Tag Archives: WHT

China, Indonesia hail ‘win-win’ cooperation after rare Beijing summit

BEIJING, July 26 (Reuters) – The leaders of China and Indonesia pledged to scale up trade and expand cooperation in areas such as agriculture and food security, following a rare visit to COVID-wary China by a foreign head of state.

Indonesian President Joko Widodo met Chinese President Xi Jinping and Premier Li Keqiang in Beijing on Tuesday. China last hosted foreign leaders during the Winter Olympics in February, with Russian President Vladimir Putin among those who visited Beijing.

The commitment by China, Indonesia’s No.1 trading partner, to deepen trade relations and fully back Indonesia’s chairmanship of the Association of Southeast Asian Nations (ASEAN) next year is an economic and political win for Jokowi, as the Indonesian president is widely known.

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China hailed Indonesia as a model strategic partner, in contrast to its sharp words for the United States in recent months over issues from Taiwan and Ukraine to trade practices and the South China Sea.

“(China and Indonesia) have acted proactively and with a strong sense of responsibility to maintain regional peace and stability,” according to the joint statement.

“They have thus set an example of major developing countries seeking strength through unity and win-win cooperation.”

Indonesia is an important source of ferronickel, coal, copper and natural gas for the world’s second-largest economy.

In the first half of 2022, Chinese imports from Indonesia, mostly commodities, surged 34.2% on year, the most after Russia.

China has expressed commitment to import an additional one million tonnes of crude palm oil from Indonesia, said the Indonesian state palace.

Jokowi met Li and Xi at the Diaoyutai State Guesthouse, part of a sprawling complex of villas, lakes and gardens where many foreign leaders, including the late U.S. President Richard Nixon, have been received.

As president of the G20 this year, Jokowi has sought to mend rifts within the group exposed by Russia’s invasion of Ukraine.

Last month he travelled to Ukraine to meet President Volodymyr Zelenskiy and also to Moscow to hold talks with Putin. Jokowi said Indonesia was willing to be a “communication bridge” between the two. read more

China, while not condemning its strategic partner Russia for the invasion, has repeatedly called for a cessation of hostilities and has offered to help promote peace talks.

Both Indonesia and Russia are part of the G20, with the former holding the group’s presidency this year.

Some G20 member-states have threatened to boycott this year’s leaders summit, on the island of Bali on Nov. 15-16, if Putin attends.

Jokowi invited Xi to Indonesia to attend the November summit, according to their joint statement.

“President Xi expressed his gratitude and wished the summit a complete success,” it said.

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Reporting by Ryan Woo; Additional reporting by Stanley Widianto in Jakarta and Stella Qiu in Beijing; Editing by Michael Perry, William Maclean and Nick Macfie

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Russian gas cut to Europe hits economic hopes after Ukraine grain deal

  • Gazprom says turbine halt will further cut gas to Germany
  • United Nations hopes for grain exports in days
  • U.S. exploring overland routes after Russian strike

KYIV, July 26 (Reuters) – Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have supported Ukraine, just as there were hopes that economic pressures could ease after Russia agreed to let Ukraine export grain from Black Sea ports.

The first ships from Ukraine may set sail in days under a deal agreed on Friday, the United Nations said, despite a Russian missile attack on the Ukrainian port of Odesa over the weekend.

Soaring energy costs and the threat of hunger faced by millions in poorer nations show how the biggest conflict in Europe since World War Two, now in its sixth month, is having an impact far beyond Ukraine.

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The Ukrainian military on Tuesday reported Russian cruise missile strikes in the south, and that Ukrainian forces had hit enemy targets. Russia’s defense ministry did not immediately reply to an out-of-hours request for comment.

President Vladimir Putin warned the West earlier this month that sanctions risked triggering huge global energy price rises.

Russian energy giant Gazprom (GAZP.MM), citing instructions from an industry watchdog, on Monday said gas flows to Germany through the Nord Stream 1 pipeline would fall to 33 million cubic metres per day from Wednesday.

That is half of the current flows, which are already only 40% of normal capacity. Prior to the war, Europe imported about 40% of its gas and 30% of its oil from Russia. read more

The Kremlin says the gas disruption is the result of maintenance issues and Western sanctions, while the European Union has accused Russia of energy blackmail.

Germany said it saw no technical reason for the latest reduction.

