FirstFT: G7 explores energy price caps

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G7 leaders yesterday denounced Russia’s “heinous attack” on a shopping mall in the central Ukrainian city as they sought new ways to contain soaring energy prices.

At a meeting in the Bavarian Alps, the leaders of the richest democracies declared attack on Amstor shopping centernear the center of Kremenchuk, may constitute a “war crime”.

According to rescuers, at least 18 people were killed in the attack, and dozens of civilians were injured. Ukrainian officials said about 1,000 people were inside the building at the time of the attack.

The Russian Defense Ministry announced today about a rocket attack on a weapons depot in the city and a subsequent explosion of ammunition. caused a fire in a nearby shopping center.

Hours before the attack, Ukrainian President Volodymyr Zelensky called on G7 leaders via video link to continue providing financial, humanitarian and military support to Ukraine “for as long as it takes.”

According to draft text seen by the Financial TimesToday, G7 leaders will consider the “feasibility” of imposing temporary price caps on energy imports, a reference to the US push to impose a ceiling on Russian oil prices on the last day of their summit.

The price cap move runs in parallel with a French proposal to increase global oil production, an idea that emerged as G7 leaders looked for ways to alleviate a looming energy crisis and relieve pressure on energy-importing economies.

French officials focused yesterday’s discussions on ways to contain prices by increasing oil production. In particular, France wants to explore ways to bring back to the market products from Venezuela and Iran, which are subject to US sanctions.

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1. Exclusive: ExxonMobil chief predicts further growth in oil markets Darren Woods predicted resurgence of investment in fossil fuels amid rising oil and gas prices. The chief executive of ExxonMobil, the largest Western oil and gas company, told the Financial Times that efforts to cut emissions by reducing production before taking up consumption have left the world scrambling to meet its energy needs.

2. Officials say 46 migrants are found dead in a tractor trailer in Texas. 46 people are considered migrants in the US were found dead in and around an abandoned tractor trailer. in San Antonio, Texas last night. Local authorities said 16 other people, including four children, were taken to hospital with signs of heatstroke and exhaustion.

Stress tests lead to higher capital requirements at three largest US banks JPMorgan Chase, Bank of America and Citigroup were face higher capital requirements by the Federal Reserve after central bank stress tests that tested the ability of creditors to weather a severe recession.

White House Considers Helping Women Cross State Lines to Get Abortions The Biden administration is looking for ways help women who need to cross state lines for abortions, including travel vouchers and childcare assistance, in response to draconian abortion bans in conservative US states.

5. Trump plans for Spac deal fail after subpoenas Donald Trump’s plans to take his media business public have failed after a federal grand jury. issued subpoenas to the blanche company which is about to merge with Trump Media and Technology Group.

The next day

NATO meeting Officials from 30 member countries gather for three days in Madrid as Spain celebrates its 40th anniversary of joining the transatlantic alliance. Speaking ahead of the summit, Turkish President Recep Tayyip Erdogan said that Ankara would block Finland and Sweden from joining NATO unless they made specific commitments to combat Kurdish militias. Follow the latest summit news on our live blog.

Sentencing Ghislaine Maxwell British socialite and ex-girlfriend of convicted sex offender Jeffrey Epstein will be sentenced in a federal court in Manhattan today. Maxwell was found guilty in December by a New York jury on five of the six counts brought against her. One of the five charges, criminal sex trafficking, carries a maximum penalty of 40 years in prison.

January 6 Committee meetings: House committee is investigating January 6, 2021 US Capitol attack will hold its sixth public hearing in Washington. The committee said last week that there would be no further hearings until July, but the committee added an additional hearing to present newly obtained evidence and take witness statements.

Covid-19 Vaccine Ordinance The U.S. Food and Drug Administration will meet today to discuss whether Covid-19 vaccines should be modified to include a variant of the Omicron strain before release in the fall.

Economic data The US Census Bureau will report the latest US trade deficit. The released 20-city Case-Shiller Composite Index, which is expected to rise 21% year-on-year in April, is expected to see consumer confidence weaken in June, according to a Refinitiv survey of economists.

US state primaries Primaries will be held in Colorado, Illinois, New York, Utah, Mississippi, South Carolina, Oklahoma and Nebraska today.

What else do we read

U.S. private jet spending soared U.S. corporate spending on private jets for the personal use of CEOs and chairmen reached its highest level in a decade last year as many businesses eased restrictions on their use due to the pandemic. Meta, the parent company of Facebook, was among the most wasteful.

Xi’s tainted relationship with the Chinese middle class After returning to grueling lockdowns, a new trend has emerged in China as part of President Xi Jinping’s anti-coronavirus policy: run Entangled in a web of unpredictable and chaotic lockdown rules, many Chinese are now dreaming of a permanent escape.

Revival of East Germany Once emblematic of an economic downturn, Germany’s former communist east has become home to Europe’s booming electric vehicle sector, turning the region into one of the continent’s hottest industrial properties. That’s how it happened.

Young people slip through the cracks of the economy The main reason for the decline in youth unemployment in recent decades is the sharp decline in the number of young mothers who are housewives. But there’s another hidden story: The proportion of inactive young people rose from 5 percent in 2000 to 9 percent last year. Sarah O’Connor goes deeper.

What is a good (and bad) way to quit your job? Too often, we fail to do a good job of finishing work. The consequences affect not only the person who leaves, but can also harm the remaining staff – and the company itself. Naomi Shragai, business psychotherapist and writer shares tips for friendly endings.

Obituary

Leonardo Del Vecchio, billionaire founder of the Italian eyewear company Luxottica, died at age 87. Growing up in an orphanage, Del Vecchio amassed a personal fortune of over 24 billion euros and became the second richest man in Italy.

Leonardo Del Vecchio

Leonardo Del Vecchio founded Luxottica at the age of 26 and amassed a personal fortune of over €24 billion © FT Commission

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