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, the
I mean, these figures for trade are actually even worse than economists had anticipated in terms of exports. 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. And if youre a policymaker in beijing, well, its difficult to say what you should do about that. You cantjust 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 just are
in its latest operating profits, with soaring parts inflation hitting the bottom line. let s focus on the main business stories. president biden who has accused oil and gas companies of war profiteering and threatened them with a windfall tax. in the uk the focus will be on the oil giant bp. last week shell reported is second highest quarterly profit on record but it was not required to pay the uk windfall tax on energy firms due to making large investments in the uk. oil and gas prices began to rise and a surge since february after russia s invasion on ukraine resulting in bump up profits. let s get the numbers out of the way. paul, what is bp expected to say today? it is auoin bp expected to say today? it is going to save bp expected to say today? it 3 going to save profits are going to be strong but unlike the previous quarter, it would not be the triple digit we saw last summer and that would be reflected. in summer and that would be reflected- reflected. in terms of t
The u. S. Rating. No surprise there. History in the making President Biden would become the first sitting president to visit a piblt line hes planning to join strikers as those workers of the big three hit 12 days of walking out on their jobs. Lets begin with the markets on track for a lower open on this tuesday jim, youve been watching yields, of course. You commented this morning about the 20year in particular. Yeah. I think weave been going toward ive been saying this to club members a lets just say the opposite of an inverted yield curve t inverted is what im calling it youve got 4. 8, a 5. 3. What i think can happen is on the 20year you can usually get 6. Lets say Neel Kashkari is right, one hike. Then you have no more inverted yield curve. The problem is that when i go over stocks, locking in a 4. 8 is considered to be really pretty terrific. Its not bad. Its not bad. 4. 5 for ten years is not terrible either. People are looking at it. Go back 16, 17 years, wow, this is a great r
And came out against the michigan right to work effort like he did in wisconsin and hes going to lose this one in michigan. Meanwhile the economy and jobs are improving but the use of budget busting food stamps continues to soar. Could the aggressive food stamp reason why . Wait until you hear some of the radio ads. Proeb jumped head first into a right to work law today in michigan. Eamon javers has the details. Good evening. Reporter good evening. We are monitoring fiscal cliff talks. Its been radio silence from democrats and republicans in washington. Theyre sticking to preagreed upon talking points explaining that lines of communication are open. We dont know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. Listen. Those rates are going up. We either act now to keep them from going up from as ma