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August was about 1.5 degrees Celsius (2.7 degrees Fahrenheit) warmer than pre-industrial averages, which is the warming threshold that the world is trying not to pass. “Climate breakdown has begun.”Political Cartoons View All 1145 ImagesSo far, 2023 is the second hottest year on record, behind 2016, according to Copernicus. Usually an El Nino, which started earlier this year, adds extra heat to global temperatures but more so in its second year. The world has been warmer before, but that was prior to human civilization, seas were much higher and the poles were not icy. While the world's air and oceans were setting records for heat, Antarctica continued to set records for low amounts of sea ice, the WMO said.

Persons: Copernicus, ”, Antonio Guterres, Carlo Buontempo, ___ Borenstein, Seth Borenstein Organizations: GENEVA, Northern, World Meteorological Organization, WMO, ” United Nations, El Nino, University of Maine's, Twitter, AP Locations: El, United Kingdom, United States, Antarctica, Washington

Last month was the hottest August on record, topping off the hottest summer on record, according to climate scientists. June through August was the warmest summer on record globally by a “large margin,” according to the European Union’s Copernicus Climate Change Service. Well-above average temperatures also occurred in Australia, several South American countries and around much of Antarctica, according to the service. Climate change certainly left its mark on the summer, with one report finding that more than 80% of humanity – or 4 in 5 people – experienced a hotter July largely due to human-caused climate change. Cartoons on Climate Change View All 167 Images“The dog days of summer are not just barking, they are biting,” António Guterres, secretary-general of the United Nations, said in a statement.

Persons: Samantha Burgess, –, António Guterres, El, Burgess Organizations: United Nations Locations: U.S, Europe, Asia, Australia, Antarctica

Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29. Bearish short positions in the premier NYMEX WTI contract had been reduced to just 49 million barrels, down from 136 million. Total commercial crude inventories had fallen into line with the prior ten-year average on August 25 while stocks at Cushing had depleted to almost 30% below the average. Hedge fund managers have been trying to get bullish towards U.S. gas prices, and the inventory surplus inherited from 2022 has been shrinking. Related columns:- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)- Crude oil prices stalled as hedge funds sold (August 29, 2023)John Kemp is a Reuters market analyst.

Persons: Richard Carson, John Kemp, Mike Harrison Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, Cushing, U.S . diesel, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Freeport , Texas, U.S, Cushing, Oklahoma, Brent, Washington, Illinois, Maine

CNN —Water levels at Lake Titicaca – the highest navigable lake in the world and South America’s largest – are dropping precipitously after an unprecedented winter heat wave. While water levels are known to fluctuate each year, these changes have become more extreme due to the climate crisis. Communities that rely on fishing are struggling as low water levels adds to mounting problems: declining fish stocks due to pollution and overfishing. “It’s going to keep affecting us, there won’t be any more totora, the islands are deteriorating, that’s what worries us,” Charca told CNN. Grinia Avalos, deputy director for climatology with Senamhi, told CNN that these warmer temperatures are expected to continue until at least February 2024.

Persons: ”, Nazario Charca, Anton Petrus, Taylor Ward, Sixto Flores, Raldes, Flores, Claudia Morales, Jullian Huattamarca, Juan Karita, Dina Boluarte, Huattamarca, “, Uros, Sergi Reboredo, Charca, It’s, ” Charca, El, Grinia Avalos, Connor Baker Organizations: CNN, Getty, Reuters, El Nino, Crisis, “ Locations: South America’s, Peru, Bolivia, Puno, AFP, Agriculture, Taquile, Peruvian, Lake Titicaca, South America

That was within Bank Indonesia's 2023 inflation target range of 2% to 4%. A deeper look at the data showed that while headline inflation only rose modestly, annual rice inflation accelerated to 13.76% in August, the highest since June 2012. Myrdal Gunarto, economist with Maybank Indonesia, said he expected a limited increase in rice prices going forward due to planned imports from Southeast Asian countries, predicting headline inflation would remain manageable. As for rice inflation, Irman said: "As a staple, the (rice) inflation will affect purchasing power. But generally, food commodities are showing a moderation trend that is offsetting (rising) rice prices' impact."

