When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Economy

Food Shortages Around The World, Product By Product

The war in Ukraine and the climate crisis have been devastating for food production. Here's a look at some of the traditional foods from around the world that might be hard to find on supermarket shelves.

The consequences of the invasion of Ukraine by Russia have been far-reaching. A Russian blockade of the Black Sea has meant Ukraine, known as “Europe’s breadbasket,” has been unable to export much of its huge harvests of wheat, barley and sunflower oil.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

So even those thousands of miles from the battlefields have been hit by the soaring prices of basic necessities.

Watch Video Show less

How Much Longer Can The Russian Economy Survive Sanctions?

The head of the Kremlin boasted at the recent forum in St. Petersburg International Economic Forum about Russia’s economic resilience against Western sanctions. But behind the scenes, Russian business leaders tell a different story.

-Analysis-

MOSCOW — "The most effective sanction to weaken the Kremlin? Not to target us and punish us, but to give us visas instead ... to abandon the sinking the ship!" This businessman's iconoclastic perspective embodies the anxiety one could detect percolating just below the surface at the "Russian Davos" Forum in St. Petersburg last week.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

Officially called the "International" Economic Forum, the annual event organized by Vladimir Putin is meant to attract foreign investors — but this year, the elite of the national business community were cut off from the rest of the world. "Just among Russians... And forced to line up behind the regime and its economic strategies that lead us to a dead end," says the same source, a Russian manager in one of the main state-owned companies.

Like so many others, this man in his 40s, a typical representative of the new upper middle class, with a foreign passport in hand, educated in the West, liberal and multilingual, discovered his name on the lists of Western sanctions. Directly or indirectly, a large part of the Russian business world has been caught up in the European and U.S. sanctions against Moscow.

Keep reading... Show less

EU Leaders In Kyiv, Israeli Gas Deal, Tesla Warning

👋 Ello-hay!*

Welcome to Thursday, where France’s Macron, Germany’s Scholz and Italy’s Draghi all arrive in Kyiv, the EU secures a deal to wean itself off Russian gas, there’s sign of LGBTQ+ progress in Thailand and data warns about Tesla driver-assisted cars crashing. Meanwhile, for Ukraine media Livy Bereg, Oleksandr Detsyk analyzes the tricky art of hitting Russia with the right sanctions so as not to trigger a global economic crisis.

[*Pig Latin]

Keep reading... Show less

As Global Economy Tanks, Future Russian Sanctions Get Harder For West To Swallow

Kyiv wants the West to hit at the heart of the Russian economy, especially its energy exports, as the best weapon Ukraine and its allies may have. But with the EU preparing its 7th package of sanctions, it must strike a delicate balance as the global economy is on the brink of a major crisis.

- Analysis-

KYIV — The European Union has begun work on its seventh package of sanctions against Russia. Even though the EU is delaying the implementation of more effective oil and gas sanctions, Russia is expected to face a tangible economic downturn in the summer. Therefore, a full-scale financial crisis is likely to take place in autumn.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

According to the most modest estimates, Russia will lose up to 10% of GDP. Personal incomes will decrease by 20-25%. Inflation will be above 10%. The numbers may seem relatively low, but the Russians did not experience this even in the worst years of their recent history, 1993 and 1998.

“Sanctions do not have a one-time effect. This is such a multi-level process," says Ukrainian economist Oleksiy Kushch. "I think there will eventually be more than ten different sanctions packages. Currently we are only in the first third of what's to come."

Keep reading... Show less
Geopolitics
Irene Caselli

Why Italy Is The Most Pro-Russian Country In The West

While there are Moscow backers across Europe and even in the U.S., they mostly remain on the margins. In Italy, however, support for the Kremlin runs surprisingly wide, and deep.

-Analysis-

It was a special edition of Non è l'Arena, an Italian talk show, with host and journalist Massimo Giletti broadcasting from a balcony overlooking Moscow’s Red Square.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

Three months into the war, a special edition from Russia could have been a bold move to look at the crippled state of the Russian economy, or the plight of internal dissidents.

But for this June 5 prime time program, Giletti instead reserved the stage for Russia's Foreign Ministry spokeswoman Maria Zakharova and pro-Kremlin TV host Vladimir Solovyov.

Zakharova had the chance to repeat the Kremlin's line on the war, accusing Italian journalists of not reporting on what she called “a war against its own people” by the Ukrainian regime in Donbas over the past eight years.

Watch Video Show less
Economy
Laura-Mai Gaveriaux

Dubai Delivery Riders Challenge  UAE Royal Family's Absolute Power

Labor strikes are forbidden in the Emirates, but two consecutive work stoppages by food delivery drivers have made news lately. Could it be a sign of challenges to the UAE's unequal and authoritarian economic model?

DUBAI — About a month ago, on May 9, the food delivery drivers who work with Talabat (a subsidiary of the German app Delivery Hero) went on strike in Dubai in order to receive a raise of 2 dirhams ($0.54) per delivery run, up from the current pay of 7.5 dh ($2.04).

Yet any sort of labor strike is illegal in the United Arab Emirates.

