EU wheat stuck near contract lows
September milling wheat, the most active position on Paris-based Euronext, settled at 200.75 euros a metric ton, down 0.6%. It held close to a contract low of 200.25 euros set on Thursday but again remained above the psychological floor of 200 euros.
December futures, also used as a benchmark for the 2025 crop, ended down 0.5% at 212.25 euros, near a contract low of 211.25 euros from early May.
Russia needs to act swiftly to maintain its position as the world's top wheat exporter, Deputy Prime Minister Dmitry Patrushev said on Friday, acknowledging a sharp slowdown in wheat exports in the current season.
Patrushev, who is responsible for agriculture in the government, said Russia will export 44.5 million metric tons of wheat in the 2024-2025 season. That was down sharply from last season but still above some analyst estimates for this season.
On Thursday, agricultural consultancy Sovecon raised its forecast for Russia's wheat exports for the 2025-2026 season, citing improved weather conditions for the harvest.
An upturn in Russian export activity could further dim Western European prospects after a slow season. 'With only June remaining in the season, a heavy EU wheat end-stock and a large incoming crop are anticipated,' British merchant Frontier Agriculture said in a note. Rain in parched areas of northern Europe in the past week has eased drought concerns.
French wheat crop conditions declined in the week to May 26 but less sharply than in the previous week, data from farm office FranceAgriMer showed on Friday.
Uncertainty over international trade relations also hung over the market. US President Donald Trump said on Friday that China had violated an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals.
Volumes on Euronext were light, with some participants taking a long weekend after Thursday's Ascension Day holiday in some European countries.
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Business Recorder
3 hours ago
- Business Recorder
Modi's tax overhaul to strain finances but boost image amid US trade tensions
NEW DELHI: Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. 'GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies,' said Kidwai. 'The move will also help the stock market, which is now politically important as it has a lot of retail investors.' Indian PM Modi vows to protect farmers, pushes self-reliance amid Trump tariff tensions India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%. Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged foods. India PM Modi vows October cuts to goods and services tax Government data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal year. 'A brighter gift' and politics Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. 'Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies,' said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. 'It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation.' Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, 'a brighter gift of simpler taxes and more savings is waiting for every Indian.' Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off.
Express Tribune
3 hours ago
- Express Tribune
Feeding the armies of the Raj
Most of us are aware of the name of the business magnate Syed Babar Ali and his family firm of Wazir Ali Industries which owns Packages Limited and has many other large business interests in Pakistan. If you are interested to know how the business was established 130 years ago and its links with the British India Army, then read on. In 2010, I received a call from an old friend, Syed Shahid Ali, who I first met back in the 1960s, at the small Batakundi Rest House in the upper reaches of the Kaghan Valley. Shahid is the son of Syed Wajid Ali and the nephew of Syed Babar Ali, the famous industrialist and philanthropist who also established the Lahore University of Management Sciences (LUMS). Shahid sent me a unique unpublished book with the title Syed A. & M. Wazir Ali. General Merchants, Pioneers in the Canteen Services to His Majesty's British Forces. Syed Wazir Ali was his great-grandfather and established the family business which ultimately transformed into one of the ten largest business houses in Pakistan. The book contains over 230 pages of testimonials from British officers for the excellent services provided by Wazir Ali and the firm that he established. It is a story of hard work and vision and provides a very interesting insight into one of the lesser-known aspects of the British Army in India - its canteen services and contractors. The testimonials start in 1881 when Wazir Ali was the proprietor of a merchant shop bearing his name in the Saddar Bazar of the garrison town of Ferozepur in East Punjab. "Wazir Ali has supplied me with all sorts of articles since I have been here. He gets fresh supplies from England, and sells at much more reasonable rates than the Parsi merchants and he has always been very respectful and obliging. (Sd.) G. Cambridge, Lieut., 24th P.N. Infantry, 4th June 1883." Wazir Ali was