Will it make a dent?

The International Energy Agency said that Russian oil production will have dropped by 1.9m barrels a day by February, compared with the start of Russia’s invasion of Ukraine, after an eu embargo kicks in later this year. Since the war began Russian output has barely fallen, because oil bound for America and Europe has been rerouted to China, India and other places.

Twitter’s shareholders approved Elon Musk’s takeover offer at $54.20 a share, a deal that he now wants to terminate. The company’s share price has tanked since Mr Musk made the offer in April, to around $40. A court hearing on the dispute is due to begin on October 17th. Meanwhile, a whistleblower who claims that Twitter is lackadaisical about security and has misled regulators testified to the Senate.

Mr Musk will use the evidence to bolster his case at the trial. Twitter said the allegations were “riddled with inconsistencies and inaccuracies”.

The eu’s General Court upheld almost all of the fine imposed on Google in 2018 for illegally restricting the market for search on its Android devices. It did shave 5% off the €4.3bn penalty ($4.3bn) after it overturned one part of the competition regulator’s ruling.

Goldman Sachs was reportedly preparing to lay off hundreds of employees amid a decline in revenues. The news sent a chill throughout the financial industry. Meanwhile, Kwasi Kwarteng, Britain’s new chancellor of the exchequer, was said to want to remove the cap on bankers’ bonuses that was imposed on the City by the eu in 2014. Mr Kwarteng apparently thinks the move will improve economic growth.