China admits economy is worse now than during pandemic
As the rest of the world grapples with a worsening food crisis, Russia is quietly taking advantage.
Putin’s invasion of Ukraine has pushed world wheat prices up 50% this year to near-record highs, raising fears of widespread starvation and hunger.
But the Kremlin has continued to ship its wheat and has received $1.9bn (£1.5bn) in revenue from wheat export taxes so far this season, SovEcon data shows. .
Russia has blockaded Ukrainian ports, imprisoning around 22 million tonnes of grain, while looting the country’s reserves. Hot weather and droughts affected crops elsewhere, exacerbating the crisis.
5 things to start your day
1) George Soros warns that the conflict in Ukraine risks triggering a third world war: George Soros has warned that the conflict in Ukraine could escalate into a Third World War that will end Western civilization.
2) Russia on the brink of the first default since the Bolshevik Revolution: Russia is on the verge of its first default on its foreign debt in a century after the United States banned the Kremlin from paying its bondholders.
3) The power to cost more in the South according to the local rate plan: Households are to pay higher electricity prices in London compared to Scotland at certain times of the day as part of sweeping reforms to make the UK’s energy market greener.
4) The Bank of England said to ditch the green obsession as prices soar: The Bank of England has been told to ‘focus on the basics of money economics’ rather than climate change after warning the City risked more than £340billion in losses from global warming.
5) TikTok scammers try with get-rich-quick scams as economic storm hits: The growing number of users means more TikTok scammers are sure to grab hold of the vast following just as the cost of living crisis hits.
What happened overnight
Asian stock markets gained overnight after Wall Street tumbled on weak US home sales and a profit warning from social media firm Snap.
The Shanghai composite index advanced 0.8pc while the Nikkei 225 in Tokyo lost less than 0.1pc. The Hang Seng in Hong Kong gained 0.5pc.
Business : Infrastructure HICL, Marks & Spencer, Mediclinic International, Pets, Severn Trent, SSE (annual results); Intertec (commercial statement)
Economy: World Economic Forum, Financial Stability Review (EU); Fed minutes, durable goods (WE)