12082016Thu
Last update: Thu, 08 Dec 2016 12pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt's sugar shortage a window on economic policy confusion CAIRO/ABU DHABI: Cairo grocer Bakr Atef has stopped selling sugar since authorities seized his stocks last month, accusing him of hoarding as a growing economic crisis angers Egyptians and raises fears of street protests. "They are coming and taking any quantity they find. Even if you are selling just 10 kilos, they'll take it ... if they do this again and I lose my goods, it will shut my shop," said Atef, who insists he has done nothing wrong. Egyptians love sugar, heaping large spoonfuls into their cups of tea. It is sold in government supermarkets as part of a massive food aid programme for the poor. But public uproar over sugar shortages has prompted the government to sweep the country, confiscating supplies from businesses it accuses of hoarding. Sugar is the latest vital commodity to be thrown into crisis in Egypt this year. A row over regulations left the ...

Markets - Commodities - Middle East & Africa

Egypt has seized 9,000 tonnes of sugar in raids so far CAIRO: Egypt has seized 9,000 tonnes of sugar in recent raids on factories and warehouses, the prime minister said on Monday, describing the move as necessary to deal with a shortage of the commodity.Sugar has all but vanished from supermarkets, prompting media talk of a crisis and pushing the state to rapidly increase imports despite an acute dollar shortage and soaring global prices of the sweetener. Egyptian authorities have raided sugar factories and distributors in ...

Markets - Commodities - Middle East & Africa

Ivory Coast weather paves way for healthy cocoa main crop ABIDJAN: Regular rain mixed with sun in most of Ivory Coast's main cocoa-growing regions will help produce a longer and larger main crop than last year, farmers said on Monday, despite lingering damage due to disease. Harvesting and marketing of the October-to-March main crop is under way in the world's top cocoa producer. Beans are drying in villages and growing numbers of cars are transporting them out of the countryside. There are already enough beans ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals by October 23 seen down 30pc ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 152,000 tonnes by October 23, since the start of the season on October 1, exporters estimated on Monday, down from 218,000 tonnes in the same period of the previous season. Exporters in the West African state estimated that around 28,000 tonnes of beans were delivered to the port in the commercial capital of Abidjan and 28,000 tonnes to the port in the southern ...

Markets - Commodities - Middle East & Africa

Egypt wheat committee recommends raising local crop price CAIRO: The new committee formed to set the local buying price for Egypt's wheat crop has recommended raising it to 450 Egyptian pounds ($50.68) per erdab (150 kg) from the current price of 420 pounds, the agriculture ministry spokesman said on Thursday. A ministerial-level committee was established to determine the proper price for local wheat and whether the payment system should be reformed to minimise opportunities for corruption, the supply minister said on Wednesday. "The ...

Markets - Commodities - Middle East & Africa

Egypt's GASC receives offers from five suppliers at wheat tender ABU DHABI/CAIRO: Egypt's state grain buyer GASC received offers from five suppliers at its international wheat purchasing tender on Thursday, Cairo-based traders said, as some suppliers continued to stay away due to lack of certainty over wheat inspection rules. The lowest offer was at $179.55 a tonne free-on-board (FOB) for 60,000 tonnes of Russian wheat and was presented by Cargill. Results for the tender are expected later on Thursday. GASC is seeking the wheat for ...

Markets - Commodities - Middle East & Africa

Egypt's GASC buys 75,000 tonnes of white rice DUBAI: Egypt's state grain buyer GASC has bought 75,000 tonnes of white medium grain rice in a tender, traders said on Wednesday. GASC was not available for immediate comment. Egypt had been seeking 100,000 tonnes and received three offers. Copyright Reuters, 2016 ...