FAO Food Price Index 126.4 in October vs 128.5 in September
Index down slightly y/y, and 21.1% below March 2022 peak
Sugar index lowest since December 2020, meat prices also ease
LONDON, Nov 7 (Reuters) – World food commodity prices fell for a second consecutive month in October, driven largely by ample global supplies, the United Nations’ Food and Agriculture Organization said on Friday.
The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 126.4 points in October, down from a revised 128.5 in September.
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The index was down slightly compared to its October 2024 level and stood 21.1% below its March 2022 peak.
It had climbed to a two-year peak in July before stabilising in August and dropping in September thanks largely to sugar price falls.
The FAO’s sugar index fell again in October, dropping 5.3% to its lowest since December 2020, amid strong output in Brazil, anticipated output growth in Thailand and India, and lower crude oil prices.
The dairy price index also fell, slumping 3.4% from September thanks to weaker milk powder quotations and lower butter prices, which dropped due to ample export availability from the European Union and New Zealand.
The meat index eased 2% in October after eight monthly gains, with pig and poultry prices dropping sharply, but bovine prices continuing to head higher thanks to strong global demand.
Vegetable oils rose 0.9%, reaching their highest since July 2022.
In a separate report, the FAO forecast 2025 world cereal production at a record 2.990 billion metric tons, after projecting 2.971 billion tons last month.
The latest outlook was up 4.4% from 2024 output, with all major cereals expected to rise and both maize and rice output set to hit record highs.
Reporting by May Angel. Editing by Kevin Liffey and Mark Potter
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Baker McKenzie advised Fundamenta Real Estate AG (“Fundamenta”) on its rights offering, which closed today with proceeds of CHF 70 million. The offering resulted in the issuance of 4,119,748 new shares at CHF 17.00 each. The proceeds are intended to be used for investment in ongoing and new property projects, the strengthening of equity, and for general corporate purposes. The rights offering was backed by firm commitments in the amount of CHF 41.9 million.
Baker McKenzie Switzerland advised Fundamenta Real Estate on all legal and tax aspects of the rights offering.
Samuel Marbacher (partner, Real Estate), Yves Mauchle (partner, Capital Markets) and Jan Lusti (associate, Capital Markets) led the team, which further consisted of Alexandra Rayroux (associate, Real Estate), Victoria Brammer (associate, Capital Markets), Andrea Bolliger (counsel, Tax), Tatiana Ayranova (associate, Banking and Finance) and trainee lawyers Jasmin Spörri, Grégory Sarbach, Sebastian Ritz and Cyril Battiston.
About Fundamenta Real Estate Fundamenta Real Estate AG is a real estate company listed on the SIX Swiss Exchange that focuses exclusively on residential properties in German-speaking Switzerland. The company seeks to provide value for investors by offering a range of spaces with minimal environmental impact. It employs an interdisciplinary team and uses an integrated asset management approach with the goal of achieving long-term results. For further information, refer to www.fundamentarealestate.ch.
The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published for public comment a consultative report on financial market infrastructures’ (FMIs) management of general business risks and general business losses.
FMIs, which include payment systems, securities settlement systems, central securities depositories, central counterparties and trade repositories, play an essential role in the global financial system.
The consultative report sets out proposed supplemental guidance for FMIs and relevant authorities on certain principles and key considerations relating to FMIs’ management of general business risks and general business losses, including in the context of recovery and orderly wind-down.
In doing so, the guidance does not aim at introducing new standards but rather at elaborating on the principles which are already established in the Principles for financial market infrastructures (PFMI). The guidance also takes into account findings from the CPMI-IOSCO Level 3 assessment report on general business risks and prior CPMI-IOSCO work on CCP practices to address non-default losses.
General business losses are losses that are neither related to participant default nor separately covered by financial resources under the credit and liquidity risk principles. General business losses may arise from business risks related to the operation of an FMI as a business enterprise.
They may also arise from risks faced by the FMI related to other principles under the PFMI, for example legal risk (Principle 1), custody and investment risks (Principle 16) and operational risk (Principle 17). General business losses may be one-time or recurring losses.
In addition to clarifying the scope of general business risk and the interaction across different Principles, the report provides guidance on: (i) identifying, monitoring and managing general business risks; (ii) determining the minimum amount of liquid net assets funded by equity and (iii) governance and transparency.
