Skyrocketing world rice prices that have tripled in Asia over the course of the year may come down, but overall food prices will remain high for years to come, a UN food agency warned on Thursday.

High oil prices, growing demand, flawed trade polices, panic buying and speculation have sent food prices soaring, trigging protests from Africa to Asia and raising fears that millions more will go hungry and suffer malnutrition.
The food and Agriculture Organization (FAO) said it had some good news: The world prices of most agriculture commodities have started to drop, The bad news: The prices are unlikely to fall back to pre-2007 levels, the agency said in a report Thursday.
“We are facing the risk that the number of hungry will increase by many more millions of people,” said Hafez Ghanem, assistant director general of FAO.
Condition on the global rice market could ease as new crops are harvested around the world. But price pressures will remain high until at least October or November, when the bulk of this year’s paddy crops reach the market, the report said. “Stock levels are low and you need several good seasons to replenish them,” Ghanem said, “There will be soe improvement, but we don’t expect a major change.”
Internationally, rice prices skyrocketed by about 76% from December to April while overall food prices have risen 83% in three years, according to the World Bank. In Asia, rice prices have tripled this year, with the regional benchmark hitting $1038 (Rs. 44841) a tonne on Wednesday for Thai 100% grade B white rice.
FAO said the price pressure could ease further if producing countries such as India relax export restrictions on rice.
In Geneva, the UN Human Rights Council debated a Cuban resolution, which said nations, “have a primary obligation to make their best efforts to meet the vital food needs of their population.”
The international community, meanwhile, must provide poorer nations with food aid and assistance so that farmers can increase food production and improve “food crop rehabilitation,” the draft resolution says.
FAO is forecasting an increase of 3.8% in this year’s cereal production compared with last year, assuming favorable weather. Tight wheat supply is likely to improve the most, the agency said, Milk, sugar and meat production are also expected to grow.
Recently, FAO said rice production is expected to hit a new record of 666 million tones (mt) worldwide, a global increase of 2.3%. Production in Asia is forecast to rise to 605 mt from 600 mt.
Bradley S. Klapper in Geneva, Switzerland and Sadibou Marone in Dakar, Senegal contributed to this story.

1) LOUIS VUITTON
Brand value: $25.74 million
 As the marquee brand of French conglomerate LVMH, nothing- not even a strong euro and dwindling U.S. economy- can stop Louis Vuitton’s growth. Most recently, the company launched and ad campaign focused on its core customer, the luxury traveler, instead of the fashionista , who has adopted the brand as her own in the past decade. In the fashion and accessories division, of which Louis Vuitton is a part, LVMH reported revenues of 1.5 billion euros ($2.3 billion) in the first quarter of 2008, jumping 7.1 % from 1.4 billion euros ($1.9 billion) in the corresponding period from 2007.

2) HERMES
Brand value: $9.63 million
 French stalwart Hermes is traded on the Paris Bourse, but the family behind the brand still owns 29% of its shares. Many experts credit this as a reason the brand continues to grow. Handbags are still sourced, handcrafted and assembled in France, which is why, says the company, the most basic version of the beloved Birkin starts at $8000. Hermes has also done well with lower-priced items. Silk scarves, bracelets and beach towels are sold on its exclusive E-commerce web site.

3) GUCCU
Brand value: $9.34 million
 Gucci, owned by French luxury goods conglomerate PPR, reported lower that expected sales for the first quarter this year, but in terms of brand-power, Millward Brown has determined the brand has plenty. Other fashion labels in the GUCCI Group’s portfolio fared well, however; Alexander McQueen announced profitability for the first time since being acquired by the group in 2004, and Stella McCartney is expanding into India. In the first quarter of 2008, Bottega Venneta’s revenue grew 31.5% over the same time a year earlier.

4) CARTIER
Brand Value: $9.29 million
 It’s possible Cartier diamonds shine the brightest. The French jeweler, a subsidiary of luxury conglomerate Richemont, reported worldwide growth for the fiscal year ending March 2008. Sales in Richemont’s jewelry category, which includes Cartier and the much-smaller Van Cleef and Arpels, were 2.66 billion euros ($4.2 billion) , a 9% increase from 2.44 billion euros ($3.8 billion) in the fiscal year.

5) CHANEL*
Brand Value: $9.29 million
 One of the few private companies on our list, Chanel strikes an elusive balance; The brand continues to please aging customers while attracting young socialites. Ladies who lunch prefer classic tweed suites, while girls about town opt for designer Karl Largerfeld’s forthey frocks, And the company’s haute couture production is booming. At the end of 2007, Chanel’s president of fashion, Bruno Pavlovsky, said that last year was the company’s best in terms of couture sales, with 20 % more dressed produced that the previous year. A sunglasses licensing deal with Lyusotica fattens the bottom line.

* Private company; financial values were estimated

6) Rolex *
Brand Value: $9.29 million
 It’s easy to see why Swiss watchmaker Rolex manufactures the arguably most counterfeited product on the planet; its high-quality goods generate estimated revenue of $3 billion each year, according to the study. New wealth in Russia and China are cushionin the company’s revenue while the Western economy suffers.

* Private company; financial values were estimated

7) HENNESSY
Brand Value: $5.4 million
 LVMH’s spirit and wine division reported a 7.1 % decrease in revenues for the first quarter of 2008 compared with the same quarter in 2007. However, its Hennessey cognac brand was a bright spot, shinning in emerging markets including Russia, China and Vietnam. In China especially, congnac has been a status symbol since French traders shipped it into Asian ports over 200 year ago. A coveted wedding present in the country is as bottle of Hennessy.

ARMANI *
Brand Value: $5.12 million
 Although big companies like LVMH have sniffed around Armani’s business in the past, the minimalist designer, one of the world’s billionaires, has chosen to keep the company private and avoid added pressure from shareholders. Instead, he’s focused on extending the brand into the lifestyle category, cutting deals with television-maker Samsung, as well as opening Armani-branded hotels, spas and restaurants.

* Private company; financial values were estimated

9) MOET & CHANDON
Brand Value: $5.4 million
 Unlike flash-in-the-pan Champagne brands, Moet continues to be served at exclusive events and parties around the planet. The LVMH-owned company’s most recent marketing efforts included a holiday pop-up store in New York City’s Soho neighborhood. There, shoppers could have any pre-purchased bottle of Moet encrusted with Swarovski crystal lettering.

10) FENDI *
Brand Value: $4.67 million
 Billionaire Bernard Arnault’s French conglomerate Lous Vuitton Moet Hennessy (LVMH) owns several fashion houses, but the Karl Lagerfeld-helmed Fendi has kept apace with its slew of ‘it’ bags, from the Baguette in the late ’90 to the B Bag in 2005. With the premier of the Sex and the city film just weeks away, the company has reissued the Baguette, made famous by character Carrie Bradshaw and her friends on the HBO television series.

Source: Bangalore Mirror