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☆ African Union chair: Putin's grain offer not enough, Ukraine ceasefire needed
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - The chair of the African Union, Azali Assoumani, said on Friday that proposals by Russian President Vladimir Putin to provide grain to Africa were not sufficient, and that a ceasefire in Ukraine was needed. Putin had told the African leaders that Russia was ready to supply Africa with grain, some of it for free, after refusing last week to extend the Black Sea grain initiative, which had permitted Ukraine to export grain safely from its seaports despite the war. That, and Russia's subsequent bombing of Ukrainian grain export facilities and stores, has sent the global price of grain soaring. "The President of Russia demonstrated that he is ready help us in the field of grain supply," Assoumani said. "President Putin has shown us that he is ready to engage in dialogue and find a solution," he added.

Persons: Azali Assoumani, Vladimir Putin, Putin, Assoumani, Volodymyr Zelenskiy, Kevin Liffey, Louise Heavens, Kirsten Donovan Organizations: African Union, Reuters, Thomson Locations: Russian, Africa, Ukraine, Russia, St Petersburg, Kyiv

☆ IMF edges 2023 global economic growth forecast higher, sees persistent challenges
▼ + stars: | 2023-07-25 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

REUTERS/Ken Cedeno/File PhotoWASHINGTON, July 25 (Reuters) - The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The 2023-2024 growth forecast remains weak by historical standards, well below the annual average of 3.8% seen in 2000-2019, largely due to weaker manufacturing in advanced economies, and it could stay at that level for years. This was also related to the aging of the global population, especially in countries like China, Germany and Japan, he said. The impact of higher interest rates was especially evident in poorer countries, driving debt costs higher and limiting room for priority investments. It left its forecast for growth in China, the world's second-largest economy, unchanged at 5.2% in 2023 and 4.5% in 2024.

Persons: Pierre, Olivier Gourinchas, Ken Cedeno, we're, Gourinchas, Andrea Shalal, Andrea Ricci Organizations: Research Department IMF, International Monetary Fund, REUTERS, WASHINGTON, Monetary Fund, IMF, Reuters, Health, El, U.S . Federal Reserve, Bank of England, Thomson Locations: Washington , U.S, China, Germany, Japan, United States, Ukraine

The new aid package, which was first reported by Reuters, will include for the first time U.S. furnished Black Hornet surveillance drones made by Teledyne FLIR Defense, part of Teledyne Technologies (TDY.N). The Norwegian-built Hornet is being used in Ukraine through donations by the British and Norwegian governments, the company said. More than $43 billion in U.S. military aid has been provided since Russia's invasion in 2022. Commenting on the aid announcement, Secretary of State Antony Blinken noted Russia's attacks on Ukraine ports and Ukrainian infrastructure since withdrawing from the Black Sea Grain Initiative last week. The Black Sea grain deal was brokered by the United Nations and Turkey a year ago to combat a global food crisis worsened by Russia's invasion.

Persons: Russia grinds, Antony Blinken, Blinken, Mike Stone, Patricia Zengerle, Ismail Shakil, Katharine Jackson, Matthew Lewis, Grant McCool Organizations: U.S . Department of Defense, Ukraine, Reuters, Teledyne FLIR Defense, Teledyne Technologies, British, Systems, U.S . Army, Patriot, Air Missile Systems, High Mobility Artillery Rocket Systems, Stryker, Carriers, Authority, United, European Union, Thomson Locations: Russia, Norwegian, Ukraine, United States, United Nations, Turkey, Britain, Washington, Ottawa

☆ Ukraine war live updates: Kyiv faces sixth attack this month; Zelenskyy says Ukraine grain export ban 'unacceptable'
▼ + stars: | 2023-07-25 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Mykola, 50, the deputy commander of a Ukrainian volunteer unit, poses with a night vision scope at a position used by the unit to counter threats during air raid sirens, in a suburb of Kyiv. Kyiv faced its sixth air attack this month early Tuesday, the Kyiv City Military Administration wrote on Telegram, but all drones were detected and destroyed "in a timely manner," according to a Google translation. There were no casualties and the city was not damaged, KCMA head Serhiy Popko wrote. External forces have continued to urge Russia to return to the Black Sea Grain Initiative, which it abandoned on July 17, prompting a surge in wheat prices. "With the termination of the Black Sea Initiative, the most vulnerable will pay the highest price," U.N. Secretary-General Antonio Guterres told the U.N. food summit on Tuesday.

