RI,
Pakistan to boost bilateral trade
The Jakarta Post, Jakarta | Business | Tue, February
10 2015, 3:50 PM
Business News
Indonesia aims to boost its trade with Pakistan in the future as
both countries continue to enjoy the benefits of such activity.Indonesia
recorded a US$1.8 billion surplus in its bilateral non oil and gas trade with
Pakistan during the January to November 2014 period.The Trade Ministry’s
national export development director general, Nus Nuzulia Ishak, said she was
optimistic the trade between Jakarta and Islamabad would continue growing.
“This collaboration will create more opportunities for our trade
and investment activities in Pakistan,” Nus said in at her office in Jakarta on
Tuesday, as quoted by kontan.co.id, after a meeting with Karachi Chamber of
Commerce and Industry (KCCI) senior vice president Ibrahim Kusumbi who is also
the Petrogulf Polymer DMCC CEO.As well as the KCCI, she said the Rice Exporters
Association of Pakistan (REAP) had also expressed its interest in working with
Indonesia.In addition, she said that the Karachi delegations invited Indonesia
to join their “My Karachi-Oasis of Harmony” exhibition which would run from
Apr. 10 to 12 this year. (nfo)(+++)
Pakistan, Afghanistan seek to expand trade
Pakistani
businesses have much to gain by investing in Afghanistan, officials say.
By Zia Ur Rehman
2015-02-09
KARACHI – Government officials and traders from Pakistan and Afghanistan
are working to expand trade and investment in each other's country.
Afghan government officials and Pakistani business leaders
attend a conference in Karachi January 22. Government officials and traders
from Pakistan and Afghanistan have been working to explore ways to expand
trade. [Zia Ur Rehman]
![Description: Afghan government officials and Pakistani business leaders attend a conference in Karachi January 22. Government officials and traders from Pakistan and Afghanistan have been working to explore ways to expand trade. [Zia Ur Rehman]](http://centralasiaonline.com/shared/images/2015/02/09/pakaftrade.jpg "\"Afghan government officials and Pakistani business leaders attend a conference in Karachi January 22. Government officials and traders from Pakistan and Afghanistan have been working to explore ways to expand trade. [Zia Ur Rehman]\"")
Afghanistan Ambassador to Pakistan
Janan Mosazai visited Karachi to confer with leaders of various associations of
commerce and industry January 21 – 24. He is optimistic about the prospect of
boosting trade and investment in both countries."The new unity government
of Afghanistan … has shown great interest in increasing bilateral trade with
Pakistan," Mosazai told Central Asia Online during his Karachi visit.The
Pakistani business community's response was very satisfactory and it has shown
great interest in investing in Afghanistan, he added.
Kabul offers
incentives to Pakistani traders
Officials in Kabul are doing the best they can to persuade
Pakistani business leaders to invest."Already, there is co-operation
between both governments on trade and transit−trade," Mosazai said.
"But now we have mainly focused on investment."Mosazai offered
Pakistani investors the ability to establish their industrial units in
Afghanistan's special economic zones, especially in northern Afghanistan, which
would help them penetrate Afghan as well as Central Asian markets.
"We are ready to offer land, low taxes, full security, cheap
electricity, water and other utilities to Pakistan's business community in special
economic zones," Mosazai said, adding that Afghanistan's doors were open
to Pakistani traders seeking to invest and enhance trade with their
counterparts in Afghanistan.Mosazai visited the Karachi Chamber of Commerce and
Industry (KCCI) and the Pakistan Afghanistan Joint Chamber of Commerce and
Industry (PAJCCI) to meet their leaders.
Pakistani traders are
interested, Majyd Aziz, a former KCCI president, told Central Asia
Online."The business communities of the two countries can undertake joint
ventures in agriculture, textile, construction, cash crops after their
processing and other important sectors of the economy," he said, adding
that the mining sector commands the greatest interest. Pakistani rice exporters
could benefit by selling to Afghanistan as well as to Central Asia, he said.
Education is another sector where the business community can take
advantage. A number of Afghan students have been studying at various Pakistani
academic institutions."Afghan students are coming to Pakistan to obtain a
professional education, especially in information technology, medicine,
nursing, business and engineering, on the Pakistani prime minister's
scholarship programme," Mosazai said.
Pakistani
traders visited Kabul
Pakistani businessmen did not take long to follow up on the
invitation to visit Afghanistan. A five-member PAJCCI delegation January 31 met
President Ashraf Ghani in Kabul to further discuss the matter. The conference
with Ghani was fruitful and several issues, including the smuggling of goods,
came up for discussion, KCCI President Iftikhar Ahmed Vohra, who led the
delegation, said."Ghani assured us that the Afghan government would take
the smuggling of goods seriously," he said, adding that Afghanistan was
determined to facilitate domestic and international investment.
"We want terrorism, poverty and anarchy eliminated so that
the two countries could live in peace," Vohra said, adding that the PAJCCI
was prepared to extend its contributions in this regard.Increased economic ties
are already in the works. Both countries have vowed to expand annual bilateral
trade from US $2.5 billion (Rs. 252.9 billion) to US $5 billion (Rs. 505.8
billion) in two to three years, Zahoor Ali Khan, a commerce analyst based in
Islamabad, said."Highways, railway networks and air linkage between the
two countries also were discussed in recent meetings between officials of both
countries," Khan told Central Asia Online.
Source with
thanks:http://centralasiaonline.com/en_GB/articles/caii/features/pakistan/main/2015/02/09/feature-01
JIPM offers rice growers a new resource against the rice water
weevil
Feb 09, 2015
The rice water weevil, Lissorhoptrus
oryzophilus, is the most harmful insect pest of rice in the United States,
causing yield losses of up to 25%. Adults inflict damage by consuming leaf
tissue, and the larvae feed on the roots of rice plants. A native of the
southeastern U.S., the rice water weevil invaded Japan in 1976, Korea in 1980,
China in 1988, and Italy in 2004.Luckily, rice growers now have a new resource
for controlling it. An open-access article appearing in the Journal of Integrated Pest Management discusses the rice water weevil's life history and invasion
biology, as well as management strategies and future directions of research.
Authors Mohammad-Amir Aghaee and Larry D. Godfrey, both from the
University of California, Davis, tell the story of the weevil since it was
first identified as a pest in 1881 by C. V. Riley and L. O. Howard. They then
discuss reasons why it has been able to spread so rapidly -- up to 36
kilometers per year in some cases -- which is partly because of its ability to
reproduce asexually."This invasive ability is aided by a particular and
peculiar aspect of this weevil's biology, the fact that a small percentage of
the population in its native range reproduces by parthenogenesis," they
wrote.
The authors also discuss methods of monitoring and sampling --
including the use of aquatic barrier traps -- as well as management options,
including cultural control methods such as draining fields, delayed planting,
winter flooding, and nutrient augmentation. They also suggest that
insect-resistant transgenic varieties, such as a newly-developed Bt rice plant
transformed with the Cry3A gene, might be another management option if approved
for cultivation.Microbial control options using the entomopathogenic fungus Beauveria bassiana and the soil bacterium Bacillus thuringiensis are also discussed, as are other
management options which may be available in the future.
###
The full article, "A Century of Rice Water Weevil
(Coleoptera: Curculionidae): A History of Research and Management With an
Emphasis on the United States," is available at http://dx.doi.org/10.1603/IPM14011.
The Journal of
Integrated Pest Management is
an open-access, peer-reviewed, extension journal covering the field of
integrated pest management. The journal is multi-disciplinary in scope,
publishing articles in all pest management disciplines, including entomology,
nematology, plant pathology, weed science, and other subject areas. The
intended readership for the journal is any professional who is engaged in any
aspect of integrated pest management, including, but not limited to, crop
producers, individuals working in crop protection, retailers, manufacturers and
suppliers of pest management products, educators, and pest control operators.
JIPM is published by the Entomological
Society of America, the largest organization in the world serving the
professional and scientific needs of entomologists and people in related
disciplines. Founded in 1889, ESA today has nearly 7,000 members affiliated
with educational institutions, health agencies, private industry, and
government. Members are researchers, teachers, extension service personnel,
administrators, marketing representatives, research technicians, consultants,
students, and hobbyists. For more information, visit http://www.entsoc.org.