Adding to concerns on the energy front, the Ukrainian state pipeline operator company said Russian gas giant Gazprom (GAZP.MM) without prior notice has increased pressure sharply in a pipeline that runs through Ukraine to deliver Russian gas to Europe. read more

Such pressure spikes could lead to emergencies including pipeline ruptures, and pipeline operators are obliged to inform each other about them in advance, the Ukrainian company said. Gazprom could not be immediately reached for comment.

Gazprom had estimated that it supplied 41.7 million cubic metres (mcm) through that pipeline on Monday versus 41.2 mcm a day earlier.

Ukrainian President Volodymyr Zelenskiy warned that the Kremlin was waging an “open gas war” against Europe.

Politicians in Europe have repeatedly said Russia could cut off gas this winter, a step that would thrust Germany into recession and hurt consumers already hit by soaring inflation.

Moscow says it is not interested in a complete stoppage of gas supplies to Europe.

GRAIN SHIPS

Before the invasion and subsequent sanctions, Russia and Ukraine accounted for nearly a third of global wheat exports.

Officials from Russia, Turkey, Ukraine and the United Nations agreed on Friday there would be no attacks on merchant ships moving through the Black Sea to Turkey’s Bosphorus Strait and on to markets. read more

Moscow brushed aside concerns the deal could be derailed by a Russian attack on Odesa on Saturday, saying it targeted only military infrastructure.

The White House said the strike cast doubt on Russia’s credibility and was watching closely to see if commitments would be fulfilled.

“We will also continue to actively explore other options with the international community to increase Ukraine exports through overland routes,” it said.

Russia’s Black Sea fleet has blocked grain exports from Ukraine since Moscow’s Feb. 24 invasion. Moscow blames Western sanctions for slowing its food and fertiliser exports and Ukraine for mining the approaches to its ports.

Under Friday’s deal, pilots will guide ships along safe channels through the naval minefields. read more

A Ukrainian government official said he hoped the first grain shipment could be made from Chornomorsk this week, with shipments from other ports within two weeks.

Zelenskiy was adamant that trade would resume: “We will start exporting, and let the partners take care of security,” he said.

Russian Foreign Minister Sergei Lavrov, on a tour of African countries, said there were no barriers to the export of grain and nothing in the deal prevented Moscow from attacking military infrastructure.

The Kremlin also said the United Nations must ensure curbs on Russian fertiliser and other exports were lifted for the grain deal to work.

AIR STRIKES

The Kremlin says it is engaged in a “special military operation” to demilitarise and “denazify” Ukraine. Both Kyiv and Western nations say the war is an unprovoked act of aggression.

Thousands of civilians have died and millions have fled during the war. Russian artillery barrages and air strikes have pulverised cities.

With Western weapons boosting the Ukrainians, Putin’s forces are making slow progress but they are believed to be readying for a new push in the east.

Ukraine said on Monday its forces had used U.S-supplied HIMARS rocket systems to destroy 50 Russian ammunition depots since receiving the weapons last month.

Russia did not comment but its Defence Ministry said its forces had destroyed an ammunition depot for HIMARS systems. read more

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Reporting by Reuters bureaux; Writing by Costas Pitas; Editing by Stephen Coates & Simon Cameron-Moore

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Ukraine works to resume grain exports despite Russian strike on Odesa

  • Moscow, Kyiv had signed grain export deal on Friday
  • Accord had sought to avert major global food crisis
  • Zelenskiy: attack shows Moscow can’t be trusted on deal

KYIV, July 24 (Reuters) – Ukraine pressed ahead on Sunday with efforts to restart grain exports from Black Sea ports after a missile attack on Odesa raised doubts whether Russia would honour a deal aimed at easing global food shortages caused by the war.

President Volodymyr Zelenskiy denounced Saturday’s strikes as “barbarism” that showed Moscow could not be trusted to implement a deal struck just one day earlier with Turkish and United Nations mediation.

Public broadcaster Suspilne quoted the Ukrainian military as saying after the strike that the missiles did not hit the port’s grain storage area or cause significant damage and Kyiv said preparations to resume grain shipments were ongoing.

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“We continue technical preparations for the launch of exports of agricultural products from our ports,” Infrastructure Minister Oleksandr Kubrakov said in a Facebook post.

Russia said on Sunday its forces had hit a Ukrainian warship and a weapons store in Odesa with missiles.

