Russia’s economy is stuck: What has been done

The United States and its allies continue to increase economic pressure on Russia following the country’s decision to invade Ukraine. Here is an overview of FOX Business on the actions taken against Russia so far.

SHARES CHANGE, US STRIKE IN RUSSIA’S CENTRAL BANK, OIL AND GOLD

Suspension of trading in shares of the Russian company NYSE, Nasdaq

On Monday, the New York Stock Exchange temporarily suspended trading in selected Russian-based companies, including US depository shares of Mechel PAO, public joint stock company Mobile TeleSystems and US depository shares of Cian PLC.

TickerSecurityLastChangeChange%
MTLMECHEL OAO2.25-0.05-2.17%
MBTMOBILE TELESYSTEMS5.50-0.52-8.64%
CIANCIAN PLC3.40+0.09+ 2.72%

Nasdaq, meanwhile, said it would stop Yandex, known as Russia’s Google, and online retailer Ozon, as well as Nexters, QIWI and Head Hunter Group.

TickerSecurityLastChangeChange%
YNDXYANDEX NV18.94-1.38-6.79%
OZONEOZONE HOLDINGS AD11.60-1.03-8.16%
WHERENEXT6.38-0.12-1.85%
QIWIQIWI PLC5.67+0.51+ 9.88%
HHRHEADHUNTER GROUP AD15.03+0.04+ 0.27%

Sources familiar with the stock exchanges told FOX Business that the suspensions, which could be used for unusual trading in all kinds of securities, will give employees time to review the rapidly evolving events in the conflict between Russia and Ukraine, which are affecting stocks. .

Freezing of transactions with assets of the Russian central bank

In conjunction with the European Union, Japan, the United Kingdom, Canada and others, the United States has effectively frozen financial transactions with Russian-held assets of the Russian central bank, a senior administration official told reporters during a briefing Monday.

The intended effect is to cripple Russia’s economy and spend the country’s “black days fund” as its currency, the ruble, falls sharply in value, the official said. This rainy day fund was created to protect itself from economic consequences when Russia invaded Crimea in 2014

According to the Foreign Assets Control Service of the Ministry of Finance (OFAC), this is not a complete block of the central bank, as OFAC allows certain transactions with the Central Bank of Russia that are “energy-related”. OFAC added that additional permits could follow if needed.

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Removal of selected Russian banks from SWIFT

The European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States issued a joint statement on Saturday that “selected” Russian banks would be removed from the SWIFT financial system.

SWIFT provides messaging services to banks in more than 200 countries and is controlled by the G10 central banks, including Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Switzerland, and Sweden.

The statement also said the group would launch a “transatlantic task force” aimed at effectively enforcing financial sanctions, “strengthening” coordination against misinformation about the Russian invasion and limiting “golden passports” that allow wealthy Russians to contact the Russian government to become citizens of the countries.

Export controls

On Thursday, the trade ministry unveiled in-depth controls on exports from its Bureau of Industry and Security, which will severely limit Russia’s access to technology and other items used by the defense, aerospace and maritime sectors.

Elements targeted by export controls include semiconductors, computers, telecommunications, information security equipment, lasers and sensors. In addition, the BIS rule imposes strict controls on 49 Russian military end-users, which are added to its list of legal entities.

The European Union, Japan, Australia, the United Kingdom, Canada and New Zealand have announced that they will impose “substantially similar restrictions”.

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The potential economic impact of sanctions and Russia’s response

JPMorgan told customers in a research note reviewed by FOX Business on Monday that sanctions against Russia could have a “serious” impact on the country’s economy.

“We assume that the Russian economy will shrink by 20% [quarter-over-quarter], saar, in the second quarter, and for the year about 3.5%. But the margin of error for any such assumption is incredibly high at the moment, and the risks are severely skewed downward, “the note said.” We also believe that Russia’s growing political and economic isolation will limit Russia’s growth potential in the future. in the coming years and reduce Russia’s growth trend to 1.0% from 1.75% before. “

Researchers at the bank estimate that Russian inflation could reach 10% at the end of the year, up from 5.3%, with risks being strongly skewed upwards.

