Monologues from the cinderella story

World food prices hit record – again
Global food prices hit a record high in February – not helped by fresh oil price spikes and stockpiling in some countries. The United Nations Food and Agriculture Organisation’s Food Price Index hit its second straight record and is now well past the peaks seen in 2008 when prices sparked riots in several countries. Cereals, dairy and meat are all rising – US wheat prices have surged 60 percent in the past year. FAO economist Abdolreza Abbassian said global food prices are likely to remain close to record highs until the condition of the latest harvest is known. He added that jumps in the oil price – now at a two and a half year high – could have a bigger impact on grain markets. “Until we know about new crops, that means waiting at least until April, our view is don’t expect any major corrections in these high prices, expect even more volatility now that oil has joined the crowd,” Abbassian said. He warned that stockpiling by some major grain importers “beyond country’s normal needs” seeking to head off political unrest and secure supplies on domestic markets, has been adding uncertainty and volatility to the markets. The FAO index, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 236 points in February, the record in real and nominal terms, up 2.2 percent from January’s record and rising for the eighth month in a row. Copyright © 2011 euronews

European markets at close: 18.02.11
A roundup of the days markets data from euronews.net, brought to you as video on demand. Copyright © 2011 euronews

Pakistani Christian minister shot dead amid blasphemy row
In Islamabad gunmen have shot dead Pakistan’s Minister for Minorities. Shabaz Bhatti, the only Christian in the government cabinet, was murdered on Wednesday in the gun attack on his car. The Pakistani Taliban have claimed responsibility for the killing, calling Bhatti a blasphemer. He had been calling for changes to the country’s blasphemy law under which anyone who speaks ill of Islam can face the death penalty. Bhatti had said he had recently received death threats from the Taliban. The controversial law has been in the spotlight since November when a court sentenced a Christian mother-of-four to death. Bhatti is the second senior official to be killed this year for the same reason. The governor of Punjab province, Salman Taseer was gunned down by his bodyguard in January. Taseer had been a vocal critic of the blasphemy laws. Copyright © 2011 euronews

Air strikes destroy Libyan air force
Allied aircraft have destroyed Libya’s air force and are flying with impunity, a senior British commander has said. That assessment came as Western warplanes continued their mission to enforce a no fly zone over the country. READ – Libya: a timeline of international diplomacy – International forces in operations in Libya There have also been no civilian casualties, a senior US navy official said. But, while the military side of things appears to be going according to plan the failure to find a country willing to lead the operation is causing concern. In response. French Foreign minister Alain Juppe said: ‘‘I have taken the initiative along with my British colleague to bring together a contact group in London next Tuesday. This includes all the countries in the coalition, as well as the African Union, the Arab League, and all the European countries involved, to make it clear that the political leadership of the operation is not NATO, but this contact group.’‘ Many of the US air strikes continue to be launched from the Mediterranean. However, Washington remains determined not to take a leading role calling on others to assume operational command. Copyright © 2011 euronews

Russia starts privatisation push with VTB
Russia has kicked off its biggest privatisation drive since the collapse of the Soviet Union with the sale of ten percent in the country’s second biggest bank VTB. It raised the equivalent of 2.4 billion euros. The bank’s chief executive Andrei Kostin, as he met with Prime Minister Vladimir Putin, said the placing was twice oversubscribed. Putin said: “According to financial experts, the privatisation was conducted well and was successful.” He called it a clear demonstration of investors’ confidence in the Russian financial system and its economic policies. But critics said the Kremlin could have got much more if it had handled the sale better. The bank’s share price fell over 10 percent in two weeks from later January because the government changed its mind on how many to sell and finally went for a sale via the open market rather than directly to a consortium of investors. However analysts said the success of the sale – the first step in Russia’s massive privatisation drive — boded well for coming public offering of shares. Sberbank, Russia’s biggest lender, will follow VTB later this year or in 2012. Moscow needs to raise money through such share sales to help reduce its budget deficit. Copyright © 2011 euronews

