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 PatternsAround 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 MinisterMatteo 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. 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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 lo