Fears of food price hikes after Putin axes deal to allow Ukrainian grain exports
Food prices are feared NEW after Russia canceled an agreement allowing Ukraine to export grain.
The move, after Kiev blamed Kiev for the attack on the bridge linking Crimea with mainland Russia, would block exports through the Black Sea.
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Ukraine is one of the world’s biggest producers of wheat, corn, barley and sunflower oil, and prices skyrocketed when the Kremlin blocked off its ports after last year’s invasion.
The crisis only subsided when Russia agreed to allow shipping.
But today’s decision by Vladimir Putin to end that agreement jeopardizes a vital trade route, just as Ukraine’s harvest season approaches.
Wholesale wheat prices rose yesterday amid concerns that supplies will be cut from countries in Africa and the Middle East, which will have to turn to Russian wheat or face shortages.
“By facilitating food crisis 2.0, Putin will weaponize the dependence of African and European countries,” said Velina Tchakarova, an analyst at the Austrian Institute for European and Security Policy. Asia on Russian goods”.
That will put more pressure on the West. A cut in the supply of cereals could also drive prices up in the UK.
“Millions of people are now likely to face higher food prices and supply disruptions,” said James Walton, from retail analyst IGD.
“The UK is less affected by grain shortages but will be affected by price changes.”
Food experts say poorer countries could be most affected.
Alberta Guerra, of ActionAid, said: “It is likely that we will see prices rise again, exacerbating a situation in which many vulnerable countries already face severe hunger. “.
Europe’s heatwave this week could also affect output.
Tonight, Turkish President Recep Tayyip Erdogan said he hopes to convince Putin to reinstate the deal when they meet next month.
TWITTER ADVERTISING CASH
ELON Musk has admitted that Twitter has lost almost half of its advertising revenue since he bought the social networking site for $44 billion last year.
The mogul tweeted that the site would miss its goal of improvement after not getting as much ad revenue as expected.
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Mr. Musk said Twitter must “get positive cash flow before we have the luxury of anything else.”
He’s laid off thousands of employees to save cash and try to generate more income by charging users for “green” badges.
He said Twitter Spaces, which he has used to host his own video interviews, has yet to generate any revenue.
Mr. Musk is facing pressure from Threads, a new app by rival Mark Zuckerberg that runs alongside Instagram and Facebook.
It already has 150 million registered users and is touted as a safer space for companies to advertise.
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NEW SNUB No10 CBI
The government has selected 14 major companies to join Rishi Sunak’s new Business Council as bosses’ lobbying group, the CBI remains cold to allegations of sexual misconduct.
AstraZeneca, NatWest, BAE Systems, SSE, Aviva, Sage and Diageo are among 14 companies, which together employ 330,000 people in the UK.
No10 said: “CBI is responsible for rebuilding the trust and confidence of their members.
“It’s still a problem for them.”
LETTER SENDED BY P.O
An anti-aging cream made from snail slime was one of the most popular orders during last Tuesday’s Amazon Prime Day sale.
COSRX Skin Serum, made with snail mucin to speed skin recovery, is one of the UK delivery giant’s three bestsellers.
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Amazon Fire Sticks and the Ninja air fryer make up the trio.
The company says this year’s Prime Day is its biggest sale ever, with more than 375 million items shipped in just 24 hours.
The online shopping craze has provided a fascinating insight into the cultural differences among shoppers across Europe.
The best-selling toilet paper in the Netherlands, followed by Douwe Egberts coffee.
France seems to have the most home-proud shoppers, with dishwashers and vacuums being bought the most.
Meanwhile in Spain, which is currently experiencing a record heatwave, fans flew off store shelves – followed by diapers.
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BREWER: WE WILL BE THE TOP DOG
BREWDOG, maker of Punk IPA and Elvis Juice craft beer, has revealed plans to triple the size of its bars and hotels to 300 by 2030.
The beer and pub brand reckons the expansion will generate £1 billion in revenue – a huge jump from the £44 million it earns from pubs in 2022.
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BrewDog says its recent pub openings in London Waterloo and Las Vegas have brought in an additional £20 million in revenue.
It claims the London bar is the capital’s largest, with 60 taps of draft beer.
The business hopes to open 25 new bars in India over the next five years and more in the UK, Italy, Netherlands, Australia, US and Thailand.
“Fifteen years ago we opened our first location in Aberdeen and since then we have opened more than 100 locations globally,” said owner James Watt.
Investing in high-traffic locations is key, he said.
Some pubs have a microbrewery where customers learn how to make beer.
The cost of living crisis is starting to hit DFS, with the furniture retailer warning its sales have fallen by a fifth.
The sofa chain, which has fueled the home appliances boom of the pandemic, said profits would now be at the low end of the forecast at £30 million.
THE FUTURE OF HOTTER IS WIDE BAND
Hotter Shoes’ future is in jeopardy after the company announced the appointment of administrators.
It is expected that a prepackaged deal – which will see the company go into insolvency shortly before handing it over to a buyer – will be announced within a day or so. next two days.
Sources say administrators at Interpath Advisory are in detailed negotiations with a commercial buyer.
Hotter Shoes has managed to raise £2m from investors to keep it afloat.
The owner of the footwear company was listed on the London Stock Exchange as Unbound Group after being spun off from a private equity firm.
It has only 27 stores still open after closing 46 stores during the pandemic.