World Bulletin / News Desk
World food prices surged in July after falling in the previous three months and could rise further, increasing the potential for a food crisis of the kind seen in 2007/08, the United Nations food agency said on Thursday.
"Prices have the potential to increase further," the Food and Agriculture Organisation's senior economist and grain analyst Abdolreza Abbassian told Reuters. "Definitely it is not going to be a season where prices fall below the previous year."
A food crisis erupted five year ago as soaring grain futures markets helped push up prices and sparked violent food riots, although a rerun would only happen if countries started to introduce policies such as export bans, he said.
The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 213 points in July, up 12 points from June, and back to levels seen in April this year, the FAO said in a monthly index update.
July's level is still below a record of 238 points reached in February 2011, FAO said, but close to levels seen during the food crisis in 2007/08.
Russia has overcome a "psychological barrier" and is ready to deepen its economic ties with China, Deputy Prime MinisterArkady Dvorkovich said
With Chancellor Angela Merkel's right-left coalition plus the opposition Greens, it was the biggest majority for any euro zone rescue package so far in the 631-seat chamber.
The agreement commits Tanzania, Kenya, Uganda, Rwanda and Burundi to cooperate with the United States in customs issues, ease red tape at borders, reduce customs wait times and harmonize trade standards.
Sri Lankan President Maithripala Sirisena has unnerved China with his re-examination of certain projects that Chinahas invested in, including a $1.5 billion "port city" project in Colombo.
EU energy chief Maros Sefcovic invited Russian Energy Minister Alexander Novak and his Ukrainian counterpart Volodymyr Demchyshyn for talks
Gazprom and Ukrainian state energy firm Naftogaz have accused each other of not sticking to agreements on gas supplies.
The new canal, that will allow two-way traffic of larger ships, is supposed to increase revenues by 2023 to $13 billion.
A day after euro zone finance ministers agreed to a four-month extension of a financial rescue, Finance Minister Yanis Varoufakis gave a frank assessment of Greece's financial position.
The agreement is the culmination of talks that began in September after the government decided its own solutions to its fiscal crisis were failing to convince investors.
Energy union highlights bloc's attempt to seek independency from its main gas supplier - Russia.
Merkel's right-left coalition is set to prevail, despite vocal pockets of resistance on the right and left.
Republicans passed the bill to increase pressure on Obama to approve the pipeline, a move the president said would bypass a State Department process that will determine whether the project is in the U.S. national interest.
Turkish PM Davutoglu expresses Turkey's readiness to help in supplying energy to Central Europe.
General Atomics won a $200 million contract in 2013 from the United Arab Emirates for supply of an unspecified number of predator drones, the first such sale in the region
Gazprom said in a statement that Ukraine had 219 million cubic metres (mcm) of gas left that would be used up in two days.
Greece's reform list must be accepted by its EU creditors in order for the indebted country to receive bailout extension.