Indonesian
government to control inflation optimally
Jakarta (ANTARA News) - The
Indonesian government will take various measures and efforts to control
inflation in 2015, in accordance with its target plan."We will do anything
to control inflation," Coordinating Minister for Economic Affairs Sofyan
Djalil said here on Monday.According to Djalil, the government can control
inflation because the price of rice is no longer a problem.
The current stock of rice is
sufficient to meet demand till the next harvest season in March and April
2015.Djalil revealed that the State Logistics Agency (Bulog) will play a
greater role towards this end.Earlier, he feared that the rising price of rice
in various regions could lead to a sharp increase in inflation.To prevent this,
the government has taken anticipatory measures related to the procurement of
commodities."As the price of rice can affect inflation significantly, the
government is determined to tackle the problem," he stated here on
Tuesday.To curb the rising price of rice, he noted, the government has distributed
rice to the poor (raskin)."We asked Bulog to conduct market
operations," he affirmed.
Djalil acknowledged that the
rising price of rice is a result of scarcity in its supply, although Bulogs
stock of 1.4 million tons of rice could be sufficient to meet demand for the
next few months.Therefore, the problem of delays in supply is expected to be
resolved soon."We have distributed as much as 300 thousand tons of rice to
the poor. Bulog must ensure the supply," the minister emphasized.
Furthermore, Djalil also pointed out that the government will take legal action against perpetrators found stocking and reselling rice illegally.Although the price of rice has increased, that of other food commodities has not. This raised suspicion that the surge in the price of rice was caused by traders hoarding stocks of the commodity.Moreover, the Central Statistics Agency (BPS) remarked that the rising price of staple foods such as rice, eggs, and other commodities can increase inflation pressure in February 2015.
"The prices of rice and
other commodities are still high. If we look at indicators, we will find that
the price of rice is still high. It (inflation) may increase in February,"
Deputy Head of Distribution and Service Statistics of the BPS, Sasmito Hadi
Wibowo, said here on Monday. According to Wibowo, the harvest season will boost
production and supply, which will, in turn, lower the price of rice.In
addition, Social Affairs Minister Khofifah Indar Parawansa noted that the
distribution of raskin can reduce rice prices by up to 60 percent."The
timely and precise distribution of raskin can reduce rice prices by 50 to 60
percent," the minister affirmed here on Sunday.
Parawansa admitted that the
governments raskin program had distributed only 45 percent of its total target
of national rice distribution due to late supply in some regions.The minister
pointed out that rice stock in all Bulogs warehouses are safe and adequate, and
they also have the budget. So there is no longer any reason for Bulog to not
distribute raskin."The fluctuating prices of rice can be offset by the
distribution of raskin," she stated.According to the minister, the budget
allocated for the raskin program was Rp18.8 trillion for 15.5 million targeted
households, with 15 kilograms of rice per month for each household.
UU.A063/INE
High-Temperature
Tolerance Enhancement Successful On Tomatoes And Rice
First Posted: Mar 02, 2015 12:15 PM EST
High-Temperature Tolerance Enhancement Successful On Tomatoes
And Rice (Photo : Flickr/Andry Wright)
Researchers at Kobe University Graduate School of Agricultural
Science Functional Phytochemistry Laboratory in Japan have identified for the
first time that the (E)-2-hexenal,
otherwise known as a plant-derived chemical substance that can induce a plant's
stress response from high temperatures.Plants have high-temperature resistance
that's switched off during normal conditions. During the study, researchers
hypothesized that if certain chemical signals in the plants that switch the
functions on could be identified, then the plants' stress response to high
temperatures could be controlled artificially.
Previous research has shown that some plants' high-temperature
resistance function works to switch on when oxidative treatment is applied.
Researchers believed that a chemical compound that's generated through
oxidation of fatty acids in plants by reactive oxygen triggers the switch.
Through their experiments, the researchers identified that the (E)-2-hexenal compoundacts as
a signal chemical.
Researchers examined the effects of the (E)-2-hexenal at cooperative farms and found their
use effective on cucumbers, rice and tomatoes."Acquired thermotolerance in
plants in a non-genetically modified way. It will be easier for this method to
find acceptance in Japan where consumers are less accepting of
genetically-modified crops," the study stated, according to a news release. "Since the (E)-2-hexenal is a plant-derived chemical
substance, its use as a spray over farm produce will face little resistance
from consumers."
Rice exports to plunge as Thailand
offloads grain from its stockpiles
Reuters Mar 2, 2015, 12.15PM IST
Tags:
·
("The Thai govt's
efforts…)
MUMBAI/BANGKOK:
India's rice exports will struggle to compete with cheaper cargoes from No.1
seller Thailand in 2015 as Bangkok looks to offload grain from its huge state stockpiles,
industry officials and traders said.
B.V. Krishna Rao,
managing director of leading Indian rice shipper Pattabhi Agro Foods Pvt Ltd,
said the country's exports could plunge by a fifth this year to 8 million
tonnes, with some other industry officials in the country making similar
warnings.
Lower exports will
leave more rice in Indian hands, piling pressure on already-bulging storage and
raising the spectre of grain getting damaged in temporary silos.
But competition among
the world's top two exporters will drag further on prices that have fallen 5
percent since the start of October. That's good news for African nations like
Nigeria and Senegal that are typically major buyers of Asian rice.
"The Thai
government's efforts to sell rice from its own warehouses has been putting
pressure on global prices and limiting Indian exports," said Rao.
Thailand will open a
tender to sell around 1 million tonnes of rice in March, as it tries to shift
over 17 million tonnes of rice built up under a controversial subsidy scheme.
It aims to sell 10 million tonnes in 2015 and 7 million next year.
Indian exporters can
compete with private Thai traders, but not with the government as it can cut
prices to generate demand for old stock, said M. Adishankar, executive director
at Sri Lalitha, a major rice exporter in southern India.
In the latest tender,
Thailand sold 5-percent broken rice from old stocks for $236 to $378
per tonne, although the market price for new crops was around $415. India has
recently offered the same grade at around $400.
"The government's
rice is old and has been stored for a long time so its value depreciates
accordingly ... there is always a price gap between new rice and old
rice," said an official at the Thai Rice Exporters Association, who
declined to be identified.
India, which lost the
top rice exporter spot in 2014, could see its shipments of non-basmati or
common grade rice fall by nearly a quarter to 5 million tonnes in 2015, while
exports of aromatic basmati could drop over 14 percent to 3 million tonnes, Rao
said.
Basmati sales have
also been hit after top buyer Iran suspended imports late last year to support
local farmers, although one exporter expected shipments to restart in April.
Rice inventories at
India's state-run agencies had jumped to around 25 million tonnes by Feb. 1,
nearly double the targeted level, government data shows.
Indian rice exports to plunge as Thailand offloads stocks
ReutersA Thai farmer loads paddy onto a truck.
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MUMBAI/BANGKOK, MARCH 2:
India's rice exports will
struggle to compete with cheaper cargoes from No.1 seller Thailand in 2015 as
Bangkok looks to offload grain from its huge state stockpiles, industry
officials and traders said.
B.V. Krishna Rao, managing
director of leading Indian rice shipper Pattabhi Agro Foods Pvt Ltd, said the
country's exports could plunge by a fifth this year to 8 million tonnes, with
some other industry officials in the country making similar warnings.
Lower exports will leave
more rice in Indian hands, piling pressure on already-bulging storage and
raising the spectre of grain getting damaged in temporary silos.
But competition among the
world's top two exporters will drag further on prices that have fallen 5 per
cent since the start of October. That's good news for African nations like
Nigeria and Senegal that are typically major buyers of Asian rice.
"The Thai government's
efforts to sell rice from its own warehouses has been putting pressure on
global prices and limiting Indian exports," said Rao.
Thailand will open a tender
to sell around 1 million tonnes of rice in March, as it tries to shift over 17
million tonnes of rice built up under a controversial subsidy scheme. It aims
to sell 10 million tonnes in 2015 and 7 million next year.
Indian exporters can
compete with private Thai traders, but not with the government as it can cut
prices to generate demand for old stock, said M. Adishankar, executive director
at Sri Lalitha, a major rice exporter in southern India.
In the latest tender,
Thailand sold 5-percent broken rice from old stocks for $236 to $378 per tonne,
although the market price for new crops was around $415. India has recently
offered the same grade at around $400.
"The government's rice
is old and has been stored for a long time so its value depreciates accordingly
... there is always a price gap between new rice and old rice," said an
official at the Thai Rice Exporters Association, who declined to be identified.
India, which lost the top
rice exporter spot in 2014, could see its shipments of non-basmati or common
grade rice fall by nearly a quarter to 5 million tonnes in 2015, while exports
of aromatic basmati could drop over 14 percent to 3 million tonnes, Rao said.
Basmati sales have also
been hit after top buyer Iran suspended imports late last year to support local
farmers, although one exporter expected shipments to restart in April.
Rice inventories at India's
state-run agencies had jumped to around 25 million tonnes by Feb. 1, nearly
double the targeted level, government data shows.
(This article was published on March 2, 2015)
he 22 Mood Foods
Are you
eating enough mood foods?
Most Popular
For those of you are looking for a
natural mood booster- then all you need to do is take a closer look at your
diet. NHS nutritionist Dr Sarah Schenker and food psychologist Dr Chrsity Fergusson have teamed up with Tilda and come up with a seven day food
planner using the top 22 mood foods to eat your way to happiness.