Disclaimer: AAAS and EurekAlert! are not
responsible for the accuracy of news releases posted to EurekAlert! by
contributing institutions or for the use of any information through the
EurekAlert system.
Source with thanks:http://www.eurekalert.org/pub_releases/2015-02/esoa-jor020915.php
FSG Sues Government Over GM Rice
Feb
10, 2015
Food
Sovereignty Ghana has filed a writ of summons against the National Biosafety
Committee NBC and the Ministry of Food and Agriculture MoFA, with an
application for an interim injunction to restrain the recalcitrant defendants
from any release and commercialization of genetically modified cowpeas and rice
until the provisions of the Biosafety Act are expressly and fully obeyed. We
are not only calling for an injunction on the commercialisation of GM rice and
Bt cowpeas, but on all GM crops until the National Biosafety Authority is in
place.
Food Sovereignty Ghana (FSG)
We are happy to announce that Food Sovereignty Ghana has filed a writ of summons against the National Biosafety Committee NBC and the Ministry of Food and Agriculture MoFA, with an application for an interim injunction to restrain the recalcitrant defendants from any release and commercialization of genetically modified cowpeas and rice until the provisions of the Biosafety Act are expressly and fully obeyed. We are not only calling for an injunction on the commercialisation of GM rice and Bt cowpeas, but on all GM crops until the National Biosafety Authority is in place.We have taken this action as a result of the fact that Ghanaians are being constantly bombarded with news items containing false claims that the attempts to impose GM rice and beans or our precious “waakye”, or the famous fried plantain and beans, alias “red red”, are being done in accordance with the law!
We
maintain that this is certainly and evidently not the case. Our case is very
simple. According to Section 13 of the Biosafety Act, 2011, Act 831, on the
“The application to import or place on the market”, only the National Biosafety
Authority has such a power to authorize the commercial release of GM foods in
Ghana. The law says:
“13.
( 1) A person shall not, without the prior written approval of the Authority,
import or place on the market a genetically modified organism.
(2)
An application under subsection (1) shall include
(a)
The information set out in the Third Schedule
(b)
a risk assessment as set out in the Third Schedule, and
(c)
any other information that the applicant may consider necessary for an
assessment of the potential risks and benefits of the requested activity.”
[See:
Ghana Biosafety Act 831 31 Dec 2011.pdf]
Now,
we all know that the National Biosafety Authority does not even exist, because
it is yet to be inaugurated. No appointments have been made and approved even
for it, so under what authority are those undertaking these dangerous
experiments doing so, and who is supervising them? Apparently, even the
National Biosafety Committee has no power of its own apart from the authority
of the Minister for Industries, Science and Technology, MIST.
Ghana
is a signatory to the Cartagena Protocol on Biosafety. Article 23 of the
Protocol requires Parties, on their own and in cooperation with other States
and international bodies, to promote and facilitate public awareness and
education, including access to information, regarding the safe transfer,
handling and use of living modified organisms (LMOs). It also requires Parties
to consult the public in the decision-making process, to make public the final
decision taken and to inform public about the means of access to the Biosafety
Clearing-House.
For
example, currently in Malawi, the Lilongwe University of Agriculture and
Natural Resources, (LUANAR) applied for confined field trials of Bt cowpea, the
same crop that Savannah Research Institute, (SARI) has been investigating for
years. Whilst a copy of the LUANAR is readily available, there is still no
trace of the SARI application even weeks after asking specifically for it! Here
is a copy of the LUANAR application: Bunda College Application for Confined
Field Trial (CFT) of Bt-Cowpea | Alliance for Food Sovereignty in Africa AFSA http://afsafrica.org/bunda-college-application-for-confined-field-trial-cft-of-bt-cowpea/
Meanwhile,
Section 11 (1) of the Act states very clearly that: “A person shall not conduct
a contained or confined use activity involving genetically modified organisms
or their development without the written approval of the Authority”. The law
further stipulates in Section 42 (2) that “The Authority shall publish notices
of final decisions concerning applications made under this Act in the Gazette
and electronic and print media”, in order to ensure public awareness and
participation. This is a far cry from the secrecy surrounding the experiments currently
going on in Ghana!
We
maintain that none of these provisions are being respected. It even appears
that the so-called National Biosafety Committee is being run from the office of
the Minister of Industries, Science and Technology. We were extremely surprised
to read from the reaction of Mr. Eric Okoree, Secretary to the National
Biosafety Committee, stating inter alia, that “I have printed the request and
submitted it to the Minister’s Secretariat for his information as per the Civil
Service Procedure . He will minute it down to the Secretariat for action to be
taken.”!
Up
till now, several weeks after calling for copies of the documents on risk
assessment and risk management and benefits supporting the application by the
Savanna Agricultural research Institute (SARI), for the approval of field
trials of Bt cow peas submitted for approval, no such document has been
forth-coming. Meanwhile this is the sort of information that must be
voluntarily be made available to members of the Ghanaian public in accordance
with the law.
We
find the situation of lawlessness surrounding the imposition of GMOs on
Ghanaians most alarming as bisosafety is a matter of life and death. The most
fraudulent aspect of this is the fact that in spite of the flagrant infringement
of the Biosafety Act, the scientists behind these dangerous experiments keep
informing the public that everything is being done in accordance with the law.
For
example, in Ghanaian scientists edge up with GM rice trials
http://www.modernghana.com/news/594252/1/ghanaian-scientists-edge-up-with-gm-rice-trials.html,
published on 24 January 2015, they claim that “The confined field trials
started in April 2013 at Nobewam in the Ashanti region, after receiving
approval from the National Biosafety Committee (NBC).”
Principal
Investigator, Dr. Maxwell Asante, further informed the press that “If the lead
event is confirmed, we will request for permission from the NBC to allow it to
be grown by farmers in Ghana after testing. The genes that make the GM rice
nitrogen-use efficient will then be transferred to other varieties in Ghana
through conventional breeding methods,”What is most worrisome is the fact these
these perpetrators are aware of the fact that “There is strong opposition to
the introduction of GM crops in Ghana’s food production chain.”Alarmingly, we
also read, “Biosafety advocate, Albert Aubyn, however says there is no cause
for worry with the current trials, noting that field activities are strictly in
conformity with regulative measures”.
The
story by Kofi Adu Domfeh ends with the assurances that “Three confined field
trials of rice, cowpea and cotton are currently being evaluated in Ghana in
compliance with the Biosafety Act 2011, Act 831, which regulates
GMOs”.Meanwhile, according to the Section 13 of the Biosafety Act, 2011, Act
831, on the “The application to import or place on the market”, it is the
non-existent National Biosafety Authority which has the power to authorise the
commercialisation of GM foods in the country, and not the National Biosafety
Committee.We call on all Ghanaians who care about the safety and the quality of
food they are putting into their bodies, to show keen interest in this matter
and provide us with the moral and material support we need to prosecute this
case which is set to be a David versus Goliath struggle.
For Life, the Environment and Social Justice!
George Tetteh Wayo, Esq.
Spokesperson on Legal Affairs
Communications Directorate, FSG
Source with thanks:http://www.spyghana.com/fsg-sues-government-gm-rice/
Africa:
On-Farm System Turns Rice Plants Into Biofuel and Fodder
Tagged:AfricaAsia, Australia, and
AfricaBusinessEnergyExternal RelationsInnovationScience
By Aamna Mohdin
A technology to create biofuel and
animal feed at the same time without any off-site processing has been developed
by Japanese researchers.The solid-state fermentation (SSF) system involves
wrapping rice plants grown to feed livestock along with yeast, enzymes and
bacteria into a bale covered with a plastic film, and capturing the ethanol
produced by the resulting fermentation.This technology builds on traditional
processes used by farmers around the world to create silage to feed livestock
such as cattle, goats and sheep, according to a report published on 30 January
in the journal Biotechnology for Biofuels.
"Our SSF system does not
require special equipment and large facilities," says Mitsuo Horita, a
researcher at the National Institute for Agro-Environmental Sciences who is the
project's lead researcher. "Harvested materials are immediately packed
into a round bale in the field, which is similar to a conventional silo used
for silage fermentation. No extra energy needs to be supplied to the
system."Horita says the system produces high yields of ethanol and silage,
without any plant waste. By processing plants destined for animal feed, it also
avoids competing with food crops, he says.As a result, the technology could
help address criticism of biofuels, which at present are mostly created from
crops such as rice and maize. These first-generation biofuels have come under
fire for driving up food prices as their production competes with the farming
of crops to feed people.
