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Why are we about to be paying so much more for pasta?

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Rising concerns surround the beloved pasta dish as prices surge due to drought in Canada and adverse weather conditions in Europe, damaging crops of durum wheat and disrupting supplies for flour millers and food companies.

Italy’s government convened a crisis meeting in response to the soaring prices of this staple food, which have increased more than double the national inflation rate.

Global production of durum wheat is on track for a 22-year low, leading Italy’s renowned pasta makers to explore unconventional suppliers like Turkey for their main ingredient.

In Toronto, Continental Noodles, a family-owned business, experienced a sudden 24% increase in the cost of a 20-kilogram bag of semolina flour, derived from durum wheat, over a few weeks in July.

This cost escalation, coupled with setbacks in tomato supply due to adverse conditions in Spain and India, has raised concerns for producers like Continental Noodles, which supplies pasta to outlets like Whole Foods.

Vincent Liberatore, one of the owners of Continental Noodles, expressed apprehension over potential further price hikes, unsure of how much additional cost consumers can bear.

He stressed that businesses are navigating an uncertain landscape marked by fluctuating costs.

Across the globe, retail pasta prices have risen by approximately 12% in Europe and 8% in the United States this year, according to market research firm Nielsen.

In tandem, the price of another essential staple, rice, has surged due to export restrictions in India.

The International Grains Council forecasts a notable decrease in global durum production for the 2023/24 period, resulting in the lowest production levels in 22 years and dwindling global stocks.

Canadian farmer Darold Niwa, based in Alberta, witnessed his expectations for a robust durum harvest diminish as drought conditions persisted.

His durum yield plummeted, producing only a fraction of the usual kernels per head. The adverse weather conditions have also impacted the United States, Spain, Italy, and France, causing supply challenges and fluctuations in quality.

Notably, Canada, accounting for approximately half of global durum trade, faces its second-smallest harvest in over a decade, with an expected yield of 4.3 million metric tons this year.

The spike in Euronext futures price benchmarks in early August, influenced by deteriorating supplies, compelled major importer Algeria to cancel a durum tender.

Meanwhile, Turkey emerged as an unexpected durum exporter, capitalising on a bumper harvest and substantial stocks. Turkish durum exports have temporarily influenced prices but are anticipated to escalate again when Turkey’s reserves deplete.

In response to the dire supply situation, pasta makers are exploring alternative options such as utilising more soft wheat in regions where regulations permit.

Soft wheat differs from durum, which produces the sought-after “al dente” texture in pasta.

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UK police seek former aides’ insights on Prince Andrew

UK police contact ex-protection officers of Prince Andrew amid misconduct investigation linked to Jeffrey Epstein allegations

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UK police contact ex-protection officers of Prince Andrew amid misconduct investigation linked to Jeffrey Epstein allegations

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In Short:
– Police seek former protection officers of Prince Andrew for info on alleged Epstein-related offences.
– Authorities consider removing Mountbatten-Windsor from royal succession after investigation conclusions.
British police are reaching out to former protection officers of Prince Andrew Mountbatten-Windsor following his recent arrest related to allegations of misconduct in a public office.
The police have urged anyone with information about potential sex offences connected to Jeffrey Epstein to come forward.Authorities are considering legislative measures to remove Mountbatten-Windsor from the royal succession line once the investigation concludes. Any changes would require consultation with other realms where King Charles is head of state.

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The recent allegations stem from claims that Mountbatten-Windsor shared confidential government documents with Epstein during his time as a trade envoy. The London Metropolitan Police is now identifying former officers who may assist in the ongoing investigation and has encouraged them to share any pertinent information.

Mountbatten-Windsor has denied wrongdoing in the Epstein matter.

In 2022, he settled a civil lawsuit filed in the U.S. by Virginia Giuffre, who accused him of sexual abuse. Reports indicated he paid her approximately £12 million, a claim he denies.

Police Investigation

London authorities are reassessing previous decisions not to pursue criminal investigations related to Epstein’s activities.

Recent document releases from the U.S. government have prompted police to explore allegations of human trafficking involving Epstein at UK airports.

Police have been actively searching Mountbatten-Windsor’s residences as part of their investigation. His arrest marks an unprecedented event in modern royal history, raising significant public interest and concern in various countries.


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Supreme Court strikes down Trump’s tariffs, plans 10% global levy

Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’

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Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’

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In Short:
– The U.S. Supreme Court has ruled that Trump lacks authority for tariffs without Congress support.
– Over 1,000 refund lawsuits from importers complicate the tariff issue, particularly for smaller businesses.
The U.S. Supreme Court has ruled against President Donald Trump’s tariff policies, stating he lacks the authority to impose tariffs without clear congressional support. Trump expressed disappointment and plans to implement a new 10% global tariff under different legal provisions.
Economists estimate more than $175 billion is at risk of refunds related to previously established tariffs, with potential litigations expected to last several years.Trump’s administration faces over 1,000 refund lawsuits from importers in the Court of International Trade, which ruled it can grant refunds to affected businesses. Each importer may need to pursue individual lawsuits, complicating the process, especially for smaller businesses that could find the financial burden prohibitive.

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Learning Resources Inc., a toy company led by Rick Woldenberg, has contested these tariffs, potentially qualifying for refunds. Woldenberg hopes the Supreme Court ruling will initiate reflection on necessary economic adjustments.

Economic Impact

Economists suggest consumers may not notice significant changes due to persistent tariffs on numerous products. U.S. Treasury estimates predict the deputy’s revenue will remain largely unchanged despite Trump’s new plans to increase tariffs through other channels, specifically under Sections 122 and 301 of the Trade Act.

Trump’s forthcoming address to Congress is expected to address the implications of this ruling, which notably undermines a fundamental aspect of his trade agenda.

Despite past assurances regarding reform, uncertainties remain for both businesses and consumers as the administration explores future tariff strategies.


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Bill Gates withdraws from India AI Impact Summit before keynote

Bill Gates withdraws from India’s AI Impact Summit amid renewed scrutiny over past ties to Jeffrey Epstein.

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Bill Gates withdraws from India’s AI Impact Summit amid renewed scrutiny over past ties to Jeffrey Epstein.

Bill Gates has withdrawn from India’s AI Impact Summit just hours before his keynote, as scrutiny grows over his past ties to Jeffrey Epstein following the release of US Justice Department emails.

The summit has faced criticism over organisational issues and traffic disruptions, drawing attention away from its mission. Despite the chaos, it has secured over $200 billion in investment commitments, including a major pledge from Reliance Industries.

Indian Prime Minister Narendra Modi used the platform to stress the importance of protecting children in the rapidly evolving world of AI.

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