The Revolution was a technological success.

The Revolution was a technological success.

"Before the 1960s, the population of India was multiplying like rats in a barn," said Jagjit Singh Hara, "but we didn't have the grain to feed them. After the Green Revolution, we doubled our yield and now we have proved that India can feed the world".

But the process has limits and they may have been reached. Population, on the other hand, has continued to rise in poor parts of the world.

The graph, compiled for the BBC by the UN Food and Agriculture Organization, shows that while yield per hectare has increased, the amount of land used for the major staple grains has remained fairly constant; this is because the amount of good farmland is finite.

EMERGING MARKETS-Brazil stocks snap 9-day rally; miner Vale down

* Steelmaker CSN, Gerdau, Usiminas down after two-session gain * Traders step up bets on PDG Realty; Petrobras declines * Brazil Bovespa down 0.37 pct; Mexico IPC rises 0.62 pct By Lucas Iberico-Lozada SAO PAULO, Aug 20 (Reuters) - Brazilian stocks opened lower on Tuesday, snapping a nine-session rally, led by declines in shares of mining and steel producers despite resilient prices for the commodities in global markets. The benchmark Bovespa stock index shed 0.37 percent to 51,384.15 points, putting an end to an over-4,000 point gain that began two weeks ago. The rally, the longest since the 12-day rally staged at the end of July 2010, drove the Bovespa to its highest level in more than two months. "Since the Bovespa rose in previous sessions despite an uncertain outlook and with the dollar and interest rates higher, it's natural for there to be a correction in gains," said Joao Pedro Brugger, an analyst at Leme Investimentos in the southern city of Florianopolis. Mexico's IPC index saw a moderate recovery from an over one percent drop in the previous session, while Chile's bourse snapped a four-session slump. Among stocks weighing heavily on the Bovespa were shares of firms involved in steel production. Mining giant Vale SA, the world's largest iron-ore miner, reversed the previous session's gains, while steelmakers Gerdau SA, Usinas Siderurgicas de Minas Gerais SA, or Usiminas, and Cia Siderurgica Nacional , or CSN, all backtracked from a two-session surge. Shares in the steel mills fell on speculation that CSN, Usiminas, and Gerdau are in talks to buy Porto do Sudeste, currently operated by MMX Mineracao e Metalicos SA, the mining company owned by embattled tycoon Eike Batista, traders said. Often, talks of mergers and acquisitions activity leads to declines in those stocks, on concerns of a potential debt expenses that may be incurrred in a takeover. Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, and homebuilder PDG Realty SA were being "shorted" heavily, traders said. Petrobras saw declines of 0.8 percent, while PDG fell 2.7 percent. Traders who sell securities "short" borrow shares and then sell them in the hope that the price will fall, so they can buy them back more cheaply, return them to the lender and pocket the difference. Mexico's IPC index added 0.62 percent to 41,742.10 points a day after its biggest one-session drop in three weeks. Shares of telecommunications firm America Movil, led by billionaire Carlos Slim, led the index's gains, adding 2.3 percent. Retail giant Wal Mart de Mexico rose 1.3 percent. Chile's IPSA index gained by 0.25 percent to 3,712.10 points. The index was led higher by gains for LATAM Airlines Group and retailer Falabella. Latin America's key stock indexes at 1448 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,130.33 -0.05 -17.53 Brazil Bovespa 51,384.15 -0.37 -15.70 Mexico IPC 41,742.10 0.62 -4.49 Chile IPSA 3,712.10 0.25 -13.70 Chile IGPA 18,382.89 0.19 -12.75 Argentina MerVal 3,832.92 0.46 34.29 Colombia IGBC 13,628.60 -1.03 -7.39 Peru IGRA 16,605.17 0.33 -19.51 Venezuela IBC 1,288,666.22 0 173.35

This article is taken from Reuters.com

REFILE-UPDATE 1-Nasdaq, CBOE says to review batch of options trades

(Changes Eastern Standard time (EST) to Daylight time (EDT) NEW YORK Aug 20 (Reuters) - Nasdaq OMX Group Inc said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT (1330 GMT) and 9:47 a.m. EDT (1347 GMT).Also, exchange operator CBOE Holdings Inc said it is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 03:30 to 08:41 a.m. Chicago time, according to the CBOE website. The trades under review may be adjusted or nullified, according to the website.A CBOE spokeswoman said it has been operating with no interruptions.Calls to the Nasdaq for comment were not immediately returned. Nasdaq Options and Nasdaq OMX BX Options said it was taking requests for "an error review" on those trades until 11:30 a.m. EDT.

