DW Business – Africa

Western sanctions on Russia are driving up energy prices around the world: Will we still be able to heat our homes next winter? Are coal and nuclear power set to make a comeback in many countries? We ask the Bruegel Institute's Georg Zachmann.

French car giant Renault announced Wednesday it was immediately suspending operations at its Moscow factory after Kyiv called for a boycott of the company for remaining in Russia.

The price of oil tumbled in early trading on Thursday, after reports that the United States was preparing to release more oil from its strategic reserves in a bid to bring down the cost for consumers. President Joe Biden is due to make an announcement later this Thursday. It would be the second time this month that the US has released oil from its stockpile. Also today, we look at how French consumers are preparing for a potential shortage of sunflower oil due to the war in Ukraine.

Amid supermarket food rationing, a truck drivers' strike over petrol prices and rising inflation in Spain, the country's economy minister tells FRANCE 24 that it's "essential" for Madrid to be allowed to take measures to bring electricity prices down. "We're working with the Commission to have an authorisation to decouple our energy market and thus stop this price increase […] It doesn't make sense that Spanish and Portuguese citizens do not benefit from the fact that we have for instance at least 50 percent of our generation from renewables. This is very cheap and clean energy and our citizens should benefit from these low prices," Nadia Calviño explains.

World food commodity prices reached their highest levels ever in March, as war in #Ukraine spreads shocks through markets. The @FAO Food Price Index averaged 159.3 points in March, up 12.6% from Feb 2022 and was 33.6% higher than in March 2021.

The coronavirus pandemic forced many companies to halt business travel almost overnight. The economic consequences for airlines and hotels have been dramatic, leaving many to wonder if corporate travel will bounce back.

As the Russian invasion of Ukraine continues to impact crucial food exports, wheat prices are soaring. Many African countries rely on Ukrainian and Russian grain exports and could face a severe food crisis. But in Cameroon, entrepreneurs are coming up with alternatives to wheat, which is used to make flour. Production of bread and cakes made from local cassava and sweet potato flour is now booming. These tubers are abundant in the country but are normally used unprocessed in traditional dishes. Our correspondents report.

The former US president has been fined $10,000 per day until he complies with a New York court order to turn over documents as part of an investigation into his business practices.

With Poland and Bulgaria cut off from Russian gas, major European energy firms are reportedly considering compliance with Moscow's demand to be paid in roubles. Over in the US, Archegos Capital's Bill Hwang pleads not guilty to fraud. Finally, amid a shortage of sunflower oil due to the Russian invasion of Ukraine, the French government has authorised food companies to change their recipes without altering their packaging.

Germany's Cabinet has wrapped two days and talks about the war in Ukraine and its impact on the German economy. The government warned that a planned EU oil embargo could cause supply problems and even higher inflation.

More European businesses in China are looking to shift their investments due to the country's strict coronavirus lockdowns, according to the European Chamber of Commerce.