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Latest News Headlines: Two new rice varieties introduced How Thailand’s Botched Rice Scheme Blew a Big Hole in its Economy Toxic rice rumour debunked 1 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
Divided House passes split farm bill, Setting up negotiations with Senate on final bill Facebook Comment about Toxic Thai Rice Lands TV Director in Hot Water Thailand Rice Sellers Increased Their Quotes for Parboiled Rice Today Oryza Overnight Recap – Chicago Rough Rice Futures Retrace Yesterday’s Gains in Quiet Overnight Session Oryza White Rice Index Continues Lower amid Weaker Thailand, Pakistan Export Quotes Oryza Rice Currency Analysis for Today – Brazil Real Down 0.5% Oryza Afternoon Recap – Chicago Rough Rice Futures End Week Higher but Fall Today Under Pressure from Bearish Grain Complex Oryza U.S. Rough Rice Recap –Market Muted as Price Ideas Differ Greatly India Main Rice Crop Planting Area Reaches 11 Million Hectares So Far; Up 13% from Last Year Oryza Quick Glance at World News
News Details: Two new rice varieties introduced July 14, 2013 -APP LAHORE : Rice Research Institute (RRI) Kala Shah Kaku has introduced two new varieties of rice and got them approved from Punjab Seed Council for cultivation. Experts told APP on Saturday the two varieties include PS-2 and KSK434. They said that the institute had also introduced modern technology of direct cultivation of rice with seed. The technology would help in increasing the production of rice upto six to eight maund per acre of land besides reducing expenses of growers upto Rs 14,000 per acre of land, they added. They said the technology produced good results in less time and also saved water up to 30 to 35 percent. The experts said the technology has entered into a commercialisation process.
How Thailand’s Botched Rice Scheme Blew a Big Hole in its Economy By Dan Kedmey July 12, 2013
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The plan was simple: Thailand‟s government would buy rice from local farmers at a generous price, some 50 percent above the market rates. It would hold the rice in warehouses, cutting off exports to the rest of the world. The sudden shortage from the world‟s heavyweight champion of rice exports would cause a spike in global prices. Then, payday for the government as it swung open the warehouse doors and sold its stockpile to the world at a premium. Farmers win, the government wins, foreign consumers lose, but then they don‟t vote in Thai elections, so what do they matter? The plan was a political no-brainer, except for one problem: Thailand‟s government underestimated how quickly the market can kick back at any would-be puppeteers. “If any government thinks they are living above the market, they are living in a fool‟s paradise,” says Tejinder Narang, a former rice trader who now advises one of India‟s largest grain exporters, Emmsons International. Narang reads a running stream of news reports, trade publications, monthly studies – any news that will keep him up to date on the latest machinations of the market. When he saw Thailand‟s pledge to hike up the price of rice, he says he and virtually every global trader knew how to respond. With the click of a mouse, or sometimes a quick phone call, his traders in Dubai could switch their purchases from Thailand to suppliers in India, Pakistan, Myanmar, or Vietnam. “It doesn‟t take five minutes,” he says. “There are no government-togovernment contracts. There are only business-to-business contracts. I can buy anything from anywhere.” And it was Thailand‟s great misfortune that exactly one week after it slashed exports, India lifted its export ban, flooding the market with 10 millions tons of rice. Rather than orchestrate a price hike, Thailand helplessly stood by as global prices sank. David Dawe, a senior economist with the U.N.‟s Food and Agriculture Organization, can look at a spreadsheet of historic rice prices and see a roller coaster of emotions. He points to June 2011, when the current Thai administration was campaigning on its rice plan. Even before the election, rice traders had anticipated the coming shortage and bid up the price. “You‟ve got this big bump of $100 a ton,” says Dawe. “Thais were probably pretty happy at that point, thinking, „Okay not too bad, we can probably drive them even higher.