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☆ Putin and Erdogan held phone call, discussed grain deal
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 25 (Reuters) - Russian President Vladimir Putin held a phone call with his Turkish counterpart Tayyip Erdogan, the Kremlin said on Saturday. Erdogan thanked Putin for his "positive attitude" in extending the Black Sea grain deal and expressed his "understanding of the Russian side's principled position to achieve the full implementation of the second part of the agreement, removing barriers for Russia's agricultural products," the Kremlin said in a statement. Russia laid out conditions on Monday for agreeing to any further extension of the Black Sea grain deal, and Putin said that Moscow could send free grain to African countries if those conditions were not met. They also discussed the normalisation of Turkish-Syrian relations, it said. Reporting by Reuters; editing by Guy Faulconbridge and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

[1/2] Staff members chat behind Chinese and U.S. flags displayed at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2021. REUTERS/Florence LoBEIJING, March 23 (Reuters) - China has never deliberately pursued a trade surplus with the United States, Shu Jueting, a commerce ministry spokesperson, said on Thursday, despite signs that China is continuing to reduce its reliance on American exports. She said this was needed to "create the conditions for enterprises from both sides to expand trade cooperation and reduce the trade deficit through dialogue". The goods trade gap with China widened $29.4 billion to $382.9 billion in 2022. Trade tensions between the United States and China have been simmering ever since the US-China Phase One Trade Deal expired at the end of 2021.

That will be discussed over lunch with Guterres before the U.N. secretary-general takes his leave and EU leaders get an update on the war from Ukrainian President Volodymyr Zelenskiy via video link, officials said. "We will, as always, reaffirm our unwavering commitment to assist Ukraine," declared Charles Michel, president of the European Council of EU leaders. Diplomats involved in preparing the summit of the 27 national EU leaders were sceptical of an imminent breakthrough. AMMUNITIONBeyond food security and sanctions, the leaders will also discuss bringing those responsible for the 13-month war to justice, as well as providing more military aid to Ukraine. "We will need to take measures to boost the manufacturing capacity of the European defence industry," Michel said in his letter inviting fellow EU leaders to the summit.

☆ Ukraine war live updates: Russia extends grain export deal for 60 days; Bakhmut fighting 'hard' and 'very painful,' Kyiv says
▼ + stars: | 2023-03-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

A vital grain export deal between Ukraine and Russia has been extended for 60 days, according to Russia's deputy foreign minister, who was quoted by a Russian news agency. The deal, known officially as the Black Sea Grain Initiative, has facilitated the export of agricultural products, such as wheat, corn and sunflower oil, from Ukraine via the Black Sea. Early on in the war a blockade on such exports contributed to global food shortages and rising prices. The grain initiative, brokered by Turkey and the United Nations last July, has enabled millions of tons of agricultural products to be exported from Ukraine, alleviating shortages elsewhere. Moscow has complained that international sanctions on its logistics, insurance and payments industries have continued to impede its own agricultural exports of grain and fertilizers.

U.S. Secretary of State Antony Blinken told Russian Foreign Minister Sergei Lavrov to end the war and urged Moscow to reverse its suspension of the New START nuclear treaty, a senior U.S. official said. The Russian foreign ministry said Lavrov and Blinken spoke "on the move" for less than 10 minutes at the end of the closed-door session, and did not engage in any negotiations, Russian news agencies reported. Blinken later told a news conference he had told Lavrov to engage in diplomacy during the unscheduled encounter. [1/6] U.S Secretary of State Antony Blinken (top L) walks past Russian Foreign Minister Sergei Lavrov (lower) during the G20 foreign ministers' meeting in New Delhi on March 2, 2023. French Foreign Minister Catherine Colonna said the war in Ukraine had hurt "almost every country on the planet, in terms of food, energy, inflation".

[1/6] A man arranges the flags kept outside the venue for G20 foreign ministers’ meeting in New Delhi, India, March 2, 2023. The Russian foreign ministry said Lavrov and Blinken spoke "on the move" but did not hold negotiations or a meeting, Russian news agencies reported. News of the exchange came at the end of the day-long G20 meeting which, as expected, was overshadowed by the Ukraine war. "Unfortunately, this meeting has again been marred by Russia’s unprovoked and unjustified war against Ukraine," Blinken said. French Foreign Minister Catherine Colonna said the war in Ukraine had hurt "almost every country on the planet, in terms of food, energy, inflation".

