World
For Third Straight Month, Global Prices of Food Drop in June
By Adedapo Adesanya
For the third consecutive month, the global prices of food fell in June 2022, according to the Food and Agricultural Organisation (FAO).
In the monthly report released by the world’s food watcher on Friday, the FAO Food Price Index (FFPI) averaged 154.2 points in June 2022, down 3.7 points (2.3 per cent) from May, marking the third consecutive monthly decline.
Despite this, it is still 29.0 points (23.1 per cent) above its value a year ago.
The drop in June reflected declines in the international prices of vegetable oils, cereals and sugar, while dairy and meat prices increased.
The FAO Cereal Price Index averaged 166.3 points in June, down 7.2 points (4.1 per cent) from May, but still 36.0 points (27.6 per cent) above its June 2021 value.
After reaching a near-record level in May, international wheat prices fell by 5.7 per cent in June, but are still up 48.5 per cent from their values last year.
The decline in June was driven by seasonal availability from new harvests in the northern hemisphere, improved crop conditions in some major producers, including Canada, higher production prospects in the Russian Federation, and slower global import demand. International coarse grain prices fell by 4.1 per cent in June but were still 18.4 per cent above their year-earlier values.
Downward pressure stemming from seasonal availabilities in Argentina and Brazil, where maize harvests progressed quickly, and improved crop conditions in the United States of America underpinned a 3.5-per cent decline in world maize prices in June. Concerns over demand prospects amidst signs of an economic slowdown added to the downward pressure.
Among other coarse grains, sorghum and barley prices fell in June by 4.1 per cent and 6.1 per cent, respectively, in tandem with lower maize and wheat quotations. Strong demand for Indica and basmati rice, coupled with thinning basmati availabilities, kept international rice prices on the rise in June.
The FAO Vegetable Oil Price Index averaged 211.8 points in June, down 17.4 points (7.6 per cent) month-on-month, driven by lower prices across palm, sunflower, soy and rapeseed oils. International palm oil prices declined for the third consecutive month in June, as a seasonally rising output of major producing countries coincided with prospects of increasing export supplies from Indonesia amid large domestic inventories.
In the meantime, world sunflower and soy oil price quotations also declined, tied to subdued global import demand in the wake of rising costs observed in recent months. In the case of rapeseed oil, besides demand rationing, international prices weakened on the imminent arrival of new crop supplies.
The FAO Dairy Price Index averaged 149.8 points in June, up 5.9 points (4.1 per cent) from May and as much as 29.9 points (24.9 per cent) above its June 2021 value.
In June, international prices of all dairy products increased. Quotations for cheese rose the most, underpinned by a surge in import demand for spot supplies amid market concerns over supply availabilities later in the year, as the early summer heat wave further weighed on already low milk output in Europe.
World milk powder prices increased on strong import demand, persistent global supply tightness and low inventory levels. International butter prices rebounded as market uncertainty over milk deliveries in the months ahead bolstered foreign purchases as well as internal demand in Europe.
The FAO Meat Price Index averaged 124.7 points in June, up 2.1 points (1.7 per cent) from May, setting a new record high and exceeding by 14.0 points (12.7 per cent) its June 2021 value.
World prices across all meat types increased, with poultry quotations rising sharply, reaching an all-time high, underpinned by the continued tight global supply conditions impacted by the war in Ukraine and the Avian Influenza outbreaks in the Northern Hemisphere.
Bovine meat prices edged up, as China lifted its import restrictions for purchases from Brazil. Meanwhile, pig meat prices recovered slightly on higher imports by several leading importers, amid continued low purchases by China. International ovine meat prices also bounced back on lower exportable volumes from New Zealand, notwithstanding subdued demand from Northern Asia.
The FAO Sugar Price Index averaged 117.3 points in June, down 3.1 points (2.6 per cent) from May, marking the second consecutive monthly decline and reaching its lowest level since February.
The slowdown in the global economic growth weighed on international sugar demand and price quotations in June. On the supply side, good global availability prospects continued to exert downward pressure on prices.
The weakening of the Brazilian Real against the US Dollar and lower ethanol prices in Brazil prompted producers to step up sugar production, contributing to higher supplies and lower world sugar prices in June.
However, uncertainties over the current season’s outturn in Brazil prevented more substantial price declines.
World
Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
World
UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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