The deal signed by Moscow and Kyiv was hailed as a diplomatic breakthrough that would help curb soaring global food prices by restoring grain shipments from Ukrainian ports to pre-war levels of 5 million tonnes a month. read more

But Zelenskiy’s economic advisor said on Sunday the strike on Odesa showed deliveries could still get seriously disrupted.

“Yesterday’s strike indicates that it will definitely not work like that,” Oleh Ustenko told Ukranian television.

While Ukraine had the capacity to export 60 million tonnes of grain over the next nine months, this could take up to 24 months if its ports could not function properly, he said. read more

WAR ENTERS SIXTH MONTH

As the war entered its sixth month on Sunday there was no sign of a let-up in the fighting.

The Ukrainian military reported Russian shelling in the north, south and east, and again referred to Russian operations paving the way for an assault on Bakhmut in the Donbas region in the east.

The air force command said its forces had shot down early on Sunday three Russian Kalibr cruise missiles fired from the Black Sea and aimed at the western Khmelnytskiy region.

While the main theatre of combat has been the Donbas, Zelenskiy said in video on Saturday that Ukrainian forces were moving “step by step” into the occupied eastern Black Sea region of Kherson. read more

The strikes on Odesa drew condemnation from the United Nations, the European Union, the United States, Britain, Germany and Italy.

Video released by the Ukrainian military showed firefighters battling a blaze on an unidentified boat moored alongside a tug boat. Reuters was unable to independently verify the authenticity of the video or the date it was filmed.

Russian news agencies quoted Russia’s defence ministry as saying that an Ukrainian warship and U.S. supplied anti-ship missiles were destroyed. read more

“A docked Ukrainian warship and a warehouse with U.S.-supplied Harpoon anti-ship missiles were destroyed by long-range precision-guided naval missiles in Odesa seaport on the territory of a ship repair plant,” it said.

On Saturday, Turkey’s defence minister said Russian officials told Ankara that Moscow had “nothing to do” with the strikes.

According to the Ukrainian military, two Kalibr missiles fired from Russian warships hit the area of a pumping station at the port and two others were shot down by air defence forces.

SAFE PASSAGE

The strikes appeared to violate Friday’s deal, which would allow safe passage in and out of Ukrainian ports.

Ukraine and Russia are big global wheat exporters and a blockade of Ukrainian ports by Russia’s Black Sea fleet since Moscow’s Feb. 24 invasion has trapped tens of millions of tonnes of grain, worsening global supply chain bottlenecks.

Along with Western sanctions on Russia, it has stoked food and energy price inflation, driving some 47 million people into “acute hunger,” according to the World Food Programme.

Moscow denies responsibility for the food crisis, blaming the sanctions for slowing its food and fertiliser exports and Ukraine for mining the approaches to its ports.

Ukraine has mined waters near its ports as part of its war defences but under the deal pilots will guide ships along safe channels. read more

A Joint Coordination Center staffed by members of the four parties to the agreement are to monitor ships passing the Black Sea to Turkey’s Bosporus Strait and on to world markets. All sides agreed on Friday there would be no attacks on them.

Putin calls the war a “special military operation” aimed at demilitarising Ukraine and rooting out dangerous nationalists. Kyiv and the West call this a baseless pretext for an aggressive land grab.

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Reporting by Natalia Zinets in Kyiv, Tom Balmforth in London and Reuters bureaux; Writing by Matt Spetalnick Simon Cameron-Moore and Tomasz Janowski; Editing by William Mallard and Angus MacSwan

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India bans wheat exports as heat wave hurts crop, domestic prices soar

A combine deposits harvested wheat in a tractor trolley at a field on the outskirts of Ahmedabad, India, March 16, 2022. REUTERS/Amit Dave

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  • Ban could push global wheat prices to new peaks
  • India was aiming to export 10 mln T wheat before ban
  • Heat wave dents size of wheat crop, lifts prices
  • Govt buying falls more than 50% from year ago

MUMBAI, May 14 (Reuters) – India banned wheat exports on Saturday, just days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices soared to an all-time high.

The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies “to meet their food security needs”.

Global buyers were banking on supplies from the world’s second-biggest wheat producer after exports from the Black Sea region plunged following Russia’s Feb. 24 invasion of Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year. read more

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Although it is not one of the world’s top wheat exporters, India’s ban could drive global prices to new peaks given already tight supply, hitting poor consumers in Asia and Africa particularly hard.

