• UN warns of record food prices surging

      UN warns of record food prices surging

      The United Nations Food and Agriculture Organisation warned of possible global food shortage amid soaring costs related to pandemic, Reuters reported. The costs of imports monitored by FAO are seen soaring by 12% this year. The spike in costs is driven by extremely high demand in lockdown periods. The world's food import costs, which include shipping charges, is projected to reach to a record $1.715 trillion this year, from $1.530 trillion in 2020, FAO elaborated in its twice-yearly Food Outlook report.

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    • UK seals deal with Norway, Iceland and Liechtenstein

      UK seals deal with Norway, Iceland and Liechtenstein

      UK announced it had achieved a post-Brexit agreement with three European countries, Reuters reported. Norway, Iceland and Liechtenstein which are part of the European Economic Area confirmed that the trade accords with Britain were sealed. The deals end a post-Brexit period which marked the separation of UK from EU.

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    • Global food prices soar in May

      Global food prices soar in May

      Global food prices surged in May at its fastest pace since October 2010, BBC reported. The foods rose by 39.7 % on monthly basis, a report by the UN Food and Agriculture Organisation (FAO) showed. The robust growth of prices was largely due to pandemic restrictions which disrupted deliveries in some parts of the world. The UN uses a broad index of global food costs, which have also climbed for 12 months in a row.

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    • UK in talks to join the Trans-Pacific trade accord

      UK in talks to join the Trans-Pacific trade accord

      UK announced it had stepped up efforts to join the Trans-Pacific Partnership, BBC reported. The new alliance is seen as a substitute to the EU. UK hopes to join the other 11 member countries shortly. The British government, which asked to become a member of the TPP in February, said membership was a huge opportunity in a post-Brexit world.

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    • Metal prices slump on China state firms warning

      Metal prices slump on China state firms warning

      The global prices of industrial metals dipped as Chinese official state authorities issued a warning, directed to state firms, with a call to stop the aggressive buyer approach, BBC reported. As China is the biggest consumer of metals, the warning helped sinking the prices on all markets. China's National Development and Reform Commission (NDRC) urged the firms to maintain "normal market orders". The move comes after metal prices have surged in recent months as major economies emerge from the pandemic.

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    • UK retail sales spike as most shops reopen

      UK retail sales spike as most shops reopen

      UK clients stormed retail traders as shops started reopening in April, BBC reported. The retail trade sector reported a rapid surge in spending on clothes and non-essential goods, the UK Office for National Statistics (ONS) said. Retail sales jumped 9.2% in April, with sales of clothing soaring by nearly 70% compared with March.

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    • Japan exports rise 38% as global car demand picks up

      Japan exports rise 38% as global car demand picks up

      Japan posted a record growth in exports of goods as global demand for cars and electronics increased, Reuters reported. Official figures showed that the speed in exports growth in April is fastest since 2010. The data fueled optimism that the world third largest economy is firmly on track of recovery from the pandemic slowdown. Also brightening the outlook, confidence among the nation's manufacturers hit a more than two-year high in May on the back of solid overseas orders.

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    • Luxury industry eyes rebound from pandemic by end-2021

      Luxury industry eyes rebound from pandemic by end-2021

      Luxury brands worldwide bet on fast rebound from the Covid-19 slowdown as customer demand picks up due to huge stimulus packages and fast vaccination roll-out fuels optimism over economic recovery, AP reported, quoting a study by Bain & Co. consultancy. The rapid rebounding US economy together with China - already on an established growth trajectory - could push the global market for personal luxury goods back to or even beyond pre-pandemic sales levels as early as this year, Bain partner Claudia D’Arpizio said.

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