Grass fed beef market price

G7 leaders gathering for lunch at the Schloss Elmau hotel in Elmau, Germany on Monday (June 27). The G7 leaders have also agreed to take a more coordinated approach to challenging China's 'market-distorting' practices in global trade. (Photo by Susan Walsh/Pool via Reuters) - A + A SCHLOSS ELMAU (June 28): The Group of Seven (G7) economic powers have agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price, they said on Tuesday. "We invite all like-minded countries to consider joining us in our actions," the G7 leaders said in the communique. The war in Ukraine and its dramatic economic fallout, in particular soaring food and energy inflation, has dominated this year's summit of the group of rich democracies at a castle resort in the Bavarian Alps. The G7 is looking at price caps as a way to prevent Moscow profiting from its invasion of Ukraine, which has sharply raised energy prices, taking the sting out of Western … [Read more...] about G7 agrees to explore cap on Russian oil price — communique

Share to Twitter Share to Linkedin Cryptocurrencies are famous for their wild price swings, and in their short history, they’ve gone through multiple cycles of scorching-hot summers followed by frigid, long winters. The last downturn began in early 2018 and lasted about two and a half years. Over the past three months, with inflation spiking and recession concerns spreading, bitcoin has dropped from a high of $48,000 to roughly $21,000 . Today, some top investors think we’re in for another painful, extended period of low prices. “The next two years are going to be really rough,” says Avichal Garg, a managing partner at Electrical Capital, a crypto investment fund with more than $1 billion in assets. His fundamental views on the industry’s promise haven’t changed. “New software developers are coming in , and we're seeing more and more high-quality founders. We see Web2 executives from Facebook and Google coming in at a faster clip,” he says. But one … [Read more...] about The Crypto Bear Market Could Last Two Years, Top Investors Say

- A + A SINTRA/FRANKFURT (June 27): The European Central Bank (ECB) will activate the bond-purchasing firepower it has earmarked as a first line of defence against a possible debt-market crisis on Friday (July 1), according to President Christine Lagarde. Applying "flexibility" to how reinvestments from the ECB's €1.7 trillion (US$1.8 trillion) pandemic bond-buying portfolio are allocated is aimed at curbing unwarranted turmoil in government bonds as interest rates are lifted from record lows to curb unprecedented inflation. Net buying under a separate asset-purchase programme is also set to end on Friday — potentially exposing some of the eurozone's more-indebted nations to speculative attacks by investors. "We have decided to apply this flexibility in reinvesting redemptions coming due in the PEPP portfolio as of July 1," Lagarde said on Tuesday in a speech in Sintra, Portugal, where the ECB is holding its annual retreat. "We will ensure that the orderly … [Read more...] about ECB to activate first line of defence in bond market on July 1

- A + A KUALA LUMPUR (June 28): Kim Loong Resources Bhd’s net profit for the first quarter ended April 30, 2022 (1QFY23) climbed 38.2% year-on-year to RM39.23 million from RM28.38 million, as revenue jumped amid higher average selling prices of fresh fruit bunch (FFB) and crude palm oil. According to its bourse filing on Tuesday (June 28), the group's revenue jumped 63.14% to RM509.74 million from RM312.45 million. Earnings per share rose to 4.06 sen from 3.04 sen. No dividend was declared. Kim Loong said the ASP for FFB rose 56% year-on-year, while the ASP for CPO was up 58%. FFB production also grew 7%, while CPO production increased 2%. On prospects, the group’s management forecasts that FFB production for FY23 could be 15% higher than the quantity achieved in FY22, if the labour shortage problem does not deteriorate further. “As for palm oil milling operations, the management expects a total processing quantity of about 1.50 million MT (metric tonnes) of FFB … [Read more...] about Kim Loong’s 1Q profit up 38% on higher CPO, FFB selling prices

- A + A KUALA LUMPUR (June 28): The ringgit settled higher versus the US dollar on Tuesday (June 28), rebounding from Monday’s losses on renewed demand and in line with the steadier crude oil prices, an analyst said. At 6pm, the local unit appreciated against the greenback to 4.3960/3975, from Monday's close of 4.4030/4060. At press time, global benchmark Brent crude oil was traded at US$117.30 per barrel, up by 1.89%. The analyst said the positive revision of Malaysia’s long-term sovereign credit ratings outlook by S&P Global Ratings (S&P) boosted investor confidence in Malaysia's economy, hence lifting the demand for the ringgit. S&P has affirmed the “A-” rating for long-term and “A-2” for short-term foreign currency sovereign credit ratings, as well as Malaysia’s “A” rating for long-term and “A-1” for short-term local currency ratings. The rating agency said the stable outlook reflects its expectation that Malaysia’s steady growth momentum and … [Read more...] about Ringgit appreciates against US dollar on June 28 on improved market sentiment

Share to Twitter Share to Linkedin Topline High-profile stock picker Cathie Wood conceded to being wrong about the duration of high inflation that's contributed to her fund's steep decline this year while doubling down on her belief that the economy has fallen into a recession—defying a vast majority of experts noting a recession is unlikely this year despite growing odds of one next year. Key Facts “We think we are in a recession,” Wood, the founder and CEO of New York City's Ark Invest, said on CNBC's Squawk Box Tuesday, noting that excess inventory driving up costs and leading to wider-than-expected profit shortfalls for corporations like Walmart and Target is a "big problem" facing the economy. Wood first declared the U.S. had fallen into a recession last week, warning on Twitter that massive inventories (often viewed as a leading indicator for demand) have the potential to unwind and hurt growth for the rest of the year, as consumer … [Read more...] about Cathie Wood Claims Economy Already In A Recession—Warns Inflation And Inventories Pose ‘Big Problem’

The price of Haepyo canola oil and pressed olive oil will increase by up to 20.8 percent from next month. Ottogi also recently raised the price of commercial cooking oil by 20 percent. Cooking oil, such as canola oil and olive oilm are on display at a large mart in Seoul on Tuesday. [YONHAP] A lighting manufacturing company is losing money on each sale after raw material prices jumped 60 percent. "As we can't raise the price on our products at the rate raw material prices have increased, we face huge losses with the more orders we get," the owner of the manufacturing company said. "I'm considering downsizing our factory as raw material prices will likely rise for a long time." A new survey by the Bank of Korea found that four out of every 10 companies said this year raw material prices have risen by more than 20 percent compared to last year. Two out of every 10 companies said they are considering changes to employment or reducing new business investments in response to … [Read more...] about Losing money on each sale, Korean companies cut back

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

- A + A NEW YORK (June 28): The lukewarm reception for Polestar Automotive Holding, the latest electric-vehicle (EV) company to go public in the US, is sending an ominous message to other start-ups: The purge is not over. Yes, the auto industry is due for a transformation as oil prices soar and the need for cleaner transportation becomes increasingly apparent. But, runaway inflation and a looming economic downturn are making investors leery of speculative investments, which include EV makers despite the allure of the coming revolution. Polestar's tepid welcome — the stock jumped 16% on its first day of trading on Friday and then dropped 15% on Monday — is the latest evidence of that scepticism. The Swedish electric-car maker went public after merging with blank-cheque company Gores Guggenheim Inc. The company's market valuation stood at about US$24 billion as of Monday's close. "EV stocks benefitted greatly from the abundance of liquidity that had been sloshing … [Read more...] about Polestar IPO’s meh greeting a troubling signal for EV makers