President Jokowi out to curb rice prices in markets
Satria Sambijantoro and Linda
Yulisman
The Jakarta Post, Jakarta |
February 26 2015 | 5:34 AM
Rice
concern: President Joko Widodo (center) speaks with (left to right) Social
Minister Khofifah Indar Parawansa, State-Owned Enterprises Minister Rini
Soemarno, Coordinating Economic Minister Sofyan Djalil and Trade Minister
Rachmat Gobel while inspecting the Bulog rice warehouse in Kelapa Gading,
Jakarta, on Wednesday. During the visit, the President channeled rice to the
poor (raskin) and launched the 2015 rice market operation to stabilize prices
and ensure sufficient stockpiles for 2015. (JP/Wendra Ajistyatama)
The
government officially launched Wednesday its first batch of 300,000 tons of
cheap rice to provinces throughout the archipelago as part of its effort to
curb the soaring price of rice.President Joko “Jokowi” Widodo himself led the
launch of the fresh rice stocks priced between Rp 1,600 (12 US cents) and Rp
7,400 per kilogram at the State Logistics Agency’s (Bulog) rice warehouse in
Jakarta on Wednesday. Jokowi said that the recent surge in rice prices had gone
haywire. This year, the price of rice already soared by around 30 percent, with
current prices ranging between Rp 9,000 and Rp 12,000 per kilogram, subject to
the rice’s type and area in which it is distributed.
“We will boost the rice supply so
that there will be no more supply shortage. We will provide the supply no
matter what,” the President asserted. Rice is one among main triggers of
inflation and price fluctuations given its role as the staple food of the 250
million people in Indonesia. The government, through Bulog, which is tasked
with distributing rice and other food commodities throughout Indonesia to
manage prices, has always tried to maintain the balance in the supply in order
to keep the prices stable. During the so-called raskin (cheap rice for the
poor) operation, the President also held a teleconference with Bulog executives
in South Sumatra, West Java, East Java and Bali, who were all confident that
there would be no hurdles in the distribution of the rice supply and assured
people that they would soon see a decline in the price of rice.
Vice President Jusuf Kalla had
earlier blamed the rice price increase on bottlenecks in the distribution of
the cheap rice at regional levels, which he claimed were facing some “technical
problems”.The raskin program had only distributed 140,000 tons of its initial
target of 500,000 tons, thus causing a shortage in some areas, driving up rice
prices.Meanwhile, Bulog’s president director Lenny Sugihat said she would
intensify coordination with local administrations to ensure that the new rice
stock could be distributed successfully.Lenny also argued that her agency might
not import rice from other countries if the domestic supply was already
sufficient.Last year, the agency imported at least 425,000 tons of rice from
Thailand and Vietnam to beef up its supply.“We are not talking about imports
here; if the domestic rice supply is already adequate, then why should we
import?” she said to reporters on Wednesday.
University of Lampung agricultural
economist Bustanul Arifin noted that the irregular increase of the rice price
was driven by the late harvest season, which would only fall between March and
June this year.The change of the market operation system carried out by Bulog,
which now distributes rice through the mediation of third-party traders, also
drove up rice prices.“The change of the system triggered [the price increase]
as it affected stocks. I said that rice from Bulog should be channeled to
markets and traders with stricter requirements,” Bustanul explained.Bustanul
also called on the government to seriously investigate the alleged role of the
“rice mafia” in the rice trade that had undermined the competitiveness of
domestic business players benefiting from the high prices of rice, while
suggesting severe punishment against them.
“If the trade minister has already
found the indications, then he should not be worried about enforcing the law
against the ‘players’,” he said recently.