Comments on the report should be submitted by 6 February 2026 via email to both the CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat (GBR-CP@iosco.org). Comments will be published on the websites of the BIS and IOSCO unless otherwise requested. Commercial or other sensitive information should not be included in the submissions, or may be included, with redactions for publication clearly noted.
The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published an implementation monitoring report on general business risks and a consultative report on financial market infrastructures’ (FMIs) management of general business risks and general business losses.
The assessment report identifies a number of serious issues of concern relating to FMIs’ management of general business risks and the liquid net assets funded by equity they hold to cover potential losses.
The consultative report sets out guidance for public consultation that addresses these findings and provides supplemental guidance to the CPMI-IOSCO Principles for financial market infrastructures (PFMI).
The CPMI and IOSCO today published two reports on the subject of management of general business risks and general business losses by FMIs.
The Level 3 assessment report reviews the implementation the PFMI Principle 15 on general business risk at a sample of 34 FMIs and identifies a number of serious issues of concern. These relate to areas which include determining the amounts of liquid net assets funded by equity to cover potential losses from different sources of risks, recovery and orderly wind-down planning, and plans for raising additional equity.
The consultative report sets out proposed guidance for FMIs and relevant authorities relating to FMIs’ management of general business risks and general business losses, including in the context of recovery and orderly wind-down. This proposed guidance, which supplements the PFMI, takes into account the findings of the assessment report.
Comments on the consultative report should be submitted by 6 February 2026via email to both the CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat (GBR-CP@iosco.org). Comments will be published on the websites of the BIS and IOSCO unless otherwise requested. Commercial or other sensitive information should not be included in the submissions, or may be included, with redactions for publication clearly noted.
Trade flows across India, the Middle East, and Africa continue to show resilience amid a complex policy landscape and shifting global demand. The final quarter of 2025 is marked by stabilized ocean reliability, major customs reforms, and a renewed focus on sustainable inland logistics.
India’s accelerated trade negotiations with the EU and the operationalisation of the India–EFTA pact signal stronger export potential for manufacturing and consumer goods sectors.
In Africa, seasonal flows in grapes and cocoa are well supported by robust pricing, reliable equipment positioning, and improved traceability. Meanwhile, Gulf economies continue to digitize trade and customs operations, reinforcing their positions as global logistics hubs.
Across the region, regulatory clarity and infrastructure investment are setting the tone for a more predictable and transparent trade environment heading into 2026.
Ocean update
South Africa – Grape Season Outlook
South Africa’s grape export season is on track to begin in mid-Q4, with healthy crop yields and firm demand from European importers ahead of the festive period. Terminal operations in Cape Town remain steady, though occasional berthing delays due to weather may occur.
Equipment repositioning continues to progress well, and Gemini network performance has stabilized sailing schedules. With proactive planning and steady container availability, a smooth start to the season is anticipated, reinforcing customer confidence and market reliability.
West Africa – Cocoa Sector Strengthens
West Africa’s cocoa sector is entering a period of renewed optimism. Record farmgate prices — Côte d’Ivoire at 2,800 CFA fr/kg (+27%) and Ghana at GH₵ 58,000/MT (+12%), are strengthening farmer participation and formal trade channels. Cameroon and Nigeria are following similar trajectories, underpinned by demand for high-quality beans and growing domestic processing.
Despite a global price correction to around USD 5,956/MT, demand remains strong — especially in Europe’s premium chocolate segment and Asia’s fast-growing confectionery markets. The sector’s pivot toward traceability, digital certification, and sustainable farming continues to align with evolving global procurement standards.
For logistics, higher farmer engagement and clearer export visibility are improving nomination predictability and supply chain planning across West African corridors.
Customs update
Saudi Arabia – SABER 2.0 and Advance Import Declarations
Saudi Arabia has made the SABER Shipment Certificate mandatory prior to customs declaration (effective October 1, 2025). The enhanced SABER 2.0 system leverages blockchain verification and expands compliance requirements for high-risk goods. Additionally, from October 29, importers must submit manifests and declarations in advance for all seaport shipments — a move aligned with Vision 2030’s ‘Clearance within 2 Hours’ initiative.
Importers are encouraged to integrate both workflows early to ensure timely processing and compliance with new clearance procedures.
