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FAO slashes grain forecasts, world food prices stay high

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UNITED STATES: Global supply of key cereal staples including wheat is to tighten sharply in the 2012/13 crop season as wheat and maize output feels the pinch of the worst U.S. drought in more than half a century, data from the United Nations food agency showed.
Separate figures indicated a slight easing of pressure on overall food prices, but the Food and Agriculture Organisation’s (FAO) global index stayed close to levels seen in the 2008 crisis when food riots broke out in some countries. The FAO’s November Food Outlook report pointed to continuing pressure on grains output in the current season following this year’s droughts in key producer regions from the Black Sea to the U.S. cornbelt.
Wheat production, which has also suffered heavily in the droughts in Eastern Europe and Central Asia, was seen falling 5.5 percent to 661 million tonnes, the agency said. World cereals production is expected to fall 2.7 percent to 2.284 billion tonnes in the 2012/13 season, it said, trimming slightly its previous output forecast of 2.286 billion tonnes.
“This season’s world cereal supply and demand balance is proving much tighter than in 2011/12 with global production falling short of the projected demand and cereal stocks declining sharply,” the FAO said. The Black Sea drought is set to cut wheat output in Russia and Ukraine by some 30 percent, while Kazakhstan will see its crop down by more than half. Wheat production is set to rise in the United States but U.S. maize output was decimated by a drought which caught farmers by surprise and slashed the corn crop.
On wheat, FAO noted that levels were close to the average of the past five years and it said plantings in major producing regions next year would match or even increase over levels seen in 2012, pointing to a rise in production next season. However, senior FAO economist, Abdolreza Abbassian, said the forecast was still very tentative and it would require a strong rise in production next year to ease pressure on prices.
“Anything short of a significant increase would mean a further need to draw down stocks, which means getting to critically low levels and therefore higher prices. We need very strong production for wheat, corn and soybeans; certainly, these three important crops,” he said.
FAO’s monthly reading of world food prices showed some easing in October, largely because of a dip in cereals and oils prices in the month but the wider outlook remains volatile and uncertain, Abbassian said. “It’s a very mixed picture,” he said. “The uncertainty we are dealing with is not just limited to supply, it’s also to do with demand,” he said. The Rome-based agency said its monthly Food Price Index, fell to 213.5 points from 215.5 points the previous month, but stayed near 2008 levels.
It said reduced wheat trade activity and slowing demand for maize by livestock and industrial consumers during the month had cut grains prices, while higher palm oil output in Southeast Asia and weak import demand had reduced edible oil prices.
The FAO lifted its estimate of rice production but cut its forecast for coarse grains output and slightly lowered its estimate of global grains stocks at the end of the 2012/13 season to 497.4 million tonnes. It said global cereal utilisation in 2012/13 would decline slightly from the previous season but would still exceed production. Declines in animal feed use and industrial maize for ethanol production in the United States would cut utilisation of wheat and coarse grains but would be balanced by a 1.5 percent increase in rice consumption.
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Millions of customers still stranded worldwide 24 hours after GT Bank online operations suffered attacks

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GTCO Acquires Funds Management, Pension Firms

By Yemie ADEOYE

GT Bank, one of Nigeria’s leading banks, with operations across Africa and the United kingdom, and with an asset base of about US$3.11 trillion is under a cyber attack which has left millions of its customers across the world stranded in the last 24 hours.

The bank which was renowned for its seamless online operations at inception has suffered dwindling online efficiency in recent years and this current attack didn’t come as a surprise to many of its numerous customers. However, it is becoming worrisome that over 24 hours after its online operations went down, the bank has not been able to arrest the situation and restore its online services.

Stranded GT Bank customers outside the banks premises

Several customers of the bank took to their X (formerly known as twitter) handles to express their frustrations at the bank, as several of the customers in the diaspora are unable to access their accounts and carry on with their transactions.  A customer , Jeff55 who lamented on his X handle about the development, stated that it is a thing of shock that a bank of this size couldn’t afford to have the necessary tools and experts to ensure a full protection of its online operations in this age and time.

Another customer Dimma stated that while Cybersecurity training may seem tedious, the recent #GTBank hack is a stark reminder that everyone is just a click away from a devastating attack.

Several media organisations had reported that hackers have stolen GT Bank website, and intercepted customers Data in massive phishing operation.

At the time of filing this report, Biztellers.com.ng checks on the banks website shows that it is still down and unaccessible, and neither GT Bank media and communications unit nor any of its agencies or surrogates have commented officially on the development.

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Tinubu commends increased crude production to 1.61 mbpd

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Says output surge buoyed by reforms he announced in May 2024 to address gaps in PIA

President Bola Ahmed Tinubu on Sunday declared a resurgence in the oil & gas industry, commending the increased crude production to 1.6 million barrels per day.

The president, who said this in a national broadcast, maintained that the resurgence was buoyed by the reforms he announced in May 2024 to address the gaps in the Petroleum Industry Act (PIA).

Nigeria’s crude oil output got a boost to 1.61 million barrels per day in July 2024 through the president’s directive and the industry leadership provided by the Nigerian National Petroleum Company Limited (NNPCL).

Acknowledging what he called a resurgence of the once-declining oil and gas industry in his Sunday-morning broadcast to the nation, President Tinubu said that oil investors are coming back to Nigeria.

He said; “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.

Read Also : BREAKING: Sell Crude To Dangote Refinery In Naira – Tinubu To NNPC LtdRead Also : BREAKING: Sell Crude To Dangote Refinery In Naira – Tinubu To NNPC Ltd

“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.

We were also using our hard-earned foreign exchange to pay for and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down.

This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.

“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.

“We have started the distribution of conversion kits and the setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.”

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FBN Holdings On Course For AGM

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Plans are in top gear for the 11th Annual General Meeting (AGM) of the FBN Holdings Plc.

The management made this disclosure in a notice it filed with the Nigerian Exchange Limited (NGX) on Thursday, where it averred that it has not been served with any court order against the proposed AGM.

According to notice, which was signed by the acting Company Secretary, Adewale Arogundade, FBN Holding said, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports purporting that the Company has received a Court Order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023.

“We confirm that this assertion is a false narrative as the Company has, as at the date hereof, not been served with any court order to stop the forthcoming AGM.

“Suffice to mention that the AGM is a statutory meeting of Shareholders that must be held in accordance with the law, further to which the Company will notify the regulators and the public as appropriate if there is any lawful order to restrain the Company from conducting same.

“We hereby assure our esteemed Shareholders that the AGM shall hold on August 15, 2023, as planned and we look forward to their attendance and active participation at the meeting.”

However, court orders published in national dailies showed that the Federal High Court in Lagos had issued an order against the financial institution, barring it from holding its 11th AGM.

The order was entered pursuant to a petition by Olusegun Onagoruwa, in suit No: FHC/L/CP/1271/2022. It was addressed to the bank and some other bank officials.

It read, “Take notice that unless you obey the directives in the judicial order contained in the order made on July 15, 2022, by the Federal High Court, Lagos, by refraining from proceeding with the 11th Annual General Meeting of FBN Holdings Limited proposed for August 15, 2023, from seeking approval to issue or raise share capital in any manner whatsoever, from appointing or confirming the appointment of new directors, or in any other manner taking any step towards implementing, actualising enforcing resolution of the 10th Annual General Meeting of FBN Holdings Plc held on June 20, 2022, or in any other manner overreaching, disobeying or undermining the said order of a court, you will be guilty of contempt of court and you will be liable to be committed to prison and to there imprisoned.”

Biztellers brought you a report that a segment of shareholders had staged a protest at the headquarters of the bank on Monday, calling for the AGM to be held, as well as soliciting regulatory interventions.

It is expected that at the AGM, FHN Holdings is poised to breathe life into plans to seek shareholders’ approval to raise N150bn fresh capital via a rights issue and elect new directors including billionaire, Femi Otedola and Samson Ariyibi among other resolutions.

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