In response to the sanctions, Russia’s central bank raised its key interest rate to 20% from 9.5% to counter the risks of devaluation of the ruble and higher inflation, ordered companies to sell 80% of their income in foreign currency, and resume buying gold.

Susan O’Halloran of Fox Business, Paul Connor, Ron Blitzer and Adam Sabes contributed to this report

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This is how sanctions against Russia will actually cost you more

This is true even for American consumers, although relatively few Russian exports reach the US coast.

For example, Russian oil and gas account for less than 4% of American fuel consumption. But the average price of regular gasoline has risen 8 cents a gallon to $ 3.61 since the day before Russia invaded Ukraine, and wholesale prices are rising even more. This means that in a few weeks the gas is expected to reach an average of $ 4 per gallon in the United States for the first time since 2008. It may soon surpass the record $ 4.11 per gallon set this year.

“This is a global market,” said Tom Klose, global head of energy analysis for the Oil Price Information Service, which tracks AAA gas data. “We need to compete more for the unblemished Russian oil that is available.”

Despite the sanctions, it is still legal to buy Russian oil and natural gas. But much of it remains unsold. Many traders are reluctant to buy it because of the difficulty of making transactions with sanctioned Russian banks.
Russia's economy is surprisingly small.  That's why it's so important to you
Oil prices rose another 3% on Monday in response to new rules restricting the use of SWIFT by Russia, the main water pipeline for global finance that allows banks to send secure communications needed to move funds.

“The removal of some Russian banks from SWIFT could lead to disruptions in oil supplies as buyers and sellers try to figure out how to navigate the new rules,” said Andrew Lipow, an industry consultant, in a note to customers on Sunday. “In the end: No funding, no oil.”

Another concern for traders: how to safely bring tankers into Russian ports to take oil.

“No tankers means no oil,” Klose said.

Delivery

The price of one gallon of diesel reached $ 4 per gallon for the first time in nearly eight years over the weekend. Although few Americans drive diesel cars, most large trucks use it. And almost all goods sold in the United States at one time are transported by truck.

The transport industry itself has been facing challenges for years, mainly due to a shortage of drivers. Higher fuel costs will be passed on by transport companies in the form of fuel charges. So all companies will have to pay higher transportation costs. With inflation already high, they are likely to pass on these costs to consumers.
“Household and business inflation expectations have reached very high levels and could rise further if the Russian invasion of Ukraine leads to soaring energy prices or disrupts supply chains,” Goldman Sachs wrote in a note Monday. higher and more stable inflation than before. forecast.

Goods

Although the Russian economy is focused on its energy exports, they are not the only Russian products the West uses. The United States bought about $ 25 billion worth of goods from Russia last year, not including $ 4.8 billion in crude oil. This may sound like a lot, but oil-free purchases account for just over half of what U.S. customers bought from little Thailand last year.

Goods such as wheat and timber are Russia’s main exports, and these prices have also risen on world commodity markets. Russia is also a major exporter of such important metals as aluminum, palladium, nickel and titanium. Palladium is used in cars, cell phones and even dental fillings. Nickel is used to make steel and electric car batteries. Titanium is crucial for aerospace products, including commercial aircraft.

Uncertainty over the supply of these products and rising commodity prices could create “additional disruptions in global supply chains that are already suffering from the pandemic and semiconductor shortages,” Carsten Brzeski, the global chief of staff, said in a note Monday. macroeconomics. for ING Research. This can also lead to higher prices, as the shortage of computer chips is a major factor in the prices of new and used cars reaching record levels.

“Globally, soaring commodity prices will exacerbate existing inflationary pressures,” Brzeski said.

Fed

Still, the war could force the US Federal Reserve and other central banks to effectively withdraw their efforts to curb inflation through higher interest rates. Uncertainty about the overall economic impact may make regulators even more cautious.