These foods help control cravings
of fatty, sugary foods, lift your mood and improve your energy.
Top 22 mood
foods
Pumpkin Seeds
Chia Seeds
Salmon
Wholegrain Basmati - "Wholegrain Basmati" Dr Sarah Schenker says
is a great addition to the diet. Fluctuations in blood sugar levels are
associated with changes in mood and energy, in turn blood sugar levels are
affected by what we eat and drink. After eating sugary foods or refined
carbohydrates, your blood sugar levels can rise rapidly which may cause
feelings of stress and anxiety, only to crash soon after, which can then leave
you feeling lethargic or in low spirits. Low GI foods such as wholegrain
Basmati rice contain the type of carbohydrate that releases energy slowly,
keeping your blood sugar levels steady and maintaining a more balanced, calm
mood.
Dr Christy Fergusson says
"Many of us spend our days riding the blood sugar rollercoaster. We feel
happy one minute, and then the next we are spiralling down towards irritability
and anxiety. Wholegrain Basmati rice helps us feel calm and content from
morning until night. Stacked up against other types of rice, wholegrain Basmati
is top of the list." How to incorporate Wholegrain Basmati into your diet?
Serve wholegrain Basmati rice with curries, stews, casseroles, tagines and use
in pilafs and kedgeree.
Quinoa
Chickpeas
Coconut
Asparagus
Spinach
Beans
Chicken &
Turkey
Avocado
Blueberries
Bananas
Pomegranates
Brazil Nuts- "Brazil Nuts", Dr Sarah Schenker says,
"are the richest source of the mineral selenium, containing 10 times more
than the next richest source. Selenium-rich food helps to combat depression and studies have shown that
eating a small handful of Brazil nuts everyday can help to improve mood."
Dr Christy Fergusson says "your thyroid plays a key role in your mood.
However, to work properly it relies on selenium. This makes this special little
mineral a powerful mood enhancer." How to incorporate Brazil nuts into
your diet? Eat a small handful of Brazil nuts between meals, chop and sprinkle
into yoghurt with grated dark chocolate.
Ginger
Beetroot
Chilli
Yoghurt
Broccol- Dr Sarah Schenker
continues "Brocolli is another great 'mood food', B vitamin folate and
vitamins B3, B6 and B12 are all essential for healthy moods. Low intakes of the
B vitamin folate has been linked to poor mood and risk of depression. These
green leafy vegetables are amongst the richest sources of B vitamin available.
This is also great news for your skin as Vitamin B promotes healthy hair, skin
and nails."
Dr Christy Fergusson says "to
make the feel good chemical serotonin your body needs a healthy supply of B
vitamins including fabulous folate. When our B vitamins are in short supply, we
can't properly metabolise our neurotransmittors leaving us low in our
mood-boosters serotonin and dopamine, which controls pleasure. So how can you
guarantee you get a folate fix and a healthy dose of the B-vitamins? Bring out
the broccoli. Half a cup of broccoli is all you need for 52mg of folate. Packed
with B-vitamins, this is an ideal food to introduce into your diet." How
to incorporate broccoli into your diet? Serve steamed broccoli with fish or chicken
dishes, use in omelettes and risottos.
Dark Chocolate
To find out more about how the
other foods listed above and what you eat can affect your mood and to download
a handy seven day meal planner, including recipes, visit tilda.com
APEDA presents India's
organic tradition at Engredea
Mar 2, 2015Agricultural and Processed Food
Products Export Development Authority Engredea News & Analysis
·
·
·
·
India will showcase its
strength in organic products by displaying basmati rice, tulsi tea, pulses,
cashew, spices and condiments.
More
About:
Natural Products Expo West is the
world's largest event devoted to natural and specialty food and beverages,
supplements, health and beauty, and natural living products including organic
products. India is participating for the first time to market organic products
to the U.S. Being that the U.S. is the largest market for organic products in
the world, there are plenty of opportunities to meet the market demand. India
has the potential to supply all varieties of organic products to the U.S.
Agricultural and Processed Food
Products Export Development Authority (APEDA), under the Ministry of
Commerce & Industry, Government of India, has been participating in several
international trade fairs to provide a platform to their exporters to explore
new opportunities in the global market. Considering the global demand of Indian
organic products, APEDA is participating in Natural Products Expo West/Engredea
March 6 to 8 at the Anaheim Convention Center in Anaheim, Calif., to unleash
this unique opportunity for organic trade promotion in the U.S.
India will be showcasing its
strength in the organic products it can offer by displaying basmati rice, tulsi
tea, pulses, cashew, spices and condiments. A wet sampling will also be carried
out during the exhibition to provide the taste of Indian cuisine of Biryani
made of Organic Basmati rice and hot herbal tea made of Indian basil.
For more details on India Organic,
please visit APEDA’s website at apeda.gov.in.
Amira Nature Foods Ltd Provides Presentation
for Third Quarter 2015 Financial Results
* Reuters is not responsible
for the content in this press release.
Amira Nature Foods Ltd Provides Presentation for Third
Quarter 2015 Financial Results
Reported Record Revenue, EBITDA and Earnings
Third Quarter Revenue and Profits Increased by 35% or More
Amira Nature Foods Ltd
(the “Company;” or “Amira”) (NYSE: ANFI), a leading global provider of packaged
Indian specialty rice, reported financial results earlier today for its fiscal
2015 third quarter which ended on December 31, 2014.
As referenced in the
earnings release and conference call, a presentation was posted to the
Company’s website at http://www.amira.net/investor/financial-reports-information/. The investor presentation includes two
sections titled “Fiscal Q3
2015 Financial Results”and “The
Truth About Amira: AMIRA FACTS (2012-2015).”
About Amira Nature
Foods Ltd.
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 primarily 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 visitwww.amira.net.
Amira Nature Foods Ltd
Bruce Wacha
Chief Financial Officer
201-960-0745
bruce.wacha@theamiragroup.com
Bruce Wacha
Chief Financial Officer
201-960-0745
bruce.wacha@theamiragroup.com
Futures
and Commodity Market News
Amira Nature
Foods Ltd Announces Third Quarter 2015 Financial Results
|
Sponsor
 |
|
NEW YORK, Mar 02, 2015 (BUSINESS WIRE) -- --Third Quarter Revenue and Profits Increased by 35.0% or More Amira Nature Foods Ltd (the "Company;" or "Amira") (NYSE: ANFI), a leading global provider of branded, packaged Indian specialty rice, today reported financial results for its fiscal 2015 third quarter which ended on December 31, 2014. Third Quarter 2015 Financial Highlights versus Third Quarter 2014: -- Revenue grew 35.0% to $192.4 million compared to $142.5 million -- Adjusted EBITDA increased 36.6% to $27.7 million compared to $20.3 million -- Adjusted EBITDA margin of 14.4% -- Profits after tax increased 82.8% to $14.1 million compared to $7.7 million -- Adjusted profits after tax increased 52.9% to $15.9 million compared to $10.4 million -- Adjusted earnings per share ("EPS") was $0.44 compared to $0.29 Karan A Chanana, Amira's Chairman and Chief Executive Officer, stated, "Our strong fiscal third quarter performance reflects increased demand for our products across categories and geographies. We continued to make investments in our Amira brand in the quarter, while also building our infrastructure as we further develop our global distribution footprint. In India, we plan to add more Company-managed distribution centers, and in the US we expect our new strategic distribution partnerships with CROSSMARK and UNFI will help us to better capture the many international opportunities for growth with the Amira brand. As we celebrate our centennial in 2015, Amira is better positioned than ever before with the right people, products and strategic initiatives in place to drive incremental sales and profitability." Bruce Wacha, Amira's Chief Financial Officer, added, "During our fiscal third quarter, we generated record quarterly revenue, adjusted EBITDA and adjusted EPS which represents our tenth consecutive quarter of double digit revenue and profit growth as a public company. Our growth in the third quarter was driven primarily by volume gains as we build out our distribution around the globe and capitalize on the continued demand for healthy, better for you products such as our premium, specialty rice. Our Basmati and other specialty rice sales were up significantly in the third quarter, while revenues also benefited from an increase in our more opportunistic institutional business. Going forward, we continue to see many opportunities in India and around the world to further grow our business and create value for our shareholders." Third Quarter Fiscal 2015 Results Revenue for the third quarter of fiscal 2015 increased 35.0% to $192.4 million, compared to $142.5 million for same period in fiscal 2014. The revenue increase was primarily due to increased sales volume and product mix in India and internationally. Sales in India increased 30.7% to $86.6 million, while sales outside of India, or international sales, increased 38.9% to $105.8 million. Amira branded and third party branded sales increased 29.2% to $176.4 million and institutional sales increased $10.1 million to $16.0 million. Cost of material including the change in finished goods increased by $45.3 million or 42.2% to $152.7 million, and as a percentage of revenue increased by 390 basis points to 79.3% from 75.4% in the year ago period. Cost of material including change in finished goods as a percentage of revenue plus foreign exchange gain/ (loss) (due to hedging of foreign exchange risk) increased by 330 basis points to 79.2% of sales from 75.9% in the prior period. This was largely driven by higher cost of raw material from the procurement season of the fiscal 2014. Increase in cost of material, including the change of finished goods were offset in part by other line items throughout the P&L. Freight, forwarding and handling expenses decreased by 180 basis points to 2.4% of sales from 4.2% in the prior period, due to more shipments involving free on board. Employee benefit costs decreased 110 basis points to 2.3% of sales compared to 3.4% of sales in the prior year period. Other expenses decreased 80 basis points to 3.2% of sales from 4.0% of sales in the year ago period. Other gains / losses showed a gain of $1.3 million versus a loss of $0.9 million in the prior year period. Adjusted EBITDA increased $7.4 million or 36.6% to $27.7 million and Adjusted EBITDA margin increased to 14.4%. Profits after tax increased 82.8% to $14.1 million compared to $7.7 million in the prior year period. Adjusted profit after tax increased by 52.9% to $15.9 million for the three months ended December 31, 2014 compared to $10.4 million in the year ago period. Adjusted EPS increased 52.9% to $0.44 per share from $0.29 per share in the prior year