“The ban is shocking,” a Mumbai-based dealer with a global trading firm said. “We were expecting curbs on exports after two to three months, but it seems like the inflation numbers changed the government’s mind.”

Rising food and energy prices pushed India’s annual retail inflation near an eight-year high in April, strengthening expectations that the central bank would raise interest rates more aggressively. read more

Wheat prices in India have risen to record highs, in some spot markets hitting 25,000 rupees ($320) per tonne, well above the government’s minimum support price of 20,150 rupees.

Rising fuel, labour, transportation and packaging costs are also boosting the price of wheat flour in India.

“It was not wheat alone. The rise in overall prices raised concerns about inflation and that’s why the government had to ban wheat exports,” said a senior government official who asked not to be named as discussions about export curbs were private.

“For us, it’s abundance of caution,” he said.

SMALLER CROP

India just this week outlined its record export target for the fiscal year that started on April 1, saying it would send trade delegations to countries such as Morocco, Tunisia, Indonesia and the Philippines to explore ways to boost shipments.

In February the government forecast production of 111.32 million tonnes, the sixth straight record crop, but it cut the forecast to 105 million tonnes in May. read more

A spike in temperatures in mid-March means the crop could instead be around 100 million tonnes or even lower, said a New Delhi-based dealer with a global trading firm.

“The government’s procurement has fallen more than 50%. Spot markets are getting far lower supplies than last year. All these things are indicating lower crop,” the dealer said.

Cashing in on a rally in global wheat prices after Russia invaded Ukraine, India exported a record 7 million tonnes of wheat in the fiscal year to March, up more than 250% from the previous year.

“The rise in wheat price was rather moderate, and Indian prices are still substantially lower than global prices,” said Rajesh Paharia Jain, a New Delhi-based trader.

“In fact, wheat prices in some parts of the country had jumped to the current level even last year, so the move to ban export is nothing but a knee-jerk reaction.”

Despite a drop in production and government purchases by the state-run Food Corporation of India (FCI), India could have shipped at least 10 million tonnes of wheat this fiscal year, Jain said.

The FCI has so far bought a little over 19 million tonnes of wheat from domestic farmers, against last year’s total purchases of a record 43.34 million tonnes. The FCI buys grain from local farmers to run a food welfare programme for the poor.

Unlike previous years, farmers have preferred to sell wheat to private traders, who offered better prices than the government’s fixed rate.

In April, India exported a record 1.4 million tonnes of wheat and deals were already signed to export around 1.5 million tonnes in May. read more

“The Indian ban will lift global wheat prices. Right now there is no big supplier in the market,” another dealer said.

($1 = 77.4700 Indian rupees)

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Reporting by Rajendra Jadhav in Mumbai and Mayank Bhardwaj in New Delhi; Editing by William Mallard & Simon Cameron-Moore

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Europe at war: Six charts to know in financial markets

Ukrainian servicemen and first responders stand by a damaged vehicle, at the site of fighting with Russian troops, after Russia launched a massive military operation against Ukraine, in Kyiv, Ukraine February 26, 2022. REUTERS/Valentyn Ogirenko

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LONDON, Feb 26 (Reuters) – Russia launched a full-scale invasion of Ukraine this week, sparking a slew of sanctions and turmoil in global financial markets.

Below are six charts showing the week’s dramatic moves in financial markets:

ENERGY SURGE

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Fears of a potential supply disruption on oil markets from the war in Ukraine saw crude prices surge above $100 a barrel for the first time since 2014, with Brent touching $105. UK and Dutch gas prices rose about 40%-50% on Thursday. Both crude and gas prices came down on Friday, markets remain jittery.

While a raft of harsh sanctions imposed by western capitals has not specifically targeted Russia’s oil and gas flows, top buyers of Russian oil were struggling to secure guarantees at Western banks or find ships to take crude from the country. read more

Russia is the world’s second-largest crude producer and provides around 35% of Europe’s and 50% of Germany’s natural gas supply.

Oil and gas prices soar

INFLATION FEARS

Soaring energy prices fuelled a dash for inflation-linked bonds – securities whose payouts rise in line with inflation.

That has sent real yields – borrowing costs after adjusting for inflation – sharply lower, while so-called breakevens, indicating where markets see future inflation, rose sharply.

Essentially, that implies belief that central banks may have to go slower than earlier forecast with interest rate rises to battle inflation as economic growth also takes a hit.

