The daily business briefing: July 22, 2022

A U.N.-backed deal aims to restore Ukraine grain exports, Snap shares dive after a disappointing quarterly report, and more

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1. U.N.-backed deal seeks to restore Ukraine grain exports

Ukraine, Russia, Turkey, and United Nations Secretary-General António Guterres have agreed to sign a deal Friday to resume Ukrainian grain exports, Turkish President Recep Tayyip Erdoğan's office said Thursday. Russia and Ukraine are major wheat exporters, but the war between the two nations has disrupted shipments from Ukraine's Black Sea ports, leaving 20 million tons of grain stuck at the port of Odesa. The stalemate has pushed food prices higher and triggered a global food crisis. The agreement was finalized in negotiations in Istanbul last week, although the details were not immediately released. Guterres said the U.N. and Turkey have been pushing for a "package deal" that would let Ukrainian exports resume and facilitate shipments of Russian grain and fertilizer.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.