Federal Reserve Governor Christopher Waller said in a speech last Thursday that based on the latest economic data, “strong arguments can be made” for a half percentage point increase in March, the first since 2000 that the Fed raised interest with so much per meeting. But he then warned: “Of course, the state of the world may be different after the attack in Ukraine, and this may mean that a more modest tightening is appropriate.” Waller added that the right decision is now more uncertain.

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Hollywood stops filming in Russia because of the invasion of Ukraine News about the crisis between Russia and Ukraine

Warner Bros. stopped launching Batman in Russia just days before it opened in theaters there as Hollywood moved to suspend plans to expand in the country following Moscow’s invasion of Ukraine.

Warner Bros., Walt Disney Co. and Sony Pictures said Monday they would “pause” the release of their films in Russia. Each studio has significant upcoming releases that were set to debut internationally in the coming weeks.

Batman, one of the most anticipated films of the year, launches on Friday in North America and many overseas territories, including Russia.

“In light of the humanitarian crisis in Ukraine, WarnerMedia has suspended the release of its feature film Batman in Russia,” a studio spokesman said in a statement.

“We will continue to monitor the situation as it develops. We hope for a speedy and peaceful resolution of this tragedy. “

The move by Warner Bros. closely followed a similar decision Monday by Walt Disney Co.

The studio planned to open the Pixar Turning Red film in Russia on March 10. This movie goes straight to Disney + in the US.

Warner Bros. was expected before Disney was announced. to continue with the Russian version of The Batman.

“Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are suspending the release of theatrical films in Russia, including Pixar’s forthcoming Turning Red,” a Disney spokesman said in a statement.

“We will make future business decisions based on the evolving situation. In the meantime, given the scale of the emerging refugee crisis, we are working with our NGO partners to provide emergency and other humanitarian assistance to refugees.

Late Monday, Hollywood shifted to confused plans in Russia as global pressure intensified to sever business ties with the country over the war in Ukraine. Western economic sanctions led to a sharp fall in the Russian ruble on Monday as many nations took steps to block Russian banks.

On Saturday, the Ukrainian Film Academy called for an international boycott of the Russian film industry.

The Film Association (MPA) said Monday that it “stands by the international community to uphold the rule of law and condemn the Russian invasion of Ukraine.”

“On behalf of our member companies, which run the film, television and streaming industries, we express our strongest support for the vibrant creative community of Ukraine, which, like all people, deserves to live and work in peace,” the statement said. MPA statement.

Russia is not the leading market for Hollywood, but the country usually ranks in the top dozen countries in the world in terms of box office.

Sony Spider-Man’s recent hit: No Way Home, which grossed $ 1.85 billion in worldwide ticket sales, grossed $ 46.7 million in Russia.

Sony’s latest release, Tom Holland adventure Uncharted, has grossed about $ 20 million in Russia in the last two weeks.

After Disney and Warner Bros. made their announcements, Sony followed suit.

“Given the ongoing hostilities in Ukraine and the resulting uncertainty and humanitarian crisis unfolding in the region, we will pause our planned theatrical performances in Russia, including the forthcoming edition of Morbius,” Sony said in a statement. of Spider- The opening of the men’s spinoff in early April.

“Our thoughts and prayers are with all those who have been affected, and we hope that this crisis will be resolved quickly.

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Cowboy legend Troy Aikman has almost confirmed his move from Fox to ESPN

Troy Aikman spoke as an analyst who will work for a new corporation next season, but failed to receive public confirmation. So let’s approach this from another angle.

Will we see him share beef breast and potato salad with colleagues at Fox’s next picnic?

“Well,” Aikman said with a sly smile, “if I’m invited as a guest, so can you.”

It looks like Fox will have to find another lead analyst for its NFL broadcasts. After more than two decades in this position, Aikman is ready to leave the network to fulfill this role in ESPN.