‟” Then, in September of 2011, shortly after Prime Minister Yingluck Shinawatra‟s administration was swept into office on a wave of votes from the farming sector, India opened the floodgates. Dawe points to this moment and says, “Reality sets in. The Vietnamese started lowering their prices and the Thais just got left behind.” Over the next year, Thailand was knocked from its perch as the world‟s top exporter of rice, tumbling behind India and landing just short of Vietnam. (Not that Thailand‟s rice farmers have become any less productive. The government stockpiles their produce, an estimated 17 million tons, in mills across the country. It has completed part “A” of the plan, buy rice at a premium. It‟s part “B,” selling it at a premium, that‟s proving devilishly tricky. For a year, the government has shied away from public scrutiny of the program, but Moody‟s, the credit rating agency, blew the lid off of the 3 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
story last month when it warned that the program could swallow up an astonishing 8 percent of the national budget, forcing the agency to reevaluate the government‟s credit rating. For a government already mired in debt, the warning shot from Moody‟s “crystallized their thinking,” Dawe says. Yingluck, whose Pheu Thai Party draws its support from the country‟s rural northeast, has said the program has achieved its goal of boosting incomes for poor, rural farmers. She has now urged them to now give her administration the flexibility to modify the program. In a public address on a local television series, “Yingluck Government Meets the People,” she said the program would remain in place, and that the government would continue to purchase rice, but it may have to reduce its purchase price to make the program sustainable. As for the Moody‟s report, she has promised to rebut the findings with a government investigation into the true cost of the program. In the meantime, her administration has to bat away daily reports on the rice “scheme,” as the local papers call it. Stories hint at galloping costs and widespread corruption. The government has acknowledged the program has already cost $4.4 billion in its first year. How much it will eventually cost depends on a factor outside of the government‟s control, the global price of rice. Narang takes a dim view of the government‟s ability to extricate itself from its mess. “It is easy to distort the market by iterations,” he says, “but it is very difficult to correct the market by intervention.” He adds, “The governments are never rational. The governments are political,” suggesting that the rational politician is an oxymoron. He has a point. Pressed to name a single independent economist who thought Thailand‟s rice plan would work, Dawe paused for a moment to think, then answered, “Not that I know of.” One of the more optimistic forecasts, from Sam Mohanty at the International Rice Research Institute (yes, it exists), predicted that Thailand could at best drive up prices for one growing season. Still, he advised against it. Could the policy-makers have been so fixated on votes that they missed the near unanimous warnings coming from market experts? Dawe offers a slightly more sympathetic take. Although Thailand has a strong manufacturing sector, he observes that country is still in the process of transformation from agrarian to industrial economy, and this opens up gaping inequalities between urban and rural areas, farmers and non-farmers. “Politicians feels they have to respond to this,” he says, “so they support farmers.” In a sign of how powerful that imperative can be, Thailand‟s government recently announced that it would cut the now significantly inflated purchase price of rice by a mere 20 percent. The farmers protested, the government reversed course, and now the matter is working its way through a committee chaired by farmers and officials. Meanwhile, Thailand‟s 17-million-ton burden shows no signs of easing. MORE: Savage Escalation Threatened in Thailand‟s Southern Insurgency
In snap: Unmilled rice is seen at a warehouse at the Settapanich -Samchuk rice mill in on June 20, 2013 in Suphan Buri, Thailand.
