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☆ World food prices hit record high in 2022
▼ + stars: | 2023-01-06 | by ( Sybille De La Hamaide | ) www.reuters.com time to read: +2 min

The Food and Agriculture Organization's (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 143.7 points in 2022, up 14.3% from 2021, and the highest since records started in 1990, the agency said on Friday. Food prices surged after Russia's invasion of Ukraine in February last year on fears of disruptions to Black Sea trade. "Calmer food commodity prices are welcome after two very volatile years," FAO Chief Economist Maximo Torero said. Still over the whole of 2022, four of the FAO's five food sub-indexes - cereals, meat, dairy and vegetable oils - had reached record highs, while the fifth one, sugar, was at a 10-year high. The FAO Cereal Price Index index rose 17.9% in 2022 due to factors including significant market disruptions, higher energy and input costs, adverse weather and continued strong global food demand, the FAO said.

BENGALURU, Jan 6 (Reuters) - A budget that accelerates fiscal consolidation would give more support to the Indian rupee in the near term, according to a Reuters poll of FX analysts who forecast the currency would erase a fifth of last year's losses over the next 12 months. A majority of FX analysts, 11 of 17, said a Feb. 1 budget that focuses on fiscal consolidation would help the Indian rupee the most in the near term. None of the respondents expected the rupee to be stronger than 75 per dollar, where it started 2022, at any point this year. Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership, said the "fiscal deficit is still too high and needs to be reduced" for the rupee to find some support. "High fiscal deficit will hurt the savings-investment balance, curb improvement in current account deficit, and complicate the RBI's efforts to temper inflation pressures."

☆ WHO says China releases COVID hospital data after reporting gap
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

GENEVA, Jan 5 (Reuters) - The World Health Organization received data from China on new COVID-19 hospitalisations after a reporting gap, with figures on Thursday showing a nearly 50% increase in the week to Jan. 1. The WHO's latest report showed 22,416 new hospitalisations for mainland China in the week to Jan. 1 versus 15,161 the previous week. Over the same week, the report showed China had 218,019 new cases and 648 new deaths, although these figures typically include Hong Kong, Taiwan and Macau as well as mainland China. The WHO did not release a report last week due to end of year holidays. The body is preparing to meet Chinese scientists on Thursday as part of a wider briefing among member states on the global COVID-19 situation as concerns grow about the rapid spread of the virus in the world's No.

☆ Tesla, EV rivals absorb costs after China pulls plug on subsidy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Tesla electric vehicle is seen through a charging point displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. The subsidy accounted for around 3% to 6% of the cost of the best-selling electric vehicles in China last year, a Reuters analysis found. It paid out nearly $15 billion to encourage EV purchases through 2021, according to an estimate by China Merchants Bank International. Tesla, meanwhile, is defending its market share by selling the basic, rear-wheel drive Model Y for 288,900 yuan ($42,053.63) in China, unchanged from December. China's Association of Automobile Manufacturers said in December it expected sales of EVs and plug-in hybrids to grow by 35% in 2023, accounting for a third of total vehicle sales.

☆ UK equity funds saw record $10 bln outflows in 2022-Calastone
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Equity funds shed 6.26 bln stg in 2022 -CalastoneRecord 1.17 billion stg of North American funds sold in 2022Signs of optimism returned in Q4 but UK funds shunnedGlobal ESG equity funds saw inflowsLONDON, Jan 5 (Reuters) - Investors sold a record 8.38 billion pounds ($10 billion) worth of UK-focused equity funds last year, shunning Britain as the country braces for the worst recession among major economies, a global funds network said. Calastone said on Thursday that investment fund flows in 2022 were the weakest in at least eight years, with 6.29 billion pounds pulled from equity funds as the war in Ukraine helped to drive record inflation and interest rate hikes. Fleeing into cash and fund categories perceived to be lower-risk, investors also sold a record 1.17 billion of North American funds - the first year of outflows since 2016. Exits from European equity funds hit 2.65 billion pounds, while Asia-Pacific funds saw 1 billion pounds of withdrawals. Property funds, meanwhile, have been buffeted by outflows, partly because economic downturns snuff out demand for commercial property.