This article is taken from Reuters.com

U.S. crime writer Elmore Leonard dead at 87

NEW YORK (Reuters) - American author Elmore Leonard, whose ear for gritty, realistic dialogue helped bring dozens of hard-bitten crooks, cops and cowboys to life in nearly 50 novels, died on Tuesday several weeks after a stroke. He was 87. "Elmore passed away this morning at 7:15 a.m. at home surrounded by his loving family," according to an announcement on his website, elmoreleonard.com. It did not provide other details.Leonard, who first wrote Westerns when he gave up his advertising agency job in the 1950s before moving on to crime and suspense books, suffered a stroke on July 29.Known by the nickname Dutch, Leonard had his commercial breakthrough in 1985 with the publication of "Glitz."His following books, including "Get Shorty," "Out of Sight," "Killshot," "Bandits" and "Freaky Deaky," came out every year-and-a-half or so and were best-sellers.Leonard's 47th book, "Blue Dreams," was expected to be published this year."I don't have any reason to quit," Leonard told Reuters in 2012, referring to his career. "I still enjoy writing."Hollywood had an affinity for Leonard's books, and more than 25 of his works were made into movies or television shows, beginning with Paul Newman in the 1967 film "Hombre." The Western story "3:10 to Yuma" and the novel "The Big Bounce" were each adapted for film twice.Movie producers and stars were so anxious to secure rights to his books that they were known to show up on Leonard's doorstep on the publication date.But audiences and even the author himself were often unhappy with the cinematic adaptations.Leonard, who spent much of his life in Detroit and its suburbs, said many filmmakers made the mistake of pushing the plots of what were character-driven stories, such as "Get Shorty," which is about a likeable loanshark named Chili Palmer."My characters are what the books are about. The plot just kind of comes along," Leonard told London's Guardian in a 2004 interview. "Movies always want to concentrate on the action."His favorite movie adaptation of one of his novels was director-writer Quentin Tarantino's reworking of "Rum Punch" into the film "Jackie Brown."The cable television series "Justified," the tale of a U.S. marshal in Kentucky that first aired in 2010, was based on Leonard's work and he served as executive producer of the show.'DICKENS OF DETROIT'Born in New Orleans, Leonard moved at age 8 with his family to Detroit, where he became enthralled by the real-life exploits of gangsters Bonnie and Clyde and the fortunes of the city's professional baseball team, the Detroit Tigers.Reading Erich Maria Remarque's World One tale "All Quiet on the Western Front" as a boy made him want to become a writer.After a stint in the Navy building bases in the South Pacific during World War Two, Leonard enrolled at the University of Detroit, entering writing contests and selling stories to magazines that featured tales of the Old West.He would rise before dawn, denying himself a cup of coffee until he had written a page, and then head off to write copy at a Detroit advertising agency.Leonard switched to crime fiction when the popularity of Westerns faded. His tough characters spoke in a clipped, twisted syntax that led Newsweek magazine in a 1984 cover story to call him "the Dickens of Detroit" - a label he scorned.Leonard explained his approach in a New York Times essay in which he listed his rules for writing, including, "Try to leave out the part that readers tend to skip.He summed up his technique by saying, "If it sounds like writing, I rewrite it."Leonard, who overcame a drinking problem in 1977, wrote daily in long-hand on unlined pads in his living room, employing a researcher to enrich his material.He won the National Book Foundation's Medal for Distinguished Contribution to American Letters in November 2012, putting him in the company of such U.S. literary luminaries as Toni Morrison, John Updike, Gore Vidal and Norman Mailer.Leonard was married three times and had five children with his first wife. His son Peter also went into advertising before becoming a writer.(Reporting by Chris Michaud, writing by Bill Trott; Editing by David Brunnstrom and Paul Simao)

