Greece's Tsipras meets Putin in Moscow - as it happened
- Tsipras: we do not agree with Western sanctions against Russia
- Putin: Greece has not asked us for aid
- Austria warns Greece not to get too close to Russia
- Shell agrees 47bn takeover of BG Group
- European markets fall
- German chain Aldi overtakes Waitrose as UK's sixth biggest supermarket
4.22pm BST
Before we close up, here is a summary of today's main events.
Two key events have dominated. First, the Greek prime minister Alexis Tsipras was in Moscow to meet Russian President Vladimir Putin:
4.00pm BST
The FTSE has been unable to hold on to gains made earlier, when it was boosted by news of Shell's proposed 47bn takeover of BG Group.
It has followed other markets lower, ahead of the latest set of minutes from the Fed's Open Market Committee (FOMC) tonight.
3.33pm BST
The press conference is over.
It ended with a few comments on Greece's potential participation in the Turkish Stream pipeline project. Putin said nothing concrete was agreed, but Greece could potentially earn millions of euros every year from the project.
3.17pm BST
Putin said that it is unfortunate that counter sanctions imposed by Russia on the West have affected Greece.
But we cannot make any exceptions for any country in the European Union.
Putin says we understand Greece was forced to vote for sanctions. Russia couldn't make exception for one country. Ending sanctions best way.
3.14pm BST
Tsipras has just said that hostile relations between the West and Russia could lead to another Cold War.
The counter sanctions imposed by Russia have inflicted pain on the Greek economy. But we know the retaliations were a response to sanctions (against Russia), the logic of which we do not entirely share.
We openly disapproved of the sanctions. It is not an efficient solution. We think it could bring about a new Cold War between Russia and the West.
3.07pm BST
Putin says Greece has not asked for financial aid from Russia.
He adds Russia is ready to bid for projects in infrastructure in Greece, and all it would ask for is that Russian companies are not viewed any less favourably than companies bidding from other countries.
3.01pm BST
#Greece is a sovereign state w/right to pursue nuanced foreign policy in line w/geopolitical role as European Mediterranean & Balkan country
At this morning's meeting w/@PutinRF_Eng we created a new foundation for Greek-Russian relations. #Greece
We respect our commitments to the international organizations we're a part of, but seek to explore all international opportunities. #Greece
2.59pm BST
Vladimir Putin:
A major part of Greece's relations with Russia is tourism. Greece is one of the most popular destinations for Russians. Last year Greek resorts and other attractions were visited by one million Russians.
We have discussed in detail how we can boost Greek exports to Russia, covering the huge negative trade balance.
And how we can attract Russian investment into the Greek economy... branches such as tourism, infrastructure, and how we can further strengthen our cultural, scientific, educational, academic exchange ties.
2.49pm BST
Vladimir Putin says Greece and Russia have adopted a joint plan of action for 2015 and 2016.
We agreed to pay more attention to co-operation in investment, so far the figures have been quite humble here.
#Russia's Putin says #Greece can become European energy distribution hub. Russian railways in talks to modernize Greek port.
2.40pm BST
While we wait, an alternative view of the press conference room in the Kremlin.
The definition of "will begin shortly" is clearly open to interpretation...
2.28pm BST
The Tsipras/Putin press conference will begin shortly...
Press conference with @PutinRF_Eng to begin shortly. #Greece pic.twitter.com/IHHfleb61c
2.24pm BST
Greek shares are lower today, with the ATG index in Athens down 1.1% at 768.63.
Elsewhere in Europe, markets remain mixed:
1.59pm BST
The hotly-anticipated Putin/Tsipras press conference at the Kremlin has yet to kick off.
The select few member of the press attending the event in Moscow are being kept waiting back stage.
Coulisses de la rencontre Poutine-Tsipras : pour la presse, de longues h d'attente dans une salle aux rideaux fermi(C)s pic.twitter.com/sncjnJ92LW
1.55pm BST
Russia Today (RT) is reporting that Russia is preparing to lift the embargo on Greek food imports.
It reports:
Greece has been hit especially hard by the ban, as more than 40 percent of Greek exports are to Russia. In 2013, more than a178 million in fruits and conserves were exported to Russia, according to the Greek fruit export association, Incofruit-Hellas.
Up until the ban, Russia had been Greece's biggest single trading partner worth $12.5 billion (a9.3 billion) by 2013, more than double the 2009 figure.
1.38pm BST
The Guardian's Helena Smith says tensions are running high back in Athens, as the highly political nature of PM Tsipras' trip to Moscow is closely scrutinised.
She reports:
The concerns raised by senior European officials, including Martin Schultz, the European parliament president over today's Tsipras-Putin talks are being described as "unnecessary" by Greek sources.
"Greece has the right to have a multi-dimensional foreign policy," Greek officials said as prime minister Alexis Tsipras began talks with president Vladimir Putin. "The noise" made by European leaders was not only unheeded but tantamount to interference in the country's affairs.