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Toxic rice rumour debunked FDA confirms quality; legal action to be taken against TV executive Published: 14 Jul 2013 Newspaper section: News
AYUTTHAYA : Deputy Commerce Minister Yanyong Phuangrach says that tests carried out by the Food and Drug Administration prove the safety of Tra Chatr (Royal Umbrella Brand) rice.Mr Yanyong was speaking rice had been contaminated with toxic chemicals. No evidence was cited in the post to back up the claim. after conducting an inspection of the Tra Chatr factory in Ayutthaya Saturday.Sutthiphong Thammawuthi, managing director of TV Burapha Co, which produces the popular Khon Khon Khon (People-Searching-People) programme, posted a Facebook comment suggesting the brand's packaged Royal Umbrella rice is promoted as a worldwide premium, award-winning brand.The Tra Chatr rice factory is part of the Charoen Pokphand (CP) group.After inspecting CP's Nakhon Luang mill, Mr Yanyong said the rice there had been found by the FDA to be safe and all factory processes were up to standard.Mr Yanyong said Mr Sutthiphong had contacted the ministry requesting a meeting to resolve the matter.Mr Yanyong said the ministry would join the company in taking legal action against Mr Sutthiphong.Sumeth Laomoraporn, chief executive of CP Intertrade Co, CP's rice-producing subsidiary, said the comments that Tra Chatr rice was contaminated had tarnished the company's brand and that the firm had already filed a police complaint against Mr Sutthiphong. The TV exec had contacted the company requesting clarification on the matter this week, Mr Sumeth said.CP Intertrade has not decided whether to withdraw its complaint, he added.The Thai Rice Packers Association will tomorrow announce what action it plans to take against social media users who disseminated the "toxic" rice allegation.Speaking during the weekly Yingluck Government Meets the People television programme, Agriculture Department chief Damrong Chirasuthat said the agency's examination of rice stored in three mills in Yasothon and Surin provinces and samples from 40 packed rice brands found no signs of contamination.FDA chief Boonchai Somboonsuk said the agency has examined 107 packed rice samples from various shopping malls since June 18 and found no trace of hazardous chemicals. He also encouraged the public to have confidence in the quality of Thai rice, saying the FDA has found no problems in the 10,000 samples it examines every year.Also speaking during the programme, Commerce 5 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
Minister Niwatthamrong Bunsongphaisan said the ministry would unveil the terms of reference for the rice auction tomorrow.The auction is aimed at releasing 500,000 tonnes of milled rice and 400,000 tonnes of paddy rice per month, he said. The auction will be carried out twice a month, with the prospect of releasing 200,000 tonnes of rice per auction.Mr Niwatthamrong said he would visit Thailand's rice trading partners in government-to-government deals to speed up shipments.UN Conference on Trade and Development secretarygeneral Supachai Panitchpakdi said the government had mismanaged the release of stockpiled rice. The government has stockpiled a huge amount of rice and released it while prices in the world market had dropped, he said.Mr Supachai said the price of the released pledged rice should not hinge on the world market price
Divided House passes split farm bill, Setting up negotiations with Senate on final bill Posted: Friday, July 12, 2013 10:57 am WASHINGTON -- The House rejected tradition today by voting 216-208, mostly along party lines and without amendment H.R. 2642, legislation to authorize commodity, conservation, trade, research, rural development and other programs, but that omits several nutrition programs, including food stamps. H.R. 2642 would save $20 billion, and would replace the current underlying permanent farm law, written in 1938 and 1949, with H.R. 2642's commodity title and make it the new permanent law.Traditionally, Congress has reauthorized as part of a farm bill the underlying 1938 and 1949-era commodity programs to be able to implement them in the event a succeeding Congress would fail to authorize new legislation upon expiration of an existing farm statute. "While this overall approach may not be the preferred option for moving the farm bill, it is the only option available at this time to try to move the process forward and get to a conference negotiation with the Senate," said USA Rice Producers' Group Chairman Linda Raun, a Texas rice producer. Raun added, "Getting a farm bill passed by Sept. 30, which would allow for a new farm safety net to be in place for the 2014 crop year, is the top priority for our rice producers." Though his declared preference is to have his committee bill, H.R. 1947, as the House farm bill, House Agriculture Committee Chairman Frank Lucas (R-OK) supported the leadership's decision to act on H.R. 2642, which, he said, is "a step toward getting a five-year farm bill on the books this year. We cannot lose sight of our responsibility to pass a farm bill."Ranking Agriculture Committee Democrat Collin Peterson (D-MN) opposed the Republican procedure and H.R. 2642. "I believe the strategy of splitting the farm bill is a mistake that jeopardizes the chances of it ever becoming law. And repealing permanent law all but ensures that we will never write a farm bill again," Peterson said during debate. H.R. 2642 contains 11 of 12 titles that were in H.R. 1947, the Agriculture Committee-passed bill. Amendments adopted by the House during June debate on H.R. 1947 also are in H.R. 2642.No Democrats voted in favor of the bill today. Twelve Republicans voted against it.USA Rice continues to work toward passage and enactment of a farm bill that provides a fair and balanced safety net for producers and the long-term certainty necessary for producers and all segments of the U.S. rice industry.
