Good morning,
The Kremlin(£) is planning to nationalise the assets(£) of businesses that have objected to its invasion of Ukraine.
The move comes as more and more brands and firms are closing their Russian businesses(£).
Clothing retailer Uniqlo(£) is among them, having reversed its decision to keep its 50 Russian stores open. But some of the world’s biggest advertising firms(£) have been accused of being “craven” and having a “cynical attitude” as they continue to deal with Russia.
The measure is being seen as a tit-for-tat strike following sanctions made against Putin’s allies(£), most recently Roman Abramovich. The Chelsea FC(£) owner’s £500m central London(£) property portfolio(£) was frozen by the state yesterday, along with the assets of six other oligarchs.
No wonder wealthy Russians are turning their backs on the West and are flocking to Dubai(£).
In other news, shares in Savills rose by 3.8% yesterday to 1,183p, after the agency reported record results, with revenue of £2.15bn and pretax profit at £200m. That’s what happens when you “hold the nerve, hold the course”, chief executive Mark Ridley told EG.
The chief executive of Purplebricks, Vic Darvey(£), will leave his post at the end of this month for “personal reasons”. Darvey has seen the share price fall by 88% (£) since he took over three years ago.
Marks & Spencer has promoted joint chief operating officers Stuart Machin and Katie Bickerstaffe as co-chief executives, as boss Steve Rowe steps down after six years at the helm.
Meanwhile, John Lewis(£) has reported record sales of nearly $5bn(£), despite closing 16 department stores.
Funding Circle(£) has closed its peer-to-peer lending(£) business, putting the final nail into the coffin of the once-promising industry.
Blackstone(£) is taking 40,000 sq ft on the opposite side of Berkeley Square to its UK HQ.
And, as EG’s editor is pedalling her way through France to a smaller, more focused MIPIM…
The FT (£) catches up with what is happening with Evergrande.
And finally, The FT (£) also has “the latest chapter” in the story of WeWork founder Adam Neumann. Much of the messianic-messaging has been muted since his glory days, it reports, but Neumann is still keen to talk about his second coming – and why he is investing in residential property and surfing. “This chapter,” he says, “I would love it to be the truth.”
