City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter T he Kremlin is poised to cut future spending plans by £24bn as Western sanctions against Russia bite. Defence, technology and transport budgets are all set to be trimmed, according to Russian media. More than 1.6 trillion roubles, or £24bn, has been slashed from the Russian state budget over the next three years as Moscow braces for a two-year recession. Spending will be 557bn roubles (£8.2bn) lower in 2023 than previously approved plans, with similar cuts pencilled in for the following two years. The budget tweaks are minor compared to the size of Moscow’s overall budget but the figures are one of the first signs of the fiscal blow being dealt by the conflict in Ukraine. The 2023 … [Read more...] about Kremlin slashes spending by £24bn as West’s sanctions batter Russia
How are western militaries adjusting to hybrid threats
What follows is NewsGuard's summary and translation of top news stories from Russia's state TV Channel One. NewsGuard presents these stories in the order that they appear on the program. Banner of Victory hoisted in Lysychansk in Lugansk People's Republic The Banner of Victory (the official symbol of the victory of the Soviet Red Army against Nazi Germany) has been placed over Lysychansk City Hall. It's a day that tens of thousands of residents, the entire Lugansk People's Republic and the entire Donbas have been waiting for. A red banner and the Russian flag also hang in the neighboring village of Belogorovka. This means that the ring around the Ukrainian army in the region has been closed. We just have to make sure that the territory inside is safe from the enemy. Vladimir Putin confirms there is no set time frame for special operation in Donbas It is important to understand that there is no set time frame for the special military operation in the Donbas. This was … [Read more...] about Russia hoists banner of victory over Lysychansk City Hall in Lugansk
Threats by North Korea's leader Kim Jong Un that his nuclear arsenal could be used in a preemptive strike against his enemies, made as he paraded the country's latest military hardware through the streets of capital Pyongyang, have set alarm bells ringing. The world can ill-afford another military confrontation at this time, say analysts. Thousands of troops marched through Kim Il Sung Square in a show of force on April 26, alongside armored vehicles and massive tractor-trailer vehicles transporting an array of missiles. Notably among them was a Hwasong-17 intercontinental ballistic missile (ICBM) . The North claims to have successfully tested this on March 24 in a launch that marked a reversal in halting tests of both ICBMs and nuclear warheads . Pyongyang claims the most advanced weapon in its armory can carry multiple warheads and has a range of more than 15,000 kilometers (9,300 miles), putting the entire continental US within striking distance. A shifting philosophy? … [Read more...] about Could North Korea ‘preemptively’ use nuclear weapons?