Good morning.
As the rest of the world faces a deepening food crisis, Russia has quietly recovered.
Putin’s invasion of Ukraine has pushed world wheat prices up 50 percent this year to near-record highs, sparking fears of famine and widespread hunger.
But the Kremlin has continued to ship its wheat and has raised $ 1.9 billion (£ 1.5 billion) in wheat export tax revenue so far this season, according to SovEcon data.
Russia has blocked Ukrainian ports, trapping about 22 million tons of grain, while also looting the country’s reserves. The hot weather and droughts have affected crops elsewhere, exacerbating the crisis.
5 things to start the day
1) George Soros warns that conflict in Ukraine runs the risk of provoking World War III: George Soros has warned that conflict in Ukraine could turn into a Third World War ending Western civilization.
2) Russia on the brink of the first default since the Bolshevik revolution: Russia is on the cusp of its first foreign debt default in a century after the US cut the Kremlin from paying its bonds.
3) Energy will cost further south according to local price plan: households face higher prices for electricity in London compared to Scotland at certain times of the day with extensive reforms to make the energy market of the UK is greener.
4) The Bank of England said it would abandon the green obsession as prices rise: the Bank of England has been urged to “focus on the fundamentals of the monetary economy” rather than climate change after warning that the city is at risk of suffering more than £ 340 billion in losses. of global warming.
5) TikTok scammers are tempted to get rich quick as the economic storm arrives: the growing number of users means that more TikTok scammers will surely take over the huge audience as the crisis hits of the cost of living.
What happened overnight
Asian stock markets gained overnight after Wall Street collapsed due to weak home sales in the United States and earnings warning from social media firm Snap.
Shanghai’s composite index was up 0.8% while Tokyo’s Nikkei 225 was down less than 0.1%. Hang Seng in Hong Kong gained 0.5%.
Arrive today
Corporate: HICL Infrastructure, Marks & Spencer, Mediclinic International, Pets at Home, Severn Trent, SSE (annual results); Intertek (business statement)
Economy: World Economic Forum, Financial Stability Review (EU); Minutes of food, durable goods (USA)