Satellite imagery ‘illustrates spectre of rising food prices and hunger’ due to invasion of world’s sixth-largest wheat exporter
Wheat production in Ukraine is likely to be at least a third lower than in normal years, according to analysis of satellite images of the country.
Ukraine is one of the world’s biggest exporters of wheat, but the war is taking a toll on the country’s agriculture and food supplies, sparking fears of shortages or higher prices around the world.
Continue reading...Atlassian cofounder says released details prove the split would be a ‘terrible outcome’ for energy giant’s shareholders
The planned split of AGL Energy that billionaire Mike Cannon-Brookes is trying to foil will cost $260m upfront and $35m in extra costs per year for the demerged entities, documents from the energy giant show.
In separate releases to the ASX on Friday afternoon, AGL laid out its details of the demerger ahead of a 15 June vote by shareholders. As the biggest shareholder following his purchase of a 11.3% holding, Cannon-Brookes can block the move with the support of another 13.7% of share owners.
Continue reading...Dow falls 3.1% a day after the Fed chair announces biggest hike in two decades to combat inflation
US stock markets suffered their worst day of the year on Thursday as investors worried about the Federal Reserve’s plans to raise interest rates to tackle soaring inflation.
The Dow Jones Industrial Average lost over 1,000 points (3.1%). The S&P 500 and Nasdaq Composite fell 3.5% and 4.9% respectively. Tech stocks were particularly hard-hit, with Amazon dropping 7.6% and Tesla falling 8.3%.
Continue reading...Workers at plant in Romont alert authorities to mysterious white powder found in sacks of coffee beans
Swiss police have seized more than 500kg of cocaine from a shipment of coffee beans delivered to a Nespresso plant.
Workers at the plant in Romont, in the western Swiss canton of Fribourg, alerted authorities to a mysterious white powder found in sacks of coffee beans, police said.
Continue reading...Foreign Office says company part-owned by billionaire ‘operates in sectors of strategic significance to government of Russia’
The UK government has placed sanctions on Evraz, the multinational steelmaker part-owned by the billionaire Roman Abramovich that was formerly counted among Britain’s biggest companies.
The Foreign Office said on Thursday that Evraz “operates in sectors of strategic significance to the government of Russia” and the action would “further chip away at Putin’s financial reserves and siege economy, and support Ukraine’s continued resistance”.
Continue reading...Maxwell Berry, 23, who was restrained in his seat with tape, also was sentenced to a year of supervised release after his jail time
An Ohio man who had to be restrained in his seat with tape after groping and assaulting flight attendants during a flight from Philadelphia to Miami last year has been sentenced by a federal judge to 60 days in prison.
Maxwell Berry, 23, also was sentenced by US district judge Robert Scola Jr to a year of supervised release after his jail time.
Continue reading...Takeaway group in boardroom turmoil after two bosses exit before annual shareholder meeting
Just Eat Takeaway is facing boardroom turmoil after a senior executive stepped down amid an investigation by the courier group into a formal complaint regarding misconduct at a company event.
The board of Just Eat said it would not be putting Jörg Gerbig, its chief operating officer, forward for re-election at the company’s annual shareholder meeting on Wednesday, as it was due to engage an “external expert” to conduct an investigation into “possible personal misconduct”.
Continue reading...Fast fashion retailer blames delivery disruption and wavering pandemic demand for increasing costs
Boohoo has admitted its clothing prices are likely to rise this year after profits almost halved amid weakening consumer demand and rising costs.
The online fashion specialist said pre-tax profits fell 94% to £7.8m in the year to 28 February. Sales rose 14% to almost £2bn but growth was down more than 40% in the previous year, as deliveries overseas were held up by disruption to international shipping and wavering demand during the pandemic.
Continue reading...Tunnelled section of £19bn project through centre of London finally ready for passengers
London’s Elizabeth line is to open on 24 May, it has been announced, with the long-delayed tunnelled central section of the £19bn Crossrail project now ready for passengers.
Transport for London (TfL) said the line would open, subject to final safety approvals, the week prior to the Queen’s jubilee celebrations.
Continue reading...Former Ferrari boss Amedeo Felisa will take over as chief executive of British carmaker
Aston Martin has appointed its third chief executive in three years, with Tobias Moers stepping down after only two years in charge.
Moers will leave the board of the British carmaker with immediate effect but will stay until the end of July to “support the leadership team with a smooth transition”, Aston Martin Lagonda announced.
Continue reading...European Commission chief says Russian supply of crude would be prohibited in EU within six months
Ursula von der Leyen has proposed a total ban on Russian oil imports to the EU, saying Vladimir Putin had to pay a “high price for his brutal aggression” in Ukraine.