period. The Company's effective tax rate was 21.8% for the period compared to 19.1% for the prior year period. A reconciliation of adjusted EBITDA, adjusted profit after tax and adjusted EPS is provided in the "Non-IFRS Financial Measures" section of this release. First Nine Months of Fiscal 2015 Results For the first nine months of fiscal 2015, revenue increased $111.8 million or 31.0% to $472.6 million, compared to $360.8 million for the same period of fiscal 2014. Adjusted EBITDA increased $17.5 million or 35.7% to $66.5 million, compared to $49.0 million for the same period in fiscal 2014. Adjusted profit after tax increased 47.8% to $35.7 million, compared to $24.2 million in the same period in fiscal 2014. Adjusted EPS was $0.99 compared to $0.68 for the first nine months of fiscal 2014. Balance Sheet and Cash Flow Highlights As of December 31, 2014, the Company's cash and cash equivalents were $27.0 million and adjusted net working capital was $339.4 million. Net debt (after deducting cash and cash equivalents) was $160.1 million. As of December 31, 2014, inventories were $253.8 million compared to $255.0 as of March 31, 2014, trade receivables were $99.1 million, an increase of $18.2 million from $80.9 million, trade payables were $16.5 million, a decrease of $24.7 million from $41.2 million. Total debt was $187.1 million, an increase of $2.3 million from $184.8 million. Reconciliations of adjusted net working capital and net debt to the IFRS measures of working capital and total current and non-current debt, respectively, are provided in the "Non-IFRS Financial Measures" section of this release. Fiscal 2015 Outlook The Company reiterated its previously-issued guidance and expects full-year fiscal 2015 revenue and adjusted EBITDA growth in excess of 25%. This is in line with long-term guidance previously provided to the investment community. The Company's guidance is based on foreign exchange rates as of December 31, 2014. Conference Call The Company will hold an investor call today at 8:30 a.m. Eastern time. The dial-in number for this conference call is 1-877-407-3982 for North American listeners and 1-201-493-6780 for international listeners. Live audio of the conference call and a supplemental presentation will be simultaneously webcast on the investor relations section of the Company's website at www.amira.net. An audio replay will be available following the completion of the conference call by dialing 1-877-870-5176 for North American listeners or 1-858-384-5517 for international listeners (conference ID 13602559). The webcast of the teleconference will be archived and available on the Company's website. About Amira Nature Foods Ltd 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 primarily 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. Cautionary Note on Forward-Looking Statements This release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements generally can be identified by phrases such as that we or our members of management "believe," "expect," "anticipate," "foresee," "forecast," "estimate" or other words or phrases of similar import. Specifically, these statements include, among other things, statements that describe our expectations for the growth of our business, expansion into new geographic markets, maintaining and expanding our relationship with key retail partners, the financial impact of new sales contracts on our revenue, our plans to make significant capital expenditures, and other statements of management's beliefs, intentions or goals. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations, financial condition, or the price of our ordinary shares. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to our ability to penetrate and increase the acceptance of our products in new geographic markets; our ability to perform our agreements with customers and further develop our relationships with key retail partners; our ability to recognize revenue from our contracts; continued competitive pressures in the marketplace; our reliance on a few customers for a substantial part of our revenue; our ability to implement our plans, forecasts and other expectations with respect to our business and realize additional opportunities for growth; and the other risks and important factors contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these risk factors. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as required under the securities laws of the United States, we undertake no obligation to update any forward-looking or other statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise. Amira Nature Foods Ltd Condensed Consolidated Statements of Financial Position (Amounts in USD) ---------------------------------------------------------------------------------------------------------------------------------------------- As at As at December 31, 2014 March 31, 2014 (Unaudited) (Audited) --------------------------------------------------- --------------------------------------------------- ASSETS Non-current Property, plant and equipment $ 22,037,426 $ 23,284,918 Goodwill 1,549,872 1,727,338 Other intangible assets 1,898,476 2,262,731 Other long-term financial assets 592,950 485,731 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total non-current assets $ 26,078,724 $ 27,760,718 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Current Inventories $ 253,752,955 $ 254,952,549 Trade receivables 99,132,069 80,882,986 Derivative financial assets 260,034 2,352,886 Other financial assets 11,541,259 9,768,514 Prepayments 10,206,040 8,361,244 Other current assets 1,664,630 765,655 Cash and cash equivalents 26,960,875 37,606,098 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total current assets $ 403,517,862 $ 394,689,932 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total assets $ 429,596,586 $ 422,450,650 ==================== =========== ==================== ==================== =========== ==================== EQUITY AND LIABILITIES Equity Share capital $ 9,119 $ 9,115 Share premium 82,896,597 82,804,750 Other reserves (8,575,285 ) (3,312,575 ) Retained earnings 100,878,863 74,334,687 Equity attributable to shareholders of the Company $ 175,209,294 $ 153,835,977 Equity attributable to non-controlling interest 23,479,458 18,005,030 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total equity $ 198,688,752 $ 171,841,007 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Liabilities Non-current liabilities Defined benefit obligations $ 344,971 $ 246,548 Debt 1,676,780 2,739,414 Deferred tax liabilities 6,291,114 6,666,270 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total non-current liabilities $ 8,312,865 $ 9,652,232 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Current liabilities Trade payables $ 16,451,264 $ 41,197,158 Debt 185,432,472 182,103,347 Current tax liabilities (net) 13,066,707 9,644,944 Derivative financial liabilities 489,466 - Other financial liabilities 5,814,444 6,031,593 Other current liabilities 1,340,616 1,980,369 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total current liabilities $ 222,594,969 $ 240,957,411 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total liabilities $ 230,907,834 $ 250,609,643 -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total equity and liabilities $ 429,596,586 $ 422,450,650 ==================== =========== ==================== ==================== =========== ==================== Amira Nature Foods Ltd Condensed Consolidated Statements of Profit or Loss (Amounts in USD) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Nine months ended Three months ended December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- Revenue $ 472,607,849 $ 360,774,711 $ 192,407,304 $ 142,478,370 Other income 92,692 108,120 18,033 13,057 Cost of material (427,274,003 ) (291,031,271 ) (159,601,896 ) (109,089,976 ) Change in inventory of finished goods 56,061,879 14,195,269 6,949,431 1,710,878 Employee benefit expenses (9,763,317 ) (9,103,034 ) (4,344,311 ) (4,850,720 ) Depreciation and amortization (1,778,915 ) (1,472,270 ) (576,736 ) (521,070 ) Freight, forwarding and handling expenses (14,011,609 ) (15,907,424 ) (4,595,471 ) (6,045,737 ) Other expenses (17,638,443 ) (12,101,245 ) (6,071,914 ) (5,644,163 ) -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- $ 58,296,133 $ 45,462,856 $ 24,184,440 $ 18,050,639 Finance costs (23,066,231 ) (18,864,147 ) (7,928,780 ) (8,284,701 ) Finance income 1,632,163 2,248,529 548,802 685,383 Other gains and (losses) 4,543,029 (711,563 ) 1,251,358 (902,391 ) -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- Profit before tax for the period $ 41,405,094 $ 28,135,675 $ 18,055,820 $ 9,548,930 Income tax expense (7,629,792 ) (6,780,309 ) (3,927,670 ) (1,819,944 ) -------------------- ---------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------- Profit after tax for the period $ 33,775,302 $ 21,355,366 $ 14,128,150 $ 7,728,986 Profit after tax attributable to: Shareholders of the Company $ 26,544,176 $ 16,585,182 $ 10,967,083 $ 5,680,798 Non-controlling interest $ 7,231,126 $ 4,770,184 $ 3,161,067 $ 2,048,188 Earnings per share Basic earnings per share $ 0.93 $ 0.58 $ 0.38 $ 0.20 Diluted earnings per share $ 0.92 $ 0.58 $ 0.38 $ 0.20 -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- Amira Nature Foods Ltd Condensed Consolidated Statements of Comprehensive Income (Amounts in USD) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Nine months ended Three months ended December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- Profit after tax for the period $ 33,775,302 $ 21,355,366 $ 14,128,150 $ 7,728,986 Other comprehensive income Items that may be reclassified subsequently to profit or loss: Available for sale financial assets: Current period gain/(loss) 48,434 (14,536) 18,304 9,258 Reclassification to profit or loss - - - - Income tax (11,622) 4,941 (6,222) (3,147) -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- $ 36,812 $ (9,595) $ 12,082 $ 6,111 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Cash flow hedging reserve: Current period gain/(loss) 1,948,914 (8,090,011) 281,214 2,976,006 Reclassification to profit or loss (2,872,337) 3,281,293 (284,792) 1,072,748 Income tax 313,871 1,634,483 1,216 (1,376,172) -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- $ (609,552) $ (3,174,235) $ (2,362) $ 2,672,582 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Currency translation reserve (8,370,804) (15,407,013) (5,036,825) 2,167,917 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Other comprehensive income/(loss) for the period, net of tax $ (8,943,544) $ (18,590,843) $ (5,027,105) $ 4,846,610 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Total comprehensive income for the period $ 24,831,758 $ 2,764,523 $ 9,101,045 $ 12,575,596 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Total comprehensive income for the period attributable to: Shareholders of the Company $ 19,357,330 $ 1,636,105 $ 6,927,407 $ 9,575,433 Non-controlling interest |
Amira Nature Foods Ltd to Participate in the
4th Annual UBS Global Consumer Conference
* Reuters is not responsible
for the content in this press release.