Persons: Mykola, Serhiy Popko, Antonio Guterres Organizations: Kyiv, Kyiv City Military Administration, Initiative, Black Sea Initiative Locations: Ukrainian, Kyiv, Ukraine, Odesa, Russia

☆ CNBC Daily Open: Tech stocks had a rough day, but that's okay
▼ + stars: | 2023-07-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rice prices riseWhether your carbohydrate of choice is rice, bread or noodles, expect to pay more for it. Global rice prices are already at a record high because of shortages. Morgan Stanley picks a list of global stocks it thinks will beat the market — and are priced less than the bank thinks they're worth.

Persons: Dow, Elon Musk, China Nicholas Burns, Daniel Kritenbrink, Gina Raimondo, Morgan Stanley Organizations: CNBC, Dow outperforms, Dow Jones, Nikkei, Initiative, Elon, SpaceX, Twitter, The Boring Company, NBC News, State, Commerce, Global Locations: Dow outperforms U.S, Asia, Pacific, India, Russia, China, East Asia

☆ Ukraine war live updates: Zelenskyy sacks UK ambassador after media comments; U.S. says Ukraine now using cluster bombs
▼ + stars: | 2023-07-21 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Zelenskyy said nearly 70 missiles were fired at Odesa, Donetsk, Mykolaiv, Zaporizhzhia, Zhytomyr and Kharkiv this week. Ukrainian President Volodymyr Zelenskyy on Friday announced the dismissal of ambassador to the U.K. Vadym Prystaiko after he called comments Zelenskyy made about the U.K. defense minister unhealthy. In his daily address, Zelenskyy said nearly 70 missiles were fired at Odesa, Donetsk, Mykolaiv, Zaporizhzhia, Zhytomyr and Kharkiv this week. And on Tuesday, Russia's Defense Ministry said it was carrying out a "mass retaliatory strike" for an attack on the Crimean bridge early Monday which it blamed on Ukraine. Tensions are also mounting in the Black Sea after Russia said it would consider all vessels sailing toward Ukrainian ports on the Black Sea as military cargo carriers.

Persons: Zelenskyy, Volodymyr Zelenskyy, Vadym Prystaiko, John Kirby Organizations: Friday, Russian, White House, ., U.S, Initiative, Russia's Defense Ministry, Ukraine's Defense Ministry Locations: Odesa, Donetsk, Mykolaiv, Zaporizhzhia, Zhytomyr, Kharkiv, Ukraine, Russia

☆ Vladimir Putin's latest economic assault on the West is fueling fears of a global food crisis
▼ + stars: | 2023-07-21 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

On Monday, Russia pulled out of an agreement that allowed Ukraine to export grain. It then started bombing Ukrainian ports and threatened to attack ships. Putin's latest economic assault on the West has sent wheat prices soaring and sparked fears of a global food crisis. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. When international grain prices rise, it becomes more expensive for poorer countries to import those commodities – so Russia's withdrawal from the UN's initiative has fueled policymakers' fears that there could be a worldwide food crisis.

Persons: Vladimir Putin's, António Guterres, Josep Borrell, Hargreaves, Sophie Lund, Yates, Jamie Dimon, Putin Organizations: Service, Initiative, United Nations, UN, JPMorgan, NATO Locations: Russia, Ukraine, Wall, Silicon, Moscow, Europe, European

☆ CNBC Daily Open: Tech stocks were battered
▼ + stars: | 2023-07-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Elon Musk, CEO, CTO, founderElon Musk is CEO of Tesla and SpaceX; CTO of Twitter; founder of Neuralink, The Boring Company and now xAI. Tesla may have reported record revenue for its second quarter and beaten Wall Street's expectations for both profit and revenue. But Wall Street isn't completely cheering the electric vehicle maker because of its shrinking margins.