a hardworking businessman and expanded his trade into contracts for providing coolies (labourers) and punkha pullers [fan bearers] in barracks and hospitals. The testimonials praise him in a variety of ways — energetic and enterprising; one of the "nicest natives"; a good man of business; "... and the most sporting tradesmen I have yet met in India. (2nd Seaforth Highlanders, 8th Punjab Infantry, The Queen's). Excessive consumption of liquor was a serious issue with British troops in India and to dissuade them from drinking in the barracks, regiments established canteens with a bar and 'coffee shops'. The British drank coffee much before they stared drinking tea. Wazir Ali & Sons not only supplied stores to the coffee shops of the British battalions in Ferozepur, it also rented furniture and stores to the troops on maneouvre including the General's "camp of exercise". Wazir Ali endeared himself to the British by being "most useful to the Mess in many ways, getting anything done that we required, and making an arrangement [bandobast] whenever asked to". A British officer wrote, "Wazir Ali — the name speaks for itself. Everyone knows him, and like Pears, he requires no recommendation." Pears was the first of the brand soaps, and recognised throughout the British Empire for its quality. By 1896 Wazir Ali's tentacles had extended to the northern reaches of British India and during the Chitral Campaign of 1895, he sent stores worth Rs15,000 for the consumption of the 28th Punjab Infantry, which were much appreciated. Wazir Ali also expanded his business and instead of only supplying canteens, he became a canteen contractor. It was during the Tirah Campaign that he really made a name for himself by accompanying the troops deep into the "wild" and unchartered territory of the Northwest Frontier. 'When the Tirah Campaign commenced, in Oct 1897, he accompanied the Oxfordshire Light Infantry, who were in the Peshawar Column, as their Coffee Shop Contractor, and I can state that his shop was not only a boon to the regiment who brought him but to the whole column. (Sd.) C.T. Becker, Major (Late) D.A.G. and Q.M.G. Peshawar Column, T. E. Force." He survived an ambush by a sniper and the manner in which he repaid his rescuers is narrated in a story titled "Safe Conduct". Written by E.A. Murphy it was published in the March 1915 edition of the Royal Magazine and is reminiscent of the tales of Rudyard Kipling. When the column arrived in Landi Kotal, Wazir Ali established his coffee shop in the fortified 'Serai'. "It has been great advantage to this force to have so respectable and enterprising a firm in camp from which to draw stores of every description. (Sd.) Neville Chamberlin, Colonel on the Staff, Commanding Khyber Rifles." Wazir Ali again achieved prominence when he sent a large quantity of stores as a present for the British troops fighting in South Africa during the Second Boer War, for which he was thanked by none less than the UK's Secretary of State for War. Wazir Ali passed away in 1902. "All were very grieved to hear of his death which occurred very unexpectedly when on a visit to Lahore. (Sd.) Edetwintle, Major, 15th Bengal Lancers." Wazir Ali's two sons Syed Maratib Ali and Syed Ahsan Ali continued the business with the same standard of service and wares for which their father was praised. "Since his death some two years ago his sons have evidently determined to follow in his footsteps, and maintain the high character of the firm. (Sd.) K.P. Burn, Major Commanding 38 Dogras." It was around this time the system of canteens for British troops in India was regulated by establishing an Army Canteen Board which outsourced the canteen services to contractors. The canteens were renamed 'Institutes' and run as clubs for the British soldiers with a bar and grocery shop. The sons had changed the title of the firm to Messrs. Syed A. & M. Wazir Ali and during the next ten years, extended the business to many other cantonments including Nowshera, the Murree Hills, Rawalpindi, Lahore, Multan, Ambala, Jullundur, Delhi, Ranikhet and even as far as Bareilly. It was present at the Delhi maneouvres and the camp of the great Delhi Darbar held in 1903 to celebrate the succession of King Edward VII and Queen Alexandra as Emperor and Empress of India. While on the march from Ambala for the maneouvres, Messrs Wazir Ali & Sons " .... was the only coffee shop in the Force which never failed to be present whenever required, at a time when the roads were congested and the difficulties of getting transport forward was very great. (Sd.) W.F. Fawcett, Lieut. Col., Commanding 1st Northampton Regiment. The Acting Pay Master of the regiment acknowledges that during the maneouvres the firm even ".... arranged the supply of money for the pay and did it very well." As the years progressed and the reputation of the firm spread, requests came from distant stations for their services. When the Staff College at Quetta reopened after the First World War, it asked the firm to open up their business for the sale of groceries, stationary, wines, tobacco etc. for about 40 British married officers' families and a very large population outside the premises of the college. The firm did have competition from Parsi merchants and Mool Chand at Lahore but they kept ahead by being very inventive. "Their travelling soda water machine is an excellent institution and the various apparatus they have in use for cutting up bread, meat, etc., (which greatly minimised the handling of food by the natives) should be adopted by all other similar institutes. (Sd.) G. M. Barefoot, Lt. Col. Senior Medical Officer, 20th Infantry Brigade. 