Conventional biofuel manufacture also requires
energy for transport and to run industrial processing plants.But Jahi Chappell,
director of agriculture policy at the Institute for Agriculture and Trade
Policy, an NGO that promotes sustainable farming, says the SSF system may fail
to solve the biofuels conundrum."Competition that lowers food security
could still happen if this process led to conversion of lands suitable for
other agricultural activities into land used for biofuel and feed production,"
he says.
According to Horita, the biggest
challenge to implementing SSF on a larger scale is the cost of rolling out the
technology. Researchers would have to present the advantages of using the
system to farmers, who would also need access to power stations that can buy
and use the resulting ethanol, he says.But Siwa Msangi, a researcher at the
US-based International Food Policy Research Institute, says the technology is a
welcome addition to global biofuel options, despite concerns about its
shortcomings."We shouldn't stop seeking ways to make better biofuels as we
will need to add them to the portfolio of renewable energy sources that are
necessary to offset future climate change," he says.
Source with thanks:http://allafrica.com/stories/201502101076.html
Specifications of rice imports for this year to be set soon, NFA
says
TACLOBAN CITY
-- The National Food Authority (NFA) Council will finalize on Friday the
specifications of rice to be imported this year.
Workers
inside the National Food Authority rice warehouse in Visayas Ave. Quezon City
-- Aileen Camille B. Dimatatac
Presidential
Assistant for Food Security and Agricultural Modernization Francis N.
Pangilinan said the interagency council will convene on Feb. 13 to discuss the
importation details.“We are still collating all data, reviewing the last
harvest volume and checking the supply. If at all, stocks that will be imported
are only for buffer stocks,” said Mr. Pangilinan, who is also NFA Council
chairman.He declined to give figures on the volume of rice to be imported but
noted that there is an existing standby authority to procure half-a-million
metric tons (MT) of milled rice from the usual sources in Vietnam, Thailand and
Cambodia.Mr. Pangilinan visited Tacloban City on Monday to check stocks of NFA rice in the local market and lead a task force meeting on the recovery of the coconut industry in the region attended by PCA officials and local chief executives in Eastern Visayas.Rice importation is necessary to ensure that the country has a 15-day buffer stock for the off-harvest months, Mr. Pangilinan said.
NFA Administrator Renan B. Dalisay also declined to give estimates on the volume of importation and import schedule, citing that speculation may fuel price movements in the world market since the Philippines is one of the world’s largest rice importers.“I have no authority to talk about details of the importation. We just execute. It is hard to speculate because it caused adjustments of world market prices. We will find out the specifications on Friday,” Mr. Dalisay said.
In
a previous statement, the grains agency said the government may import between
500,000 metric tons (MT) and 600,000 MT of milled rice this year.In October
2014, the Philippine government awarded the supply contract for the importation
of 500,000 MT of rice from Vietnam and Thailand.Meanwhile, the agency is
stepping up its local palay (unhusked rice) procurement program.In 2014, the
NFA procured an estimated 1.5 million MT, or 8% of the total 18.97 million MT
domestic rice output.The NFA buys clean and dry palay at P17 per kilogram,
lower than the P18.90-per-kilogram farm-gate price of palay being offered by
commercial rice traders.
The
government also provides additional incentives such as graduated delivery fee
of up to a maximum of P0.50 per kilogram, drying incentive fee of P0.20 per
kilogram, and Cooperative Development Incentive Fund assistance of P0.30 per
kilogram.“While the palay buying price of NFA rice cannot be lowered, other
incentives are being studied such as the provision of health insurance to
farmers that would conform to NFA buying standards,” Mr. Dalisay added.
Source with thanks:http://www.bworldonline.com/content.php?section=Nation&title=specifications-of-rice-imports-for-this-year-to-be-set-soon-nfa-says&id=102507
China
to help build rice mills
Myanmar Eleven February 10, 2015 7:08 pm
Myanmar rice producers hope to step up rice exports by
collaborating with China to build modernised rice mills.The Myanmar Rice Miller
Co, founded under the Millers Association (MRMA), recently signed a contract
with China's CAMC Engineering Co (CAMCE) to build international-grade rice
mills in Nyaungdone, Ayeyawady region."Under the agreement, both sides
will cooperate on the construction of the international-standard rice mills.
Afterwards, we will carry out rice grinding and then export quality rice to
China as well as to other international markets," said Nay Lin Zin, joint
secretary of the MRMA.
Construction will start this year and is due to be completed by
2017."We have bought the land plots for the first rice mill in Sarmalauk
in Nyaungdone, and we will build two 200-tonne rice mills in the initial
phase," Nay Lin Zin added.Under a deal between the Myanmar Rice Federation
(MRF) and the Chinese firm COFCO, China will purchase 100,000 tonnes of rice at
market price after the completion of the work. The MRF will coordinate the
direct sale of rice with COFCO, with both sides preparing the grinding and
export of the rice types and qualities favoured in China.
The plan is in line with one of the recommendations by the World
Bank that Myanmar should modernise its rice mills to increase private stocks
and trigger productivity and quality improvement at the farm level.Although
Myanmar's rice exports amounted to 1.4 million tonnes, rice exports to
Southeast Asia - the Philippines, Indonesia and Malaysia - are still modest,
according to MRF.China remains Myanmar's major rice buyer, buying nearly 1
million tonnes this fiscal year alone."We have planned to extend to
Europe.
We will display rice and agricultural products, including fishery,
livestock and forest produce in trade fairs in Italy," said Ye Min Aung,
the general secretary of MRF.The MRF has cooperated with other agribusiness
owners to improve agricultural crops and equipment in order to promote the
country's exports. With the implementation of these plans, officials expect
rice exports to increase in the coming years.
Malaysia; Where has the S$113.2
rice subsidy gone?
MALAYSIA - Kedah Regency Council
deputy chairman and two rice millers have lodged a report to the Malaysian
Anti-Corruption Commission (MACC) against Agriculture and Agro-Based Industry
Minister Datuk Seri Ismail Sabri Yaakob over suspected power abuse in handling
rice subsidy, exposing drawbacks in the RM500 million subsidy for Super
Tempatan ST15 per cent broken rice. Poor people are unable to purchase
subsidied rice, due to allegedly pocketing problems involving senior officials
in the government.
However, Ismail Sabri, who was
severely criticised recently for harming racial harmony due to his boycott
call, has distanced himself from the allegation, claiming that he has no
supreme decision-making power in the government's ST15 per cent national rice
subsidy programme. He said that the supply of the subsidised rice is handled by
the commission led by the Ministry's Secretary-General. As the Agriculture and
Agro-Based Industry Minister, how could Ismail Sabri pass the buck just like
that? The accusation does not seem to be baseless as it was openly pointed out
by the Kedah Regency Council deputy chairman, who is a rice miller himself.
It was reported that the Kedah
Regency Council deputy chairman has his rice supply quota cut from 1,000 tons
to 100 tons as he refused bribery while the supply of other rice millers were
completely cut off. It is believed that many other millers are facing the same
problem, showing that corruption problems in the rice subsidy programme has
become increasingly serious.
The government implements the
ST15 per cent national rice subsidy programme and subsidies 60,000 tons of rice
each month, with RM750 subsidy for each ton. However, rice millers receive only
RM450 for each ton while the other RM300 was said to have passed to specific
officials in the Ministry. If such a saying is true, it shows the existence of
corruption practices and who are the so-called specific officials? The MACC
must investigate where has the RM300 gone.The purpose of the government to
spend RM500 million for rice subsidy each year is to allow the poor buy cheap
rice, helping them to ease financial burden.
The intention is good, but has
unfortunately been abused by corrupt officials and unscrupulous rice millers,
who turn ST15 per cent broken rice into ST5 per cent rice to gain profits from
it, causing ST15 per cent rice can no longer be seen in the market, and the
poor still need to buy expensive rice. The government's subsidy has only
benefited the senior officials. The Agriculture and Agro-Based Industry
Ministry has failed to properly implement the rice subsidy programme and many
problems have derived from it.
