World Bank Boss Says World Facing ‘Human Catastrophe’ From Food Crisis – Live Deals | The business

Introduction: World Bank warns of ‘human catastrophe’ of food crisis

Good morning and welcome to our ongoing coverage of business, the world economy and financial markets.

The world is facing a “human catastrophe” as food prices soar after Russia’s invasion of Ukraine, warns World Bank President David Malpass.

In an interview with the BBC, Malpass said that record increases in food prices would push hundreds of millions of people into poverty. He said on the sidelines of the IMF-World Bank’s spring meetings in Washington:

It’s a human catastrophe, which means nutrition declines. But it also becomes a political challenge for governments that can’t do anything about it, didn’t cause it and see prices going up.”

The World Bank estimates there could be a “huge” 37% increase in food priceswhich is “extended to [the] poor”, which

eat less and have less money for anything else, like schooling. And that means it’s really an unfair kind of crisis. It hits the poorest hardest. This was also true for Covid.

It’s affecting foods of all different types: oils, grains, and then it gets into other crops, corn crops, because they increase when wheat increases.

Ukraine and Russia are major exporters of wheat and other grains, but the war has brought production to a halt. Malpass called on governments around the world to increase the supply of food, energy and fertilizer wherever possible and to introduce measures targeting the poorest.

The International Monetary Fund said yesterday that it is open to providing emergency funding to countries facing food insecurity.

Malpass also warned of a debt crisiswith developing countries struggling to repay large debts that grew during the Covid pandemic, amid rising food and energy prices.

Currently, about 60% of the poorest countries are in debt or at high risk of debt distress.

european scholarships rallied yesterday after losses earlier in the week, while on Wall Street high-tech Nasdaq fell 1.2%, dragged by the Netflix. Shares in the streaming giant are down 35% after it said it expected to lose 2 million subscribers in the next few months.

Many Asian markets are up on Thursday, with Japan’s Nikkei up 1.2% and the Australian market up 0.3%. However, Hong Kong’s Hang Seng lost more than 2% and the Chinese CSI 300 index fell 1.8%, dragged down by concerns about the Chinese economy. European stocks are expected to amplify their bounce, supported by positive results from Nestlé and other companies.

also arriving

The central bank’s ‘holy trinity’ of US Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey are due to speak in Washington DC later today.

Michael Hewson, Chief Market Analyst at CMC Markets UK, said:

Lagarde’s comments will come under close scrutiny after yesterday’s comments by Latvian Governing Council member Martin Kazaks said a rate hike in July was possible and that tightening measures need not wait for evidence of growth in prices. salary. Those comments contrasted with the tone of Lagarde’s press conference at the ECB earlier this month, so it will be remarkable if she doesn’t back down.

Sterling investors will look for clues from Bank of England Governor Andrew Bailey on the central bank’s intentions at their May meeting, when some form of rate hike is expected, though the extent of any move remains uncertain, at 25 points. -base or 50 basis points. Traders would still be advised to exercise some caution regarding any comments that Bailey might make, as in previous instances the Bank of England’s guidance has been as reliable as a pot of chocolate.

The agenda

IMF/World Bank Spring Meetings in Washington

  • 07:45 BST: France’s Business Confidence for April
  • 10am BST: End of Eurozone Inflation for March (forecast: 7.5%)
  • 1:30 p.m. BST: Initial U.S. unemployment insurance claims for the week of April 16
  • 14:00 BST: Bank of England policymaker Catherine Mann speaks
  • 3pm BST: Eurozone consumer confidence flash for April (forecast: -20)
  • 16:15 BST: IMF Managing Director Kristalina Georgieva gives press conference
  • 5:30pm BST: Bank of England Governor Andrew Bailey speaks at the Peterson Institute for International Economics
  • 6pm BST: Georgieva, ECB President Christine Lagarde, Fed Chair Jerome Powell and others debate the global economy

Billinaire Bill Ackman sells Netflix shares at £400m loss

Billionaire hedge fund manager Bill Ackman sold his Netflix shares at a loss of about $400 million, reversing his bullish stance on the streaming giant after it reported an exit of more than 200,000 subscribers. reports my colleague Kalyeena Makortoff.

This comes just months after the New York investor bought more than $1 billion worth of Netflix stock in January, despite gloomy predictions about the company’s subscription levels. Ackman said at the time that the subsequent drop in the stock price presented an “attractive” opportunity for his Pershing Square fund.

But Ackman took an overnight turnaround after shares of the online streaming platform dropped more than 35% in reaction to news that Netflix had lost more than 200,000 subscribers in the first three months of the year and was likely to lose another 2 million. throughout the year. in the next quarter, as customers reviewed subscriptions purchased at the height of Covid lockdowns.

