For a while yet if in the future at all, pointing to an unstable global Food Supply Pressurised by the war in ukraine. Now the price of food in the uk rose by nearly 17. 5 in the year tojune, which was actually a fall from a high of just over 19 in the year to march, following an overall drop in the wholesale price of food which you can see here peaking when russia invaded ukraine last year. It has been trending downwards. But prices are still much higher than before the war and have started creeping up again. Lets discuss this with Kona Haque Head of reserach at commodities house ed and f man holdings. Good to have you on the programme. Do you agree with the Chief Economist at the Bank Of England that actually high food prices are here to stay . I think at least for the sure term we still have got some pressures that will keep prices elevated. The factors globally, the stocks, global stocks of the stocks, global stocks of the grains, the staples such as grains and oils, and sugar, these are still much lower than they were even before covid 19. So it is going to take a while for the stocks to be replenished. We are still consuming more at a faster rate than we are producing at a global level. And this means the stocks need to be replenished a lot faster and it is not happening partly because as you mention the ukraine war, but also because of unusual Weather Patterns Around The World. And of course the whole transportation and logistics of moving the food across and Around The World is a lot more expensive than it used to be before covid 19. Expensive than it used to be before avid19. Before covid19. Talking of lo. Istics before covid19. Talking of logistics russia before covid19. Talking of logistics russia pulled before covid19. Talking of logistics russia pulled out| before covid19. Talking of. Logistics russia pulled Out Of The Black Sea grain deal last month, which was causing the price of grain and wheat to go up price of grain and wheat to go up again. Russia is not showing any signs of re entering that agreement, where are we at that and what impact does it happen . It is quite major because at the end of the day the black sea, which is the main artery if you like for the outlet for Ukrainian Grain, ukraine accounts for, russia and ukraine account for a court of most of the worlds grains, vegetable oils. It is absolutely critical origin in terms of so many food staples. The fact the main artery from which this Ukrainian Grain come come out as plot is pretty critical and i think russia coming back to the table would be huge in terms of allowing the grains to come out, and a more normalfashion. On the other hand, brush itself is sitting on quite a large wheat crop, i think they will take advantage of any blockages there, to try and ensure their own greens come out in a more timely fashion. Russia. The world needs Ukrainian Grain as well but it will need to come out in a more expensive fashion, ratherthan out in a more expensive fashion, rather than coming Out Of The Black Sea ports they will come out of river barges and on land by europe. I think there is more of a compass and, slower and more expensive process. Slower and more expensive process process. Just briefly you mentioned process. Just briefly you mentioned the process. Just briefly you mentioned the extreme | process. Just briefly you mentioned the extreme weather is impacting food supply from different parts of the world, different parts of the world, different food staples like rice for example in india. Also if we add to that the fact that the pressure on everyone globally, to farm, supply food in a sustainable way, that means that it will cost more, surely, anyway for that reason if not that one alone . Potentially absolutely right. In india, because we had the so called El Nino Weather Phenomenon where asia is warmer than normal, we have all been talking about record temperatures this year across the world. This has impacted rice yield in india the Worlds Largest importer exporter, doesjust india, thailand, does just india, thailand, vietnam doesjust india, thailand, vietnam and china, india has banned exports of rice and this is causing a big surge in rice prices which is a staple for half the worlds community. The fact rice has been banned out of the country, is pretty significant and who knows what else will soon start being controlled as well because at the end of the day a field start falling in one country, that could lead to a Trigger Panic Buying by other governments, or it could lead to further export bans from other origins, i think there is a cumulative effect and when weather turns wrong it does really impact the way governments behave in terms of being very protectionist over there countrys main commodities and in this case, grains are pretty big. Grains are pretty big. There is so much to grains are pretty big. There is so much to talk grains are pretty