ROME (AP) – The Food and Agriculture Organization of the United Nations warns that the poorest countries in North Africa, Asia and the Middle East that rely heavily on wheat imports risk suffering severe food insecurity due to Russia’s war in Ukraine. An agency report on Friday noted that Ukraine and Russia together account for a third of global grain exports. The conflict is likely to drive up already skyrocketing food prices around the world. The UN agency says it is unclear whether other countries can fill the void left by Russia and Ukraine, warning that wheat stocks are already low in Canada. It says the United States, Argentina and other wheat-producing nations are likely to limit exports as governments seek to secure domestic supplies.
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Google and Meta face EU and UK probe ad auction deal
BRUSSELS (AP) — British and European regulators have threatened to crack down on a deal between Google and Facebook parent company Meta for online display advertising services, saying the deal could breach the bloc’s rules on fair competition . The EU’s competition watchdog has opened an investigation into a 2018 ad auction pact between Google and Facebook. The European Commission, the EU’s executive arm, said the deal could be part of an effort to exclude ad-tech services that compete with Google’s Open Bidding program, which would hurt publishers and consumers. . Google said the allegations were false, and Facebook said it was a non-exclusive deal that increases competition.
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Russia expands social media crackdown by blocking Instagram
Russian regulators say Internet users will not be able to access Instagram because it is used to call for violence against Russian soldiers. The move is the latest from Moscow to restrict the reach of foreign social media platforms. Russia’s communications and media regulator Roskomnadzor said on Friday it was tightening access to Instagram because it claims the platform carries calls to commit acts of violence against Russian citizens, including military personnel. Facebook’s parent company Meta Platforms, which owns Instagram, defended its policies on Friday. He says this is a temporary decision taken under extraordinary and unprecedented circumstances.
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EU leaders look for ways to provide support amid high energy prices
VERSAILLES, France (AP) — European Union leaders agreed on Friday to phase out our dependence on Russian gas, oil and coal imports “as soon as possible.” They also decided to draw up a plan soon to support the economies of the continent in the face of soaring energy prices in the context of a crisis aggravated by the war in Ukraine. Heads of state and government gathered for a two-day summit at the Palace of Versailles, west of Paris. They said in a statement that the strategy will be to accelerate the reduction of our overall dependence on fossil fuels, diversify supplies and routes for gas and oil, and accelerate the development of renewable energy. Europe already faced a delicate test before the Russian invasion due to a prospect of slowing economic growth accompanied by a spike in inflation, driven by energy prices.
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Stocks fall again as uncertainty over Ukraine war lingers
NEW YORK (AP) — Stocks fell again after another bumpy day of trading on Wall Street on Friday, marking the fourth losing week in the past five. The uncertainty surrounding the war in Ukraine and the persistence of high inflation continued to shake the markets. The S&P 500 gave up an early gain and ended down 1.3%. Oil prices ended up 3.1% after flip-flopping earlier. These are the latest swings in global markets, which have been rocked by dramatic hour-to-hour reversals in previous weeks amid uncertainty over the course of inflation and the global economy. The Federal Reserve is expected to raise interest rates at its meeting next week.
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‘Nothing is taboo’: EU considers new sanctions against Russia
VERSAILLES, France (AP) — The European Union has said it will continue to pressure Russia by designing a new round of sanctions to punish Moscow for its invasion of Ukraine while bolstering its military support for Kiev. French President Emmanuel Macron has said all options are on the table for a fourth package of coercive measures targeting Russia if President Vladimir Putin steps up his war efforts. Meanwhile, the top EU diplomat said he was proposing that the EU inject another €500m into the military aid fund for Ukraine as Russia expands its military offensive.
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Chinese premier promises 13 million jobs to reverse crisis
BEIJING (AP) — China’s No. 2 leader said the government hopes to create up to 13 million new jobs this year to help reverse a painful economic crisis, but faces “many difficulties and challenges.” Forecasters say the ruling Communist Party is likely to struggle to meet its official economic growth target of 5.5%, the lowest since the 1990s. That would be a steep drop from the 8.1 expansion % of last year as China faces a corporate debt crackdown, coronavirus, weak global export demand and high energy prices. Premier Li Keqiang has pledged “pro-jobs policies” including tax and fee cuts totaling $400 billion for businesses.
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How Racism Still Affects Millionaire Donors of Color: Report
NEW YORK (AP) — A new qualitative study of 113 millionaires of color found nearly all experienced racial or ethnic bias. “It’s so obvious, but it’s also very profound,” says report co-author Hali Lee, founding partner of Radiant Strategies and co-founder of the Donors of Color Network. She says the discovery shows how racism has affected the lives of millionaires of color – from where they raise their families to the people and causes they support. The study was released Wednesday by the Donors of Color Network, a membership organization for wealthy philanthropists from marginalized backgrounds, as well as two consulting firms, Radiant Strategies and the Vaid Group.
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The S&P 500 fell 55.21 points, or 1.3%, to 4,204.31. The Dow Jones Industrial Average fell 229.88 points, or 0.7%, to 32,944.19. The Nasdaq fell 286.15 points, or 2.2%, to 12,843.81. The Russell 2000 Small Business Index fell 32 points, or 1.6%, to 1,979.67.
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