☆ China has a 10,000 euro cost advantage in small EVs, auto supplier says
▼ + stars: | 2023-01-05 | by ( Joseph White | ) www.reuters.com time to read: +3 min

The issue is "more dangerous" for Europe than the United States, Koller told Reuters in an interview, as high duties have limited China's U.S. market share. Koller said Chinese EV makers can produce vehicles for less because they have lower research and development costs, lower levels of capital spending and lower labour costs than rivals in Europe. Forvia, the company created when French auto supplier Faurecia took 82% control of German supplier Hella, is the seventh largest automotive component maker in the world. By contrast, high duties in the United States on Chinese-made vehicles have so far kept China's share of the U.S. auto market negligible. Koller said Forvia will invest more in the United States, in part to take advantage of federal incentives provided in the Inflation Reduction Act signed into law in August.

☆ Turkey announces cheaper mortgages for mid-income Turks
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Jan 4 (Reuters) - Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish Finance Minister Nureddin Nebati said on Wednesday. "We prepared 'my new home program' for middle income citizens with advantegous rates, three-year finance ministry support in payments and a household income-based payment plan," Nebati said. The loans with favourable rates will be extended to new housing, before, during or after construction, Nebati also said. Contractors that promise to build housing will also have credit guarantee fund-backed access to financing of some 25 billion Turkish lira, Nebati added. ($1 = 18.7390 liras)Reporting by Ebru Tuncay and Ezgi Erkoyun; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

LONDON, Jan 4 (Reuters) - U.S. funds giant BlackRock (BLK.N) will defer third-quarter redemptions from its 3.5 billion pounds ($4.2 billion) BlackRock UK Property Fund, a source told Reuters, in the latest sign of strain in Britain's real estate market. BlackRock's UK property fund will defer withdrawals that were originally due to be paid at the end of December, a person familiar with the situation said, asking not to be named. As of November, funds overseeing around 17 billion pounds in UK real estate assets were restricting redemptions to prevent firesales. A spokesperson for Legal & General Investment Management said on Wednesday that its Managed Property Fund was no longer deferring redemptions. M&G, Columbia Threadneedle, Schroders and CBRE did not immediately confirm to Reuters whether redemption deferrals were still in place for their UK property funds.

☆ Italy's household gas prices rose almost 65% in 2022
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 3 (Reuters) - The price paid by an average Italian household for its gas supply rose by 64.8% in 2022 versus the previous year, national energy authority ARERA said on Tuesday, underlining the impact of the war in Ukraine on family finances. ARERA, which sets regulated gas prices for Italian consumers, also said the price for December rose 23.3% from the previous month, reflecting high prices in early December before a dip later in the month. An average family would have spent around 1,866 euros ($1,968.63) on gas last year, it estimated. ARERA late last year started setting regulated gas prices on a monthly rather than quarterly basis due to market uncertainty related to gas supplies on the back of the war in Ukraine. European Union countries agreed in December to cap gas prices to try to limit further rises on the market, which hit record levels in Europe after Russia's invasion of Ukraine led to the disruption of supplies.

The sugar and ethanol (S&E) industry, as well as international sugar traders, were widely expecting the resumption of federal taxes on gasoline and ethanol, as indicated by Finance Minister Fernando Haddad last week. "In our perspective, this measure might have negative effects on the S&E sector, as it maintains the ethanol prices below the market's forecast, while the expectation was for an increase in ethanol prices in the beginning of 2023," said Citi Research. Sugar and ethanol industry group Unica said the new administration had become "an accomplice" to the attack on the environment begun under the former administration, adding that the measure contradicts Lula's speech at the COP 27 U.N. climate meeting in November. The group said that the tax exemption was unconstitutional, since the law requires the federal government to give a tax incentive to biofuels. Mauricio Muruci, an analyst with Safras & Mercado, said fuel distributors were actively buying ethanol late last year before the expected tax return.

☆ Winter storm threatens heavy snow in US Midwest, tornadoes in South
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - More than a foot of snow could fall on the U.S. Northern Plains and Upper Midwest over the next day, forecasters said on Tuesday, and the same storm threatened tornadoes and severe thunderstorms over parts of the South. After dropping around a foot (30 cm) of snow on parts of Nebraska and South Dakota, a powerful winter storm was moving eastward and could leave parts of southern South Dakota and Minnesota with another 12-18 inches (30-45 cm), according to the National Weather Service (NWS). The same system was causing heavy rain and a chance of tornadoes along the Central Gulf Coast. The heavy snowfall is occurring on the west to northern side of the storm...and then the rainfall and severe weather is across the south," NWS meteorologist Allison Santorelli said. Meanwhile, in California, the northern coast was hit by heavy rain over the weekend and might see flooding when another heavy rain storm arrives on Wednesday and Thursday.

