Energy and inflation worries mount; US jobless claims lowest since 1968 – as it happened

Rolling coverage of the latest economic and financial news

• US jobless claims lowest in over 50 years
• More firms worried about soaring inflation and energy
• Shell: Russia exit to cost $4bn-$5bn
• Full story: UK house prices hit record high but cost of living crisis could cool market
• Prices up 18% since first lockdowns in March 2020
• FCA pledges to tackle rogue firms faster

The City watchdog is hiring an extra 80 staff to crack down on problem firms" and protect customers.

The Financial Conduct Authority says its new three-year strategy, announced this morning, will include a push to shut down problem firms which do not meet basic regulatory standards.

A key focus of the strategy is shutting down problem firms, which do not meet basic regulatory standards.

The FCA is recruiting 80 employees to work on the initiative, which will protect consumers from potential fraud, poor treatment and create a better market.

Shell will write down up to $5bn following its decision to exit Russia, more than previously disclosed, while soaring oil and gas prices boosted trading activities in the first quarter, the company said on Thursday.

The post-tax impairments of between $4bn and $5bn in the first quarter will not impact the company's earnings, Shell said in an update ahead of its earnings announcement on May 5.