World Bank chief says world is facing ‘human disaster’ from food crisis – business live | Business

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Introduction: World Bank warns of ‘human disaster’ from food crisis

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

World Bank president David Malpass warns that the world is facing a “human disaster” due to rising food prices after Russia’s invasion of Ukraine.

in interview with the BBCMalpass said record increases in food prices will push hundreds of millions of people into poverty. On the sidelines of the IMF-World Bank spring meetings in Washington, he said:

This is a human disaster, so nutrition is falling. But then it also becomes a political challenge for governments who can’t do anything about it, don’t cause it themselves, and see prices go up.”

The World Bank estimates that there could be a “huge” 37% increase in food prices.for “enlarged [the] poor”, who will

eat less and have less money for other things like school. And that means it’s a really unfair type of crisis. It hits the poor hardest. This was also true for Covid.

It affects all kinds of foods: oils go into grains and then other crops, corn crops, because when wheat goes up, they go up too.

Ukraine and Russia are major exporters of wheat and other grains, but war has interrupted production. Malpass urged governments around the world to increase the supply of food, energy and fertilizer wherever possible, and to take measures that target the poorest.

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

Malpass also warns of a debt crisisDeveloping countries are struggling to pay off huge debts that have risen during the Covid pandemic amid rising food and energy prices.

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

European stock markets While tech was heavy on Wall Street, it recovered yesterday after losses at the beginning of the week Nasdaq 1.2% down, drifting down Netflix. Shares of the streaming giant fell 35% after it said it expects to lose 2 million subscribers in the coming months.

Many Asian markets On Thursday, Japan’s Nikkei rose 1.2% and the Australian market rose 0.3%. In Hong Kong, however, Hang Seng lost more than 2%, and China’s CSI 300 index fell 1.8% amid concerns over the Chinese economy. European stocks are expected to boost their gains, supported by positive company results from Nestlé and others.

It also comes

The central bank ‘holy trinity’ of US Federal Reserve governor Jerome Powell, European Central Bank governor Christine Lagarde and Bank of England governor Andrew Bailey will speak today in Washington DC.

Michael Hewson, chief market analyst at CMC Markets UK, said:

Lagarde’s comments will be closely scrutinized after Martin Kazaks, member of the Latvian governing council, said yesterday’s remarks that a rate hike in July is possible and that tightening measures do not have to wait for proof of a wage hike. These comments were in contrast to the tone of Lagarde’s ECB press conference earlier this month, so it will be remarkable that he didn’t push them back.

Sterling investors will be looking for clues from Bank of England Governor Andrew Bailey on the central bank’s intentions at the May meeting, when some sort of rate hike is expected, though it is unclear whether it will be 25 basis points or 50 basis points. Given that the Bank of England guidance in the previous examples was as reliable as a pot of chocolate, traders are still advised to exercise some caution with any comments Bailey may make.

Agenda

IMF/World Bank spring meetings in Washington

  • 7.45am BST: France trade confidence for April
  • 10:00 BST: Eurozone inflation final for March (estimate: 7.5%)
  • 13:30 BST: US Initial jobless claims for the week of April 16
  • 2pm BST: Bank of England policymaker Catherine Mann speaks
  • 15.00 BST: Eurozone Consumer confidence shines for April (forecast: -20)
  • 16:15 BST: IMF managing director Kristalina Georgieva holds a press conference
  • 5:30 pm BST: Bank of England Governor Andrew Bailey speaks at the Peterson Institute for International Economics
  • 6 pm BST: Georgieva, ECB chairman Christine Lagarde, Fed chairman Jerome Powell and others discuss the global economy

Updated at 08.15 BST

Billinaire Bill Ackman sells Netflix shares at a loss of £400m

Billionaire hedge fund manager Bill Ackman sold his stake in Netflix at a loss of nearly $400 million and reversed his bullish position within the streaming giant after reporting an outflow. over 200,000 subscribers, reporting my colleague Kalyeena Makortoff.

It comes just months after the New York-based investor bought it for more than $1 billion. Netflix Despite dire estimates of the company’s subscription levels, stock in January Ackman said at the time that the subsequent drop in share price presented an “attractive” opportunity for the Pershing Square fund.

But Ackman made an overnight U-turn after posts on the online streaming platform fell more than 35% in reaction To the news that Netflix lost more than 200,000 subscribers in the first three months of the year and will lose another 2 million in the next quarter as customers review subscriptions purchased at the height of Covid quarantines.