Netflix logo displayed on a smartphone.
Netflix logo displayed on a smartphone. Photography: Andre M Chang/ZUMA Press Wire/REX/Shutterstock

European stocks are trading mostly higher, with the exception of the FTSE 100 index, which dropped 4 points to 7,624, and the Italian borsa in Milan, down 0.17%.

Germany’s Dax is up 0.36% and France’s CAC is 0.77% ahead.

In London, mining stocks are again among the biggest drop-offs, including antofagasta, anglo-american and Rio Tintoas well as commodity trader Glencore.

Antofagasta shares are down more than 8% after today revealing a 24% drop in copper production in the first three months of the year. Rio Tinto also released pessimistic results yesterday.

Oil prices are rising this morning as investors worried about future supply in the event of an EU ban on Russian oil and amid reduced flows from Libya.

Global benchmark Brent crude rose 1.5% to $108.40 a barrel, while US light curing gained 1.4% to $103.63 a barrel.

Libya, a member of the OPEC oil cartel, said yesterday that it was losing more than 550,000 barrels a day due to blockages in key oil fields and export terminals.

Introduction: World Bank warns of ‘human catastrophe’ of food crisis

Good morning and welcome to our ongoing coverage of business, the world economy and financial markets.

The world is facing a “human catastrophe” as food prices soar after Russia’s invasion of Ukraine, warns World Bank President David Malpass.

In an interview with the BBC, Malpass said that record increases in food prices would push hundreds of millions of people into poverty. He said on the sidelines of the IMF-World Bank’s spring meetings in Washington:

It’s a human catastrophe, which means nutrition declines. But it also becomes a political challenge for governments that can’t do anything about it, didn’t cause it and see prices going up.”

The World Bank estimates there could be a “huge” 37% increase in food priceswhich is “extended to [the] poor”, which

eat less and have less money for anything else, like schooling. And that means it’s really an unfair kind of crisis. It hits the poorest hardest. This was also true for Covid.

It’s affecting foods of all different types: oils, grains, and then it gets into other crops, corn crops, because they increase when wheat increases.

Ukraine and Russia are major exporters of wheat and other grains, but the war has brought production to a halt. Malpass called on governments around the world to increase the supply of food, energy and fertilizer wherever possible and to introduce measures targeting the poorest.

The International Monetary Fund said yesterday that it is open to providing emergency funding to countries facing food insecurity.

Malpass also warned of a debt crisiswith developing countries struggling to repay large debts that grew during the Covid pandemic, amid rising food and energy prices.

Currently, about 60% of the poorest countries are in debt or at high risk of debt distress.

european scholarships rallied yesterday after losses earlier in the week, while on Wall Street high-tech Nasdaq fell 1.2%, dragged by the Netflix. Shares in the streaming giant are down 35% after it said it expected to lose 2 million subscribers in the next few months.

Many Asian markets are up on Thursday, with Japan’s Nikkei up 1.2% and the Australian market up 0.3%. However, Hong Kong’s Hang Seng lost more than 2% and the Chinese CSI 300 index fell 1.8%, dragged down by concerns about the Chinese economy. European stocks are expected to amplify their bounce, supported by positive results from Nestlé and other companies.

also arriving

The central bank’s ‘holy trinity’ of US Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey are due to speak in Washington DC later today.

Michael Hewson, Chief Market Analyst at CMC Markets UK, said:

Lagarde’s comments will come under close scrutiny after yesterday’s comments by Latvian Governing Council member Martin Kazaks said a rate hike in July was possible and that tightening measures need not wait for evidence of growth in prices. salary. Those comments contrasted with the tone of Lagarde’s press conference at the ECB earlier this month, so it will be remarkable if she doesn’t back down.

Sterling investors will look for clues from Bank of England Governor Andrew Bailey on the central bank’s intentions at their May meeting, when some form of rate hike is expected, though the extent of any move remains uncertain, at 25 points. -base or 50 basis points. Traders would still be advised to exercise some caution regarding any comments that Bailey might make, as in previous instances the Bank of England’s guidance has been as reliable as a pot of chocolate.

The agenda

IMF/World Bank Spring Meetings in Washington

  • 07:45 BST: France’s Business Confidence for April
  • 10am BST: End of Eurozone Inflation for March (forecast: 7.5%)
  • 1:30 p.m. BST: Initial U.S. unemployment insurance claims for the week of April 16
  • 14:00 BST: Bank of England policymaker Catherine Mann speaks
  • 3pm BST: Eurozone consumer confidence flash for April (forecast: -20)
  • 16:15 BST: IMF Managing Director Kristalina Georgieva gives press conference
  • 5:30pm BST: Bank of England Governor Andrew Bailey speaks at the Peterson Institute for International Economics
  • 6pm BST: Georgieva, ECB President Christine Lagarde, Fed Chair Jerome Powell and others debate the global economy

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