This article is taken from Reuters.com

UPDATE 2-Russia's MTS lifts margin forecast, revenue rises

* Raises full-year OIBDA forecast to 43 pct from 41-42 pct * Revenue up 5 pctMOSCOW Aug 20 (Reuters) - Russia's top mobile phone operator MTS on Tuesday reported rising revenue and hiked its profit margin forecast partly on the back of higher data usage - one of the key drivers of growth in Russia's competitive mobile market.MTS, part of oil-to-telecoms conglomerate Sistema, was the last of Russia's "Big Three" mobile operators to report second-quarter earnings. Its shares rose nearly 4 percent in New York after profit beat analyst expectations and reversed a loss a year ago, helped by settlement of a Kyrgyz lawsuit.MTS has faced tougher competition from No.2 operator Megafon , which has expanded in the Russian market with the acquisition of fourth-generation (4G) provider Scartel and seen its shares soar since going public in London last year.The pair also compete with Vimpelcom, which some analysts say has lagged in Russia after diversifying into Italy as well as some emerging markets."It looks like Megafon is the best performer (in the second quarter) followed by MTS and Vimpelcom," said Sergey Vasin, analyst at Gazprombank. "MTS (has been) the leader (in Russia) for a long time and didn't realise how dangerous Megafon was. I think MTS has every chance and every tool to keep leadership in hand. But Megafon can get closer that's for sure."MTS is the largest of Russia's big three mobile operators. According to its figures, it has 71 million mobile subscribers in Russia. Megafon has said it has 66 million mobile subscribers, while Vimpelcom has reported 57.1 million.MTS said its OIBDA margin - operating income before depreciation and amortization - stood at 45.5 percent and it raised its full-year forecast to 43 percent from 41-42 percent.This was boosted by high-margin data services, lower sales of loss-making handsets and compensation related to the settlement of the Bitel dispute, analysts said.Megafon reported an OIBDA margin of 47.5 percent for its second quarter. Vimpelcom reported an EBITDA margin - earnings before interest, tax, depreciation and amortization - of 42.4.MTS, which also operates in Ukraine, Armenia and Turkmenistan, showed revenue of 5 percent, with a 4.4 percent gain in Russia where mobile services rose 5.9 percent."In Russia revenue... was boosted by strong performance of our mobile and fixed operations," said MTS CEO Andrei Dubovskov on a conference call, who said increased data and smartphone usage was a key factor.Russia-focused Megafon previously reported consolidated revenue up 8.4 percent, with mobile data up 28 percent. Vimpelcom reported Russian revenue increased 5 percent with mobile data revenue up 37 percent.The mobile operators have shown growth despite Russia's economy slowing - growth was just 1.2 percent year-on-year in the second quarter - as customers have demonstrated their reliance on phones."It becomes a very essential part of life for Russians, the cellphone," said Vasin. "It is also much easier to buy the latest iPhone and show off to your friends than a Mercedes - that's beneficial for mobile (operators)."MTS said second-quarter net income was 29 billion roubles ($881 million) versus a 23 billion rouble loss a year ago when its earnings were hurt by the suspension of its licence in another central Asian state, Uzbekistan. Its struggles in Uzbekistan put it in contrast to Megafon, whose pure Russia focus is said by analysts to have helped it attract investors.MTS's earnings were boosted by booking a $320 million gain from the settlement of a dispute over the 51-percent stake it bought in Kyrgyz operator Bitel in 2005. The company wrote off that amount in 2006 after it failed to gain operational control of what was then Kyrgyzstan's biggest mobile operator because its ownership was in dispute.Analysts polled by Reuters had forecast net profit of 23.7 billion roubles including the Bitel gain, and about 14.8 billion after stripping it out. Excluding the Bitel gain, net profit was 13 billion roubles, MTS said.MTS expects to pay dividends of 19.8 roubles per share for 2013, giving it a dividend yield of 7.1 percent, according to a presentation. Megafon has a dividend yield of 4.8 percent while Vimpelcom has a dividend yield of 8 percent, according to Gazprombank calculations.

