World Bulletin / News Desk
Major wheat exporter Australia does not support a French proposal to create global grain stockpiles aimed at stabilising food prices, but would agree to the measure if it was for humanitarian purposes, the agriculture ministry said on Friday.
Global wheat prices have surged nearly 40 percent since mid-June when the worst drought in 56 years wilted U.S. crops, and dry weather in Australia and the Black Sea region has added to worries about supplies.
France first raised the issue of reserves last year as it chaired the Group of 20 leading economies, and this week, French President Francois Hollande said he was launching a global campaign to win support for the measure amid fears that the world could be on the brink of a third food price panic in four years.
"Australia is cautious about the benefits of food reserves and only supports limited and strategically managed mechanisms that are strictly for emergency humanitarian purposes," said a spokeswoman for Joe Ludwig, Minister for Agriculture, Fisheries and Forestry.
"We do not recommend stockpiling generally as this can have a negative impact on prices and production."
Analysts were also sceptical that many nations will side with the French proposal.
"I personally don't think stockpiles are viable to solving any particular episodes of food price inflation," Luke Mathews, commodities strategist at the Commonwealth Bank of Australia said. "I would be very surprised if Australia implemented stockpiles."
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
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)