Rice prices continue to drop in the Mekong Delta

Farmers in the Mekong Delta are a worried lot as rice prices continue to drop with demand for rice having dropped substantially, even though there was a bumper crop this winter-spring season.

 

 

Rice farmers are concerned as price of low-quality IR50404 variety is now VND4,000-4,200 per kilogram for fresh paddy, and VND5,000-5,200 per kilogram for dried paddy. Price of dried paddy even fell to VND4,800-4,900 per kilogram in some places.

 

Meanwhile, long-grained rice sold for VND5,400-5,500 per kilogram and dried high-quality rice for VND6,300-6,400 per kilogram.

 

Rice consumption was reported very sluggish. Concerns increased as traders rejected low-quality IR50404 variety paddy. Farmers are worried that prices will continue to drop, even as they prepare for the next crop.

 

Nguyen Van Buong, Deputy Head of the Department of Agriculture and Rural Development in Hong Ngu District of Dong Thap Province, said that farmers in the district have already harvested more than 2,000 hectares of the 11,000 hectares of winter-spring crop, expected to yield about 7.4-7.5 tonnes per hectare, up 600 kilogram per hectare from the previous season. However, a decline in prices is a predicament for the farmers at this time.

 

According to Dr. Le Van Banh, Director of the Cuu Long Delta Rice Research Institute, farmers need to sell off their rice crop immediately, to pay off debts and prepare for the next season. Hence, at this point of time, the government must buy up farmers’ stocks, for temporary stockpiling, so as to assist them in cultivating the next crop.

 

By Binh Dai

Source: SGGP

Gold approaches VND45 million

Price of gold in Vietnam climbed by VND150,000 a tael (1.2 ounces) over the previous day on March 10 as global price surpassed US$1,700 an ounce on sudden demand.

Sacombank Jewellery Company bought gold at VND44.2 million and sold at VND44.8 million as of 8am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.65 million and sold at VND44.8 million as of 9.33am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.75 million and sold at VND44.85 million as of 10.31am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.5 million for buying, and VND43.8 million for selling at 11.45am Vietnamese time.

Domestically, gold fetched around VND1.5 million a tael, higher than global price.

Internationally, gold rose nearly 1 percent in heavy trading on Friday, reclaiming early sharp losses, lifted by higher crude oil and US stock markets, following an encouraging US job report.

Initially, the heavy metal fell 1 per cent on news that US employers added more than 200,000 workers to their payroll for a third straight month in February and unemployment rate pinned at 8.3 per cent, the lowest level since February 2009, a sign of economic recovery.

The US Dollar Index, a gauge of six major currencies against the US dollar’s strength, rose 0.98 per cent yesterday. Despite a strengthened US dollar, the yellow metal made a U-turn after investors increased buying of gold.

Gold for immediate delivery rose as much as $14 an ounce, or 0.82 per cent, to close at $1,713.5 an ounce on the Kitco trading floor.

Gold futures for April delivery gained $12.8 an ounce, or 0.7 per cent, to close at $1,711.5 an ounce on the Comex in New York.

The euro exchange rate against the US dollar was above $1.31 a euro this morning.

By Thuy Doan

Source: SGGP

Facebook co-founder buys New Republic magazine

Chris Hughes, one of the co-founders of Facebook and a former online strategist for Barack Obama during the 2008 presidential campaign, has purchased a majority stake in The New Republic, the magazine said on Friday.

Chris Hughes, co-founder of Facebook, speaks at the Charles Schwab IMPACT 2010 conference in Boston, Massachusetts October 28, 2010. Photo: Reuters

Hughes, 28, will become publisher and editor-in-chief of the nearly 100-year old magazine which covers American politics.

He is also expected to apply his expertise in digital technology in his new role.

The New Republic currently publishes a daily Web magazine. The New Republic did not disclose the financial terms of the transaction or the exact size of the stake.

Hughes co-founded Facebook in 2004 at Harvard with his then- roommates Facebook Chief Executive Mark Zuckerberg and Dustin Moskovitz.

Since working on the Obama campaign Hughes founded Jumo.com in 2010, a non-profit site that aimed to help people find ways to help each other. It was later combined with GOOD in 2011, an online content and social engagement platform.

As well as his new role Hughes will continue to invest independently and work with non-profits like the Knight Foundation.

REUTERS