Good morning from the Financial Times. Today is Wednesday, August 4th, and this is your F-T news briefing.

Spain is calling on the EU to curb high electricity prices, and we'll talk about why Russia's

ban from the Olympics doesn't really feel much like punishment. Plus PepsiCo is selling off some of

its juice brands to private equity. Private equity firms love nothing more than what they call

like the corporate carve-out. Do you notice sort of buy a unit of a company and they might be

potentially good businesses that are just not doing as well as they could because they're like

overlooked? I'm Mark Filipino and here's the news you need to start your day.

Spain is asking the EU to back measures that would limit surging electricity prices.

The block has been working to reduce carbon emissions, and in an interview with the F-T,

Spain's deputy prime minister for the environment Teresa Rivera suggested that high prices and

charges could create a backlash against carbon-cutting initiatives. She said Spain was in the eye of

the hurricane here. Prices across the continent are at record highs, so Rivera called on the EU to

provide a price ceiling for electricity rather than having rates determined by the highest prices

national grids are willing to pay. Spain also wants the EU to use existing legislation to

restrain or push down soaring carbon trading prices. Spain's electricity prices are one of the

hottest political topics in the country at the moment. This week, prices reached a wholesale rate

of more than 100 euros for a megawatt hour. Russia is officially banned from competing at the Tokyo

Olympics because of past doping offenses, but if you've been watching the games, it might be hard

to tell. Russian athletes are taking part and winning medals under a different name,

the Russian Olympic Committee. The athletes aren't allowed to use the national flag or the national

anthem for their medal ceremonies. They have chosen instead to use Chikoski's first piano concerto

when they do win medals. Marad Ahmed is in Tokyo covering the Olympics for the F-T. He has

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