Oman – New Special Economic Zone in Rawdah
Oman launched the Rawdah Special Economic Zone (SEZ) in October 2025, granting duty exemptions, deferred payments, and access to bonded warehousing. The SEZ is expected to boost cross-border re-exports between the UAE and Saudi Arabia and attract manufacturing investment in construction materials and consumer goods.
Qatar – Digitized Customs and Authorized Forwarders
Qatar introduced an AI-enabled ‘Customs Documents’ system in October 2025, automating the archiving of customs agreements and memoranda. Simultaneously, the Ministry of Transport mandated that all import and export shipments be handled by authorized freight forwarders, excluding direct Beneficial Cargo Owner (BCO) shipments.
These reforms aim to enhance compliance, traceability, and trade facilitation efficiency.
India – Trade Facilitation and FTA Progress
Negotiations on the India–EU Free Trade Agreement accelerated this month, targeting completion by December 2025. The India–EFTA Pact became operational in October, unlocking USD 100 billion in investment commitments. Additionally, the Central Board of Indirect Taxes and Customs (CBIC) consolidated 31 notifications into one unified directive to streamline compliance.
Importers and exporters should review rules of origin and tariff updates to capture new market access opportunities.
Bangladesh – Tariff Reform and LDC Transition Preparedness
Bangladesh’s FY26 budget introduces a wide-ranging tariff reform as the country prepares for graduation from Least Developed Country (LDC) status in 2026. The proposal includes cutting import duties on 110 products, reducing duties on 65, and eliminating supplementary duties on nine items, while adding a new 40% duty slab for luxury goods.
To enhance export competitiveness, the government is expanding Central and Free Zone Bonded Warehouses, enabling faster raw material imports for export industries. The reform also eliminates the tariff valuation system and minimum import values on 84 products, while a new risk-based Import Policy Order aims to reduce clearance time from 270 hours to under 100.
Impact on businesses:
Exporters can expect lower input costs for pharmaceuticals and agro-machinery, and faster turnaround under simplified clearance.
Importers benefit from reduced tariffs on essentials and raw materials, though luxury goods face higher supplementary duties.
The transition reforms are designed to help Bangladesh maintain cost competitiveness and supply chain efficiency post-LDC graduation.
Sri Lanka – Trade Facilitation and Digitization Momentum
Sri Lanka has approved its Trade Facilitation Action Plan 2025–2028, focusing on digitization of customs procedures and full compliance with the WTO Trade Facilitation Agreement. The plan is designed to reduce clearance delays and improve transparency.
Customs revenue has already reached 90% of the annual target by October 2025, aided by stronger enforcement and digital tools. The new Tariff Guide 2025 updates HS codes and statutory requirements for imports, effective January 2026.
Pakistan – National Tariff Policy 2025–30 and Industrial Growth Agenda
Pakistan has launched its National Tariff Policy 2025–30, targeting a reduction in average tariffs from 20.19% to below 10% by 2030. The policy simplifies customs duty slabs to 0%, 5%, 10%, and 15%, and phases out Regulatory Duties (RDs) and Additional Customs Duties (ACDs) over the next five years.
Complementary reforms under the Finance Bill 2025 expand the zero-duty slab to 916 tariff lines, abolish RDs on 554 codes, and lower ACDs across most slabs. Automotive tariffs are set to decline from mid-2026, while exemptions under the Fifth Schedule will be rationalized to reduce fragmentation.
Impact on businesses:
Importers benefit from lower input costs for industrial materials, improving production margins and pricing flexibility.
Exporters gain a competitive edge in regional trade through cheaper inputs and streamlined customs processes.
The policy underpins Pakistan’s export-led recovery strategy, improving cost structures for manufacturing, textiles, and industrial value chains.
Global Trade Watch – External Developments Shaping IMEA Supply Chains
The United States has entered multiple bilateral trade frameworks across Asia, including Malaysia, Cambodia, Thailand, and Vietnam, reinforcing supply chain diversification.
New critical minerals and rare earth agreements with Japan further anchor regional resilience and secure long-term industrial collaboration.
Inland Update
Rail Freight Expansion Across Northern India
As part of its integrated logistics push, India is witnessing strong uptake in rail-based freight, especially on north–west and north–east corridors. The recently expanded Maersk Intercontinental Rail network now connects Ludhiana, Dadri, and Ahmedabad to ports such as Mundra and Pipavav, offering temperature-controlled and dry-cargo services to Europe, CIS countries, and the Middle East.