1.21pm BST
City University's Professor Anastasia Nesvetailova says that Russia would be in no position to bail out Greece, but argues there are other options on the table.
It is difficult to imagine that the current enthusiasm about Greece-Russia relations will mature into Russia's tangible economic aid to Greece. Certainly not on the scale that can solve Greece's financial problems.
The crisis-stricken Russian economy at present can ill-afford to extend financial aid to Greece. But some economic concessions, like a subsidised price for Russian gas transported through the newly planned Turkish Stream pipeline, or Russian purchases of failing Greek companies, are on the table.
12.52pm BST
Back to Shell's 47bn takeover of BG Group for a moment.
The deal has been agreed just two months after Helge Lund joined BG as its new chief executive on 9 February.
BG chairman says Shell CEO BvB called shortly after Helge Lund joined BG. Call was 15 March, BvB reveals.
12.20pm BST
Meeting with Russian President, @PutinRF_Eng ahead of this afternoon's press conference. #Greece pic.twitter.com/iLUizVPLp2
12.05pm BST
The two leaders are expected to give a press conference at 15.30 Moscow time.
In the meantime, the Guardian's Shaun Walker brings this report from the Russian capital:
Greek Prime Minister Alexis Tsipras has begun talks with Vladimir Putin in the Kremlin, the main event of a two-day trip to the Russian capital which has raised eyebrows in the EU.
The meeting in Moscow comes a day before cash-strapped Greece is due to make a major payment to the International Monetary Fund. Tsipras arrived in Moscow on Tuesday, and on Wednesday morning laid flowers in a ceremony at a World War Two monument outside the Kremlin. He was due to make a joint appearance with Putin at a press conference in the Kremlin in the afternoon, after their talks had concluded.
#Russia president #Putin & #Greece PM Tsipras meet in Moscow http://t.co/F7Hl9PF2aK pic.twitter.com/FPEGmDoSMg /via @RT_com
11.49am BST
Bookmaker Paddy Power is offering odds of 5/4 that Greece will accept more than a1bn in a bailout from Russia in 2015.
#Greece's Tsipras says deep, long-standing ties link w/ #Russia. Says he's in Moscow to renew relationship.
11.39am BST
Germany has no reason to believe Greece has changed its stance on supporting Russian sanctions, a German foreign ministry spokeswoman said.
Speaking ahead of Alexis Tsipras' meeting with Vladimir Putin this afternoon, she said:
So far there is no reason to think in concrete terms that the position of Greece has changed.
So far Greece has supported all the decisions linked to sanctions and we hope that will continue to be the case.
In Moscow, honoring those who stood up to, and defeated fascism--a true victory of the people. #Greece pic.twitter.com/35V5OSqwBS
11.24am BST
Aldi's share of the market has risen to 5.3% according to market researcher Kantar Worldpanel, compared with 5.1% for Waitrose, which is owned by the John Lewis Partnership.
Aldi has grown rapidly in recent years as shoppers have kept a tight rein on their budgets. Having leapfrogged Waitrose, it is now closing in on the Co-op, the UK's fifth-largest supermarket chain, which is now less than one percentage point ahead of the German chain in terms of market share.
Waitrose's sales rose 2.9%, a relatively strong performance in a market which expanded by just 1%. But that was not enough to prevent the upmarket grocer being overtaken by Aldi, which was by far the top performer in a tough market where grocery prices fell by 2%.
First period of growth for Sainsbury's since 08/14 Asda remains worst performer of "big 4" in Kantar Worldpanel figs pic.twitter.com/gnD3poo4UY
11.12am BST
Wow. Nice work if you can get it?
Helge Lund, BG Group's new chief executive (he joined on 9 February) is in line for up to 25m once the 47bn deal with Shell is sealed.
@BGGroup's CEO Helge Lund will walk away with up to 25m once 47bn takeover by Shell completes (probably 2016). not bad for a year's work!
10.56am BST
The International Monetary Fund has made a2.5bn (1.8bn) of profit from its loans to Greece since 2010, according to the Jubilee Debt Campaign.
This is how the JDC makes its calculation:
The IMF has been charging an effective interest rate of 3.6% on its loans to Greece. This is far more than the interest rate the institution needs to meet all its costs, currently around 0.9%. If this was the actual interest rate Greece had been paying the IMF since 2010, it would have spent a2.5bn less on payments.
Out of its lending to all countries in debt crisis between 2010 and 2014 the IMF has made a total profit of a8.4bn, over a quarter of which is effectively from Greece. All of this money has been added to the Fund's reserves, which now total a19bn. These reserves would be used to meet the costs from a country defaulting on repayments. Greece's total debt to the IMF is currently a24bn.
10.40am BST
Here is the timetable for Alexis Tsipras' meeting with Vladimir Putin this afternoon in Moscow. All in local time.