Yields on rate-sensitive Treasury Inflation Protected Securities (TIPS) slipped while breakevens rose towards 3% this past week. In Germany, vulnerable to surging European gas prices, two-year real yields slumped around 30 bps and breakevens rose as high as 3.7% TIPS funds received net inflows for the first time in five weeks, BofA data shows.

Breakevens

STOCK MARKETS: BEWARE OF THE BEAR

Thursday’s market rout wiped nearly $1 trillion off the value of the global stock market and accelerated a drop in the major indexes that has come this year as investors have started to get jittery about major central bank rate hikes.

The tech-heavy U.S. Nasdaq (.IXIC) flirted with “bear” market territory, as a 20% fall from the last peak is known, but U.S. markets ended up closing higher despite all the damage elsewhere and were making more ground on Friday.

Europe’s 3.3% drop for the STOXX 600 (.STOXX) took its recent reverse past 10%, but it then bounced just as much on Friday.

MSCI’s 24-country emerging markets index (.MSCIEF) meanwhile did earn its “bear” market tag as its 4.3% drop on Thursday left it down just over 20% from a record high almost exactly a year ago.

indices

RUSSIAN ROUT

Predictably, Russia’s stock market was hit the hardest on Thursday. Moscow’s MOEX exchange slumped a record 33% (.IMOEX) having plunged more than 1,000 points at one stage as traders braced for stiff sanctions. MSCI’s Russia index crashed 38% . Analysts estimate that it was one of the top three stock market crashes of all time.

Russian stock market plunging far more than during other crises

UKRAINE DRAIN

Ukraine was hit just as hard. Its currency and government bonds crashed violently, with investors wondering whether the country would be able to avoid another sovereign default.

The price of war

SOARING WHEAT & GRAINS

Wheat prices hit their highest since mid-2008 as markets tried to gauge the consequences on grain and oilseed supplies from the conflict between Russia and Ukraine – two of the world’s biggest exporters. read more

Interruption to the supply out of the Black Sea region will put pressure on prices and further drive up food inflation at a time when affordability is a major concern across the globe following the economic damage caused by the COVID-19 pandemic.

Ukraine’s military on Thursday suspended commercial shipping at its ports after Russian forces invaded the country. Russia earlier ordered the Azov Sea closed to the movement of commercial vessels until further notice, but kept Russian ports in the Black Sea open for navigation. read more

Ukraine crisis send wheat prices soaring
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Reporting by Karin Strohecker, Sujata Rao, Marc Jones and Saikat Chatterjee, Editing by Hugh Lawson

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Indian farmers in no mood to forgive despite Modi’s U-turn on reforms

MOHRANIYA, India, Nov 19 (Reuters) – Indian Prime Minister Narendra Modi may have caved in to farmers’ demands that he scraps laws they say threaten their livelihoods.

But reaction to the shock U-turn in India’s rural north, where Modi’s Bharatiya Janata Party (BJP) faces key elections next year, has been less than positive, a worrying sign for a leader seeking to maintain his grip on national politics.

In the village of Mohraniya, some 500 km by road east of the capital New Delhi and located in India’s most populous state of Uttar Pradesh, farmer Guru Sevak Singh said that he and others like him lost faith in Modi and his party.

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“Today Prime Minister Modi realised that he was committing blunder, but it took him a year to recognise this and only because he now knows farmers will not vote for his party ever again,” said Singh.

For the young farmer, the matter is deeply personal.

Singh’s 19-year-old brother Guruvinder was killed in October when a car ploughed into a crowd protesting against the farm legislation, one of eight people who died in a spate of violence related to the farmers’ uprising.

Thousands of agricultural workers have protested outside the capital New Delhi and beyond for more than a year, shrugging off the pandemic to disrupt traffic and pile pressure on Modi and the BJP who say the new laws were key to modernising the sector.

“Today I can announce that my brother is a martyr,” Singh told Reuters, weeping as he held a picture of his dead brother.

“My brother is among those brave farmers who sacrificed their lives to prove that the government was implementing laws to destroy the agrarian economy,” he added.

Around him were several police officers, who Singh said were provided after his brother and three others were killed by the car. Ashish Mishra, son of junior home minister Ajay, is in police custody in relation to the incident.