http://m.thejakartapost.com/news/2015/02/26/president-jokowi-out-curb-rice-prices-markets.html#sthash.Qkb2PH2F.dpuf
Vietnam to store 1 mln tons rice for price curbing
(GlobalPost/GlobalPost)
Vietnam to store 1 mln tons rice
for price curbing
HANOI, Feb. 26 (Xinhua) -- The
Vietnamese government is arranging temporary storage of one million ton of rice
to curb the price, the Industry and Trade Information Center (VITIC) under the
Ministry of Industry and Trade (MoIT) said on its website on
Thursday.Specifically, Vietnamese government has agreed with a proposal by the
Ministry of Agriculture and Rural Development (MARD), the MoIT, the Ministry of
Finance, the State Bank of Vietnam (SBV) and Vietnam Food Association to
purchase one million ton of rice of winter-spring 2014-2015 crop from March 1
to April 15.Companies that join the proposal will be offered zero interest
rates for loans to buy rice during maximum four months, said VITIC.Copyright
2014 Xinhua News Agency.Xinhua is China's state-run news agency.All rights
reserved. This material may not be published, broadcast, rewritten, or
redistributed.
http://www.globalpost.com/dispatch/news/xinhua-news-agency/150226/vietnam-store-1-mln-tons-rice-price-curbing
Mekong Delta authorities instructed to
stockpile rice
Prime Minister Nguyen Tan Dung yesterday told Mekong Delta
authorities to purchase and stockpile one million tonnes of the winter-spring
rice crop.Workers load rice for export at Sai Gon Port in HCM City. Prime
Minister Nguyen Tan Dung has asked Mekong Delta authorities to buy and
stockpile one million tonnes of rice (Photo: VNS)
The State Bank of Viet Nam (SBV) was asked to direct commercial
banks to offer loans for the purchase, with a six-month maturity to August
31.Interest rates will be wholly subsidised by the Government until June 30.The
PM ordered the Ministry of Finance and the SBV to provide guidelines to carry
out the Government's policies and allocate State financial sources to support
the stockpiling.In collaboration with the People's Committees of centrally-run
cities and provinces in the region, the Viet Nam Food Association will be
responsible for allocating the rice to be purchased by each locality and also
monitoring the process.The Ministry of Agriculture and Rural Development and
the Ministry of Industry and Trade will closely supervise the programme and report
to the PM.
In 2015 Vietnam rice export decreased to
515 KMT
26.02.2015
According to Government estimate,
Vietnam's rice exports in the first two months of 2015 decreased by 34.4% from
a year ago level to 515 KMT.Revenue from rice export in January-February is
estimated at $237 million (down 35.6% from the corresponding period last year).
Government asks Food Corporation
of India to withdraw procurement in Haryana and Punjab
By PTI | 26 Feb, 2015, 03.36PM IST
FCI procures less than 50 per cent from Punjab,
25 per cent from Haryana out of total procurement in both the state.
ET SPECIAL:
NEW DELHI: The government has asked state- run
FCI not to purchase foodgrains in states like Punjab and Haryana as the
procurement system is fully developed there, Food Secretary Sudhir Kumar said today.
Haryana has already agreed to the Centre's direction, while Punjab has asked 
withdrawal of procurement by Food Corporation
of India (FCI) in a phased manner, he added. When asked about the progress made
in implementing recommendations of the Shanta Kumar-led FCI Restructuring
panel, Kumar said: "We are examining the recommendations. Some can be
implemented immediately. For some, we have to prepare a time schedule and some
recommendations we cannot implement.
withdrawal of procurement by Food Corporation
of India (FCI) in a phased manner, he added. When asked about the progress made
in implementing recommendations of the Shanta Kumar-led FCI Restructuring
panel, Kumar said: "We are examining the recommendations. Some can be
implemented immediately. For some, we have to prepare a time schedule and some
recommendations we cannot implement.
" Listing out suggestions that have been
already implemented, he said the government has taken a decision on the bonus
and asked states not to announce it over and above the minimum support price.
The government has also scrapped levy rice from the next season starting
October. The levy rice is a mandatory system under which rice millers also
undertake rice procurement for the public distribution system by buying paddy
directly from the farmers. "We have also asked FCI to withdraw procurement
in states where it is fully developed. Haryana has informed us to withdraw
procurement, Punjab has said not to withdraw fully and do it in phased
manner," Kumar told PTI in an interview. The procurement will be withdrawn
in consultation with the state governments, he added. FCI procures less than 50
per cent from Punjab, 25 per cent from Haryana out of total procurement in both
the state. Both states contribute 3/4th of the total procurement. On shifting
procurement in eastern states like Bihar, the Secretary
said: "The dialogue is on.
