Advocates push food and nutrition
as election issues
Food and
nutrition security advocate groups are urging candidates to address food
sustainability and malnutrition in their electoral platforms.
“Steady
economic growth has not translated to the improvement of lives of many
Filipinos,” executive director Romeo C. Dongeto of the Philippine Legislators’
Committee on Population and Development said in a statement.He pointed out that
notwithstanding the reduction in the number of people suffering from hunger as
shown in a recent SWS survey, numerous reforms remains to be carried out
addressing income inequality and rural poverty.Last month, the SWS released a
survey showing the hunger rate last year at 13.4%, the lowest in 11 years.Other
organizations that have called for candidates to address nutrition and food
security include the Philippine Coalition of Advocates for Nutrition Security
(PhilCAN) and Farmers group Pambansang Kaisahan ng mga Magbubukid sa Pilipinas
(PKMP).
PhilCAN vice-lead convenor Dyan Amee Rodriguez attributed hunger and malnutrition in the country to various factors, including “natural disasters, climate change, and poor governance.”“We can eradicate malnutrition through consistent and scaled up initiatives, and use of accurate, timely and credible information in designing and monitoring interventions,” Ms. Rodriguez said.The PKMP attributed the “high prevalence” of poverty to the state of the country’s agricultural development, adding that small-scale farmers and rural communities suffer the most.“Addressing food security should be top priority of the government,” said PKMP secretary-general Nestor Diego, adding that the government focuses more on the benefits of agribusiness than on the welfare of farmers.
National Food Authority (NFA) spokesperson Dir. Angel G. Imperial, Jr. said they will continue monitoring rice supply to keep the country’s stocks sufficient and prices stable.The NFA earlier said it’s possible the country won’t import rice in the first quarter.PhilRice adapts a simplified virus detection tool for rice February 22, 2016.NUEVA ECIJA, Feb. 22 -- Scientists at the Philippine Rice Research Institute (PhilRice) have adapted a simplified method to detect viruses in plant and insect vectors using the loop-mediated isothermal amplification (LAMP) technique.LAMP assay has been proven useful in detecting viruses in animals and humans, said Dr. Emmanuel Tiongco.His team, composed of Dr. Xuan Hoai Truong, Ms. Ma. Johna Duque, and Dr. Rubigilda Paraguison-Alili (Central Luzon State University), extended the application of this method to rice viruses in the Philippines.
The
method enables detection of the rice tungro bacilliform virus (RTBV) in plants
even before common symptoms become noticeable. “Through this application, major
rice virus diseases and insect vectors can be diagnosed in a fast, efficient,
and accurate method,” Dr. Tiongco said.Using the method, RTBV can be detected 1
day after infection. The widely used enzyme-linked immunosorbent assay (ELISA)
detects RTBV 3 days after infection.Additionally, Dr. Tiongco said that LAMP
assay detects the rice ragged stunt virus (RRSV) and the rice dwarf virus (RDV)
not only in rice plants but also in their respective brown planthopper and
green leafhopper vectors.
This
way, the impending virus spread is known even before rice crop
establishment.Existing virus detection tools, Dr. Tiongco commented, have
difficulties in detecting viruses that are of low titer (strength of a
substance’s solution) aside from being arduous and time consuming.Easy to
follow procedures, cheaper equipment required, high level of specificity, and
simple result determination by merely looking at the change in color of the
test solution are among the advantages of the newly developed method.
Dr.
Tiongco and his team have conducted training programs for agricultural
technicians, rice researchers, and extension workers about this new method at
the PhilRice Central Experiment Station in Nueva Ecija and its stations in
Isabela, Negros, and Midsayap."This early, virus detection tool is useful
for pest control officers. The reliable and prompt results it provides can lead
to proactive solutions, and hence, prevent viral disease epidemic," Dr.
Tiongco said. (PhilRice)
Rice initiative to impact 122,000 lives
GIZ boss
ON FEBRUARY 22, 201612:39 AMIN BUSINESSCOMMENTS By Dotun Ibiwoye
The perennial problems associated with smallholder farming in Nigeria such as
poor farm implements, inadequate fertilisers, outdated farming methods and poor
techniques which result in poor crop yield will soon become things of the past
if plans by the German Agency for International Cooperation, GIZ, are anything
to go by.Thomas Kirsch, GIZ Nigeria’s Country Director disclosed in a chat with
Vanguard that his agency has initiated a scheme code-named, ‘The Competitive
African Rice Initiativ’e,’ CARI, which will offer matching grants to no fewer
than 122,000 farmers in four African countries, including Nigeria.
Kirsch said, CARI is expected to team up with additional partners
to target more farmers, all of whom will be integrated into inclusive business
models until 2017. According to Kirsch, the focus now is on the marketing of
locally produced rice, and to continue to support policies that will create the
enabling environment for high yield production.He affirmed that the core
mechanism for implementing the program is a Matching Grant Fund mechanism
focused on supporting core partners to strengthen linkages and build the
capacity of the broader value chain actors.In the Nigerian organisations, where
the project, has been implemented, the Country Director said that over 2,000
farmers have been clustered around primary processors, for the production of
Garri, Fufu, starch, High Quality Cassava Flour (HQCF).
He disclosed that 300 lead farmers have been trained in rapid
cassava-stem multiplication, providing additional income to the farmers as well
as improving access to improved cassava varieties for the general farming
community. ”The Competitive African Rice Initiative (CARI) seeks to improve the
livelihoods of at least 122,000 smallholder farmers in Nigeria, Ghana, Burkina
Faso, and Tanzania by integrating smallholder farmers into competitive and
sustainable business models,” Kirsch said ”Three special projects for support
to female farmers are also supported in Nigeria and Ghana,”he disclosed further
”Potato yields of trained farmer groups have increased from 6 to 12 tons per
hectare. Potato farmers have received group formation training and have
organized themselves to form an association with about 1,500 members to better
respond to market demands. 12 storage facilities for potatoes have increased
the profitability of potato farming,” he said”We are working with a number of
Nigerian corporate and individual professionals, commissioned by GIZ as
consultants, to build the capacity of partner organizations and small
entrepreneurs.
