The Asian Development Bank announced a $ 14 billion fund to fight food security crisis in Asia Pacific, threatened by adverse climate and exacerbated by Russia-Ukraine war choking supply lines, triggering soaring food prices. The multilateral funding agency is hosting its 55th annual meeting at its headquarters in Manila from September 26-30 in a hybrid […]
With Europe’s sanctions on Russian coal following its invasion into Ukraine, Asia and Turkey are emerging as direct beneficiaries, highlighting the change in trade flows in the global thermal coal markets six months after the war broke out. A half-yearly analysis of data from S&P Global Commodities at Sea shows that with Russian coal being […]
Food prices worldwide have fallen for the third straight month, but prices are still hovering near historic highs in March, according to the United Nations Food and Agriculture Organization. One economist at Nomura says Asia has yet to see the peak in food prices, which will likely come during the July to September quarter. Sonal […]
The London Metal Exchange hopes to restart nickel trading in Asian hours very soon, once liquidity rises to levels seen before the suspension on March 8, its Chief Executive Matt Chamberlain said last week. The world’s largest and oldest forum for metals was forced to suspend the nickel market and cancel all trades on March […]
The invasion of Ukraine has upended commodity flows, with one of the greatest dislocations being the re-routing of Russian coal from lucrative European markets to bargain-hunting buyers in India. Sales of thermal coal to Europe, a market that traditionally offers price premiums, dropped to about 10% to 15% of total exports from 30% before the […]
A worsening global fuel shortage catapulted Asia’s coal benchmark to a record, threatening to boost power bills and add to inflation woes. Spot physical coal at Australia’s Newcastle port jumped 3.4% to a record $ 402.50 a tonne on Friday, according to a biweekly index compiled by IHS Markit seen by Bloomberg. That’s the first time the highly watched spot index […]
Significant growth in aquaculture has driven global fisheries and aquaculture production to a record high as aquatic foods make an increasingly critical contribution to food security and nutrition in the 21st century, according to a new report from the UN Food and Agriculture Organization (FAO). The 2022 edition of The State of World Fisheries […]
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, […]
Economic growth in Asia and the Pacific is poised to slow more than previously estimated this year amid headwinds from the war in Ukraine, a resurgent pandemic, and tightening global financial conditions, the International Monetary Fund (IMF) said. “Regional gross domestic product will expand by 4.9 percent, 0.5 percentage points less than we forecast in […]
Developing Asia’s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook. […]