☆ Russia says West is 'burying' Black Sea grain deal
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Russian Foreign Minister Sergei Lavrov on Thursday accused the West of "shamelessly burying" the Black Sea grain initiative that facilitates the export of Ukraine's agricultural products from its southern ports, the RIA Novosti news agency reported. "The West is shamelessly burying the well known humanitarian initiative of the United Nations Secretary-General," RIA quoted Lavrov as saying at a G20 foreign ministers' meeting, in reference to the grain deal. Ahead of a previous deadline to extend the deal in November, Russia also escalated its criticism of the deal in a bid to get more concessions from the West, but ultimately let it roll over for another 120 days. Russia's foreign ministry said on Wednesday it would only agree to a second extension of the deal if the interests of its own agricultural producers were taken into account. Russia's farm sector has not been explicitly targeted by Western sanctions, but Moscow says the sanctions affect payments, shipping and insurance and therefore pose a "barrier" to its grain and fertiliser exports.

☆ Blinken says G20 meeting in India marred by Russia-Ukraine war
▼ + stars: | 2023-03-02 | by ( Simon Lewis | ) www.reuters.com time to read: +2 min

This year’s host India has declined to blame Russia for the war, seeking a diplomatic solution and sharply boosting its purchases of Russian oil. The G20 should repeat calls – agreed upon by most G20 nations’ leaders in Bali in November - for Russia to end the war and withdraw for the sake of international peace and economic stability, Blinken said. Blinken said Russia has yet to agree to renew the Black Sea Grain Initiative, which facilitates the export of Ukraine's agricultural products, before it expires on March 18. "It is imperative the G20 speak up on behalf of extending and expanding the (Black Sea) grain initiative to strengthen food security for the most vulnerable," Blinken added. Reporting by Simon Lewis and Sudipto Ganguly; Editing by Krishna N. Das and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ Ukraine Grain Shipments Slow as Export Deal With Russia Nears End
▼ + stars: | 2023-02-22 | by ( Yusuf Khan | ) www.wsj.com time to read: 1 min

A vessel filled with grain at the port of Chornomorsk, east of Odessa on Ukraine’s Black Sea coast, earlier this month. Grain exports from Ukraine have slowed markedly in recent weeks, pushing up global prices, amid shipping delays and concerns about the looming expiration of a United Nations-backed deal to give food cargoes safe passage. Russia’s invasion of Ukraine last year had initially trapped shipments of wheat, sunflower oil and other agricultural products, sparking concerns of a global food crisis. Shipments then recovered later in the year to near prewar levels after Moscow and Kyiv agreed to a U.N.-backed pact to resume food exports via Black Sea ports.

☆ Ukraine wants one-year grain deal extension to include new ports
▼ + stars: | 2023-02-22 | by ( Pavel Polityuk | ) www.reuters.com time to read: +3 min

[1/2] A grain ship carrying Ukrainian grain is seen in the Black Sea, amid Russia's attack on Ukraine, near Ukrainian port of Odesa, Ukraine November 2, 2022. The Black Sea Grain Initiative brokered by the UN and Turkey last July allowed grain to be exported from three Ukrainian ports. At the same time, the UN, Turkey and Ukraine are ready to conduct 40 inspections per day if necessary. Ukraine exports around 3 million tonnes of agricultural products a month under the deal, but Vaskov said Ukraine was able to export 6 million tonnes a month from the ports of Odesa region and boost it to 8 million tonnes if Mykolaiv joins. Despite a decrease in the 2022 grain harvest to around 54 million tonnes from a record 86 million in 2021, at least 30 million tonnes of grain are still in silos and could be exported, according to the agriculture ministry.

☆ China's Xi calls for early resolution of Iran nuclear issue
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +3 min

[1/7] Iranian President Ebrahim Raisi shakes hands with Chinese President Xi Jinping during a welcoming ceremony in Beijing, China, February 14, 2023. Iran's President Website/WANA (West Asia News Agency)/Handout via REUTERSBEIJING, Feb 14 (Reuters) - China's President Xi Jinping on Tuesday called for the early and proper resolution of the Iran nuclear issue while expressing his support for the Islamic Republic in safeguarding its rights and interests, according to Chinese state media. China will continue to "participate constructively" in talks to resume negotiations on implementing the Iran nuclear agreement, Xi told Iran's President Ebrahim Raisi in talks in Beijing. In September, the United States imposed new sanctions on companies involved in Iran oil exports, including five based in China. Washington said it would continue enforcing sanctions on Iran's oil and petrochemical sales so long as Tehran continues to accelerate its nuclear program.