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Facebook Comment about Toxic Thai Rice Lands TV Director in Hot Water Jul 12, 2013
The managing director of a popular Thai TV show made a comment on Facebook suggesting rice processed by some Thai companies is contaminated with toxic chemicals. In response, the Internal Trade Department (order by theThai Commerce Ministry) and several rice companies are considering legal action against anyone “caught spreading claims that Thai rice is contaminated with hazardous chemicals,� writes the Bangkok Post. Rice companies say that domestic sales have suffered as a result of the comments.
Thailand Rice Sellers Increased Their Quotes for Parboiled Rice Today Jul 12, 2013 Thailand rice sellers increased their quotes for parboiled by about $10 per ton to about $530 - $540 per ton today. Other Asia rice sellers kept their quotes unchanged. 5% Broken Rice Thai 5% rice is quoted around $465 - $475 per ton, about a $85 per ton premium over Viet 5% rice (of summerautumn crop 2013) shown around $380 - $390 per ton. Indian 5% rice is quoted around $435 - $445 per ton, about a $15 per ton premium over Pak 5% rice (of new crop) quoted around $420-$430 per ton. Pak 5% rice of the old crop is shown around $460 - $470 per ton. 25% Broken Rice Thai 25% rice is quoted about $455 - $465 per ton, about a $105 per ton premium over Viet 25% rice (of summer-autumn crop 2013) shown around $350 - $360 per ton. Indian 25% rice is quoted about $390 - $400 per ton, around $20 per ton premium over Pak 25% rice (of new crop) quoted around $370-$380 per ton. Pak 25% rice of the old crop is shown around $385 - $395 per ton. Parboiled Rice Thai parboiled rice is quoted around $530 - $540 per ton, up about 410 per ton from yesterday.
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Indian parboiled rice is quoted around $415 - $425 per ton, about $10 per ton discount to Pak parboiled rice (of new crop) quoted around $425 - $435 per ton. Pak parboiled rice quotes of the old crop are unavailable today. 100% Broken Rice Thai broken rice, A1 Super, is quoted around $435 - $445 per ton, about a $100 per ton premium over Viet broken rice (of summer-autumn crop 2013) shown around $335 - $345 per ton. Indian broken sortexed rice is quoted about $315 - $325 per ton, about $40 per ton discount to Pak broken sortexed rice (of old crop) indicated at around $355 - $365 per ton. Pak broken sortexed rice quotes of the new crop are unavailable today. Tags: Asia rice quotes, India rice quotes, Vietnam rice quotes, Thailand rice quotes, Pakistan rice quotes
Oryza Overnight Recap – Chicago Rough Rice Futures Retrace Yesterday’s Gains in Quiet Overnight Session Jul 12, 2013 Chicago rough rice futures for September delivery were paused 8 cents per cwt (about $2 per ton) lower at $15.300 per cwt (about $337 per ton) as of 8:15am Chicago time. The other grains are seen mixed during this morning break ahead of floor trading in Chicago: soybeans are currently trading about 0.3% lower, wheat is seen 0.4% higher, and corn is seen about 0.4% lower. U.S. stock index futures were largely unchanged Friday, following earnings reports from banking giants Wells Fargo and JPMorgan. They were the first major U.S. banks to report second-quarter earnings, setting the tone for the rest of the sector which will issue results throughout next week. Earnings expectations for JPMorgan in particular were high, as the bank has beaten analyst estimates in 12 of its last 13 earnings reports. On the economic front, producer prices gained 0.8% in June, according to the Labor Department, edging past expectations for 0.5%. Meanwhile, core producer prices, which exclude volatile energy and food costs, edged up 0.2%.Major averages soared more than 1 percent on Thursday, with the Dow and S&P 500 closing at record highs, boosted by dovish comments from Fed Chairman Ben Bernanke. U.S. stock index futures are currently trading up about 0.1%, gold is currently trading down about 0.3%, crude oil is seen trading about 0.5% higher, and the U.S. dollar is currently trading about 0.5% higher at 8:15am Chicago time. Tags: chicago rough rice futures
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Oryza White Rice Index Continues Lower amid Weaker Thailand, Pakistan Export Quotes
Jul 12, 2013
The Oryza White Rice Index, which represents the weighted average of white long grain rice fob export quotes from markets across the globe, finished the week at $478 per ton, unchanged from last week but down $4 per ton (1%) from $482 a week ago, and down $8 per ton (2%) from $486 a year ago. Thai rice quotes have trended lower over the last week, month, and year. Thai 5% is today shown at around $470 per ton, down $5 per ton (1 %) w/w, down $30 per ton (6%) m/m, and down $110 per ton (19%). Thailand quotes have been under pressure amid ideas the government may lower the pledging price for the Thai rice mortgage scheme. The scheme continues to face increasing political pressure over the financial sustainability of the program, the large potential 9 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