Amira Nature Foods Ltd to Participate in the 4th Annual UBS Global Consumer Conference
Amira Nature Foods Ltd
(the “Company;” or “Amira”) (NYSE: ANFI), a leading global provider of branded
packaged Indian specialty rice, today announced that Bruce Wacha, Amira’s Chief
Financial Officer, will present at the 4th Annual UBS Global Consumer Conference
on Thursday, March 5, 2015 at 9:30 a.m. ET.
Live audio of the
presentation will be simultaneously webcast on the investor relations section
of the Company’s website at www.amira.net. The webcast of the presentation will be
archived and available on the Company’s website.
About Amira Nature
Foods Ltd
Founded in 1915, Amira
has evolved into a leading global provider of branded packaged Indian specialty
rice and other products, with sales in over 60 countries today. The Company
primarily 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.”
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
Unhusked rice production
reaches 12.39 million tons
in East Java
reaches 12.39 million tons
in East Java
The Jakarta Post,
Jakarta | Business | Tue, March 03 2015, 12:21 PM
Business News
The production of
unhusked rice last year reached 12.39 million tons in East Java, increasing by
2.9 percent from 12.04 million tons in 2013, according to Central Statistics
Agency (BPS) data.
"The increase was made possible by the expansion of harvest
areas and rising productivity," head of BPS' East Java office M Sairi
Hasbullah said in Surabaya on Thursday as quoted by Antara news agency.
The production
increase was recorded in a number of regencies in 2014. The highest level of
production had been achieved in Lamongan with a production increase of 87,990
tons, followed by Bojonegoro with 66,850 tons, Tuban with 33,760 tons, Madiun
with 24,120 tons and Tulungagung with 24,100 tons, Sairi said.
Areas experiencing production
decreases were Banyuwangi with a decrease of 53,640 tons, Sumenep with 29,320
tons, Situbondo with 25,820 tons and Probolinggo with 20,070 tons, he said.
(hhr)
- See more at: http://www.thejakartapost.com/news/2015/03/03/unhusked-rice-production-reaches-1239-million-tons-east-java.html#sthash.MWY06VJP.dpuf
Fall in rice output tests
Jokowi’s food vision
Jokowi’s food vision
Satria Sambijantoro,
The Jakarta Post, Jakarta | Headlines | Tue, March 03 2015, 5:45 AM
Headlines News
Farmers reported
declining rice production throughout last year, indicating a challenging test
for President Joko “Jokowi” Widodo’s goal to secure the domestic rice supply
without imports.
The Central Statistics Agency (BPS) reported on Monday that
total output estimates, harvest area and farmers’ productivity in the rice
sector all declined in 2014 from the previous year.
Latest BPS data show that total rice-production estimates declined 450,000 tons year-on-year to 70.8 million tons in 2014, a sharp turnaround from a 2.2 million ton increase posted the previous year.
The declining rice production last year was due mostly to seasonal factors such as bad weather, BPS deputy head for statistics Sasmito Hadi Wibowo told a press briefing.
Whether the new government could achieve its future goal to secure food supply without imports, Sasmito said, would depend on whether it could realize the farming infrastructure projects planned for this year.
The Jokowi administration has vowed to improve farming infrastructure as the President seeks to strengthen domestic food supply to make the nation less reliant on imports. His plan includes an ambitious project to build 49 new dams over five years to improve irrigation for local farmers.
Total output of rice, the main staple food for Indonesia’s citizens, is targeted by Jokowi to rise to 82 million tons by the end of 2019, up more than 15 percent or by 11.2 million tons from the current level.
In the corresponding period, corn production is expected to hit 23.4 million tons from the current rate of 19 million tons, while soybean production is hoped to reach 1 million from 953,000 tons.
Coordinating Economic Minister Sofyan Djalil said Monday that he was still optimistic about the food sovereignty goal, citing the government’s planned support to local farmers in order to boost their productivity.
“We plan the involvement of the TNI [the Indonesian Military] and its Babinsa unit [non-commissioned officers assigned to villages] to safeguard the distribution of seeds and fertilizers and to help local farmers,” he said at his Jakarta office.
“There will be a systematic effort to boost rice production.”
In its efforts to bolster the domestic food supply, the new government is hampered not only by declining rice output, but also by the prevalence of traders illicitly manipulating rice prices in the market.
This year, rice prices in certain areas of Indonesia have already surged more than 30 percent, with Trade Minister Rachmat Gobel blaming the issue on a “rice mafia” looking to push the government to open stalled imports.
On Monday, the BPS revealed a finding that justified suspicions that unscrupulous traders were hoarding rice stockpiles to benefit from higher prices.
Despite the increase in rice prices in the market, the price of unhusked rice(gabah) produced by local farmers fell to Rp 4,922 (0.37 US cents) per kilogram in February from Rp 5,357 per kg a month earlier, the statistics agency reported.
“Some traders are reaping huge profits here, as they manage to buy rice at low prices from farmers and sell it at high prices,” said the BPS’ Sasmito.
He argued that the government’s decision not to import rice was the correct move, as an influx of imports would only serve to push down the value of unhusked rice sold by local farmers, eventually affecting their welfare and purchasing power.
Latest BPS data show that total rice-production estimates declined 450,000 tons year-on-year to 70.8 million tons in 2014, a sharp turnaround from a 2.2 million ton increase posted the previous year.
The declining rice production last year was due mostly to seasonal factors such as bad weather, BPS deputy head for statistics Sasmito Hadi Wibowo told a press briefing.
Whether the new government could achieve its future goal to secure food supply without imports, Sasmito said, would depend on whether it could realize the farming infrastructure projects planned for this year.
The Jokowi administration has vowed to improve farming infrastructure as the President seeks to strengthen domestic food supply to make the nation less reliant on imports. His plan includes an ambitious project to build 49 new dams over five years to improve irrigation for local farmers.
Total output of rice, the main staple food for Indonesia’s citizens, is targeted by Jokowi to rise to 82 million tons by the end of 2019, up more than 15 percent or by 11.2 million tons from the current level.
In the corresponding period, corn production is expected to hit 23.4 million tons from the current rate of 19 million tons, while soybean production is hoped to reach 1 million from 953,000 tons.
Coordinating Economic Minister Sofyan Djalil said Monday that he was still optimistic about the food sovereignty goal, citing the government’s planned support to local farmers in order to boost their productivity.
“We plan the involvement of the TNI [the Indonesian Military] and its Babinsa unit [non-commissioned officers assigned to villages] to safeguard the distribution of seeds and fertilizers and to help local farmers,” he said at his Jakarta office.
“There will be a systematic effort to boost rice production.”
In its efforts to bolster the domestic food supply, the new government is hampered not only by declining rice output, but also by the prevalence of traders illicitly manipulating rice prices in the market.
This year, rice prices in certain areas of Indonesia have already surged more than 30 percent, with Trade Minister Rachmat Gobel blaming the issue on a “rice mafia” looking to push the government to open stalled imports.
On Monday, the BPS revealed a finding that justified suspicions that unscrupulous traders were hoarding rice stockpiles to benefit from higher prices.
Despite the increase in rice prices in the market, the price of unhusked rice(gabah) produced by local farmers fell to Rp 4,922 (0.37 US cents) per kilogram in February from Rp 5,357 per kg a month earlier, the statistics agency reported.
“Some traders are reaping huge profits here, as they manage to buy rice at low prices from farmers and sell it at high prices,” said the BPS’ Sasmito.
He argued that the government’s decision not to import rice was the correct move, as an influx of imports would only serve to push down the value of unhusked rice sold by local farmers, eventually affecting their welfare and purchasing power.
- See more at: http://www.thejakartapost.com/news/2015/03/03/fall-rice-output-tests-jokowi-s-food-vision.html#sthash.Nhg5hOBA.dpuf
Deflation in February despite
rise in price of rice
rise in price of rice
Satria Sambijantoro,
The Jakarta Post, Jakarta | Business | Tue, March 03 2015, 6:15 AM
Business News
Consumer prices fell
for the second consecutive month in February despite steep increases in the
price of rice, which, it had been previously feared, would cause inflationary
pressure.
Month-on-month the consumer price index (CPI) declined by 0.36 percent in February, as prices remained manageable thanks to sufficient food supply and distribution, the Central Statistics Agency (BPS) reported on Monday.
That took year-on-year inflation in February to 6.29 percent, lower than the 6.96 percent a month earlier. Core inflation — a measure of long-term price levels that excludes volatile food and government-controlled commodities — was stable at 4.96 percent in February.