I cannot
say we can start immediately. We accept this recommendation and intend to work
on it. It may take time for full implementation." While the panel has also
suggested outsourcing procurement and storage of foodgrains, the FCI is holding
consultations in this regard with stakeholders, he added. The eight-member
panel -- which was set up in August 2014 under the chairmanship of BJP MP Shanta Kumar to recommend a
complete overhaul of FCI -- had submitted its report last month. The Prime Minister had asked the Food Ministry to give its
views on the report at the earliest.
Rice
stockpiles to be cleared in 2 years
Petchanet Pratruangkrai
The Nation February 27, 2015 1:00 am
Despite delaying a plan to release rice under an auction, the
Commerce Ministry is confident it will be able to clear huge stocks within two
years, said Commerce Minister General Chatchai Sarikulya.He said that the
ministry planned to release up to 18 million tonnes of rice via auctions and
negotiate with rice-import countries to receive huge amounts under
government-to-government (G-to-G) contracts.The general said that Thailand had
between 17-18 million tonnes stockpiled, and it recently negotiated to sell 2
million tonnes to China.
Although the ministry wanted to clear the warehouses, Chatchai
said, the government would carefully consider all proposed contracts through
the G-to-G and bidding processes to ensure transparency and prevent contracts
defaulting.If any bidder were found have a suspect background, the ministry
would not sell rice to that dealer.Under the plan to clear rice stocks, the
ministry previously announced it aimed to sell about 10 million tonnes under
many methods this year, including selling about one million tonnes via general
auction each month.However, the ministry could sell only about 500,000 tonnes
through an auction in January, and will on March 6 open the second auction for
one million tonnes after missing the February auction date.
Duangporn Rodphaya, director-general of the Foreign Trade
Department, said that the ministry had already sold more than two million
tonnes of rice in the first two months of the year.Of those, she said about 1.5
million tonnes was sold under G-to-G contracts.She said that the government was
confident of releasing rice amounts as planned because many traders were interested
in joining the government's auctions due to the main harvest season
ending.Moreover, she said that in August the ministry would release low-grade
rice grain to the market to supply the manufacturing sector.
Rice
pledging scheme costs 700 billion baht in damages
Thursday, 26 February 2015
By NNT
BANGKOK, 26 February 2015, A preliminary report has disclosed that
the subsidy program cost the Kingdom 700 billion baht since its inception nine
years ago. The report by the sub-committee on closing the account of the rice
pledging scheme also suggested that a majority of the losses, or 536 billion
baht, were incurred under the Yingluck Shinawatra
administration.Permanent-Secretary of Finance and President of the Subcommittee
Rangsan Sriworasat indicated that the remaining 163 billion baht was lost through
11 other rice pledging projects under the Abhisit Vejjajiva administration.
Mr. Rangsan commented that losses at the end of fiscal 2014 in
September were rather small- an increase of 18 billion baht- compared to the
one calculated at the end of May 2014. He explained that the higher price of
grains at the end of September helped cushion the expense.However, the
Permanent-Secretary said there are significant differences between the reports
of rice sales produced by the Department of Foreign Trade, the Department of
Internal Trade, the Public Warehouse Organization, and Marketing Organization
for Farmers.He said these reports will be reviewed within the week. Mr. Rangsan
added that once the figures are confirmed, a comprehensive report on the matter
will be produced and forwarded to the Ministry of Commerce and the Prime
Minister.
Ten more rice
firms for China trade after outcry
By Zaw Htike | Thursday, 26
February 2015
The Myanmar Rice Federation will accept invitations for ten more
rice companies to receive permission to export rice to China after the first
nine firms it selected were criticised for their lack of experience.
Myanmar Rice Federation joint secretary U Soe Tun said the
decision to have a second round of firms came following a request from the
Chinese government.China has quickly grown from being a marginal market for
rice exports half a decade ago to today being Myanmar’s most important rice
buyer.
