Above-average rain in some cocoa- growing areas of southwestern Ivory Coast, the world’s top producer, is benefiting this season’s crops, easing concern slow bean deliveries next year will deepen global shortages.
An end to sugar quotas in the European Union, expected by the EU Council as early as 2017, may promote trade of the sweetener within Africa as Ethiopia and Nigeria plan to raise output, said Ecobank Transnational Ltd.
Cocoa supplies may outpace demand for a second year in the 2011-12 season starting in October as consumption falls, according to Ecobank Transnational Inc., the Togo-based lender operating in more than 30 African countries.
Chancellor of the Exchequer George Osborne is considering looking outside the Bank of England for a successor to Mervyn King, which would be the first such move in 30 years, according to two people with knowledge of the matter.
Cocoa farmers in Ivory Coast, the world’s largest producer, say refunds offered by the country’s industry regulator to buyers of undersized beans came too late to boost sales of the smaller of two annual crops.