BPS deputy head of statistics Sasmito Hadi Wibowo noted that historically Indonesia rarely recorded month-on-month deflation in January and February, with the most recent such deflation recorded in 1985, as price levels normally rose at the beginning of the year.
Factors contributing to the deflation included falls in the prices of chilies, chicken and meat, while the rice-price increase — which has dominated news headlines in recent weeks — only contributed 0.1 percent in inflationary terms during the month, said Sasmito.
This is because the surge in the price of rice only occurred in certain areas such as Jakarta, while almost all provinces in Sumatra recorded deflation in rice prices as they experienced an earlier-than-expected harvest season, he explained.
The 0.36 percent monthly deflation in February was better than Bank Indonesia’s (BI) forecast, with the central bank earlier predicting at least 0.2 percent deflation during the month.
The downward trajectory of inflation played a role in the latest monetary easing implemented by BI, with the central bank surprising the market last month by lowering the benchmark BI rate by 25 basis points to 7.5 percent.
The latest deflation figures in February might encourage BI to move toward a “more neutral” interest-rate setting, following years of consistently emphasizing a tight-bias monetary-policy stance, said ANZ economists Daniel Wilson and Glenn Maguire.
“BI does not want to be perceived as being too aggressive, but their policy rates are shifting to their economic reality,” they wrote in a research note distributed on Monday.
BI’s top executives will hold their monthly board of governors’ meeting on March 17 to decide any adjustment to interest rates.
Consumer prices are expected to remain manageable throughout this year with BI’s inflation target being set at between 3 and 5 percent.
The recent rise in the Premium gasoline price to Rp 6,800-Rp 6,900 per liter from Rp 6,600-Rp 6,700 last month will also have little effect on inflation, analysts say.
Institute for the Development of Economics and Finance (Indef) Ahmad Erani Yustika said that every Rp 1,000 increase in the gasoline price would lift inflation by 1 percentage point — with a 0.2 percent full-year increase in inflation as a result of the Rp 200 fuel-price hike.
Citibank economist Helmi Arman predicted that BI might soon undertake an “asymmetric policy rate move”, lowering the BI rate while keeping the overnight facility (Fasbi) rate steady.
Any adjustment in the Fasbi rate — a rate that commercial banks get when depositing their funds overnight in BI, and currently standing at 5.5 percent — would have a significant impact on rupiah and bond yields as it acts as a benchmark for interbank rates (JIBOR) and thus overall liquidity in the financial system.
“The deflation is not broad based,” Helmi argued. “The drivers were primarily chili prices and transportation, which had been pretty much anticipated.”
Month-on-month the consumer price index (CPI) declined by 0.36 percent in February, as prices remained manageable thanks to sufficient food supply and distribution, the Central Statistics Agency (BPS) reported on Monday.
That took year-on-year inflation in February to 6.29 percent, lower than the 6.96 percent a month earlier. Core inflation — a measure of long-term price levels that excludes volatile food and government-controlled commodities — was stable at 4.96 percent in February.
BPS deputy head of statistics Sasmito Hadi Wibowo noted that historically Indonesia rarely recorded month-on-month deflation in January and February, with the most recent such deflation recorded in 1985, as price levels normally rose at the beginning of the year.
Factors contributing to the deflation included falls in the prices of chilies, chicken and meat, while the rice-price increase — which has dominated news headlines in recent weeks — only contributed 0.1 percent in inflationary terms during the month, said Sasmito.
This is because the surge in the price of rice only occurred in certain areas such as Jakarta, while almost all provinces in Sumatra recorded deflation in rice prices as they experienced an earlier-than-expected harvest season, he explained.
The 0.36 percent monthly deflation in February was better than Bank Indonesia’s (BI) forecast, with the central bank earlier predicting at least 0.2 percent deflation during the month.
The downward trajectory of inflation played a role in the latest monetary easing implemented by BI, with the central bank surprising the market last month by lowering the benchmark BI rate by 25 basis points to 7.5 percent.
The latest deflation figures in February might encourage BI to move toward a “more neutral” interest-rate setting, following years of consistently emphasizing a tight-bias monetary-policy stance, said ANZ economists Daniel Wilson and Glenn Maguire.
“BI does not want to be perceived as being too aggressive, but their policy rates are shifting to their economic reality,” they wrote in a research note distributed on Monday.
BI’s top executives will hold their monthly board of governors’ meeting on March 17 to decide any adjustment to interest rates.
Consumer prices are expected to remain manageable throughout this year with BI’s inflation target being set at between 3 and 5 percent.
The recent rise in the Premium gasoline price to Rp 6,800-Rp 6,900 per liter from Rp 6,600-Rp 6,700 last month will also have little effect on inflation, analysts say.
Institute for the Development of Economics and Finance (Indef) Ahmad Erani Yustika said that every Rp 1,000 increase in the gasoline price would lift inflation by 1 percentage point — with a 0.2 percent full-year increase in inflation as a result of the Rp 200 fuel-price hike.
Citibank economist Helmi Arman predicted that BI might soon undertake an “asymmetric policy rate move”, lowering the BI rate while keeping the overnight facility (Fasbi) rate steady.
Any adjustment in the Fasbi rate — a rate that commercial banks get when depositing their funds overnight in BI, and currently standing at 5.5 percent — would have a significant impact on rupiah and bond yields as it acts as a benchmark for interbank rates (JIBOR) and thus overall liquidity in the financial system.
“The deflation is not broad based,” Helmi argued. “The drivers were primarily chili prices and transportation, which had been pretty much anticipated.”
____________
Nadya Natahadibrata contributed to this story
- See more at: http://www.thejakartapost.com/news/2015/03/03/deflation-february-despite-rise-price-rice.html#sthash.s8Khd87T.dpuf
Government urged to stabilize rice prices
Selasa, 3 Maret 2015 13:34 WIB | 910 Views
Jakarta (ANTARA News) - Confederation of Indonesia Prosperity
Trade Union (KSBSI) Chairman Mudhofir has urged the government to stabilize the
fluctuating rice prices in the country.
"The government should stabilize the rice prices as soon as possible to ease the burden of the poor community in various regions across the country," Mudhofir stated here on Tuesday.
He also criticized the State Logistics Agency (Bulog) for having failed to optimally play its role of maintaining price stability in the present times.
The KSBSI chairman noted that regardless of the situation, Bulog should be prepared for any eventuality in an effort to keep the rice prices stable.
Besides this, Bulog should have cooperated well with the relevant authorities in cracking down on speculators with vested interests and importers of rice.
According to agriculture observer Khudori, the fluctuating prices of rice were caused by speculators.
According to him, speculators fear that the government might release its rice stocks and bring down the rice prices in the market.
Speculators who have so far withheld their stocks will only be able to make a small profit if they do not release their rice stocks immediately because Bulog will then distribute its stocks.
"At the Cipinang wholesale rice market in Jakarta, the price of rice dropped by Rp500 per kilogram. This means that the speculators have released their stocks," he explained.
President Jokowi earlier inspected Bulogs rice warehouses at Kelapang Gading in North Jakarta where he launched the rice for the poor (Raskin) program and some market operations.
The country has 1.4 million tons of rice stocks, which will be adequate until March-April when the harvest season starts, the president revealed on the occasion.
"You should not think that we are short of rice stocks. We will always have sufficient stocks, and we will release it no matter how much will be the requirement," he remarked. (*)
"The government should stabilize the rice prices as soon as possible to ease the burden of the poor community in various regions across the country," Mudhofir stated here on Tuesday.
He also criticized the State Logistics Agency (Bulog) for having failed to optimally play its role of maintaining price stability in the present times.
The KSBSI chairman noted that regardless of the situation, Bulog should be prepared for any eventuality in an effort to keep the rice prices stable.
Besides this, Bulog should have cooperated well with the relevant authorities in cracking down on speculators with vested interests and importers of rice.
According to agriculture observer Khudori, the fluctuating prices of rice were caused by speculators.
According to him, speculators fear that the government might release its rice stocks and bring down the rice prices in the market.
Speculators who have so far withheld their stocks will only be able to make a small profit if they do not release their rice stocks immediately because Bulog will then distribute its stocks.
"At the Cipinang wholesale rice market in Jakarta, the price of rice dropped by Rp500 per kilogram. This means that the speculators have released their stocks," he explained.
President Jokowi earlier inspected Bulogs rice warehouses at Kelapang Gading in North Jakarta where he launched the rice for the poor (Raskin) program and some market operations.
The country has 1.4 million tons of rice stocks, which will be adequate until March-April when the harvest season starts, the president revealed on the occasion.
"You should not think that we are short of rice stocks. We will always have sufficient stocks, and we will release it no matter how much will be the requirement," he remarked. (*)
President invites rice traders to discuss price hike
Selasa, 3 Maret 2015 21:27 WIB | 1.303 Views
Jakarta (ANTARA News) - President Joko Widodo (Jokowi) invited
several rice traders to discuss the recent rice price hike at the Presidential
Palace here on Tuesday.
"This afternoon I invited rice rice traders in Jakarta particularly the Cipinang wholesale market. We want the issue of rice price hike to be resolved soon," Jokowi said in the Presidential Palace compounds.
The President said he had received information that the rice prices would return to normal in one or two weeks time.
"The prices will fall around Rp2,000 a kg. It is our common commitment to return the prices to normal level as we have entered grand harvest time," he said.
Chief of the Indonesian Rice Huller Owners and Traders Association (Perpadi) Nelly Soekidi attributed the rice price hike to supply and demand.