☆ German minister reignites coalition row with call to review nuclear exit
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 2 (Reuters) - Germany's transport minister called for an expert committee to examine whether the lifespan of the country's nuclear plants should be extended, reopening a row within Chancellor Olaf Scholz's coalition. But Free Democrat Transport Minister Volker Wissing reignited the argument, telling the Frankfurter Allgemeine that the environmental benefits of electric cars would be reduced unless they were charged using nuclear energy, which is emissions-free. Critics of the nuclear exit say it could force Germany to rely more than planned on coal, which is more polluting than gas, during the transition to renewable energy. The Greens strongly oppose revisiting Germany's nuclear exit, which was introduced in response to the 2011 disaster at Japan's Fukushima nuclear plant. Advocates of the policy say an extension would be costly and that more can be achieved by building out renewables.

☆ Stocks edge higher as darker forecasts loom
▼ + stars: | 2023-01-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.04%, just short of an index of global shares, which climbed 0.21%. "Europe is taking the latest round of PMIs well enough, as the final readings help to confirm the view (hope?) DOLLAR STRUGGLING TO MAINTAIN STRENGTHElsewhere, the dollar edged almost 0.1% higher against a basket of major currencies, while the pound and euro fell 0.4% and 0.3% respectively. Germany's 10-year bond yield fell 13 bps to 2.43%, after hitting its highest since 2011 at 2.57% on Friday. Reporting by Nell Mackenzie Additional reporting Dhara Ranasinghe Editing by Mark Potter and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.

☆ Economic weakness set to weigh on oil price in 2023 - Reuters poll
▼ + stars: | 2022-12-30 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

A survey of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. U.S. crude is projected to average $84.84 per barrel in 2023, versus the previous month's $87.80 consensus. Brent has fallen more than 15% since early November and was trading around $84 a barrel on Friday as surging COVID-19 cases in China depressed the outlook for oil demand growth in the world's largest crude oil importer. The impact of Western sanctions on Russian oil is expected to minimal, the poll showed. Moscow this week signed a decree that bans the supply of oil and oil products to nations participating in the Group of Seven (G7) price cap from Feb. 1 for five months.

TOKYO, Dec 29 (Reuters) - Japanese insurers are expected to maintain marine war insurance, which covers the sinking and requisition of ships due to war in Russian waters for at least three months for liquefied natural gas (LNG) vessels, industry sources said on Friday. But on Tuesday, a senior official at the industry ministry said the Japanese government had asked insurers to take on additional risks to continue providing war insurance for liquefied natural gas (LNG) shippers. The insurance companies negotiated with reinsurers to replace part of the coverage and they are expected to enable continued insurance, Nikkei reported on Thursday. After renegotiating with UK reinsurers, a total of 30 billion yen ($224 million) is expected to be secured, with domestic insurers covering about 8 billion yen and overseas reinsurers taking on about 22 billion yen, it said. But added the underwriting capacity will be less than half of the previous 67 billion yen.

☆ Pandemic curbs linked to early start to Europe's winter flu season
▼ + stars: | 2022-12-30 | by ( Natalie Grover | ) www.reuters.com time to read: +5 min

This winter, health officials have warned of what has been dubbed a tripledemic of influenza, RSV and continued COVID-19 cases, adding to the pressure on over-burdened health services. In Wales, for instance, there were 111.6 confirmed RSV cases per 100,000 in children aged under five in the week ending Nov. 27. In the week ended Dec 18, European cases rose 7% over the week prior, according to ECDC figures. But scientists are concerned that social interaction during the festive season could lead to further increases in respiratory infections, especially as people meet vulnerable elderly relatives. As an added complication, viral respiratory infections can predispose patients to bacterial infections, just when some common antibiotics that can treat them are in short supply in Europe.

☆ U.S. holds sale of drilling rights off Alaska coast
▼ + stars: | 2022-12-30 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - The Biden administration on Friday will hold a sale of oil and gas drilling rights off the coast of Alaska, the first federal auction in the region in more than five years. The agency had scrapped the Cook Inlet sale earlier this year before the IRA passed, citing a lack of industry interest. Cook Inlet stretches 180 miles (290 km) from Anchorage to the Gulf of Alaska. There are 14 active federal leases in Cook Inlet, all of which were purchased by Houston-based Hilcorp at the last federal auction in the region in 2017. Operating oil and gas platforms in the area are all in state waters, but oil production has declined substantially since peaking in the 1970s.

