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At Kang Jung-a’s fried chicken diner in Seoul, the kitchen staff is ready to fry up the tasty dish for customers. But due to last week’s news of a cost-boosting ban on Indonesian cooking oil exports, she fears the day is not far when she will have no choice but to raise prices and risk losing customers.

An 18-litre (4.8 gallons) tin of edible oil in South Korea now costs about 50,000 won ($39.20), approximately double from a year earlier and could go higher.

“I have been struggling to survive, but now, labour costs and everything has gone up and if oil prices increase further, we won’t have a choice but to raise prices,” said Kang, whose cheap-and-cheerful diner, specialises in “chimaek”, a combination fried chicken and beer.

Genesis BBQ, one of the country’s biggest fried chicken chains, last week said it will raise the prices of most items on its menu for the first time in four years by 10% starting May 2 after similar moves by rivalling Kyochon F&B and BHC, potentially speeding up price hikes at smaller food chains.

According to customs agency data, South Korea imported a total of $2.2 billion worth of animal and vegetable fats and oils in 2021, of which about 30% were palm oil. A total of 56.1% of those came from Indonesia and 43.8% from Malaysia.

Customers are also worried about the financial impact of the popular meal.

“30,000 won ($23.60) per portion of fried chicken is too much for me. If it goes up to that level, it might be better to raise a rooster and press your oil at home to cook it me or something,” office worker Lee Young-jun told Reuters while enjoying a picnic of fried chicken with colleagues in Seoul’s Hangang Park.

The latest struggle highlights a growing problem for Asia’s fourth-largest economy, where policymakers are wary of the current cost-push inflation turning into even higher inflationary expectations among consumers, as inflation is at a decade-high level.

Published : April 29, 2022

By : Reuters

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A Ukrainian marine commander in the besieged city of Mariupol made a plea for the evacuation of troops and civilians holed up in the Azovstal steel plant.

In a video posted online on Wednesday (April 27), Serhiy Volyna, commander of Ukraine’s 36th Marine brigade forces in Mariupol, urged the international community to help evacuate Ukrainian fighters and hundreds of civilians trapped in the plant.

“There are 600 wounded in our unit… They need medical attention, in here there are no conditions, no medications or personnel that could help them, ” Volyna said.

“There are also wounded civilians… hundreds of civilians here with us, tens of children, there are many people with reduced mobility, many elderly, ” he said.

Reuters verified the identity of the commander with previous news reports.

The Azovstal steel factory is the main remaining Ukrainian stronghold in Mariupol, a city that has seen sustained bombardment since the start of the Russian invasion on Feb. 24.

Russian forces have been attempting to storm the plant, according to Ukrainian officials, despite Russian President Vladimir Putin’s comments last week that the complex did not need to be taken.

Published : April 28, 2022

By : Reuters

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Meta Platforms surprised Wall Street with a profit beat and Facebook returned to user growth, although Meta forecast a conservative revenue outlook for the current quarter. Its stock rose 19% in after-hours trade on Wednesday (April 27).

Meta’s profit soundly beat Wall Street targets at $2.72 per share, compared with an average analyst estimate of $2.56, according to IBES data from Refinitiv.

The earning beats were tempered by Meta recording its slowest revenue growth in a decade.

Facebook daily active users (DAU), a key metric for advertisers that indicates activity on the platform, were 1.96 billion, slightly higher than the estimate of 1.95 billion, according to IBES data from Refinitiv.

Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.

Meta has lost about half of its value since the start of the year, after a dismal February earnings report when Facebook’s daily active users declined for the first time and forecast a gloomy quarter, blaming factors including Apple’s privacy changes and increased competition from platforms like ByteDance’s TikTok.

Total revenue, the bulk of which comes from ad sales, rose 7% to $27.91 billion in the first quarter, but missed analysts’ estimates of $28.20 billion, according to IBES data from Refinitiv.

Net income fell 21% to $7.47 billion in the first quarter, but beat analysts’ estimates of $7.15 billion, according to IBES data from Refinitiv.

Meta forecast second-quarter revenue between $28 billion and $30 billion.

Analysts on average were expecting current-quarter revenue of $30.63 billion.

The company said its outlook reflected factors including the war in Ukraine. It also said it was monitoring the potential impact of regulatory moves in Europe.