Ajay Mishra Teni said at the time that his son was not at the site and that a car driven by “our driver” had lost control and hit the farmers after “miscreants” pelted it with stones and attacked it with sticks and swords.

‘HOW CAN WE FORGET?’

In 2020, Modi’s government passed three farm laws in a bid to overhaul the agriculture sector that employs about 60% of India’s workforce but is deeply inefficient, in debt and prone to pricing wars.

Angry farmers took to the streets, saying the reforms put their jobs at risk and handed control over crops and prices to private corporations.

The resulting protest movement became one of the country’s biggest and most protracted.

Leaders of six farmer unions who spearheaded the movement in Uttar Pradesh and Punjab states said they would not forgive a government that labelled protesting farmers as terrorists and anti-nationals.

“Farmers were beaten with sticks, rods and detained for demanding legitimate rights … farmers were mowed down by a speeding car belonging to a minister’s family … tell me how can we forget it all?” said Sudhakar Rai, a senior member of a farmers’ union in Uttar Pradesh.

Rai said at least 170 farmers were killed during anti-farm law protests across the country. There are no official data to verify his claims.

A senior BJP member who declined to be named said the decision to repeal the laws was taken by Modi after he consulted a top farmers’ association affiliated to his party.

The politician, who was at the meeting when the party agreed to back down, said those present conceded the BJP had failed to communicate the benefits of the new laws clearly enough.

Leaders of the opposition and some analysts said Modi’s move was linked to state elections next year in Uttar Pradesh – which accounts for more parliamentary seats than any other state – and Punjab.

“What cannot be achieved by democratic protests can be achieved by the fear of impending elections!” wrote P. Chidambaram, a senior figure in the opposition Congress party, on Twitter.

But farmers like Singh warned that the government could pay a price for its treatment of farmers.

“We are the backbone of the country and Modi has today accepted that his policies were against farmers,” said Singh. “I lost my brother in this mess and no one can bring him back.”

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Additional reporting and writing by Rupam Jain in Mumbai; Editing by Mike Collett-White

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India’s Modi backs down on farm reforms in surprise victory for protesters

  • Government concedes to farmers ahead of key state elections
  • Modi says failed to win the argument with small farmers
  • Laws to be repealed in upcoming parliament session
  • Farmers to continue protest in Delhi until laws repealed

GHAZIABAD, India, Nov 19 (Reuters) – Indian Prime Minister Narendra Modi said on Friday he would repeal three agriculture laws that farmers have been protesting against for more than a year, a significant climb-down for the combative leader as important elections loom.

The legislation, introduced in September last year, was aimed at deregulating the sector, allowing farmers to sell produce to buyers beyond government-regulated wholesale markets, where growers are assured of a minimum price.

Farmers, fearing the reform would cut the prices they get for their crops, staged nationwide protests that drew in activists and celebrities from India and beyond, including climate activist Greta Thunberg and pop singer Rihanna.

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“Today I have come to tell you, the whole country, that we have decided to withdraw all three agricultural laws,” Modi said in an address to the nation.

“I urge farmers to return to their homes, their farms and their families, and I also request them to start afresh.”

The government would repeal the laws in the new session of parliament, starting this month, he said.

The surprise concession on laws the government had said were essential to tackle chronic wastage and inefficiencies, comes ahead of elections early next year in Uttar Pradesh (UP), India’s most populous state, and two other northern states with large rural populations.

Nevertheless, Modi’s capitulation leaves unresolved a complex system of farm subsidies and price supports that critics say the government cannot afford.

It could also raise questions for investors about how economic reforms risk being undermined by political pressures.

Protesting farmers, who have been camped out in their thousands by main roads around the capital, New Delhi, celebrated Modi’s back-track.

“Despite a lot of difficulties, we have been here for nearly a year and today our sacrifice finally paid off,” said Ranjit Kumar, a 36-year-old farmer at Ghazipur, a major protest site in Uttar Pradesh.

Jubilant farmers handed out sweets in celebration and chanted “hail the farmer” and “long live farmers’ movement”.

Rakesh Tikait, a farmers’ group leader, said the protests were not being called off.

“We will wait for parliament to repeal the laws,” he said on Twitter.

VULNERABLE TO BIG BUSINESS

Modi’s Bharatiya Janata Party (BJP) government said last year that there was no question of repealing the laws. It attempted to break the impasse by offering to dilute the legislation but protracted negotiations failed.

