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| October 31, 2007 | | London is now the leading global financial centre
London has been named the world's leading center of commerce in a survey by Mastercard. The survey found that London outpaced New York in four of the six dimensions used by the Worldwide Center of Commerce Index: economic stability, ease of doing business, financial flow and business center. While the other three are self-explanatory, business center "depends on the clustering effect of business formation, supported by efficiency in logistics and transportation linkages."
Global gold market getting overheated
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
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| October 25, 2007 | | Russian team in India to check groundnut exports
A delegation from Russia is in India now to authorise some laboratories to certify the quality of the commodities exported to Russia. The delegation is visiting various labs and processing units from various parts of the country, including Mundra port. Russia had banned export of groundnut and sesame seed from India on May 1 this year on the basis of quality parameters of a single consignment.
ONGC plans 122,000 crore expansion
The gas major "plans to invest Rs 76,000 crore (Rs 760 billion) domestically and Rs 46,000 crore (Rs 460 billion) overseas" during five-year plan ending 2012, its Chairman and Managing Director R. S. Sharma told reporters in Mumbai.
Is commodity bull run getting over?
In an interview, Jay Matulich of Septos Capital Management said that bullishness in commodities may be slowing down.
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| October 24, 2007 | | Can wine be turned into fuel?
Sounds a little far-fetched -- but it's true. You see the EU is in desperate need of a substitute for common gasoline for its cars and diesel for the huge trucks. Given the shaky security of oil supply, it's no surprise that engineers are taking some unusual approaches in trying to find a replacement for fossil-based fuels.
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| October 11, 2007 | | China's new rules may hit metal imports
Over 1,800 types of commodities, including copper, lead, zinc and cloth, are added to the category. Importers will have to deposit half of their payable levies (including import duty and VAT) at the customs when they import raw materials.
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| October 10, 2007 | | Will Steel be listed in precious metals?
In 2006, Brazil, Russia, India and China accounted for about 41 per cent of global steel demand; the commodity demand was up to 12.8 per cent in 2007 and is expected to go up 11.1 per cent by 2008, IISI said in the report.
Delhi 'powering' for commonwealth games
Delhi's power problems could go for a toss if Gas Sales Agreement that GAIL (India) Limited has inked with Pragati Power Corporation Limited to supply 2 MMSCMD of R-LNG becomes operational. The peak demand for electricity in Delhi is slated to grow from the current 4100 MW to 5630 MW in 2010 as per the estimation of Central Electricity Authority.
NCDEX to start spot trading in bullion
The exchange has formed a new company -- NCDEX Spot Exchange--and senior officials said bullion will be one of the important products in spot market trading.
Reliance to build India's tallest trade tower
The first-phase of the three-phase project is to set up the trade tower on over 4 million sq. ft area. The second phase is to develop the business district on 30 acres in seven years. In the third phase the remaining 16.28 acres of the business district on would be developed.
Kolar goldmines set to shine again
KH Muniyappa, Union minister of state for road transport and highways said once the consultancy firm, appointed to fix the value of assets of the gold mining company, submits its report on the entire stretch of 80 kilometer radii of Kolar, the tenders will be floated. This, he said, is likely to happen in the next three months.
FMC calls for better system for spot market prices
India's commodity markets regulator, the Forward Markets Commission has urged commodity exchanges to review the mechanism of spot market prices. In an interview to a leading business daily, FMC Chairman B C Khatua said the commodity exchanges should widen the sample size of the poll participants for spot market prices.
Ban on foreign funds hitting commodity markets
According to the US-based Financial Markets International, India's ban on foreign funds into commodity futures market is these days benefiting the Chinese commodity markets. It pointed out that the cumulative effect of foreign investment is undeniably positive. "Limiting foreign investment in India's commodity futures exchanges would deny a key impetus to a rapidly growing sector of the Indian economy," the report said.
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| October 09, 2007 | | Fresh diamond deposits found in Madhya Pradesh
Three reconnaissance permits were issued during 2006-07 enlisting private participation for use of sophisticated equipments in exploratory work. Madhya Pradesh is the top state in India today in diamond mining with the Panna mine producing 15000 carats of both gem and industrial variety stones annually.
Rising Rupee: Time to go global
Firms whose imports are in dollar denominated currencies are the major beneficiaries. Companies, which are being hurt the most with the rising rupee, are those whose revenues are generated in dollars and whose costs are denominated in rupees. A million rupee question (rather than a million dollar) is what strategies the Indian firms should adopt to make their business sustainable.
Commodity futures simplified
Futures trading in commodity markets is a booming business these days in India. But not many people know the technical terms used in commodity futures trade. Check out below the technical jargons of commodity futures explained in simple language.
