Herald section
The latest business reporting from The Belfast Herald.
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.
The European Commission, France, Germany, Italy, the UK, Canada, and the US have agreed to remove selected Russian banks from the SWIFT international payments system. The move aims to isolate Russia from global financial networks.
Brent Crude oil reaches its highest price since its 2014 peak, at $99 per barrel, amid rising tensions between Russia and Ukraine.
The US$66 billion acquisition of Arm by Nvidia is terminated due to regulatory objections from the US, EU, UK, and China. Arm will pursue an initial public offering before March 2023.
Culture Secretary Nadine Dorries announces that the United Kingdom's state broadcaster BBC will be reformed, with the television licence fee being abolished in 2027. Funding of the BBC will also be frozen for the next two years.
Gas prices in the United Kingdom and European Union rose by 17% following Germany's suspension of approval for the Nord Stream 2 pipeline. The German energy regulator stated the pipeline's operating company must comply with German law before certification.