"Normally 3,500 tons enter Cipinang everyday but only 1,000 tons entered the market yesterday so the prices rose," he said.
Nelly said rice prices would decline after the President instructed the relevant agency to meet demand at the Cipinang market no matter what the prices were.
"Today 8,900 tons of rice from Demak and Pati entered the market but the rice is medium class," he said.
If the rice prices at the Cipinang market fell, the rice price in the rest of Indonesia would decline accordingly, she said.(*)
"This afternoon I invited rice rice traders in Jakarta particularly the Cipinang wholesale market. We want the issue of rice price hike to be resolved soon," Jokowi said in the Presidential Palace compounds.
The President said he had received information that the rice prices would return to normal in one or two weeks time.
"The prices will fall around Rp2,000 a kg. It is our common commitment to return the prices to normal level as we have entered grand harvest time," he said.
Chief of the Indonesian Rice Huller Owners and Traders Association (Perpadi) Nelly Soekidi attributed the rice price hike to supply and demand.
"Normally 3,500 tons enter Cipinang everyday but only 1,000 tons entered the market yesterday so the prices rose," he said.
Nelly said rice prices would decline after the President instructed the relevant agency to meet demand at the Cipinang market no matter what the prices were.
"Today 8,900 tons of rice from Demak and Pati entered the market but the rice is medium class," he said.
If the rice prices at the Cipinang market fell, the rice price in the rest of Indonesia would decline accordingly, she said.(*)
Vietnam cuts rice export floor price by nearly 3 pct
Tue Mar 3,
2015 1:37am GMT
HANOI, March 3 (Reuters) - Vietnam has reduced the floor price for exports
of 25-percent broken rice by nearly 3 percent to $350 a tonne, with domestic
prices easing as harvesting peaks amid thin demand, an industry body said.
The
floor, set by the Ho Chi Minh City-based Vietnam Food Association, came into
effect on Monday, according to a statement from the body seen by Reuters.
Exporters
in the world's third-largest shipper of the grain will continue to set prices
for other export grades themselves.
The
floor was $360 a tonne as of Jan. 12, but the market price has fallen far below
that on growing supplies and low demand, touching a 4-1/2-year low of $320-$325
a tonne on Feb. 4.
Traders
said export prices had not been boosted as recent deals, including 240,000
tonnes sold to Malaysia and 300,000 tonnes to the Philippines, were small
compared to supply of some 5 million tonnes from the harvest peaking this
month.
Vietnamese
rice export firms on Monday began buying winter-spring paddy under an annual
government-backed plan to stockpile 2 million tonnes of the grain to arrest
price falls during the March harvest peak.
Rice
exports from Vietnam, the world's No.3 exporter after Thailand and India, in
the first two months of 2015 fell 34 percent from a year ago to an estimated
515,000 tonnes, the government has said. (Reporting by Ho Binh Minh; Editing by
Joseph Radford)
Australia sees 50% chance of El Nino developing this year
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SYDNEY, MARCH 3:
Australia's
weather bureau said on Tuesday the chance of an El Nino developing this year
had risen to about 50 per cent after signs of renewed warming in tropical
Pacific Ocean.
The Bureau
of Meteorology said six out of eight international models it surveyed indicated
that sea surface temperatures in the central Pacific Ocean would exceed El Nino
thresholds by mid-year.
El Nino
can prompt drought in Southeast Asia and Australia and heavy rains in South
America, hitting production of food such as rice, wheat and sugar.
(This
article was published on March 3, 2015)
Thailand’s rice basket shrivels amid
drought of long-term policy
·
A A A
STREETWISE
Thailand’s rice basket shrivels amid drought of long-term policy
Achara Deboonme
Thailand’s rice basket shrivels amid drought of long-term policy
Achara Deboonme
BANGKOK: — Thailand’s rice basket shrivels
amid drought of long-term policy The tyranny of the hot season has returned, as
the temperature climbs towards a sizzling 40 degrees.
Office workers are complaining about the steamy commute to
air-conditioned workplaces. They should spare a thought for those who have to
work under the blazing sun, including farmers, who are watching their crops
whither for lack of water – though they won’t fetch much anyway at current
prices.
Official statistics show that the country’s major reservoirs have
dropped to 57-60 per cent capacity – near the levels of 2005 when one of
Thailand’s worst-ever droughts affected 71 provinces and caused nearly Bt8
billion in damage.
This year, the Agriculture and
Agricultural Cooperatives Ministry estimates the drought will affect 16.17
million rai of farmland in 58 provinces, including 12.61 million rai in the
Northeast, the region least covered by the national irrigation system.
Over half of our working-age population is
in the agricultural sector, yet for decades the irrigation system has expanded
at a snail’s pace.
The latest figures show that in 2012, only
29.57 million rai, or 9.22 per cent of Thailand’s landmass, was irrigated.
That represents only a slight increase on
the 28.35 million rai in 2009.
That year, as the Royal Irrigation
Department celebrated its 107th anniversary, its chief unveiled a plan to
expand the irrigated area by 6 million rai by 2020. He explained that
Thailand’s reservoirs had a combined capacity of 52,741 million cubic metres –
only 70 per cent of the annual demand of 73,788 million m3. Without new
investment, the shortfall could hit 34,183 million m3 in 2019.
The root of this longstanding problem lies
in the fact that policymakers treat irrigation as a political tool, channelling
budgets to temporary projects that only address short-term hurdles. No
government has ever embarked on a grand-scale project to tackle long-term
problems. Irrigation plans were included in the Yingluck government’s Bt350
billion water-management plan, but it was the 2011 flood that sparked its
creation, not drought.
The junta scrapped that plan and drew up a
new strategy, expected to cost about Bt900 billion over 10 years. However, last
month the Cabinet refused to green-light the comprehensive strategy, approving
only some of its projects for this fiscal year and keeping the budget to Bt50
billion. Prime Minister Prayut Chan-o-cha admitted that the limited budget
available meant only urgent projects could be carried out this year, though the
10-year strategy remained in place.
The Cabinet resolution received wide media
coverage, but not so the attacks from the Engineering Institute of Thailand
(EIT), which is adamant that the strategy and the investment for this year do
not meet the national interest.
The EIT’s academic network criticised the
strategy for ignoring public views and failing to address the root problems.
Warning that the plan carried more negative consequences than the Yingluck
government’s version, it vowed not to rubber stamp the project.
Pramote Maiklad, former chief of the Royal
Irrigation Department, remarked that “The NCPO’s version is not a real
strategic plan, but rather the annual budget allocation plan.”
With the global economy still fragile
thanks to the slowdown in China and difficulties in the euro zone and Japan,
Thailand’s exports are expected to remain sluggish. TMB Analytics anticipates a
1 per cent growth rate this year, following two years of contraction. In this
scenario, economists agree that domestic demand should play a bigger role in
driving the economy. Yet, they are also concerned about lower crop prices,
which will reduce farmers’ income. Couple that with Thailand’s high household
debt of 85 per cent of GDP, and there are doubts about how much farmers and
consumers in general can spend.
As part of its economic stimulation
programme, the government plans cash handouts for farmers.
While that move is welcomed by Federation
of Thai Industries chairman Supant Mongkolsuthree, he said last week that what
are truly needed are mid- to long-term solutions to help farmers lift
productivity and lower production costs.
I guess that he might not like the
Commerce Ministry’s Blue Flag project either. The project, which sells products
at ad-hoc markets at about 30 per cent below their market price, reaches
relatively few people but costs over Bt100 million annually. It will require a
budget of Bt241 million this fiscal year.
If farmers’ income were to climb in a
sustainable way, they would be able to spend more and perhaps also save more.
But as things stand, their finances are at the mercy of capricious Mother
Nature. And no matter who is in power, their problems remain neglected.
Thailand can no longer afford to handle
problems as they arise. We need to start thinking “out of the box” and forge
long-term strategies.
Thai nationalists have enjoyed success in
guarding our tiny petroleum reserves. They should also push for a reform agenda
to deal with drought. If the problems aren’t addressed in a sustainable and
comprehensive way, millions of our farmers will likely need government support
when they get old and can’t work in the fields. Then, the moaning from
taxpayers will only get louder.
Myanmar Times: No rice firms join latest race for China
exports – Zaw Htike
Mon 2 Mar 2015
Filed under: Business / Trade,News,Regional
The Myanmar Rice Federation’s second deadline of February 27
has passed for companies aiming for permission to export rice to China – but
unlike in the first round, no bids were submitted, according to federation
joint secretary U Soe Tun.
Rice bags are loaded onto a truck at a Yangon jetty. (Kaung
Htet/The Myanmar Times)Rice bags are loaded onto a truck at a Yangon jetty.
(Kaung Htet/The Myanmar Times)
The second round was launched after the federation’s
previous list of nine chosen companies were criticised as inexperienced, with
China asking for more choices.
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 Myanmar 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 had 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, while a number of capable firms had
been skipped. One leading rice trader told The Myanmar Times on condition of
anonymity 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 from Myanmar.
“Some of the chosen companies have not even received
business registrations,” he said.
Over 100 local companies applied for the first round of rice
export licenses in January, but China had initially requested less than 10
firms receive licenses.
U Soe Tun did not offer an explanation as to why the second
round of applications did not receive the amount of interest as the first,
though has said that selection critera was the same.
The first nine companies selected 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.
