US may reduce its global crop estimate by 1.2% next month
Droughts withering wheat crops from the US to Russia to Australia will probably spur the biggest reduction in global supply estimates since 2003 and drive prices to the highest in almost a year. Kansas, the top US grower of winter wheat, is poised for its driest May on record, the state’s climatologist estimates. Ukraine and Russia, accounting for 11% of world output, have endured drought conditions for three months, University College London data show.

The European Bank for Reconstruction and Development is lending excessively to polluting fossil fuel projects, especially coal, undermining its own sustainable energy strategy, NGO Bankwatch said in a report released on Thursday.

Lending to fossil fuel projects, coal, oil and gas, accounted for 48 percent of the bank's energy-related investments between 2006 and 2011, said the report by Bankwatch, an agency that monitors international financial institutions.

India is the second largest source of global migrants after Mexico and is the ninth top destination for all migrants, a new report said today. According to a study released by the Pew Research Center, over 77 million migrants, or about 36 per cent of the worldwide total, have come from the 10 leading origin countries. Overall, Mexico has been the largest single source of migrants (12.9 million), followed closely by India (11.8 million) and Russia (11.3 million).

European farmers are likely to fall behind in the competitive world grain market as EU consumer hostility to genetically modified organisms (GMOs) drives away research and prevents cultivation of high-yield and pest-resistant crops.

The European Union has approved only one GMO grain for cultivation - Monsanto's insect-resistant MON810 maize (corn). Fierce opposition has led Germany, Austria, Greece, Hungary, Luxembourg and Bulgaria to ban it.

European farmers are likely to fall behind in the competitive world grain market as EU consumer hostility to genetically modified organisms (GMOs) drives away research and prevents cultivation of high-yield and pest-resistant crops.

The European Union has approved only one GMO grain for cultivation - Monsanto's insect-resistant MON810 maize (corn). Fierce opposition has led Germany, Austria, Greece, Hungary, Luxembourg and Bulgaria to ban it.

Thirty-eight more deaths from a cold snap have been registered in Ukraine in the past 24 hours, bringing to 101 the toll from freezing temperatures across the former Soviet republic, the Emergencies Ministry said on Friday.

Ukraine is experiencing the coldest winter in six years, with overnight temperatures sinking as low as minus 33 Celsius (minus 27 Fahrenheit).

The ministry said that of the 101 people who have died over the past seven days, 64 were found dead on the streets, 26 in their homes and 11 died while receiving medical care.

New Delhi India maintained its position as the fourth largest steel producer in 2011, despite 5.7 per cent output growth as against the world average of 6.8 per cent, the World Steel Association (WSA) said.

Recording an increase of 6.8 per cent in 2011 over 2010, global steel production hit a record 1,527 million tonnes. On the other hand, India produced 72.2 million tonnes steel last year over 68.3 million tonnes in the previous year.

Steel industry worried, points to implications on downstream investment plans, taxation.

With no sign of abatement in the ongoing mining crisis that has snapped iron ore supply to key infrastructure sectors, companies have started imports.

The nuclear radiation detected in some parts of Europe that were earlier supposed to be coming from Karachi Nuclear Power Plant (Kanupp), might have emitted from Hungry, according to the information received by International Atomic Energy Agency (IAEA) from the Hungarian Atomic Energy Authority (HAEA).

Well-placed sources told Business Recorder here on Thursday that higher than the normal level of radiations were recorded in Poland, Czech Republic and Ukraine.

PANJIM: In a development that could send shivers down the spine of Goan iron ore exporters, China on Saturday said that they have already started looking out for alternate markets considering the unstable situation of ore supply from India, especially Goa.

Chinese delegates, who were in Goa to participate and have first hand information about mining in Goa, against likelihood of a possible ban on exports, have said that capacities in Australia and Brazil would be enhanced and they would be scouting for new suppliers to compensate for the iron ore deficit from India.