He stated that sustainable
smallholder Agri-Business Programme commissioned by the German Federal Ministry
for Economic Cooperation and Development (BMZ) with cofinancing from the
European Union and the Nigeria Incentive-Based Risk Sharing System for Agricultural
Lending (NIRSAL) is supporting 350,000 male and female smallholders, mainly in
the cocoa growing areas of Nigeria,Côte d’Ivoire, Ghana, Cameroon and Togo, to
sustainably improve their incomes and food supplies from diversified
production.Kirsch said approaches are made available to interested programs,
companies, organizations in Africa and to the Comprehensive Africa Agriculture
Development Program (CAADP).
http://www.vanguardngr.com/2016/02/rice-initiative-to-impact-122000-lives-giz-boss/
02/22/2016 Farm Bureau Market Report
Rice
|
High
|
Low
|
|
|
Long
Grain Cash Bids
|
- - -
|
- - -
|
|
Long
Grain New Crop
|
- - -
|
- - -
|
|
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||
|
Futures:
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Rice Comment
Rice futures sold off hard in
early dealings, but did recover about half of the day's losses before the
close. The losses were attributed to the disappointing results of the Iraqi
tender. The tender had originally been for US origin rice only, the top bidder
only offered 30,000 tons of US rice and the rest was much cheaper rice from
Argentina and Uruguay.
LAST DAY to Complete CME Group Survey
All members of the rice industry, particularly
those with interest in the rice futures market, are encouraged to complete the
CME Group survey found here.
https://cmeg.co1.qualtrics.com/SE/?SID=SV_86WBqXz373PWewJ&Q_JFE=0
USA
Rice Daily, Monday, February 22, 2016
Colombia cooking class
USA Rice Hosts "Cocina Viva" Chef Seminar in Bogotá
By Ernesto Baron
BOGOTA, COLOMBIA - Earlier this month, USA Rice partnered with the
USA Poultry and Egg Export Council to conduct a culinary seminar for the hotel,
restaurant, and institutional sector here.
The interactive session was led by Executive Chef Bernardo Gómez, a
professor and member of the Colombia Gastronomical Academy and honorary member
of the Colombian Chef Association.
More than 60 participants learned about different types of
U.S.-grown rice and rice preparation techniques. Of particular interest to the chef
participants was learning to use the right type of rice for a particular
recipe.
"Colombia is largely a long grain market," said John
Valpey, chairman of the USA Rice International Promotion Committee. "This seminar is designed to broaden
chefs' horizons here and encourage them to have fun with their recipes and to
know that there is always a U.S.-grown rice that will go perfectly with their
cooking."
Colombia
is a new and important market for U.S rice.
The market went from essentially zero U.S. rice exports in 2011 to more
than 329,000 metric tons in 2015 thanks to the 2012 U.S-Colombia Free Trade
Agreement that established a Tariff Rate Quota (TRQ) for U.S. rice. Imports of U.S. rice have outpaced the TRQ
every year and the government of Colombia recently announced a tender for an
additional 200,000 metric tons of rice in response to domestic production
shortfalls as a result of El Niño.
USA Rice is optimistic that the United States will be able to participate
in the emergency needs of the country, but either way, promotions in the
country are still important as U.S. rice is still a relatively new experience
for most Colombians
Published : 22 Feb 2016, 20:25:56
IRRI-ACI tie up to modernise rice production
DHAKA, Feb 22: The International Rice Research Institute (IRRI) on
Monday announced a partnership with Bangladesh's Advanced Chemical Industries
(ACI), Limited to build a state-of-the-art rice breeding programme in
Bangladesh.
The partnership will help improve the lives of rice farmers and
boost rise production through supporting better rice varieties and agricultural
technologies. The collaboration will also support a wide range of projects
aimed to accelerate genetic research and advance breeding and product
development for the Bangladesh rice ecosystem, the IRRI said.
This agreement builds on the successful partnership developed
between the two organisations through the Hybrid Rice Development Consortium
(HRDC), started in 2014, which is a public private partnership that enhances
the dissemination of hybrid rice technology. HRDC, of which ACI has been a
member since May 2014, was established at IRRI in 2008.
IRRI's unique expertise and technology platform will be available
to ACI in the form of an intensive technology-transfer programme, partially
financed by the US Agency for International Development (USAID).
In addition, ACI will deploy specific elite varieties developed by
IRRI that are suitable for Bangladesh agro-climatic conditions. A strong
screening program, developed by ACI with the help of IRRI specialists, will
yield a robust pipeline of new elite varieties. ACI will be responsible for
market introduction of the best varieties.
"The objective of this collaboration with ACI is to facilitate
higher rice yields, better quality, climate-change-tolerant varieties, and
improved sustainability of rice production in Bangladesh", IRRI Director
General Matthew Morell said while commenting on the partnership.
"We are pleased to partner with IRRI, a recognised leader in
rice research and development, to address the need to improve the lives of rice
farmers through better rice varieties and agricultural technologies, which
ensure creating wealth for farmers" said Dr. FH Ansarey, Executive Director
for Agribusiness of ACI.
ACI is a leading brand in Bangladesh with activities in
pharmaceuticals, consumer brands including agriculture value addition,
logistics including agriculture retailing and complete agriculture solution
covering seed, fertilizer, crop care, agriculture machineries, animal health
and integrated poultry and farmer's forward and backward linkage, according to
a news agency.