for corruption under the scheme, and ideas the scheme has compromised the quality of Thai rice and reduced the nation‟s rice exports 30% each year since it started. Thai rice is also facing increase competition from India which returned to the export market in late 2011. Viet rice quotes are down from a year ago, but have recovered in the last month and more so in the last week. Viet 5% is today indicated at $385 per ton, up $15 per ton (4%) w/w, up $5 per ton (1%) m/m, and down $25 per ton (6%) y/y. Viet rice quotes have been under pressure from fierce competition with other exporters and quality concerns. The recent rise in quotes over the last week may be thanks to the government‟s efforts to stockpile one million tons between June 15 – August 15.India rice quotes are up from a year ago but have declined over the past week and month. Indian 5% broken rice is today indicated around $440 per ton, down $5 per ton (1%) from a week ago and down the same amount from a month ago; however, quotes are up $20 per ton (5%) from this time last year. India is expecting another bumper rice crop this year and has 31.5 million tons of rice in government stocks (twice the bumper norm), but it has hiked the minimum support price for paddy and has expanded programs to provide the needy with cheap rice. Pakistani rice quotes are down from this time last year and from this time last month, but have held stead over the last week. Pakistani 5% rice is indicated at $465 per ton, unchanged from a week ago, up $5 per ton (1%) from a month ago, and down $3 per ton (1%) from a year ago. The government of Pakistan is projecting a bigger crop this year than last and faces increased competition from India on the global export market. Pakistan, along with Vietnam, has earned most of China‟s import business thanks to comparatively low quotes offered by these two origins. U.S. rice quotes are higher than a year ago and higher than a month ago, but have declined in the last week as old crop rice supplies have dwindled zero ahead of the new crop harvest. U.S. 4% is shown around $615 per ton, down $5 per ton (1%) w/w, up $20 per ton (3%) m/m, and up $53 per ton (9%) y/y due to tight supplies in the U.S. and its competitor, South America. South American rice quotes are up from last year but down from a month ago and unchanged on the week. South American 5% broken rice is shown around $625 per ton, unchanged from last week and down $5 per ton (1%) m/m, and up $45 per ton (8%) y/y. Tags: Oryza White Rice Index (WRI)
Oryza Rice Currency Analysis for Today – Brazil Real Down 0.5% Jul 12, 2013 U.S. dollar index was up +0.29% from the open today, when it traded at 82.985 at the close. Euro was -0.21% weaker today by the close, trading around 1.3069 by end of day, after trading between an intraday high of 1.3100 and low of 1.3000. The dollar gained today versus most peers on stimulus outlook. Thai baht was -0.16% weaker today, trading at 31.15 at the close of business. 10 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
Indian rupee was stronger +0.09% at the close today when it traded at 59.6300. Brazilian real was -0.54% weaker than the open at today‟s close, when it ended at 2.2680 reais per dollar. Pakistan rupee was -0.10% weaker at the close today, when it traded at 100.1830. Vietnamese dong was +0.05% stronger at 21223. Mexican peso was -0.24% weaker today, when it traded at 12.8364 pesos per dollar by the close of business today. Chinese yuan was -0.11% weaker today, when it traded by close at 6.1382. Argentine peso was -0.13% weaker from the open today at the close, when it traded at 5.4253 pesos per dollar. Tags: foreign exchange rates
Oryza Afternoon Recap – Chicago Rough Rice Futures End Week Higher but Fall Today Under Pressure from Bearish Grain Complex Jul 12, 2013 Chicago rough rice futures for September delivery settled 17.5 cents per cwt (about $4 per ton) lower at $15.205 per cwt (about $335 per ton). Rough rice futures retraced the majority of the gains earned over the previous two trading sessions, ending the week on a negative note. After an early morning attempt to break through multiple points of technical resistance, the market encountered renewed and persistent selling pressure which saw price fall back below the 10-day moving average. Additionally negativity in the other grains likely added to the negative slant. The other