BRUSSELS/PARIS (Reuters) -European Union foreign ministers will thrash out details on Friday of sanctions on Russia over its invasion of Ukraine after leaders of the bloc agreed on a robust package of measures to ensure that President Vladimir Putin "must and will fail".

British Airways owner IAG is now avoiding Russian airspace for overflights and cancelled its flight to Moscow on Friday after Prime Minister Boris Johnson banned Russia's flagship airline Aeroflot from Britain, CEO Luis Gallego said.

European sanctions against Russia over the war in Ukraine will lead to cost increases, German Finance Minister Christian Lindner said, but the bloc will be able to protect its economies against the effects of further inflation.

LONDON (Reuters) -Global education group Pearson said it would launch a 350 million pound ($470 million) share buyback after demand for assessment and qualification services enabled it to hit 2021 targets and set out medium-term growth goals.

(Reuters) -French car parts maker Valeo expects to outperform the market in a medium term as car production volumes recover, it said on Friday after posting a 5% rise in 2021 sales despite a hit from the global chip shortage.

FRANKFURT (Reuters) -A potential initial public offering of Porsche AG could happen as soon as the fourth quarter of 2022, the finance chief of the luxury carmaker's owner Volkswagen said on Friday.