Persons: Rice, Myrdal Gunarto, Irman Faiz, Irman, Stefanno Sulaiman, Gayatri Suroyo, Kanupriya Kapoor Organizations: Bank, Maybank, Bank Danamon, Thomson Locations: JAKARTA, Indonesia, Maybank Indonesia

☆ India's twin growth engines face turbulent weather
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 1 (Reuters Breakingviews) - India’s gross domestic product grew 7.8% in the April to June quarter, its fastest pace in a year. The print preserves the South Asian nation’s title for the fastest-growing major economy, yet the eye-popping level may not sustain. A patchy monsoon and high food costs threaten the twin engines behind the latest headline figure. Meanwhile, El Nino weather conditions mean the winter agriculture crop could be as weak as the summer yield, keeping prices high for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Narendra Modi’s, Modi, Shritama Bose, Pernod Ricard, Una Galani, Thomas Shum Organizations: Reuters, Tata Consultancy Services, Reserve Bank, India’s, X, Microsoft, Thomson Locations: MUMBAI, El Nino

IS CLIMATE CHANGE AFFECTING HURRICANES? Yes, climate change is making hurricanes wetter, windier and altogether more intense. If it were not for the oceans, the planet would be much hotter due to climate change. Climate change can also boost the amount of rainfall delivered by a storm. It is unclear, however, if climate change is affecting the number of hurricanes that form each year.

Persons: Roy Ross, Storm, Alexandre Meneghini, Allison Wing, Gloria Dickie, Marguerita Choy Organizations: REUTERS, El Nino, Nature Communications, U.S . National Oceanic, Atmospheric Administration, NOAA, Florida State University . Hurricane, U.S, Northeastern Seaboard, North America, Atlantic, Hurricanes, South Pacific, Thomson Locations: Playa Majana, Cuba, Coast, U.S, Florida, , Florida, New York, Boston, Beijing, Tokyo, North, Asia's Bay, Bengal, North Pacific, East Asia, South, London

☆ Opinion | The Faustian Bargain of Reducing Air Pollution
▼ + stars: | 2023-08-30 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +3 min

This summer of extremes has been a summer of mystery, debate and even some confusion for climate scientists, who’ve been watching the news with the rest of us and asking, What, exactly, is going on? Is it just baseline global warming, trending upward, that explains the extreme temperatures on land and over sea? The arrival of a planet-warming El Niño in the Pacific? And when considering off-the-charts sea-surface temperatures, what role is being played by recent regulations designed to significantly reduce the sulfur emissions of ships, since less pollution in the air means more heat making its way to the water below? And almost certainly, the sulfur effect has been larger locally, along particular shipping routes in the world’s oceans, where some especially striking anomalies have been observed.

Persons: who’ve, what’s, alarmists, Robert Rohde Organizations: Berkeley Locations: Tonga, South, Phoenix

But a strong El Niño tends to produce a significant and observable impact on weather patterns, lowering gas consumption and prices. On four of those six occasions, strong El Niño conditions prevailed the following winter (1957/58, 1987/88, 1997/98 and 2015/16). But a strong El Niño would make warmer-than-average temperatures more likely depressing energy consumption and prices. The rapid development of a strong El Niño helps explain why U.S. gas prices remain low in real terms despite the recent depletion of working gas inventories. Traders have started to anticipate a strong El Niño will reduce gas consumption for heating and power generation this winter.

Persons: Nick Oxford, Niño, El, John Kemp, David Evans Organizations: Oasis Petroleum, Wink , Texas U.S, REUTERS, El Nino, El, Traders, Thomson, Reuters Locations: Wink , Texas, United States, U.S, Washington, Illinois, Maine, Niño's, El

☆ Peru slashes growth outlook amid falling copper investment
▼ + stars: | 2023-08-29 | by ( Marco Aquino | ) www.reuters.com time to read: +3 min

LIMA, Aug 29 (Reuters) - Peru lowered its economic growth forecasts for 2023 and 2024 on Tuesday amid poor weather, lower private investment in mining, and anti-government protests earlier this year. The South American country's economy is expected to grow 1.1% this year, the economy ministry said in Peru's official gazette. Next year, Peru's economy is expected to grow 3.0%, the ministry added, down from a previous estimate of 3.4%. That makes El Nino the largest immediate threat to Peru's economy, the government said. Meanwhile, Peru's estimated current account deficit was lowered to 1.6% of GDP, down from the 2.1% of GDP previously expected.

