INSEAD Day 4 - 728x90

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Russia accused of causing ‘global food crisis’ at UN

UN security council discuss Russia and Ukraine conflict and affects of the war on March 29, 2022.
  • Russian President Vladimir Putin can stop the global food crisis, US Deputy Secretary of State Wendy Sherman told the Security Council
  • According to WFP, Russia and Ukraine export 30% of the world's wheat, 20% of corn, and 75% of sunflower oil
Russia was accused before the UN Security Council on Tuesday of having caused a “global food crisis” and putting people at risk of “famine” by starting the war in Ukraine, which serves as a breadbasket for Europe.Russian President Vladimir Putin “started this war. Vladimir Putin created this global food crisis. And he is the one who can stop it,” US Deputy Secretary of State Wendy Sherman said during a Security Council meeting devoted to the humanitarian situation in Ukraine.

“The responsibility for waging war on Ukraine and for the war’s effects on global food security falls solely on Russia and on President Putin,” she said.

France’s ambassador to the UN, Nicolas de Riviere, furthered that “Russia’s aggression against Ukraine is increasing the risk of famine around the world” and that populations in developing countries would be the first to be affected.

“Russia will no doubt try to make us believe that it is the sanctions adopted against it that are creating an imbalance in the world security situation for food,” de Riviere added.

Moscow’s UN Ambassador Vassily Nebenzia indeed countered that potential turbulence in the global food market was in fact caused by “the unbridled sanctions hysteria that the West has unleashed against Russia.”

Sherman and the director of the World Food Program (WFP), David Beasley, reported that Ukraine and Russia, which are both major cereal producers, represent 30 percent of world wheat exports, 20 percent for corn and 75 percent for sunflower oil.

On Friday the European Union announced an initiative to alleviate food shortages caused by the war. The EU and United States want a multilateral commitment against restrictions on the export of agricultural raw materials.

UN Assistant Secretary-General for Humanitarian Affairs Joyce Msuya said the conflict in Ukraine “threatens to make things even worse in the world’s biggest humanitarian crises, such as Afghanistan, Yemen, and in the Horn of Africa” where food insecurity is already a problem.