The Minister's capability should
be questioned.To solve the problem of abusing rice subsidy, the government must
make a thorough reform, such as revoking the quota system for Bumiputera rice
millers. The Ministry allegedly allows only Malay rice millers to enjoy the
subsidy while shutting the door to Chinese rice millers, rather allowing Malay
millers to store up to 6,000 tons of rice and Chinese rice millers to face
shortage of supply. Unfair policy is also a factor causing corruption and abuse
of power.
Since Kedah Regency Council
deputy chairman has lodged a report against the Agriculture and Agro-Based
Industry Minister and officials, we hope that the MACC can launch a thorough
investigation on involving wholesalers, millers and officials in the ministry
to lift the doubts of the people, as well as allow the poor to enjoy the rice
subsidy.
Source
with thanks:http://news.asiaone.com/news/malaysia/malaysia-where-has-s1132-rice-subsidy-gone#sthash.fhqvfQ0U.dpuf
Nigeria,
Ghana, Others to Benefit From U.S.$3.3 Million Rice Production Grant
Tagged:AgribusinessFood and AgricultureBusinessGhanaNigeriaWest
Africa
By Dele Ogbodo
Abuja — Four African countries-Nigeria, Burkina Faso, Ghana and
Tanzania - are to benefit from the $3.3 million grant provided by Bill and
Melinda Gates (BMGF) and the German Development Cooperation (BMZ), under their
Competitive African Rice Initiative (CARI) project.The implementing
institutions of the grant are led by GIZ, Technoserve, the John A. Kufuor (JAK)
and Kili Trust (KT).
The project, which will end
in 2017 is targeting about 120,000 small scale rice producers, while secondary
beneficiaries are the rural service providers and rice millers. The initiative
is geared towards improving their sourcing capacity of quality supply.Speaking
on the establishment of the Nigeria/ECOWAS Rice Sector Policy and Regulation
Advocacy Platform in Abuja, CARI's project coordinator, Mr. Stefan
Kachelriess-Matthess, stated that the main instrument for the implementation of
CARI across the four countries on the matching grant will be on the basis of
Public Private Partnership (PPP). Kachel-Matthess said: "The projects are
implemented at two levels of support, we support up to 40 percent of
implementation cost and our Nigerian partners in the private sector have to
provide 60 per cent of the implementation cost."
In her remarks, the Special Adviser to President Goodluck Jonathan
on the New Partnership for Africa's Development (NEPAD), Mrs. Fidelia Njeze,
who was represented by Mrs. Jael Kpatuwak expressed the hope that the CARI
project will address coordination failures, create better linkages among rice
value chain actors, the result which, she said, will lead to increase in the
economic returns for all stakeholders.She said the sector holds the key to
getting Nigeria out of poverty as it provides food security, employment for the
teeming population and creating the platform for a diversified economy towards
an industrialisation revolution.
Njeze said: "this focus on rice commodity is most strategic
for Nigeria and the West African sub-region which imports close to 50 percent
of rice from foreign countries outside the shores of the African
continent."In the last couple of years, Nigeria spent approximately N1
billion daily on rice importation. This has led to the export of our jobs and
financial resources meant for the transformation of the domestic rice sector in
order to achieve self-sufficiency and exports."According to her, the
German Development Cooperation has been a major partner to NEPAD in the
implementation of the Comprehensive Africa Agriculture Development Programme
(CAADP), adding that GIZ had supported the organisation Nigeria's CAADP country
team orientation workshop in 2011.
Also speaking at the event, the ECOWAS Commissioner of Agriculture,
Environment and Water Resources, Dr. Lapodini Marc Atouga, represented by a
Director at the Commission, said rice consumption in the last two years in the
sub-region had increased from 7 to 7.7 million tons, pointing out this clearly
shows that production is not matching up with the consumption as it has to
depend on international imports for 40 per cent of its rice supply with
Thailand and Vietnam as the leading suppliers of the commodity to the region.
As a way of achieving its regional Agriculture Investment Programme
(RAIP), he said the Commission went a step further to develop projects and
programmes that will increase rice production and productivity in the
region.While commending the various initiatives, he said ECOWAS welcomes the
setting up of an advocacy platform for rice in Nigeria.He said: "I will
like to commend GIZ/CARI foor this timely initiative. The need to have a
permanent and functional platform to promote rice development cannot be
overemphasised."With the current interventions on rice in the West Africa
region we must all endeavour to build sustainable rice value chains with access
to finance, technology and knowledge to move the region from a rice deficit to
a rice surplus one."
Source with thanks:http://allafrica.com/stories/201502101023.html
World Rice
Production 2014/2015
February 2015
This month the United States
Department of Agriculture (USDA) estimates that the World Rice Production 2014/2015 will be 474.56 million metric tons,
around 0.91 million tons less than the previous month's projection.
Rice Production last year (*) was
477.08 million tons. This year's 474.56 estimated million tons could represent
a decrease of 2.52 million tons or a 0.53% in rice
production around
the globe.
Rice
Production by Country
(Values in Metric Tons)
China: 144,500,000
India: 102,000,000
Others: 38,768,000
Indonesia: 36,500,000
Bangladesh: 34,600,000
Vietnam: 28,250,000
Thailand: 19,500,000
Philippines: 12,200,000
Burma: 12,150,000
Brazil: 8,300,000
Japan: 7,679,000
United States: 7,068,000
Pakistan: 6,500,000
Cambodia: 4,700,000
Egypt: 4,500,000
Korea, South: 4,241,000
Nepal: 3,100,000
Source with thanks:https://www.worldriceproduction.com/?Referer=Newsletter
UK: Birds Eye Serves Up New Pan-Cooked Meals Range
Birds Eye has launched a new range of stir-cooked meals called
‘Stir Your Senses’, which it says is inspired by cuisines from around the
world. The company claims the all-in-one meals will offer consumers a
“completely new, multi-sensorial cooking experience”, and will provide all the
pleasure of quality time in the kitchen without the fuss of preparation”. All
the meals can be prepared by simply stirring the ingredients in a pan, in less
than ten minutes. The range includes eight chef-inspired dishes, such as
Tagliatelle con Porcini, and chilli & lime infused Thai Chicken with
Basmati Rice.
The range will retail at
an RRP of £2.99. The launch is supported with a £2.5m TV spend, alongside
a sampling campaign, PR, digital and in-store advertising. The first advert is
due to go live in April, when the brand plans for over 3,500 outlets to stock
the majority of the range, with two price marked packs (Tagliatelle con Porcini
and South Indian Curry) also available across the convenience sector. Live at
launch, the new range will also feature a ‘Try Me Free’ message across 1.6
million packs to drive consumer trial.
NamNews
- Tuesday 10th February 2015
Source with
thanks:www.Kamcityhome.com
If Apple Made iMilk And Nike Sold Fruit: Designer Groceries As
Art
February
9, 2015
Fruit by Nike is a piece by designer Peddy Mergui in
his exhibit "Wheat is Wheat is Wheat," next on display in May at Expo
Milano 2015. (Courtesy of Peddy Mergui)
Just eat it.It's hard to look at these stylish packages of
citrus fruit, bearing Nike's iconic swoosh, without having the athletic
company's famous slogan "Just do it" immediately come to mind. And
that's precisely the point, says Israel-based designer Peddy Mergui.
He says packaging tells a story,
and can imbue consumer goods with value and prestige. And he created the Nike
fruit as part of a project that reimagines everyday foods as designer
groceries. The goal, he tells The Salt, is to explore how packaging manipulates
our perceptions and desires."In my line of work, I was always asking,
'What is the ethical boundary for designers' ability to influence consumption?
Are we using our 'tools' wisely? This got me on a three-year journey to explore
my field [and] examine the way we think as consumers," he tells us in an
email.The result, an exhibit called "Wheat Is Wheat Is Wheat," borrows the visual branding of luxury brands to
disturbingly alluring effect.Coffee by Cartier
Yogurt containers in Tiffany blue
connote a spoonful of privilege. A breakfast of Coffee by Cartier, Eggs by Versace and Soft
Butter by Bulgari feels like the ultimate in decadence.And a
carton of Mergui's iMilk
By Apple is
undoubtedly sleeker than anything we're used to seeing in the dairy aisle.