-Jahangirhttp://www.thefinancialexpress-bd.com/2016/02/22/17215
Marcos’ Green Revolution
February
22, 2016 8:52 pm
IN 1962, not long before Ferdinand Marcos was elected president,
the Philippines was at the forefront of pioneering scientific research on rice
that introduced high-yielding varieties to the country. Supported by several
international agencies, including the Rockefeller and Ford Foundations, the
main goal was to increase food production. Working at the newly established
International Rice Research Institute (IRRI), in Los Baños, Laguna, scientists
from all over the world developed a type of rice that produced heavy heads of
grain that grew on short, robust stalks able to bear the weight of the grain
without toppling over. This rice variety, called IR-8, required intensive
irrigation, plenty of fertilizer, and chemical pesticides, to flourish. Output
doubled. Between 1962 to 1964 and 1983 to 1985, with steady increases in
between, rice yields rose from 1.24 to 2.48 metric tons of palay per hectare.
The increase was spectacular and unprecedented. For the first
time, the chance to effect real equitable change in the lives of the poor was
within the government’s grasp. However, despite its promising start, the green
revolution in the Philippines did not deliver the gains it was supposed to. Not
only did it fail to improve the conditions of the poor but, ironically, the
poor slid further into hardship. The opportunity was squandered. What happened?
Under Marcos, per capita income rose, there was a rice surplus,
and the price of rice fell. But, to simplify a complicated story, the period
from 1965 to 1986 was a paradox. There was economic growth yet it caused
massive impoverishment. The American economist James K. Boyce calls this
phenomenon “immiserizing growth,” when economic growth, and political and
social conditions are such that the rich get absolutely richer and the poor
become absolutely poorer.After the declaration of Martial Law in 1972, there
was a decline in the absolute incomes of the poor. Millions were without access
to basic needs, hunger was widespread, with infants and children hardest hit.
Impoverishment prevented the poor from buying rice, even when rice prices were
at their lowest. In a 1979 review of Philippine grain production policy, the
World Bank found that total rice consumption in the 1970s slowed, growing at
only 2.9%, barely in step with the rate of population increase. The poor were
not filling up on bread and cake. They were not eating.
Studies by the Food and Nutrition Research Institute found that
by 1982, two thirds of families consumed less than the recommended minimum
daily calorie intake. 25% of the country’s pre-schoolers were stunted, 14% were
wasted, and an appalling 69% were underweight. Between 1970 and 1983, infant
mortality was at 59 per 1,000 in rural areas and 55 per 1,000 in urban areas –
among the highest in East and Southeast Asia. The cause of infant and child
deaths could be directly traced to hunger and a lack of basic health care
services. While the Marcos government injected $229 million into private
hospitals specializing in single organ diseases (the Philippine Heart Center,
National Kidney Foundation, and the Lung Center of the Philippines), which
catered to the rich, primary health care fell by the wayside. A damning UNICEF
report declared it a gross misallocation of resources. Babies and children died
from entirely preventable illnesses — diarrhea, vitamin and nutrient
deficiencies, and common respiratory infections due to undernourishment.
Elsewhere in Asia, the green revolution pulled countries out
from the abyss. It helped China recover from Mao’s catastrophic Great Leap
Forward and India to overcome mass starvation. In the Philippine case, boosting
rice production occurred in a highly inequitable social setting where
disparities in wealth and power at both the national and barangay level
determined who would be favored from the outset. Had the Marcos government
addressed land reform and redistribution of wealth, then more egalitarian and
sustained growth might have resulted.
Under Marcos, precisely the opposite occurred. The primary
beneficiaries of the green revolution in the Philippines were those who had
access to financing and water — the rural elites who came from the ranks of the
old landlord classes and upwardly mobile tenant farmers who, with larger farms,
were awarded capital subsidies from the government. Subsidies were especially
necessary in purchasing the expensive fertilizers, herbicides and pesticides,
needed by the high yielding varieties. Use of chemical pesticides led to an
environmental disaster. Fish, another food staple of the poor, and other
aquatic life, became contaminated, compounding the hunger problem still
further.
“One cannot explain the prevalence of malnutrition in a period
of increasing food and agricultural production as primarily a supply problem”
Boyce observed. “Rather, it is a case of the uneven distribution of the
available food within the population…the inequitable and worsening distribution
of purchasing power.”Under Marcos the green revolution became a privately
profitable enterprise.
It is said that the best lies hold a grain of truth. Senator and
Vice-Presidential candidate Ferdinand “Bongbong” Marcos recently asked: “Will I
say sorry for the agricultural policy that brought us to self sufficiency in
rice?” Bongbong has consistently taken a defiantly unrepentant stance toward
his late father’s rule. Born in 1957, he was in his twenties during the period
of the green revolution. He did not go hungry himself and, like his father,
showed little empathy for the millions who did.
http://www.manilatimes.net/marcos-green-revolution/246377/
Commodity Report-February 22
Published February 22, 2016
In today’s commodity report we have the the National Shell Eggs: Daily Egg Report, the California Shell Eggs: Daily Egg Report, Weekly Rice Summary and other commodity end of the day market numbers.
National Shell Eggs: Daily Egg
Report
Regional prices are 16 to 30.5 cents lower for Extra Large, 19
to 37 cents lower for Large and 10.5 to 28.5 cents lower for Medium. California
price are 4 cents lower for Jumbo and Extra Large, 5 cents lower for Large and
1 cent lower for Medium and Small. New York egg prices are unchanged on all
sizes. The undertone is steady to higher in California, steady in remaining
areas. Offerings are moderate to instances heavy in the South Central, very
light to moderate in California, moderate in all other regions. Supplies vary,
although mostly moderate to heavy. Retail and food service demand is mostly
light to moderate, however moderate to fairly good in the Southeast. Market
activity is generally slow to moderate, although moderate to active in
California. Breaking stock supplies are light to moderate for mostly normal
breaking schedules. Light hen offerings are moderate to heavy for the light to
moderate demand.
