Archive for the ‘Biofuels’ Category

Multinationals make billions in profit out of growing global food crisis

Tuesday, May 13th, 2008

Speculators blamed for driving up price of basic foods as 100 million face severe hunger

Giant agribusinesses are enjoying soaring earnings and profits out of the world food crisis which is driving millions of people towards starvation, The Independent on Sunday can reveal. And speculation is helping to drive the prices of basic foodstuffs out of the reach of the hungry.

The prices of wheat, corn and rice have soared over the past year driving the world’s poor – who already spend about 80 per cent of their income on food – into hunger and destitution.

The World Bank says that 100 million more people are facing severe hunger. Yet some of the world’s richest food companies are making record profits. Monsanto last month reported that its net income for the three months up to the end of February this year had more than doubled over the same period in 2007, from $543m (£275m) to $1.12bn. Its profits increased from $1.44bn to $2.22bn.

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– Research thanks to Kathy G. 

The New Economics of Hunger

Wednesday, April 30th, 2008

A brutal convergence of events has hit an unprepared global market, and grain prices are sky high. The world’s poor suffer most.

The globe’s worst food crisis in a generation emerged as a blip on the big boards and computer screens of America’s great grain exchanges. At first, it seemed like little more than a bout of bad weather.

In Chicago, Minneapolis and Kansas City, traders watched from the pits early last summer as wheat prices spiked amid mediocre harvests in the United States and Europe and signs of prolonged drought in Australia. But within a few weeks, the traders discerned an ominous snowball effect — one that would eventually bring down a prime minister in Haiti, make more children in Mauritania go to bed hungry, even cause American executives at Sam’s Club to restrict sales of large bags of rice.

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Japan’s hunger becomes a dire warning for other nations

Wednesday, April 30th, 2008

I’ve said for sometime that  few people will choose to starve quietly.   Japan is in a particularly perilous position.   Most of their oil  is imported and only 39%  (as this article reveals) of their food is grown domestically.   Eventually, they will have the choice of  retiring back to their preindustrial fishing villages and small farms or in going militaristic and taking what they need to preserve their current system by intimidation or force.  It’s not a pretty thought.

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MARIKO Watanabe admits she could have chosen a better time to take up baking. This week, when the Tokyo housewife visited her local Ito-Yokado supermarket to buy butter to make a cake, she found the shelves bare.

“I went to another supermarket, and then another, and there was no butter at those either. Everywhere I went there were notices saying Japan has run out of butter. I couldn’t believe it — this is the first time in my life I’ve wanted to try baking cakes and I can’t get any butter,” said the frustrated cook.

Japan’s acute butter shortage, which has confounded bakeries, restaurants and now families across the country, is the latest unforeseen result of the global agricultural commodities crisis.

A sharp increase in the cost of imported cattle feed and a decline in milk imports, both of which are typically provided in large part by Australia, have prevented dairy farmers from keeping pace with demand.

While soaring food prices have triggered rioting among the starving millions of the third world, in wealthy Japan they have forced a pampered population to contemplate the shocking possibility of a long-term — perhaps permanent — reduction in the quality and quantity of its food.

A 130% rise in the global cost of wheat in the past year, caused partly by surging demand from China and India and a huge injection of speculative funds into wheat futures, has forced the Government to hit flour millers with three rounds of stiff mark-ups. The latest — a 30% increase this month — has given rise to speculation that Japan, which relies on imports for 90% of its annual wheat consumption, is no longer on the brink of a food crisis, but has fallen off the cliff.

According to one government poll, 80% of Japanese are frightened about what the future holds for their food supply.

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UN food chief urges crisis action

Wednesday, April 30th, 2008

The head of the UN World Food Programme has said urgent action is required to stimulate food production and help the poor cope with soaring food prices.

Josette Sheeran told the BBC that an additional 100 million people, who did not need assistance six months ago, could not now afford to purchase food.

Her warning came ahead of a meeting in London to discuss the rise in prices and an EU policy encouraging biofuels.

Biofuels are intended to tackle climate change but can take away farm land.

Earlier, Latin American leaders had warned about the growth in production of biofuels, which are derived from plant crops.

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