Charlotte Street Partners

DAILY BRIEFING

DAILY BRIEFING

Today, let’s stand with the women of Ukraine

Written by Kyle Macintyre, senior client manager
Edited by David Gaffney, senior partner
8 March 2022

Good morning,

It’s International Women’s Day. A day to celebrate the social, economic, cultural and political achievements of women. And there is so much to celebrate.

Across the media today you’ll find loads of inspirational stories highlighting fantastic women and their achievements. You will also find examples of the work that still needs to be done, both at home and abroad, to achieve true equality for women.

Sadly, on this year’s IWD the most prominent news of all are the tragic accounts of lives being upturned and lost in Ukraine.

I deliberated about what to write today. This is an important day, recognised globally, to champion women and I don’t want to detract from that. But today my thoughts are with the women of Ukraine, and all those caught up in conflicts elsewhere.

Yesterday, idly scrolling through twitter between meetings, I came across a photograph that will stay with me forever.

A mother and her two children, lying dead on the ground, blood streaming from the mother’s head. I later learned they had been caught up in the shelling of evacuees just outside Kyiv, in the town of Irpin. It appeared to be a deliberate shelling by Russian forces on their escape route.

As of yesterday, the UN has recorded 1,207 civilian casualties in Ukraine since Russia invaded: 406 killed and 801 injured. It believes the true figure to be considerably higher. Each one of these are innocent victims of a war that we must not become desensitised to. They are mothers, fathers, grandparents, sons, and daughters.

Russia is considered one of the birthplaces of Women’s Day. On the last Sunday of February in 1917, Russian women began a strike for “bread and peace” in response to the death of more than two million Russian soldiers in the first world war.

Opposed by political leaders, the women continued to strike until, four days later, the Czar was forced to abdicate and the provisional government granted women the right to vote. Anyone taking to the streets of Russia to voice their dissent today understands the risks, as Vladimir Putin’s regime cracks down on any form of anti-war protest. With state censorship, many in Russia may have little idea of the true impact of this conflict on their neighbours in Ukraine.

War is a human tragedy that scars individuals for life and families for generations.  We stand with the women of Ukraine today, but our support for them must endure long after this war has ended, and we can only hope that is soon.

News

The UK foreign secretary, Liz Truss, admitted that Britain had been “slower” than the EU and US to impose sanctions on Russian oligarchs with links to Vladimir Putin, blaming the House of Lords for making relevant legislation more “onerous” after Brexit.

Ukrainian President Volodymyr Zelensky will address British MPs today via video link, the speaker of the House of Commons has announced. Sir Lindsay Hoyle said he was pleased to grant Zelensky’s “historic” request, with the address due to take place at 5.00pm.

After intensive talks between Tehran and world powers in Vienna aimed at reviving the Iran nuclear deal, all parties involved in the negotiations have said an agreement was close. However, Enrique Mora of the European Union, who has been coordinating the talks, said political decisions must be taken within days to reach a conclusion.

Business and economy

Russia’s invasion of Ukraine has prompted an exodus of western companies from the country. Those companies that remain in Russia are finding themselves in a tricky position. McDonald’s and Coca-Cola are among those now under pressure to withdraw Russian operations, after the likes of Netflix and Levi’s suspended sales and operations in the country.  (£)

The European Commission is mapping out a path to end the bloc’s reliance on Russian gas that could see import needs cut by almost 80% this year. The EU imported 155 billion cubic metres of natural gas from Russia last year, almost half of its as imports and nearly 40% of the total amount used, according to the International Energy Agency. (£)

The cost of natural gas has smashed past UK records while Brent crude oil has surged to its highest level since 2008 after the US said a boycott of Russian energy imports was being considered.

Columns of note

William Hague writes in The Times claiming President Xi of China is the only person in the world who has the power to end the bloodshed in Ukraine. He says that while Xi has called Putin to “encourage negotiations”, China’s foreign minister has reiterated the “rock solid” nature of the country’s friendship with Russia. (£)

Bars in office buildings: a reason to return to the office, or one to never leave? Fast Company’s Nate Berg looks at one architecture firm in the US that’s bringing drinking holes directly into the workplace.