Persons: Dow, Tesla, Elon Musk, Timothy Ash Organizations: CNBC, Dow outperforms, Netflix, Nasdaq, Dow Jones, SpaceX, Twitter, The Boring Company, Chicago Board of Trade, Initiative, Agriculture, BlueBay Asset Management, Tesla Locations: Dow outperforms U.S

☆ Erdogan says Putin talks could lead to restoring Black Sea grain deal, media report
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

ANKARA, July 21 (Reuters) - Turkish President Tayyip Erdogan said his planned talks with Russian President Vladimir Putin could lead to restoration of the Black Sea grain initiative, and called on Western countries to consider Russia's demands, Turkish broadcasters reported on Friday. "I believe that by thoroughly discussing the matter with President Putin, we can ensure the continuation of this humanitarian effort," Erdogan added. Western countries say Russia has had no trouble selling food, which is exempt from financial sanctions. "We are aware that President Putin also has certain expectations from Western countries, and it is crucial for these countries to take action in this regard," Erdogan said. "I believe that, without prolonging the process, we will ensure the continuation of the Black Sea grain initiative.

Persons: Tayyip Erdogan, Vladimir Putin, Erdogan, Putin, Huseyin Hayatsever, Daren Butler, Jason Neely, Peter Graff Organizations: United, Thomson Locations: ANKARA, Turkish, Gulf, Cyprus, Russia, United Nations, Turkey, Ukraine, Ukrainian, Moscow

☆ Wheat prices soar for a third day as Russia-Ukraine tensions stoke fears of major food crisis
▼ + stars: | 2023-07-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Known as the world's "bread basket," Ukraine grows far more wheat than it consumes and it's exports contribute to global food security, especially in African countries, which now fear food shortages. Wheat prices rose on Thursday after Russia threatened to treat ships heading for Ukrainian ports as military cargo carriers, deepening fears of a global food security crisis. It follows a jump of 8.5% in the previous session, the biggest daily gain in more than a year, on mounting geopolitical tensions. Wheat prices remain well below the peak levels of 1,177.5 cents per bushel reached in May of last year, however. European Union foreign policy chief Josep Borrell said Thursday that Russia's decision to pull out of the pact would imperil global food security.

Persons: António Guterres, Josep Borrell, Borrell Organizations: Chicago Board of Trade, Initiative, Union Locations: Ukraine, Russia, EU

☆ Ukraine war live updates: Russia batters Ukrainian ports amid growing supply fears; 19 wounded at Mykolaiv
▼ + stars: | 2023-07-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Fragments of a missile shot down during a night strike in Odesa on July 19, 2023. Russia launched strikes on Ukrainian port cities for a third consecutive day, Ukraine's air force said Thursday, as concerns mounted over the threat to global food supplies from closed trade routes. In Mykolaiv, a city near the Black Sea, at least 19 people were injured, said regional military administration head Vitaly Kim on Telegram, according to a Google translation. Russian on Monday suspended a humanitarian corridor, the U.N.-brokered Black Sea Grain Initiative, which has allowed the delivery of Ukrainian grains to global markets. Russia's Ministry of Defense later said it would consider all vessels sailing toward Ukrainian ports to be military cargo carriers.

Persons: Volodymyr Zelenskyy, Vitaly Kim Organizations: Initiative, Russia's Ministry of Defense Locations: Odesa, Russia, China, Mykolaiv

☆ What Russia’s Grain Deal Actions Mean for Ukraine
▼ + stars: | 2023-07-20 | by ( Matthew Mpoke Bigg | More About Matthew Mpoke Bigg | ) www.nytimes.com time to read: +1 min

Russia warned on Wednesday that it would consider any ship sailing around Ukrainian ports a military target, days after Moscow pulled out of a yearlong deal that had enabled Kyiv to export its grain across the Black Sea despite a wartime blockade. Russia’s moves have profound implications for the export of Ukraine’s grain, a commodity vital for its own economy and world grain markets. Here’s a look at alternative options for Ukraine to export its grain:What is the immediate impact of Russia’s warning? Global grain prices rose sharply following the announcement, but they remained lower than the prices when Russia launched its full-scale invasion of Ukraine in February 2022. One reason that prices did not rise further is that Ukraine’s grain exports under the Black Sea Grain Initiative had already slowed to a trickle in the days before Russia pulled out of the deal on Monday, according to Sal Gilbertie, head of Teucrium, a U.S.-based investment advisory firm.

Persons: Sal Gilbertie Organizations: Ministry of Defense, Initiative Locations: Russia, Moscow, Ukraine, U.S

☆ Russia and Ukraine just turned much of the Black Sea into a dangerous no man's land
▼ + stars: | 2023-07-20 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Russia and Ukraine have exchanged threats this week to ships sailing through the Black Sea. The Kremlin then went much further, warning it may attack any vessels it believes are bound for Ukraine, effectively turning the Black Sea into a no man's land. They added that Moscow even published a video claiming to have detected and detonated an alleged Ukrainian sea mine. "Our information indicates that Russia laid additional sea mines in the approaches to Ukrainian ports. Turkish-flagged bulker TQ Samsun, carrying grain under UN's Black Sea Grain Initiative, transits Bosphorus in Istanbul, Turkey July 18, 2023.