China car sales growth slows
China’s carmakers shipped 16 percent more vehicles to dealers in January. But that was less than December’s 18 percent jump, when drivers bought before tax incentives for small cars expired at the end of the year. Without those incentives, analysts said demand for smaller vehicles will decline this year and some manufacturers have already cut prices in what could be the start of a price war. One company, BYD has already slashed prices of five of its models by up to one-fifth. “Dealerships all across the country were crowded in December as people sought to take advantage of government incentives before the expiration. Many were actually paying the money upfront and waiting for months to get their cars,” said Boni Sa, an analyst with IHS Automotive. “The Chinese Lunar New Year also bolstered demand for big-ticket items, but the following months could be challenging for automakers,” he added. Many Chinese typically go on a buying spree ahead of the week-long Spring Festival holidays — which ran from Feb 2 to Feb 8 this year. Copyright © 2011 euronews

Bahrain protesters return to Pearl Square
Bahrain’s government says it has begun talks with opposition groups demanding reform. The statement released via Twitter came several hours after thousands of people streamed back into Pearl Square following the withdrawal of the army and then riot police. Many of those gathered hailed the day’s events as a victory and vowed to continue the protest. One unnamed demonstrator said: “We’ll stay until we achieve our demands. This is our country, but we’ll stay here if they hit us, we will stay.” Emboldened protesters, cheering and waving national flags, retook the symbolic square even before all police had left. Tents, removed two days ago by the army, were set up again along with makeshift medical stations to treat any wounded. Hundreds of women also joined the celebrations. “Most Bahraini women are educated, and they’re fighting for their rights. So they’re taking part, they’re taking an active part in the demonstration,” said one protester. At least six people are said to have been killed since the protests started on Monday with up to 60 others injured. Copyright © 2011 euronews

Obama warns Gaddafi to comply with UN
President Obama has warned Libyan leader Colonel Gaddafi to comply with UN demands for a ceasefire or else face consequences, including military action. “The United States, the United Kingdom, France, and Arab states agree that a ceasefire must be implemented immediately. That means all attacks against civilians must stop,” Obama said at the White House. “Gaddafi must stop his troops from advancing on Benghazi, pull them back from Ajdabiya, Misrata, and Zawiya, and establish water, electricity and gas supplies to all areas. Humanitarian assistance must be allowed to reach the people of Libya. Let me be clear, these terms are not negotiable.” To read : Libya: a timeline of international diplomacy how-international-reaction-to-libya-evolved/ Obama went on to outline what he said “we will not be doing.” “The United States is not going to deploy ground troops into Libya. And we are not going to use force to go beyond a well-defined goal, specifically, the protection of civilians in Libya.” Obama said Gaddafi had been given ample warning to stop attacking his own people. Copyright © 2011 euronews

Police and protestors clash again in Yemen
Protestors have once again clashed with police in the capital of Yemen. Hundreds of anti-government demonstrators marched through Sanaa demanding that President Ali Abdullah Saleh step down. Police wielding batons blocked the road leading to the Presidential Palace. Witnesses say several people were hurt. The protests have gathered momentum in the wake of events in Egypt. Yemen is the poorest country in the Arab world. It has caught the attention of the West having also become a regional base for al Qaeda militants. Copyright © 2011 euronews

Deadly street clashes break out in Iraqi city
At least three people are reported to have been killed and dozens wounded in clashes between police and demonstrators in southern Iraq. The violence in the city of Kut comes after protesters took to the streets demanding better public services and living conditions. Echoing the unrest in other parts of the Arab world, demonstrators were heard shouting “down, down with Maliki’s government”. Government buildings, including the residence of the regional governor, were reportedly set on fire. News agencies report that police managed to disperse protesters by firing shots into the air. A curfew was also declared, with roadblocks set up around the city. Copyright © 2011 euronews