Fed set to hike rates for first time since 2018, markets rise on Ukraine hopes – business live | company

Here’s a recap of today’s other news.

Drinks maker Fever-Tree and the owner of restaurant chains Wagamama and Frankie & Benny’s have warned of dramatic increases in costs as prices for raw materials, gas and electricity soar and the war in Ukraine puts pressure on their businesses.

Fever-Tree has lowered its earnings guidance, blaming a “dramatic surge” in commodity prices following the Russian invasion of Ukraine. The company, which had forecast adjusted profit of £69m-72m this year, has downgraded its outlook to £63m-69m.

The Federal Reserve is expected to hike interest rates for the first time since 2018 as it struggles with rising US inflation, the fallout from the war in Ukraine and the ongoing coronavirus crisis.

The Fed has a dual mandate – to maximize employment and keep prices under control. The job market and broader economy have rebounded impressively from the pandemic lows, partly due to Fed rate cuts and a massive stimulus package, but prices are up 7.9% for the year through February — the highest rate of inflation in 40 years.

The Church of England is pressuring French energy giant TotalEnergies over its decision not to sever ties with Russia following Vladimir Putin’s invasion of Ukraine.

The church pension committee and the manager of its mutual fund said they would reconsider their involvement in the company.

At least 18 private jets or helicopters linked to Russia have been removed from the Isle of Man’s aircraft register as offshore authorities enforce sanctions imposed by the EU and the UK.

Three planes were removed in the last week, including a helicopter and private jets believed to ultimately belong to Roman Abramovich, Oleg Tinkov – an oligarch not subject to direct sanctions – and Dmitry Mazepin.

The UK could eliminate any need for Russian gas imports this year through a combination of energy efficiency, expanding renewable electricity generation and a campaign to help people change their behaviour, research has found.

Information campaigns have played a strong role in changing people’s behavior during the Covid-19 pandemic. Many people are unaware of the energy savings they could make by making small changes that don’t affect their comfort but can significantly reduce bills.

Russian oligarchs will no longer have access to toys such as cars, artwork and designer handbags sold by British companies after the government blocked hundreds of millions of pounds worth of exports.

Last year British companies sold a total of £2.6bn worth of goods.