ECONOMICS Egypt withdraws from UN grain treaty. Egypt, one of the world's largest wheat importers, has given notice it will withdraw at the end of June from a decades-old UN grain treaty. The departure follows a period of turmoil in grain markets, linked to the war in Ukraine and concerns about global food security. AUKUS allies unveil submarine deal to counter China in the Pacific. The US, Australia and the UK unveiled plans for a new fleet of nuclear-powered submarines. The deal deepens the AUKUS defense partnership aimed at countering China in the Pacific and upgrading Australia’s aging sub fleet.
Oil giant Saudi Aramco records historic $161bn profit in 2022. Saudi Aramco has reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly-listed company. The profit came off the back of energy prices rising after Russia launched its war on Ukraine. Argentina’s harvest suffers under worst drought in 60 years. Argentina, the world’s top exporter of processed soy and third-highest source of corn, is in the grip of its worst drought in more than 60 years. This has led to repeated sharp cuts to harvest forecasts. Australia’s investment in renewable energy jumps 10 times from prior quarter. The investment of $4.29 billion comes after the Australian Energy Market Operator warned of potential reliability gaps in the national power grid without urgent action to encourage more clean energy capacity and storage.
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