Persons: LIMA, El, Peru's, Alex Contreras, Marco Aquino, Kylie Madry, Isabel Woodford, David Holmes, Alistair Bell, Bill Berkrot Organizations: Peruvian Fiscal, El, El Nino, Finance, year's, U.S, Thomson Locations: Peru

LONDON, Aug 29 (Reuters) - Crude oil prices have stalled as the wave of hedge fund buying that helped lift them throughout July and the first part of August has been replaced by gentle selling. Hedge funds and other money managers sold the equivalent of 30 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 22. Nearly all the sales were in crude (-29 million barrels) with sales of NYMEX and ICE WTI (-16 million barrels) and Brent (-13 million barrels), according to position records filed with regulators and exchanges. There was a mix of profit-taking after the previous rally by liquidating existing bullish long positions (-18 million barrels) and speculative short sales (+11 million barrels) in anticipation of future price falls. There are also increasing indications the United States is relaxing sanctions on crude exports from Iran and Venezuela in exchange for diplomatic objectives and to keep a lid on oil prices.

Persons: Brent, John Kemp, Barbara Lewis Organizations: ICE, Henry, U.S . National Oceanic, Prediction Center, CPC, U.S, Thomson, Reuters Locations: Saudi Arabia, Russia, COVID, States, Iran, Venezuela, NYMEX, United States, Pacific, North America

Ruined rice crops in India's Haryana state. More than three billion people worldwide rely on rice as a staple food and India contributed to about 40% of global rice exports. India's rice stock is piling up as a result of the ban. Vijay Bedi/CNNAt one of New Delhi’s largest rice trading hubs, there are fears among traders that the export ban will cause catastrophic consequences. “The export ban has left traders with huge amounts of stock,” said rice trader Roopkaran Singh.

Persons: India CNN — Satish Kumar, “ I’ve, ”, Kumar, Vijay Bedi, Niño, ” Kumar, ” Satish Kumar, Ukraine —, ” Arif Husain, Pierre, Olivier Gourinchas, ” Husain, “, CNN Surjit Singh, Harayana, …, El Niño, Roopkaran Singh, Husain Organizations: India CNN, CNN, United Nations Food, Agriculture Organization, India wasn’t, United Nations, Food Programme, ” Workers, Thai Rice, Association, India’s Ministry of Agriculture, Monetary Fund, Farmers, Reuters, Meteorological Organization Locations: Harayana, India, India’s Haryana, “, India's Haryana, Ukraine, Global South, United States, Russia, Rice, New Delhi, CNN Nepal, Vietnam, Thailand, Thai, Singapore, Indonesia, Philippines, El, India’s, West Africa

☆ India on track for lowest monsoon rains in 8 years -sources
▼ + stars: | 2023-08-28 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

"El Niño dampened rainfall in August, and it will also have a negative impact on September rainfall," said a senior official at the India Meteorological Department (IMD). The weather department did not immediately respond to requests for comment. India is heading for its driest August in more than a century, weather department officials said earlier this month. The current monsoon has been uneven, with June rains 9% below average but July rains rebounding to 13% above average. The last four Septembers have seen above-average rains due to delayed withdrawal of the monsoon, he said.

Persons: Sivaram, El, El Niño, Rajendra Jadhav, Tony Munroe, Raju Gopalakrishnan, Alex Richardson Organizations: REUTERS, Rights, El, Reuters, India Meteorological Department, IMD, Reuters Graphics, Thomson Locations: Vembanad, Kochi, India, El, New Delhi, Mumbai

REUTERS/Mike Blake/File Photo Acquire Licensing RightsChocolate makers are banking on the traditional resilience of their product to price increases. The data showed Hershey's sales volumes increasingly declined during the period as the company hiked prices. "We are seeing consumers starting to react more than before, I'd be very cautious with price increases," said Dan Sadler, a candy expert at U.S.-based market researcher IRI. Barry Callebaut (BARN.S), the world's biggest chocolate maker supplying most major brands including Nestle (NESN.S), doesn't expect any growth in sales volumes this year. Pennsylvania-based Hershey, is hoping that as it eases off the rate of price hikes, its sales volumes will reverse their current downtrend.

