Grant Shapps is stepping up pressure on P&O to reverse its controversial decision to lay off 800 employees. The transport minister will tell the shipping company to re-hire staff, arguing that the new legislation will undermine its plans to replace them with low-paid workers. P&O has come under fire for firing 800 workers without warning earlier this month. It intends to halve its labor costs, employing agency workers at an average of 50 5.50 an hour. Mr Shapps is expected to introduce new legislation this week that will force all ferry companies operating outside UK ports to pay the minimum wage.

5 things to start your day with

  1. Hinkley Point C faces more delays amid crisis in Ukraine: EDF developer warns war could cause even higher costs for Britain’s nuclear flagship
  2. Joe Biden declares war on billionaires: But the proposal targeting 700 richer Americans could reach 30,000 more, experts warn
  3. The price of a pint will skyrocket by Christmas, says the brewer: The explosive cost of barley could raise prices by up to 30%
  4. Heathrow’s former luggage operator revives bid for third runway landing: Heathrow billionaire wants to build new terminal on land owned by airport
  5. Release drilling rigs and let North Sea oil and gas flow, ministers say: In addition, the industry’s plan to meet the challenge of providing energy security

What happened overnight

Asian stocks and futures fell as Russia’s war in Ukraine ended in a second month and the risk of an economic downturn from tightening US monetary policy hovered over markets. Shares lost ground in Japan as S&P 500 and Nasdaq 100 shares fell, signaling a pause in the global stock rally from the lows triggered by the conflict. A dollar index fell high. The lockdown linked to Covid in Shanghai lowered sentiment in Hong Kong and China, driving shares lower.

He is coming today

Company: Pershing Square (all year) Finances: Nothing planned