10.33am BST
Helena Smith, the Guardian's correspondent in Athens, brings us this update on Tsipras' visit to Moscow.
The Greek prime minister Alexis Tsipras is accompanied by a delegation that includes veterans from World War II.
The former communist party youth leader is determined to display his leftist credentials on his trip to Moscow. Photographs this morning show him being accompanied by the Marxist energy minister Panagiotis Lafazanis, and the families of World War II veterans.
10.21am BST
Reflecting the controversial and highly political nature of Tsipras's meeting with Putin in Moscow later today, the Austrian finance minister has fired a warning shot in Greece's direction.
Speaking in Vienna, Hans Joerg Schelling suggested Greece should be careful in its dealings with Russia, at a time when Greece is almost out of money and trying to negotiate a deal with its eurozone partners.
It's perfectly normal for talks to take place but I would urgently warn against getting closer.
We are in the middle of final negotiations for financing for Greece and I don't believe that a good game is being played here.
9.44am BST
Big moment for UK supermarkets as the German discount chain Aldi overtakes Waitrose to become Britain's sixth largest supermarket, according to market researcher Kantar Worldpanel.
Aldi overtakes Waitrose to become the UK's sixth largest supermarket with 5.3% market share - watch out The Co-op (6%)!
9.23am BST
As Alexis Tsipras begins his controversial visit to Moscow, a Greek government official has insisted the prime minister will not be seeking financial aid from Russia when he meets Putin later today.
We have not asked for financial aid. We want to solve our issues of debt ... within the eurozone.
Greece knows what to do within the EU framework but every country also has the sovereign right to look after and improve its bilateral relations.
8.49am BST
Investors in Europe have mixed feelings this morning. The FTSE was briefly back above 7,000, but has fallen back a bit.
8.29am BST
More reaction is coming in on the Shell/BG Group 47bn mega deal.
Marc Kimsey, senior trader at Accendo Markets, has sent a note entitled oil m&a - we're just getting started:
The deal between Royal Dutch Shell and BG Group will prompt sector consolidation. The decline in oil price over the past year has battered some stocks which are clearly now looking attractive.
In the last year BG shares fell 30%, shares in Tullow Oil have fallen 65%, Premier Oil down 55%, and Petrofac down 20%. By comparison sector behemoths BP and Royal Dutch Shell have only shed 10% over the same period leaving them in the position of predator rather than prey.
Whether precipitated by the falling oil price or BG's more recent production woes, Shell has acted opportunistically, as it previously implied it might if the occasion arose.
Already the largest FTSE 100 constituent by a considerable margin, this deal will further consolidate Shell's position in that regard. There are clear attractions from Shell's viewpoint, including its additional exposure to liquified natural gas, almost immediate cost synergies and, in due course, asset sales from a partial break up of BG's operations.
8.21am BST
The FTSE 100 is up 0.5% at 6,998.64.
Top performers:
8.13am BST
Big spike in BG shares this morning, up 42% at 13 following confirmation that Shell wants to buy the company for 47bn.
Shell shares opened down 2.9% at 21.45.
8.07am BST
Shell boss Ben van Beurden told has told reporters that Helge Lund will "probably move along" if the deal goes ahead.
Looks like Helge Lund, the new heftily remunerated CEO of BG Group, will be leaving once the Shell deal is done. He didn't stay long
7.53am BST
It is also a big day for Greece, following the arrival in Moscow of prime minister Alexis Tsipras for a meeting with Vladimir Putin later today.
Arriving earlier today in Moscow ahead of tomorrow's meeting with Russian President, V. Putin. @PutinRF_Eng #Greece pic.twitter.com/HyW5FoPZ6R
7.43am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
The mega deal is back. The big corporate news this morning is that oil giant Royal Dutch Shell has announced that it has agreed to buy gas group BG for 47bn.
Bold, strategic moves shape our industry. BG and Shell are a great fit. This transaction fits with our strategy and our read on the industry landscape around us.
BG will accelerate Shell's financial growth strategy, particularly in deep water and liquefied natural gas: two of Shell's growth priorities and areas where the company is already one of the industry leaders. Furthermore, the addition of BG's competitive natural gas positions makes strategic sense, ahead of the long-term growth in demand we see for this cleaner-burning fuel.
The offer from Shell delivers attractive returns to shareholders and has strong strategic logic. BG's deep water positions and strengths in exploration, liquefaction and liquified natural gas shipping and marketing will combine well with Shell's scale, development expertise and financial strength.
The consolidated business will be strongly placed to develop the growth projects in BG's portfolio. The transaction will take time to complete, during which my team and I will remain committed to BG and our shareholders, and to safely delivering our 2015 business plan.
After the fuss about Helge Lund's sign-on fee at BG, now seems he will receive millions of pounds for a few days at the helm. #ToughJob
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