big. There is so much to talk about grains are pretty big. There is so much to talk about Thank L Grains are pretty big. There is i so much to talk about thank you for sharing your expertise this morning. A Management Change at the Electric Car Giant Tesla has surprised industry watchers. No its not elon musk but a figure considered to be a possible successor finance chief Zach Kirkhorn is stepping down after 13 years. It was a surprise and a link in post he confirmed he was stepping down from his role as chief Financial Officer and would leave the electric car make at the end of the year. Expressed gratitude to his boss elon musk into his colleagues saying they had accomplished things many thought not possible. He had been with tesla for 13 years, he took over the finance role in 2019. During that time teslas profits and market valuation sword, no reason was given for his exit, but his departure does raise questions over who will succeed elon musk, a busy man who runs spacex and the former twitter platform, x, the accounting hid or take over the role of cfo, but no word yet whether he will inherit the title of master of coin. A name that was given to mr kirk on backin that was given to mr kirk on back in march 2021. Lets get some of the days other news 110w. The online payments giant paypal has launched a us dollar stablecoin. Dubbed paypal usd, its fully backed by The American Dollar and short term us treasuries. The move makes Paypal The First Major Financial Tech Firm to embrace such Digital Currencies for payments and transfers. Stablecoins are Crypto Tokens whose value is pegged to a stable asset and are currently mostly used to trade for other cryptocurrencies. Publishing giant Simon Schuster is to be sold to a private equity giant for 1. 6 billion in cash. The deal with investor kkr marks the likely end of a years long saga for owner paramount global, which had been looking for a buyerfor the book Company Since 2020. Competition concerns had scuppered a previous deal, which valued the firm at more than 2 billion. Italys cabinet has approved a 40 windfall tax on Banks Profits for 2023. With the money thought to be in the billions of euros set to be used to help Mortgage Holders and cut taxes. According to the deputy Prime Minister Matteo Salvini who criticised the banks for not passing on higher Interest Rates to savers, the Italian Government have repeatedly criticised the European Central bank over rate hikes. The Australian Company that was meant to buy failed battery firm britishvolt has missed the deadline to pay for the business, casting doubt on the deal. Filings from administrators ey show that the final Instalment Due in april, is still outstanding. Ey said that the buyer, recharge industries, had therefore defaulted on its agreement to buy the business. Recharge industries dispute that they are in default. Here in the uk new figures suggestjuly� s wet weather caused a slowdown in retail sales with demand for clothing falling. Overall retail sales grew 1. 5 injuly, down from 2. 3 the year before according to the british retail consortium. The group said rising Interest Rates were also squeezing shoppers budgets. To the us now, where the Tech Giant Zoom has just ordered its staff back to the office. The Company Behind the Video Calling Technology that became the tech tool of choice for millions of us during the pandemic has apparently now seen its limitations. Zoom are now calling on staff to come to the office at least twice a week at one point they said staff would be able to work remotely indefinitely. So why the change . Niamey im joined by marc ostwald chief strategist at Investors Tegist at investors adm isi. Coming to our spy macro one . It is quite ironic, isnt it . There is a big irony but this is the big challenge with people adapting to more people working from home. A lot of the things which are part of the office environment, which build up office environment, which build up the morale within an office, which build up certain team spirits are lacking when one is working remotely. And i think thatis working remotely. And i think that is the biggest challenge and zoom is the sweetest of irony that has to be zoom which every focuses and on. I do not think they are not the only company doing this at the moment. Across many industries, but it is this challenge of also bringing in the younger generation, people who are new hires, the graduate schemes, they do not function as well when everyone is working from home because there is not that natural if one wants to say banter. ,. , natural if one wants to say banter. ,. , ,. , banter. How has your patterns chan. Ed banter. How has your patterns changed for banter. How has your patterns changed for you banter. How has your patterns changed for you since banter. How has your patterns changed for you since the changed for you since the pandemic . Do you do a hybrid Work Scenario . Irate pandemic . Do you do a hybrid Work Scenario . Work scenario . We do have a h brid Work Scenario . We do have a hybrid work Work Scenario . We do have a hybrid Work Scenario, Work Scenario . We do have a hybrid Work Scenario, and Work Scenario . We do have a hybrid Work Scenario, and it i hybrid Work Scenario, and it works very well, for everyone there is a certain amount of challenge. And it is the fact you are not seeing people every day, there is and if you want to call it, the water cooler in the kitchen making coffee things. There is not. Which sometimes a lot of things get donein sometimes a lot of things get done in the office that way. Sorry to interrupt you. 41 it has been under mounting pressure because everyone has caught up with zoom since the pandemic Companies Like microsoft upgrading all their Video Offerings and if you look at zoom as a company its growth has slowed sharply since the pandemic . Pandemic . Yes, that is unsurprising, pandemic . Yes, that is unsurprising, on pandemic . Yes, that is unsurprising, on the i pandemic . Yes, that is i unsurprising, on the other pandemic . Yes, that is unsurprising, on the other hand it also has grown itself in terms of when it first came out a lot of companies were loath to use it, simply because of the security issues. Nowadays, a lot of companies are adopting it despite, well actually because they have upgraded it, i think for zoom it is basically where do they go from here and i think they need to make a stronger effort to be more cohesive, to fend off the challenges from the likes of microsoft, from the likes of google, because they are actually quite an immense and because of that those challenges right now they need to be far more convincing. As we are seeing across the tech sector, all those layoffs. Commensurate. Sector, all those layoffs. Commensurate. Sector, all those layoffs. Commensurate. Great to hear our commensurate. Great to hear yourthoughts commensurate. Great to hear your thoughts on commensurate. Great to hear your thoughts on that. Commensurate. Great to hear your thoughts on that. I commensurate. Great to hear| your thoughts on that. I would love to hear from you, are you hybrid working, are you more at home or in the office . Around the world and across the uk. This is bbc news. Blaze family are potty about teapots, they have spent a quarter of million on the biggest collection in the uk everything from politicians to P0p Everything from politicians to pop culture and some wild and wacky creations. Izre pop culture and some wild and wacky creations. Wacky creations. Ive got a favourite wacky creations. Ive got a favourite which wacky creations. Ive got a favourite which is wacky creations. Ive got a favourite which is a wacky creations. Ive got a favourite which is a harley j favourite which is a Harley Davidson teapot, i saw the man make it and how hard it was for him to make it. Your one is. . Diana, diana was my favourite. People diana, diana was my favourite. Pecple say diana, diana was my favourite. People say why collect teapots, i say people say why collect teapots, i say why people say why collect teapots, i say why not. People say why collect teapots, i say why not, there people say why collect teapots, i say why not, there are people say why collect teapots, i say why not, there are so i say why not, there are so many i say why not, there are so many weird i say why not, there are so many weird and i say why not, there are so many weird and wonderful| i say why not, there are so many weird and wonderful wings and people many weird and wonderful wings and peorrie come many weird and wonderful wings and people come to many weird and wonderful wings and people come to the many weird and wonderful wings| and people come to the museum and people come to the museum and they and people come to the museum and they can and people come to the museum and they can see and people come to the museum and they can see the and people come to the museum and they can see the things and people come to the museum and they can see the things we. And they can see the things we do, and they can see the things we do. We and they can see the things we do. We have and they can see the things we do, we have once and they can see the things we do, we have once this and they can see the things we do, we have once this size and they can see the things we do, we have once this size and| do, we have once this size and we have do, we have once this size and we have a do, we have once this size and we have 612 do, we have once this size and we have a 12 foot do, we have once this size and we have a 12 foot teapot do, we have once this size and we have a 12 foot teapot in do, we have once this size and we have a 12 foot teapot in the garden we have a 12 foot teapot in the garden you we have a 12 foot teapot in the garden. You never we have a 12 foot teapot in the garden. You