“I have a pretty good idea of ​​what will happen to me,” said the former Cowboys quarterback. “There is still a lot of dust that needs to be settled and all this is waiting to happen before final announcements are made.

“But yes, it was an interesting journey. Twenty-one years with Fox, a great 21 years.

“Whatever happens in the end, when everything is said and done, still being a leading analyst for the next five years, is something I’m really proud of because there are a lot of guys coming out of the game,” he continued. . “I think there are a lot of networks that are always looking for the latest and shiny toy. So I’m proud of the way I’ve prepared, the way I’ve worked and the way my work is perceived. “

Reports indicate that Aikman will move to ESPN for a five-year, $ 90 million contract. That’s an average of $ 18 million a year.

His best contract as a player has never averaged more than $ 9.5 million.

“When I retired, I didn’t really know what my future was,” Aikman said. “I knew I would be broadcasting for a year or two and I would know what I wanted to do with myself.

“And now, here, 21 years later, to be in this situation and the salaries to get to where they came from was quite incredible. We had people on the referee’s side, for example, who left the league’s office because they could make more money on TV than they could do with the league.

“Everything looks a little backward, but I’m not complaining about that.”

Former Dallas Cowboys defenders Roger Staubach (left) and Troy Aikman congratulate the model ...
Former Dallas Cowboys quarterbacks Roger Staubach (left) and Troy Aikman congratulate model Christopher Villarreal (center) on the launch event for the Children’s Cancer Fund’s NorthPark Center in Dallas, February 28, 2022. Executive Director of the Children’s Cancer Foundation Jennifer Arthur (right) and 2022 Gala Chair Amanda Dillard Schufeld were also available during the presentation.(Tom Fox / full-time photographer)

Aikman made his comments Monday afternoon at the NorthPark Center, where he and Cowboys legend Roger Staubach attended as honorary co-chairs of the Children’s Cancer Foundation’s 2022 Gala Concert in April. Before the press conference, Candice Crawford Romo passed by the event.

Her husband Tony’s huge contract with CBS shocked the industry and probably laid the groundwork for Aikman’s departure.

Speculation is now focused on who will be paired with Aikman on ESPN. His Fox partner, Joe Buck, has one year left on his contract. But Aikman spoke of their close friendship Monday and hinted that what they provide as a team could be underestimated.

“You know, I think something else can probably be said, and I think it might happen at the right time,” Aikman said. “It simply came to our notice then. But he was a fantastic partner.

“I think he’s the best in the business and there’s nothing I want more than to keep working with him.”

The official announcement will come soon. Just one more question.

What does ESPN serve at its corporate picnic?

“There’s been a lot of talk about what’s going to happen to me, and most of it is pretty accurate,” Aikman said. “But I still can’t make a final statement.”

Troy Aikman addresses students during a mood rally at Henrietta High School on Friday, October ...
Quarterback from the Hall of Fame Troy Aikman shot at his home on Thursday, September 2, 2021, in ...

Find more Cowboys coverage from The Dallas Morning News here.

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As infrastructure cash flows, Mitch Landrieu must navigate partisan divisions

WASHINGTON. In a rare official news conference in January, President Biden hailed the $1 trillion infrastructure package recently approved by Democrats and Republicans, promising that miles of roads would be restored, railroads and bridges would be upgraded, and America’s public transportation system would become a source of international envy.

On the same day, 16 Republican governors sent a letter to Mr. Biden highlighting the major challenge he faces in making his legislative ambitions a reality.

Governors have countered the federal government’s efforts, outlined in the memo, to encourage states to use funds to repair roads instead of widening them, which the Biden administration says will exacerbate vehicle emissions. The letter calls on the administration to refrain from using the law to advance its “social agenda” which they say would hinder their own goals for the package, and to give them “maximum regulatory flexibility” in spending the funds.

Mr. Biden is expected to push the bill and commit to repair 65,000 miles of roads and 1,500 bridges in his address to Congress on Tuesday. Over the past few weeks, he has been traveling the country to sell a package that is at the center of his broader program to cut emissions, promote racial equality, create jobs and help low-income families. But much of his success depends on state leaders deciding how to use most of the funds, and who may not always share the president’s goals.

