{"id":19160,"date":"2022-03-02T19:22:28","date_gmt":"2022-03-02T19:22:28","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/03\/02\/ukraine-updates-how-the-conflict-is-impacting-markets-and-the-economy\/"},"modified":"2022-03-02T19:22:28","modified_gmt":"2022-03-02T19:22:28","slug":"ukraine-updates-how-the-conflict-is-impacting-markets-and-the-economy","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/03\/02\/ukraine-updates-how-the-conflict-is-impacting-markets-and-the-economy\/","title":{"rendered":"Ukraine updates: How the conflict is impacting markets and the economy"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Check here for the latest news <\/p>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">The scene of a fire at the Economy Department building of Karazin Kharkiv National University, allegedly hit during recent shelling by Russia, on Wednesday.<\/span> <span class=\"credit\">Photo by SERGEY BOBOK\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Russia\u2019s invasion of Ukraine has sparked unprecedented economic and financial retaliation from western nations which are piling on sanctions in what France has called \u201call-out economic and financial war.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under extreme stress as central banks prepare to tighten.<\/p>\n<p>There is a lot going on out there so check here for the latest news on how the conflict is affecting markets, businesses and the economy.<\/p>\n<h2>1:46 p.m.<\/h2>\n<h3>Abramovich is selling Chelsea after almost 20 years in \u2018club\u2019s best interest\u2019<\/h3>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Chelsea's Russian owner Roman Abramovich applauds his team. Abramovich said Wednesday he has decided to sell Chelsea Football Club and promised to donate money from the sale to help victims of the war in Ukraine.\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/chelsea-0302.jpg?quality=90&strip=all&w=576 2x\" height=\"791\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Chelsea\u2019s Russian owner Roman Abramovich applauds his team. Abramovich said Wednesday he has decided to sell Chelsea Football Club and promised to donate money from the sale to help victims of the war in Ukraine.<\/span> <span class=\"credit\">Photo by BEN STANSALL\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<p>Russian businessman Roman Abramovich has decided to sell Chelsea Football Club, 19 years after buying the London side, and promised to donate money from the sale to help victims of the war in Ukraine.<\/p>\n<p>\u201cI have always taken decisions with the club\u2019s best interest at heart,\u201d Abramovich said in statement published by the reigning European and world soccer champions on their website.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cIn the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club\u2019s sponsors and partners.\u201d<\/p>\n<p>Abramovich said he would not ask for loans he has made to the club \u2014 reported to total 1.5 billion pounds (US$2.0 billion) \u2014 to be repaid to him and the sale would not be fast-tracked.<\/p>\n<p>He said he had told his aides to set up a charitable foundation which would receive all net proceeds from the sale.<\/p>\n<p>\u201cThe foundation will be for the benefit of all victims of the war in Ukraine,\u201d Abramovich said in the statement.<\/p>\n<p>\u201cThis includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><em>\u2014 Reuters<\/em><\/p>\n<h2>1:01 p.m.<\/h2>\n<h3>Russians pile into crypto because it\u2019s more stable than the ruble<\/h3>\n<p data-async=\"\">The surge of Russians buying cryptocurrencies amid a tumbling ruble has one analyst calling it a moment of crypto returning to its roots.<\/p>\n<p>\u201cRussians buying crypto actually represents a use case of the sort for which crypto was intended,\u201d said George Monaghan, thematic analyst at analytics firm GlobalData, in a report. \u201cCrypto, being decentralized, is less vulnerable to government regulations than FIAT currencies. Sanctions have excluded some Russian banks from SWIFT and Mastercard and VISA have frozen their operations in Russia, but it seems that Russians can still make crypto transactions.\u201d<\/p>\n<p>Monaghan added that while the Russian government refused to open the Moscow exchange, Russians are still able to trade in crypto assets. The Russian government won\u2019t be able to move day-to-day operations into crypto, but it has given citizens a way to preserve some of their wealth, Monaghan noted.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cThis activity reminds us what crypto was really meant to be, before the hype and the memecoins and the gains: decentralized and unregulated,\u201d he wrote.<\/p>\n<p>GlobalData made it clear that Russians were not piling into the space because it looked promising or had strong prospects for growth, but because it was more stable compared to the ruble.<\/p>\n<p data-async=\"\">The amount traded from the rouble into cryptocurrencies have doubled since the beginning of the Russian invasion into the Ukraine and reached US$60 million a day on Monday, according to data from crypto analytics firm Chainalysis.<\/p>\n<p><em>\u2014 Stephanie Hughes<\/em><\/p>\n<h2>11:45 p.m.<\/h2>\n<p>A broad range of companies, from energy giant BP Plc to Apple Inc. to the world\u2019s largest banks are pulling up stakes and cutting ties with Russia after its attack on Ukraine, leaving billions of dollars in business behind.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The departures come as Western countries, including Canada, the U.S. and much of Europe, have imposed harsh sanctions on Russia in a bid to constrict its economy and compel it to end the invasion.<\/p>\n<p>But at least one Canadian company, Toronto-headquartered Kinross Gold Corp., which operates a high-grade underground mine in the far east of Russia, has abstained from criticizing Russia and indicated it plans to continue operating there as long as possible.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/kinross-in-russia.png?quality=90&strip=all&w=576 2x\" height=\"847\" loading=\"lazy\" width=\"1001\"\/><\/picture><\/figure>\n<p>Gold recently pierced a one-year high, reaching US$1,930 per ounce, up eight per cent in the past 30 days, a surge most attribute to the increase in geopolitical tensions as a result of the invasion.