California Shell Eggs: Daily Egg
Report
Benchmark prices are 4 cents
lower for Jumbo and Extra Large, 5 cents lower for Large and 1 cent lower for
Medium and Small. The undertone is steady to higher for the larger sizes and
sharply higher for Medium. Demand is moderate. Offerings are moderate for the
larger sizes and light to very light for Medium. Supplies are moderate. Market
activity is moderate to active. Small benchmark price $1.16.
Shell egg marketer’s benchmark
price for negotiated egg sales of USDA Grade AA and Grade AA in cartons, cents
per dozen. This price does not reflect discounts or other contract terms.
|
RANGE
|
|
|
JUMBO
|
194
|
|
EXTRA LARGE
|
180
|
|
LARGE
|
174
|
|
MEDIUM
|
136
|
Weekly Rice Summary
In California, medium grain
milled rice prices steady to 3.00 lower. Second heads prices mostly steady;
Brewers prices steady to 1.00 lower. Rice by-products: Rice Bran prices
5.00-10.00 lower. Rice hulls spot trade not well tested.
Now Monday’s
Commodity Market ending market numbers for other commodities:
Corn
March Corn ended at $3.67 1/2 increasing 2 cents, May ended at $3.72 1/4 gaining 3 cents.
Soybeans
March Soybeans ended at 8.81 up 2 3/4 cents, May ended at 8.84 1/4 increasing 3 1/2 cents.
Wheat
March Wheat ended at $4.58 1/2, decreasing 3 1/4 cents, May Wheat ended at $4.64 down 2 3/4 cents.
Rough Rice
March Rough Rice ended at 10.705 losing 0.315, May ended at 10.98 decreasing 0.315.
Live Cattle
February Live Cattle ended at $136.425 increasing $1.05 and April ended at $134.625 up $0.675 and June ended at $123.825 gaining $0.675.
Feeder Cattle
March Feeder Cattle ended at $155.175 losing $0.70 and April ended at $154.575 decreasing $0.05 and May ended at $153.10 up $0.15.
Lean Hogs
April Lean Hogs ended at $69.25 increasing $0.35, May ended at $76.025 up $0.775
Class III Milk
February Class III Milk ended at $13.81 down $0.01, March ended at $13.67 decreasing $0.18 and April ended at $13.61 dropping $0.20.
#2 Cotton
March #2 Cotton ending at 57.74 losing 2.27, May ended at 58.69 down 0.85.
Sugar #11
March sugar #11 ended at 12.61 up $0.09 and May ended at 12.76 increasing 0.09.
Orange Juice
March Orange Juice ended at 125.30 losing $5.30, May ending at 125.80 down $4.85.
Gold
April gold ending at $1210.10 decreasing $20.70 a troy ounce, June at $1210.60 losing $20.70 and August gold ending at $1211.11 down $20.70.
Crude Oil WTI
April Crude Oil WTI ended at $33.39 increasing $1.64, May ended at $35.04 up $1.65 and June ended at $36.18 gaining $1.59.
Brent Crude
April Crude Oil Brent ended at $34.69 gaining $1.68, May ended at $35.29 increasing $1.67 and June ended at $35.98 up $1.64.
March Corn ended at $3.67 1/2 increasing 2 cents, May ended at $3.72 1/4 gaining 3 cents.
Soybeans
March Soybeans ended at 8.81 up 2 3/4 cents, May ended at 8.84 1/4 increasing 3 1/2 cents.
Wheat
March Wheat ended at $4.58 1/2, decreasing 3 1/4 cents, May Wheat ended at $4.64 down 2 3/4 cents.
Rough Rice
March Rough Rice ended at 10.705 losing 0.315, May ended at 10.98 decreasing 0.315.
Live Cattle
February Live Cattle ended at $136.425 increasing $1.05 and April ended at $134.625 up $0.675 and June ended at $123.825 gaining $0.675.
Feeder Cattle
March Feeder Cattle ended at $155.175 losing $0.70 and April ended at $154.575 decreasing $0.05 and May ended at $153.10 up $0.15.
Lean Hogs
April Lean Hogs ended at $69.25 increasing $0.35, May ended at $76.025 up $0.775
Class III Milk
February Class III Milk ended at $13.81 down $0.01, March ended at $13.67 decreasing $0.18 and April ended at $13.61 dropping $0.20.
#2 Cotton
March #2 Cotton ending at 57.74 losing 2.27, May ended at 58.69 down 0.85.
Sugar #11
March sugar #11 ended at 12.61 up $0.09 and May ended at 12.76 increasing 0.09.
Orange Juice
March Orange Juice ended at 125.30 losing $5.30, May ending at 125.80 down $4.85.
Gold
April gold ending at $1210.10 decreasing $20.70 a troy ounce, June at $1210.60 losing $20.70 and August gold ending at $1211.11 down $20.70.
Crude Oil WTI
April Crude Oil WTI ended at $33.39 increasing $1.64, May ended at $35.04 up $1.65 and June ended at $36.18 gaining $1.59.
Brent Crude
April Crude Oil Brent ended at $34.69 gaining $1.68, May ended at $35.29 increasing $1.67 and June ended at $35.98 up $1.64.
