Rising price of food

Share to Twitter Share to Linkedin Topline The Group of Seven nations (G-7) outlined plans for the reconstruction of Ukraine, resolving the global food security crisis, securing energy supply and tackling climate change as a two-day summit of the countries’ leaders in Germany concluded on Tuesday. Key Facts In a summary of its official communiqué issued after the summit, the G-7 reaffirmed its support for Ukraine’s “courageous” defense of its “sovereignty and territorial integrity” and vowed to punish Russia further by coordinating more sanctions and reducing its revenue from energy exports. The G-7 nations pledged a total of $29.5 billion in financial aid for Ukraine’s reconstruction in 2022, plans for which will be made in partnership with Kyiv through an international reconstruction conference. Blaming Russia’s invasion for steep energy prices around the globe, the leaders said they will take immediate steps to secure energy supply … [Read more...] about G-7 Pledges Billions To Help Ukraine Rebuild And Reveals Plan To Tackle Food Security As Summit Ends

- A + A PUTRAJAYA (June 28): The Science, Technology and Innovation Ministry (MOSTI) has 27 technological solutions that are ready to be widely applied to assist the country handle the food security issue in the short run. MOSTI in a statement on Tuesday (June 28) said the technological solutions are divided into several clusters, namely seeds, bio fertiliser, booster fertiliser, use of drone, testing, and internet of things (IoT), aquaculture, as well as livestock feed. "All the technology solutions are the results of local research and development (R&D) financed by the government,” said MOSTI. Among the technology solutions which could be introduced are automated fertigation system, vertical farming, aquaponics combined with artificial intelligence (AI), which is capable of operating in remote areas and reduce the cost of operation through Nano Light Energy Panel (NLEP) solar energy as a primary source of energy. The usage of technology could also be … [Read more...] about MOSTI offers 27 technology solutions to tackle food security

- A + A (June 28): European Central Bank (ECB) president Christine Lagarde affirmed plans for an initial quarter-point increase in interest rates in July but said policymakers are ready to step up action to tackle record inflation if warranted. Speaking at the ECB’s annual retreat in Sintra, Portugal, Lagarde offered reassurances that a new anti-crisis instrument yet to be announced won’t stand in the way of tackling the fastest surge in consumer prices since the euro was introduced. Her remarks underline the ECB’s base case for normalising monetary policy as some officials float the idea of moving more aggressively. Governing Council member Martins Kazaks said earlier on Tuesday (June 28) that “front-loading” hikes, including a possible larger move next month, could be reasonable. Traders brought forward bets on rate increases, but only see a 25% chance of a half-point hike in July. “There are clearly conditions in which gradualism would not be appropriate,” … [Read more...] about Lagarde vows nimble ECB policy as July hike plan proceeds

By ZEKE MILLER and GEIR MOULSON ELMAU, Germany (AP) — Leaders of the world’s biggest developed economies said Tuesday they would explore far-reaching steps to cap Russia’s income from oil sales that are financing its invasion of Ukraine and struck a united stance to support Kyiv for “as long as it takes” as the war grinds on. The final statement from the Group of Seven summit in Germany underlined their intent to impose “severe and immediate economic costs” on Russia. It left out key details on how fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to “explore … the feasibility” of measures to bar imports of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war. “We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in … [Read more...] about G-7 leaders united behind Ukraine, aim at Kremlin oil money