However, the trade has been illegal from Beijing’s point of view,
and negotiations are ongoing to legalise it.The decision to pre-select a
handful of rice traders will allow Chinese authorities to more easily make sure
the export rice meets their health standards. After legalising the trade, rice
will be exported by the selected firms using ships to China’s eastern seaboard
along with the current method of shipping overland through Muse in northern
Shan State.The Myanmar Rice Federation has come under criticism for the nine
firms it selected to take part in the trade, drawing complaints in social media
and from rival traders that several of the companies were unknowns with little
track record in the industry.One leading rice trader told the Myanmar Times on
condition of autonomy that after seeing the initial list, the Chinese side
demanded inclusion from more companies with the capability to export large
volumes of high quality rice to Myanmar.
“Some of the chosen companies have not even received business
registrations,” he said.Over 100 local companies applied for rice export
licences in January, but China had initially requested less than 10 firms
receive licences.The first nine companies were MAPCO, Myanmar Rice Mill, FPR
from the Myanmar Rice Traders Association, Golden Land East Asia, MRDC from
Mandalay, a company from Yangon’s Bayintnaung commodities market still to be
formed, Ayer-Pathein company from Ayeyarwady Region, SPRDC formed by Muse
traders and Rakhine Ethnic Rice Company.U Soe Tun said companies interested in
the second round of bidding have until February 27 to submit their
applications.“Criteria for the second round will be the same as the first,” he
said.
Myanmar Rice Federation officials previously said they hope the
official trade to China to start at the end of April or early May. The chosen
companies must register, while having their rice tested and performance
measured before the trade can officially begin.In 2013, Myanmar exported about
1.27 million tonnes of rice, of which about 0.747 million tonnes went to China.
In 2010 the country exported about 0.489 million tonnes, of which 4000 tonnes
went to China.State media reported last week that China’s largest state-run
grain-trading company COFCO signed a memorandum of understanding in February on
purchasing Myanmar’s rice exports, depending on approval from China’s general
administration of quality supervision, inspection and quarantine.There will
also be a business matching event in March for Chinese and Myanmar firms, the
report added.
India’s
Rabi Crops Sowing Down by 4.14 Million Hectares
26
February 2015
INDIA - India’s rabi crop sowing area coverage has recorded a
negative growth at 61.79 million hectares as on February 20, 2015, registering
a drop of 4.14 million hectares according to data released by directorate of
economics and statistics, Indian agriculture ministry. During the same period
last year, rabi crops sowing area was recorded at 65.93 million tonnes, the
data adds. Area under wheat sowing was down to 30.63 million hectares, as
compared to 31.53 million tonnes sowed till the same period last year.
The area under sowing of total coarse cereals also registered a
drop of 233,000 hectares at 5.77 million tonnes, against the last year’s 6
million tonnes.Pulses sowing area were at 14.59 million hectares, while the
last year’s sowing area coverage was 16.22 million hectares, whereas, sowing
area under total oilseeds was at 8.09 million hectares, as compared to 9.02
million hectares last year, as per the data.The area under sowing of rice was
at 2.70 million hectares this year, hile the last year’s figure was 3.15
million hectares.
Rice
boosts Ebro profits in 2014
By Dean Best | 26 February 2015
Ebro's North American pasta business came under pressure
Spanish food group Ebro Foods saw profits rise in 2014, as higher
earnings from its rice business offset a decline in profits from its pasta
arm.Ebro booked a 14.2% rise in net income to EUR151.6m (US$172.3m), with net
profit from continuing operations hitting EUR157m, up 11% on 2013.EBITDA
increased 2% to EUR287.2m, surpassing the forecast Ebro set in October of
EUR283m.Ebro said EBITDA from its rice business grew 8% to EUR149m. The
division saw sales climb 4.6% to EUR1.14bn. The company said its Riviana business
in the US recorded its highest yield since it joined the group in 2004. Its
Thai subsidiary Herba Bangkok enjoyed record sales.Ebro's net turnover grew
8.4% to EUR2.12bn.Sales from Ebro's pasta business increased 12.5% to
EUR1.03bn. However, EBITDA fell 4.4% to EUR146.3m due to a spike in durum wheat
prices. Ebro said the cost of the commodity jumped 83% in Europe.The company
insisted its Panzani business "achieved an outstanding performance"
and recorded its "best growth in volume" in a decade.However, profits
in North America were hit by the combination of durum wheat prices and
"very fierce" competition.
