Algeria shunned imports of French wheat in a diplomatic row. That has changed because of shortages after Russia invaded Ukraine. The U.S. has even talked to vilified Venezuela. Amid political hype about self-reliance, globalization still matters – even if it requires compromise.
The SoftBank-backed superapp is eyeing a $29 bln valuation in a Jakarta listing. Given rival Grab’s disastrous New York debut and Sea’s share price plunge, the timing may bruise its new backers. But waiting much longer risks eroding GoTo’s strong market position.
The $120 bln miner has offered $2.7 bln to buy out minority investors in Turquoise Hill, which controls the giant Oyu Tolgoi copper mine. Rio Tinto could have paid less last year. But its lack of metals needed for alternative energy makes it vital to remove any future barriers.
The country is a major exporter of potash and urea, nutrients underpinning food security. The fallout from Moscow’s Ukraine war exacerbates a price and supply crisis. Top importers India and Brazil will be hit hard; smaller, economically weaker buyers will be even worse off.
The threat of penalties didn’t stop Vladimir Putin from invading Ukraine. Sanctions would have even less chance of preventing China from taking control of Taiwan. The deeper the trade ties, the greater the chance of self-harm. And China has a head start in creating workarounds.