India Gate's 550kg rice bag enters Guinness World
Records at Gulfood 2016
WAM/Dubai
Filed
on February 22, 2016
WAM/Dubai
Filed
on February 22, 2016
The new record was achieved when the bag was
filled in a single day and transported on a truck to Gulfood. Gulfood, the world's largest annual food and
hospitality trade show, has broken a Guinness World Record for the globe's
heaviest bag of rice.KRBL Limited, the world's largest rice millers and Basmati
rice exporters, has successfully entered the Guinness Book of World Records
with a bag of rice from its acclaimed India Gate Classic Basmati Rice brand
weighing 550kgs, a combined weight of two adult Royal Bengal Tigers.
The new record was achieved when the bag was
filled in a single day by a dedicated team at KRBL DMCC's Al Quoz warehouse
before being driven on a truck to Gulfood, which runs at Dubai World Trade
Centre, DWTC, from 21st - 25th February."Guinness Book of World Record
assessors were on site to verify the entire process," explained Priyanka
Mittal, member of the Board of Directors at KRBL Limited.
Following the feat, Guinness Book of Records
accreditors presented the KRBL Limited management with an honorary certificate
on the second day of Gulfood."After the show, we plan to display the bag
for a few days at a major retail store or a shopping mall before cooking it for
distribution to labourers," added Mittal.KRBL Limited, which owns the
India Gate Basmati rice brand, is also one of the recipients of World's
Greatest Brands and Leaders 2015 - Asia & GCC Awards. The company is
participating at Gulfood to connect with its worldwide distributors, forge new
alliances and expand its country basket.
The record has been welcomed by DWTC which
has signed up more than 5,000 exhibitors from over 120 countries for Gulfood
2016, the largest number in the show's history."The new Guinness World
Record is a colourful and engaging addition to this year's show. Dubai is well
known for its record-breaking exploits and we're very happy that Gulfood has
got in on the act," said Mark Napier, Exhibition Director of
Gulfood.Gulfood 2016 is hosting the show's largest contingent to date of
national and industry pavilions, having lined up a total of 117, five more than
last year, with first-time group participation from Russia, Costa Rica,
Belarus, and Mauritius, and New Zealand returning after a six-year break.
Among the
anticipated 90,000 visitors from more than 170 countries expected before the
show closes on Thursday evening, Gulfood 2016 will host international heads of
state, ministers, government officials and national trade associations from
five continents.
Rice
prices to go up in city, fear experts
Siddharth Tadepalli | TNN | Feb 23, 2016, 10.59 AM IST
Hyderabad: This year, prices of rice and rice products will escalate manifold, fear agrarian experts and traders, who are blaming it on early onset of summer, less sowing and scanty rainfall. At a time when the maximum day temperature continues to hover around 38 degrees Celsius, records from the state agriculture department show that paddy sowing has been lesser than 2014-2015.
Data shows Telangana farmers have restricted themselves to sowing paddy on a measly 2.2 lakh hectares against the average of 6.4 lakh hectares in previous two years. A shortfall of rice is on the cards, as a result of decrease in sowing, especially in the city.
At present, a kg of Sona Masoori rice, is priced anywhere between Rs 45-60 in the open markets. Traders are of the opinion that the price could soar to Rs 80 or higher.
"To cultivate paddy, water must be made available in copious amounts. But in the last one year, we have been facing a drought-like situation. Now, even the borewells have dried up, which is why many of us have stopped sowing paddy," said D Shyam, a farmer who has 30 acres of barren land in Bibinagar.
However, the worst affected would be the urban consumers, according to J Jayaram, general manager, marketing, state civil supplies department, as the monthly consumption of rice in the entire city is around 1.8 lakh tonnes. But with the shortfall in paddy cultivation, farmers fear that the maximum yield that they can now achieve would barely be one-third of the monthly requirement.
"If the acreage of cultivation comes down, apart from a dip in the quantity of rice, the rate for procuring the produce, milling and making it fit for consumption goes up. And, this additional price would have to be borne by the consumers," said Venkateshwarulu Manchu Konda, president, Rice Millers' Association, who supplies rice to several supermarket brands in the city.
Not just the farmers, even agrarian experts like G V Ramanjenayulu highlight how the crop production has come down by half. "Most of the farmers had pinned their hopes on irrigating their farms with the rainwater. But unfortunately, all their hopes were dashed," he said.
Top Comment
Prices in India never come down. Milk, rice, gold, houses, all
prices go up continuously. I wonder why they bother to ex... Read More
Even, senior officials from the department said they are fast losing hope on early rains. "It is only the farmers with access to a working borewell, who are taking up paddy cultivation," C Parthasarathi, secretary of the department.
From flab to fabulous
The
Business Times
Monday,
Feb 22, 2016
The Business Times
By Tay Suan Chiang
THE crew at Kilter Avenue, a new boot camp, know that no one
really likes waking up at 6am to exercise. Which is why their boot camp
sessions start only at 10am.The one month-old Kilter Avenue is headed by three
working professionals - Karen Heng, an account director at a public relations
and branding agency; Caryn Cheah, trade ambassador for a spirits company, and
Rajeev Singh, a commercial manager for a shipping company."The three of us
met at the gym where we are all members, and bonded over a shared passion and
excitement for fitness," says Ms Heng."We all lead active lifestyles,
and like working out in groups because there is a higher push of motivation;
the sense of camaraderie when training with like-minded people is a feeling
that we want to bring across in our boot camps."
The trio want to show that it is possible to be fit and strong
mentally and physically, without having to give up what they enjoy as part of
their work."This philosophy of balance and moderation in the way we go
about our everyday life is the basis of our business," says Ms Heng. She
goes to the gym before work daily, does capoeira once or twice a week, and has
dinner and drinks with friends a couple of nights a week.