never could we have a 12 foot teapot in the i garden. You never could believe the garden. You never could believe ihe things garden. You never could believe the things people garden. You never could believe the things people could garden. You never could believe the things people could make. L youre live with bbc news. Were covering the top business stories. To china now with all eyes on the latest trade data showing a significant drop in exports and imports injuly. As the worlds second biggest economy continues to be hampered by weakened demand at home and a sluggish global outlook. Nick marsh has the details from our Asia Business hub in sinapore. Nick, its continually kind of gloomy news coming out of china, isnt it, as it comes to its economy . It china, isnt it, as it comes to its economy . Its economy . It seems every time this its economy . It seems every time this data its economy . It seems every time this data comes its economy . It seems every time this data comes out, i its economy . It seems every| time this data comes out, its never real good reading. These figures for trade are actually even worse than economists had anticipated in terms of exports its the weakest data since backin its the weakest data since back in February 2020 when china, of course, was right in the thick of the pandemic. Why is this data so bad . Well its mainly to do with chinas customers abroad. Theyre really struggling with high inflation, high Interest Rates so theyre spending less money on chinese goods. If youre a policy maker in beijing, well, its difficult to say what you should do about. That you cant just force other countries to start buying more of your goods. But theres also more to contend with. If you look at the spending within china, thats also looking not very encouraging at the moment. Tomorrow were expecting some more figures to be coming out which will probably show deflation, prices actually going down in china. Thats a bit more difficult to explain, but there are some people who think that chinas Zero Covid Policy went on for so long that customers arent ready to splurge Post Pandemic like they did in europe and the united states. You got problems outside of china, people not ready to spend on chinese goods and within china as well. fik. And within china as well. 0k. Nick, thank and within china as well. 0k. Nick, thank you and within china as well. 0k. Nick, thank you so and within china as well. 0k. Nick, thank you so much. Lets stay in singapore and turn to a home grown talent thats hoping to make a globalfootprint when it comes to the nightlife scene. Zouk pioneered the Clubbing Scene in singapore in the � 90s and some 30 years later the brand feels it is time to venture further overseas. We caught up with the companys chief executive andrew li. A warning this contains some flashing images. Music plays in 32 years you have people who have their almost who have the Founding Fathers and founding mothers of singapore have clubbed in the same brand as now their children. Honestly, it was extremely daunting. I think i had a huge Imposter Syndrome i think at the beginning. Lee is still a legend in the field. He brought house music from ibiza and took this house which became so iconic. When i saw the ijththkthkthkjh and myself took that kind of emotional connection to it, i realised we needed to have a spokesperson and i wanted help lead that charge as we grow into this global and lifestyle takeover. We started one nightclub ijththkjh. Now we expand 35 concepts Around The World. During covid, we changed our club into a Live Streaming studio. We also made into a spin studio with one of the big kind of spin studios here in singapore and upstairs we changed capital which is one of our Club Concerts into a restaurant as well. We realised we wanted to just branch out in very key gateway cities. I think tokyo and la are actually have both strategic purposes. La being the fact that its actually one of the feeder markets to las vegas, right. So you have a lot of people coming in from the west coast obviously into las vegas. Tokyo on the other hand is a completely new project. Were partnering with balloona which operates hotels as well in japan. And so were going to be inside their new hotel in ginza with this new project we can really custom make a night Life Experience that i dont think japan has ever had before. To tech now and japans softbank group. Softbank is an enormous cluster of companies a conglomerate with fingers in many pies around the globe. Its at the forefront of lots of International Tech investments into things like cutting edge Artificial Intelligence and robotics. Softbank is due to post its latest earnings today and is expected to report a return to profit on the back of things like the recent ai boom. Lets talk this through with mark schaub International Partner at king wood mallesens. Marc, good to have you on the programme. Talk