Crypto News: 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 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

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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.
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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.

Australian Prime Minister Anthony Albanese has recorded the highest approval rating — 61% — of any incoming leader in the country in more than 35 years.
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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.