Ms Heng says the boot camp sessions are only one part of Kilter
Avenue."We envision Kilter Avenue to be a well-rounded fitness lifestyle
brand that is also an online retailer of products that we love and fit into our
lifestyle," says Ms Heng.Besides selling passes to its boot camps, at S$15
per session, Kilter Avenue also retails probiotic sodas and soy candles.To
stand out from other boot camps in town, different disciplines of sports such
as capoeira, Zumba, and boxing are integrated into each session, along with
bodyweight exercises such as squats, push-ups, sit-ups and mountain
climbers."We want to expose people to different forms of fitness, types of
training and ways of workout," says Ms Heng. In addition to the exercises,
time-based circuits and some sprints are thrown in.Most other boot camps only
have one trainer per class, but at Kilter Avenue, Mr Singh is the head trainer,
and there is at least one other Kilter Avenue staff on hand to correct form and
ensure an effective 60-minute session.
Wrong form is a slippery slope to injuries and a trap of working
out for long periods of time but not seeing commensurate results.Mr Singh is a
certified personal trainer, and is also a certified coach for Kettlebell,
spinning, powerlifting and indoor cycling.He has also taken part in three
Ironman triathlons, as well as other marathons throughout the Asia-Pacific.Boot
camps are held every Saturday at Fort Canning Hill, and in the coming months,
sessions will also be held at East Coast Park and on Sundays. About 12 to 15
people attend each session, with 20 people set as the maximum. Ms Heng says the
boot camps are suitable for everyone of all fitness levels."As our boot
camp sessions play around with variations of bodyweight exercises, we are able
to tailor according to levels, that is, each movement can have regressions or
progressions depending on the individual's level of fitness," she
explains.
Also, because the circuits are time-based and not
repetition-based, individuals can separately work up to their own maximum
effort levels."We encourage those that are weaker, but at the same time,
enthusiastically challenge those that are fitter. So, if we see that you can go
at a faster pace than you are currently going at, we will not think twice about
calling you out and giving you a run for your money," quips Ms Heng.With
Kilter Avenue, you can lose the weight you've gained from eating too many
pineapple tarts and bak kwa."You can lose body fat and gain muscle, which
in turn guides you to a leaner and more efficient body, and ultimately that
leads to weight loss," she says."Having the goal of losing body fat
is a more holistic approach to being healthy and fit. Weight loss is the
natural consequence of that and looking better is the icing on the cake."
EAT YOUR GOALS
YOLO ICON
Village, 12 Gopeng Street, #01-01 Opening hours: Mon to Sat, 8am
to 9.30pm, closed on Sundays yolofood.com.sg
YOLO - you only live once - so why feed your body with junk?
"Instead, you should take care of your body, eat what you
love and live life to the fullest, because you only live once," says
Alexis Bauduin, founder of YOLO, an eatery which focuses on serving healthy
meals.
Before he started YOLO, Mr Bauduin, a French expatriate, was the
typical corporate worker. He was previously working with the LVMH Group in
China.
"I was travelling a lot, having to entertain customers and
always in a rush which made eating healthily almost impossible," he says.
His unhealthy lifestyle made him sick.
Now 32, he says the turning point for him was when he was 27.
He found it harder to control his weight, and he didn't feel as
energised as before. "So I decided to look into eating healthily but such
eating options were limited and boring.
The idea for YOLO took shape then but it was only last year that
it came to fruition.
Mr Bauduin worked with a nutritionist and a chef to create the
meals. "The nutritionist and I would decide which dishes we would select.
We wanted to focus on dishes that people are familiar with but
to make them healthier," says the first-time entrepreneur. "The chef
would help with the taste and the operational side of things, as we served each
meal within five minutes of ordering."
Healthier versions of familiar favourites include chicken rice but
made using brown rice, and a prawn pad Thai but with added tofu, vegetables and
almonds.
To make things easier, the meals are split into four categories,
each with a goal in mind, which are Shape Up, Energise, Build and Glow.
"We all have a goal in mind, but we don't know what we need
to eat to get to this goal. YOLO tailors meals to help customers reach their
goals," he says.
A meal costs from S$9.90 for a salad with chicken, cauliflower
and tabbouleh, to S$15.90 for the miso-glazed salmon steak with bak choy and
quinoa. Portions are controlled so there's no overeating.
YOLO's top three meals are the miso-glazed salmon steak, coconut
chicken with brown basmati rice, and cauliflower fried rice, which is shredded
cauliflower that tastes like rice.
Mr Bauduin makes eating healthy fun, not only through the meal
selection, but also with the eatery's slick decor and music selection, where it
works with DJs to create its own music set list.
Mr Bauduin says music is an important part to YOLO: "It
changes from hip-hop/pop in the morning and afternoon to house music in the
later afternoon and at night," he says.
This combination has become a hit with customers of all ages.
"We get youngsters who come because of our decor and music,
the office crowd, and even the elderly community who come to purchase a
healthier version of chicken rice or the cauliflower fried rice," says Mr
Bauduin.
PURISTS' OIL
Nakula Organic Cold Pressed Virgin Coconut Oil Available at Cold
Storage and Jasons supermarkets
GOING healthy need not mean making big changes in your life. You
could start small, such as by switching to a different oil for cooking.
Coconut oil has been the rage for the last few years, and one of
the new brands that's available is Nakula Organic Cold Pressed Virgin Coconut
Oil.
The oil is made using fresh Sri Lankan coconut flesh, and has no
preservatives added to it.
Coconut oil is reported to have anti-viral and anti-bacterial
qualities, and is rich in medium chain fatty acids, which reportedly help to
raise the good cholesterol levels and boost metabolism.
According to its distributor, Kevin Tan, managing director of
Provenance Distributions, Nakula Coconut Oil is also unrefined, unbleached and
chemically unaltered.