This rail solution provides a lower-emission, cost-efficient alternative to road transport, reducing transit times by up to 30% and CO₂ emissions by over 60%. Seamless multimodal integration, combining ocean, rail, and last-mile road delivery, continues to enhance India’s export competitiveness for automotive, FMCG, and textile industries.
With growing policy focus on decarbonization and “Make in India” export infrastructure, inland rail logistics is emerging as a critical pillar of India’s sustainable trade growth.
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TOKYO — Honda reported Friday that its profit for the first fiscal half through September fell 37% from the previous year, as the damage from President Donald Trump’s tariffs offset the lift from solid motorcycle sales.
Tokyo-based Honda Motor Co. recorded a 311.8 billion yen ($2 billion) profit for April-September, down from 494.6 billion yen a year before.
Sales over the six months totaled 10.6 trillion yen ($69 billion), down 1.5% from nearly 10.8 trillion yen.
Honda lowered its profit projection for the fiscal year through March 2026 to 300 billion yen ($2 billion), which would be a decline of 64% from 835.8 billion yen the year before. It had earlier forecast a 420 billion yen ($2.7 billion) annual profit.
Honda, which makes the Accord sedan and Odyssey minivan, said an unfavorable currency rate also hurt its bottom line, erasing 116 billion yen ($756 million) from its operating profit over the six months.
But Honda achieved record sales in motorcycles, led by strong results in the Asian region, excluding Vietnam. Honda said it sold more than 9 million motorcycles in Asia during the first half, up from 8.8 million a year ago. Honda’s motorcycle sales improved in every global region, except for Europe, at a record 10.7 million units sold.
Honda’s global vehicle sales in the first half totaled 1.68 million vehicles, down from 1.78 million. By region, vehicle sales grew in North America, but fell in Japan, the rest of Asia and Europe.
Although it helps that Honda produces many of its vehicles in the U.S., tariffs caused a decline of 164 billion yen ($1.1 billion) in operating profit over the six-month period, the company said.
Adding to its challenges, Honda has faced a chips shortage after the Dutch government in late September took control of Nexperia, which is based in the Netherlands but owned by Chinese company Wingtech Technology, citing national security concerns.
In response, China blocked shipments of chips from Nexperia’s plant in the southern Chinese city of Dongguan, though it has now allowed those exports to resume.
Vehicle production at Honda’s plant in Celaya, Mexico, has halted since Oct. 28, while production at North American plants were adjusted, starting Oct. 27, due to the Nexperia-related supply disruptions. Honda did not give a date on when production will be restored to normal levels.
Honda stocks on Friday gained 1.8% to 1,585 yen ($10) in Tokyo trading.
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The Netherlands is prepared to suspend its powers over Chinese-owned chipmaker Nexperia in a move that would de-escalate a fight with Beijing that threatens to disrupt automotive production around the world.
The Dutch government is ready to shelve the ministerial order that gave it the power to block or change key corporate decisions at Nexperia, if China allows exports of its critical chips again, according to people familiar with the matter.
Nov 7 (Reuters) – Tesla (TSLA.O), opens new tab CEO Elon Musk said he expects the automaker’s Full Self-Driving software, a driver assistance system, will be fully approved in China early next year.
“We have partial approval in China, and hopefully we’ll have a full approval in China around February or March or so,” Musk told the company’s annual general meeting on Thursday.
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China’s industry ministry did not immediately respond to a Reuters request for comment.
China is a major market for Tesla, but its share has slumped to 8% as of last quarter compared with a peak of 15.4% in the first quarter of 2023, as local brands win over customers with similar driving assistance features, often at no extra cost.
The Tesla system, known as FSD for short, has been partially approved in China since February. Before that Tesla owners could use a less advanced and cheaper autopilot option.
However for years, some Chinese Tesla buyers opted to pay 64,000 yuan ($9,000) for FSD on the expectation that a full roll-out would not take long, making its failure to gain approval a major source of friction between owners and the automaker.
With partial approval, FSD in China falls short of its capabilities in the United States. It is not permitted to change gears, meaning the vehicle can’t complete a trip from one parking space to another completely on its own in China. The system has also had difficulties in identifying local traffic signs on Chinese roads.
($1 = 7.1230 Chinese yuan)
Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Edwina Gibbs
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Throughout October, employees at Microsoft UK marked Black History Month (BHM) with a series of events designed to celebrate, educate, and inspire. The theme was ‘Standing Firm in Power and Pride’.