Persons: Biden, Adam Hodge, António Guterres, —, Matthew Miller, Lasalle, Mark Duncan, Washington didn't Organizations: Service, United Nations, AP, White, Security, REUTERS, Black Sea Initiative, UN, US State, US Naval Institute Locations: Russia, Ukraine, Moscow, Wall, Silicon, Kremlin, Odesa, Ukrainian, Kyiv, Crimea, Azov, Samsun, Istanbul, Turkey, Iran, Persian, Iraq, Hormuz, Kuwait, Soviet, Iraqi, American

☆ As Russia Strikes on Ukraine's Ports, White House Warns Ships May Be Next
▼ + stars: | 2023-07-20 | by ( Safak Timur | ) www.nytimes.com time to read: +7 min

Russia’s moves have profound implications for the export of Ukraine’s grain, a commodity vital for its own economy and world grain markets. How have Russia’s attacks on Ukrainian ports affected the situation? Since Monday’s announcement, Russia has launched a series of nightly aerial attacks on Ukrainian ports, killing and wounding civilians. Six nations have a Black Sea coastline and it is a main conduit for Russia’s grain exports. Last summer, the European Union took steps to smooth a path for Ukraine’s overland grain exports, given the Russian Black Sea blockade.

Persons: Sal Gilbertie, Oleksandr Gimanov, Volodymyr Zelensky, António Guterres, Chris Mcgrath, Vladimir V, Putin, Recep Tayyip Erdogan, Reni, Benoît Fayaud, Arif Husain, ”, Maciek, Mateusz Morawiecki, ” Monika Pronczuk Organizations: Ministry of Defense, Initiative, World Food, ., Agence France, United Nations, Getty, Strategie, European Union, The New York Times Ministers Locations: Kushuhum, Ukraine’s, Zaporizhzhia, Russia, Moscow, Ukraine, U.S, Chornomorsk, Odesa, Turkey, Istanbul, China, Poland, Izmail, Romanian, Constanta, Russian, Bulgaria, Hungary, Romania, Slovakia

☆ Kim Kardashian's Skims may be the hero the IPO market needs
▼ + stars: | 2023-07-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

This latest round was led by Wellington Management, a firm known for taking companies public. Jens Grede, Skim’s CEO, recently told Dealbook that stock investors have shown an increased interest in consumer-oriented businesses like Skims and that an IPO is something the company wants. “At some point in the future, Skims deserves to be a public company,” he said. If a Skims IPO were to succeed, “companies, CFOs and investors in general will see this as a very positive sign,” said Sokhi. Netflix posted nearly $8.19 billion in revenue for the quarter, compared to the $8.3 billion Wall Street had projected.

Persons: Kim Kardashian, Goldman Sachs, ”, David Solomon, Ro Sokhi, Cava, “ There’s, Skims, Andy Muir, Jens Grede, Megan Penick, Robinson, Kardashian, we’re, “, ” Adam Hodge, Volodymyr Zelensky, Russia “, Tesla, Chris Isidore, Refinitiv, Clare Duffy, Samantha Delouya Organizations: CNN Business, Bell, New York CNN, Wellington Management, Nike, US National Security Council, Russian Defense Ministry, Wednesday, Netflix Locations: New York, Cava, Skims, Russia, Ukraine, Europe, Odesa’s

ISLAMABAD, July 20 (Reuters) - Ukrainian Foreign Minister Dmytro Kuleba on Thursday called for the Black Sea grain initiative to be restored to meet the challenge of global food insecurity. "It is not only in our interest but in the world's interest that this grain initiative is restored," Zardari said. The Black Sea grain deal expired on Monday after Russia quit, despite a U.N. offer to President Vladimir Putin to re-establish access for a Russian bank to the SWIFT international payment system in return for an extension. The U.N. estimates the grain deal lowered food prices globally by 20%. Russia has warned that ships sailing to the Ukrainian Black Sea ports from Thursday will be seen as potential military targets.