Persons: Nielsen, Dirk Van de, Luca Zaramella, Patrick Folan, Mike Blake, Mondelez, Hershey, Zaramella, Bernstein, I'd, Dan Sadler, Barry Callebaut, Hershey's, Michele Buck, Matt Scuffham, Elaine Hardcastle Organizations: Nielsen, Hershey, Reuters, Consumers, Cadbury, Barclays, REUTERS, IRI, Nestle, Rabobank, El, Kailyn, Thomson Locations: Europe, United States, North America, Encinitas , California, U.S, Pennsylvania, El Nino, West Africa, Ivory Coast, Ghana, Kailyn Rhone, New York

☆ A severe drought is affecting the Panama Canal. That’s not a good sign for supply chains — or your holiday shopping
▼ + stars: | 2023-08-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Just this week, the Panama Canal Authority extended those restrictions for at least another 10 months. Next shoe to dropBut from a transportation standpoint beyond Panama, the next shoe to drop could be the Mississippi River, Davis said. During the past 30 days, rainfall along the southern Mississippi River has been well below normal. And when you have two disruptions versus just one, that is magnified overall.”Holiday shopping hang-upsFor now, general waiting times have spiked at the Panama Canal. Supply chain shiftsHad this occurred before the pandemic lockdowns and the drastic swings in consumer spending patterns that mangled supply chains, it might have been a different story.

Persons: sandstorm, ”, Janelle Griffith, Marsh, Jon Davis, El, “, Davis, Evelyn Hockstein, Everstream, Ahmad Hassan, hasn’t, “ We’ve, ” Phillip Sanfield, Amanda Kwan, hadn’t, ” Kwan, plumb, Taylor Swift, Kamala Raman, you’ve, Peter Sand, Sand Organizations: Minneapolis CNN —, Panama Canal Authority, Getty, CNN, Port, Port Authority of New, National Retail Federation Locations: Minneapolis, Minneapolis CNN — Panama, Panama, Mississippi, Suez, North American, El, Central America, Grand Tower , Illinois, New Orleans, United States, Europe, Egyptian, Ismailiya, AFP, Panama Canal, Los Angeles, Port of Los Angeles, New York, Port Authority of New York, New Jersey, “

☆ Take Five: Farewell to a bruising August
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Other data such as consumer confidence, the state of manufacturing, and inflation, with the latest personal consumption expenditures index is also due. Line chart with data from Refinitiv Datstreamn shows U.S. unemployment rate and federal funds target rate from January 2021 to July 2023. Yet Thursday's flash euro area August inflation number, which follows releases from some member states, could be the decider. The world's most populous country is already concerned about the threat to production of several basic commodities, including rice and sugar.

Persons: Brendan McDermid, Lewis Krauskopf, Kevin Buckland, Nigel Hunt, Dhara, payrolls, Bundesbank, buybacks, Xi Jinping, Karin Strohecker, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, ECB, Reuters, Nino, Climate, Thomson Locations: New York City, U.S, China, Lewis, New York, Tokyo, Amsterdam, London, Jackson Hole , Wyoming, Indonesia, Thailand

☆ JPMorgan: The world's food supplies face a bleak future. These are the 3 biggest threats, and the companies best-positioned to tackle food insecurity.
▼ + stars: | 2023-08-25 | by ( Mark Reeth | ) www.businessinsider.com time to read: +10 min

Investors need to know exactly where the threats to the world's food supply are coming from, what themes are beginning to emerge in this new reality, and how they should be investing. New threats to the world's food supplyIn her report, Chang highlighted the ongoing problems affecting the world's food supply: war, weather, and the weaponization of food. One of the most devastating recently implemented restrictions on food supply is India's decision to ban the exportation of non-Basmati white rice. The combination of war, weather, and the weaponization of food has taken a toll on the world's food availability. And within food innovation, JPMorgan analysts like Philippine food and beverage maker Monde Nissin (MONDE PM) and Thailand-based seafood producer Thai Union (TU TB).

