Rice production expected to improve

World paddy rice production is expected to improve by more than a million tonnes to 668 million tonnes thanks largely to improved harvests in India and some other major producers. The United Nations' Food and Agriculture Organisation (FAO), therefore, has raised its forecast of 2008
The 2008 world production is 1.5 percent higher than a record output of 658 million tonnes in 2007, FAO said.
"The abundant new 2007 paddy crops together with good prospects for the 2008 paddy season are easing the global rice market situation after world prices had jumped to record levels in April and May 2008," the Rome-based agency said.
World rice prices would remain under downward pressure in the next few months, especially if wheat prices kept falling. Though, import interest from Africa and Middle East would keep them from a sharp drop.

Most companies to report poor performances for the last quarter

Most of the companies in the financial sector are expected to report poor performance for the last quarter. More than half of the companies in the Standard & Poor's 500-stock index had reported June-quarter profits by July 29. It now appears the S&P 500 will post a 19% year-over-year decline for the quarter.
Calculations by S&P's Sam Stovall, chief investment strategist, and Steve Biggar, managing director of global equity research reveal, that "most of the blame goes to the financial sector, which is now projected to record a 90% decline in results.

Indian to lead Motorola

Motorola has named an India-born executive to head the company and design a popular line of cell phones. It tapped a semiconductor industry executive, Sanjay K. Jha of Qualcomm to head its troubled mobile phone division. He will share chief executive duties for the entire company in an unusual power-sharing arrangement.
He will also share the title of co-chief executive for all of Motorola with the current chief executive, Gregory Q. Brown.
For several months, Motorola has been seeking a leader who could inspire innovations in its money-losing mobile phone unit. The company had been a leader in the cell phone handset industry. But lost momentum when it’s designers and engineers failed to come up with a successor to the popular Razr phone.
Jha is an experienced operations executive steeped in the mobile phone business. His appointment is a step in the right direction. He most recently served as chief operating officer at Qualcomm, the San Diego-based maker of chips used in handsets. There he was responsible for corporate research and development. His team created advanced fourth-generation wireless technology that makes it faster to surf the Web.
Mr. Jha said in an interview that he did not know yet what was needed at Motorola to spur innovation. He said he will review the unit’s operations. “But I would not have taken this job if I did not believe in the organization.”