It would probably look
pretty good in my refrigerator.Part of the seduction, says Mergui, is that like
many high-end brands, Apple isn't just selling you products. "It
represents a certain lifestyle, a community," he says. And that goes to
the heart of what Mergui wanted his project to explore: How do the values
associated with a brand affect how we feel about a ordinary food products done
up in fancy packaging?
MOST POPULAR
"Some will find [the resulting products] playful,
ridiculous, exaggerated," he says. "Some may even feel they
belong."Indeed, there is a certain logic to having Nike – a company whose
products are associated with healthy, active lifestyles — peddle fruit. It
wouldn't actually be the first consumer goods purveyor to make the leap into
foodstuffs. For example, the outdoor clothing and gear company Patagonia sells smoked salmon provisions – a move which Mergui says makes a lot of strategic sense:
"They extended their outdoor brand to outdoor foods."Eggs by Versace
For now, the comestibles Mergui imagines remain in the realm of
fantasy: Flour
by Pradatickles the fancy in part because an essential food product
with a luxury label — and presumably, with a luxury pricetag — seems so
outlandish.And yet, the uncomfortable truth of modern food shopping is that
there is a booming market of luxury foods.
And while they may not have
designer labels, they are certainly steeped with a set of values. Why else
would you pay $7 for a half-gallon glass bottle of local, grass-fed milk?
Consumers aren't just paying for the taste, but the lifestyle and values it
embodies."Wheat is Wheat is Wheat" was a hit when it went on display
last April at San Francisco's Museum of Craft and Design, says the venue's
executive director, JoAnn Edwards. The reaction from museum
visitors "was unbelievable," she says — some left the exhibit asking
why more daily goods weren't given a designer gloss.
Excellent packaging, she says, is
"becoming more and more something consumers respond to."Mergui says
he got a first-hand lesson on that while he was designing a container of
"Chanel infant formula.""A colleague of mine saw it in my office
... and asked where can she get it," he says. "She wanted to buy it
for her baby. That made me realize the power [these] luxury values have."Basmati rice by HSBC
"Wheat is Wheat is
Wheat" will next go on display in May at Expo Milano 2015.Update
2/10/15: As a reader notes in an email to
The Salt, other artists have also used the concept of designer foods to explore
brand obsession and consumption. One of the best-known examples comes from the
influential artist Tom Sachs. Back in 1997, Sachs' Hermes Value Meal gave a McDonald's meal a makeover in the spirit of the luxury
fashion house — a jarring and cheeky juxtaposition of the high and low end of
consumer culture.
Last year, Tyler Shields' "Indulgence" series featured Prada Popcornand Hermes-labeled milk and cola.And several years ago, the folks at The Cool Hunter pitched a real-life version of
designer fast food. The concept, called McFancy, envisioned a luxe, pop-up version of
McDonald's — with menu items like Gucci french fries and Burberry burgers — to
be served at Fashion Week in various cities.
Source with thanks:http://www.wbur.org/
USA
Rice Participates in World's Largest Annual Food & Hospitality Show
Hartwig
Schmidt (far right) shares information about U.S. rice
DUBAI,
UAE -- This year marks the 20th edition of Gulfood and USA Rice Federation is
on the show floor to meet with companies conducting business in the Middle
East, Turkey, and Africa. Gulfood attracts
importers, manufacturers, distributors, wholesalers, retailers, and government
officials from around the world, making this show a central place for USA Rice
to tout the quality of U.S.-grown rice and network with potential traders on
behalf of the industry.
"This event brings
together nearly 5,000 exhibitors from more than 120 countries," said
Hartwig Schmidt, USA Rice regional director, international market
development. "Gulfood is one of the
most coveted shows for exporters and this year more than 600 companies were on
the exhibit waiting list; this confirms that our presence here is invaluable
for the U.S. rice industry.
"USA
Rice's booth is inside the USA Pavilion, one of the largest national pavilions
in the food section of the show, featuring more than 150 exhibitors. USA Rice displays various types of rice
including long-grain, medium-grain, parboiled, and wild rice to attract show attendees
and help educate those unfamiliar with U.S. rice.
Brochures highlighting U.S. rice facts,
recipes, and nutritional information are displayed in both English and Arabic.
Six USA Rice members representing American Commodity Company, ADM Rice,
Farmers' Rice Cooperative, Riceland Foods, and Sun Valley Rice are joining USA
Rice staff and consultants at the booth to meet with existing trade partners
and speak with interested importers."The Middle East is a key emerging
market for U.S. rice," said Schmidt.
"Major markets in the region include Saudi Arabia and Jordan where
2014 U.S. rice exports totalled 101,000 MT and 88,000 MT respectively."
Eszter Somogyi makes the pitch to potential
buyers "This trade show is not only a place to collect more than one
hundred potential trade leads for our members, but also a place to meet with
FAS representatives from Africa and the Middle East," said Eszter Somogyi,
USA Rice international program director of marketing. "It is also
important to meet up with our existing trade partners in the region to maintain
our relationships."Gulfood remains one of the most significant
international food shows for USA Rice.
It is an efficient way to connect potential and existing customers in
the Middle East region to USA Rice members and also supports our goal of increasing
importer loyalty to U.S. rice.
Contact:
Katie Maher (703) 236-1453
Source
with thanks: USA Rice Federation
Japan
Announces Results of 12th Ordinary Import Tender in FY 2014
|
Source with thanks: USA Rice
Federation
CME
Group/Closing Rough Rice Futures
|
Source with thanks:USA Rice
Federation
WASDE Report
Released
WASHINGTON, DC -- Slight revisions are made to
the U.S. all rice and rice-by-class 2014/15 supply and use balance sheets. All rice imports are increased 1 million cwt
to 23 million, all in combined medium- and short-grain rice. Imports of broken rice from Australia of
about 21,000 tons (milled basis) were reported in the U.S. Census Bureau's
December trade data. The all rice export
forecast is unchanged at 103 million cwt, but the by-class projections are
shifted by increasing long-grain 1 million to 71 million and lowering combined
medium- and short-grain 1 million to 30 million. All rice ending stocks are raised 1 million
cwt to nearly 42 million with long-grain stocks lowered 1 million to 28.1
million, and combined medium- and short-grain stocks raised 2 million to 11.5
million. Stocks of broken rice, not reported by class, are projected at a
little over 2 million cwt.
The 2014/15 long-grain season-average price range is narrowed to
$11.90 to $12.50 per cwt, up 20 cents on the low end of the range and down 20
cents on the upper end-the midpoint is unchanged from a month ago at $12.20 per
cwt. The all combined medium- and
short-grain season-average price range is narrowed to $17.90 to $18.70 per cwt,
down 10 cents on the low end of the range and a decrease of 30 cents on the
high end-the midpoint is lowered 20 cents from last month to $18.30 per
cwt. Two additional combined medium- and
short-grain farm prices are introduced this month: a California price (on an
October-September basis) and a price for Other States (on an August-July
basis). The California combined medium-
and short-grain price is forecast with a midpoint of $20.00 per cwt, and the
midpoint for the Other States is $15.10.
Global 2014/15 rice supply and use projections are lowered from
last month. Global 2013/14 rice
production is forecast at 474.6 million tons, down 900,000 from last month. The
largest declines for Thailand and Cambodia are partially offset by increases
for Sri Lanka and Iraq. Thailand's
2014/15 rice crop is lowered 1 million tons to 19.5 million due to a reduction
in dry-season plantings resulting from an on-going drought and a reduction in
irrigation water availability concentrated in the Central Region.
Thailand's 2014/15 crop
would be the smallest since 2006/07.
Cambodia's crop is lowered 200,000 tons to 4.7 million due mostly to
flooding of the main-season crop.
Global consumption is down slightly from a month ago. World trade in 2014/15 is lowered 400,000
tons due mostly to reductions for Thailand and Cambodia. Imports are lowered for Iraq. World ending stocks are lowered 800,000 tons
to 98.2 million due mostly to a reduction for Thailand, which is partially
offset by increases for Pakistan and Sri Lanka.
