Warnings of a possible strong El Niño weather pattern starting this summer have fueled concerns that droughts and floods could decimate crops and send food prices higher. But Credit Suisse says there’s no reason to worry. In a recent report, analyst Michael Wan found no strong correlation between El Niño patterns and food inflation over the past two decades. Food prices barely budged during the 1998 El Niño, the strongest in recent history. And while costs jumped during two of the four most recent seasons, those increases were likely linked to other factors. During the 2007 El Niño, for example, the Indian and Vietnamese governments banned rice exports, causing shortages. And in 2010, higher oil prices were likely the culprit for food inflation. This time, there may be negative effects in certain regions such as India, which could see a smaller rice harvest. But unlike in 2007, global stockpiles are currently at healthy levels, and should help keep prices anchored.
First published in The Financialist in 2014.
What’s the hottest exhibition being staged in Russia’s capital at the moment, you ask? The answer: Indian bling. More than 300 pieces of extravagant handmade jewelry, including royal, ceremonial and personal jewels that were worn by India’s maharajas, are on display at the Moscow Kremlin Museums. And it’s a literal show of the ages: While the show includes contemporary works by Indian jewelers Munnu Kasliwal and Bhagat, the real highlights are, shall we say, of earlier vintages. Highlights include pieces dating back to the early days of the Mughal Empire in the 16th century; a 400-year-old pendant decorated with gold, nephrite, rubies and emeralds; and a 19th century turban crown encrusted with gold, silver, diamonds, emeralds, rubies and pearls as well. More than 30 museums, institutions and private collectors around the world have lent the items, many of which have never been exhibited before. If that’s not enough for you, European jewelry houses Cartier, Chaumet and Van Cleef & Arpels have contributed their own Indian-inspired pieces. The show, titled “Jewels that Enchanted the World,” runs until July 27.
JENS ERIK GOULD
Jens Erik Gould is a political, business and entertainment writer and editor who has reported from a dozen countries for media outlets including The New York Times, National Public Radio and Bloomberg News.