India, the world's leading rice exporter, has imposed a ban on some overseas sales of the grain with immediate effect in the latest blow to the free flow of basic goods around the world.
The decision is primarily aimed at non-basmati white rice exports, which account for about a quarter of the country's total rice exports.
The ban was put in place to ensure ample domestic supply and to combat rising prices in the local market.
Rice is a staple food for more than three billion people worldwide and demand is rising sharply.
The availability of supply has become a huge issue amid constraints linked to the Covid-19 pandemic, geopolitical tension such as the conflict in Ukraine, as well as the onset of the weather phenomenon, El Nino.
All these factors have significantly affected production.
India's ban comes at a time when international rice prices have already hit their highest level in decades.
As the country contributes more than 40 per cent of all global rice shipments, the ban could exacerbate food insecurity in countries highly reliant on imports of the grain.
African nations, as well as Turkey, Syria and Pakistan are among those likely to be heavily affected as they are already battling high food-price inflation.
Despite the Indian government's previous efforts to control the situation by banning broken rice shipments and its move to impose a 20 per cent export tax on white rice in September, exports of non-basmati white rice jumped 35 per cent annually in the second quarter.
With the latest ban, prices are expected to rise further and alternative suppliers are unlikely to fill the gap left by India.
The decision coincides with strong gains in the global wheat market, triggering renewed concerns over rising food prices.
The cancellation of the Black Sea grain deal by Moscow, which previously protected Ukrainian exports, has already led to a jump in wheat prices.
Global food disruption
Various countries have also put in place, adjusted or lifted bans on different food items to control local prices and ensure domestic availability.
Ukraine's grain exports
In an attempt to control global food security and increase profits, Russia cancelled a deal enabling Ukrainian grain exports via the Black Sea, and carried out missile attacks on Ukraine's port cities, destroying significant grain stockpiles.
Five Eastern European countries, led by Poland, are pushing for an extension to the EU ban on Ukrainian grain imports until the end of the year as local farmers struggle with price drops due to cheap Ukrainian imports.
Poland has declared its intention to maintain the ban past its September 15 expiration, irrespective of the EU's decision.
European crop production
Drought has affected the yields of half of the land in the EU, raising fears about food production.
The southern part of the continent, particularly Spain and Portugal, has suffered from prolonged arid conditions that have significantly affected food and crop production.
Recent rainfall has done little to offset the effects of previous dry periods and extended heatwaves.
Simultaneously, a new drought is developing in the northern regions, including the UK, Ireland and Germany, due to severe lack of rain, stirring concerns about crop growth.
The European Commission plans to provide extra funding to EU farmers to help them cope with the adverse weather and high costs.
Kazakhstan's onion exports
Kazakhstan temporarily halted the export of onions in February 2023 to stabilise local prices.
The country's Interdepartmental Commission imposed a three-month ban in January 2023 after global demand rose due to natural disasters in Pakistan and a severe frost in Kazakhstan and Uzbekistan.
Onion stocks are sufficient for domestic consumption until the next harvest and the export ban is intended to ensure food security within the country.
This ban was suspended a month later and replaced by a limit on the volume of exports.
Belarus's measures
In a move to control domestic prices and amid statements that it has sufficient produce, Belarus banned the exports of apples, cabbages and onions, with the move affecting even its main buyer Russia.
However, the decision is not expected to significantly impact prices but may harm trade and reduce state revenue, as Belarus's import quantities for these goods annually exceed their exports.
Experts predict this ban may cause a short-term drop in prices, potentially followed by a rise if production is reduced in response.
Mexico bans white corn exports
The Mexican government imposed a temporary 50 per cent tax on white corn exports to ensure domestic supply and price stability.
This decision was based on the crucial role of white corn in Mexican cuisine, being a primary ingredient in tortillas.
This comes amid an continuing dispute between Mexico and the US over the former's decision to ban genetically modified corn and phase out the herbicide, glyphosate, by 2024.
Malaysia's chicken exports
The Malaysian government lifted a ban on chicken exports, except for day-old chicks, from July 1, 2023, to boost revenue and cash flow into the country, said Agriculture and Food Security Minister Mohamad Sabu
The ban was imposed last year to secure domestic supplies and control the increase in food prices, prompted by a global feed shortage amplified by the Russia-Ukraine conflict.
The country, which primarily exports live chickens to Singapore and Thailand, faced a slight glut, causing chicken prices to drop below the government's set ceiling.
The government will extend subsidies on egg and chicken production beyond July 1, and retain price controls on these food staples.
The move aims to ensure the welfare of the public and sustainability of the poultry industry as feed costs rise due to the Covid-19 pandemic and the Ukraine war.
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The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
UAE currency: the story behind the money in your pockets
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
- Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
- Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
- Michael Lawal (UK) beat Tamas Kozma (Hungary) KO
- Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Kandahar%20
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich 1
Kimmich (27')
Real Madrid 2
Marcelo (43'), Asensio (56')
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
UAE currency: the story behind the money in your pockets
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
UAE currency: the story behind the money in your pockets
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
