French Economy Minister Bruno Le Maire has compared the current rise in energy prices to the spike in oil prices in 1973 which badly affected the world economy. Speaking at the opening of a conferency on energy organized as part of the French Presidency of the EU, he said that the recent sharp rise in energy prices "is comparable "in intensity, in brutality, to the oil shock of 1973". He said that so-called "stagflation" which occurred as a result "is precisely what we do not want to re-live in 2022".
President Macron is set to host EU leaders at a meeting in Versailles tomorrow and Friday. It’s expected that the conflict in Ukraine and sanctions will be discussed.
French Prime Minister Jean Castex has changed the status of Yvan Colonna, the Corsican nationalist who is serving a life sentence for the assasination of the Prefect of Southern Corsica Claude Erignac in 1998. The change means that he is now able to be transferred to a prison on the island, a move for which many Corsican nationalists have been campaigning. Colonna is currently in a critical condition after being attacked in Arles prison by another inmate earlier this month, sparking protests in Corsica.
The mayor of Nice Christian Estrosi has welcomed the appointment of a new Bishop of Nice. Mgr Jean-Philippe Nault is taking over the role from Mgr André Marceau who is retiring. The mayor thanked Mgr Marceau for "his dedication to the faithful of Nice" and said that he was able to accompany them not only on a daily basis "but also in the painful moments which hit our city".
Four new ambassadors to Monaco have been accredited at a ceremony yesterday. They represent Australia, Hungary, Egypt and Ukraine. The new ambassadors presented their letters of credence to HSH Prince Albert II. A lunch also took place at which the conflict in Ukraine was discussed. The Monegasque authorities reiterated their support for the Ukrainian people.
BUSINESS
Ratings agency Fitch has warned that Russia is likely to default on its debts soon. It said that, in its view, a sovereign default is imminent. It said that the further increase of sanctions and proposals that could limit trade in energy, increase the probability that Russia may opt not to repay some of its sovereign debt obligations.
The UK government has announced plans to make it a criminal offence for planes owned or chartered by Russian citizens to enter UK airspace. Russian-owned craft are already banned from flying to the UK.
SPORT
Cricket... It's the second day of the First Test between West Indies and England in Antigua. Before the break for lunch, West Indies were 44 for no loss in reply to England's 311.
Melbourne Cricket Ground will be hosting the state memorial service for Shane Warne. Tickets to the service, which is on 30 March, will be available to the public and it will also be livestreamed.
Rugby Union... Wales have made several changes for their Six Nations match against France on Friday. Cardiff players Seb Davies and Josh Navidi are in the back row. Jonathan Davies is in for concussion victim Nick Tompkins. Gareth Thomas is included as is prop Tomas Francis.
Football... Leicester's Jamie Vardy is expected to be out for a few weeks, according to the club's manager Brendan Rodgers. Vardy suffered a knee injury in last weekend's match against Leeds.
Tennis...Andy Murray has said that he will donate his prize money for the rest of the year to those in need in Ukraine. Murray is an ambassodor for UNICEF UK and is working with the organisation to provide medical supplies and other resources.
A motorcyclist is being treated for serious injuries in hospital after a road accident in Nice last night....