Russia banned Facebook and Instagram in March, finding Meta guilty of “extremist activity” amid Moscow’s crackdown on social media during its invasion of Ukraine.

Meta’s messaging service WhatsApp is not affected by the ban.

Meta has also barred advertisers in Russia from creating and running ads anywhere in the world.

Recent earnings reports from Google parent Alphabet and Snap have signalled the impact of the global economic turmoil on digital ad spending, amid rising inflation and geopolitical uncertainty. read more

Meta lowered its expected 2022 total expenses to between $87 billion and $92 billion, down from its prior outlook of $90 billion to $95 billion.

Meta saw quarterly revenue of $695 million for its Reality Labs hardware division, which is home to its augmented and virtual reality efforts.

It reported $3 billion in losses from operations from these metaverse ambitions.

The company has warned it will take billions of dollars and multiple years to realize its aims around building the metaverse, a futuristic idea of virtual environments where users can work, socialize and play.

Published : April 28, 2022

By : Reuters

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International Criminal Court (ICC) Prosecutor Karim Khan said on Wednesday (April 27) that it was time to “stand up for justice” in Ukraine.

“This is not a time for talking, it’s a time for action,” Khan said, after an informal U.N. Security Council meeting on accountability in Ukraine, organized by France and Albania. “International law cannot be a passive spectator. It can’t be sedentary. It needs to move with alacrity to protect and to insist on accountability.”

Khan opened an investigation into Ukraine a week after Russia’s Feb. 24 invasion.

“Nobody should be a bystander, because if we don’t stand up for justice now, who will stand up for justice for any of us?” he said.

Meanwhile, Human rights lawyer Amal Clooney urged countries to focus on international justice for war crimes in Ukraine so evidence does not sit in storage – as it has done for victims of Islamic State (ISIS) in Iraq and Syria.

“Ukraine is today, a slaughterhouse. Right in the heart of Europe”, she said.

Clooney recalled a 2017 Security Council vote to approve a measure she helped lobby for – the creation of a U.N. team to collect, preserve and store evidence of possible international crimes committed by the Islamic State in Iraq. It was the same year her son and daughter with U.S. actor George Clooney were born.

“My children are now almost 5, and so far most of the evidence collected by the U.N. is in storage – because there is no international court to put ISIS on trial,” she said.

The International Criminal Court (ICC), which handles war crimes, crimes against humanity, genocide and crimes of aggression, has no jurisdiction because Iraq and Syria are not members.

Clooney is part of an international legal task force advising Ukraine on securing accountability for Ukrainian victims in national jurisdictions and working with the Hague-based ICC.

Russian diplomat Sergey Leonidchenko described the ICC as a “political instrument.” He accused the United States and Britain of the hypocrisy of supporting the ICC inquiry in Ukraine after doing “everything imaginable to shield their military.”

Moscow describes its Feb. 24 invasion of Ukraine as a “special military operation” and denies targeting civilians.

Ukrainian Prosecutor-General Iryna Venediktova’s office has told Reuters it is preparing war crimes charges against at least seven Russian military personnel.

Published : April 28, 2022

By : Reuters

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The ongoing Russia-Ukraine conflict resulting in the disruption of wheat exports has pushed wheat prices higher by 60 percent in Africa, President of the African Development Bank Akinwunmi Adesina has said.

The ongoing Russia-Ukraine conflict resulting in the disruption of wheat exports has pushed wheat prices higher by 60 percent in Africa, President of the African Development Bank (AfDB) Akinwunmi Adesina said in Abuja, the Nigerian capital, on Tuesday.

Adesina, in a meeting with Nigerian President Muhammadu Buhari, said the conflict would create global problems, particularly for Africa, which imports a huge percentage of its food from the two countries.

“Already, the price of wheat has gone up about 60 percent. Maize and other grains will also be affected. There may be a fertilizer crisis, as there would be about a 2 million metric tons deficit. And that will affect food production by about 20 percent,” he said, noting Africa will lose up to 11 billion U.S. dollars worth of food.

“And coming shortly after COVID-19, that would be rather serious,” the Nigeria-born Adesina said, disclosing the AfDB has developed a 1.5-billion U.S. dollars Africa Emergency Food Plan, which is now awaiting approval by the AfDB’s top management.
 