<\/p>\n<p>Kinross chief executive J. Paul Rollinson told analysts during the company\u2019s fourth quarter earnings call on Feb. 18, as Russian troops were gathering on the border of Ukraine but had not yet invaded, that the company\u2019s Kupol mine had all the supplies and workforce it needs to continue operating.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cAll I can say is we\u2019ve operated there successfully for many years with strong support from the Russian government,\u201d Rollinson said, adding. \u201cWe\u2019re good in our communities. We pay our taxes. And we think we\u2019re quite welcome there, and it\u2019s been a great place for us.\u201d<\/p>\n<p data-async=\"\"><strong>Keep reading the story from the Financial Post\u2019s Gabriel Friedman.<\/strong><\/p>\n<h2>10:15 a.m.<\/h2>\n<p>The Bank of Canada raised interest rates by 25 basis points to 0.50 per cent this morning, citing high inflation as one of the main factors behind its decision.<\/p>\n<p>Prices were already rising, but the conflict in Ukraine is adding to inflationary pressures, policy makers said in today\u2019s statement. The bank now expects inflation rates, now at 5.1 per cent, to stay higher for longer.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=576 2x\" height=\"884\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p>\u201cPrice increases have become more pervasive, and measures of core inflation have all risen. Poor harvests and higher transportation costs have pushed up food prices. The invasion of Ukraine is putting further upward pressure on prices for both energy and food-related commodities. All told, inflation is now expected to be higher in the near term than projected in January,\u201d the statement said.<\/p>\n<p>The bank reiterated its commitment to using its policy tools to bring the inflation rate back down to its 2 per cent target.<\/p>\n<p><em>\u2014 Victoria Wells<\/em><\/p>\n<h2>9:48 a.m.<\/h2>\n<p>Hockey equipment company Canada Cycle and Motor Company Limited (CCM) will drop Alex Ovechkin and other Russian hockey players in their global marketing campaigns.<\/p>\n<p>\u201cAlthough Mr. Ovechkin is not responsible for the Russian government\u2019s\u00a0actions, we took the decision to not use him (or any Russian player) on any global CCM communication at this point,\u201d CCM chief executive Marrouane Nabih wrote to TSN in an email.<\/p>\n<p>In the past, Ovechkin has been a vocal supporter of Russian president Vladimir Putin. In 2017, he started a social movement called \u201cPutinTeam.\u201d<\/p>\n<p><em>\u2014 Marisa Coulton<\/em><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-9\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<div class=\"oembed\">\n<blockquote class=\"twitter-tweet\" data-dnt=\"true\" data-width=\"550\">\n<p dir=\"ltr\" lang=\"en\">CCM Hockey chief executive Marrouane Nabih: \u201cAlthough Mr. Ovechkin is not responsible for the Russian government\u2019s actions, we took the decision to not use him (or any Russian player) on any global CCM communication at this point.\u201d https:\/\/t.co\/ZF4rctB8Fu<\/p>\n<p>\u2014 Rick Westhead (@rwesthead) <a href=\"https:\/\/twitter.com\/rwesthead\/status\/1498741955190272000?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">March 1, 2022<\/a><\/p><\/blockquote><\/div>\n<h2>9:45 a.m.<\/h2>\n<p>The list of companies exiting or refusing to do business with Russia grows.<\/p>\n<p>Boeing has suspended technical support for Russian airlines and Apple Inc has stopped selling iPhones and other products in Russia.<\/p>\n<p>U.S. energy firm Exxon Mobil said it would exit Russia<\/p>\n<h2>9:36 a.m.<\/h2>\n<p>North American stocks open higher after a rough week so far as Federal Reserve Chair Jerome Powell signaled the central bank would start raising rates this month despite uncertainties stemming from the Ukraine crisis.<\/p>\n<p>The Dow Jones Industrial Average rose 84.56 points, or 0.25 per cent, at the open to 33,379.51.<br \/>The S&amp;P 500 opened higher by 16.30 points, or 0.38 per cent, at 4,322.56, while the Nasdaq Composite gained 65.07 points, or 0.48 per cent, to 13,597.53 at the opening bell.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-10\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"10\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-10\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Toronto Stock Exchange\u2019s S&amp;P\/TSX composite index was up 117.07 points, or 0.56 per cent, at 21,121.58.<\/p>\n<h2>8:26 a.m.<\/h2>\n<p>Whoa, oil prices are getting crazy.<\/p>\n<p>Brent crude spiked higher this morning touching $113.02 \u2013 its highest since 2014 \u2014 and U.S. crude came close to passing its 2013 peak as traders scrambled to find alternatives to Russian oil in an already tight market.<\/p>\n<p>But according to some economists, it\u2019s possible we ain\u2019t seen nothing yet.<\/p>\n<p>If the conflict escalates and Russian exports are choked off altogether, oil could rise to a range of US$120 to US$140, says Capital Economics.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/brent-crude-1.png?quality=90&strip=all&w=576 2x\" height=\"728\" loading=\"lazy\" width=\"1001\"\/><\/picture><\/figure>\n<p>Capital also had a few thoughts on gold, which it expects will climb higher in coming weeks and months because of safe-haven demand. It forecasts that gold will remain firmly above US$2,000 an ounce in the first half of this year, but if there is an escalation in the conflict the yellow metal could soar to US$2,500.<\/p>\n<p>Gold was down this morning, pressured by a higher U.S. dollar and yields, at US$1,924.00 per ounce.<\/p>\n<div class=\"embedded-video\">\n<div fallback=\"\">\n<div class=\"video-fallback\">\n<p>We apologize, but this video has failed to load.<\/p>\n<\/p><\/div><\/div>\n<p> <iframe loading=\"lazy\" title=\"No easy solution to Europe&#039;s skyrocketing energy costs\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/FUnzi9aKxj4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe> <\/iframe> <\/div>\n<p><em>Additional reporting by Reuters and Bloomberg<\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" 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