grains finished sharply lower today; soybeans finished the day about 2.6% lower at $12.5725 per bushel; wheat finished about 0.3% lower at $6.8100 per bushel; and corn finished the day about 3.4% lower at $5.0925 per bushel.U.S. stocks turned narrowly mixed again in thin trading Friday, as investors took a breather after major averages closed at their all-time highs, but Boeing continued to weigh on the Dow. Still, major averages were poised to close sharply higher for the week, with the Dow and S&P 500 in track to log their second best weekly gains this year. The Dow Jones Industrial Average slid into the red. The S&P 500 and the Nasdaq struggled for direction. Among key S&P sectors, financials led the gainers, while industrials slipped. U.S. stock markets are currently trading down about 0.1%, gold is trading down about 0.2%, crude oil is seen about 0.9% lower, and the U.S. dollar is about 0.3% higher at about 12:00pm Chicago time. Turning to the daily continuation chart of Chicago rough rice futures for September delivery, despite a morning attempt to break through multiple layers of technical resistance provided by the 100-day and 200-day moving averages, noted at $15.389 and $15.461 per cwt (about $339-$341 per ton) respectively, the bulls were unable to maintain the upward momentum and prices quickly slipped lower. Ultimately the market fell below the 20day moving average at $15.234 per cwt (about $336 per ton) which had acted as nearby technical support. This fact may trigger additional technical selling upon the open of the market on Sunday evening and could indicate a negative move on Monday. Despite today‟s double digit losses, the market managed to end the week 25 cents 11 Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
per cwt (about $6 per ton) higher than where is settled last Friday. Today‟s trading range is noted as $15.205$15.515 per cwt (about $335-$342 per ton).Thursday, there were 445 contracts traded, down from 573 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday increased by 137 contracts to 11,201. Tags: chicago rough rice futures
Oryza U.S. Rough Rice Recap –Market Muted as Price Ideas Differ Greatly Jul 12, 2013 The U.S. cash rice market was muted today as most seller price ideas continue to be much higher than levels buyers feel comfortable paying at this time. As of now, rice is beginning to head in parts Arkansas, Mississippi, and Northern Louisiana while some farmers are now starting to drain water from their fields in Southern Louisiana which indicates that a limited number of farmers will begin harvesting in about 2 to 3 weeks.Old crop offers from farmers could still be found as low as $16.50 per cwt delivered (about $364 per ton) for July shipment while offers from resellers decreased with the futures market similar levels however buyers continue the cost loading out Chicago Board of Trade warehouse receipts remains more attractive.Bids from mills and exporters decreased to around $16.00 per cwt (about $353 per ton) for July delivery however they were firm in price ideas and nothing was traded.As for new crop, most offers increase to around $16.11 per cwt fob farm (about $355 per ton) while bids could be seen as high as $15.25-$15.50 per cwt (about $336-$342 per ton) for October-November-December delivery however no trades were reported today. Tags: U.S. rice prices
India Main Rice Crop Planting Area Reaches 11 Million Hectares So Far; Up 13% from Last Year
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Jul 12, 2013 Indiaâ€&#x;s main (Kharif) rice crop planting area has increased to around 11.007 million hectares as of July 12, up about 13% from around 9.75 million hectares during same time last year, according to the Ministry of Agriculture.Total area under Kharif crop planting (including rice and other crops) has increased sharply to about 51.765 million hectare this week, up about 52% from around 34.149 million hectares at this time last year
Oryza Quick Glance at World News Jul 12, 2013 Financial Times
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Microsoft chief executive Steve Ballmer has announced an operational realignment and a reshuffle of top management in a fresh attempt to remake the software company for an era in which the rules are set by rivals such as Apple and Google. The greater Houston area has replaced New York City as the largest goods exporting region of the U.S., official data have shown, thanks to the energy boom that is reshaping the country‟s industrial landscape. The metropolitan area‟s exports were worth $110.3 billion in 2012, up 5.6% from last year, pushing the New York area into second place after a 2.7% drop to $102.3 billion. BP has joined the ranks of Wall Street banks and registered as a US