☆ Chinese e-commerce giant PDD splashes on Super Bowl ad for its Temu U.S. shopping site
▼ + stars: | 2023-02-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Temu, the U.S. shopping app owned by Chinese e-commerce giant Pinduoduo , aired a commercial during the Super Bowl. But Temu's effort highlights its ambition to crack the U.S. e-commerce market, following in the footsteps of another Chinese online shopping company Shein. Chinese e-commerce companies from Alibaba to JD.com and now Pinduoduo have looked to expand overseas in the past few years. PDD Holdings said on Monday that it would begin shipping to Canada this month. Correction: This article has been updated to reflect when PDD Holdings Inc. officially changed its name

☆ New U.S. agriculture trade chief seeks to diversify buyers beyond China
▼ + stars: | 2023-02-10 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 10 (Reuters) - U.S. chief agricultural trade negotiator Doug McKalip wants China to keep striving to meet U.S. farm goods purchase commitments under the 2020 "Phase 1" trade deal, but told Reuters that he also is pushing to diversify exports beyond the biggest U.S. grain customer. "I think for the American farmer, it's important to have a diverse set of buyers out there," he said. China will remain an important top customer, he said, a day after U.S. Census Bureau trade data showed China reached a record $40.85 billion - nearly a fifth of global U.S. farm exports that also reached a record $213 billion. "We'd certainly like to see their purchases be closer to the top numbers that they agreed to," McKalip said of China. Southeast Asia represents an important region to expand U.S. farm exports, and McKalip said he intends to work on reducing trade barriers through the Biden administration's Indo-Pacific Economic Framework negotiations.

Bulk exports including corn, soybeans, wheat, cotton and sorghum totaled 146 million tonnes, down 6% from 2021. The average exported cost of U.S. corn, soybeans and wheat all hit new records in 2022 as a result. CHINAU.S. agricultural and related exports to China in 2022 reached a record $40.85 billion, up 14% from the prior high set last year. U.S. corn exports to China last year were down 14% by volume from 2021’s high, and forward bookings are relatively very light. U.S. beef exports to China hit a record 244,000 tonnes in 2022, up 28% on the year and worth $2.16 billion, surpassing pork’s $1.36 billion.

☆ Legendary investor Mark Mobius said he shunned embattled Adani's share sale over debt concerns but he's still bullish on India
▼ + stars: | 2023-02-02 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Billionaire investor Mark Mobius said his firm avoided the share sale by Adani Enterprises that was later pulled. The Adani Group was accused of stock manipulation by short seller Hindenburg. Mobius said the problems surrounding Adani Enterprises and the Adani Group are specific to those entities. Adani Enterprises canceled a $2.5 billion share sale even after the offering was fully subscribed Tuesday with help from institutional investors. The short seller in response has stood its ground on the accusations.

☆ Goldman Sachs' commodities team reportedly raked in $3 billion in 2022, with wild swings fueling one of its best years ever
▼ + stars: | 2023-02-02 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Goldman Sachs' commodities traders pulled in $3 billion in revenue in 2022, Bloomberg reported Thursday, marking a near-record performance. Traders profited from big prices swings for energy, metals and other natural resources after Russia invaded Ukraine last year. The investment bank posted financial results last month but doesn't break out revenue and profit generated at the commodities desk. For total trading in fixed income, currencies and commodities, revenue jumped 38% to $14.68 billion. Sources told Bloomberg that commodities trading alone brought in over $3 billion, well above revenue of about $2 billion in the prior two years and approaching the high of $3.4 billion in 2009.

☆ South Korea Jan inflation ticks up, leaves policy outlook steady
▼ + stars: | 2023-02-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The annual rate of price rises was the highest since October, when it was 5.7%. Temporary effects that had pushed up inflation included a lift in electricity charges, unfavourable weather for vegetables and a strong round of regular annual price rises, the Finance Ministry said in a statement. A breakdown of the data showed January public utility costs had risen 4.6% from the previous month while agricultural products had jumped 6.2%, leading the index higher. The Bank of Korea said in a separate statement that the tick-up in the inflation rate was in line with its expectations. The annual rate would be just as high in February, around 5%, it said.

On Monday, South Korean President Yoon Suk Yeol announced that the United Arab Emirates had pledged a staggering $30 billion in investment in the Asian country. The news came after the leaders of the two nations held talks in Abu Dhabi on Sunday, in a landmark trip that marked the first-ever state visit to the UAE by a South Korean president, according to a statement from Yoon’s office. In total, representatives from approximately 100 South Korean companies traveled with the president, according to his office. Some South Korean firms also agreed to build farms for tomatoes and strawberries in the UAE, a country that relies heavily on imports of agricultural products. Going forward, South Korea “will be a key partner in the global supply chain,” using its expertise in sectors such as semiconductors and steel-making to help stabilize supply chains, he pledged.

