Russia has increased import duties on palm oil and its fractions from "unfriendly" countries to 35%, excluding Hungary and Slovakia. Previously, the duty rate was up to 5%.
Top oil and gas companies are making billions in 'unearned war profits' due to the Iran conflict and soaring oil prices. Shell, BP, TotalEnergies, and Aramco reported massive profit surges, while consumers face higher energy bills. This crisis may accelerate the shift to green energy.
Indonesia's new trade policy, aimed at curbing under-invoicing and transfer pricing, faces criticism from economists, farmers, and industry groups concerned about potential state monopolies and market access disruption.
Rolling coverage of the latest economic and financial newsNewsflash: Global food prices have risen for the third month running, as the Iran war drives up the price of energy and fertiliser.The United Nations’ FAO Food Price Index (FFPI) shows that prices of a basket of food commodities rose by 1.6% in April, adding to price rises in February and March.The price increase was further supported by expectations of reduced wheat plantings in 2026, as farmers shift to less fertilizer‑intensive crops amid high fertilizer prices, driven by elevated energy costs and disruptions linked to the effective closure of the Strait of Hormuz.International palm oil prices rose for the fifth consecutive month in April, largely underpinned by prospective higher demand from the biofuel sector, supported by policy incentives in several producing countries and higher crude oil prices. Additional upward pressure stemmed from concerns over lower production in Southeast Asia in the coming months.The drop in April was mainly driven by expectations of ample global supplies in the current season, reinforced by improved production prospects in key Asian producing countries, notably China and Thailand. The onset of the new harvest in Brazil’s key southern growing regions under favourable weather conditions further contributed to the overall decline in international sugar prices. Continue reading...