us through softbank and many names that its involved with. We may be familiar with, what are we expecting it to say today . Morning. I think what were expecting today is that its had a very tough run in the last few months or last year and had some major losses. So i think perhaps, you know, with all those fingers in different pies, a lot of focus has been on the loss making Companies Like the Fdx Investment which is a big ponzi scheme, the crypto exchange. We work which really didnt make sense, and irl which is a social Media Company where mostly users for bots, not people. As you mentioned before, well see people focussing more on the very many investments they have in have many of the worlds most innovative tech companies. It came to the uks attention many uk viewers learned about softbank when it bought arm holdings which is one of our prizes here. Are they going to float that, arent they, in the next quarter . That will make them a heck of a lot of money which will help, wont it . Yeah. I think the arm ipo, obviously we dont have details exactly whats happening there but theres a planned ipo, i think, for the uk, unfortunately its not going to be planned for london, but rather a nasdaq. But thats again its an ai company and i think what you mentioned in a previous session was about zoom being a company which has hit a certain size problem. But zoom came from nowhere and became very successful and had a lot of value created. So i think thats where softbank is going to be very successful is an identifying these companies before that growth spurt and exiting perhaps before, you know, it fully matures. fik. Exiting perhaps before, you know, it fully matures. Ok. We shau know, it fully matures. Ok. We shall look know, it fully matures. Ok. We shall look at know, it fully matures. Ok. We shall look at those know, it fully matures. Ok. We shall look at those numbers i shall look at those numbers when they do come out. Mark schaub, thank you very much. Thank you. Staying with Cutting Edge Tech now and what has been hailed as the future of the internet web 3. 0. Now, you may be enjoying the womens football world cup i certainly am watching england. Commiserations to nigeria. Maybe watching it on tv or on your phone but the Third Generation of the internet web 3. 0 offers so much more. Box enabling things like augmented and Virtual Reality to transform the Fan Experience its a whole new set of opportunities the Sports Industry is keen to tap into. Joining me now is Bernard Marr Author and one of the worlds leading digital strategists and Business Coaches who has worked with everyone from google to the nhs. All sorts of organisations, bernard. And to what extent is the sporting sector trying to tap in to the next, you know, meta verse, as it were . Yeah, what lm meta verse, as it were . Yeah, what im seeing meta verse, as it were . Yeah, what im seeing is meta verse, as it were . Yeah, what im seeing is were i meta verse, as it were . Yeah, | what im seeing is were seeing this evolution towards a third web which is a more immersive, potentially more decentralised internet that is enabled by ai. So the first one with was just website. Then we had the social internet and now he have the more immersive internet that will give us immersive experiences as if we were in a football stadium. So we could wear glasses and we could choose wherever we wanted to sit and have the best seats with unlimited capacity for stadiums. We have seen this already in the Music Industry where rappers like Travis Scott Have performed in fortnite in the video game in front of 12 million people. So this is something where stadiums suddenly could have unlimited capacity and not only could you sit anywhere in the stadium, you could put on your vr goggles and lets imagine its a Penalty Shootout as we have just seen against nigeria, we could be you could put yourself into the goal and have the perspective of the goalkeeper or if there was a corner kick, you could see where everyone else is standing and you you really immerse yourself. This is what is happening at the moment, this continued upgrade to a more immersive 3d environment. I mean it sounds amazing. For me, the ultimate would be on centre court for a wimbledon final. So how soon will this become accessible to people . As you say, you need a vr headset or something of that nature to make it happen, i presume . Yeah, at the moment were seeing this is a big limitation that not many people have vr sets today. What were seeing is this technology is being introduced into 3d gaming environments, for example, and you mentioned wimbledon and being on centre court. Wimbledon already has launched its own wimbledon in the road blocks Gaming Platform so people get a wimbledon experience and can steer their little avatars into the Wimbledon Grounds and explore it and watch watch. [30 Wimbledon Grounds and explore it and watch