"Its pure properties make Nakula Coconut Oil multi-functional.
You can use it both in the kitchen and in the bathroom," says Mr Tan.
His company is the exclusive importer of Just Picked CocoWater,
and the first to popularise premium Tetra Pak coconut water in Singapore.
He explains that Nakula Coconut Oil can be used for cooking,
such as in stir-fries, grilling or roasting. Or it can be drizzled on toast in
place of butter, or added to coffee and tea as well. Coconut oil can also be
taken on its own as a dietary supplement.
Some users of Nakula Coconut Oil have also used it to make
coconut and gula melaka granola, avocado and coconut bruschetta and even yam
and coconut chiffon cake.
On the beauty side, coconut oil is said to be a natural make-up
remover. It also works as a moisturizer for the face and body, and by swishing
coconut oil in the mouth for 20 minutes, it can help to clean teeth.
Apart from its benefits, Mr Tan believes that Nakula has been
popular with consumers because of its price. A 500ml jar costs S$15.95 while a
one-litre jar is S$29.95.
"This is one of the lowest in the market for premium
unrefined organic oil," he says. says.
:
http://yourhealth.asiaone.com/content/flab-fabulous#sthash.YOjX1uAE.dpuf
Rice Prices
as on : 22-02-2016 08:10:56 PM
|
Arrivals
|
Price
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Current
|
%
change |
Season
cumulative |
Modal
|
Prev.
Modal |
Prev.Yr
%change |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Rice
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shahjahanpur(UP)
|
378.10
|
243.73
|
39085.80
|
2200
|
2200
|
8.64
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Manjeri(Ker)
|
290.00
|
NC
|
6380.00
|
3000
|
3000
|
-9.09
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gorakhpur(UP)
|
190.00
|
-17.39
|
3082.00
|
2120
|
2115
|
7.07
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gondal(UP)
|
180.00
|
1.12
|
10067.10
|
2015
|
2015
|
-0.74
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sitapur(UP)
|
135.00
|
-2.88
|
4428.00
|
2100
|
2200
|
-3.23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Pilibhit(UP)
|
110.00
|
1000
|
16358.00
|
2195
|
2195
|
-6.40
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kalipur(WB)
|
90.00
|
12.5
|
2946.00
|
2100
|
2050
|
-4.55
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Chandabali(Ori)
|
85.00
|
NC
|
1098.00
|
1800
|
1800
|
28.57
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bindki(UP)
|
85.00
|
30.77
|
1698.00
|
2230
|
2260
|
6.95
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Aligarh(UP)
|
70.00
|
NC
|
1635.00
|
2170
|
2150
|
14.21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Barasat(WB)
|
60.00
|
20
|
1435.00
|
2300
|
2300
|
2.22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Pandua(WB)
|
52.00
|
15.56
|
1135.00
|
2500
|
2600
|
-5.66
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Samsi(WB)
|
50.00
|
NC
|
14610.00
|
2900
|
2800
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kasimbazar(WB)
|
43.50
|
-1.14
|
921.50
|
2380
|
2310
|
-8.46
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balrampur(UP)
|
41.00
|
30.16
|
992.00
|
2040
|
2040
|
-0.49
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dadri(UP)
|
36.00
|
-10
|
1258.00
|
2065
|
2070
|
-2.82
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kolhapur(Laxmipuri)(Mah)
|
35.00
|
16.67
|
825.00
|
3000
|
3000
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Taliamura(Tri)
|
32.00
|
-8.57
|
240.00
|
2300
|
2300
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Ghaziabad(UP)
|
30.00
|
-57.14
|
1590.00
|
2070
|
2075
|
-2.59
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Jasra(UP)
|
30.00
|
33.33
|
295.50
|
2070
|
2060
|
3.50
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Partaval(UP)
|
30.00
|
50
|
944.50
|
2075
|
2075
|
7.79
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purulia(WB)
|
30.00
|
NC
|
1332.00
|
2200
|
2180
|
-8.33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banda(UP)
|
28.00
|
-6.67
|
279.50
|
2110
|
2150
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kondotty(Ker)
|
25.00
|
NC
|
75.00
|
2800
|
2700
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mirzapur(UP)
|
22.00
|
-15.38
|
934.50
|
1920
|
1920
|
2.13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Diamond
Harbour(South 24-pgs)(WB)
|
18.00
|
-14.29
|
250.00
|
1850
|
1850
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Champadanga(WB)
|
16.00
|
6.67
|
464.00
|
2350
|
2350
|
-12.96
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Muradabad(UP)
|
15.00
|
50
|
351.50
|
2200
|
2245
|
11.39
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dibrugarh(ASM)
|
14.00
|
-30
|
641.30
|
2400
|
2400
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
North
Lakhimpur(ASM)
|
13.90
|
-16.27
|
869.20
|
1900
|
1900
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Naugarh(UP)
|
13.50
|
-15.62
|
407.00
|
2060
|
2060
|
9.28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Raiganj(WB)
|
13.00
|
8.33
|
543.00
|
2800
|
2750
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Medinipur(West)(WB)
|
13.00
|
-18.75
|
404.00
|
2450
|
2450
|
2.08
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kannauj(UP)
|
12.20
|
-2.4
|
184.30
|
2195
|
2190
|
1.15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kottayam(Ker)
|
10.00
|
NC
|
80.00
|
3500
|
3500
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Kaliaganj(WB)
|
10.00
|
NC
|
356.00
|
2650
|
2650
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Raibareilly(UP)
|
8.50
|
-19.05
|
196.50
|
2040
|
2025
|
2.51
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bhivandi(Mah)
|
8.00
|
NC
|
174.00
|
2250
|
3350
|
32.35
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Baberu(UP)
|
8.00
|
14.29
|
96.00
|
2100
|
2125
|
11.70
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Jeypore(Ori)
|
7.50
|
82.93
|
154.40
|
325
|
410