'The volume of business was so large that the firm held "a respectable and most up-to-date warehouse in the Punjab," at Lahore. What endeared them to the Presidents of the Institutes was their attention to details. The tables were decorated with little flowers and fresh vegetables were always available for the soldiers to supplement the tinned food. British battalions returning to India for another tour would ask for their services in advance — specifically naming a manager whom they had dealt with earlier. The Army Canteen Board was liquidated in 1927 due to the heavy financial losses and replaced by the Canteen Contractors' Syndicate (CCS) in the form of a limited company, with shareholding confined to the canteen contractors. Syed Maratib Ali took a keen interest in the establishment of the Board. In July 1927, the Civil & Military Gazette reported that the Army Headquarters selected the firm to provide Canteens in all Troop Trains with Canteen Cars. Concurrently the Army introduced direct embarkation and disembarkation of units at the ports of Bombay and Karachi and the firm established canteens on the quayside. A testimonial in 1928 by the Railway Transport Officer at Bombay records that the firm gave "... excellent service to the troops in the train and kept the Cars very clean. In spite of constant moves of the trains and being a new organisation, they managed it to the entire satisfaction of all concerned. They have a large connection all over India and consequently are in a position to have everything ready at any time for any place". The Embarkation Commandant at Karachi also greatly appreciated the firm's services to the British troops and families who disembarked from troopships and were waiting for entrainment at Kemari. The most prestigious tournament in British India was the Durand Football Cup that had been initiated by Sir Mortimer Durand in Simla in 1888 and was initially open to the Army in India. In 1927 for the first time the firm of Syed A. & M. Wazir Ali was given the privilege to cater for over 400 officers and soldiers in the Military Camp organised for the Tournament. During his speech at the Prize Distribution, the President of the Tournament Committee, in the presence of the Viceroy, particularly thanked Syed Maratib Ali for the admirable services of the firm and the presentation of a special trophy for the runners up. Preceding the assembly, the Syed Brothers entertained the assembly of dignitaries and it was reported in the Civil and Military Gazette on the 2nd of October 1927: "More than a thousand guests attended the 'At Home' given by Messrs. A. & M. Wazir Ali at Annandale". The place mentioned here, Annandale, is a playground in Simla that was used by the British for entertainment and sports of all types. Amongst the guests were the Viceroy, Governor of Punjab, maharajas, generals, civil servants and prominent members of political parties like Sir Umar Hayat Khan and Sir Mian Fazl-i-Husain who was a founding member of the Unionist Party (Punjab). In 1929 the title of Khan Bahadur was conferred on Syed Maratib Ali who continued to maintain a very close interest in the running of the CSS. In 1930 his views and cooperation was appreciated first by the Chief of General Staff and then by Field Marshal W.R. Birdwood, C-in-C India, who wrote "I give him this certificate because I am well aware of the really good work the firm has done for a very large number of British Units throughout India ......(He) was of great assistance when we established the canteen Contractors Syndicate and I am always grateful to him for the assistance". In 1933 Maratib Ali met Field Marshal Sir Claude Auchinleck for the first time when the officer was commanding the Peshawar Brigade. It was the beginning of a personal and professional relationship of nearly three decades which features predominantly in the correspondence between the two, that are held in the Special Collections of the University of Manchester. The firm had become so big that it compiled a booklet that advertised its services and contained testimonials from British officers and battalions. The last and final book was printed in 1937 and lists the stations where the firm provided services to His Majesty's Forces in different and distant parts of India. Covering nearly 70 years, the list includes six Frontier Expeditions, 16 stations and camps in NWFP, 22 in the Punjab, 17 in the United Provinces and 22 more in the rest of India including Bengal, Bihar, Central and Southern India, the Bombay Presidency and Sind. The firm also serviced two stations in Burma. Officers who returned to India after a spell of 10 years had the opinion that "... the standard of comfort and general wellbeing of the soldiers had improved beyond belief, thanks to the efforts made by Messrs. Syed A.