The protests took a violent turn on Jan. 26, India’s Republic Day, when thousands of farmers overwhelmed police and stormed the historic Red Fort in New Delhi after tearing down barricades and driving tractors through roadblocks.

One protester was killed and scores of farmers and policemen were injured.

Small farmers say the changes make them vulnerable to competition from big business and they could eventually lose price support for staples such as wheat and rice.

The government says reform of the sector, which accounts for about 15% of the $2.7 trillion economy, means new opportunities and better prices for farmers.

Modi announced the scrapping of the laws in a speech marking the birth anniversary of Guru Nanak, the founder of Sikhism. Many of the protesting farmers are Sikh.

Modi acknowledged that the government had failed to win the argument with small farmers.

The farmers are also demanding minimum support prices for all of their crops, not just for rice and wheat.

“We need to know the government’s stand on our other key demand,” Darshan Pal, another farmers’ leader, said of the new demand, which has gained traction among farmers across the country, not just in the northern grain belt.

Rahul Gandhi of the main opposition Congress party, said the “arrogant” government had been forced to concede.

“Whether it was fear of losing UP or finally facing up to conscience BJP govt rolls back farm laws. Just the beginning of many more victories for people’s voices,” Mahua Moitra, a lawmaker from the Trinamool Congress Party and one of Modi’s staunchest critics, said on Twitter.

But some food experts said Modi’s back-track was unfortunate because the reforms would have brought new technology and investment.

“It’s a blow to India’s agriculture,” said Sandip Das, a New Delhi-based researcher and agricultural policy analyst.

“The laws would have helped attract a lot of investment in agricultural and food processing – two sectors that need a lot of money for modernisation.”

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Reporting by Mayank Bhardwaj, Rajendra Jadhav and Krishna N. Das; Additional reporting by Shilpa Jamkhandikar; Editing by Muralikumar Anantharaman and Raju Gopalakrishnan

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Canada floods cut rail link to Vancouver port; one dead

MERRITT, British Columbia, Nov 16 (Reuters) – Floods and landslides that have killed at least one person have cut all rail access to Canada’s largest port in the city of Vancouver, a spokesperson for the port said on Tuesday.

Two days of torrential rain across the Pacific province of British Columbia touched off major flooding and shut rail routes operated by Canadian Pacific Rail (CP.TO) and Canadian National Railway (CNR.TO), Canada’s two biggest rail companies.

“All rail service coming to and from the Port of Vancouver is halted because of flooding in the British Columbia interior,” port spokesperson Matti Polychronis said.

At least one person was killed when a mudslide swept cars off Highway 99 near Pemberton, some 100 miles (160 km) to the northeast of Vancouver.

Two people were missing and search and rescue crews were combing through the rubble, officials said.

Vancouver’s port moves C$550 million ($440 million) worth of cargo a day, ranging from automobiles and finished goods to essential commodities.

The floods temporarily shut down much of the movement of wheat and canola from Canada, one of the world’s biggest grain exporters, during a busy time for trains to haul grain to the port following the harvest.

Drought has sharply reduced the size of Canada’s crops this year, meaning a rail disruption of a few days may not create a significant backlog, a grain industry source told Reuters.

Del Dosdall, senior export manager at grain handler Parrish & Heimbecker, said he expected some rail services could be restored by the weekend. Another industry source said he expected the shutdown to last weeks.

OIL PIPELINES SHUT DOWN

Floods have also hampered pipelines. Enbridge Inc (ENB.TO) shut a segment of a British Columbia natural gas pipeline as a precaution. read more

Crowds gather along the Trans-Canada highway to view flooding after rainstorms lashed the western Canadian province of British Columbia, triggering landslides and floods and shutting highways, in Abbotsford, British Columbia, Canada November 16, 2021. REUTERS/Jennifer Gauthier

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The storms also forced the closure of the Trans Mountain pipeline, which carries up to 300,000 barrels per day of crude oil from Alberta province to the Pacific coast.

Copper and coal miner Teck Resources Limited (TECKb.TO) said the floods had disrupted movement of its commodities to its export terminals, while potash exporter Canpotex Ltd said it was looking for alternatives to move the crop nutrient overseas.

Directly to the south of British Columbia, in the U.S. state of Washington, heavy rain forced evacuations and cut off electricity for more than 150,000 households on Monday.

The U.S. National Weather Service on Tuesday issued a flash flood in Mount Vernon, Washington, “due to the potential for a levee failure.”