Thailand's 2014/15 ending stocks are lowered 1.4 million tons to 9.6
million, the lowest since 2011/12.
Pakistan's 2014/15 ending stocks are raised 500,000 tons owing to a
reduction in the 2013/14 export projection.
Hundreds of Chinese get a taste of
GM rice
Hundreds of people were invited via the Internet to taste genetically
modified rice at restaurants in 23 cities across China on Sunday in a move to
further promote GM foods to the general public.Wu Xingchuan,
editor-in-chief of the science website scipark.net, the organizer of the event,
said: “We are trying to get a message across to those who still doubt the
safety of GM products: We believe that the GM rice is safe, and we are more
than willing to eat it.”According to the first policy document issued by
the Communist Party of China Central Committee in January, China will
strengthen research and manage the safety of GM foods.
The rice variety that was tasted at the restaurants was a
genetically modified Bt 63 strain developed by researchers at Huazhong
Agricultural University in Wuhan, Hubei province. The name indicates that Bacillus thuringiensis
is embedded in the plant’s genetic makeup. It produces a natural pesticide that
protects the plant.The Bt 63 rice, together with another strain, Huahui 1,
received safety certification in January for production for another four years,
after the initial certificates expired in November.That is only the first
step in the commercial cultivation of GM rice.
Another three certificates are required, including a production
certificate and business certificate from the biosafety committee of the
Ministry of Agriculture.Chen Xiwen, deputy director of the Central Rural
Work Leading Group, said last week that the fact that the two GM rice varieties
have not been approved for commercial cultivation showed the country’s cautious
attitude toward GM food.“We want them to test the safety for another four
years. In a certain sense, it is not science that has failed to provide a
verdict about their safety. The public media have not recognized them,”
he said
Source with thanks:
Japan sees 50 percent chance of
El Nino re-emerging by summer
TOKYO
) - Japan's weather bureau said on Tuesday it
sees about a 50 percent chance that an El Nino weather pattern, linked to heavy
rainfall in some regions and drought in others, may re-emerge by summer after
it subsided over spring.The Japan Meteorological Agency forecast said an El Nino,
which emerged last summer for the first time in five years, has been easing.The
El Nino weather pattern - a warming of sea-surface temperatures in the Pacific
- can trigger drought in Southeast Asia and Australia,
and floods in South America, hitting production of key foods such as rice,
wheat and sugar.
Source with thanks:http://www.reuters.com/article/2015/02/10/us-weather-elnino-japan-idUSKBN0LE0BE20150210
S.Korea buys 35,000 T of rice for
April-June
Tue Feb 10, 2015 2:29am GMT
SEOUL, Feb 10 (Reuters) - South Korea bought a total of 35,000 tonnes of non-glutinous rice for April to June arrival via tenders closed on Jan. 27, the state-run Korea
Daewoo International Corp
won two bids for the Brown Long grain type, and Seomok
Trading Corp won the bid for the Brown Medium. The agency passed on a tender of 5,000
tonnes because the offers did not meet specification
and price standards, the source from the agency said. The
agency declined to comment on whether they would reissue the
tender.
Details of the purchases are as follows:
TONNES GRAIN TYPE PRICE(CIP/T) ORIGIN
ARRIVAL
15,000 Brown Long $442 Vietnam April 30
15,000 Brown Long $449.60 Vietnam June 30
5,000 Brown Medium $786 U.S. May 31
* Note: CIP stands
for Cost and Insurance Paid.
(Reporting By Brian Kim;
Editing by Sunil Nair)
Source with thanks:http://af.reuters.com/article/commoditiesNews/idAFL4N0VK1FC20150210
NFA to boost procurement
activities
By Czeriza Valencia (The Philippine Star) | Updated February 11, 2015 - 12:00am
NFA
rice storage File
photo
MANILA, Philippines - The National Food Authority (NFA) yesterday
announced that it would intensify palay (unhusked rice) procurement this year
as the farmgate prices of unmilled rice have begun falling to P14 to P16 per
kilogram in several areas.NFA administrator Renan Dalisay said “massive”
procurements would be conducted in Iloilo, Palawan, Sultan Kudarat, Antique and
Isabela provinces.
As of the second week of January,
the average farmgate price of palay has been placed at P18.90 per kilogram,
making it more attractive for farmers to sell their produce to traders.The NFA
buys clean and dry palay at P17 per kilogram, providing additional incentives
such as graduated delivery fee of up to a maximum P0.50 per kilogram, drying
incentive fee of P0.20 per kilogram, and Cooperative Development Incentive Fund
assistance of P0.30 per kilogram.The NFA targets to procure 189,845 metric tons
(MT) of palay from January to June this year.As of Feb. 9, the food agency has
already bought a total of 89,497 50-kilogram bags of palay.Business ( Article MRec ), pagematch: 1, sectionmatch:
1
The procurement would be conducted in 413 buying stations
nationwide. Mobile procurements units are also ready to be deployed to remote areas
where farmers may find it difficult to transport their produce to NFA buying
stations.“The NFA is ready to buy everything. We have sufficient funds to buy
their palay produce,” said Dalisay.Earlier, he said the state-run grains
procurement agency is reviewing the incentives that could be provided to
farmers who sell their produce to the government.
The agency currently procures the equivalent of seven to eight
percent of the total domestic rice production. Last year, domestic rice
production reached 18.97 million MT.Dalisay said that while the palay buying
price of NFA rice could be lowered, other incentives, such health insurance is
being considered for farmers that would conform to NFA buying standards.Food
Security chief Francis Pangilinan said the increased procurement to be
conducted this year would increase farmers incomes.“This is a very progressive
step by the NFA,” he said.The public may inquire about palay buying outlets
through the Text NFA hotline number 09064363133.
Source with thanks:http://www.philstar.com/business/2015/02/11/1422302/nfa-boost-procurement-activities
NFA to
purchase 189,845 MT of palay from farmers
February 10, 2015
THE National Food Authority (NFA) said it is targeting to
purchase 189,845 metric tons (MT) of palay, or unmilled rice, from farmers
until June this year.As of February 9, the NFA said it has already bought a
total of 89,497 50-kilogram bags of palay, or 4,474 MT. The food agency
attached to the Department of Agriculture (DA) said around 413 buying stations
nationwide purchase palay from farmers.The NFA, however, could not say whether
its palay procurement target for the first six months of the year is higher
than its purchases in the same period last year.
NFA Administrator Renan B. Dalisay said field officials have
been instructed to go on a “massive procurement” in Iloilo, Palawan, Sultan
Kudarat, Antique and Isabela in its bid to stabilize the buying price of
unmilled rice.“The NFA intensified its palay buying operations nationwide to
provide farmers a better option, as reports of palay prices are going down in
some areas from P14 to P16 per kilogram,” Dalisay said in a statement.The
agency buys palay from farmers at P17 per kilo, depending on quality as
measured by moisture content.“Incentives are [also] being offered to individual
farmers and farmer cooperatives nationwide, including P0.20-per- kilo delivery
incentive, P0.20-per-kilo drying incentive, P0.30-per-kilo Cooperative
Incentive Fee,” Dalisay said.
The NFA said it has offered these incentives, instead of
increasing the buying price of palay as the agency does not have enough
funds.The purchase of palay from farmers is one of the mandates of the NFA to
stabilize the supply and price of rice in the domestic market.For 2015, the DA
projected that unmilled rice production would reach 20 million metric tons.
Source with thanks:http://www.businessmirror.com.ph/nfa-to-purchase-189845-mt-of-palay-from-farmers/
Egyptian rice exporters say tariff is too
high
REUTERS
Published — Tuesday 10 February 2015
Last update 9 February 2015 9:28 pm
DUBAI: Four months after Egypt approved plans for allowing the
sale abroad of its medium-grain rice, exporters complain government
regulations, namely export tariffs, are preventing their return to the
market."The conditions are too tough, a lot of people got the export
licences but are now stuck with them as they can't sell abroad," exporter
Salah Abdel El-Aziz, chairman of the board of El Alamia 2000 Rice Mills, said
on the sidelines of the Gulfood trade exhibition in Dubai.In October Egypt said
it would allow the export of rice on condition that traders sell the government
one tonne of rice at 2,000 Egyptian pounds ($262) for every tonne of rice they
export. Exporters also have to pay a tariff of $280 on every tonne exported.
