Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

News

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

Published

on

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.

Continue Reading

News

Rate cuts ahead? US stocks bounce as inflation cools

Published

on

Investor sentiment is improving as fresh data out of the US and Australia shifts expectations for central bank action.

Stronger-than-expected labour market figures in Australia have raised questions about whether the Reserve Bank will move ahead with a rate cut next week. While the RBA has signalled it is watching data closely, the resilience in employment may force a delay.

Meanwhile, in the US, softer inflation data has lifted hopes that the Federal Reserve could cut rates later this year. That news helped spark a sharp turnaround in US equities, with the so-called “sell America” trade now unwinding as buyers return to Wall Street.

Continue Reading

News

Trump’s $600B Middle East Deal: What It Means for Global Stability

Published

on

 

President Donald Trump’s four-day Middle East tour during his second term has sparked global attention, locking in a monumental $600 billion investment from Saudi Arabia. From AI to defence, space to energy—this economic pact is reshaping U.S. foreign policy.

In an unprecedented move, Trump also lifted long-standing U.S. sanctions on Syria after meeting its new president, raising eyebrows among traditional allies.

Ticker News anchor Veronica Dudo speaks with Erbil “Bill” Gunasti, former Turkish PM Press Officer and Republican strategist, to break down the implications for national security, global diplomacy, and the path to peace in Ukraine.

Continue Reading

News

Trump’s AI deals raise concerns over China ties

Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

Published

on

Trump’s AI deals in the Middle East spark division over national security risks and concerns over China ties.

In Short:
Trump’s AI deals with Saudi Arabia and the UAE are causing internal conflicts in his administration over US national security. Officials are concerned that American technology supplied to the Gulf could ultimately benefit China, leading to calls for enhanced legal protections.

President Donald Trump’s recent AI deals in Saudi Arabia and the UAE are causing internal conflicts within his administration.

Concerns are rising among officials, particularly China hawks, about the implications for US national security and economic interests.

Agreements include shipments of vast quantities of semiconductors from Nvidia and AMD to the Gulf states, prompting fears that American technology could ultimately benefit China, given the region’s ties with Beijing.

While the accords include clauses to limit Chinese access to the chips, some officials argue that further legal protections are necessary.

Critics, including Vice President JD Vance, have suggested that maintaining US dominance in AI is crucial, and shipping chips abroad might undermine that goal.

Supporters of the deals, including AI Adviser David Sacks, argue the need for American technology in the Gulf to deter reliance on Chinese alternatives.

Despite this, internal discussions are underway to potentially slow down or reassess the agreements due to ongoing national security concerns.

Conversations have also included proposals for a significant chip manufacturing facility in the UAE, which many officials deem risky due to China’s influence.

Additionally, worries persist about G42, an AI firm in Abu Dhabi, which has historical ties to Huawei.

The agreements with Gulf countries promise to enhance their technological capabilities while necessitating careful oversight to address US security priorities.

 

Continue Reading

Trending Now