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 747,000 tonnes went to China. In 2010 the country exported about
489,000 tonnes, of which 4000 tonnes went to China.
State media reported 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
Global New Light of Myanmar report added.
http://www.mmtimes.com/index.php/business/13299-no-rice-firms-join-latest-race-for-china-exports.html
Govt to buy Boro rice from May 1
Published: 2015-03-03 20:42:15.0 BdST Updated: 2015-03-03 20:44:31.0 BdST
·
File Photo
Amira Nature Foods Ltd Announces Retail Win in
the United States
* Reuters is not responsible
for the content in this press release.
Amira Nature Foods Ltd Announces Retail Win in the United
States
Amira Branded Products will be available in Publix
Supermarket Locations as early as June 2015
Amira Nature Foods Ltd
(NYSE: ANFI), a leading global provider of branded packaged Indian specialty
rice, today announced the launch of Amira branded products in Publix
Supermarket stores in the United States as early as June 2015.
Publix, the sixth
largest supermarket chain in the United States with 1,097 stores spanning six
states, has reached an agreement to carry Amira’s Natural Basmati Rice, Thai
Jasmine Rice and Smoked Basmati Rice. This expansion into Publix Supermarket
stores further strengthens Amira’s presence in the United States.
“We are excited to
introduce our premium Amira branded products to Publix Supermarkets’
customers,” said Karan A Chanana, Chairman of Amira Nature Foods Ltd. “We
sought to align with Publix for their proven success in customer service, high
quality product distribution and retail sales. Publix is rapidly expanding in
the southeast region of the U.S. and is an ideal retailer for Amira branded
products during our growth period.”
About Amira Nature
Foods Ltd
Founded in 1915, Amira
has evolved into a leading global provider of branded packaged Indian specialty
rice and other products, with sales in over 60 countries today. The Company
primarily 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”.
Safe Harbor for
Forward-Looking Statements
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. 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 our other public filings
with the Securities and Exchange Commission. Those risks are not exhaustive and
reflect our expectations as of the date of this press 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.
For Investor
Inquiries:
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
For Press Inquiries:
Curzon PR
Angela Petersen, 631-830-3305
angela@curzonpr.com
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
For Press Inquiries:
Curzon PR
Angela Petersen, 631-830-3305
angela@curzonpr.com
Plum meets
plum with Zonnebloem Pinotage and Asian-style duck
03 March 2015 - by - Zonnebloem
Zonnebloem's
plush, plummy Pinotage is the obvious choice of food artist Jules Mercer when
it comes to her Asian-style roast duck.
Its
rich fruit with dark chocolate and lovely spicy and savoury notes, brings out
the best in this delicious duck. Made with plums, soy, five-spice and honey,
and sparks of ginger and chilli, it will have you gnawing on the bones to
extract the last bit of flavour.
Buy
Zonnebloem Pinotage from your favourite supermarket or wine shop. It retails
for aroundR63.
Whole
Roasted Duck with Plum Sauce
Served
with Zonnebloem Pinotage
Serves:
4-6
1 duck, weighing approximately 2kg
2 Tbsp (30ml each) honey and soy sauce, mixed
pinch of Chinese 5 spice powder
1 small onion, finely chopped
1 red chilli, finely chopped
1 large knob (4-5cm) ginger, peeled and grated good glug of
olive oil
400g fresh plums, halved stoned and cut into chunks
4 Tbsp (60g) cup brown sugar
2 Tbsp (30ml) soy sauce
½ cup (125ml) stock
½ cup (125ml) red wine
Steamed basmati rice, to serve
Method
Preheat
the oven to 220°C
Lay
the duck on a roasting tin, and sprinkle with salt and black pepper. Place in
the preheated oven and roast for about 20 minutes or until the skin is starting
to crisp up. Mix together the Chinese 5 spice with the honey and soy mixture.
Turn the temperature down to 180°C and continue to cook, basting the bird every
half hour or so with the honey mixture. Check frequently to see if the skin is
burning, if it turns brown quickly then cover with foil. Roast for 75 minutes.
Remove the duck from the oven after 60 minutes if you prefer it pink.
For
the plum sauce: Fry the onion in the olive oil until softened. Add the chilli
and ginger, cook for a minute or two. Add the plums, sugar and stir until the
sugar has melted. Add the red wine and stock and cook for about 30-35 minutes
on a medium to low heat (if you are using really ripe plums the cooking time
might be a little less, check the sauce after 20 minutes). The sauce is ready
when it turns thick and glossy.
Allow
the duck to rest on a serving board for 5-10 minutes. Carve and serve with the
plum sauce, rice and greens.
Follow
Zonnebloem on Facebook (www.facebook.com/zonnebloem) and/or Twitter (www.twitter.com/zonnebloemZA).
White
House Briefs Ag Groups on Trade
Betsy
Ward and Tom Vilsack
WASHINGTON,
DC -- USA Rice President & CEO Betsy Ward attended a trade briefing at the
White House yesterday with Agriculture Secretary Tom Vilsack and Chief U.S.
Agriculture Ambassador Darci Vetter where they discussed the current status of
the Trans-Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment
Partnership (T-TIP) negotiations. Ward
and other agricultural commodity groups in attendance were encouraged to press
Congress to grant the President Trade Promotion Authority (TPA). Echoing
comments he made to USA Rice members last week during a speech at the USA Rice
Government Affairs Conference, Vilsack spoke of the importance of trade
agreements for agricultural market access.
Saying that this is the "signature moment for your
involvement," he praised the groups for their efforts thus far, but noted
that free-trade opponents have done a better job of motivating their membership
to make individual contacts in opposition to TPA. Vetter said that if the Obama Administration
is to finish TPP this year, then TPA must pass this spring. With the administration making an all-out
push, Ward noted, "the rice industry has long been a supporter of TPA and
trade agreements that have been beneficial to U.S.-grown rice like the Colombia
FTA and NAFTA, and we are urging the administration to negotiate similar
benefits in the TPP and T-TIP."
USA
Rice signed a broad agriculture letter in support of TPA on February 5.
Ward
also urged the Administration to keep ag groups informed when they are
promoting TPA around the country so everyone can facilitate grower attendance
and participation. Attendees at the
briefing agreed that having an actual bill to support will help motivate
grassroots constituents to contact Members of Congress.
If TPA
is passed, Congress will assess individual trade agreements, like TPP, against
TPA provisions and vote up or down on implementing legislation. TPA provides assurance to foreign countries
that agreements reached with U.S. negotiators cannot be amended by Congress
and, more importantly, provides clear negotiating direction to the President
against which the deals his negotiators bring home will be measured.
Contact: Bob Cummings (703) 236-1473
Amira Nature Foods Ltd Announces Retail Win in
the United States
* Reuters is not responsible
for the content in this press release.
Amira Nature Foods Ltd Announces Retail Win in the United
States
Amira Branded Products will be available in Publix
Supermarket Locations as early as June 2015
Amira Nature Foods Ltd
(NYSE: ANFI), a leading global provider of branded packaged Indian specialty
rice, today announced the launch of Amira branded products in Publix
Supermarket stores in the United States as early as June 2015.
Publix, the sixth
largest supermarket chain in the United States with 1,097 stores spanning six
states, has reached an agreement to carry Amira’s Natural Basmati Rice, Thai
Jasmine Rice and Smoked Basmati Rice. This expansion into Publix Supermarket
stores further strengthens Amira’s presence in the United States.
“We are excited to
introduce our premium Amira branded products to Publix Supermarkets’
customers,” said Karan A Chanana, Chairman of Amira Nature Foods Ltd. “We
sought to align with Publix for their proven success in customer service, high
quality product distribution and retail sales. Publix is rapidly expanding in
the southeast region of the U.S. and is an ideal retailer for Amira branded
products during our growth period.”
About Amira Nature
Foods Ltd
Founded in 1915, Amira
has evolved into a leading global provider of branded packaged Indian specialty
rice and other products, with sales in over 60 countries today. The Company
primarily 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”.
Safe Harbor for
Forward-Looking Statements
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. 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 our other public filings
with the Securities and Exchange Commission. Those risks are not exhaustive and
reflect our expectations as of the date of this press 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.
For Investor Inquiries:
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
For Press Inquiries:
Curzon PR
Angela Petersen, 631-830-3305
angela@curzonpr.com
Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
Chief Financial Officer
bruce.wacha@theamiragroup.com
or
For Press Inquiries:
Curzon PR
Angela Petersen, 631-830-3305
angela@curzonpr.com
Political leaders in India push beef ban in the
western state of Maharashtra
·
·
·
·
·
Almost
19 years in the making, Maharashtra’s Assembly, the largest populated state in
India, passed the Maharashtra Animal Preservation Bill, restricting cattle
slaughter in the western region of the country. The Bill, which was first
introduced in 1995, and recently became law after President Pranab Mukherjee
gave his approval.
While
the slaughter of cows had been banned during the Maharashtra Animal
Preservation Act of 1976, the new law prohibits killing of bulls and bullocks,
along with making the possession of beef illegal – with ramifications ranging
from up to five years in prison and fines of Rs 10,000 ($161.75).
The
move is being applauded by several of India’s leaders, in a fight against the
“pink revolution” – a campaign against rising meat exports from the country.
“Thanks
a lot Hon President Sir for the assent on Maharashtra Animal Preservation Bill.
Our dream of ban on cow slaughter becomes a reality now,” Chief Minister
Devendra Fadnavis tweeted on March 2.