At the center of this tension is Mitch Landrieu, the former mayor of New Orleans who helped rebuild the city after Hurricane Katrina. As Mr. Biden’s infrastructure czar, Mr. Landrieu is responsible for ensuring that a key item on the president’s agenda is carried out according to its terms.

He has been outreach to state and local leaders trying to make Mr. Biden’s vision a reality, talking to nearly every governor and more than 55 mayors and traveling the country to promote the law. On February 16, Mr. Landrieu met with a bipartisan group of senators to discuss funding targets.

Some state leaders have said their priorities align well with those of the federal government, such as repairing existing roads, repairing old bridges, and expanding Amtrak’s services.

“Generally speaking, the purpose of the bill and our purpose are the same,” said Connecticut Gov. Ned Lamont, a Democrat. “We are talking about the renewal of ancient infrastructure, which is the key to economic development. It’s about justice and equality.”

But others, accepting the money, were bristled by the federal government’s attempts to channel it into spending.

Nebraska Gov. Pete Ricketts, who signed the Jan. 19 letter, said states, especially those outside the East Coast, needed space to achieve their own priorities, such as building new highways. He also said expanding Amtrak’s service, a key goal of the Biden administration, was “not very helpful” in Nebraska given its less dense population.

In November, Mr. Landrieux called Mr. Ricketts to discuss how the two sides could coordinate their efforts. While the governor said he appreciates the call, he is not optimistic that the Biden administration will give states the flexibility they need.

“Outreach doesn’t matter if you’re going to restrict us,” Mr. Ricketts said.

Republican lawmakers, some of whom voted in favor of the legislation along with Democrats, sided with the states. Senators Mitch McConnell of Kentucky and Shelley Moore Capito of West Virginia wrote their own letter to governors urging them to ignore the administration’s memo, which they say is “no legal force.” On February 18, Mr. McConnell, Ms. Capito, and 27 other Republican senators sent a letter to Transportation Secretary Pete Buttigieg criticizing the memorandum.

Mr. Landrieu told The New York Times he was not surprised by the governors’ letter. “There will always be conflict in this zone,” he said of tensions between the federal government and the states.

Resolving this conflict will be a delicate balancing act. He acknowledged that governors “make the final decision” and that some communities, such as those with fewer roads and bridges to repair, will need more flexibility.

“In those cases, it makes sense for them to do so. Not in other states.” said Mr. Landrieu. “There has to be flexibility, and we recognize that.”

But he has made it clear that the Biden administration will continue to try to influence the types of projects that funds are directed to, including through the issuance of federal guidelines and recommendations.

“The federal government has the power to set what they call guidelines, rules and regulations,” Mr. Landrieux said.

So far, some states have shown a willingness to ignore and challenge these rules.

Gov. Doug Ducey of Arizona, a Republican whose state recently sued the Biden administration over stimulus reimbursement efforts, said his office isn’t afraid to fight back if it thinks federal guidelines are too excessive. Mr. Ducey said expanding highways was one of his top priorities in the rapidly growing state.

“We don’t need further guidance from the federal government,” he said.

Most of the money has yet to come in, with only about $100 billion allocated to state and local governments, with the bulk of the funding expected to be made available over the next two to three years.

This creates another problem for Mr. Landrieu. It could be years before many of these projects are completed, making it harder for Mr. Biden to highlight the impact of the law in the midterms and ahead of his re-election campaign.

Mr. Landrieu said he faced a similar dilemma during his tenure, pointing to the construction of a new terminal for Louis Armstrong International Airport in New Orleans. This $1 billion project he promoted and secured funding was completed after his tenure, although he was not re-elected. Mr. Landrieu said Mr. Biden will continue to push the package forward, but he doesn’t think the president should stand next to completed projects for Americans to understand his contribution.

