International

• Thursday, July 14th 2016 - 07:27 UTC

  Higher forecasts for wheat output and cereal consumption in 2016/17

  

  FAO's Cereal Supply and Demand Brief pointed to improved production prospects primarily for wheat. Global wheat production is now pegged at 732 million tons, more than one percent higher than anticipated in June, mainly due to improved prospects in the EU, the Russian Federation and the U.S., as a result of better weather conditions.

• Thursday, July 14th 2016 - 07:23 UTC

  Food commodity prices shot up 4.2% in June, steepest in four years says FAO

  

  International food commodity prices shot up 4.2% in June, their steepest monthly increase of the past four years. The FAO Food Price Index averaged 163.4 points in June and is now one percent below the level reached a year earlier. The June rise, which affected all commodity categories except vegetable oils, was the fifth consecutive monthly increase.

• Thursday, July 14th 2016 - 03:54 UTC

  May pledges to work “for all not just the privileged few”; Johnson foreign secretary and Hammond chancellor

  

  New Prime Minister Theresa May has made Boris Johnson, the former London mayor who led the Brexit campaign, foreign secretary in her new government. He replaces Philip Hammond, who becomes chancellor and ex-Energy Secretary Amber Rudd is home secretary and Euro skeptic David Davis is the Brexit secretary. Ex-chancellor George Osborne was not included apparently because his “brand” was seen as “too tarnished”.

• Wednesday, July 13th 2016 - 06:58 UTC

  G20 trade ministers Shanghai meeting question China's industries overcapacity

  

  In the face of a “worrying” rise in protectionism, trade ministers from the world’s major economies have agreed to cut trade costs, increase policy coordination and enhance financing, China’s Commerce Minister Gao Hucheng announced at the closing of the Group of 20, G20, meeting in Shanghai.

• Wednesday, July 13th 2016 - 06:30 UTC

  HSBC 2012 money laundering was so great that if charged it could have led to 'a global financial disaster'

  

  United States officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a “global financial disaster”, a report says. A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil.

• Wednesday, July 13th 2016 - 03:34 UTC

  Gibraltar lobbying for full involvement in mapping UK's exit from European Union

  

  A team from Gibraltar is making the round of British government offices, parliament, friends and supporters to ensure the Rock has a full input into the process triggered by Brexit. Chief Minister Fabian Picardo and the Deputy Chief Minister Dr Joseph Garcia have met with Conservative and Labour lawmakers and this week visited Downing Street to talk with the UK Government team mapping out the way forward following the result of the Referendum of 23rd June.

• Wednesday, July 13th 2016 - 02:30 UTC

  Beijing rejects adverse international ruling on South China Sea islands and maritime space

  

  China has firmly rejected an international tribunal ruling that its claims to rights in the South China Sea have no legal basis. President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”, however he added that Beijing was still “committed to resolving disputes” with its neighbors.

• Wednesday, July 13th 2016 - 01:57 UTC

  Downing Street legend welcomes Theresa and says good bye to the Camerons

  

  Britain's new leader Theresa May will move into her official residence at 10 Downing Street Wednesday as Prime Minister David Cameron moves out, but one member of his team is staying put: Larry the cat. The brown and white tabby is deemed to be a government worker and will continue to live at the famous address even after his boss packs his bags, officials said.

• Tuesday, July 12th 2016 - 07:13 UTC

  “Brexit means Brexit and we're going to make a success of it”, pledges Theresa May

  

  Home Secretary Theresa May promised to build a “better Britain” and to make the UK's EU exit a “success” after she was announced as the new Tory leader and soon-to-be PM. Speaking outside Parliament, Mrs. May said she was “honored and humbled” to succeed David Cameron, after her only rival in the race withdrew on Monday.

• Monday, July 11th 2016 - 07:24 UTC

  IMF lowers Euro Zone growth prospects because of Brexit and extended risk aversion

  

  The International Monetary Fund has cuts its economic growth forecasts for the Euro zone in the wake of the UK's vote to leave the European Union. The Euro zone is now expected to grow by 1.6% this year and 1.4% in 2017.