Economy
Global wheat prices up 41% with consumption hitting ‘all-time high’ – Agriland
Global wheat prices are up 41% on last year due to “tightening export availabilities amid strong demand”, the Food and Agriculture Organization (FAO) of the UN has reported this week. World cereal output in 2021 is on course to hit an all-time record of 2.8 billion tonnes, but that is less than the anticipated consumption requirements in the 2021/2022 marketing season, according to FAO projections.
World wheat prices are up almost 4% in September compared to August. Rice prices also rose in September, while those of maize increased by a moderate 0.3% – averaging 38% higher year-on-year.
Rising chip prices fuel Samsung’s best quarterly profit in 3 years – Reuters
Samsung Electronics Co Ltd (005930.KS) on Friday flagged a 28% jump in its third-quarter operating profit to the highest in three years, driven by rising memory chip prices and display sales for new flagship smartphone launches.
The preliminary result was up 26% from the second quarter, although just below forecasts, while the market reaction was further muted as analysts pencilled in a flat or slightly lower result this quarter on an expected fall in memory chip prices.
US Senate averts crisis by voting to extend debt ceiling – BBC
The US Senate has voted to temporarily raise the nation’s debt limit, avoiding a historic default that experts say would have devastated the economy.
Senators agreed to increase the limit by $480bn (£352bn), which will cover the US until early December. The bill was approved in a 50-48 vote, following weeks of partisan fighting.
Ireland ends 12.5% tax rate in OECD global pact – Guardian
Ireland has dropped its cornerstone low-tax policy of the past 18 years, which helped persuade some of the world’s biggest companies, including Google and Facebook, to site their European headquarters in Dublin.
The decision comes after months of wrangling over the fine print of an Organisation for Economic Co-operation and Development (OECD) agreement to operate a 15% minimum tax rate in more than 130 countries.
Environment
GM’s new electric SUV is at least $10,000 cheaper than Tesla’s Model 3 – Quartz
A century-old carmaker plans to beat Elon Musk at his own game.
Yesterday (Oct. 6), General Motors (GM) told investors it plans to take the lead in electric vehicle (EV) sales in the US. Part of this ambitious plan hinges on releasing a new electric SUV priced at about $30,000—more than $10,000 cheaper than the cheapest Tesla, the Model 3 sedan. GM did not share a timeline for this but it seems plausible, especially given that Tesla routinely hikes prices.
Ancient groundwater: Why the water you’re drinking may be thousands of years old – The Conversation
As rising temperatures and drought dry up rivers and melt mountain glaciers, people are increasingly dependent on the water under their feet. Groundwater resources currently supply drinking water to nearly half the world’s population and roughly 40% of water used for irrigation globally.
What many people don’t realize is how old – and how vulnerable – much of that water is.
Health
The Cult of the Vaccine – Matt Taibbi Substack
Yesterday, I ran a story that had nothing to do with vaccines, about the seeming delay of the development of a drug called molnupiravir (see the above segment with the gracious hosts of The Hill: Rising for more). In the time it took to report and write that piece, conventional wisdom turned against the drug, which is now suspected of ivermectinism and other deviationist, anti-vax tendencies, in the latest iteration of our most recent collective national mania — the Cult of the Vaccine.
The post Daily Digest 10/8 — Global Wheat Prices up 41% with Consumption Hitting ‘All-Time High’; Rising Chip Prices Fuel Samsung’s Best Quarterly Profit in 3 Years… appeared first on Peak Prosperity.
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