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Good morning from the Financial Times. Today is Monday, January 31.

And this is your FT News Briefing.

The head of the world's biggest sovereign well fund is betting that inflation will be

sticking around and earning season has revealed some real winners and losers from the supply chain

plus as tension mounts between Russia and the West will take you to a city on the front line

of the conflict. It's an uneasy part of Ukraine that's very much on edge.

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

Economists are divided over whether inflation is temporary or permanent,

but the head of the world's largest sovereign well fund thinks inflation could become long lasting.

Nikolai Tangent runs Norway's $1.3 trillion oil fund. He told the Financial Times that

permanent inflation means investors face years of low returns. Inflation in the biggest

economies is now at its highest level in decades. Tangent said he thought inflation could be

stronger than what's generally expected. He points to high demand, the number of people leaving

the workforce and lingering disruption in supply chains.

Now speaking of supply chain issues, they're playing a starring role in the current earning season

in the U.S. Many companies complained of shortages, delays, and spiking costs.

Some companies have managed to navigate the disruption. Others not so much.

Our U.S. business editor Andrew Edgecliffe Johnson starts with the winners.

Well, it sounds slightly odd to say that Apple is one of the winners when it said that supply chain

constraints costed about $6 billion in the last quarter, but actually all streets had come to

...