World
Sugar, Dairy, Vegetable Oil Drive Global Food Prices Higher in February
By Adedapo Adesanya
Global food prices rose in February 2025, driven by higher sugar, dairy and vegetable oil price, a report from the United Nations Food and Agriculture Organisation (FAO) has revealed.
It was revealed that the FAO Food Price Index (FFPI) averaged 127.1 points in February 2025, up 2.0 points (1.6 per cent) from its revised January level.
While the meat price index remained stable, all other price indices rose, with the most significant increases recorded for sugar, dairy and vegetable oils.
The overall index was 9.7 points (8.2 per cent) higher than its corresponding level one year ago; however, it remained 33.1 points (20.7 per cent) below the peak reached in March 2022.
The FAO Cereal Price Index averaged 112.6 points in February, rising by 0.8 points (0.7 per cent) from January but remaining 1.2 points (1.1 per cent) below its February 2024 level.
Wheat export prices increased month-on-month, driven by tighter domestic supplies in the Russian Federation, which constrained export volumes and shifted demand to other suppliers, adding upward pressure on global prices.
Additional support to the price increases came from concerns over unfavourable crop conditions in parts of Europe, the Russian Federation and the United States of America.
World maize prices continued their upward trend in February, primarily due to tightening seasonal supplies in Brazil, worsening crop conditions in Argentina, and strong export demand for United States’ maize.
Among other coarse grains, world prices of barley and sorghum also increased. By contrast, the FAO All Rice Price Index declined by 6.8 per cent in February, as ample exportable supplies and weak import demand exerted downward pressure on prices.
The FAO Vegetable Oil Price Index averaged 156.0 points in February, up 3.0 points (2.0 per cent) from the previous month and as much as 35.1 points (29.1 per cent) above its level a year earlier. The increase in the index was driven by higher quotations across palm, rapeseed, soy and sunflower oils.
Meanwhile, global soyoil prices increased on firm global demand, particularly from the food sector. In the case of sunflower and rapeseed oils, prices were mainly supported by concerns over likely tightening supplies in the coming months.
The FAO Meat Price Index averaged 118.0 points in February, down marginally by 0.1 points (0.1 per cent) from January but remaining 5.4 points (4.8 per cent) above its level a year ago.
International poultry meat prices declined, driven by abundant global supplies primarily due to high export availabilities from Brazil, despite continuing avian influenza outbreaks in other major producing countries.
Similarly, pig meat prices softened, pressured by lower quotations in the European Union. While prices showed signs of stabilization, they remained below early January levels (before the outbreak of foot and mouth disease) due to a surplus caused by trade restrictions on German pig meat.
By contrast, ovine meat prices rose, underpinned by strong global demand. New Zealand’s export volumes declined due to lower production, but higher slaughter rates in Australia raised supply, limiting the price increases.
Meanwhile, bovine meat quotations strengthened, driven by rising Australian prices amid robust global demand, particularly from the United States of America.
However, the increase was partially offset by lower Brazilian bovine meat prices due to ample cattle supplies.
The FAO Dairy Price Index stood at 148.7 points in February, rising by 5.7 points (4.0 per cent) from January and standing 28.0 points (23.2 per cent) higher than its level a year ago.
The increase was driven by higher prices across all major dairy products. International cheese prices increased for the third consecutive month, rising by 4.7 per cent from January.
The rise was fueled by strong import demand, as recovering production in Europe was offset by seasonal output declines in Oceania. Quotations for whole milk powder also increased, up 4.4 per cent from January, underpinned by robust demand despite stagnating production in Oceania.
International butter prices rebounded, rising by 5.2 points (2.6 per cent) month-to-month, as declining milk output in Oceania, following seasonal patterns, coincided with strong domestic and international demand. Prices of skim milk powder registered a modest 1.8 per cent increase month-to-month, as seasonally higher production in Europe was offset by declining production in Oceania.
The FAO Sugar Price Index averaged 118.5 points in February, up 7.3 points (6.6 per cent) from January after three consecutive monthly declines. However, it remained 22.2 points (15.8 per cent) lower than its level in February of last year.
The increase in world sugar prices was driven by concerns over tighter global supplies in the 2024/25 season. Declining production prospects in India and concerns over the impact of recent dry weather on the upcoming crop in Brazil, which exacerbated the seasonal effect, underpinned the increase in prices.
Additionally, the strengthening of the Brazilian Real against the US Dollar, which tends to affect exports from Brazil, further contributed to the overall increase in global sugar prices.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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