Chinese firm may build Essar plant
The proposed steel plant is a joint venture wherein Essar would hold 65 per cent stake, VSC 20 per cent and the rest 15 per cent would be held by Vietnam General Rubber.
Cafe Coffee Day going global
Café Coffee Day is a division of India's largest coffee conglomerate, Amalgamated Bean Coffee Trading Company Ltd, popularly known as Coffee Day, a Rs. 300 crore (Rs 3 billion) ISO 9002 certified company. Coffee Day sources coffee from 5000 acres of coffee estates, the 2nd largest in Asia, that is owned by a sister concern and from 11,000 small growers. It is one of India's leading coffee exporters with clients across USA, Europe & Japan.
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| October 08, 2007 | | Russia lifts ban on Indian oilseeds
According to the Agricultural and Processed Food Products Export Development Authority (APEDA), the restrictions had been lifted with the condition that sesame seeds and groundnut exported should carry the quality and safety certification issued by the Delhi-based Sri Ram Institute for Industrial Research or any other agency as may be notified from time to time.
Grow canes with high sugar content
India's apex sugar cooperative, the National Federation of Cooperative Sugar Factories (NFCSF), has asked farmers to grow sugar canes with high sugar content.
Global warming hits cereal production
A new study on the impact of global warming on global food production by researchers of a US university says that in 20 years since 1981, there had been an annual loss of about $5 billion for the major cereal crops in the world. The Chennai-based MS Swaminathan Research Foundation (MSSRF) is implementing a project on vulnerability assessment and enhancing adaptive capacity to climate change (V&A Programme) in semi-arid India.
Indian cities to witness 'Gold Shows'
WGC will conduct nearly 30 workshops across the Indian cities as a prelude to Au DITIONS, a competition for gold jewellery designers. Au DITION is aimed at identifying three trend-setting designers, whose works will be showcased worldwide.
Textile industry in doldrums
Many of the spinning mills in Tamil Nadu are facing closure and several mills have curtailed production as against the usual practice of working 24/7 round the year. Among the reasons cited by the mills are hike in domestic cotton prices, appreciation of rupee value leading to stock piling of stocks, labour shortages and shortage of power.
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| October 03, 2007 | | Have GM crops helped Indian farmers
The Canada-based International Development Research Centre in collaboration with the Gene Campaign has launched a unique research study on the attitudes and perceptions towards crops and foods in India. IDRC has undertaken a similar study in China.
Diamond sales: Kolkata, Hyderabad lead
It seems the sparklers have caught Kolkatans in a spell. According to Diamond Trading Corporation's figures, another city which has got mesmerised by diamonds is Hyderabad.
Commodities markets ready to follow Sensex
Experts like National Commodity and Derivatives Exchange Managing Director and CEO P H Ravikumar feel that the commodities market will steal the thunder in the coming days.
Commodities boom heralds green revolution
Fourteen states that include Maharashtra, Punjab, Andhra Pradesh and Rajasthan have amended the Agricultural Produce Marketing Committee Act this year. This allows farmers to sell their produce directly to buyers offering them the best price.
Bihar to restart eight sugar mills
The government move comes after seeing the diagnostic study done by SBI Caps. On government request SBI Caps studied 15 state-owned closed down sugar mills. It recommended re-opening of eight mills, saying they were viable units.
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| October 01, 2007 | | Voguestock to focus on rural areas
From a modest beginning, Voguestock has established its various divisions and branches to provide high quality of integrated services in the field of Capital Market. The basic strength of any service organisation is its work force.
Petroleum: India's largest foreign exchange earner
According to figures from the Ministry of Petroleum, foreign exchange earnings from the petroleum sector stood at more than $11 billion in the first six months (April-September) of the current financial year. In the last fiscal, it was $9.1 billion.
Guj jewellers call for cut in licence fee
Shantibhai Patel, president, Gems and Jewellery Trade Council of India, said jewellers in small towns have to pay Rs 10,000 for three years as licence fee, while in major cities this fee Rs 20,000 at present.
India No 2 in cotton production
Indian production this season (Oct 2006-Sept 2007) is estimated at 280 lakh bales of 170 kg (against 245 lakh bales last season) and for the next season, it has been projected at a minimum 300 lakh bales.
Global warming to hit rice production hard
Global warming, which will increase the temperatures up to 4.5 degree celsius by the end of the century, will hit rice cultivation hard by reducing production by 7 to 60 per cent this century.
EU moves to fatten Indian dairy farmers
Grabbing the opportunity, companies are lining up with investment in Uttar Pradesh, Punjab and Haryana for processing plants to milk the export market. Global giants such as Group Danone and Fonterra are firmly in India.
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