Fragile lifeline

There was some rare good news out of Ukraine today when a vessel loaded with 26,000 tons of corn left the port of Odesa — the first legal sh [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( There was some rare good news out of Ukraine today when a vessel loaded with 26,000 tons of corn left the port of Odesa — the first legal shipment of grain since Russia’s invasion began in late February. It’s a small step but potentially significant for some of the world’s poorest countries as they wrestle with soaring food prices caused in part by uncertainty over supplies of millions of tons of Ukrainian grain blocked by Russia’s assault. Key reading: - [First Grain Ship Leaves Ukraine for Lebanon in Key Milestone]( - [Lebanon Seizes Ship Accused of Carrying Stolen Ukrainian Grain]( - [Founder of Ukraine Grain Firm Nibulon Killed by Russian Shelling]( - [Meet the Russian Architect of Putin’s Economic Counterattack]( - Read our rolling coverage of the Russian invasion of Ukraine [here](. Yet the fragility of the July 22 agreement brokered by Turkey and the United Nations for safe shipping corridors from Black Sea ports is all too apparent as the war rages in its sixth month. Russia shelled Ukraine’s southern city of Mykolaiv again today after a weekend of intense missile strikes that killed a grain-exporting tycoon and his wife in what officials in Kyiv called a targeted attack. A Ukrainian counter-offensive against Russia’s occupation of nearby Kherson is gaining momentum, with fighting reported across the region. President Vladimir Putin threatened a “lightning” response to what he called any encroachments on Russia’s sovereignty and freedom under a new naval doctrine he signed yesterday. Even as Putin’s military struggles to make headway in eastern Ukraine against forces bolstered by new US and European long-range artillery, Russian strategists haven’t abandoned their goal of seizing southern regions of the country. Their aim is to cripple Ukraine’s economy by choking off vital exports through its Black Sea ports. The Razoni cargo ship’s voyage to Lebanon via Istanbul could just be a starter. Ukraine says at least 16 more ships are waiting their turn near Odesa if the journey goes smoothly. The Kremlin today called the shipment a “positive” development. It’s a slender maritime lifeline for Ukraine and for the global fight to avert famine. But it’s the battle on the ground that will determine how long it survives. The Razoni is heading to Tripoli, Lebanon, with Ukrainian corn. Source: Ukrainian Ministry of Infrastructure Click [here]( to sign up for The Readout with Allegra Stratton, your guide to the stories that matter for the UK. You can also share this newsletter with others. They can sign up [here](. Global Headlines UK race | Boris Johnson leaves his successor a monumental set of problems. The UK is wrestling with an energy crisis, spiraling inflation, strikes across multiple industries, and a health system under strain. But it’s not all doom and gloom. We lay out [three reasons]( for the incoming prime minister to be cheerful when assuming office in September. - [Read more here]( about how a failing promise to the deprived parts of Britain awaits the next leader. - Rishi Sunak, trailing in the premiership race, committed to [reducing personal taxes]( by 20% within seven years. Keeping watch | US House Speaker Nancy Pelosi held meetings in Singapore today as part of a swing through Asia, as questions swirled around whether she would [defy Chinese warnings]( and travel to Taiwan, the self-governing island Beijing regards as its territory. Pelosi left Taiwan out of the itinerary in a statement announcing the trip, which includes stops in Japan, South Korea and Malaysia. China’s military won’t sit idly by if she visits Taiwan, the foreign ministry warned today. Mounting strain | The presidential palace in Berlin is no longer lit at night, Hanover is turning off warm water in the showers of its pools and gyms, and municipalities across Germany are preparing heating havens to keep people safe from the cold when the winter comes. Much of Europe is feeling the strain from Russia’s [squeeze]( on natural gas deliveries, yet no other country is as exposed as the region’s biggest economy, where nearly half the homes rely on the fuel for heating. Best of Bloomberg Opinion - [Democrats Need More Senators Like Joe Manchin: Matthew Yglesias]( - [Blaming Inflation on Central Banks? We Enabled Them: Daniel Moss]( - [Putin Won’t Let OPEC Help Bring Down Oil Prices: Julian Lee]( Talks hope | Talks to revive the nuclear deal between Iran and world powers will “probably” [resume]( within days in Vienna, a senior Iranian lawmaker told the ISNA news agency. The potential resumption of indirect dialogue between Tehran and the US follows “efforts by the European parties to conclude the negotiations,” the parliamentary National Security Commission member said, according to the the semi-official news organization. Explainers you can use - [What the Hong Kong Dollar Peg Is and Why It Matters]( - [What’s Next for China Evergrande, Crushed by Debt?]( - [What to Know About Bolsonaro-Lula Showdown in Brazil]( Still behind | Jair Bolsonaro’s [popularity]( grew among women, the poor and voters from Brazil’s northeast after he started his re-election campaign hand-in-hand with his wife and announced bigger cash handouts, a new poll shows. While the far-right president would win 27% of female votes, up from 21% in June, that’s still far behind the standing of his main challenger, Luiz Inacio Lula da Silva, who would get 46% of their votes. - Lula is [stepping up]( efforts to win over one of Bolsonaro’s key constituencies: agribusiness. Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1 p.m. ET, with a second hour on Bloomberg Radio from 1 to 2 p.m. ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - Australian Prime Minister Anthony Albanese has recorded the highest [approval]( rating — 61% — of any incoming leader in the country in more than 35 years. - Support for Prime Minister Fumio Kishida’s government [slipped]( in two major polls as Japan battles record Covid cases but its approval rate is still one of the highest in years. - The influential Iraqi Shiite cleric Muqtada Al-Sadr called on his supporters, including tribal leaders and paramilitary forces, to join thousands of others [occupying]( the parliament as they seek to prevent the formation of a new government. - South Africa’s governing party [rejected]( calls to review a so-called step-aside rule that compels indicted officials to step down from their roles. - Kosovo agreed to postpone by 30 days its plan to make government-issued ID cards and car plates mandatory for all residents after members of the Serb minority [blockaded]( roads in protest. Thanks to the 31 people who answered Friday’s quiz and congratulations to Pradeep Chandra, who was the first to name Indonesia as the country whose leader became the first to meet in person with Chinese President Xi Jinping since the Winter Olympics in February. And finally ... Remnants of a massive Chinese [rocket fell]( back to Earth over the Indian Ocean, leading US space officials to again criticize China’s lack of information-sharing about its boosters re-entering the atmosphere. China’s spaceflight agency said the vast majority of wreckage from the last stage of Long March 5B burned up upon re-entry. While experts had cautioned that huge chunks would survive and fall to oceans or the ground, Beijing dismissed the concerns as a smear effort as the US-China space race escalates. A Long March 5B Y2 rocket launches from the Wenchang Spacecraft Launch Site on April 29, 2021. Photographer: Visual China Group/Getty Images Like getting this newsletter? 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