“Getting a loan is not really that important. I mean what you are doing here will hopefully continue for generations,” said Mr. Landrieu. “So we want to go fast, but we want to do it right.”

“I have nothing to offer the African American community about their experience,” Mr. Landrieux said. “I can offer my opinion on being a white man from the South, raised in one of the most difficult racial times, and how white people here are having a hard time tackling the issue of race in a way that allows us to acknowledge our past.”

He was described by his allies as a detail-oriented and efficient leader who knew how to cut through the federal bureaucracy. He developed a reputation for turning New Orleans around after being run by C. Ray Nagin, who was later jailed for bribery and fraud. But he has faced a controversial reputation in some of his infrastructure work, including running the city’s sewer and water board. He was also known to be an aggressive leader who insisted on his decisions, a style that annoyed some of his critics.

Brief overview of the infrastructure bill

Map 1 of 5

Transport. The proposal calls for tens of billions of dollars in new federal spending on roads, bridges and transportation programs. Amtrak will see its biggest injection of money since its inception, with funds allocated to programs designed to ensure safe commuting for pedestrians.

Climate. Funding will be provided to better prepare the country for global warming. The Forest Service will receive billions of dollars to reduce the effects of forest fires. The bill includes $73 billion to upgrade the national power grid so it can transmit renewable energy.

Resources for low-income communities. A new $2 billion grant program is expected to expand transportation projects in rural areas. The bill will also increase support for Native American communities by allocating $216 million to the Bureau of Indian Affairs for climate change adaptation efforts.

Some said that Mr. Landrieu’s experience in running New Orleans had prepared him for his current job. The city, with its potholed streets, century-old chimneys and constant flooding, embodies some of the nation’s worst infrastructure deficiencies.

.

Cedric Richmond, one of Mr. Biden’s closest advisers and a former congressman who has represented most of New Orleans for a decade, said Mr. Landrieu has a track record of making difficult decisions to “get things done,” pointing to a new airport terminal.

Paul Rainwater, acting chief executive of the Sewer and Water Board, said Mr Landrieu “wouldn’t just answer.”

“He wants to know how and why,” Mr. Rainwater said.

Rainwater was in charge of changing the Sewer and Water Board after a severe thunderstorm destroyed the city’s pumping and drainage network, flooding hundreds of cars and homes. After the 2017 flood, Mr. Landrieu demanded the resignation of some of the agency’s officials, who initially claimed the system was working properly.

The situation drew criticism from people like Aaron Mishler, president of the New Orleans Firefighters Association, who said Mr. Landrieu had failed to improve the agency and oversee its leadership in his eight years in office.

“These questions still remain,” he said.

Some of those who worked with Mr. Landrieu described him as an aggressive leader. Rosalind Cooke, co-chair of the New Orleans League of Women Voters, said the group met with Mr. Landrieu during his second term as mayor to discuss moving the upcoming early winter election to fall, when voters would be less distracted. for holidays and sporting events.

According to Ms. Cook, Mr. Landrieu strongly objected to the proposal, which could shorten his tenure, and said the change should wait.

“If he had conflicting views, behind closed doors he was more of a bully,” said Ms Cook, a professor of political science at Tulane University. A change was later made, but the inauguration date was not changed, resulting in a longer transition.

Others said Mr. Landrieux’s strong personality was his advantage.

“Sometimes people aren’t always thrilled about a leader acting as decisively as Mitch was required to over time,” said Walt Leger, a former Louisiana state representative. “But I’ve never seen it lead to negative consequences for the community.”

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Toyota closes plants in Japan one day after the supplier’s computer virus

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Japanese factories account for approximately one-third of Toyota’s annual production. Toyota plant in Japan.


photo:

Joe White / Reuters

TOKYO – Toyota Motor Corp.

TM -1.31%

closed all 14 of its factories in Japan on Tuesday after a vendor suffered a computer virus attack, but the company said the factories would reopen on Wednesday.