Persons: Dmytro Kuleba, Bilawal Bhutto Zardari, General Antonio Guterres, Zardari, Russia, Vladimir Putin, Kuleba, Asif Shahzad, David Evans, Sharon Singleton Organizations: Ukrainian, United Nations, Thomson, Reuters Locations: ISLAMABAD, Islamabad, Kyiv, Russia, Moscow, Pakistan, Russian, Chornomorsk, China, Ukraine, Ukrainian, Shahid, Karachi

☆ Why Odesa Is So Important to Ukraine in the War With Russia
▼ + stars: | 2023-07-19 | by ( Marc Santora | More About Marc Santora | ) www.nytimes.com time to read: +1 min

Moscow is no longer intent on cutting off Ukraine’s ports simply by blocking ships from leaving, Ukrainian officials said after the latest aerial assault against Odesa on Wednesday. By targeting the city’s shipping facilities with missiles and drones, Ukrainian officials said, Mr. Putin wants to destroy the infrastructure that allows Ukraine, a major grain exporter, to provide food to the world. The three ports that ring Odesa are Ukraine’s largest and include the only deepwater port in the country. Before the war, about 70 percent of Ukraine’s total imports and exports were carried out by sea, and nearly two-thirds of that trade moved through the ports of Odesa. “And this means that they will attack ports, infrastructure and possibly ships,” he warned, speaking on national television.

Persons: Putin, Vasyl Bodnar Organizations: Odesa, Initiative, United Locations: Kyiv, Odesa, Moscow, Ukraine, United Nations, Turkey, Ukrainian, Russia, Ukraine’s

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

☆ Ukraine's farmers fear the worst after grain deal collapses
▼ + stars: | 2023-07-19 | by ( Max Hunder | ) www.reuters.com time to read: +4 min

Of the 60,000 tons of produce grown on Huizinga's land last year, 50,000 tons was sent abroad through the grain deal. In total, Ukraine has been able to export 33 million tons of agricultural products through the deal. Some of Ukraine's western neighbours have restricted imports of Ukrainian grain under pressure from their farmers, who said they were suffering from the added competition. Ukraine expects to harvest 44 million tons of grain this year, down from a record 86 million-ton harvest in 2021. Both Marchuk and Huizinga believe grain shipments should continue through the Black Sea even without Russia's participation in the deal.

Persons: Artem Nechai, Kees Huizinga, Huizinga, Denys Marchuk, Max Hunder, Timothy Heritage, Philippa Fletcher Organizations: REUTERS, Agricultural, Reuters, United, Ukrainian Agrarian Council, Thomson Locations: Ukraine, Cherkasy region, Russia, Netherlands, Cherkasy, Eastern, United Nations, Turkey, Russian, Groningen, Romania, Izmail

Moscow’s withdrawal from the wartime deal on Monday threatens to push up food prices for consumers worldwide and could tip millions of people into hunger. The White House said the deal had been “critical” to bringing down food prices around the globe, which spiked after Russia invaded Ukraine in February last year. Tensions between the two countries heightened on Wednesday, limiting the possibility that the deal to export critical commodities across the Black Sea will be restarted. Wheat prices are still down more than 50% from their all-time high in March 2022. The Black Sea deal — originally brokered by Turkey and the United Nations a year ago — has ensured the safe passage of ships carrying grain from Ukrainian ports.

Persons: “, ” Adam Hodge, Volodymyr Zelensky, Russia “, —, Vladimir Putin, — CNN’s Katharina Krebs Organizations: New, New York CNN, US National Security Council, Russian Defense Ministry, Wednesday, United Nations, Organization for Economic Co Locations: New York, Europe, Ukraine, Russia, Odesa’s, Turkey, Istanbul, Kyiv, Moscow

☆ Russia warns ships in Black Sea, Ukraine to create temporary grains export route
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +5 min

Ukraine said on Wednesday it was establishing a temporary shipping route via Romania, one of the neighbouring Black Sea countries. Russia's Defence Ministry said flag states of ships travelling to Ukrainian ports would be considered parties to the conflict on the Ukrainian side from midnight Moscow time (2100 GMT on Wednesday). U.S. officials have information indicating Russia laid additional sea mines in the approaches to Ukrainian ports, said White House National Security Council spokesperson Adam Hodge. "We believe that this is a coordinated effort to justify any attacks against civilian ships in the Black Sea and lay blame on Ukraine for these attacks," he said. Russian President Vladimir Putin accused Western countries of "perverting" the U.N.-backed deal formally called the Black Sea Grain Initiative.