☆ Britain's renewable power hits new peak, fossil fuel also rises
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

Wind, solar, biomass and hydro are the main sources of renewable power. Fossil fuel still has a larger share, providing 42% of Britain's power in 2022, which was its biggest contribution to the country's fuel mix since 2016. The country has significantly reduced its reliance on coal, the most carbon-intensive form of power generation. The rise of renewable power cut Britain's carbon emissions by 2.7 million tonnes compared to the previous year, according to Thursday's report. Another report by Drax, once heavily reliant on coal and now Britain's biggest renewable power generator by output, said that between 2010-19, Britain cut its carbon emissions from its power grid further and faster than any other major economy.

The downside is that will increase carbon emissions and for the longer term, the firm is considering a switch to hydrogen, which is a much cleaner energy source provided it is produced using renewable power. "We want to be one of the first large companies in Bavaria to switch to hydrogen," Craig Barker, managing director of the 87-year-old firm, told Reuters. It also announced an action plan to support small and medium-sized companies as they switch to climate-neutral production, including expanding hydrogen infrastructure. More is required to accelerate investments in hydrogen, including a Hydrogen Act to cut bureaucracy and regulate the hydrogen ramp-up quickly, utility industry association BDEW said earlier this month. "2023 must provide new impetus for investments in renewable energies, hydrogen, hydrogen-capable gas-fired power plants and energy networks," BDEW president Kerstin Andreae said.

☆ Czech energy price caps to cost up to $8.8 bln
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, Dec 29 (Reuters) - The Czech state's energy price caps will cost a maximum of 200 billion crowns ($8.79 billion) next year, although the final bill is likely to be smaller, the Industry Ministry said in material prepared for the next government meeting. The government has previously said the expected cost of price ceilings for households and businesses would be around 170 billion crowns. The 200 billion crown estimate assumes a maximum average yearly spot price of no more than 350 euros per megawatt-hour for electricity and 120 euro/MWh for gas. The government is financing the measures from windfall taxes on the energy and banking industries as well as caps on electricity producers' revenue. At the end of November, lawmakers approved a 2023 budget with a 295 billion crown deficit, down from 375 billion crowns expected in 2022.

☆ India's current account gap widens to 9-year high
▼ + stars: | 2022-12-29 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 29 (Reuters) - India's current account deficit widened in the July-September quarter as high commodity prices and a weak rupee increased the country's trade gap, data from the Reserve Bank of India (RBI) showed on Thursday. In absolute terms, the current account deficit (CAD) (INCURA=ECI) was $36.40 billion in the second quarter of fiscal year 2022/23, its highest in more than a decade. The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion CAD in the July-September quarter. The RBI said services exports reported growth of 30.2% on a year-on-year (y-o-y) basis, driven by exports of software, business and travel services, while net services receipts increased sequentially and y-o-y. "Slowing global growth entails both merchandise as well as services exports will remain muted," she said.

☆ Costs and uncertainty cloud oil outlook, says Dallas Fed
▼ + stars: | 2022-12-29 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

The index was at 57.7 in the second quarter of this year, the highest reading in the survey's history. U.S. shale oil growth has also showed signs of slowing. Some 32% of executives polled said cost inflation and supply chain bottlenecks were the biggest drags on oil and gas production growth, while 27% cited maturing oilfields. Overall, executives polled were less optimistic about the future with the company outlook index falling by 20 points to 13.1, below the series average. The outlook uncertainty index jumped to 40.1 from 35.7 the prior quarter.

☆ Oil settles lower in light trading on China demand concerns
▼ + stars: | 2022-12-28 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

China has said it will stop requiring inbound travellers to quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. Market participants noted that trading volumes this week are expected to be lighter than usual as the end of the year approaches, creating more volatility in oil prices. "My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity," said UBS analyst Giovanni Staunovo. "Next year brings immense uncertainty and plenty of potential upside risk for prices from the China reopening to lower Russian output and further OPEC+ cuts," Erlam said. U.S. crude oil inventories fell last week while gasoline and distillate stocks rose surprisingly, according to market sources citing American Petroleum Institute figures on Wednesday.

Zhevago was arrested on Tuesday evening at the Courchevel ski resort in the French Alps, the official said, adding that Ukraine sought the businessman's extradition. The 48-year-old will appear before the appeals court of Chambery in southeastern France on Jan. 5, the official said. Ferrexpo, whose shares fell around 5% on the news of its controlling shareholder's arrest, did not respond to an emailed request for comment. The company had a market capitalisation of just above 1 billion pounds ($1.20 billion) as of Wednesday. In 2021 Ukraine's DBR reported that Zhevago had been put on an international wanted list in connection with the investigation into Finance & Credit Bank, which the former lawmaker had indirectly controlled.

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