In
a country predominantly dominated by Hinduism (80% of the country’s 1.2 billion
population, according to BBC New India), cows are viewed as sacred, with bans
already implemented in other states. While buffalo meat remains the main
nation’s top export product, beef from unproductive cattle accounts for part of
the market share.
“Because
of religious sentiments and bans in various states, most of India's beef is
exported - with a 20% share of the global market and exports worth more than
$4bn a year, it is now the country's top agricultural export, beating the more
famous basmati rice. Buffalo meat, however, accounts for 80% of the
exports,” says BBC’s Sameer Hashmi.
Concerns
have been raised predominantly by milk farmers who can no longer take their
unproductive cows to market, most likely left only to continuing care for them
until they die of natural causes – leaving many worried about footing the feed
bill. Others have expressed worry of what will happen to citizens in poverty,
who supplement their diets with beef, since it is generally the cheapest animal
protein available.
"A
blanket ban will cause the biggest problems for farmers. A farmer has to spend
at least Rs 5,000 a month to take care of such animals. It is now the
responsibility of the government to come out with a mechanism to take in all
unfit animals and take care of them as long as they live," Nationalist Congress
Party spokesman Nawab Malik says in a Times of India article.
"Poor
farmers had an alternative before but now that is gone. Exports too will be hit
as buffalo meat was exported and bull meat was sold in Maharashtra. This will
cause an economic loss to the state.”
3/04/2015
INDIA
Maharashtra bans beef: 5 years in prison for those who eat it
The law on the slaughter, consumption and sale of cows, bulls and steers approved after 19 years. 80% of the country's population is Hindu, a religion that worships the cow. Major consequences for the Muslim community, responsible for beef trade. Christian Association: "Religion is something personal, and the government should not mix it with their norms".
INDIA
Maharashtra bans beef: 5 years in prison for those who eat it
The law on the slaughter, consumption and sale of cows, bulls and steers approved after 19 years. 80% of the country's population is Hindu, a religion that worships the cow. Major consequences for the Muslim community, responsible for beef trade. Christian Association: "Religion is something personal, and the government should not mix it with their norms".
.jpg "\"\"")
Mumbai (AsiaNews) - Five years in prison and a
fine of at least 10 thousand rupees (145 €) is what people who sell, own or eat
beef in Maharashtra will face. Yesterday the President of India approved a law
banning the slaughter, sale, export and consumption of cows, bulls and steers
in the western state of India. As of today only the consumption of buffalo meat
is only allowed, whether at home or in a five star hotel.
It took 19 years for the Maharashtra Animal
Preservation (Amendmrnt) Bill to become law. Introduced for the first time in
1995 by the coalition government Bharatiya Janata Party (BJP, Hindu
nationalists) - Shiv Sena (Marathi regional party), in 1996 it made its way to
the president's table, but without ever being approved. After its victory in
the general elections last year, the BJP again pushed for the decree becomes
law.
Out of a total population of 1.2 billion people,
80% are Hindu. In Hinduism the cow is considered sacred and this is why many
Indian states have restrictions on the consumption and sale of beef, even
though the law introduced in Maharashtra is considered the strictest in the
country. In fact, most of the beef sold in India comes from water buffalo,
which are not considered sacred. However, this meat is considered of inferior
quality and in Maharashtra accounts for only 25% of the market.
Precisely because of religious issues and
restrictions already in several states, most of the beef is exported: with a
20% share of the global market and exports for more than 4 billion dollars a
year, it now represents the country's biggest export product, even beating the
famous basmati rice.
The law will affect about 10.5 million people who depend on the beef trade, a market controlled mostly by the Querishi Muslim community. Dalits ("untouchables") are involved in the trade of leather and transport of cattle.
The law will affect about 10.5 million people who depend on the beef trade, a market controlled mostly by the Querishi Muslim community. Dalits ("untouchables") are involved in the trade of leather and transport of cattle.
In Mumbai alone - the capital of Maharashtra and
"financial" capital of India - there are 900 beef stalls, and as many
unlicensed. Mohammed Ali Querishi, president of Mumbai Beef Dealers
Association, says: "Each one employs at least four people, plus thousands
associated with transportation. All these people will be affected by the
ban."
Even members of the Christian community have protested against the law. Gordon D'Souza, president of the Bombay Catholic Sabha, said that the beef is an important part of the non-vegetarian diet. "Religion - he explains - is something personal, and the government should not mix it with their laws".
Even members of the Christian community have protested against the law. Gordon D'Souza, president of the Bombay Catholic Sabha, said that the beef is an important part of the non-vegetarian diet. "Religion - he explains - is something personal, and the government should not mix it with their laws".
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Government will procure Boro rice at Tk 32 per kg this year.
0
0
1
RELATED
STORIES
2014-10-27 16:09:05.0
That is Tk 1 more per kg over
last year's procurement rate.
The rate of paddy has been also
raised by Tk 2 per kg from last year. It has been fixed at Tk 22 per kg.
Food Minister Quamrul Islam
told reporters on Tuesday that the Boro harvests will be procured from May 1 to
Aug 31.
The government will buy 1
million tonnes of rice and 100,000 tonnes of paddy this year, he said.
“The farming cost of 1 kg paddy
this year was Tk 20 and for rice it’s Tk 27.50.”
Procurement of wheat will start
from Apr 1 and end on Jun 30 at Tk 28 per kg, said the minister.
“The government has set the
rate a bit early so that the farmers cannot be manipulated and get a fair price
for their harvests,” Islam said after a meeting of the inter-ministerial
committee on procurement.
Finance Minister AMA Muhith,
Agriculture Minister Matia Chowdhury, Relief Minister Mofazzal Hossain Chowdhury
Maya attended the meeting among others.
The food minister claimed that
currently the government had around 1.1 million tonnes of cereals in stock,
which is more than 350,000 tonnes over last year's stocks.
Indian rice exports to plunge
as Thailand offloads stocks
India’s
rice exports will struggle to compete with cheaper cargoes from No.1 seller
Thailand in 2015 as Bangkok looks to offload grain from its huge state
stockpiles, industry officials and traders said.
B.V.
Krishna Rao, managing director of leading Indian rice shipper Pattabhi Agro
Foods Pvt Ltd, said the country’s exports could plunge by a fifth this year to
8 million tonnes, with some other industry officials in the country making
similar warnings.
Lower
exports will leave more rice in Indian hands, piling pressure on
already-bulging storage and raising the spectre of grain getting damaged in
temporary silos.
But
competition among the world’s top two exporters will drag further on prices
that have fallen 5 percent since the start of October. That’s good news for
African nations like Nigeria and Senegal that are typically major buyers of
Asian rice.
“The Thai
government’s efforts to sell rice from its own warehouses has been putting
pressure on global prices and limiting Indian exports,” said Rao.
Thailand
will open a tender to sell around 1 million tonnes of rice in March, as it
tries to shift over 17 million tonnes of rice built up under a controversial
subsidy scheme. It aims to sell 10 million tonnes in 2015 and 7 million next
year.
Indian
exporters can compete with private Thai traders, but not with the government as
it can cut prices to generate demand for old stock, said M. Adishankar,
executive director at Sri Lalitha, a major rice exporter in southern India.
In the
latest tender, Thailand sold 5-percent broken rice from old stocks for $236 to
$378 per tonne, although the market price for new crops was around $415. India
has recently offered the same grade at around $400.
“The
government’s rice is old and has been stored for a long time so its value
depreciates accordingly … there is always a price gap between new rice and old
rice,” said an official at the Thai Rice Exporters Association, who declined to
be identified.
India,
which lost the top rice exporter spot in 2014, could see its shipments of
non-basmati or common grade rice fall by nearly a quarter to 5 million tonnes
in 2015, while exports of aromatic basmati could drop over 14 percent to 3
million tonnes, Rao said.
Basmati
sales have also been hit after top buyer Iran suspended imports late last year
to support local farmers, although one exporter expected shipments to restart
in April.
Rice
inventories at India’s state-run agencies had jumped to around 25 million tonnes
by Feb. 1, nearly double the targeted level, government data shows.
Source: Reuters (Editing by Joseph Radford)
Source: Reuters (Editing by Joseph Radford)
Big G2G rice sale to Philippines
- 3 Mar
2015 at 14:05 2,982 viewed0 comments
- WRITER: ONLINE
REPORTERS
- +
Thai
rice exports, G2G,
the
Philippines
Thailand has sold 200,000 tonnes of rice to the
Philippines in a government-to-government bidding contest, but Vietnam came out
on top in the same auction and will deliver 300,000 tonnes of grain.
Commerce Minister Chatchai Sarikulya said on Tuesday the Philippines
called the auction to buy 500,000 tonnes of new rice: 250,000 tonnes each of
15% broken and 25% broken white rice.The Department of Foreign Trade offered to sell 100,000 tonnes in each category, and the Manila government agreed to the deal.
In the same contest, Vietnam - through Vietnam Southern Food Corp - won a deal to make up the remaining 300,000 tonnes.
Gen Chatchai said the deal was useful because the Philippine government set delivery for March and April, so Thailand could export a lot of rice in a short period.
Thailand won its first G2G rice export deal with the Philippines last year, after deacdes of trying. The deal sealed late last month is only the second.
The commerce minister also said many countries expressed an interest in ordering Thai rice from the government and the private sector, and that was a good sign for the release of both new and old rice stocks.
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