Global 2022/23 wheat production lowered on smaller crops in India, EU; rice output seen higher

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Global wheat production is down this month primarily on smaller crops in India and the European Union, only partially offset by an increase for Russia, the U.S. Department of Agriculture said in its latest monthly report. It also lowered global consumption forecast and said ending stocks were also being revised down mostly on lower supplies […]

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Global energy spending is set to reach a record high of over $2 trillion in 2022, led by oil and gas

Surging oil, gas, and power prices together with the European Union (EU)’s goals of becoming less dependent on Russian supplies and post-Covid-19 pandemic inflation will catapult global energy spending this year to $2.1 trillion, Rystad Energy research shows. A concern in energy markets is that the ongoing war in Ukraine will derail the energy transition, […]

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Aluminium Association of India urges government to raise customs duty on aluminium scrap to 10%

Arguing that growing imports of scrap is threatening the primary aluminium industry, an umbrella industry body has urged the finance minister to raise basic customs duty on aluminium scrap to 10% from 2.5% now. In a memorandum, Aluminium Association of India (AAI) said the duty increase will encourage recycling of domestic scrap and restrict its […]

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China’s trade practices come under fire at WTO

China’s trade policies have come under strong criticism during a review at the World Trade Organization (WTO). The US accused China of “skewing the playing field” by using “unfair trade practices” such as preferential treatment for state businesses. Meanwhile Australia said the country’s behaviour was “inconsistent” with its WTO commitments. WTO reviews are typically quite […]

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India to insist on fishery subsidy and select patent waivers at the WTO meet next month

The next ministerial meeting of the World Trade Organization (WTO) will likely consider a raft of critical issues, such as fishery subsidies, WTO reforms, public procurement programmes for food security and the multilateral body’s response to the Covid-19 crisis, including the fate of a patent waiver proposal floated by India and South Africa to better […]

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