Here are the top business stories making the headlines in the morning newspapers.
More bad news on UK living standards
Western plans to ban or curb Russian oil and gas imports will further hit UK living standards, analysts say.
The RAC says UK petrol prices could hit £1.60 a litre this week and £1.65 soon.
And one think tank warned household disposable incomes could see the biggest fall since 1955 as prices surge in the second quarter of the year.
RAC fuel spokesman Simon Williamson told the BBC: "In 2016, you could regularly get petrol for under £1 a litre at supermarkets and other low-cost retailers."
He expected prices to remain high as long as the Ukraine conflict continued.
Mr Williamson added: "It's not just about what consumers pay at the pump. Everything in our shops has ultimately been moved by a diesel-powered lorry and businesses are obviously likely to pass on these costs."
Even before Russia invaded Ukraine, the UK's cost of living was rising at its fastest rate in 30 years amid surging global demand for oil and gas as pandemic restrictions eased.
But the war has added to this pressure, driving up the cost of not just fuel and energy but also other commodities like wheat and metals.
In research published on Tuesday, the Centre for Business and Economic Research (CEBR) warned that a combination of rising commodity and oil prices and sanctions was likely to have major impact on the UK economy.
It estimates that GDP growth this year will be more than halved - down from a previously forecast 4.2% to 1.9%.
The CEBR also expects inflation to hit 8.7% in the second quarter of this year and disposable incomes to fall by 4.8% in 2022 - the largest drop since records began in 1955.
"The forecast fall in living standards this year is an estimated £71billion - which amounts to £2,553 per household," it said.
Elon Musk in dispute with Securities and Exchange Commission
The world's richest man, Elon Musk, has claimed he was forced to sign a settlement with the US Government that kept him in charge of Tesla, saying the deal was necessary for "the immediate survival" of the electric-vehicle company.
The Telegraph reports that he stepped up his campaign against the Securities and Exchange Commission (SEC) on Tuesday, asking a court to throw out the 2018 deal and accusing the agency of having a "vendetta" against him.
It came after the SEC sent legal demands to Mr Musk in November seeking information about a tweet he had sent asking followers if he should sell his shares.
In 2018, Mr Musk and Tesla settled with the SEC after the regulator had sued the company over a tweet from Mr Musk claiming he had "funding secured" to take the company private at $420 a share.
The deal kept Mr Musk in charge of Tesla as CEO, but forced him to step down as chairman - and was later updated to require Tesla to review market-sensitive tweets by Mr Musk.
The SEC is now scrutinising whether tweets from Mr Musk in November asking followers if he should sell Tesla shares were reviewed.
Trading suspended after nickel price rockets
The London Metal Exchange suspended trading in one of its main contracts after a vicious "short squeeze" sent the price of nickel soaring and left a Chinese metals tycoon facing billions of dollars in potential losses.
The Financial Times says nickel prices doubled on Tuesday and briefly rose above a record $100,000 a tonne as banks and brokers rushed to close part of a huge position amassed by Xiang Guangda, the billionaire founder of China's leading stainless steel producer Tsingshan Holding Group. It later pulled back closer to $80,000.
Xiang had bet that the price of nickel would fall, but when the market moved sharply the other way he would have been required to either post more cash to cover his losses or buy back the position.
The FT adds that the size of Xiang's short position is unclear, but it is at least 100,000 tonnes of nickel, according to people with familiar with the matter, who said the LME had been forced to act when it became clear that some of its small members were also facing large demands for extra cash to cover trades put on for clients.
Several market participants said Xiang faced potential losses stretching into billions of dollars given the size of the trade, but that the figure could change depending on where nickel prices reopen.