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

European stocks are mostly trading higher, with the exception of the FTSE 100 index, which fell 4 points to 7,624, and the Italian stock market in Milan, which lost 0.17%.

Germany’s Dax gained 0.36% and France’s CAC 0.77%.

Mining shares in London are again among the ones that have fallen the most. Antofagasta, British American and Rio Tintoas well as commodity trader glencore.

Antofagasta shares fell more than 8% today after announcing a 24% drop in copper production in the first three months of the year. Rio Tinto also posted pessimistic results yesterday.

Updated at 08.49 BST

Oil prices are climbing this morning as investors fret about future supply if the EU bans Russian oil and flows from Libya are dwindling.

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

Libya, a member of the OPEC oil cartel, said yesterday it lost more than 550,000 barrels per day due to blockades on major oil fields and export terminals.

Introduction: World Bank warns of ‘human disaster’ from food crisis

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

World Bank president David Malpass warns that the world is facing a “human disaster” due to rising food prices after Russia’s invasion of Ukraine.

in interview with the BBCMalpass said record increases in food prices will push hundreds of millions of people into poverty. On the sidelines of the IMF-World Bank spring meetings in Washington, he said:

This is a human disaster, so nutrition is falling. But then it also becomes a political challenge for governments who can’t do anything about it, don’t cause it themselves, and see prices go up.”

The World Bank estimates that there could be a “huge” 37% increase in food prices.for “enlarged [the] poor”, who will

eat less and have less money for other things like school. And that means it’s a really unfair type of crisis. It hits the poor hardest. This was also true for Covid.

It affects all kinds of foods: oils go into grains and then other crops, corn crops, because when wheat goes up, they go up too.

Ukraine and Russia are major exporters of wheat and other grains, but war has interrupted production. Malpass urged governments around the world to increase the supply of food, energy and fertilizer wherever possible, and to take measures that target the poorest.

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

Malpass also warns of a debt crisisDeveloping countries are struggling to pay off huge debts that have risen during the Covid pandemic amid rising food and energy prices.

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

European stock markets While tech was heavy on Wall Street, it recovered yesterday after losses at the beginning of the week Nasdaq 1.2% down, drifting down Netflix. Shares of the streaming giant fell 35% after it said it expects to lose 2 million subscribers in the coming months.

Many Asian markets On Thursday, Japan’s Nikkei rose 1.2% and the Australian market rose 0.3%. However, Hang Seng lost more than 2% in Hong Kong and the Chinese CSI 300 index fell 1.8% amid concerns over the Chinese economy. European stocks are expected to boost their gains, supported by positive company results from Nestlé and others.

It also comes

The central bank ‘holy trinity’ of US Federal Reserve governor Jerome Powell, European Central Bank governor Christine Lagarde and Bank of England governor Andrew Bailey will speak today in Washington DC.

Michael Hewson, chief market analyst at CMC Markets UK, said:

Lagarde’s comments will be closely scrutinized after Martin Kazaks, member of the Latvian governing council, said yesterday’s remarks that a rate hike in July is possible and that tightening measures do not have to wait for proof of a wage hike. These comments were in contrast to the tone of Lagarde’s ECB press conference earlier this month, so it will be remarkable that he didn’t push them back.

Sterling investors will be looking for clues from Bank of England Governor Andrew Bailey on the central bank’s intentions at the May meeting, when some sort of rate hike is expected, though it is unclear whether it will be 25 basis points or 50 basis points. Given that the Bank of England guidance in the previous examples was as reliable as a pot of chocolate, traders are still advised to exercise some caution with any comments Bailey may make.

Agenda

IMF/World Bank spring meetings in Washington

  • 7.45am BST: France trade confidence for April
  • 10:00 BST: Eurozone inflation final for March (estimate: 7.5%)
  • 13:30 BST: US Initial jobless claims for the week of April 16
  • 2pm BST: Bank of England policymaker Catherine Mann speaks
  • 15.00 BST: Eurozone Consumer confidence shines for April (forecast: -20)
  • 16:15 BST: IMF managing director Kristalina Georgieva holds a press conference
  • 5:30 pm BST: Bank of England Governor Andrew Bailey speaks at the Peterson Institute for International Economics
  • 6 pm BST: Georgieva, ECB chairman Christine Lagarde, Fed chairman Jerome Powell and others discuss the global economy

Updated at 08.15 BST

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