FTAs do not work well for Pakistan
Pakistan is said to have poorly negotiated three out of a total of four Free Trade Agreements (FTAs) as imports from China, Malaysia and Sri Lanka are rising faster than exports. Commerce Minister Engineer Khurram Dastgir, who on a number of occasions said that in the past FTAs were not properly negotiated by the Commerce Ministry, is now readying himself to start negotiations with Turkey on an FTA recently agreed by the senior leadership of the two countries.The Commerce Minister himself played a role in convincing the Turkish leadership to sign an FTA with Pakistan.
Turkey had imposed extraordinary duty on
Pakistani textile products due to which Pakistan's exports nose-dived from $900
million to $400 million and efforts made by Islamabad to bring exports to the
level of 2011 remained fruitless.Giving details, the sources said though
Pakistan's exports to China increased from a few million dollars to $2.5
billion - with yarn the highest export earner - yet Chinese imports soared to
$8 billion. However, bilateral trade figures quoted by China are far different
from those cited by Islamabad.Officials in Commerce Ministry claim that
Pakistan is facing a revenue loss of Rs 22 billion per annum due to a trade
imbalance, adding that Islamabad could not reap the benefits of Margin of
Preferences after China signed FTAs with other countries, especially ASEAN.
Pakistan
has requested China to open services sector for Pakistan for deeper linkages
and greater market access to each other's markets. Commerce Ministry is also
considering speeding up engagements in services sector and de-linking services
from the goods negotiations.According to sources, Chinese investments in the
Economic Corridor will be channeled through Pakistani banks. It is expected
that current account deficit would curtail by 15-20 percent which would be an
enormous achievement if an agreement is reached. A Free Trade Agreement with
Malaysia has also failed to provide a level-playing field as trade balance
remained in favour of Malaysia from day one. Pak- Malaysia trade volume which
was in the range of$1.007 billion reached $2.66 billion a couple of years
ago.During July-April 2012-13, Pakistan's exports stood at $0.20 billion
against imports of $1.75 billion, totalling $1.95 billion which implies that trade
balance was $1.55 billion in favour of Malaysia.
Main reasons for balance of trade in favour of
Malaysia are imports of palm oil, rubber and timber. However, Malaysia is still
unhappy with the volume of palm oil being imported by Pakistan, saying that its
palm oil exports to Pakistan declined from 90 per cent to almost 50 per
cent.Pakistan's exports to Sri Lanka dropped from $347.7 million in 2011 to
$300.9 million in 2012. There was some improvement in the following year but it
only went as high as $316.4 million whereas our imports from Sri Lanka remain
well below $100 million. Sri Lanks has allocated Pakistan a duty-free quota of
6000 MT of Basmati rice and of potatoes of 1000 MT per annum. However, Sri
Lanka has raised concerns on a number of occasions on the quality of Pakistani
Basmati rice.
Pakistan is a key importer of Sri Lankan
tea.According to the private sector, although Pakistan had signed FTAs with
Malaysia and Sri Lanka the quantum of garment imports of these countries is not
significant; these markets are not providing any sizeable replacement for the
EU and the US markets. Pakistan's major exports to Sri Lanka include woven
cotton fabrics, cement, sugar, wheat and muslin, medicament mixtures, tubes and
pipes of iron and steel, potatoes, rice, cotton yarn, and onions etc.Sri
Lanka's major exports to Pakistan are vegetable products, natural rubber,
fiberboard of wood, cashew nuts, coconuts, peppers and capsicum, tea, sewing
thread, cereal straws, tyres and scrap of paper or paperboard, etc. In April
2014, Federal Board of Revenue (FBR) announced tariff concessions on the import
of 993 items from Sri Lanka under a Free Trade Agreement (FTA).
Pakistan is an emerging economic power: PM Nawaz
KARACHI: Prime Minister Nawaz Sharif inaugurated the four-day 9th
Expo Pakistan exhibition in Karachi on Thursday.
PM Nawaz while addressing the delegates at the Expo, said that
Pakistan is an emerging economic power and the Expo is a representation of the
country’s industrial tradition.The PM said the fact that the Expo is being held
in Karachi made it evident that the city holds great importance in the world of
business.He went on to say that the Expo has successfully attracted the
attention of several foreign investors and economic growth is the top priority
of Pakistan.