To avert a food crisis on the African continent while mitigating the impact of the Russia-Ukraine conflict, he said the AfDB plans to help farmers in Africa cultivate wheat, maize, rice sorghum, and soybeans through the plan.

Speaking specifically of Nigeria, Adesina, a former minister of agriculture in the West African country, said in the wet season of 2022, at least 5 million smallholder farmers would be helped to cultivate 1 million hectares of maize, 1 million hectares of rice, and 250,000 hectares of sorghum and soybeans, respectively.

“In total, our support will help Nigeria to produce 9.5 million metric tons of food,” he said, adding “we want to ensure Nigeria won’t feel the impact of the food crisis.”

Buhari gave plaudits to the AfDB for planning ahead of whatever negative consequences may come from the Russia-Ukraine conflict in terms of food security.

“We are very much aware of the need for food security, and to encourage our local farmers, that was why we closed our borders for about two years to curb smuggling. We made some progress,” he added.

Published : April 27, 2022

By : Xinhua

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– Putin, UN chief meet to discuss Ukraine – Russia’s missile strike damages key bridge in Ukraine’s south – Ukrainian president, Romanian PM discuss support for Ukraine – Germany confirms delivery of Gepard tanks to Ukraine

KIEV — Russia’s missile strike has damaged a key road-railway bridge over the Dniester Estuary in Ukraine’s southern Odesa region, Odesa City Council said on Telegram Tuesday.

The movement across the bridge, which connects the Bilhorod-Dnistrovskyi district with other districts of the Odesa region, was suspended after the attack, the council said in a statement.

MOSCOW — Russian President Vladimir Putin met with visiting United Nations (UN) Secretary-General Antonio Guterres in the Kremlin on Tuesday to discuss the situation in Ukraine.

Putin told Guterres that the Ukrainian issue arose after the 2014 “unconstitutional coup” in Kiev and people in Donbass remained under blockade and military pressure even after the Minsk agreements on a peaceful settlement were reached.

– – – –

KIEV — Ukrainian President Volodymyr Zelensky on Tuesday met with Romanian Prime Minister Nicolae Ciuca to discuss Bucharest’s support for Kiev, the presidential press service said.

During the talks, Zelensky thanked Romania’s government for the assistance, including the defense aid it has provided for Ukraine.

– – – –

KIEV — The Russian military appointed a new “head” of the Kherson region in southern Ukraine on Tuesday after seizing the Kherson city council on Monday, said Gennady Laguta, the head of the Kherson Regional Military Administration.

In a video address published on Telegram, Laguta said that Russian forces also introduced a new “mayor” of Kherson city.

– – – –

BERLIN — Germany would supply Gepard anti-aircraft tanks to Ukraine and provide training for the country’s soldiers, Minister of Defense Christine Lambrecht said on Tuesday.

“If Ukraine urgently needs such air defense systems, then we are ready to support them,” Lambrecht said at an international consultation meeting in the U.S. Air Force base in Ramstein, Rhineland-Palatinate. 

Published : April 27, 2022

By : Xinhua

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Poland’s Prime Minister Mateusz Morawiecki said on Tuesday (April 26) that Poland’s gas supplies were secure after Russian energy giant Gazprom said it cut off deliveries of gas to the Polish state-controlled oil and gas company.

Speaking during a visit to Berlin, Morawiecki said: “Poland had previously prepared to diversify gas supplies and to obtain gas from various directions, and even before the Baltic Gas Pipeline is launched, we will be able to protect our economy, protect households and Poles against such a dramatic step by Russia.”

He added that the country’s gas storage facilities were 76% full.

Poland would be the first country to have its gas cut off by Europe’s main supplier since Moscow started what it calls a military operation in Ukraine on Feb. 24. The move to cut off supplies also followed sanctions imposed by Warsaw against Russian individuals and companies.

Russian President Vladimir Putin has demanded that countries he terms “unfriendly” agree to implement a scheme under which they would open accounts at Gazprombank and make payments for Russian gas imports in euros or dollars that would be converted into roubles, following what Moscow calls a “special military operation” in Ukraine.

He had threatened to cut gas supplies in case the demands would not be fully met.