& M. Wazir Ali" (Sd.) R.G. Smithard, 1st Battalion K. S. L. I." At the commencement of World War II, the CCS could no longer cope with the heavy buildup of British troops in India. In 1942, the Government of India established the Canteen Stores Department (CSD) for the wholesale buying and distribution of stores to contractors in Peace areas, while a Canteen Corps was responsible for the Operational areas. During the war, A. M. Wazir Ali undertook large wartime construction contracts and also established a textile mill in Rahim Yar Khan. Maratib Ali's son Wajid Ali left the army to look after the growing family business. With tremendous energy he regularly toured over 50 stations where the firm was operating, sleeping in the rear of his Ford Station Wagon as he was driven by night to arrive at his destination in the morning. Wajid was the epitome of a well-to-do Punjabi with a big mustache and a turban. J.R.D. Tata was his close friend and when he was launching Tata Airlines, the airline mascot resembled Wajid. Soon after 1947, the firm launched a joint venture with Lever Brothers and in 1953 the family established Wazir Ali Industries. Syed Maratib Ali and the Auk (Field Marshal Auchinleck) maintained their friendship after Independence. Auk agreed to be a member of the Board of Directors and attended its meetings in Pakistan. Massive production by Pakistan Tobacco Company prompted Syed Maratib Ali and his sons to install a packaging unit by the name of Packages. The group also acquired several Coca-Cola plants. Its most well-known brands include Nestle Milk Pak, Treet, Mitchells and Tri Pack Films. Messrs Wazir Ali & Sons has come a long way from the wilds of Tirah. Syed Ali Hamid is a retired Pakistan Army major general and a military historian. He can be contacted at syedali4955@ All facts and information are the responsibility of the writer
Business Recorder
6 hours ago
- Business Recorder
Air Canada to resume flights after govt directive ends strike
TORONTO: Air Canada said it will resume flying on Sunday after the country's industrial relations board ordered an end to a strike by 10,000 flight attendants that effectively shut down the airline and snarled summer travel. The Canada Industrial Relations Board (CIRB) 'directed Air Canada to resume airline operations and for all Air Canada and Air Canada Rouge flight attendants to resume their duties by 14:00 EDT on August 17, 2025,' the airline said in a statement. While it plans to resume flights on Sunday evening, Canada's flag carrier warned it would take 'several days before its operations return to normal.' Some flights are still set to be cancelled over the next seven to 10 days, it added. Air Canada cabin crew walked off the job early Saturday over a wage dispute. Hours later, Canada's labor policy minister, Patty Hajdu, invoked a legal provision to halt the strike and force both sides into binding arbitration. Air Canada set to shut down over flight attendants strike 'The directive, under section 107 of the Canada Labour Code, and the CIRB's order, ends the strike at Air Canada that resulted in the suspension of more than 700 flights,' the Montreal-based carrier said. The Canadian Union of Public Employees (CUPE), which is representing the workers, sought wage increases as well as to address uncompensated ground work, including during the boarding process. It had previously said its members would remain on strike until the government formally issued an order that they return to work. It had urged passengers not to go to the airport if they had a ticket for Air Canada or its lower-cost subsidiary Air Canada Rouge. While it did not immediately issue a response to the back-to-work directive, the CUPE earlier slammed the Canadian government's intervention as 'rewarding Air Canada's refusal to negotiate fairly by giving them exactly what they wanted.' 'This sets a terrible precedent,' it said. The union also pointed out that the chairwoman of CIRB, Maryse Tremblay, previously worked as legal counsel for Air Canada. Tremblay's ruling on whether to end the strike was 'an almost unthinkable display of conflict-of-interest,' the union posted on Facebook. On Thursday, Air Canada detailed the terms offered to cabin crew, indicating a senior flight attendant would on average make CAN$87,000 ($65,000) by 2027. CUPE has described Air Canada's offers as 'below inflation (and) below market value.' In a statement issued before the strike began, the Business Council of Canada warned an Air Canada work stoppage would exacerbate the economic pinch already being felt from US President Donald Trump's tariffs. Canada's flag carrier counts around 130,000 daily passengers and flies directly to 180 cities worldwide.
