Rakesh Singh News
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Farmers are preparing to plant a record rice crop that will boost inventories held by the world’s biggest exporters to the highest ever.
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Aditya Puri, the longest-serving head of an Indian bank, avoids e-mail and doesn’t carry a mobile phone. That hasn’t stopped HDFC Bank Ltd. from becoming the country’s second-biggest lender by market value.
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Pakistan’s deadliest floods ruined crops worth 281.6 billion rupees ($3.27 billion), destroying rice, cotton and sugar, said Farm Minister Nazar Muhammad Gondal .
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India, the second-biggest producer of rice, must end a ban on exports to help pare prices of Asia’s most important staple, according to a member of the nation’s top planning body.
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For Goldman Sachs Group Inc. , which is ramping up efforts to arrange takeovers and stock sales in India, progress can be slow and profit from deals elusive.
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Rice production in the Philippines may decline by a more-than-estimated 902,000 metric tons in the first nine months of the year, widening a production deficit in the world’s biggest importer.
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Rice shipments from Vietnam, the world’s second-biggest exporter after Thailand, may exceed the goal for the year as production increases and exporters aim for new markets, including neighbor China.
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Rice stockpiles are poised to reach the biggest in almost a decade as record harvests boost supplies and imports decline for the first time in three years.
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Rice may rally 22 percent by yearend as Thailand, the world’s largest exporter, buys the grain from farmers at above-market rates, pushing up costs for importers and fanning global inflation even as economic growth slows.
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At a time when droughts are driving corn and soybeans to all-time highs, farmers are set to reap a record rice crop and Thailand is building the biggest stockpile in at least five decades, helping avoid a global food crisis.
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