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Tuesday newspaper round-up: Petrol prices, Abramovich, Arm jobs

Petrol could soar to £2.50 a litre, while diesel could hit £3 and may even be rationed, experts told MPs on Monday, as they warned that Russia’s invasion of Ukraine spells worsening pain for consumers. In testimony to the Treasury select committee, leading economics and energy analysts also called on the chancellor, Rishi Sunak, to subsidise lower-income households to cope with soaring home energy bills, amid a broader cost of living crisis. – Guardian
Roman Abramovich, the billionaire owner of Chelsea FC who was subjected to sanctions by the UK government last week, has been spotted at a VIP lounge at an airport in Israel. One of seven Russians who had their assets frozen last Thursday in an attempt to ratchet up the pressure on Vladimir Putin after the invasion of Ukraine, Abramovich was seen in Tel Aviv’s Ben Gurion airport on Monday shortly before a jet linked to him took off for Istanbul. – Guardian

Arm, one of Britain’s biggest technology companies, is cutting hundreds of staff weeks after a $40bn (£31bn) deal to sell the company to Nvidia fell apart. Rene Haas, Arm’s newly-installed chief executive, told staff on Monday that the redundancies would affect 12 to 15pc of its global workforce. The Cambridge-based business has 4,400 staff and around 1,747 in the UK, meaning the cuts could affect more than 600 employees. – Telegraph

Fears are growing that lockdowns to tackle a sharp rise coronavirus cases in China will disrupt shipping from one of the world’s biggest ports and cause shortages to ripple through global supply chains. Chinese markets tumbled today as authorities imposed a one-week lockdown imposed a one-week lockdown on Shenzhen, a city of 17.5 million people in the southeast of the country, to tackle rising infection rates. – The Times

The number of reports to the City regulator of alleged cryptocurrency scams more than doubled last year. The Financial Conduct Authority received 6,372 alerts about suspected crypto frauds last year, up from 3,143 the year before, according to a response to a Freedom of Information request. – The Times

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