Despite two interest rate cuts from the Fed, concerns about the strength of the economy and the persistence of the credit crunch have so far kept high-yield bonds -- or junk bonds -- under pressure. Look at the closed-end funds, in particular. The gap between the value of the bonds held by these funds -- their net asset values -- and their market price is at historic highs.
In 2006, Chinese mines produced 240 tonnes of gold, about 10 per cent of global production, and up from 224 tonnes in 2005. Output was just 11 tonnes behind Australia, the world's third largest gold producer. So far this year, gold output is up 13.10 per cent from last year, and reports indicate steady growth over then next five years.
The letter 'e' has assumed special significance in this computer age. 'E-mail', 'e ticketing', 'e-booking', 'e-filing of return' and the words like that are pass. But 'e charkha'? One tends to become a bit sceptical about the existence of such a word in the first place, leave alone the product itself. If the Khadi & Village Industries Commission is to be believed, e-charkha is a reality.
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."
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."
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.
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. The company earns a cash profit of Rs 2,000 crore (Rs 20 billion) per month and domestic investments will be made through internal accruals.
In an interview, Jay Matulich of Septos Capital Management said that bullishness in commodities may be slowing down.
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.
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.
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.
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.
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.
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.
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.
Ministry of New and Renewable Energy signed the memorandum today with Iceland. According to the understanding, both the countries will decide upon project proposals related to design and development of various new and renewable energy technologies. They will also identify areas of mutual interest and cooperation for developing systems, sub-systems, devices, components for generating renewable energy, an official release said.
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.
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.
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.
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.
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