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Global transactions have fell to the lowest level Soaring inflation, tighter regulation and the war in Ukraine have led to a slowdown in record M&A activity since the start of the coronavirus pandemic.

The value of deals struck in the first quarter of 2022 was just over $1 trillion, down 23% from a year earlier, with all continents facing a drop in M&A activity, according to Refinitiv data.

Despite the economic slowdown, private equity groups are off to their strongest start to the year as they deploy the trove of cash they have amassed during the pandemic. Buyout groups backed deals worth $288 billion, up 17% compared to the first three months of 2021.

Do you have any feedback on FirstFT Europe/Africa?share with me [email protected]. Stay healthy and have a great weekend – Jennifer

Five more stories in the news

1. U.S. orders largest-ever oil release from strategic reserves White House announcement About 180 million barrels of oil Stockpiles were urgently stockpiled in order to lower crude prices after the West imposed sanctions on Russian oil imports. It also said it would punish domestic oil companies for not increasing drilling.Brent crude oil settled at $107.91 per barrel It fell 4.9% yesterday.President Joe Biden’s gamble is to admit that Arab allies are not going to help him.

Latest news from Ukraine:

• Mariupol: Russia attacks besieged Ukrainian port continue According to Kyiv, despite the Kremlin’s commitment to a ceasefire.but morale British Armed Forces chief says some in Moscow’s army are suffering while Ukrainian troops have started using Guerrilla counterattack.

• gas: Russia said it would stop air supply To countries it deems “unfriendly” unless they pay rubles.our reporters explain the reason Ultimatum.

• economy: Russia averts financial collapse with Western sanctions restrict the flow of funds go abroad.

• podcast: Gideon Rahman talks to bestselling author Katherine Belton Putin’s peopleexist latest episode Rahman comments.

• View: The FT’s view is that Moscow is struggling to find counter-sanctions not harm the national economy. At some point, the West will have to talk to the enemy. That would mean a deal with Putin, Edward Luce wrote.

• on the ground: Journalist Tim Judah documents the first 21 days of the war this picture diary His reporting trip to Ukraine. More than 2 million refugees fled to Poland. Here is their story, in their own words.

2. UK consumers panicked before prices rose 54% Websites of some of the UK’s largest energy companies crash Yesterday, consumers rushing to submit gas and electricity readings ahead of schedule amid fears of an escalating cost-of-living crisis 54% increase Prices from April 1st.

• View: The impact of higher prices will hollow out Prime Minister Rishi Sunak’s claims of tax cuts, Chris Giles wrote.

3. Abu Dhabi state funds were used to acquire NSO State-owned investment company Mubadala Capital investor Since 2019, the Israeli cyber weapons maker’s Pegasus spyware has been tracked to the phones of the journalist, activist and estranged wife of the Dubai ruler.

4. S4 Capital’s share price fell Stake in Sir Martin Sorrell’s digital advertising agency down 14% Yesterday, its market value fell by more than a third from the previous day as concerns intensified over a second delay in its financial results.

5. UK house prices rise at fastest pace in 18 years annual growth rate of house prices reached 14.3%That was up from 12.6% in February, according to mortgage provider Nationwide, but experts warn that growth will slow in coming months as inflation rises.

future days

EU-China Summit China-EU leaders meeting ‘Difficult’ virtual summit Russia and Ukraine are at the top of the European agenda.Learn more about our latest release European Express Newsletter. register here.

UK company and government financial statement deadlines This year has additional meaning as these statements Uncover the root causes of inflationary pressures. National minimum wage increased from £8.91 to £9.50 per hour. The EU will also release inflation data for March.

• More on price hikes: We will one day combine global business confidence with Manufacturing Purchasing Managers’ Index EU, France, Germany, Italy and UK. In the U.S., monthly wage reports will reveal the strength of the labor market and the bargaining power of workers.

election French President Emmanuel Macron relies on big rally He reinvigorated his re-election bid in La Defense on Saturday outside Paris.Hungarian President Viktor Orban will seek fourth consecutive term On Sunday, despite concerns about his relationship with Putin.Serbia holds elections on the same day, Costa Rica holds presidential elections run-off.

If you want to experience our podcast work it live, Sign up Join host Isabel Berwick and columnist Pilita Clark to discuss The Great Resignation at the Breakfast Series in London on Wednesday 6 April.All ticket sales go to Choose to love Ukraine fundraiser.

what are we still reading

The Age of Dictators The rise of strongman leaders has been a central feature of global politics since 2000. But the catastrophe of Russia’s invasion of Ukraine could permanently discredit that style of politics, Gideon Rahman writes.

We’re still battling the incoherence of Brexit Leavers or Remainers – let’s face it, it’s irrelevant now – it’s hard to deny that the factors of Britain’s exit from the EU do not play well when it comes to political or business realities. so it’s still there, Helen Thomas writes.

Memories of Bloody Sunday in Lithuania It was January 13, 1991, and Leyla Boulton watched as Soviet tanks and soldiers massacred civilians on the Vilnius TV Tower. Fourteen people died that day.Putin’s war Has an echo of the 1990sas the Kremlin’s lies return, she wrote.

Industrialization of artificial intelligence offers great promise and some dangers In peanut butter, AI is transitioning from smooth to crunchy as this powerful tool is being used for everything from search engine optimization to accelerating drug discovery. But private companies get almost all the gains, John Thornhill wrote.

The ‘what-if’ mentality of corporate America U.S. companies are beginning to warn against using non-domestic supply chains. So what does this mean for investors? From recent conversations with executives, there are at least three practical implications, As described by Gillian Tett.

property

From historic apartments near the Picasso Museum in Malaga to Andalusian villas with courtyards, colonnades and fountains, don’t miss these Five homes for sale in southern Spain.