Money

While the world is watching Ukraine, there is another former Soviet republic that has quietly undergone regime change. Turkmenistan’s 65-year-old former president, known, in the manner of a comic book superhero, as ‘The Protector’, stepped down in February. With Gurbanguly Berdymukhamedov’s departure, the Mejlis Assembly duly called for elections on 12 March. As regime changes go this one was hardly revolutionary. The Protector’s son, having just turned 40 (the minimum age at which a candidate can stand for the presidency) won the election at a canter. The only surprise was that Serdar, ‘The Son of the Nation’, won just 73 per cent of the vote compared to his father’s 97 per cent winning

Are you ready to take cold showers to do your bit for the war effort? Protestors in Berlin have been holding up placards suggesting they’d sooner do so than use Russia’s gas. Boris Johnson has called on the British public to make similar sacrifices, solemnly telling us that we need to drop cheap Russian energy and ‘accept that such a move will be painful’. The government will spend billions to help ease that pain, he says, but ‘none of us can afford to carry on like this for long’. On the surface, it sounds like the start of an honest conversation: telling voters that the cost of living squeeze we’re

With rumours swirling that the Ministry of Defence will see its budget boosted in next week’s spring statement it’s hard not to wonder: was Donald Trump right? The former President repeatedly criticised Nato members in Europe for not contributing enough to support the alliance, relying instead on the US to shoulder the burden. And while the UK has met the Nato commitment to spend 2 per cent of its GDP on defence, we’ve seen a massive decrease in our defence budget over the last half century. As war returns to Europe, a consensus view has emerged – that the UK grew complacent when it came to security. We recoiled at

Remember Neets, the mainly-young people who are ‘not in employment, education or training’? A decade ago they were seen as a group which had grown at alarming speed during the economic crisis on 2008/09. Many older people, by contrast, were continuing to work for longer, possibly as a result of their pensions having diminished in value. Following Covid, however, the profile of the working population has changed sharply again. Your typical Neet now is not a school-leaver who has failed to find anything useful to do with their lives – it is a professional aged 50-70 who has decided to throw in the towel prematurely. The number of people counted

Nato countries are being careful not to do anything that Russia could claim is an act of war. Just look at the reluctance from the US to provide Ukraine with Polish fighter jets. Yet Britain and other Nato members are involved in a huge effort to break Vladimir Putin’s war machine through supplying Ukraine with weapons and imposing financial pressure on Moscow. Russia, a G20 country, has been severed from the world economy. It has now surpassed Iran as the most sanctioned country on Earth and it is beginning to occupy a similar economic position. The speed with which Russia has been hit by these economic measures has been a

Many people around the world were glued to their screens in horror on 4 March, as they watched Russian shells raining down on Ukrainian cities. On a trading floor in central London, the oil traders at Shell were also glued to their screens – but watching the price of Russian oil. It was becoming a lot cheaper than normal (Brent) oil, due to the understandable reluctance to support Putin. But then again, everyone has their price. The Shell traders watched, and waited, as every minute the price was lowered further– to a $23 a barrel discount, then a $24 discount, then a $25 discount. Finally, at around 4 p.m., the

Am I the only one wondering how long it’ll be before the organisers of International Women’s Day are forced to rename their campaign? How, depending on what they mean by ‘women’, it’ll need to be called ‘International People-with-a-cervix Day’ or ‘International People-who-identify-as-a-woman Day?’ Quite what the founders – a group of American workers who back in 1909 demanded shorter hours, better pay and voting rights – would make of the word ‘woman’ being gradually pushed out of the lexicon as a meaningful term we will never know. But on a better note, they would surely be overawed by the progress made in the past 113 years. Women account for over

Russia is now as closed off to the world as the Soviet Union was before Mikhail Gorbachev made his first tentative steps towards glasnost more than 40 years ago. Pretty much all the progress that post-Soviet Russia had made towards becoming a ‘normal’ country has been reversed within the space of two weeks. Vladimir Putin’s presumed legacy – of stability, predictability and hugely improved living standards for the vast majority of Russians – is vanishing before their eyes. In recent days, Netflix and TikTok have joined what had already become a mass western boycott of Russia. American Express followed Barclaycard and Mastercard in leaving the Russian market. Western supermarkets, including Sainsbury’s, are pulling out;

How quickly can a G20 economy collapse? That question has come to the fore this week, as the world has united in targeting Russia’s economy while Vladimir Putin continues his illegal invasion into Ukraine. So far, the rouble is down more than 30 per cent on where it was pre-crisis, at an all-time low against the dollar. Russia’s central bank has upped interest rates to 20 per cent to stop a currency collapse. Its stock market is still closed, and is expected to remain so until mid-next week at the earliest – a record shutdown in the country’s history. BP has walked away from its 20 per cent stake in

It is one thing for western companies, funds, investment trusts and others to promise to divest from Russian assets. But what if the Russian authorities won’t let you? The Moscow stock market has failed to open for a fifth day running. Prior to its closure, it had already plummeted by a third after the invasion of Ukraine. Russian investments traded on external markets have continued to plummet during the closure: JP Morgan Russian Securities, an investment trust traded on the London Stock Exchange, plunged by another 15 per cent this morning to 101 pence – just one-eighth of what it was trading at last autumn. Is that a bargain? ‘Buy