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Chengannur(Ker)
|
6.00
|
NC
|
351.50
|
2500
|
2400
|
-13.79
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bolangir(Ori)
|
6.00
|
-20
|
106.50
|
2200
|
2200
|
-12.00
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Jhansi(UP)
|
6.00
|
20
|
149.50
|
2100
|
2100
|
7.69
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tusura(Ori)
|
5.00
|
-16.67
|
104.50
|
2200
|
2200
|
-12.00
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Buland
Shahr(UP)
|
4.50
|
-71.88
|
265.00
|
2050
|
2040
|
1.49
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Farukhabad(UP)
|
4.00
|
-11.11
|
159.50
|
2165
|
2180
|
-0.69
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Islampur(WB)
|
4.00
|
33.33
|
171.20
|
2150
|
2150
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Jeypore(Kotpad)(Ori)
|
3.80
|
-2.56
|
147.30
|
4100
|
3250
|
28.13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Imphal(Man)
|
3.80
|
-2.56
|
119.40
|
2900
|
2900
|
NC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Aroor(Ker)
|
3.00
|
NC
|
121.70
|
6900
|
7000
|
-25.81
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Alibagh(Mah)
|
3.00
|
NC
|
75.00
|
3500
|
3750
|
118.75
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Murud(Mah)
|
3.00
|
NC
|
159.00
|
2750
|
2750
|
71.88
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Perinthalmanna(Ker)
|
2.90
|
NC
|
45.20
|
2600
|
2600
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Darjeeling(WB)
|
2.50
|
-21.88
|
47.40
|
2800
|
2800
|
3.70
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Melaghar(Tri)
|
2.00
|
-20
|
78.30
|
2350
|
2350
|
NC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Thoubal(Man)
|
1.80
|
-51.35
|
60.00
|
2800
|
2700
|
180.00
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Lamlong
Bazaar(Man)
|
1.60
|
14.29
|
40.90
|
2800
|
2700
|
-3.45
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shillong(Meh)
|
1.20
|
50
|
33.10
|
3500
|
3500
|
NC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sardhana(UP)
|
1.20
|
NC
|
49.70
|
2075
|
2070
|
0.24
|
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|
International
Benchmark Price
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|
Price
on: 22-02-2016
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KARACHI: The State Bank of Pakistan (SBP) will soon allow banks
to resume ties with Iranian counterparts, an official said on Monday, after the
government’s recent lifting of sanctions on the neighbouring Persian Gulf
country.
“The central bank will soon issue instruction to banks regarding
this,” Chief Spokesman Abid Qamar at the SBP said. “After the issuance of instructions
to banks, all permissible transactions with Iran will be possible.”
Qamar said currently the central bank-to-central bank contact is
not necessary. “The decision of the (Pakistan’s) government will be intimated
to Iranian central bank,” he added.
In February, Pakistan lifted sanctions on Iran pursuant to UN
Security Council Resolution 2231. The modalities for lifting of sanctions were
finalised at an inter-ministerial meeting chaired by Finance Minister Ishaq
Dar. The Ministry of Foreign Affairs issued the formal notification following
the meeting, which will revive economic and commercial relationship between
Pakistan and Iran, including in the areas of trade, investment, technology,
banking, finance and energy.
The lifting of sanctions will enable the two countries to fully
reinvigorate various bilateral and multilateral arrangements for promoting
investments and cooperation, a finance ministry’s statement said.
In the past, business community demanded the government of
resuming official banking channels with Iran to streamline trade but due to
sanctions the government was unable to do so.
The resumption of banking ties will enable local importers to
open the letters of credit.
Western sanctions on Iran adversely affected its economic
relations with Pakistan. The bilateral trade volume fell to $431.76 million in
2010/11 from $1.32 billion in 2008/09 despite the fact both the countries have
a preferential trade agreement.
Officials at the Trade Development Authority of Pakistan (TDAP)
hoped that Pakistan’s exports to Iran will increase in the post-sanction
regime.
They said Iran is the world’s second top importer of rice and
the biggest importer of Basmati rice. Iran was the major consumer of Pakistan’s
aromatic rice as it consumed 65 percent of Pakistan’s Basmati rice exports.
“However, after tough economic sanctions, Pakistan lost this
market to India,” said an official at TDAP.
According to the TDAP’s data, Pakistan’s major exporting goods
to Iran in 2014/15 included paper and paper board, orange juice, Basmati rice
and other verities, plastic material, surgical items, and kinnow. Major
importing goods from Iran to Pakistan included liquefied petroleum gas, gram
dry whole, electric transformers, petroleum products, steel scraps, sheep skin
and dry fruits.
Business community has seen many economic benefits for both Iran
and Pakistan in the post-sanction regime.
The Federation of Pakistan Chamber of Commerce and Industry
(FPCCI) said the lifting of sanctions will turn the mega projects, such as Pakistan-Iran
pipeline project and 1,000 megawatts electricity imports from Iran into
reality.
FPCCI believed that the imported electricity from Iran is much
cheaper than the electricity produced by the independent power producers in the
country.
Commerce Minister Khurram Dastgir Khan, at a press conference
last week, said the government devised strategies to promote trade between
Pakistan and Iran in the post-sanctions regime.
Khan said the resumption of official transactions will help the
country in clearing outstanding amount against electricity purchase to Iran.
The amount was stuck due to sanctions.
http://www.thenews.com.pk/print/100144-SBP-to-allow-banks-to-resume-ties-with-Iran۔
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