World
African Union’s Voice for Restoration of Black Sea Grain Deal Stripes on Russian Rocks
By Kestér Kenn Klomegâh
African delegates to the second Russia-Africa summit held in St. Petersburg July 27-28 expressed sadness over Russia’s fierce resistance to renewing its membership of the Black Sea grain deal that allowed Ukraine to export grain through its Black Sea ports to the world.
The African Union, the continental organization, has passionately called for an “urgent” restoration of the Black Sea grain deal with Russian President Vladimir Putin. “The problem of grains and fertilizers concerns everyone,” Comoros President Azali Assoumani, who currently heads the African Union, said at a summit with Russia in St. Petersburg.
African countries are asking that the delivery of Russian and Ukrainian grain to the continent be made easier, President of the African Union and President of the Comoros Azali Assoumani and African Union Commission Chairman Moussa Faki Mahamat said.
“The Ukrainian crisis is having a major impact, so resolving this crisis will save the lives of a large number of people who depend on these food supplies. Our continent is currently being severely impacted by food prices. Therefore, we urge all stakeholders to facilitate the delivery of both Ukrainian and Russian grain to our countries,” Assoumani pointed out.
This conflict affected the entire world in a negative way, African Union Commission Chairman Moussa Faki Mahamat said. “Of course, we are concerned over the grain supply issue,” he said, adding that it is “necessary to immediately and promptly resolve the problem of food shipments to countries in need.”
South African President Cyril Ramaphosa and Senegalese counterpart, Macky Sall, raised this question when the group presented the peace plan past June in St. Petersburg. A number of other African delegates during the summit raised this question.
Earlier, Egyptian President Abdel Fattah el-Sisi also added his voice, urging the Kremlin to revive the deal that allowed Ukraine to export grain from its seaports. Sisi said during the summit that an agreement was “essential.”
Back in New York, United Nations Secretary-General Antonio Guterres has also held a meeting with Russian Deputy Foreign Minister Sergei Vershinin to discuss the grain deal, UN spokesperson Stephane Dujarric said at a briefing on Friday.
“Secretary General met with Russian Deputy Foreign Minister Vershinin in Rome on Tuesday morning and, first of all, he has called Russia to rejoin the Black Sea Initiative and also reiterated his commitment to doing whatever he can to facilitate the trade in Russian and Ukrainian food and fertilizer,” Dujarric said.
Guterres said he would continue to maintain contact with all parties involved regarding the possibility of restoring the Black Sea grain initiative. He said he is committed to agreements that could be in the interests of Kyiv and Moscow.
“We will go on with all our contacts, with all parties – Turkey, Ukraine, Russia and other countries that are relevant from the point of view of the global markets in order to reestablish the Black Sea Initiative,” Guterres said at a press conference at the UN’s headquarters.
Russia pulled out of the deal on July 17 and warned that it would attack all ships going to and from Ukrainian ports. Russian missiles also destroyed more than 60,000 tons of Ukrainian grain in Odesa.
Russia has been bombarding Ukrainian agriculture infrastructure daily since the end of the deal. Ukraine is a major agricultural producer whose exports are a noteworthy pillar of food security in many countries around the world. Exporting grain overland through Europe created controversy with farmers in those countries, whose markets became flooded with cheap grain.
The termination of the deal would affect a number of countries in the Middle East, North Africa and Southeast Asia. Due to the limited transport capacity and infrastructure in Central and Eastern Europe, a significant part of the land export of grain from Ukraine may get stuck in transit countries, which have local producers of this agricultural product.
The Black Sea agreement has helped keep benchmark prices of the foodstuff under control by boosting supply to world markets. On July 17, Russia officially announced its withdrawal from the grain agreement after an attack at the Crimean Bridge. In addition, Moscow withdrew guarantees of navigation safety in the Black Sea. The UN-brokered Black Sea grain deal expired on July 18.
By Adedapo Adesanya
The global markets are experiencing relief as the United States and China, the world’s two largest economies, have agreed to slash tariffs on each other, to ease effects of a trade war.
Speaking after talks with Chinese officials in Geneva, US Treasury Secretary, Mr Scott Bessent told reporters that the two sides had reached a deal for a 90-day pause on measures.