derivatives dealer as new rules aimed at averting a repeat of the global financial crisis penetrate energy markets. An unexpected intervention by Portugal‟s president has reignited the country‟s political crisis, raising fresh uncertainties over the government‟s survival and the possibility of Lisbon needing a second bailout, the FT reported. The initial euphoria of those who backed the military overthrow of Egypt‟s elected Islamist government is fading and Egyptians must now reckon with an economy that remains in crisis, despite a large injection of financial aid promised by Gulf States supportive of the coup. The Resolution Foundation said on Thursday that 1.25 million households would have to spend half their disposable income on repayments by 2017 if the Bank of England‟s official rate rose 2 percentage points higher than forecast without a recovery in wage growth. The U.S. intelligence services have been able to tap voice and video calls on Skype‟s global communications network for nearly three years, far longer than had been thought, according to the latest revelations by the whistleblower Edward Snowden. Wall Street Journal Indonesia's central bank, caught between rising inflation and weakening growth, raised its main interest rate by a half-percentage point Thursday, while other central banks across Asia stood pat as sluggish exports and a slowdown in China weigh on their economies. Singapore's economy expanded at its fastest pace in more than two years in the second quarter thanks to the manufacturing and services sectors but economists doubt the blistering pace can be sustained. GDP of Singapore rose 15.2% in the April-to-June period on a seasonally adjusted and annualized basis, according to advance estimates from the Ministry of Trade and Industry on Friday. Floodwaters surging through Himalayan foothills in western China have swept bridges, houses and hillsides into roiling brown torrents, leaving at least 31 people dead and 166 missing Thursday, as heavy rains buffeted many parts of the country. The U.S. government gave American Internet providers addresses linked to suspected Chinese hackers earlier this year as part of a previously undisclosed effort aimed at blocking cyber spying, current and former U.S. officials said. The U.K.'s medicines regulator said it was recalling 16 drugs made by Wockhardt Ltd. after finding "manufacturing deficiencies" at one of the company's factories in India. Israel's military plans to downsize its conventional firepower such as tanks and artillery to focus on countering threats from guerrilla warfare and to boost its technological prowess, in a recognition that the Middle East turmoil has virtually halted the ability of neighbors to invade for years to come.
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India plans to allow Coal India Ltd. to produce natural gas from the state-run company's coal blocks, as the South Asian nation aims to trim imports, federal Oil Secretary Vivek Rae said Thursday. Spain is preparing cuts in subsidies for renewable-energy production in an attempt to diminish their threat to public coffers, according to people familiar with an industry overhaul expected to be announced as early as Friday. New York Times o The U.S. house Republicans muscled a pared-back agriculture bill through the House on Thursday, stripping out the food stamp program to satisfy recalcitrant conservatives but losing what little Democratic support the bill had when it failed last month. It was the first time food stamps had not been a part of the farm bill since 1973. o ECB executive board member Peter Praet said in a German newspaper interview published on Friday that ECB interest rates would remain at their current rates, or be cut even further, as long as inflation remains moderate. o The U.S. is conducting a diplomatic full-court press to try to block Edward J. Snowden, the fugitive American intelligence contractor, from finding refuge in Latin America, where three left-leaning governments that make defying Washington a hallmark of their foreign policies have publicly vowed to take him in. o Britain's Centrica said on Friday it was buying Texas-based electricity retailer Bounce Energy for $46 million (30.3 million pounds), giving it a new online platform to help grow its North American customer base. o Ireland passed first bill on abortion on Friday, legalizing the practice in exceptional cases where doctors deem the woman‟s life to be at risk from her pregnancy. o The U.S. and China will start negotiating a sweeping bilateral investment treaty, which could open vast sectors of each economy to investments from the other side, officials announced Thursday. Tags: World news
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