Some areas of British Columbia received 8 inches (20 cm) of rain on Sunday, the amount that usually falls in a month.

Authorities in Merritt, some 120 miles (200 km) northeast of Vancouver, ordered all 8,000 citizens to leave on Monday as river waters rose quickly, but some were still trapped in their homes on Tuesday, said city spokesman Greg Lowis.

Snow blanketed the town on Tuesday and some cars could be seen floating in the flood waters up to 4 feet (1.22 m) deep.

The towns of Chilliwack and Abbotsford ordered partial evacuations.

Abbotsford also issued an emergency warning on Tuesday night, asking all residents to evacuate the Sumas Prairie region immediately as deteriorating conditions posed a significant threat to lives.

Rescuers equipped with diggers and body-sniffing dogs started clearing mounds of debris that have choked highways.

The landslides and floods come less than six months after a wildfires gutted an entire town in British Columbia as temperatures soared during a record-breaking heat dome, raising new worries about climate change. read more

Reporting by Artur Gajda in Merritt and Rod Nickel in Winnipeg; additional reporting by David Ljunggren in Ottawa, Nia Williams in Calgary, Ismail Shakil in Bengaluru, Brad Brooks in Lubbock, Texas and Dan Whitcomb in Los Angeles, Maria Ponnezhath in Bengaluru; editing by Ed Osmond, Jonathan Oatis, Aurora Ellis and Sandra Maler

Our Standards: The Thomson Reuters Trust Principles.



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Party’s over: Diwali leaves Delhi wheezing in dangerously unhealthy air

NEW DELHI, Nov 5 (Reuters) – The morning after Diwali, the Hindu festival of lights, residents of New Delhi woke up under a blanket of toxic smog and breathed in the most dangerously polluted air of the year so far, after revellers, as usual, defied a fireworks ban.

New Delhi has the worst air quality of all world capitals, but even by its sorry standards Friday’s reading was extra bad, as people paid the price for celebrating India’s biggest festival in the noisiest, and most smoky way.

The Air Quality Index (AQI) surged to 451 on a scale of 500 – the maximum recorded this year – indicating “severe” conditions that affect healthy people and seriously impacts those with existing diseases, according to the federal pollution control board’s guidance.

The AQI measures the concentration of poisonous particulate matter PM2.5 in a cubic metre of air. In Delhi, a city of nearly 20 million people, the PM2.5 reading on Friday averaged 706 micrograms, whereas the World Health Organization deems anything above an annual average of 5 micrograms as unsafe.

Airborne PM2.5 can cause cardiovascular and respiratory diseases such as lung cancer. And, in India, toxic air kills more than a million people annually. read more

“The firecracker ban didn’t seem to be successful in Delhi, which led to hazardous pollution levels adding on top of existing perennial sources,” Sunil Dahiya, Analyst, Centre for Research on Energy and Clean Air (CREA) said.

Every year, either government authorities or India’s Supreme Court impose a ban on firecrackers. But the bans rarely appear to be enforced.

Making matters worse, Diwali falls in period when farmers in the Delhi’s neighbouring states of Punjab and Haryana burn the stubble left after harvesting to prepare their fields for the next crop.

Stubble fires accounted for up to 35% of New Delhi’s PM2.5 levels, according to data from SAFAR’s monitoring system, which falls under the federal Ministry of Earth Sciences

A rare spell of clear skies in October due to intermittent rains and winds had helped Delhiites breathe their cleanest air in at least four years. read more

But during winter months pollution levels surge in northern India, as lower temperatures and a drop in wind speed tend to trap pollutants in the air longer.

Sick of the lack of commitment to making the capital more livable, Ambrish Mithal, a doctor at the Max HealthCare hospital in New Delhi, vented his frustration over the deteriorating AQI readings.

“It’s terrible for those with allergies and asthma. We will continue to squabble over reasons and are doomed to suffer,” he wrote in a post on Twitter.

Indian governments are often accused of not doing enough to curb pollution, as they prioritise economic growth to lift living standards in the world’s second-most populated country.

On Monday, Prime Minister Narendra Modi told the COP26 climate summit in Glasgow that India would achieve net zero carbon emissions by 2070, but some experts reckoned that target was at least two decades too late. read more

Reporting by Neha Arora and Mayank Bhardwaj; Editing by Simon Cameron-Moore

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