World Bulletin / News Desk
France will convene in the first half of September a rapid reaction forum of G20 countries if upcoming data on grain markets points to serious tensions following drought in the United States and Russia, a farm ministry official said on Monday.
The French government announced on Saturday it was ready to call an emergency meeting on grains in light of a surge in world prices driven by the worst drought in more than 50 years in the U.S. Midwest crop belt.
To judge the gravity of the situation, France is waiting for a U.S. government crop report on Aug. 10 and then a study from a G20 information body in late August or early September, the ministry official said.
"It's too early to tell if we are heading towards a crisis or if the situation is going to turn our normally," he said. "We have to be vigilant."
A first-ever gathering of farm ministers from the Group of 20 countries last year set up a data-sharing system, known as AMIS, to improve transparency in agricultural markets, with the aim of tackling price volatility and ensuring food security.
France currently presides the G20 agriculture body and will hand over the presidency to the United States at the end of September, the official said.
The initiative aims to encourage major producing countries to avoid unilaterally imposing trade restrictions, moves that have been widely blamed for exacerbating market tensions during price spikes in 2007/08 and 2010.
Russia banned grain exports for almost a year after a severe drought two years ago and weather problems this year have fuelled market rumours it could resort to export curbs again.
But Russia has given reassuring indications in contacts through the AMIS system, the French official said.
"We have the impression that Russia wants to act in the spirit of the G20," he said.
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey