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Is Donald Trump alienating the Middle East?

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trump middle east

Taking a look at Donald Trump and his recent outbursts that might alienate him with the Muslim world.

Donald Trump is making a lot of headlines these days and while they haven’t all been flattering, the 69-year-old business mogul seems unfazed that his brass manners have created such media furor. He is not a repentant person and has shown that he thrives in the media’s spotlight. He is often seen using loud words and confrontational rhetoric that that has helped him create both more supporters and more opponents, effectively polarizing the public, and whether for better or worse, he has been getting lots of media attention during his election campaign.

In a recent interview with Joe Scarborough on MSNBC’s “Morning Joe”, multi billionaire and presidential candidate Donald Trump made it clear that he would not be adverse to more surveillance of mosques in the US or even looking into closing some of them down. He believes a lot of the radicalization takes place in these mosques and that hatred towards America emanates from these houses of Muslim worship.

While these actions might alienate him to Muslims in general, they are nevertheless measures aimed at US citizens on US soil and as such they are not targeting the Muslim world in general. However, when he wants to ban all Muslims from entering the US, he’s sending a clear message to the international community as well. Adding to that his recent comments about Saudi Arabia being on par with China and other countries which he deems are cheating the US and one can understand why he might seem confrontational from a more international perspective.

Media feud with Alwaleed bin Talal

In a recent media spat, which was born after Trump had the idea to ban Muslims entering the US, Saudi Prince Alwaleed bin Talal let the presidential hopeful know what he thought of him when he tweeted the following: “You are a disgrace not only to the GOP [the Republican Party] but to all America. Withdraw from the US presidential race as you will never win”.

Donald Trump responded with accusations that Alwaleed bin Talal wants to control the US government with his daddy’s money and also called him “dopey”, which will surely not serve to lessen the tension between the two.

While Alwaleed bin Talal does not represent a united Muslim world, he is a well-known business magnate and philanthropist, ranking 34th on Forbes List of the richest people in the world in 2015. He has an estimated net worth of 28 Billion USD, dwarfing Donald Trump’s net worth and recently made headlines when he let the world know he’s donating his fortune to charity.

For the average voter in the US though, Alwaleed bin Talal is not exactly a household name and banning Muslims is not a problem. Among the American public Trump has the majority backing his proposal among Republicans, with a large estimated one third minority among Democrats backing him as well.

trump middle eastTrump and the international business world

The big question for business mogul-come-presidential nominee is not just about winning or losing the presidency. As a business man and a professional he must also contend with the lost business and brand value he is suffering from his remarks in the parts of the world he has been seen as demeaning.

The evidence seems to suggest he is already losing business in the millions from former partners in the Middle East as the Landmark Group is cutting its ties with the Trump Organization and will no longer carry home decor products from the company that is headed by Donald Trump.

What he is losing in business and brand value in the Middle East, he is most likely making back in campaign funding however, which has increased as he rides the wave of fear of Muslims and terrorism that has enthralled certain American voters.

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Nigeria to review mining licences as part of industry overhaul

Comments (0) Africa, Business, Latest Updates from Reuters

ABUJA (Reuters) – Nigeria will review all its mining licences as its wants to overhaul a largely unproductive sector dominated by artisan miners, the mining ministry said on Monday.

The West African nation wants to lower dependency on oil production as crude prices tumble and boost output of solid minerals that contribute only 0.34 percent to GDP, according to official data.

Africa’s largest economy has some gold and iron deposits but little seismic data exists as the government has focused on oil exploration in the past decades.

To make a sector 80 percent dominated by artisan miners more efficient, mining minister Kayode Fayemi said all licences would be reviewed by March 1, according to a statement.

“We will work with stakeholders to review existing licenses and bring them up to date where there are issues,” he said in the statement, his first policy comments since taking office last month. “The period from today to 1st March 2016 should be considered an amnesty period to allow regularisation of papers.”

He said Nigeria had 44 known minerals including gold, iron ore, bitumen, zinc, tin and coal but authorities needed to get better data before deciding on a policy focus.

Nigeria has attracted few foreign investors to the mining sector due to a lack of roads, corruption and weak regulation.

 

(Writing by Ulf Laessing; Editing by David Evans)

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Nigeria’s Kaduna refinery restarts

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CAIRO (Reuters) – Nigeria has restarted its northern Kaduna refinery, an official at state oil firm NNPC said on Monday after a pipeline pumping crude to the plant resumed operations.

The refinery, which has a capacity of 110,000 barrels a day, resumed on Saturday, said Ohi Alegbe, a spokesman for NNPC. He gave no production data.

Nigeria’s four ageing oil refineries produced nothing in October, despite a goal from the state company to produce 30 percent of its own gasoline in 2016.

Despite exporting 2 million barrels per day (bpd) of crude oil, Nigeria is almost wholly reliant on imported gasoline, kerosene and other petroleum products.

 

(Reporting by Ulf Laessing; Editing by David Goodman)

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Driving Up Tourism in Abu Dhabi

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With ambitions to become a top winter sun destination, Abu Dhabi has launched a new cruise ship terminal and is developing its tourism infrastructure.

With ambitions to become a top winter sun destination, last Sunday, Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Deputy Chairman of the Abu Dhabi Executive Council, officially opened Abu Dhabi’s first purpose-built cruise ship terminal. With capacity for three ships carrying 5,000 passengers at a time, this new terminal, located in the Zayed Port, marks a major landmark for cruise tourism in Abu Dhabi. 205,000 cruise visitors in 112 vessels are already scheduled for this season, 2015-2016, which is a fivefold increase compared to the first cruise season of 2006-2007. Officials expect this figure to increase by at least 15,000 next season to 220,000 cruise passengers in 117 vessels (2016-2017). Longer term growth projections anticipate that figure to reach 300,000 passengers in 130 vessels by 2019-20. Swiss-based cruise line MSC Cruises will be the first cruise line to use the new terminal as its home port for the 2015-16 season. The following season, it will be joined by Celebrity Cruises.

Abu Dhabi’s Economic Vision 2030

Development of the cruise tourism industry is part of a plan to significantly boost tourism in the emirate traditionally seen as second to Dubai as a tourist destination. In 2006, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, mandated the development of a long-term economic plan to increase the non-oil share of the emirate’s GDP. Known as the Economic Vision 2030, the year by which predictions suggest Abu Dhabi’s baseline growth assumptions could achieve economic diversification, the plan focuses on finding tangible solutions to boost tourism and leisure. Sultan Ahmed Al Jaber, Minister of State, said: “By working closely with our strategic partners and building the necessary infrastructure we hope to expand Abu Dhabi’s tourism sector and reinforce its position as a major global destination.”

As part of the Economic Vision 2030 plan, in 2006 Abu Dhabi also formed the Tourism Development and Investment Company (TDIC), a body intended to drive development of the tourism industry. Capitalizing on blue seas, sand dunes, and UNESCO world heritage sites, the TDIC is currently working on more than 55 projects across the emirate which are all set for completion by 2020. Building projects include multi-use complexes, business and leisure resorts, and desert resorts. One of its flagship developments is Saadiyat Island, where branches of the Louvre and the Guggenheim are currently being built, and expected to open towards the end of next year. Two championship golf courses, environmentally-friendly resorts, new hotel developments, and luxury residential developments to house 160,000 residents are also underway.

The Abu Dhabi International Airport is also undergoing expansion in order to increase its capacity to 45 million. The new, high-tech 700,000 square meter Midfield Terminal Building, set to open in 2017, has been designed to process 19,000 bags per hour on a 22 kilometer baggage handling system and to utilize a new check-in system that can automatically verify mobile and printed boarding passes, improve security, and lower waiting times.

These projects will join the Yas Island development, Abu Dhabi’s $40 billion man-made destination island, which is home to the Ferrari World theme park and the $1 billion Yas Marina circuit, the most expensive F1 track ever built, which hosted the first Abu Dhabi Grand Prix in 2009.

Tourism up in Abu Dhabi

The strategy is already seeing some success. Abu Dhabi’s most recent summer season saw a 21% rise in the number of visitors compared with the previous year. The most significant growth came from Indian visitors, up by 29.8% year-on-year, and Saudi Arabian visitors, up 28% year-on-year. Visitors from the US also grew a significant 24.4%. And visitors from Europe grew 18.1%, with the United Kingdom and Germany contributing to the bulk of the increase. The figures mean that this year Abu Dhabi will exceed 4 million visitors for the first time. Sultan Al Mutawa Al Dhaheri, acting executive director of the Abu Dhabi Tourism and Culture Authority (TCA), said: “We are hugely encouraged by number of visitors who came to the emirate, not only from across the GCC but from around the world”.

The TCA will continue to focus on attracting tourists from India, a drive which this year saw a promotion office opened in India’s capital Delhi to increase passengers of Cruise Arabia, a voyage touring Dubai, Abu Dhabi, Bahrain, and Muscat. The TCA is also focused on attracting tourists from China. This year, more than 20 Abu Dhabi hotels, shopping centers, and tourist destinations enrolled in the China National Tourism Administration’s “Welcome Chinese” program to learn about providing services for Chinese travelers such as Mandarin-speaking staff and payment services for China’s UnionPay bank cards. The TCA has also led a delegation of Abu Dhabi travel suppliers, including representatives of Hyatt Hotels and Resorts and The Ritz-Carlton Abu Dhabi, to Korea and Japan. And looking toward the African market, the TCA will open an office in South Africa this coming year.

The Middle East looks to tourism

Abu Dhabi’s tourism aspirations are part of a burgeoning trend in the region. Dependent on oil for around 50% of GDP and suffering from high unemployment of the young, Saudi Arabia has begun investing in a number of programs to develop heritage sites, museums, tourist accommodation, and tourism infrastructure. A report by the Saudi Commission for Tourism and National Heritage (SCTNH) confirms: “Tourism represents the second most important economic sector in the Kingdom. Despite its low contribution to the gross domestic product (GDP) of only 2.7 percent, development plans in tourism show its ability to raise its contribution to higher levels, and makes it more capable to develop targeted areas especially the rural and remote areas that need comprehensive economic development to create jobs and investment opportunities.” The global Travel and Tourism Competitiveness Report currently ranks Saudi Arabia as 64th in the world. This in fact puts it ahead of many of the more traditionally tourist-focused countries in the Middle East: Tunisia is 79th, Egypt is 83rd, and Lebanon is 94th.

Qatar is also looking to boost tourism to diversify its economy; 2013 tourism figures were up 8.3%, but it still lags behind most of its neighbours. The Qatar Tourism Authority (QTA) has set a goal of attracting 7.4 million visitors by 2030, and has pledged to spend billions in developing new tourist attractions and training more hospitality workers. And Dubai’s Department of Tourism and Commerce Marketing (DTCM) is also busy implementing Dubai Vision 2020, a program designed to double the number of tourists from 10 million in 2012 to 20 million by 2020, and boost tourism’s share of GDP to $81.7 billion.

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Brent crude oil falls to 2004 low as market rout heads into Christmas

Comments (0) Business, Latest Updates from Reuters

SINGAPORE (Reuters) – Brent crude prices fell to levels last seen in 2004 on Monday, dropping below the lows hit during the 2008 financial crisis on renewed worries over an oil glut.

Global production remains at or near record highs and new supply looms from the Iran and the United States. Crude markets are also under pressure following last week’s U.S. interest rate hikes and on signs of growing U.S. stockpiles even as more drilling rigs are deployed.

Brent futures fell almost 2 percent and as low as $36.17 per barrel on Monday, the weakest since 2004 and below the $36.20 low reached on Christmas Eve 2008 before edging back to $36.42 at 0620 GMT. Prices are still down 46 cents from their last settlement.

U.S. West Texas Intermediate (WTI) futures were down 24 cents at $34.49 per barrel and close to last Friday’s 2015 lows.

Both benchmarks have fallen more than two-thirds since mid-2014 when the rout began.

An unexpected gain in the U.S. oil rig count – by 17 to 541 – and the strength in the U.S. dollar following last week’s interest rate hike, which makes oil more expensive for countries using different currencies, all weighed on crude prices, said analysts.

“The increase in rig count even in a low crude oil price environment suggests shale producers are committed to maintaining production levels. The resilient production data reflect rising U.S. crude stockpiles, which have surged to 491 million barrels, the most for this time of year since 1930,” ANZ bank said.

The U.S. glut adds to global oversupply as the main producers, including Russia and the Organization of the Petroleum Exporting Countries (OPEC), pump hundreds of thousands of barrels of crude every day in excess of demand.

Russian production has surpassed 10 million barrels per day (bpd), the highest since the collapse of the Soviet Union, while OPEC output also remains near record levels above 31.5 million bpd. OPEC leader Saudi Arabia upped production from 10.226 to 10.276 million bpd between September and October.

Iraq’s oil minister Adel Abdul Mahdi told Reuters over the weekend that OPEC would stick to its Dec. 4 decision to not limit production despite the drop in prices.

“OPEC can’t take a unilateral decision, for example, to cut production and others … raise production,” he said.

More oil becoming available soon will add to the glut, with Iran hoping to ramp up sales in early 2016 once sanctions against Tehran are lifted.

Iran will export most of its enriched uranium to Russia in coming days as it rushes to implement a nuclear deal and secure relief from international sanctions, Tehran’s nuclear chief was quoted as saying over the weekend.

This comes only days after the U.S. voted to lift a 40-year-old ban on crude exports which could see some production released on the global market.

 

(By Henning Gloystein. Editing by Christian Schmollinger)

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Nigeria Sterling Bank says open to merger to build scale

Comments (0) Africa, Business, Latest Updates from Reuters

LAGOS (Reuters) – Nigeria’s Sterling Bank is open to merger or acquisition talks to build scale to counter weak market conditions caused by slow economic growth this year which could continue into 2016, its chief executive said.

Africa’s biggest economy relies on oil exports for about 58 percent of government revenue and faces its worst economic crisis in years because of the fall in crude prices, which tumbled to their lowest in more than six years last week.

CEO Yemi Adeola said late on Thursday the slowdown in the economy couple with currency weakness provided opportunities for a market consolidation to build scale and cut costs, adding that one or two foreign banks were having discussions about possible acquisitions in Nigeria.

“You could see … one or two international banks taking over one or two Nigerian banks … in 2016 from the look of things,” he said, declining to name the lenders.

“As for us at Sterling, we are always open, anything that will give us scale, we will pursue.”

Sterling Bank, which itself is the product of a merger of six local banks, was the target of a takeover in 2011 by South Africa’s No.2 banking group FirstRand. Acquisition talks collapsed after the two sides failed to agree on terms.

Shares in the bank, which have fallen 25.9 percent this year, are trading at less than 1 times its book value, analysts say. The stock shed 4.79 percent on Friday to 1.79 naira, giving it a market value of 51.5 billion naira ($259 million).

Adeola expects investment flows to reverse after the U.S. Federal Reserve raised interest rates this week for the first time in almost a decade, a move that could also hurt borrowers exposed to the dollar.

The naira, which is pegged to the dollar, has been hitting new lows among retail bureaux de change operators since last week with the central bank trying to curb demand to conserve its reserves, hurting commercial banks’ trade business.

Sterling Bank said on Thursday it would raise 35 billion naira ($177 million) in Tier II debt early next year to expand its loan book and saw no need to tap equity markets.

 

(By Oludare Mayowa. Writing by Chijioke Ohuocha; Editing by Mark Potter)

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Iran’s nuclear deal may not mean an oil boom

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The prospect of western sanctions ending in Iran is an exciting prospect for international oil companies hoping to tap the fourth largest oil reserves in the world. According to Russia’s envoy to the U.N. nuclear watchdog, the historic Iran nuclear deal is expected to see sanctions lifted in Tehran in January 2016. The Joint Comprehensive Plan of Action (JCPOA), a deal brokered between Iran and the P5 + 1 nations (France, China, UK, Russia, US and Germany) in July 2015 after 20 months of negotiation, is ground breaking. In exchange for Iran reducing its nuclear program, including swapping non-enriched uranium to scale back its stockpile of low-enriched uranium, Europe and the US will lift international economic sanctions on Iran.

Despite concerns that the US Congress may block the deal, the prospect of oil markets opening up to international oil companies seems more likely come January 2016, with the IAEA (International Atomic Energy Association) expected to close a 12 year investigation into Iran’s nuclear program when the board meets in December 2015.

Hope for oil markets as sanctions lift

If the Iran nuclear agreement holds, western sanctions are due to begin winding back in early January 2016. Consequently, a Reuter’s poll comprising 25 oil analysts and economists predicted that as much as 750,000 barrels per day (bpd) of Iranian crude oil could enter the global market by mid-2016. International oil companies such as France’s Total, Italy’s Eni and Royal-Dutch Shell are understandably enthusiastic about the prospect of gaining traction in Iran’s emerging oil economy. With the promise of 50 new production projects in Iran’s extensive oil and gas reserves and flexible contracts on offer in 2016, the prospect of an oil boom seems tangible.

iran oilProgress on JCPOA nuclear deal

But how robust is this deal in reality? Will Iran deliver on its promise to scale back their nuclear program?

On the one hand there are promising signs that Iran is ratifying the agreement. As recently as November, 2015 the Iranian nuclear chief, Ali Akbar Salehi reported that work had begun to decommission centrifuges. This activity was additionally confirmed by complaints in Tehran from 20 MPs, claiming that dismantling work at Natanz and Fordow facilities was advancing too quickly.

Further progression of the JCPOA was evidenced by Iran granting permission for the head of the International Atomic Energy Agency to visit the sensitive military site Parchin in September, 2015. This was despite earlier parliamentary restrictions which declared the nuclear deal excluded such inspections.

However, in complete contrast to these acts of compliance, in October, 2015 Iran fired a long – range ballistic missile from a hidden military base in a seemingly confrontational act of defiance. Considering sanctions will only be lifted when Iran fulfils conditions within the nuclear agreement, this action sent confusing signals.

Political climate throws doubt on nuclear deal

There is also concern that the nuclear deal has not been ratified into local Iranian law. Rather the Iranian parliament has referred to the JCPOA as a “Plan of Action”, maintaining the agreement’s voluntary nature (according to the Iranian government). This avoids the Iranian parliament having to mandate the agreement as an international treaty or contract, which would require local governmental authorization into law.

Thus the nuclear deal, in reality, is an agreement accepted by the Rouhini agreement on the basis of good faith, but stands on shaky ground when considering the implications for future governments. Until the JCPOA deal is legislated into Iranian law it would arguably be unwise for international oil companies to leap into Iran’s oil and gas market without some serious caution.

Conditions too volatile to ensure oil market stability in Iran

Although some economists have predicted a significant global reduction in oil prices once the JCPOA “day of commencement” arrives, the shifting sands of Iran’s political and military conditions make this eventuality less likely. Even if Iran does comply with nuclear downsizing, discontinues weapons testing and demonstrates political willingness to conform to the agreement, there is still concern about the power of the military over commercial operations.

For instance the US insists sanctions will be maintained over the Iranian Revolutionary Guard Corps. Although this military corps was designed to respond to internal or external threats against Iran, it now has extensive influence in the Iranian oil and gas industry via control over hundreds of companies. Therefore, international oil companies may still find themselves hampered by sanctions if they partner with Iranian companies maintaining ties to the revolutionary guard.

When the long term political and military complexities are considered in Iran, it seems it may be some time before the Iran nuclear deal will make a significant impact on global oil markets.

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Ivory Coast produced 126,000 tonnes of robusta in 2014/15

Comments (0) Africa, Business, Latest Updates from Reuters

ABIDJAN (Reuters) – Ivory Coast produced 126,000 tonnes of robusta coffee during the recently ended 2014/15 season and is targeting output of 130,000 tonnes this season as it seeks to revive the sector after years of decline, a government spokesman said on Friday.

Under reforms introduced in 2012, the West African country abandoned more than a decade of liberalisation in its coffee industry, which proved bad for farmers and production.

Now the Coffee and Cocoa Council (CCC) sells forward the bulk of the anticipated crop in order to fix a guaranteed price for farmers.

“Since the reform, coffee production hasn’t ceased to increase,” Bruno Kone said following a cabinet meeting in the commercial capital Abidjan.

Ivory Coast, the world’s biggest cocoa grower, set a government guaranteed farmer price of 670 CFA francs ($1.11) per kilogram on Friday’s opening day of the 2015/16 harvest, Bruno Kone said, up from 650 CFA francs/kg last season.

Ivorian green robusta coffee output peaked at 380,000 tonnes in 2000, statistics from the United Nations’ Food and Agriculture Organization show, before collapsing during a decade of political turmoil and a drop in world prices.

Before the reform programme was implemented, Kone said, annual output had fallen to around 90,000 tonnes. Ivory Coast is targeting production of around 400,000 tonnes by 2020.

 

(Reporting by Loucoumane Coulibaly; Writing by Joe Bavier. Editing by Jane Merriman)

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Moody’s downgrades Glencore’s ratings, keeps stable outlook

Comments (0) Africa, Business, Latest Updates from Reuters

(Reuters) – Commodities trader Glencore’s credit rating was downgraded to one notch above junk status by Moody’s Investors Service on Friday which cited likely weak mining market conditions over the next two years.

Moody’s downgraded Glencore’s ratings by one notch to Baa3 from Baa2 and said the outlook was stable.

“Our decision … reflects our expectations that the pricing environment in mining will remain unfavourable in 2016-17, making a return to the previous level of earnings unlikely,” Moody’s lead analyst on Glencore Elena Nadtotchi said in a statement.

“However, we believe that Glencore has the capacity to adjust its balance sheet to a reduced earnings level in order to maintain its investment grade ratings.”

Glencore said last week it remained focused on preserving its investment grade ratings.

Glencore has a higher debt load than its mining company rivals in part because its trading business borrows money to take large positions that can generate tight profit margins.

Moody’s said last month it was reviewing its rating of commodity trader Noble Group for a potential downgrade, citing the company’s weaker than expected liquidity profile and its high leverage. Noble’s current Moody’s rating is Baa3.

Switzerland-based Glencore came under pressure this year from investors and ratings agencies to cut its net debt of around $30 billion, one of the highest in the industry, as prices for commodities such as copper and coal hit multi-year lows.

In September, Glencore said it would take action to cut net debt, including asset sales, reduced expenditure, a suspension of dividend payments and raising $2.5 billion of new equity capital to protect its investment grade ratings after its shares fell to record lows.

It said last week it was targeting net debt of $18 billion to $19 billion by the end of 2016, lowering a previous target of $20 billion, after commodity prices tumbled further.

Glencore had previously said the plan would allow it to withstand copper prices of $4,000 a tonne, and the revised debt target was expected to help the company cope with copper below that level, even at $3,500 a tonne.

Copper hit a six-year low of $4,443.50 a tonne on Nov. 23, but has since recovered and was trading at $4,658 a tonne as of 1410 GMT on Friday.

“The stable outlook on the Baa3 ratings factors the expectation that Glencore will improve its leverage profile in 2016 and will continue to maintain strong liquidity,” Moody’s said.

The ratings agency also said an upgrade of Glencore’s ratings to Baa2 would be considered in the medium term once leverage was sustainably reduced.

Glencore makes about a quarter of its earnings from commodities trading, which had previously allowed it to withstand a steep fall in oil and metal prices slightly better than pure-play miners.

But the division came under the spotlight after it generated lower-than-expected earnings in the first half and the company cut its earnings forecast for the business.

Glencore has set guidance of $2.4 billion to $2.7 billion for the division’s earnings in 2016 and Moody’s said earnings below this target could place negative pressure on the Baa3 ratings.

 

(Reporting by Olivia Kumwenda-Mtambo; editing by Jason Neely and Jane Merriman)

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South Africa white maize at record high, drought concerns mount

Comments (0) Africa, Business, Latest Updates from Reuters

JOHANNESBURG (Reuters) – Mounting jitters about a searing drought pushed South African white maize prices to record highs on Friday and traders said the ceiling had not been reached as farmers fail to plant in the Free State province.

The rand’s plunge to record lows has also spurred the rally, which has serious implications for the inflation outlook in Africa’s most advanced economy as white maize is the main source of calories for lower-income households.

South Africa’s central bank, which is in a tightening cycle, has repeatedly voiced concern about the drought and food prices.

The December white maize contract, which expires next week, was 0.6 percent higher at 4,140 rand a tonne after scaling a peak of 4,160 rand, according to Thomson Reuters data.

“Some relief rain fell yesterday and last night but it is still too little in the Free State and there are still farmers there who have not planted yet,” said Piet Faure, a trader at CJS Securities.

The weather forecast for the next two weeks in maize-growing areas of the Free State is also not good, traders said. Farmers who have not yet planted will soon run out of time to do so.

An El Nino weather pattern has exacerbated the drought and follows a bad last harvest when dry conditions shriveled the crop by a third to 9.94 million tonnes, the lowest since 2007.

 

(Reporting by Ed Stoddard; Editing by Ed Cropley)

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