watch. It and watch watch. Do you think bernard, it and watch watch. Do you think bernard, story it and watch watch. Do you think bernard, story to i think bernard, story to interrupt you, do you think this move into massive Sporting Events such as the womens world cup, the find that is coming up it could mean that many, many more people take up vr and move into that realm that would have done before so . Yeah, absolutely. And we see the launch of the of apples vision pro headset, so theres lots of stuff happening in the background. Companies like microsoft investing hugely in mixed reality headsets, some in others. Were definitely seeing this technology being developed. Were in the quite there yet, but big Sporting Events are definitely giving it a push. Events are definitely giving it a ush. � , events are definitely giving it a ush, � ,. , a push. Its fascinating. Bernard. A push. Its fascinating. Bernard, thank a push. Its fascinating. Bernard, thank you. I a push. Its fascinating. I bernard, thank you. Good to talk to you. Bernard marr there talking about web 3. 0 and what it means for the world of sport. Thank you for your company as well. Have a really, really good day. Iffuff � re watching us on bbc one, breakfast is coming up. If youre watching us Around The World. I will see you at the top of the hour. Hello there. Theres a promise of something a little bit warmer for all of us towards the end of the week. But its going to be a short lived warm snap as cooler, Wetter Conditions return for many northern and Western Areas over the weekend. For the next few days, its southern areas which will see the mist, the murk, the cloud, the rain. A bit brighter further north. This deep area of low pressure will bring all sorts of problems to scandinavia with localised flooding, heavy rain and strong winds. But the Weather Front pushing in across the south of the uk for tuesday will be a much weakeraffair, bringing increasing cloud to the southern half of the country with some patchy rain and drizzle, low cloud, some sea fog around southwestern coasts and into wales. But for northern england, northern ireland, scotland, bright with some sunny spells, one or two showers in Northeast Scotland where it will be windier, especially in the Northern Isles gusts up to 50mph here, with only 12 degrees in lerwick. But for the mainland of the uk, 16 to maybe 20 degrees from north to south. As we move through tuesday night, it looks like the showers, long spells of rain across the south of england clear away and it turns dry with lengthy clear spells. But it will continue to be windy in the northeast of scotland into the Northern Isles. Temperatures in Single Digits across the north. Another chilly night to come here, but milder in the south and west, where it will be a bit more humid, misty and murky. Wednesday then, not a bad looking day. Quite a bit of sunshine around. Still windy in the northeast of scotland and the Northern Isles, but thicker cloud will push into Western Areas at times and there will be some mist and murk around too. But i think most places will stay dry. Increasing sunshine across the east and southeast of england. So, here, 2a, maybe 25 degrees and itll feel increasingly humid as well. Towards the end of the week, we start to tap into that warmer air over the near continent, so it will turn drier and sunnier. But it will turn a little bit humid as well. But you can see the red and orange colours spreading their way northwards across the uk. We could be up to the mid 20s in Scotland On Thursday and the high 20s for parts of england and wales. But it will be a short lived warm spell. Low pressure out in the atlantic will send a Weather Front across the uk during friday, which will bring showers or longer spells of rain, particularly to the north and the west of the uk. Some of them may be heavy. And as it moves through, temperatures will drop back down below the seasonal norm once again. So an unsettled theme as we head into friday and the weekend across the north and the west of the uk. Not looking that bad, though, across southern and eastern parts of england. Good morning. Welcome to breakfast with Rachel Burden and jon kay. Our headlines today. As 15 Asylum Seekers spend their first night on the bibby stockholm, more launch legal challenges and refuse to be moved onto the barge. Making the grade in a couple of hours, thousands of pupils in scotland will find out their exam results. I can eat my dinner in a fancy restaurant. But nothing, i said nothing can take away these blues. A last goodbye to Sinead Oconnor as fans gather in County Wicklow ahead of her private funeral. We may have fallen out of love with sending letters but parcels are the priority thanks to online shopping. Good morning from royal mails brand new partial hub. We find out how the handle 90,000 parcels an hour
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