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.
BIST 100 index opens 0.35 pct higher; US dollar/Turkish lira rate hovers around 3.61
The United States and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank.
London's benchmark FTSE 100 index dropped 0.6 percent to 7,336.30 points compared with Tuesday's close.
The 12-month inflation rate hit 2.3 percent last month compared with 1.8 percent in January, the Office for National Statistics (ONS) said in a statement.
Gains for Deutsche shares topped 7.0 percent in the early afternoon, before slipping back to trade at 16.16 euros ($17.61) -- still up 5.33 percent -- just after 1400 GMT.
Today is 'day of revolution' for Turkey's energy sector with Monday's solar tender, says Turkish Minister
UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity.
A fresh investment from the World Bank will see Africa receive $57 billion for investment
The move is significant as it means North Korea no longer has access SWIFT's global financial transfer system, further isolating the already heavily-sanctioned country.
Government committed to barring Turkish citizens from trading via foreign exchange brokers, Deputy PM says
Almost 40 percent of foreign-partnered companies founded directly by Syrian nationals or Syrians in partnerships
World Bank's financial arm violated its own guidelines on environmental and social conditions, according to a new report
Despite weak performance, reading close to February 2008 levels just before economic crisis, says top auto association
The Japanese auto giant said the fresh funds, which will include £21.3 million from the UK government, would be used to update its Burnaston factory with new equipment and technology.
The Frankfurt-based firm reported net profit of 1.78 billion euros ($1.9 billion) for last year in a statement, a 4.6-percent increase on 2015's figure and in line with its own and analysts' expectations.