Death Star Economics

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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Dramatic commodities and unfriending facebook

The looming food crisis is gaining more traction, as Argentinian farmer’s have planted the second-smallest amount of wheat in more than a century this year, due to unfavorable (dry) weather conditions. From the Economist:

The United Nations Food and Agriculture Organisation’s food-price index was up by 6% in July, as corn and soyabean prices hit records. The rise, the steepest in nearly three years, is the result of drought in many of the world’s crop-growing regions. Ample supplies of wheat and rice helped to keep the index, which tracks export prices, 10% below its peak in February 2011.

After the Lonmin platinum mine was forced to shut down last week due to labor union disputes, it has now become the scene of what is called the bloodiest labor-related event South Africa has seen since the end of apartheid. Not a happy day for South Africa or its mining industry… read article

Meanwhile, the White House has resumed considerations to release some of its strategic oil reserves to combat high oil prices. read article

Mitt Romney was going to have Wall Street behind him and business execs praising his policy agenda… until it all came differently. The FT-Economist Business Barometer conducted by the Economist Intelligence Unit, shows that the private sector around the globe prefers Obamaread article

Also in the US, Facebook’s first lockup clause expired yesterday, meaning that some pre-IPO investors were [finally] allowed to sell their shares. And selling they did. The company’s share price dropped 6%. Over the next ten months, around 2 billion previously locked shares will be freed up.

And finally, the Telegraph, one of the UK’s worse newspapers, is pushing a rumor that Finland is preparing for a Greek exit from the euro after an interview with the Minister of Foreign Affaires, while official confirmation can’t seem to be found. read article

Weekend reading:

– Fancy prepositions, get ready for ‘modulo’, read article

– John Cusack and the US housing market, read article

– Jay-Z and investing in the Brooklyn Nets, at c. 7.30min, watch video

– Alphaville on the correlation of online dating and recessions, read article

– A rough patch for US-UK relations, read article

Have a good one.

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