The value of one tonne of rice is around 3,500 pounds a tonne,
exporters said.Abel El-Aziz said he bought a licence to export 500 tons but has
failed to do so since then."Effectively, what you are doing is paying the
government around $480 a tonne to export while the value of the rice is around
$400 which makes you end up with a cost and freight price of around $880 a
tonne," another rice exporter, Adham El Welely, executive director of El
Welely group, said.
Egypt, which produced around 4.3 million tons of rice in the 2014 season, only consumes around 3.3 million tonnes.Egyptian medium grain rice mainly competes with US, Russian and Italian rice on the international market with some rice from those countries selling for around $750 a ton.
"We used to export around 120,000 tons a year before the ban was imposed, mainly to Middle East markets such as Syria, Turkey, Kuwait and Dubai," El Welely said.El Welely has licences to export around 5,000 tons under the new system and has so far exported around 1,000 tons, mainly to Syria.
Egypt first imposed a ban on exports in 2008 saying it needed to save the rice for local consumption and wanted to discourage rice farmers from growing the crop to save water.
However, rice exporters have complained that the ban on free
exports has led to illicit trading."When smugglers sell the rice at $750 a
ton they make an almost 100 percent profit on it and there are a million ways
they find to do that," Karim Otabachi, import and export manager of
Egyptian grains trader Wakalex said.One way is to buy cheaper Indian rice for
re-export and then substitute those exports with Egyptian rice, leaving the Indian
rice to be sold on the local market instead.
Source with thanks:http://www.arabnews.com/economy/news/701911
Why Amira Nature Foods Inc. Shares Are Getting Destroyed Today
By MEENA
KRISHNAMSETTY GOOGLE+ in Hedge Funds, News
Published:
February 9, 2015 at 3:50 pm
Amira Nature Foods Ltd
(NYSE:ANFI) shares lost around 25% of their value following the publication of
a short report by Prescient Point Research Group. A link to Prescient 40-page
report can be found at the end of this article. McKinley Capital Management, Harvest Capital Strategies, and Raging Capital Management
were among the few hedge funds with positions in Amira at the end of the third
quarter. We don’t agree or disagree with the contents of the report; we
will leave it up to the readers to decide themselves. Here are some highlights:
“Amira intends to transfer $30m of $225m of newly raised of debt
capital in what amounts to a sham real estate transaction. The purchase price
appears to be multiples of both his purchase price and current market rates,
amounting to an egregious transfer of shareholder capital into his
pockets. We should mention, as discussed extensively in this report, our
investigation has revealed that the Indian rice industry is rampant with
fraud.”“…To be clear, we believe Amira Nature Foods if fabricating the financials
it files with the Securities and Exchange Commission. We hope that investors
who own ANFI equity and those considering buying debt or equity at what appears
to be a fundamentally low valuation familiarize themselves with the risks we
addressed.
There are many more we do
not. We also hope that the SEC and Deloitte take necessary precautions in
protecting investors.We have sourced official Indian government Basmati export
data that proves ANFI has overstated its international Basmati revenue. We
estimate that ANFI inflated this metric by ~145% in FY’13 and ~117% in FY’14,
implying that in FY’14, ~19% of ANFI consolidated sales were fabricated. We
have also collected evidence indicating Amira is lying about its India Basmati
revenue, which it tells US investors is derived wholly from the sale of branded
product. Amira claimed ~$224m in Indian Basmati revenue in FY’14; we estimate
it actually generated ~$38m, implying that another 34% of consolidated sales
are fabricated.
Over 50% of ANFI’s consolidated revenue is suspect; that number
could be larger, as we are giving the company full credit for its reported
revenue from non-Basmati rice and other commodity products.We have identified
scores of undisclosed related party entities that are listed to be operating from
within Amira’s headquarters, use Amira email addresses, and are directed by
ANFI CEO Karan Chanana or his wife; at least a couple of these entities are in
the business of distributing rice, including Basmati rice, and other
commodities.
Source with thanks: Insider Monkey
Did Amira Nature Foods Ltd. Skid
On Short-Seller's Allegations?
Amira Nature Foods Ltd ANFI fell more than 25 percent after a short-seller said the company is "vastly overstating" its India revenue, in particular its core basmati rice sales.
Amira changed hands recently at
$9.91, down $3.49.
Report Origins
The report came from Prescience Research Group, which has declined
in the past to identify its principals or to explain much regarding its motives.For
the third quarter, which ended September 30, 2014, Dubai-based Amira, an Indian
specialty rice producer, posted sales growth of 28 percent to $280.2
million.Last week Amira reported 25 percent growth in preliminary
fourth-quarter adjusted earnings before interest, taxes, depreciation and
amortization.
About 18 percent of Amira's 28.7 million shares outstanding were
held as short interest as of January 15, and the company's current market
capitalization is only about $385.71 million.Prescience most recently made news
in August 2014 by denouncing Netherlands-based Chicago Bridge & Iron Company N.V. CBI for allegedly faulty accounting
regarding a 2013 acquisition.CB&I shares are down more than 37 percent
since the allegations, but the drop appears related to declining oil prices rather than accounting flaws. CB&I provides infrastructure to
the energy industry.
Source with thanks:http://www.benzinga.com/news/15/02/5224380/did-amira-nature-foods-ltd-skid-on-short-sellers-allegations#ixzz3RToE96ny
AMIRA NATURE FOODS LTD (ANFI)
|
Amira Nature Foods : SHAREHOLDER ALERT: Pomerantz Law Firm
Investigates Claims On Behalf of Investors of Amira Nature Foods Ltd. - ANFI
02/09/2015
| 08:54pm US/Eastern
NEW YORK, Feb.
9, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of
investors of Amira Nature Foods Ltd. ("Amira" or the
"Company") (NYSE: ANFI). Such investors are advised to contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.The investigation
concerns whether Amira and certain of its officers and/or directors have
violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.On
February 9, 2015, third-party analyst firm Prescience Point Research Group
issued a report on ANFI (the "Prescience Report").
Among other
things, the Prescience Report charged that: 1) ANFI had overstated its
India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian
government reports on Basmati rice exports; 2) ANFI had engaged in material
related-party transactions, including with its largest distributor, one of its
largest suppliers, and a company from which ANFI intended to buy $30 million of
land; and that ANFI CEO Karan Chanana used company resources for personal use,
including to pay salaries for household help.On this news, shares of Amira fell
$3.45 per share to $9.95, or more than 25.8%, on February 9, 2015.The Pomerantz
Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged
as one of the premier firms in the areas of corporate, securities, and
antitrust class litigation.
Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions. Today, more
than 70 years later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Robert S. Willoughby
Source with
thanks:To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-amira-nature-foods-ltd--anfi-300033382.html
Shareholder
Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Amira
Nature Foods Ltd.
* Reuters is not responsible for the content in this
press release.
PR Newswire
NEW YORK, Feb. 10,
2015
NEW YORK, Feb. 10, 2015 /PRNewswire/ -- Attorney Advertising
-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on
behalf of purchasers of the securities of Amira Nature Foods Ltd.
("Amira" or the "Company") (NYSE: ANFI -News). Such
investors are advised to contact Peretz Bronstein or
his investor relations coordinator Eitan Kimelmanat info@bgandg.com or 212-697-6484.The investigation concerns
whether Amira and certain of its officers and/or directors have violated
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 9, 2015,
third-party analyst firm Prescience Point Research Group issued a report on
ANFI (the "Prescience Report"). Among other things, the Prescience
Report charged that: 1) ANFI had overstated its India-produced
Basmati rice revenue by at least 116.9% in 2014, citing Indian government
reports on Basmati rice exports; 2) ANFI had engaged in material
related-party transactions, including with its largest distributor, one of its
largest suppliers, and a company from which ANFI intended to buy $30 million of land; and that ANFI CEO Karan Chanana used company resources for personal
use, including to pay salaries for household help.
