Already gummed up by supply-chain bottlenecks, skyrocketing freight rates and weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia turn increasingly complicated and raise the specter of food shortages. Bloomberg
Already gummed up by supply-chain bottlenecks, skyrocketing freight rates and weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia turn increasingly complicated and raise the specter of food shortages. Bloomberg
Already gummed up by supply-chain bottlenecks, skyrocketing freight rates and weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia turn increasingly complicated and raise the specter of food shortages. Bloomberg
Already gummed up by supply-chain bottlenecks, skyrocketing freight rates and weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia turn increasingly complicated

Russia’s invasion of Ukraine pushes food prices up to record levels


James Reinl
  • English
  • Arabic

World food prices jumped more than 12 per cent to record highs in March following Russia’s invasion of Ukraine, the UN said on Friday, stoking fears of hunger across the Middle East and beyond.

The UN Food and Agriculture Organisation's (FAO) food price index warned of sharp price increases for grains, oils and other foodstuffs as exports from agricultural powerhouse Ukraine continue to be affected by the fighting.

The disruption in export flows caused by the February 24 invasion and international sanctions on Moscow have spurred fears of a global hunger crisis, including in countries such as Yemen, Libya, Syria, Egypt and Lebanon, which are vulnerable to market shocks.

Boubaker Ben Belhassen, the FAO's trade and markets director, said fighting in Ukraine had "exacerbated" an "already-difficult situation, putting further upward pressure on prices".

The Covid-19 pandemic, weather shocks, international demand and rising costs of energy, transport and fertilizers were already effecting costs, Mr Belhassen told reporters.

The agency’s price index, which tracks shifts in a basket of commodities, surged by 12.6 per cent last month, making a “giant leap to a new highest level since its inception in 1990", said the Rome-based agency.

The US has accused Russian President Vladimir Putin of creating a global food crisis, though the Kremlin has countered, blaming the mostly western sanctions on Moscow for market turmoil.

Vegetable oils, cereals and meats reached record highs, while sugar and dairy prices also rose significantly.

Russia and Ukraine — both of which are home to large areas of grain-producing land that make up a vital global breadbasket — together accounted for about 30 per cent of wheat and 20 per cent of maize exports in recent years, the FAO said.

Farmers in Ukraine’s war-struck agricultural areas have not planted crops during the spring sowing season, raising doubts about this year’s harvest.

The country’s ports have also been shut by a Russian blockade.

The conflict has also sent oil and gas prices upwards, fuelling inflation and prompting fears of economic recession.

Russia has faced global outrage, sanctions and diplomatic isolation over its invasion of Ukraine, which began on February 24. Moscow says its “special military operation” is needed to stop Nato’s eastward expansion.

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Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

UK-EU trade at a glance

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Cutting red tape on import and export of food

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

While you're here
Series information

Pakistan v Dubai

First Test, Dubai International Stadium

Sun Oct 6 to Thu Oct 11

Second Test, Zayed Stadium, Abu Dhabi

Tue Oct 16 to Sat Oct 20          

 Play starts at 10am each day

 

Teams

 Pakistan

1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza

 Australia

1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland

UAE currency: the story behind the money in your pockets
Company%20profile
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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

If you go

The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates


The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
 

When to go
The summer months, from December to February are best though there is beauty in each season

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
UAE currency: the story behind the money in your pockets
Chinese Grand Prix schedule (in UAE time)

Friday: First practice - 6am; Second practice - 10am

Saturday: Final practice - 7am; Qualifying - 10am

Sunday: Chinese Grand Prix - 10.10am

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

FA CUP FINAL

Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')

Watford 0

Man of the match: Bernardo Silva (Manchester City)

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

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How to donate

Text the following numbers:

2289 - Dh10

6025 - Dh 20

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2208 - Dh 100

6020 - Dh 200 

*numbers work for both Etisalat and du

Updated: April 08, 2022, 3:26 PM`