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Milk prices soar as Ukraine war threatens cow feed and fertiliser supplies

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Milk prices soar as Ukraine war threatens cow feed and fertiliser supplies

Milk costs are hovering on the expectation that an already tight market might be hit by additional disruption to fertiliser and feed provides and inflationary pressures following Russia’s invasion of Ukraine.

Unhealthy climate in New Zealand, the US and Australia had already mixed with rocketing fuel costs and pandemic-related provide chain disruptions to place strain on milk producers within the 5 greatest exporters earlier than the warfare.

Mixed milk manufacturing in New Zealand — often called the “Saudi Arabia of milk” as a result of it controls 35 per cent of worldwide exports — the EU, Australia, the US and Argentina fell 1.7 per cent in January in comparison with the earlier yr, down based on commodity dealer StoneX.

Milk output for the 5 producers fell yr on yr, with New Zealand and Australia posting declines of greater than 6 per cent.

Following the beginning of the warfare on February 24, costs of essential merchandise have risen additional. Anhydrous milk fats, a core dairy product, hit a file $7,111 per tonne on March 15, based on International Dairy Commerce index, which screens New Zealand dairy costs. Complete milk powder, essentially the most actively traded product, hit an eight-year excessive this month.

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New Zealand firm Fonterra, the world’s greatest dairy exporter, stated final week it was paying farmers 30 per cent extra for milk than it did a yr in the past and predicted the value would rise additional.

“The battle in Ukraine has added to an already complicated Covid-19 working atmosphere, impacting international provide chains, the oil worth, and international provide of grains,” Fonterra chief government Miles Hurrell stated as the corporate reported interim outcomes on Thursday.

Michael Harvey, an analyst at Rabobank, stated that though dairy processors and meals firms had been bearing the brunt of prices, shoppers had been prone to face worth will increase.

Harvey added that Russia’s invasion of Ukraine would add to exploit manufacturing prices, as each nations are main exporters of nitrogen-based fertilisers and wheat, an vital feed for cattle together with corn and soy.

New Zealand and the EU account for about 70 per cent of milk exports, adopted by the US, Australia, Brazil and Argentina.

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Craig Hough, director of coverage and technique at Australian Dairy Farmers, a commerce physique, stated the rising price of feed was a “huge downside” for dairy farmers as a result of it accounts for 70-80 per cent of prices.

Hough added that Australian dairy farmers imported most of their fertiliser from China. However the fuel provide crunch following the Ukraine warfare and pandemic restrictions in China because the nation faces a rising Covid outbreak, meant it was “onerous to get fertiliser, and it’s bloody costly”.

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Video: Fires Continue to Burn One Week Later in California

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Video: Fires Continue to Burn One Week Later in California

new video loaded: Fires Continue to Burn One Week Later in California

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Fires Continue to Burn One Week Later in California

The Palisades and Eaton fires, ravaging Los Angeles for more than a week, remain mostly uncontained by firefighters.

“We just had — just had Christmas morning right over here, right in front of that chimney. And this is what’s left.” “I urge, and everybody here urges, you to remain alert as danger has not yet passed. Please follow all evacuation warnings and orders without delay and prioritize your safety.”

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s suspended President Yoon Suk Yeol was arrested on Wednesday morning following a predawn raid by police and investigators on his fortified hilltop compound.

Yoon’s detention followed a six-hour stand-off between law enforcement officials and members of the president’s security detail. It is the first time in South Korea’s history that a sitting president has been arrested.

The development marks the latest twist in a political crisis that was triggered by his failed attempt to impose martial law last month, and which has shaken confidence in the democratic integrity of Asia’s fourth-largest economy.

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Yoon was suspended from his duties after he was impeached by parliament in December following his attempt to impose martial law. The country is currently being led by finance minister Choi Sang-mok as acting president.

The operation on Wednesday, which began shortly after 4am, was the second attempt this month by the CIO to detain Yoon for questioning on insurrection and abuse of office charges.

An initial effort earlier this month was foiled by Yoon’s protection officers following a tense hours-long stand-off at the presidential residence. Yoon had previously refused to comply with investigators and had challenged their authority to bring him in for questioning.

“The rule of law has completely collapsed in this country,” Yoon said in a video statement recorded before his transfer to the headquarters of the country’s Corruption Investigation Office for questioning. “I’ve decided to appear for CIO questioning in order to prevent any bloodshed.”

According to South Korea’s state-owned news agency Yonhap, police and officials from the CIO arrived at the compound early on Wednesday and presented a warrant for Yoon’s arrest but were again initially prevented from entering by the Presidential Security Service.

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Yonhap also reported that about 30 lawmakers from Yoon’s conservative People Power party were at the compound and attempting to prevent officials from entering it.

But with hundreds of police gathered outside, some of them equipped with ladders and wire cutters to overcome barricades erected by Yoon’s protection officers, CIO officials were eventually allowed to enter the residence.

Yoon’s lawyers initially attempted to broker a deal whereby he would surrender voluntarily for questioning. But this was not accepted by CIO officials, and he was eventually arrested just after 10.30am and transferred to the investigative agency’s headquarters.

“Yoon’s arrest is the first step towards restoring our constitutional order,” said Park Chan-dae, floor leader of the leftwing opposition Democratic Party of Korea. “It underlines that justice is still alive.”

While Yoon’s powers have been transferred to Choi as acting president, he remains South Korea’s head of state while the country’s Constitutional Court deliberates on whether to approve his impeachment or reinstate him in office.

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The court held its first formal hearing into Yoon’s impeachment on Tuesday, but the session was adjourned after four minutes because the suspended president declined to attend, citing concerns for his personal safety.

The efforts by the CIO and police to detain Yoon for questioning relates to a separate, criminal process connected to his failed imposition of martial law. Yoon’s lawyers insist the CIO has no standing to pursue criminal insurrection charges against him.

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

Elon Musk speaks as part of a campaign town hall in support of Donald Trump in Folsom, Pa., on Oct. 17, 2024.

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The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for shares he bought after he should have disclosed his ownership of more than 5% of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.

Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5%. At this point, the complaint says, he was required by law to disclose his ownership, but he failed to do so until April 4, 11 days after the report was due.

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Representatives for X and Musk did not immediately return a message for comment.

After Musk signed a deal to acquire Twitter in April 2022, he tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The has SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Before it filed the lawsuit, the SEC went to court in an attempt to compel Musk to testify as part of an investigation into his purchase of Twitter.

The SEC’s current chair, Gary Gensler, plans to step down from his post on Jan. 20 and it is not clear if the new administration will continue the lawsuit.

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