Persons: UNICEF — that's, Global Research Joyce Chang, Chang, El, Hilary, CJ Cheiljedang, Mengniu Dairy, Kubota, Jeronimo Martins SGPS Organizations: JPMorgan, Hurricanes, UNICEF —, Global Research, Grain Initiative, Food Policy Research, Food, Agriculture Commodities, ASEAN, Mahindra, LG, Thai Union, TU, Jeronimo Martins SGPS SA, Tesco PLC, J Sainsbury PLC, Koninklijke Ahold Delhaize, Carrefour SA, Yara International ASA, OCI, OCI NA, Bayer AG, PepsiCo Locations: Ukraine, California, Canada, East Coast, Russia, Africa, Asia, India, El, South Korean, HK, South Korea, Philippine, Thailand, Europe

☆ Ecuador should hold violent convicts on prison boats, says presidential hopeful Noboa
▼ + stars: | 2023-08-22 | by ( Yury Garcia | ) www.reuters.com time to read: +4 min

GUAYAQUIL, Aug 22 (Reuters) - Ecuador should strengthen controls at its borders and ports to fight drug trafficking and isolate its most violent criminals on prison boats, presidential candidate Daniel Noboa said on Tuesday. Noboa, son of prominent banana businessman and perennial presidential hopeful Alvaro Noboa, was a surprise second-place finisher in the weekend first round of Ecuador's presidential election, winning 23.5% of the vote. "We should reinforce the border, have a military presence at the borders, a military presence at the container ports because that's where the drugs leave from," Noboa told reporters in Guayaquil. Prison boats could take 300 to 400 each of the country's most violent criminals some 80 miles (130 km) out to sea, he said. "It is important to totally isolate the violent criminals, who from prison generate terror and plan more crime," Noboa said.

Persons: Daniel Noboa, Noboa, Alvaro Noboa, Luisa Gonzalez, Rafael Correa, Yury Garcia, Alexandra Valencia, Julia Symmes Cobb, Rosalba O'Brien Organizations: Security, Reuters, El, Thomson Locations: GUAYAQUIL, Ecuador, South America, Guayaquil, Quito

☆ Extreme August Arrives With a Warning: Expect More
▼ + stars: | 2023-08-22 | by ( Somini Sengupta | More About Somini Sengupta | ) www.nytimes.com time to read: +1 min

In India, torrential rains triggered deadly landslides, Morocco and Japan hit new heat records, and southern Europe braced for another scorching heat wave. Those extremes have also brought high-stakes tests for public officials: Where public alerts and education worked, death and destruction were minimized. Maui has so far recorded more than 100 deaths from the blaze that started Aug. 8, and that number is projected to rise. Not all of the extreme weather events can be immediately attributed to climate change. Scientists have repeatedly warned of more heat, wildfires, droughts and intense rainfall with every degree of future warming.

Persons: El Locations: United States, Texas, Maui, India, Morocco, Japan, Europe

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ Major shipping routes are struggling with water shortages. El Niño could make it worse
▼ + stars: | 2023-08-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

A ship navigates the Panama Canal in the area of the Americas' Bridge in Panama City on June 12, 2023. Luis Acosta | Afp | Getty ImagesAn increasing number of climate-driven extreme weather events is taking its toll on the world's major shipping routes — and El Niño could make matters worse. In drought-stricken Panama, low water levels have prompted the Central American country to reduce the number of vessels that pass through the critically important Panama Canal. The Panama Canal Authority, which manages the waterway, said earlier this month that the measures were necessary because of "unprecedented challenges." "Right now, we do not see that filling up of the water levels that a normal year would bring around.

Persons: Luis Acosta, El Niño, El, Peter Sands, Sands, Lars Ostergaard Nielsen, Moller, Balint Porneczi, Nielsen Organizations: Afp, Getty, Central, Atlantic, Panama Canal Authority, CNBC, Analysts, Planet Labs PBC, El, Maersk, Bloomberg, Palatinate . Locations: Panama, Panama City, Central American, Suez, Europe, Asia, Pacific, Germany, Rotterdam, Bacharach, Rhineland, Palatinate, Frankfurt

[1/2] Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal Authority has reduced maximum ship weights and daily ship crossings in a bid to conserve water. Container ships are the most common users of the Panama Canal and transport more than 40% of consumer goods traded between Northeast Asia and the U.S. East Coast. Some shipping executives are bracing for more reductions later this year, noting that in 2020 a less severe drought prompted canal operators to reduce crossings to 27 per day. "The Panama Canal is just the latest example."

