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5 Things You Need To Know, Today, on Thursday 31st March 2022
5. Russia is allowing imports without a trademark owner's permission, in reaction to sanctions that have halted an array of Western products.
Prime Minister Mikhail Mishustin approved "parallel imports" as part of a fourth package of support for small and medium-sized businesses.
4. With hospitality businesses facing soaring costs, some are warning that a rise in VAT from Friday will force them to increase prices for customers.
"Everything's coming at once," says Clive Watson, chairman of the City Pub Group chain, which has 45 venues across England and Wales.
3. Germany and Austria have triggered emergency plans over possible gas supply disruption amid a payments stand-off with Russia.
Russia had demanded "unfriendly" countries pay for its gas in roubles from 31 March, but the EU, which mainly pays in euros, rejected the idea.
2. Oil prices dipped after reports that the US is set to take new steps to bring down high fuel costs.
The Biden administration is reportedly considering the release of up to 180m barrels of oil in the coming months from the Strategic Petroleum Reserve, it will be the largest-ever release since the reserve was created in 1974.
1. Confidence levels among British employers have fallen sharply because of the rise in inflation and the war in Ukraine, according to a survey which also showed more firms expected to increase their prices and staff pay.
The monthly survey by Lloyds Bank showed business confidence fell by 11 points to 33% this month, the biggest month-on-month drop since the start of the COVID-19 pandemic and returning to levels last seen in August 2021.