The supplier Kojima Industries Corp. said he had problems with the server on Saturday night and found a virus and threatening message after restarting the server. After battling the problem over the weekend, Kojima said he came to the conclusion on Monday that he could not put his systems in place to work properly with customers on Tuesday.

Toyota TM -1.31%

said the problem at Kojima, a supplier of plastic parts for car interiors, has led to a one-day shutdown on Tuesday of all its factories in Japan. On Tuesday morning, he said production would resume on Wednesday morning.

“We deeply apologize for causing great concern to our customers,” Kojima said in a written statement.

Shutdown is the latest problem affecting Toyota’s production. The global shortage of semiconductors has forced factories to operate at full capacity for much of the past year.

The company said in February that it expects global production of Toyota and Lexus to total 8.5 million vehicles in the year ending March 2022, compared to a November forecast of nine million.

Japanese factories produce approximately one-third of Toyota’s annual production.

The Covid pandemic has strained global supply chains, causing backlogs, which have increased costs. Some companies are now looking for long-term solutions to prepare for future supply chain crises, even if these strategies cost a fortune. Photo illustration: Jacob Reynolds

Write to Sean McLain at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appears in the March 1, 2022 print edition as “Bad Supplier to Close Toyota Factories.”

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Primary day in Texas will offer previews of upcoming mid-term battles

Yet Mr. Trump-backed Mr. Abbott was booed at a Trump rally north of Houston in January, winning the crowd’s confidence only by mentioning the president’s name more than two dozen times in his six-minute speech.

“I think Greg Abbott has been around long enough,” said Anita Brown, 62, who attended a recent right-wing candidate rally in The Woodlands, a suburban enclave north of Houston. “I just wish I had someone new.”

In Texas, Mr. Trump suffered one of his rare primary losses last year in the race for the House of Representatives, and while he has issued a range of endorsements, from governor to Tarrant County District Attorney, he has mostly supported incumbents and clear favorites.

More serious tests of his influence loomed later in the spring and summer, in the Senate elections in North Carolina and Alabama, and in the gubernatorial elections in Georgia. In this race in Georgia, Trump hired David Purdue, a former senator and governor, to try to unseat Gov. Brian Kemp, a Republican who refused to bow to Trump’s efforts to cancel the 2020 election.

In Texas, Mr. Paxton, a regular on Fox News, enjoys Mr. Trump’s backing but remains vulnerable due to his legal woes: in addition to allegations of corruption by his aides, the Texas Attorney General has been indicted for securities fraud since 2015 .

His rivals represent various Republican centers of power fighting for the future of the party.

There is George P. Bush, Jeb Bush’s son and statewide official who has positioned himself as the most elected conservative in the race, and Eva Guzman, a former state Supreme Court Justice who has the backing of some traditional business interests. are influential players in Republican politics.

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Switzerland is renouncing neutrality to sanction Russia and Putin

The Swiss government will accept EU sanctions imposed after the invasion of Ukraine and will immediately freeze all assets belonging to Russian President Vladimir Putin, Prime Minister Mikhail Mishustin and Foreign Minister Sergei Lavrov, a statement said Monday.
“We are in an emergency situation,” President Ignacio Cassis told reporters on Monday, according to Reuters.

The country will close its airspace to flights from Russia and impose entry bans on a number of individuals linked to Switzerland and close to the Russian president, the government said.

“Russia’s unprecedented military attack on a sovereign European state was a decisive factor in the Federal Council’s decision to change its previous position on sanctions,” it added.

In response, Russia’s air transport agency announced on Tuesday that it had closed its airspace to Switzerland.

Switzerland has faced growing pressure to join other Western powers and impose sanctions on Russia.

European Commission spokesman Peter Stano said last week that the bloc expects Switzerland “to follow suit in defending the principles on which our communities and countries are based”.

Switzerland has long sought to maintain neutrality, and the Alpine country has hosted numerous peace talks and talks between geopolitical opponents. In addition, there is a banking industry that serves many of the richest people in the world.

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