British retail sales fall more sharply than expected; World Bank warns of global recession – business live

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Risk of UK recession heightens, while World Bank says consumer confidence has already dropped more sharply than in the run-up to previous global recessions

Germany has taken the German subsidiary of the Russian oil giant Rosneft under state control, putting three refineries into a trusteeship ahead of a partial European embargo on Russian oil at the end of the year, reports Philip Oltermann in Berlin.

The federal network regulator will become the temporary trust manager of Rosneft Germany and its share of refineries in Schwedt, near Berlin, in Karlsruhe and in Vohburg, Bavaria, Germany’s ministry for economic affairs announced on Friday.

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