Persons: Aris Martinez, Max, Drew Lerner, Peter Sand, Steve Ferreira, STRI's Steven Paton, Paton, Brian Bourke, Lisa Baertlein, Marianna Parraga, Elida Moreno, Louise Breusch Rasmussen, Deepa Babington Organizations: Monrovia NSU CHALLENGER, REUTERS, ANGELES, Evergreen Marine, Pacific, Panama Canal Authority, Northeast, U.S ., Smithsonian Tropical Research, El Nino, Central American, Canal Authority, SEKO Logistics, Thomson Locations: Cocoli, Panama, Panama City, HOUSTON, China, U.S, Northeast Asia, U.S . East Coast . U.S, United States, Chile, Brazil, Suez, Gatun Lake, El, U.S . East Coast, Los Angeles, Houston, Copenhagen

“If you were to throw gasoline on a fire that’s already burning, that fire would grow really rapidly, really quickly. “Being hurricane season prepared also means being compassionate and kind to yourself during times of hardship,” NOLA Ready, the city’s emergency preparedness campaign, advised in a post on Instagram. Ms. Sibley, an administrative assistant and Ms. Ozane’s sister, has tried to save money to help with riding out hurricanes only for other demands to interfere with that. “What am I going to do if a hurricane really comes?” she said. “I pray we don’t have a bad one this year,” Ms. Sibley said.

Persons: El Niño, ”, Roishetta Sibley Ozane, Phil Klotzbach, “ There’s, Hurricane Ida, Emily Kask, The New York Times El, El, Eric Blake, Andrew, Craig E, Blake, Michael, Laura, Ian, Clay Tucker, NOLA Ready, Hurricane Laura, Ozane, “ They’re, Lake Charles, Ms, Meoshia Sibley, Sibley, Ozane’s, ” Ms, “ Organizations: Biscayne, El, Colorado State University, ”, National Oceanic, Atmospheric Administration, Atlantic, The New York Times, National Hurricane Center, Experts, Louisiana State University, University of Southern, Delta, of Louisiana Locations: Biscayne Beach, Florida, Westlake, La, Hurricane, Galliano, United States, University of Southern Mississippi, New Orleans, Lake Charles, Louisiana

☆ India imposes 40% export duty on onions to calm rising prices
▼ + stars: | 2023-08-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Farmers wait for the auction of onions at Lasalgaon market in Nashik district in the western state of Maharashtra, India, December 19, 2018. "The export duty will make Indian onions more expensive than those from Pakistan, China, and Egypt. Onions are used as the base for traditional dishes across Asia such as biryani in Pakistan and India, belacan in Malaysia and fish curry in Bangladesh. "The Indian duty would prompt China and Pakistan to raise prices, as they have a limited surplus for exports," said the second exporter. India surprised buyers last month by imposing a ban on widely consumed non-basmati white rice sales to dampen price rises.

Persons: Rajendra, Ajit Shah, Rajendra Jadhav, Swati Bhat, Nikunj, Toby Chopra, Clelia Organizations: Insight, Reuters, Thomson Locations: Nashik district, Maharashtra, India, Delhi, Pakistan, China, Egypt, Mumbai, El, Bangladesh, Nepal, Malaysia, United Arab Emirates, Sri Lanka, Asia, belacan

"The increase in sugar and cocoa specifically is material," Mondelez CFO Luca Zaramella said in July. The data showed Hershey's sales volumes increasingly declined during the period as the company hiked prices. Barry Callebaut (BARN.S), the world's biggest chocolate maker supplying most major brands including Nestle (NESN.S), doesn't expect any growth in sales volumes this year. In the U.S., private label sales volumes grew nearly 9% in the year to mid-June despite near double-digit price rises, IRI data shows. Pennsylvania-based Hershey, is hoping that as it eases off the rate of price hikes, its sales volumes will reverse their current downtrend.

Persons: Mike Blake, Dirk Van de, Luca Zaramella, Patrick Folan, Mondelez, Hershey, Zaramella, Bernstein, I'd, Dan Sadler, Barry Callebaut, Hershey's, Michele Buck, Matt Scuffham, Elaine Hardcastle Organizations: REUTERS, Hershey, Reuters, Consumers, Nielsen, Cadbury, Barclays, IRI, Nestle, Rabobank, El, Kailyn, Thomson Locations: Encinitas , California, Europe, North America, U.S, Pennsylvania, El Nino, West Africa, Ivory Coast, Ghana, Kailyn Rhone, New York

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