He added that foreign countries and international companies will
be provided facilitation for investments in the country.He also said that the
Expo provides an excellent opportunity to showcase Pakistani products to the world.The
PM further said that Pakistani Basmati rice is known worldwide for its unique
quality.Regarding the textile industry, the PM said that Pakistan will boost
exports to $26 billion by 2019.
He added that the grant of Generalised System of Preferences (GSP)
Plus status to Pakistan by the European Union (EU) was a huge achievement.PM
Nawaz went on to say that a contract is in place for trade with South Africa.He
also said that preferential trade agreements with Iran and Indonesia have been
finalised.Regarding the energy crisis in the country, the PM said that the
government is making the utmost efforts to resolve the issues. He added that
the problem of electricity would hopefully be solved within the next three
years.
He further said that speedy efforts were being made for the
running of LNG and coal based power plants.The Expo 2015 has over 1000
delegates attending from 75 countries.The four day mega event is showcasing the
largest collection of export merchandise and services including textile,
leather, agro food, readymade garments, jewellery, engineering, handicrafts,
chemicals, surgical, sports goods, and pharmaceuticals.The Trade Development
Authority of Pakistan (TDAP) expects to get export orders of over $1 billion
from the Expo.
Chief of Army Staff (COAS) General Raheel Sharif is also
attending.PM Nawaz reached Karachi today on a one-day visit to review the
implementation of decisions by the Apex Committee and to inaugurate the
Expo.According to sources, he is also likely to meet the family of late Justice
Rana Bhagwandas to express his condolence.The PM is expected to chair a high
level meeting at Governor House with provincial ministers.
Weekly
Rice Sales, Exports Reported
|
WASHINGTON, DC -- Net rice sales of 95,400 MT for 2014/2015 were
down 3 percent from the previous week, but up 20 percent from the prior
four-week average, according to today's Export Sales Highlights report. Increases were reported for Japan
(48,200 MT), Mexico (16,200 MT), Saudi Arabia (8,100 MT), Haiti (7,400 MT),
and Jordan (5,200 MT). Exports
of 93,700 MT were up noticeably from the previous week and from the prior
four-week average. The primary destinations were Mexico (38,200 MT),
Colombia (27,500 MT), Haiti (20,900 MT), Jordan (2,200 MT), and Canada (1,500
MT). This summary is based on
reports from exporters from the period February 13-19.
|
IPAB allows MP farmers to implead
in basmati GI case
India is a leading exporter of basmati. Rice export was worth Rs
29,300 crore in 2013-14
February 25, 2015 Last Updated at 22:32 IST
The Intellectual Property Appellate Board (IPAB) on Wednesday allowed New
Darpan Social Welfare Society, an organisation representing farmers from Madhya Pradesh, to implead
itself in the ongoing litigation proceedings relating to a Geographical Indication (GI) tag for basmati rice in India.The Agricultural and Processed Food Products
Export Development Authority (Apeda) asked for the Society’s plea to be rejected. Its counsel
argued they were in a hurry to register the GI for basmati and allowing the Society to implead would open the
“flood gates”, as more and more people would try to implead, delaying the
registration.
She said Apeda was
defending the matter in hundreds of cases globally.Sanjay Gandhi, who appeared
for the Society, said farmers in MP had been growing basmati for several
decades by both traditional and new techniques. He argued if MP was not
included in the GI, its farmers could not produce basmati.After hearing both
sides, the IPAB bench of K N Basha, chairman, and Sanjeev Chaswal, technical
member, said the plea from New Darpan showed it be a “just and necessary party
to the proceedings”.India is a leading exporter of basmati. Rice export was Rs
29,300 crore in 2013-14.
CME
Group/Closing Rough Rice Futures
|
Rice
is the new meat
CNBC
Americans are increasingly looking to add more protein to their
diets, and rice protein is seen as an attractive alternative. Jane Wells speaks
to the CEO of Axiom, the largest producer of plant-based proteins in the
U.S.Published February 25th 2015, 9:03 am
Listen to watch:
EQUITY ALERT: Rosen Law Firm Reminds Amira
Nature Foods Ltd. Investors of Important Deadline in Class Action filed by Firm
– ANFI
* Reuters is not responsible for the content in this press
release.