Member states in Brussels are scrutinising a proposed sixth package of sanctions, but in a speech on Wednesday the European Commission president said Russian oil flows had to stop.
Continue reading...Government users may also be charged, says billionaire, who has agreed to buy platform for $44bn
Elon Musk has said Twitter may charge a “slight” fee for commercial and government users, in the latest hint of the changes the world’s richest person could introduce after he completes his takeover of the social media platform.
“Twitter will always be free for casual users, but maybe a slight cost for commercial/government users,” Musk said in a tweet. In another tweet, he added: “Some revenue is better than none!”
Continue reading...Kyiv School of Economics estimates cost of conflict could rise to $600bn, almost four times the nation’s GDP
Russia’s invasion of Ukraine is inflicting damage to the country’s infrastructure at a cost of $4.5bn (£3.6bn) a week as bombs tear through thousands of buildings and public utilities, and miles of road.
According to estimates compiled by the Kyiv School of Economics (KSE), and supported by the Ukrainian government, the total amount of direct infrastructure damage has reached $92bn since Vladimir Putin ordered the invasion in February.
Continue reading...Morrison government wants time to consult business and upgrade IT but campaigners say Australia is lagging other countries
The Morrison government has been accused of stalling action to prevent the importation of goods made using slave labour, as it insists it needs more time to consult business and upgrade IT systems.
Despite repeatedly raising concerns about forced labour practices in China’s Xinjiang region, the government has cited “practical challenges” in a new report explaining why it cannot immediately take up recommendations of a bipartisan committee.
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Continue reading...Pivot by Germany bolsters support for phased-in import ban as Charles Michel says goal is to ‘break Russian war machine’
The aim of EU sanctions is to “break the Russian war machine”, with measures on Kremlin oil now imminent, the president of the European Council has said, as Germany pivoted to back the move.
A proposal to phase in a prohibition on Russian oil imports will be discussed by member state ambassadors in Brussels on Wednesday, with the most dependent, such as Slovakia and Hungary, seeking exemptions.
Continue reading...Scott Morrison defends economic ‘shield’ after RBA lifts cash rate target from historic low; Philip Lowe says more interest rate rises to come; Jim Chalmers says central bank decision ‘a very serious development’; nation records 41 Covid deaths. Follow the latest updates live
Scott Morrison doesn’t get sick of the “silly” photo ops [silly photo opportunities being how the question was framed], he tells Melbourne radio’s Neil Mitchell, because he “doesn’t see them that way”.
He then gives a hero-gram to tradies.
I don’t fit in those ways, what I see is [being] out and about and doing what Australians do every day.
... What I enjoy doing is standing there with an apprentice who shows me what they’re learning, and then I’d have a go at it.
Continue reading...Company beats forecasts thanks to high oil and gas prices but is hit by offloading its stake in Russia’s Rosneft
BP’s profits more than doubled to $6.2bn (£5bn) in the first three months of the year, boosted by soaring oil and gas prices.
It was well ahead of the $4.5bn of expected by analysts and is likely to revive calls for a windfall tax on oil and gas companies from Labour and the Liberal Democrats, who argue the money raised could be used to ease the burden for those hardest hit by the cost of living costs.
Continue reading...Sixty-three per cent of people said CEOs should be paid no more than 10 times earnings of lower- or mid-ranking employees
Six in 10 people think company bosses should be prevented from earning more than 10 times the average paid to employees, according to polling shared exclusively with the Guardian.
A poll for the High Pay Centre, a thinktank that campaigns for fairer pay for workers, found that 63% of Britons said chief executives should be paid no more than 10 times the earnings of lower- or mid-ranking employees.
Continue reading...Brussels commissioner says energy ministers accept bowing to Moscow’s demands would breach sanctions, as payment date looms
Europe is facing a crunch point in mid-May when EU member states will have to reject Moscow’s demands for fuel payments to be made in roubles – despite being without alternative gas supply, Brussels has warned.
Kadri Simson, the European commissioner for energy, said on Monday that the Kremlin’s demands had to be rebuffed despite the risks of an interruption to supply at a time that the shortfall cannot be made good.
Continue reading...Japanese gaming company behind Final Fantasy series secures deal with Sweden-based Embracer
The Japanese gaming company behind Final Fantasy is selling off three studios, including the rights to hit franchises including Tomb Raider, in a $300m (£240m) deal.
Tokyo-based Square Enix has sold US-headquartered Crystal Dynamics and Canada-based Eidos Montreal and Square Enix Montreal to the Nasdaq-listed Swedish gaming group Embracer.
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