This article is taken from Reuters.com

Steadier China economy offers iron ore hope, but caution stays

SHANGHAI/SINGAPORE (Reuters) - A rally in iron ore prices to five-month highs has spurred optimism a stabilizing economy may help top buyer China absorb rising global supply, prompting some analysts and traders to raise their estimates for the second half of the year. But other forecasters stuck to their price projections, convinced the recent upturn would be short-lived and could quickly falter if Chinese steel demand fizzles out during an anticipated peak season that starts next month.Still, a rosier outlook suggests that the second-biggest shipped commodity after oil will remain a boon to top miners Vale SA (VALE5.SA), Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)BHP.L, although prices remain well below record highs near $200 a tonne (1.1023 ton) reached in 2011.Surprisingly upbeat Chinese trade and factory output data last week pointed to a stabilizing economy after more than two years of slower growth, fuelling hopes steel demand, which has been firm at the start of the second half of the year, could strengthen further."We see stronger-than-expected iron ore demand in the second half since mills have to replenish supplies after destocking in the first half," said Graeme Train, a commodity analyst with Macquarie in Shanghai. "Stronger steel demand will support ore."Train sees iron ore at around $125 to $130 a tonne in the second half, up from a previous forecast of $120, with the possibility of even stronger prices in the fourth quarter.Heavy restocking by Chinese steel mills has boosted spot iron ore prices .IO62-CNI=SI by 29 percent from the year's low at end-May to hit $142.80 a tonne last week, its loftiest since mid-March. The price stood at $139.20 on Monday.Before the rally, analysts polled by Reuters on July 4 had expected prices to fall to an average $116 a tonne in the second half, from $136.70 in January-June.Standard Chartered has also lifted its third-quarter price forecast, to $130 a tonne from its July estimate of $112, and upped its average full-year projection to $133 from $128. Commonwealth Bank of Australia sees upside risk to its forecast third-quarter price of $119 a tonne.Two traders at big trading houses said they see iron ore averaging about $130 a tonne in the second half of the year."Underlying steel demand remains resilient," said an iron ore trader in Shanghai. "As long as the economy continues its recovery and Beijing ramps up infrastructure investment, steel production will grow strongly."MINOR UPSIDEIncreased steel orders, mainly from the property sector, have encouraged Chinese mills to keep production high.Floor space for newly started construction projects jumped 8.4 percent in January to July from a year earlier, compared with a 3.8 percent rise in the first six months and a decline in the first quarter, according to the National Bureau of Statistics.Beijing's plan to boost investment in urban infrastructure and railways is also pushing steelmakers to keep output high.China's crude steel output could rise by 64 million tonnes, or 9 percent, to a record 780 million tonnes this year, the state economic planning agency said earlier this month.That increase in steel output translates to nearly 100 million tonnes of additional iron ore demand, outpacing analysts' estimated increase in global seaborne iron ore supply of 48 million to 65 million tonnes this year.But other analysts see the rally as fleeting.CLSA commodity strategist Ian Roper said the jump in prices only adds "a bit of upside" to the second-half price average, and sees it as a short-term bounce driven by stronger steel orders and the fact that the expected supply increase hasn't come through yet.Roper sees iron ore averaging $115 a tonne in July-December, and falling to $95 in 2014.Standard Bank analyst Melinda Moore has similarly maintained her price forecasts at $113 and $108 for the third and fourth quarters, respectively.Mills are rebuilding iron ore stockpiles ahead of the peak steel consumption season in September and October. If demand is slower than expected during the peak period, mills could be left with high inventories, putting pressure on steel and ore prices.(Additional reporting by Silvia Antonioli in LONDON and Fayen Wong in SHANHGAI; Editing by Richard Pullin and Simon Webb)

This article is taken from Reuters.com

Former executive from China Mobile parent under investigation

(Reuters) - A former senior executive from China Mobile Ltd's (0941.HK) state-owned parent is being investigated for "severe discipline violations," coming at a time when a slew of investigations is gripping the country's corporate sector. Xu Long, who was general manager of China Mobile Communications Corp's Guangdong office, was taken away by the provincial government's disciplinary committee on Friday, according to the official China News Service. Xu was also the Communist Party secretary for the company."Xu Long has been removed from his posts of China Mobile chairman and general manager, as well as party secretary. He is now under investigation by relevant departments because of alleged severe discipline violations," China Mobile Communications said in an emailed statement on Tuesday.The Guangdong province's disciplinary committee was not available for comment, while Xu could not be immediately reached for comment.The Chinese government is investigating domestic and foreign companies over possible bribery and price-fixing allegations in an effort to clean up the country's corporate sector. Last week, China's price regulator said it planned to investigate the petroleum, telecommunications, banking and auto sectors next for possible violations of anti-trust laws.Several executives and former executives of China Mobile Communications have been investigated by Chinese authorities for graft over the past several years, according to domestic media reports.In May, China Mobile Ltd said its parent was also beefing up its internal supervision after a government audit highlighted problems in accounting practices and internal management.In investigations also targeted at foreign firms, China has fined companies such as Mead Johnson Nutrition Co (MJN.N) and Danone SA (DANO.PA) due to price-fixing and anti-competitive practices.Chinese police also accused of British drugmaker GlaxoSmithKline Plc (GSK.L) of bribing Chinese officials and doctors through travel agencies to boost sales illegally and raise the price of its medicines in the country.(Reporting by Lee Chyen Yee in SINGAPORE; Editing by Matt Driskill and Ryan Woo)

This article is taken from Reuters.com