Poland, a staunch Moscow political opponent, whose gas deal with Russia expires at the end of this year, has repeatedly said it would not comply with the new scheme of gas payments. It has also said it would not extend the contract.

Poland’s energy supplies are secure, Poland’s climate ministry said on Tuesday, adding that there was no need to draw from gas reserves and that gas to consumers would not be cut.

Published : April 27, 2022

By : Reuters

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German consumer morale is projected to plunge to a historic low in May as the war in Ukraine leads to soaring costs for households and dashes hopes of a post-pandemic recovery, Germany’s consumer index reported.

The GfK institute said its consumer sentiment index, based on a survey of around 2,000 Germans, dropped to -26.5 points heading into May from a revised -15.7 points a month earlier, as the key indicator fell even further than the previous record set in May 2020 during Germany’s first COVID-19 lockdown.

“A very decisive point for the gloomy consumer mood is the current inflation, which is being primarily driven by energy prices. We have seen drastic price increases for heating oil, gas and petrol in recent weeks. As a result, inflation in Germany is currently at over 7%. That is the highest level we have seen in 40 years,” GfK consumer expert Rolf Buerkl said.

“So a very important point and also a prerequisite for a noticeable and sustainable recovery of the climate is certainly the war in Ukraine. First of all, of course, there must be a ceasefire, followed by peace negotiations. Only when calm returns will consumers be more willing to spend more money again because the uncertainty will recede. And certainly, some price increases will then subside again or be reversed. If we achieve a bit of normality here again,” Buerkl added.

The war, which began with Russia’s invasion of Ukraine on Feb. 24, has led to an explosion in energy prices and far-reaching sanctions on Moscow, both of which have diminished consumers’ spending power, the GfK said.

The drop in consumer sentiment was accelerated by a significant increase in the propensity to save in April, it added.

The survey took place from March 31 to April 11.

The GfK report came as the German government was set to present its updated economic forecasts on Wednesday. Berlin will cut its growth forecast for Europe’s biggest economy for 2022 to 2.2% from 3.6% amid the war in Ukraine, a government source told Reuters.

Published : April 27, 2022

By : Reuters

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The United Nations General Assembly passed on Tuesday (April 26) a resolution requiring a session of the General Assembly to be held whenever a permanent member of the U.N. Security Council vetoes a resolution.

This proposal was first discussed more than two years ago and now has been adopted.

“It gave the General Assembly the new mandate for the Assembly to be convened automatically within 10 working days, every time a veto has been cast in the Security Council,” said Liechtenstein’s ambassador Christian Wenaweser, who lead the resolution.

Many members said veto power is “not a privilege but a responsibility,” and welcomed the resolution’s timely nature, due to Russia’s invasion of Ukraine and Russia’s vetoes of Security Council resolutions regarding Ukraine since the invasion.

On the other hand, Russia’s representative Gennady Kuzmin said, “I have had no desire to join in with a consensus.”

The UNGA resolution requires the five permanent members of the Security Council – the United States, China, Russia, France and the United Kingdom – to explain the reason for their vetoes at the U.N. General Assembly.

Published : April 27, 2022

By : Reuters

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A court in military-ruled Myanmar on Wednesday (April 27) found deposed leader Aung San Suu Kyi guilty of corruption and sentenced her to five years in jail, according to a source with knowledge of the proceedings.

The judge in the capital Naypyitaw handed down the verdict within moments of the court convening said the source, who declined to be identified because the trial is being held behind closed doors, with information restricted.

The case centred on allegations that Suu Kyi, 76, accepted 11.4 kg (402 oz) of gold and cash payments totalling $600,000 from her protege-turned-accuser, former Yangon chief minister Phyo Min Thein. The case was the first of 11 corruption charges against the Nobel laureate, each carrying a maximum sentence of 15 years in prison. The source declined to be identified because her trials are being held behind closed doors.

The Nobel laureate was arrested during the military’s coup early last year and has been found guilty of several comparatively minor offences so far, among a multitude of charges that carry combined prison sentences of almost 190 years.

Myanmar has been in turmoil since the February 1 coup against Suu Kyi’s democratically elected government led to widespread protests and raised international concern about the end of tentative political reforms following decades of military rule.

Published : April 27, 2022

By : Reuters