijing.

“The People’s Bank of China can be a lifeline for the ruble and the Russian economy,” Weinberg told Beijing’s central bank, jokingly: “China is failing the ‘best’ test by a big margin.”

PBC would risk sanctions if it bought gold from Russia, the economist said. “China is not ready to form a separate monetary system with Russia at the moment, which they should do,” Weinberg said.

“Although China can blow up our economy, I don’t think it’s in China’s interest to blow up the world economy.

– The Associated Press contributed to this report.

The Russian people may not be able to withstand the “economic siege”, experts say Read More »

The United States is moving closer to deciding to join the global oil exemption as Russia’s invasion of Ukraine causes a spike in gas prices at home

The total number of barrels released worldwide could range from 50 million to 60 million barrels, senior officials and others familiar with the matter said, although sources warned that the decision was not yet finalized and discussions were still ongoing. Tuesday morning.

Other allies are expected to dive into their reserves in a coordinated effort to reduce energy costs amid Russia’s ongoing invasion. These include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.

The invasion of Ukraine has raised fears of disruptions in supplies from Russia, the world’s No. 2 oil producer. Brent oil prices closed above $ 100 a barrel on Monday for the first time since 2014. U.S. crude and Brent jumped another 5 percent on Tuesday, even as the International Energy Agency meets to discuss a response to the Russia-Ukraine crisis.

High oil prices have raised petrol pump prices to seven-year highs. The average for regular gasoline for the country rose to $ 3.62 on Tuesday, about 9 cents a week and 24 cents a month, according to the AAA. At some point, energy prices can become so expensive that they undermine consumer demand and slow down the economy more broadly.

U.S. officials have spent the past few weeks talking and meeting with partners from key energy-supplying countries in an effort to secure commitments to fill any market disruptions. The effort included a personal visit to Saudi Arabia by two senior administration officials to discuss the need to address the impact on oil markets. The United States informed Saudi Arabia before the announcement of the oil reserve.

The White House has not made any specific commitments, and White House spokeswoman Jen Psaki declined to say whether there was a specific request to increase supplies when asked at a briefing this week.

Biden signaled his intention to release oil last week.

“We are working actively with countries around the world to assess the collective release of strategic oil reserves of major energy-intensive countries. And the United States will release additional barrels of oil if conditions require,” he said.

The Paris-based International Energy Agency is holding a last-minute meeting Tuesday on oil supplies to “stabilize markets”, he said earlier this week. The meeting will be chaired by US Secretary of Energy Jennifer Granholm.

The use of the reserve – a stockpile of 600 million barrels of crude oil stored in underground salt caves in Louisiana and Texas – usually has only a limited effect on gas prices because of how much oil can be released at a time but would act as a political sign. that Biden is facing the problem.

Chevron CEO Mike Wirth voiced support Tuesday for governments to release emergency oil stocks to offset fears of supplies sparked by Russia’s invasion of Ukraine.

“I think a coordinated response from multiple countries can help in the short term,” Wirth said in response to a question from CNN during a briefing with reporters. “Of course, we saw markets on the edge with concerns about supply and security of supply.”

Wirth expressed confidence that there would be no serious supply disruptions.

“I have seen nothing to indicate that either Russia’s intentions or the intentions of the governments involved in the sanctions would be to limit oil supplies,” Wirth said. “In fact, the opposite is true. It seems to me that people have been very careful to signal that their intention is to try to maintain the world’s energy supply that needs it.”

This story has been updated with additional reports.

CNN’s Matt Egan contributed to this report.

The United States is moving closer to deciding to join the global oil exemption as Russia’s invasion of Ukraine causes a spike in gas prices at home Read More »

Stephen Colbert had a meeting to reassure staff about Chris Licht’s exit

Stephen Colbert held an emergency meeting on Saturday to allay the fears of Late Show employees about their showrunner Chris Licht, who is being chased by CNN, Six has learned.

“It simply came to our notice then [regular] staff meeting [Friday] run by Licht and he said nothing about CNN. It was a normal business, “said a source familiar with the meeting.

But when news broke on Saturday that 50-year-old Licht would replace Jeff Zucker as president of CNN, we were told that 57-year-old Colbert had convened a meeting of Zoom staff at 2 p.m. to “calm the panic.”

Colbert had originally planned to inform staff about Licht’s departure this week, but the lively news site Puck beat him when it first announced the producer’s new gig.

The lead writer of “The Late Show” started the meeting at Zoom and it was “quite fun”, we were told.

“He was relieved by Stephen that he no longer had to keep the secret,” said our insider, adding: “It was not mentioned who will replace Chris as a showrunner.”

Discovery, which is in the process of merging with CNN’s parent company, Warner Bros., officially announced on Monday that Licht will be appointed CEO of CNN Global.

“I have known and admired Chris for more than 15 years and strongly believe that he is the best person to lead CNN Global. “He is an extremely principled man who is trustworthy, hardworking and makes any organization stronger, more innovative and more cohesive,” said David Zaslav, future CEO of Warner Bros. Discovery.

Chris Licht smiles at the event.
Licht will replace Jeff Zucker as CNN’s boss when his contract with CBS expires in April.
Mike Coppola

“I am honored to have this opportunity, especially at such an important time for our country and the world,” Licht said in a statement.

“CNN has a rich and legendary heritage and I promise to maintain and build on it. I am forever grateful to Stephen Colbert and the incomparable Late Show team for an unforgettable run. “I look forward to returning to my journalistic roots,” he said.

Colbert was considered a risky choice when he was named David Letterman’s successor at CBS in 2014. But Licht helped the comics show bring comics to the top of late ratings, overshadowing NBC’s Tonight Show rival Jimmy Fallon.

Licht will now take over the 56-year-old Zucker, who resigned in February after failing to reveal his romantic relationship with former chief marketing officer Alison Golust, who also resigned.

Licht is expected to begin his new role on CNN in early May.

Stephen Colbert had a meeting to reassure staff about Chris Licht’s exit Read More »