The month’s theme informed various sessions, from a panel discussion on neurodiversity, to a marketplace fair showcasing Black-owned businesses. There was also a talk about 1963 Bristol Bus Boycott delivered by BBC broadcaster Primrose Granville, plus a first-ever charity tennis tournament for DKMS, a blood cancer charity.
Embrace, Microsoft’s 600-strong employee community dedicated to celebrating, supporting and advancing ethnicity, hosted a vibrant closing celebration that brought employees together in person and online.
“We want to create environments where we can come together, connect, and stand firm in power and pride“
Jeramie Sutton, Embrace Co-chair
“Our mission is to foster inclusion and excellence to empower and enable Black under-represented talent, driving the next digital revolution,” BHM organisers Dedun Oyenuga and Anjola Adebowale told the audience.
During the celebration there were moments of reflection, inspiration, and connection, highlighting the achievements, stories, and voices that shaped the month’s activities.
“This is important,” said Embrace Co-Chair, Jeramie Sutton. “And not just today, not just in our celebration for Black History Month. We want to create environments where we can come together, connect, and stand firm in power and pride.”
And Amber Joyce, the other Embrace Co-Chair, said: “No matter the challenges we’ve had and the challenges we’re facing, we stand firm and proud as Embrace. We have our mission to succeed, progress, inspire, celebrate and educate on ethnicity at Microsoft.”
‘Two powerhouses’
Two of the UK’s most influential Black leaders, Pam Maynard, Chief AI Transformation Officer for Microsoft Customers & Partners, and Jacky Wright, former Microsoft Chief Digital Officer and now senior partner at McKinsey, spoke eloquently about their experiences as Black female leaders in male-dominated sectors.
Pamela Maynard, Chief AI Transformation Officer for Microsoft Customers & Partners (left), and Jacky Wright, former Microsoft Chief Digital Officer and now senior partner at McKinsey, talking to Zephaniah Chukwudum
Moderator Zephaniah Chukwudum, Microsoft’s Director of Local & Devolved Government and Transport, described his interviewees as “two powerhouses” from the world of technology.
“Pamela Maynard is at the centre of AI transformation across the globe, not just at Microsoft but across customers worldwide. She’s been CEO of one of Microsoft’s biggest partners and features in Vogue magazine and the UK Power List,” he said.
“Jacky Wright is a global leader, ex-Microsoft Chief Digital Officer, senior partner at McKinsey, and a former Power List Number One,” he added.
“No one else in the room knows as much about your subject, or your particular area, as you do. Use that as a strength“
Pamela Maynard, Chief AI Transformation Officer, Microsoft Customers & Partners
When asked to reflect on the BHM theme, Maynard said: “As I think about standing firm in power and pride, it resonates both professionally and personally. I didn’t see myself as somebody who had power, often turning up as the only person that looked like me in the room. As I’ve gone through my journey, I’ve realised that my difference is my power.”
For Jacky Wright, the theme suggested “mental willpower and mental fortitude, which evolves as you grow. There’s the power of community, and the power of differences.
“Everybody must recognise the individuality and the power you bring, wherever you are. I am who I am. I am different. I’m proud of who I am, my history, my background, and who I represent.”
Power of belief
Both leaders shared what it was like often being the only Black woman in the room and how they dealt with such situations.
“My mental model is simple,” said Wright. “I enter rooms with my elevator pitch. In the first two minutes I let clients know who I am and why I’m in the room. That is my coping mechanism.”
Maynard encouraged the audience to believe in their own abilities.
Microsoft UK’s Embrace network now has around 600 members
“No one else in the room knows as much about your subject, or your particular area, as you do. Use that as a strength,” she advised.
On the topic of allyship and sustaining progress, Maynard reminded the audience that being members of a community came with a responsibility to “maintain that connection”, as “it’s the power of the collective voice that we really need to drive forward.”
Jacky Wright agreed on the importance of communities and mutual support, saying: “The notion that we have communities where we can discuss, keep telling our stories, maintain cultural pride, and pull people up is really important.
“Never underestimate the power of what you can do, even if it’s calling someone and saying, ‘How was your day?’.”
As the celebrations closed, the message was clear: standing firm in power and pride is not just for October, but for every day. BHM 2025 at Microsoft UK had showcased the power of community, the significance of representation, and the impact of collective action.