On this news,
shares of Amira fell $3.45 or
25.75% to close at $9.95 on February 9, 2015.If
you are aware of any facts relating to this investigation, or purchased shares
of Amira, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman,
LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire
by e-mail are encouraged to include their mailing address, email and telephone
number.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of litigation
claims on behalf of our clients. In addition to representing institutions
and other investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate and commercial litigation, as well as
securities arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
To view the
original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-announces-investigation-of-amira-nature-foods-ltd-300033536.html
SOURCE Bronstein, Gewirtz & Grossman, LLC
INVESTOR ALERT: Investigation on
Behalf of Investors of Amira Nature Foods Ltd. Announced by Law Offices of
Howard G. Smith
* Reuters is not responsible for the content in this press
release.
INVESTOR ALERT: Investigation on Behalf of
Investors of Amira Nature Foods Ltd. Announced by Law Offices of Howard G.
Smith
Law Offices of Howard G. Smith announces that it is investigating potential
claims on behalf of investors of Amira Nature Foods Ltd. (“Amira” or the
“Company”) (NYSE:ANFI) concerning possible violations of federal securities
laws. Amira is engaged in processing, distributing and marketing packaged
specialty rice and other food products.The investigation is related to
allegations that the Dubai-based Company misrepresented its business and
financial performance and/or failed to disclose material related-party transactions.
On February 9,
2015, a report by the analyst firm Prescience Point Research Group alleged
that, according to Indian government reports on Basmati rice exports, Amira had
overstated its India-produced Basmati rice revenue by more than 116% in 2014.
The report also alleged that, among other things, Amira engaged in material
related-party transactions, including with a company from which it intended to
buy $30 million of land, and the Company's chief executive officer used Company
resources for personal use, including to pay salaries for household help.
Following this news, shares of Amira declined more than 25% on February 9,
2015, to a closing price of $9.95 per share on unusually heavy volume.
If you purchased
Amira shares, if you have information or would like to learn more about these
claims, or if you have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at
888-638-4847, or by email tohowardsmith@howardsmithlaw.com,
The Rosen Law Firm Announces
Investigation of Shareholder Claims against Amira Nature Foods, Ltd.
* Reuters is not responsible for the content in this press
release.
The Rosen Law Firm Announces Investigation of
Shareholder Claims against Amira Nature Foods, Ltd.
The Rosen Law
Firm, a global investor rights firm, announces that it is investigating
potential securities claims against Amira Nature Foods, Ltd. (NYSE:ANFI)
resulting from allegations that ANFI may have overstated its revenues and
omitted to disclose material related-party transactions.
On February 9, 2015, third-party analyst firm
Prescience Point Research Group issued a report on ANFI (the “Prescience
Report”). Among other things, the Prescience Report charged: that ANFI had
overstated its India-produced Basmati rice revenue by at least 116.9% in 2014,
citing Indian government reports on Basmati rice exports; that ANFI had engaged
in material related-party transactions, including with its largest distributor,
one of its largest suppliers, and a company from which ANFI intended to buy $30
million of land; and that ANFI CEO Karan Chanana used company resources for
personal use, including to pay salaries for household help.
That day, ANFI’s stock price fell $3.45, or
25.8%, damaging investors.The Rosen Law Firm is preparing a securities class
action lawsuit on behalf of ANFI investors. If you purchased ANFI stock before
February 9, 2015, please visit the website athttp://rosenlegal.com/cases-506.html to join the class action or for more information.
You may also contact Jonathan Horne, Esq., or Phillip Kim, Esq. of The Rosen
Law Firm toll free at 866-767-3653 or via e-mail at jhorne@rosenlegal.com or pkim@rosenlegal.com.The Rosen Law Firm represents investors
throughout the globe, concentrating its practice in securities class actions
and shareholder derivative litigation.Attorney Advertising. Prior results do
not guarantee a similar outcome.
The Rosen Law Firm, P.A.Phillip Kim, Esq.
Kevin Chan, Esq.
Laurence Rosen, Esq.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: 212-686-1060
Toll Free: 1-866-767-3653
Fax: 212-202-3827
pkim@rosenlegal.com
kchan@rosenlegal.com
lrosen@rosenlegal.com
www.rosenlegal.com
A Statement from Amira Nature Foods
Amira Nature
Foods Ltd17 hours ago
·
NEW YORK--(BUSINESS WIRE)--
Amira Nature Foods Ltd (ANFI) today made the following statement.We are aware of the recent
report released yesterday containing false, factually inaccurate and fictional
content obtained from previously released false statements, that have been
repackaged and distributed with malafide intention.The author has released this
report to clearly benefit themselves to gain monetarily from the subsequent
decline in our share price, as already described by their own admission.
They have entered a short
position and timed this report with a clear purpose to mislead investors and
the general public at a time when the company is marketing a major financing
event. This flawed report is not in the interest of investors or the general
public.This report is malafide and fictitious. ANFI categorically rejects and
denies the many mischaracterizations and factually inaccurate statements put
forth in the report that do not reflect reality. We intend to pursue this
matter legally.
About Amira Nature Foods
Founded in 1915, Amira has evolved into a leading global provider
of branded packaged Indian specialty rice, with sales in over 60 countries
today. The Company sells Basmati rice, which is a premium long-grain rice grown
only in certain regions of the Indian sub-continent, under its flagship Amira
brand as well as under other third party brands. Amira sells its products
through a broad distribution network in both the developed and emerging
markets. The Company’s global headquarters are in Dubai, United Arab Emirates,
and it also has offices in India, Malaysia, Singapore, Germany, the United
Kingdom, and the United States.
Amira Nature Foods Ltd is listed on the New York Stock
Exchange (NYSE) under the ticker symbol “ANFI.” For more information
please visit www.amira.net.This press release contains
statements of a forward-looking nature. These statements are made under the
“safe harbor” provisions of the U.S. Private Securities Litigation Reform Act
of 1995. You can identify these forward-looking statements by words or phrases
such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “future” or other similar expressions.
We have based these forward-looking statements largely on our
current expectations and projections about future events and financial trends
that we believe may affect our financial condition, results of operations,
business strategy and financial needs. The forward-looking statements in this
release include statements regarding the offering of the Notes. These
forward-looking statements include, but are not limited to: our goals and
strategies; our expansion plans; and our future business development. We would
like to caution you not to place undue reliance on forward-looking statements
and you should read these statements in conjunction with the risk factors
disclosed in “Risk Factors” appearing in our Annual Report on Form 20-F as well
as other public filings with the Securities and Exchange Commission.
Those risks are not exhaustive and reflect our expectations as of
the date of this release. We operate in a rapidly evolving environment. New
risk factors emerge from time to time, and it is impossible for our management
to predict all risk factors, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of factors, may
cause actual results to differ from those contained in any forward-looking
statement. We do not undertake any obligation to update or revise the
forward-looking statements except as required under applicable law.
Contact:
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
FTI Consulting
Steven Balet, 212-850-5717
AmiraNatureFoods@fticonsulting.com
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
FTI Consulting
Steven Balet, 212-850-5717
AmiraNatureFoods@fticonsulting.com
Source with thanks:http://finance.yahoo.com/news/investor-alert-investigation-amira-nature-160200523.html
SHAREHOLDER ALERT: Pomerantz Law Firm
Investigates Claims On Behalf of Investors of Amira Nature Foods Ltd. - ANFI
Monday,
9 Feb 2015 | 8:53 PM ET
NEW YORK, Feb. 9, 2015 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of Amira Nature Foods Ltd.
("Amira" or the "Company") (NYSE: ANFI). Such investors are
advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.The investigation concerns whether
Amira and certain of its officers and/or directors have violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.On February 9, 2015,
third-party analyst firm Prescience Point Research Group issued a report on
ANFI (the "Prescience Report").
Among other things, the Prescience Report charged that: 1) ANFI
had overstated its India-produced Basmati rice revenue by at least 116.9% in
2014, citing Indian government reports on Basmati rice exports; 2) ANFI had
engaged in material related-party transactions, including with its largest
distributor, one of its largest suppliers, and a company from which ANFI
intended to buy $30 million of land; and that ANFI CEO Karan Chanana used
company resources for personal use, including to pay salaries for household
help.On this news, shares of Amira fell $3.45 per share to $9.95, or more than
25.8%, on February 9, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego
and Florida, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz
Firm pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
To view the original version on
PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-amira-nature-foods-ltd--anfi-300033382.html
SOURCE Pomerantz LLP
