Herald section
The latest business reporting from The Belfast Herald.
The Gambling Commission has selected Allwyn Entertainment Ltd as the new operator of the National Lottery, ending Camelot Group's tenure since 1994. The decision follows a competitive process that attracted the highest number of applications since the lottery's launch.
Stock prices rose in the United States and other global markets following Russian President Vladimir Putin's statement on progress in negotiations with Ukraine. The DOW increased by 300 points after the announcement.
Goldman Sachs announced it is winding down its business in Russia, becoming the first major U.S. bank to exit the country after the invasion of Ukraine, in compliance with regulatory and licensing requirements.
China has sent a first shipment of emergency aid to Ukraine, including food and necessities, following a request from Kyiv. The donation was announced by the Chinese Foreign Ministry and dispatched via the Red Cross Society of China.
The Biden administration bans Russian oil, gas, and coal imports to the U.S. The U.K. announces a phase-out of Russian oil by end of 2022, citing lower dependency and economic resilience.
The London Metal Exchange suspended nickel trading after prices surged past $100,000 per tonne, more than doubling in one day. The exchange cancelled all trades and deferred physical deliveries due to extreme volatility.
Palladium prices surged to $3,440.76 an ounce on 7 March 2022, exceeding 2021's record, as sanctions on Russia disrupted shipments of the metal. The rise followed a 80% increase in value since the start of the year.
The United Kingdom, United States, European Union, Canada and Japan have frozen assets of the Russian Central Bank and Russian National Wealth Fund under their jurisdiction, restricting access to over a third of Russia's $630 billion in foreign exchange reserves.