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UK Inflation reaches 15-year high amid Ukraine war and China lockdowns

UK Inflation reaches 15-year high amid Ukraine war and China lockdowns

World

The cost of household items in the UK, such as clothing, toys, and furniture, has reportedly been increasing at the fastest rate in over 15 years. Fueled by the war in Ukraine and the coronavirus lockdowns in China, the inflation is further intensifying the country’s ongoing cost of living crisis.

According to the British Retail Consortium (BRC) and NielsenIQ’s shop price index, non-food inflation increased from 1.5% in March to 2.2% in April, the highest since the monitor began in 2006.

Meanwhile, food inflation went from 3.3% in March to 3.5% in April, the highest recorded since March 2013, driven by the high prices of

UK buyers stock up on cooking oil and other essentials as prices surge

UK buyers stock up on cooking oil and other essentials as prices surge

World

Shoppers across the United Kingdom have reportedly started to stock up on essentials like cooking oil and others as grocery price inflation reaches its highest in over a decade this month.

As per the recent survey by market analyst Kantar, supermarket customers were bracing for the limited stock of some supplies as well as increased prices as the crisis in Ukraine raised public awareness of supply challenges and prices soared.

Cooking oil sales grew 17% in the year ending April 2021, with sunflower oil, the most widely used frying oil in the UK, up 27%, while vegetable oil sales, increased by 40%.

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Jeff Bezos questions China’s influence on Twitter post Musk’s takeover

Jeff Bezos questions China’s influence on Twitter post Musk’s takeover

World

Amazon founder, Jeff Bezos, has reportedly raised concerns over the latest Twitter takeover deal by questioning whether China would lean on Musk’s EV company, Tesla, to subdue criticism of the Chinese Communist Party (CCP) on the social media platform.

Bezos, who is the second-richest man in the world after Musk, posted a tweet questioning the potential influence Beijing could exert over the platform after the news of Musk acquiring Twitter broke out earlier that day.

For the uninitiated, Elon Musk has reached a $44 billion deal with Twitter’s board to purchase one of the most influential online platforms.

Greece plans to lift COVID restrictions for tourism season this summer

Greece plans to lift COVID restrictions for tourism season this summer

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  • At least 72% of the population is vaccinated in Greece.
  • Face mask and COVID-19 certificates are no longer required in outdoor spaces.

Greece is reportedly planning to lift COVID-19 pandemic curbs such as wearing masks indoors and presenting certificates throughout the summer tourism period. However, authorities will consider reinstating the restrictions back in September.

For those unaware, Greece recently observed a sharp decline in cases with 15,000 infections and 64 deaths. Besides, at least 72% of the 11 million population is vaccinated, making it

Kakao will increase overseas revenue by 30% in the next three years

Kakao will increase overseas revenue by 30% in the next three years

World

South Korean internet giant, Kakao Corp, will be reportedly expanding its overseas revenue by 30% over the next three years under efforts to diversify its income source, which relies heavily on its domestic business, the company said in an online press conference.

Kim Sung-su, co-head of Corporate Alignment Center (CAC), Kakao, stated that the company’s 56 overseas branches will be looking to boost sales revenue by 40% this year. Sung-su added that by 2025, the company plans on increasing its overseas revenue so it accounts for 30%, instead of current 10%, of Kakao’s total sales.

The firm’s Japanese online webtoon plat

Afghanistan: Taliban bans opium harvest from poppy in drugs clampdown

Afghanistan: Taliban bans opium harvest from poppy in drugs clampdown

World

The Taliban in Afghanistan has reportedly announced an official ban on the cultivation of drugs in the country. The move comes at a time when farmers across the nation are preparing to harvest their poppy crop for opium, which is used in making of heroin.

As per reports, the order warns those who choose to proceed with the harvest and threatens them with jail-time and the burning of their crops.

Under the Taliban’s previous rule during the late 1990s, a similar religion-driven movement had taken place which outlawed poppy cultivation. The previous ban was implemented across the country within a period of two years, with the UN ver

Defra calls a crisis meeting in response to rising fertilizer costs

Defra calls a crisis meeting in response to rising fertilizer costs

World

Earlier this week, the government of UK reportedly announced plans to conduct a crisis management meeting with the country’s farmers in response to skyrocketing fertilizer prices. The move comes as policymakers work to mitigate the impact of growing costs on agriculture and food production.

Prices of ammonium nitrate fertilizer have soared to as much as £1,000 per ton in over the recent weeks, up from £280 per ton it was about a year earlier.

Due to the obvious amount of energy required for gas production, the cost of fertilizer first surged as a result of an increase in prices for wholesale gas.

Shell reconsidering Cambo oilfield development, risking green targets

Shell reconsidering Cambo oilfield development, risking green targets

World

Climate activists have reportedly expressed concerns over Shell plc, the British oil and gas corporation, rethinking its decision to discontinue the Cambo oilfield development, warning that such a move would jeopardize the company's commitment to reducing carbon emissions.

According to sources, the fossil fuel company could turn away from its decision to withdraw from the North Sea project as the economic, political, and regulatory landscape has changed considerably since the announcement was made barely three months ago.

When Shell revealed the long-awaited decision on Cambo in December, the Brent crude oil price was less than $70

IPCC scientists to assess carbon removal tech ahead of key report

IPCC scientists to assess carbon removal tech ahead of key report

World

Scientists from the Intergovernmental Panel on Climate Change (IPCC) will reportedly be weighing up technology to remove carbon dioxide from the atmosphere, as they meet to finalize a major report that will be published on 4th April

The idea is among the several solutions that would be discussed over the next two weeks by the UN body. The meeting will also be graced by the attendance of government officials from across the globe for the approval of the summary report.

The latest study will be the final in the series of three key reports that IPCC had been issuing over the last eight months. The previous two looked at causes and impacts