EQUITY ALERT: Rosen Law Firm Reminds Amira Nature
Foods Ltd. Investors of Important Deadline in Class Action filed by Firm – ANFI
The Rosen Law
Firm, a global investor rights firm, reminds purchasers of Amira Nature Foods,
Ltd. (NYSE:ANFI) (“Amira”) securities between September 27, 2012 and February
9, 2015, of the important April 13, 2015 lead plaintiff deadline in the class
action lawsuit filed by the firm. The lawsuit seeks to recover damages for
Amira investors under the federal securities laws.To join the Amira class
action, go to the website at http://rosenlegal.com/cases-506.html or call Phillip Kim, Esq. or Jonathan Horne, Esq.
toll-free at 866-767-3653 or emailpkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action.
NO CLASS HAS YET
BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT
REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT
CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.The suit claims that throughout the Class Period: (a) according to
Indian government export documents, Amira fraudulently overstated its
Indian-produced basmati rice exports, thereby overstating revenues by at least
24% and 18.7% in FY 2013 and 2014, respectively; (b) Amira concealed that many
of its counterparties are secretly related parties, including its largest
customer, one of its largest suppliers, a potential counterparty to a $30
million transactions, and over a dozen others; and (c) Amira’s CEO used company
money to pay his own personal household expenses, including salaries for a
personal house manager and a chef for his farmhouse.The lawsuit alleges that
the truth was disclosed on two occasions, on April 3, 2013, causing its stock
price to fall to $1.10 by April 5, or almost 20%, from its close on April 2,
and on February 9, 2015, causing Amira’s stock price to fall $3.45, or almost
26% from its previous close.A class action lawsuit has already been filed. If
you wish to join the litigation and recover your losses go to http://rosenlegal.com/cases-506.html or to discuss your rights or interests regarding
this class action, please contact, Phillip Kim, Esq., or Jonathan Horne, Esq.,
of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com orjhorne@rosenlegal.com.
The Rosen Law Firm
represents investors throughout the globe, concentrating its practice in
securities class actions and shareholder derivative litigation.
Laurence Rosen,
Esq.
Phillip Kim, Esq.
Jonathan Horne,
Esq.The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
Impressive
Speakers, Positive Results at USA Rice Government Affairs Conference
WASHINGTON, DC -- The USA Rice Federation's annual Government
Affairs Conference concluded here yesterday after three days of meetings with
legislators, regulators, and federal agencies, including the U.S. Department of
Agriculture's Foreign Agriculture Service (FAS), Farm Service Agency (FSA),
Natural Resources Conservation Service (NRCS), the Environmental Protection
Agency, the State Department's U.S. Agency for International Development, and
the Office of the U.S. Trade Representative. Representatives from all six rice
producing states conducted more than 53 meetings on Capitol Hill with
Congressmen, Senators, and legislative staff specializing in agriculture and
trade issues, met with the Chairman and Ranking Member of the House Agriculture
Committee, and shared rice priorities with staff at the Senate Agriculture
Appropriations, Senate Finance, and House Ways & Means Committees.
Attendees also had question and answer sessions with Secretary of
Agriculture Tom Vilsack, U.S. Food and Drug Administration (FDA) Deputy
Commissioner Mike Taylor, and Dr. Susan Mayne, the newly installed Director of
the Center for Food Safety and Applied Nutrition at FDA.FAS Administrator Phil
Karsting and Senate Agriculture Appropriations Subcommittee Chairman Jerry
Moran (R-KS) addressed the group's General Session and both took questions as
well.Other events included the annual USA Rice-Ducks Unlimited Capitol Hill
luncheon that drew both House and Senate officials, and PAC events for Senator
Moran and Representative Rick Crawford (R-AR)."This was a very successful
conference with participation from all corners of the industry," said USA
Rice Federation Chairman Dow Brantley.
"And as we heard one of the speakers say, as farmers, we can't just
sit back and think, 'well the farm bill is passed for five years, we can just
go back to farming.' That's not the
world we live in anymore, we need to be engaged and stay active and
informed."Below are photo highlights from the conference.
Contact:
Michael Klein (703) 236-1458
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