Persons: West, Vasyl Shkurakov, Volodymyr Zelenskiy, Adam Hodge, Vladimir Putin, Putin, Valery Shershen, Grant McCool, Stephen Coates Organizations: Ukrainian Coast Guard, Operational Command, Putin, International Shipping Organization, United, Sunday, Russia's Defence Ministry, White, National Security, Monetary Fund, Russian, Reuters, Pentagon, Ukraine, European Union, Thomson Locations: Izmail, Odesa, Ukraine, Moscow, Russia, Romania, United Nations, Turkey, Ukrainian, Russian, Africa, Asia, China, Azov, Crimea, Washington, Brussels, European

☆ CNBC Daily Open: The long-awaited recession might not arrive
▼ + stars: | 2023-07-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Waiting for earningsU.S. stocks made slight gains Monday, but trading volume was lower than average as investors braced for second-quarter earning. Merger bonanzaWarren Buffett's Berkshire Hathaway reduced its stake in Activision Blizzard from 6.7% last year to 1.9% yesterday, according to a securities filing released Monday. Buffett previously revealed Berkshire added to its initial Activision stake in a bet the deal would close and cause shares to rise.

Persons: Antonio Guterres, Berkshire Hathaway, Buffett, Jim Jordan, Mark Zuckerberg, Ed Yardeni Organizations: CNBC, Initiative, Activision Blizzard, Microsoft, Activision, Twitter, Yardeni Research Locations: Russia, Ukraine, Berkshire

☆ Wheat prices surge after Russia axes grain deal. And it's not good news for the world's food supply
▼ + stars: | 2023-07-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Farmers use harvesting vehicles to harvest grain in Stavropol Krai, one of Russia's most important agricultural lands is seen in Stavropol, Russia on July 16, 2023. Hours before the agreement's expiry, Russia said Monday that it would not renew the Black Sea Grain Initiative. The Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. Wheat prices remain well below the peak levels of 1177.5 cents per bushel reached in May last year, however. Corn futures soared to a high of 526.5 cents per bushel, while soybean futures surged to a high of 1,388.75 cents per bushel.

Persons: Dmitry Peskov, Vladimir Putin, Cyril Ramaphosa Organizations: United Nations, Initiative, South Locations: Stavropol Krai, Stavropol, Russia, Turkey, Ukraine, Russian

The agreement, known as the Black Sea Grain Initiative, was struck a year ago, brokered by the United Nations and Turkey, to alleviate a global food crisis after Russia’s full-scale invasion of Ukraine. Russia had blockaded Ukrainian ports, blocking ships from carrying its grain and sending global prices soaring to record highs. The deal has been extended three times, most recently in May. Russia has repeatedly complained about the agreement, which it calls one-sided in Ukraine’s favor. Moscow has said that Western sanctions, imposed because of Moscow’s devastating war, have restricted the sale of Russia’s agricultural products, and Moscow has sought guarantees that free up those exports.

Persons: upending, António Guterres, “, Vladimir V, Putin, Mr Organizations: Initiative, United, United Nations Locations: Russia, Ukraine, Africa, United Nations, Turkey, Ukrainian, Ukraine’s, Moscow

☆ Russia axes landmark Ukraine grain deal just hours before deadline
▼ + stars: | 2023-07-17 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

First inked in July 2022, the U.N.-brokered Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. The Black Sea grain initiative was set up to abate a global food crisis, after Moscow launched a full-scale invasion of fellow key grain exporter and neighbor Ukraine. "The Black Sea agreements ceased to be valid today. Unfortunately, the part relating to Russia in this Black Sea agreement has not been implemented so far. "I strongly condemn Russia's cynical move to terminate the Black Sea Grain Initiative, despite UN & Türkiye's efforts," European Commission President Ursula van der Leyen said on Twitter on Monday.

Persons: Vladimir Putin, Cyril Ramaphosa, Dmitry Peskov, Maria Zakharova, Peskov, Ursula van der Leyen Organizations: Initiative, South, Russian Federation, Google, Foreign Ministry, Russian Ministry of Foreign Affairs, Facebook, European, UN, Twitter Locations: Odessa, Ukraine, Russia, Russian, Moscow, Istanbul, Ankara, Kyiv

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