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South African Markets – Factors to watch on June 24

June 25, 2010 By vani Leave a Comment

June 24 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday.

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EVENTS

PRETORIA – South African Reserve Bank’s quarterly bulletin. 0900 GMT

PRETORIA – Statistics South Africa releases producer inflation data for May. 0930 GMT

PRETORIA – South Africa’s Crop Estimates Committee releases summer crops 5th production forecast.

LUSAKA – Zambia’s Central Statistical Office releases June inflation data. 0830 GMT

GLOBAL MARKETS

Asian stocks firmed on Thursday, lifted by gain in miners on expectations Australia’s government would compromise on a controversial mining tax, while the U.S. dollar eased after the Federal Reserve said the economic recovery was faltering. [MKTS/GLOB]

SOUTH AFRICAN MARKETS

South African stocks fell to an 8-day low on Wednesday on fears a global economic recovery will be slow, and the rand gave up earlier gains on the dollar after inflation data which left the door open for an interest rate cut next month. [.J]

ADCOCK INGRAM AIPJ.J – will team up with Germany’s Merck Group

AVUSA (AVUJ.J) – posted a 38 percent decline in full year headline earnings per share and said it expects benefits from recovering economy. [ID:nWEA7342]

SASOL (SOLJ.J) – said operting profit improved further in the third quarter of its financial year. [ID:nWEA7357]

GOLD XAU=

Gold was flat to slightly firmer on Thursday as the Federal Reserve’s vow to keep interest rates low and uncertainty over the global economy underpinned investor appetite. [GOL/]

WALL STREET

U.S. stocks mostly fell in a volatile session on Wednesday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing. [.N]

EMERGING MARKETS

For the top emerging markets news, double click on [nTOPEMRG]

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Some of the main stories out of the South African press:

BUSINESS DAY

- Policy confusion threatens food security – Ackerman

- Gordham moots “new thinking” on jobs, growth

- Hotel sector’s low end pulls in World Cup fans

BUSINESS REPORT

- Nxasana to fly SAfrica flag high at G20

THE STAR

- Royal match for Charlene (Reporting by David Dolan)

Filed Under: International News Tagged With: Adcock Ingram, Aipj, Asian Stocks, Central Statistical Office, Cheap Money, Company Announcements, Crop Estimates, currency market, earnings per share, Headline Earnings, Inflation Data, Lusaka Zambia, Market Moves, MRK, Pretoria South Africa, Quarterly Bulletin, South African Markets, South African Reserve Bank, South African Stocks, summer crops

Sharad Pawar says end of season rains will help winter crops

September 19, 2009 By admin Leave a Comment

New Delhi, Sep 18 (ANI): Agriculture Minister Sharad Pawar has said that late end-season rains will help India’s winter crops.

Talking to reporters here on Thursday, Pawar said, “It’s true that because paddy area transplantation has been dropped, but the late rains are very helpful particularly for Punjab, Haryana, Orissa and Chhattisgarh.”

“There would not be any pressure on food grains supply, as the stock position was good,” Pawar added.

Meteorological Department has said that since June 1, monsoon rains have been 20 percent below normal and heavy showers in the past week have reduced the total seasonal deficit by three percentage points.

Met department said the country can expect heavy rains for at least another week, but the withdrawal of the monsoon, which usually begins to wind down in early September, would be delayed.

A surge in food prices unexpectedly pushed the annual change in India’s wholesale price index into positive for the first time since late May, putting pressure on the central bank to bring forward an exit from its easy monetary policy.

The annualised wholesale price index rose by an unexpected 0.12 percent in the year to September 5, compared with the previous week’s 0.12 percent fall and analysts’ forecast of a 0.08 percent decline.

The food articles sub-index rose an annual 15.4 percent, up from the previous week’s 14.8 percent rise, as a dry spell hit nearly half of India’s districts, hurting summer crops and prompting the government to take steps to raise supplies. (ANI)

Filed Under: International News Tagged With: Agriculture, Agriculture Minister, ANI, area, bank, change, Chhattisgarh., country, decline, deficit, department, dry spell, Early September, end, exit, fall, food, food articles, food grains, Food Prices, forecast, Government, half, Haryana, heavy rains, index, India, June, May, met, meteorological, Meteorological Department, minister, monetary policy, Monsoon, Monsoon Rains, New Delhi, Orissa, paddy, Pawar, percent, percentage, percentage points, policy, position, pressure, price, Punjab, rise, season, Sep, September, Sharad, sharad pawar, spell, stock, Stock Position, summer, summer crops, supply, surge, Thursday, time, transplantation, week, wholesale price index, winter, Winter Crops, withdrawal, year

Rice production in India to be lower by 10 millions tonnes

August 19, 2009 By admin Leave a Comment

New Delhi, Aug 19 (ANI): Union Agriculture Minister Sharad Pawar today said that the production of rice in this year’s kharif season may come down by about 10 million tonnes due to deficient rainfall.

Addressing State Food Ministers’ conference here, Pawar said that in the wake of expectations of reduced production of rice and wheat, the government will not hesitate to undertake open market intervention and release of wheat and rice under Open Market Sale Scheme to the state governments.

He also informed that the total area coverage of paddy might come down by about 5.7 million hectares.

“Some shortfall in production of oilseeds and sugarcane is also expected as the cumulative rainfall this year has been about 29 per cent below the long period average,” he added.

The country has so far received scattered and deficient rainfall, 19 per cent below average, since the beginning of June, the driest in 83 years, data from the India Meteorological Department showed.

Farmers have either dropped or delayed sowing of summer crops due to poor rains.

With the prices of vegetables and foodgrains already skyrocketing, people are apprehensive and have been protesting against the price rise across India complaining that they are no longer able to afford the most common food items. (ANI)

Filed Under: International News Tagged With: 10 million, Agriculture Minister, cumulative rainfall, deficient rainfall, food items, foodgrains, india meteorological department, Kharif Season, market intervention, ministers conference, New Delhi, period average, poor rains, Production Of Oilseeds, Rice Production, sharad pawar, shortfall, State Food, state governments, summer crops, tonnes

Sharad Pawar says end of season rains will help winter crops

Rice production in India to be lower by 10 millions tonnes

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