☆ Russia’s war in Ukraine sparked a historic food crisis. It’s not over
▼ + stars: | 2023-01-15 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

“All the major causes of the food crisis are still with us — conflict, Covid, climate change, high fuel prices,” Cary Fowler, the US special envoy for global food security, told CNN. But high food prices mean that funding can’t go as far, and Russia’s war continues to generate volatility. “The Ukraine crisis has had this ongoing negative impact on world food prices and [added] even more volatility,” said Abby Maxman, CEO of Oxfam America. Russia “is not assisting in alleviating the food crisis in slowing down the grain inspections,” Fowler said. Oxfam’s Maxman, who traveled there in September, said disruptions to food supplies were obvious in markets.

☆ Lula's changes at Brazil farm ministry draw cries from food security agency
▼ + stars: | 2023-01-13 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

The ministry did not comment on the changes, which are part of broader efforts by the new administration to cut government spending. In the memo, signed by a group of civil servants opposing the changes, they urge that the reshuffle be reconsidered "in the name of public health." The union ANFFA, which represents federal auditors who inspect food plants in the world's biggest chicken exporter, denounced the overhaul. "The federal laboratories network has struggled against drastic budget reduction and critical staff shortages for years," said ANFFA in a statement to Reuters. Reporting by Ana Mano in Sao Paulo Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Food prices still stubbornly high but seeing some easing
▼ + stars: | 2023-01-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

In December, “food at home” prices increased 0.2% from the month before, according to data released Thursday by the Bureau of Labor Statistics. On an annual basis, however, grocery prices remain stubbornly high (and nearly double the rate of overall inflation) at 11.8% year over year. “Fertilizer costs have improved, but they still remain very high. Labor costs still remain a problem — and the list goes on.”In addition to those broader pressures, other factors, including weather and disease, are heavily affecting certain products’ prices. “It makes it extremely challenging for a mom-and-pop [business].”He added: “We’re just trying to stay alive and hope that things will come down.”The expectations are for food price increases to continue to moderate, Bailey said.

☆ Ukraine sees speeding up inspections as key to Black Sea grain deal
▼ + stars: | 2023-01-04 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

KYIV, Jan 4 (Reuters) - Ukraine's efforts to increase exports under the Black Sea grain deal with Russia are currently focused on securing faster inspections of ships rather than including more ports in the initiative, a senior Ukrainian official said on Wednesday. Ukraine is a major global grain producer and exporter, but production and exports have fallen since Russia invaded the country last February and started blockading its seaports. Three leading Ukrainian Black Sea ports in the Odesa region were unblocked in July under an initiative between Moscow and Kyiv brokered by the United Nations and Turkey. Kyiv accuses Russia of carrying out the inspections too slowly, causing weeks of delays for ships and reducing the supply of Ukrainian grain to foreign markets. "Ukraine focuses on normalising inspections rather than opening new ports," the senior Ukrainian official said.

☆ South Korea Dec inflation steady at 5.0%, as expected
▼ + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

REUTERS/ Heo RanSEOUL (Reuters) - South Korea’s consumer prices in December rose 5.0% from a year earlier, official data showed on Friday, matching market expectations and the pace seen in November. A breakdown of the data showed prices of agricultural products had been 1.6% lower than in December 2021. But utility prices jumped 23.2% and private service prices 6.0%, keeping the overall annual inflation rate high. The fall in the core annual rate in December was the first since November 2021. No year-average inflation rate has been so high since 1998.

☆ Here are the 7 investments the top-ranked inflation fund on Morningstar used to hedge against higher prices this year — and how the portfolio will change as inflation peaks in 2023
▼ + stars: | 2022-12-21 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

The AXS Astoria Inflation Sensitive ETF is the top-ranked inflation fund of 2022. Greg Bassuk of AXS Investments shared how his firm invests with inflation high. It's hard to imagine a better first year than the one the AXS Astoria Inflation Sensitive ETF (PPI) just had. But Greg Bassuk, CEO of AXS Investments, is confident that his firm's fund can continue to provide solid returns as inflation stays higher than normal — even if the rate starts to slide. That means that the AXS Astoria Inflation Sensitive ETF will stick with its seven-part portfolio of TIPS, precious metals, agricultural products, and stocks in the energy, financials, industrials, and materials as inflation stays higher than normal in 2023.

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