US trade representative Jamieson Greer said so-called reciprocal tariffs were now at 10 per cent each.
Business Post reports that in real terms, the deal means the US is reducing its 145 per cent tariff announced by President Donald Trump to 30 per cent on Chinese goods.
A tariff of 20 per cent had been implemented on China when President Trump took office over what his administration said was a failure to stop illegal drugs entering the US.
China has agreed to reduce its 125 per cent retaliatory tariffs to 10 per cent on US goods.
Sector-specific tariffs, such as the 25 per cent tax on cars, aluminium and steel, remain in place.
Last month, President Trump announced a 90-day pause on the reciprocal tarrifs. However, China was the only country exempt from the pause on the retaliatory tariffs above the base 10 per cent levies.
The development had impacted many markets across the world from stocks to oil to bonds and minerals.
Mr Bessent said after a weekend of negotiations in Switzerland, the countries had a mechanism for continued talks.
It is the second major trade announcement made by the US in the last week, after a deal was secured with the United Kingdom on Thursday.
The move signals a willingness from the Americans to make deals on tariffs.
The news was received positively by major markets.
Brent crude is currently up 2.9 per cent to $65.78 per barrel while the US West Texas Intermediate (WTI) is up 3.1 per cent to $62.91 a barrel.
Asian stock markets on Monday as major indexes were up. In China, the Shanghai Composite stock index rose 0.8 per cent, the Shenzhen Component gained 1.7 per cent, and Hong Kong’s Hang Seng index was up nearly 3 per cent.
Korea’s Kospi grew 1.1 per cent, Japan’s Nikkei was up 0.8 per cent while India’s Nifty 50 index of most valuable companies gained more than 3 per cent, as per Sky News.
CNBC reports that US stocks look set to rise on the open, based on after-hours trading. Wall Street’s tech-heavy Nasdaq is expected to rise by 3.3 per cent, and the S&P 500 index of companies relied on to be stable and profitable by 2.5 per cent.
Mr Bessent also said, “As long as there is good faith effort, engagement and constructive dialogue, then we will keep moving forward,” in response to questions from journalists.
The market will await further developments and possible ease to recent headwinds.
By Adedapo Adesanya
The new pope of the Catholic Church has been revealed as Robert Prevost of the United States, the first American pontiff in history.
Following his emergence, he will be known as Pope Leo XIV.
Voting commenced on Wednesday, and after three rounds of black smoke, white smoke billowed above the Sistine Chapel on Thursday evening.
This is the signal that cardinals had selected a new pontiff on the second day of the conclave.
Prevost, age 69, from Chicago, Illinois, is a leader with global experience. He spent much of his career as a missionary in South America and served as a Bishop in Peru. He most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
There were 133 voting cardinals, who had all been sequestered inside the Vatican during the conclave. Any one of them needed two-thirds of the vote to become the next pope.
“Peace be with you all,” said Leo XIV in his first remarks as pope.
“This is the first greetings of the resurrected Christ, the good shepherd who has given up his life for God,” he said, explaining the choice of his greeting. “And I should also like this greeting of peace to enter our hearts and our families.”
Leo XIV looked visibly emotional as he waved to the adoring crowd in the square below the balcony.
A leader with global experience, he spent much of his career as a missionary in South America and most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
He worked for a decade in Trujillo, Peru, and was later appointed bishop of Chiclayo, another Peruvian city, where he served from 2014 to 2023.
Prevost also holds a Peruvian passport and has been a Peruvian citizen since 2015.
By Dipo Olowookere
A white smoke was seen from the Sistine Chapel at the Vatican City on Thursday evening, signalling the election of a new pope for the Catholic Church.
This is coming a few days after the previous occupier of the position, Pope Francis, was laid to rest after he died on Easter Monday of 2025 at the age of 88 after an illness.
At the moment, the name of the new pope has not been announced. This would be done later by Cardinal Dominique Mamberti from the balcony of St. Peter’s Basilica.
About 133 Cardinals partook in the process of electing a new pope, the largest in history, with 103 of them doing this for the first time.
On Wednesday, the Conclave could not finalise the election of a new pope, with a black smoke emanating from the the Sistine Chapel.
Details later…
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