Watch Video Show less
Future
Clarín

Agrotokens Let Farmers Turn Surplus Grain Into Tangible Cryptocurrency

Digital currencies may be volatile, but one company in Argentina has found a way to allow farmers to purchase goods and services online using surplus grain.

BUENOS AIRES — Amid a boom in the price of farming products, an Argentine firm has devised a way for local farmers to turn surplus grain into digital credits that can be used to purchase goods with a debit card.

In partnership with Visa, Agrotoken, a firm founded by Eduardo Novillo Astrada and Ariel Scaliter, has created a card accepted by 80 million shops and businesses associated with its tokenized grains program. The firm is effectively linking Argentine farmers and exporters who have surplus grains with a global business network.

Watch Video Show less
Economy
Cosima Lutz

Fried And Drizzled: Soaring Cooking Oil Prices Spark New Ethical Questions

The price of cooking oils and fats has gone up dramatically. Indonesia has even banned exports of palm oil. Suddenly, what type of oil and how we use it to fry foods, dress salads and process products has become an ever more important question.

-Analysis-

BERLIN — In July 1940, 74 Swiss soldiers sat down to a meal of fried bread and cheese. Afterwards, they suffered severe – in some cases, irreversible – paralysis. The men, who became known as the “oil soldiers,” suffered from the after-effects their entire lives. They could not have known that the cooks had inadvertently added a poisonous machine gun coolant to the frying pans. The mineral oil mixed with tricresyl phosphate looked and tasted no different from standard cooking oil.

Humans and machines both need oil, but it’s not always clear from the look or taste which kind of oil should be used for which purpose. As long as there is enough cooking oil on supermarket shelves, discerning chefs make their choice based on taste, healthiness and environmental impact. Now, concerns around production, prices and health implications mean that, more than ever before, the choice of cooking oil is taking on a moral dimension.

Watch Video Show less
Economy
Natalia Vera Ramírez

Crypto And Cannabis, Best Buds At Last

As cannabis is legalized in more places, investors are taking note. One Luxembourg-based, Uruguayan-led fund has found an innovative way to bypass banking obstacles and raise capital.

Soon it will be possible to buy shares in a fund that invests in the nascent cannabis industry, on Ethereum, a blockchain portal. The fund is Global Cannabis Capital (GCC), formed in Luxembourg and soon to offer shares as tokens (digital value units representing the value of a stock), instead of the traditional initial public offering (IPO).

GCC's founder is the Uruguayan Andrés Israel, also CEO and founder of Cannabis Company Builder (CCB), an incubator that helps Latin American startups devise a business strategy for the cannabis sector. He said tokens were "a much more efficient channel for attracting capital" than share issues, and legal frameworks already exist covering their use. The legalities, he said, were "one of our major challenges. We chose Luxembourg as we found legality both in the blockchain sphere and the cannabis industry. It was a double challenge for us."

Watch Video Show less
Economy
Frédéric Schaeffer

Shein IRL? China's Online Fashion Giant Has A Major Worker Exploitation Problem

In the fast fashion race, Shein, a Chinese retailer, has rapidly risen to compete with the likes of H&M and Zara — and even Amazon. But a deep look inside the company reveals questionable working and sourcing practices.

GUANGZHOU — The wall clock says 1:30 p.m. when the neon lights switch on again above the sewing machines and ironing boards. Between the boxes and the mountain-high piles of clothes, workers emerge from their nap. Small camp beds are hastily put away, phones slide back to the bottom of pockets. It's time to get back to work for the approximately 250 employees of this workshop in Nancun, a village that's been absorbed into the megacity of Guangzhou, in the very south of China.

Watch Video Show less
Geopolitics
Oleksandr Detsyk

How Sanctions Are Quietly Destroying Russia's Economy

The European Union has prepared the sixth package of sanctions against Russia, which includes restrictions on Russian oil imports, as well as disconnecting more Russian banks from the SWIFT bank circuit. The effectiveness of these measures are not always visible, but they are real ... and potentially fatal .. for the Russian economy.

-Analysis-

KYIV — Are sanctions working? To answer that question, it makes sense to first ask which sanctions have been most effective so far?

Economic sanctions against Russia for its aggression toward Ukraine began to be imposed immediately after the 2014 occupation of Crimea and the outbreak of the war in Donbas, but those cannot be considered effective. In any case, they did not deter Moscow’s invasion in 2022.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

But the sanctions imposed by the U.S., the European Union and their allies since February 24 have already hit the aggressor's economy significantly. The blocking of Russia's foreign exchange assets abroad has become the most painful. According to various estimates, this has affected about half of its gold and foreign exchange reserves, worth around $300 billion.

Watch Video Show less
Dottoré!
Mariateresa Fichele

A Cave Of One's Own

"Who am I to be horrified by poverty while I have no means to offer relief, no alternative to show these people?"

Picture a cave, complete with a vault and yellowed walls. Inside, a single room with a small table, a double bed and a bunk bed. And there, imagine three brothers living together.

"Excuse me," I said, "but where is the bathroom?"

"Outside, Dottoré.”

"And the three of you live here?”

"Of course. This is our house. Mom and Dad raised six children here."

Watch Video Show less
EXPLORE OTHER TOPICS