Markets

What happened yesterday?

London had pared some earlier losses but markets were still weaker by the close on Monday, as oil prices surged amid the ongoing Russia-Ukraine war.

The FTSE 100 ended the session down 0.4% at 6,959.48, and the FTSE 250 was 1.12% weaker at 19,169.78.

Sterling was in the red as well, last trading down 0.85% on the dollar at $1.31, and losing 0.31% against the euro to €1.21.

In company news:

Travel-related shares slid, with BA and Iberia owner IAG down 5.86%, Wizz Air falling 6.62%, TUI dropping 6.76%, and easyJet 7.53% weaker.

Oxford Instruments dropped 22.81% after Spectris pulled its £1.7bn bid for the company, citing global market uncertainties caused by the “deplorable” events in Ukraine after the Russian invasion.

Russian steelmaker Evraz jumped 28.33%, Anglo-Russian precious metals miner Polymetal International gained 1.86%, and gold miner Petropavlovsk was ahead 32.98%, after all three tumbled in recent days.

Earlier, the London Stock Exchange said it had cancelled all Polymetal trades executed between 0841 and 0902 GMT, after a 700% spike in the share price.

Defence company BAE Systems gained 7.11%, while oil giants Shell and BP jumped 8.05% and 3.83% higher, respectively, amid the surging oil price environment.

Shipping services company Clarkson gained 7.54% after it posted “record” results for 2021 following a particularly strong performance in the broking and financial segments.

What’s happening today?

AGM
Schroder Eur.r
Caretech Hldg
Driver Grp
Redx Pharma

Final Results
Capital & Regional
M&G Plc
Greggs
Bakkavor
Cairn Energy
Gresham
H&t Group Plc
Midwich Grp
Robert Walters
Keller
Made.com
Wood Group (J)
Bango
ConvaTec
Dominos
Fresnillo
Glenveagh
Engage Xr
Direct Line
Johnson Service

Interim Dividend Payment Date
GCP Infrastructure Investments
Aberforth Spli.

Q3 Results
Ashtead Group

International Economic Announcements
(07:00) Current Account (GER)
(07:00) Industrial Production (GER)
(07:00) Balance of Trade (GER)
(15:00) Wholesales Inventories (US)
(10:00) Gross Domestic Product (EU)
(07:00) Factory Orders (GER)

UK Economic Announcements
(07:00) Halifax House Price Index

Source: Financial Times

did you know

International Women’s Day has been celebrated for well over a century, with the first occurrence in 1911. (Source: International Women’s Day)

Parliamentary highlights

House of Commons

Oral Questions
Foreign, Commonwealth and Development Affairs (including Topical Questions)
 
Ten Minute Rule Motion
Institutes of Technology (Royal Charter)
 
Opposition Day Debate
Subject to be announced
 
Adjournment
Proposals for an energy from waste plant in Consett, County Durham
 
Westminster Hall debates
Reports of misogyny and sexual harassment in the Metropolitan Police
Paid miscarriage leave
UK competition and consumer policy in response to the Penrose review
Carnforth’s bid to become the headquarters for Great British Railways
Government support for breastfeeding

House of Lords 

Oral Questions
Action plan in respect of prisoners serving indefinite sentences for public protection
Political situation in Zimbabwe, in particular the ability of political parties to campaign freely in forthcoming by-elections
Adequacy of the funding available for Bus Improvement Plans
Allowing a greater number of Ukrainians who do not have family in the UK to come to this country and assessment of the number of UK citizens willing to offer rent-free accommodation to refugees from Ukraine
 
Legislation
Nationality and Borders Bill – report stage (day 3)

Scottish parliament 

Time for reflection
 
Parliamentary Bureau Motions
 
Topical Questions
 
Scottish Government Debate
International Women’s Day 2022
 
Committee Announcements
 
Business Motions
 
Parliamentary Bureau Motions
 
Members’ Business Debate
S6M-03226 Pam Gosal: Scottish Apprenticeship Week 2022

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