Ata mārie and welcome to your Monday recap of the key global business and political stories making headlines.
First up, Russia downplayed expectations of a fast resolution in Ukraine because ceasefire talks were just beginning. "We are only at the beginning of this path," spokesperson Dmitry Peskov said.
He said there were many questions about how a potential ceasefire might be implemented, the ABC and wire agencies reported.
Trump administration envoy Steve Witkoff said the US was still optimistic that a ceasefire could be reached through negotiations between the two sides. US and Ukrainian officials were due to meet in Saudi Arabia on Sunday local time for talks on how to stop the Russian invasion, the AFP reported.
Meanwhile, Russia’s central bank held its key interest rate at 21% and warned more rate hikes could be on the cards because of inflation, the Guardian reported. The Bank of Russia said tight monetary conditions should help inflation return to target in 2026.
“If inflation dynamics do not ensure achieving the inflation target, the Bank of Russia will consider raising the key rate,” it said. Latest data showed the annual inflation rate fell slightly but was still above 10%. The central bank’s target is 4%.
In developing news, Canadian Prime Minister Mark Carney announced an election for next month, after he met with Governor General Mary Simon to request for Parliament to be dissolved, CNN reported.
“I’m asking Canadians for a strong, positive mandate to deal with President [Donald] Trump and to build a new Canadian economy that works for everyone because I know we need change, big change, positive change,” Carney said.
Carney replaced Justin Trudeau after he announced his resignation in January. The Liberal Party had experienced a rise in popularity following the trade tariff war with the US, CNN noted.
“We are facing the most significant crisis of our lifetimes because of President Trump’s unjustified trade actions and his threats to our sovereignty,” Carney said. “Our response must be to build a strong economy and a more secure Canada.”
The election will be held on April 28.
US President Donald Trump.
Meanwhile, US Republican Senator Steve Daines met Chinese Premier Li Qiang in Beijing with a business delegation on Sunday local time, following an annual summit, CNBC reported. It marked the first time a US politician had visited China since Trump took office in January.
China wanted to reach a deal to avoid further punitive tariff measures and attract foreign investment to offset its slowing domestic economy.
The US executives were granted an audience with the premier for a closed-door meeting.
In the UK, Energy Secretary Ed Miliband ordered an urgent investigation after a substation fire and massive power cut that shut Heathrow Airport last week, the BBC reported. "We are determined to properly understand what happened and what lessons need to be learned," Miliband said.
The fire at the North Hyde substation in west London that supplied power to the airport led to thousands of cancelled flights on Friday local time and stranded passengers around the world.
Meanwhile, UK government costs could be trimmed by up to 15% by the end of the decade, Chancellor Rachel Reeves told the BBC.
The savings would be made from back office and administrative roles rather than frontline services, but unions warned the cuts would still be felt by the public.
Reeves was expected to announce spending cuts for some government departments this week. She said cutting running costs was "more than possible" given advances in technology and artificial intelligence.
UK Chancellor Rachel Reeves.
In other news, Pope Francis returned to the Vatican on Sunday local time after surviving a five-week battle in hospital for double pneumonia, CNBC reported. The 88-year-old pope made his first public appearance since February 14 before being discharged from hospital. A car carrying the pontiff was accompanied by police vehicles through Rome.
His doctors prescribed a further two months of rest at the Vatican and told him to avoid large meetings, CNBC reported.
Finally, Disney’s remake of the classic film Snow White missed box-office forecasts over the weekend, amid mixed reviews and negative publicity, Bloomberg reported.
The live-action remake starring Rachel Zegler in the key role made ticket sales of US$43 million in the US and Canada, below an estimated range of US$45m to US$55m.
The film faced headwinds as critics weren’t sure about the casting of key roles and computer-generated dwarfs. Separately, Zegler also made political comments about Trump and the Israeli-Palestinian war, which ruffled feathers, Bloomberg reported.
