The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. India accounts for more than 40% of world rice exports, and low inventories with other exporters mean any cut in shipments could inflate food prices already driven up by Russia’s invasion of Ukraine last year and erratic weather.
“The sudden ban on exports would be very painful for the buyers, who can’t replace the shipments from any other country,” Rao said. While Thailand and Vietnam don’t have enough inventories to plug the shortfall, African buyers would be most affected by India’s decision, Rao said, adding that many countries will urge New Delhi to resume shipments. Other top buyers of Indian rice include Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh and Nepal.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Johnson & Johnson must pay $18.8 million to California cancer patient in baby powder suit | CNN BusinessJohnson & Johnson must pay $18.8 million to a California man who said he developed cancer from exposure to its baby powder, a jury decided on Tuesday, a setback for the company as it seeks to settle thousands of similar cases over its talc-based products in US bankruptcy court.
Source: CNN - 🏆 4. / 95 Read more »
Tesla directors will return $735 million to company to settle shareholder suit | CNN BusinessTesla directors will return $735 million to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court.
Source: CNN - 🏆 4. / 95 Read more »
Amazon and Apple fined $218 million by Spain antitrust watchdog | CNN BusinessSpain’s antitrust regulator has imposed fines worth a total of €194.1 million ($218 million) on Amazon and Apple for colluding to restrict competition on the Amazon website in Spain.
Source: CNN - 🏆 4. / 95 Read more »
UK inflation slows to lowest level in more than a year | CNN BusinessUK inflation eased more than expected in June, slowing to its lowest annual rate since March 2022
Source: cnni - 🏆 326. / 59 Read more »
Biden administration unveils draft changes to US merger review guidelines | CNN BusinessThe Justice Department and the Federal Trade Commission on Wednesday released a set of long-anticipated draft updates to the nation’s merger guidelines, introducing potentially comprehensive changes to the way the US government reviews mergers and acquisitions for the first time in more than a decade.
Source: CNN - 🏆 4. / 95 Read more »