DMK urges govt to release additional
incentive for sugarcane
Saturday December
29 2007 12:44 IST
PUDUCHERRY : Puducherry
DMK Convenor R.V Janakiraman
has urged the government to release the additional incentive for sugarcane
crops. In a statement, he said that though the government had announced an
incentive of Rs 61 per ton for the year 2006-2007,
even after the passage of two months it is yet to materialise.
For the crushing season 2007-2008, the harvesting should have been started in
the month of November, but even for that the Sugarcane support prices are yet
to be announced.
As a result the crops remain unharvested . He urged the government to immediately convene a meeting
with the cane growers and the Cooperative mill management and fix the price.
Shanghai Futures Exchange
To Start Gold Futures Trading
(RTTNews) - The
Shanghai Futures Exchange is all set to start gold futures trading on January
9. The contract size, however, will be larger than originally expected in order
to discourage individual investors. The contract size will be set at 1,000
grams, contrary to the 300 gm contract size inquiry the SFE distributed earlier
this month. Shanghai Futures said the contract size was determined on the basis
of surveys, indicating it large enough to discourage individual investors who
lacked the ability to take risks, while also being useful to institutions. The
China Securities Regulatory Commission on Friday said it had approved the gold
futures.
The exchange said starting gold futures
trading was aimed at providing channels for gold producers and individual
investors to hedge against price fluctuations. The SFE is expected to impose
strict risk controls on gold futures, setting a minimum margin requirement of 7%
of the contract value and a daily price movement band, possibly within the
range of plus or minus 5% of the previous settlement prices.
Gold is the second new futures product to
be introduced in
Online trading pushes up
yellow metal price
Saturday December 29 2007
11:34 IST
Express News Service
TIRUNELVELI: The sky rocketing
price of gold that was expected to dip owing to the appreciation of rupee
against the US dollar shows no signs of decline. Thanks to the uncontrolled
online trading of the metal, it is still climbing up.
Economic calculations have
once again proved wrong to the great dismay of traders and consumers in the
country. Oil price too is expected to go up by January next year against the
dollar value that stands at Rs 39.40 as on Thursday
morning.
The increase in oil price
despite the dollar depreciation has been attributed to the accumulated loss of Rs 21,000 crore over a decade,
while online trading of gold is seen as the major reason for the spiraling
price of gold.
The 916
hallmark gold was priced at Rs 987 and the 24
carat at Rs 1,065 on Thursday in the Tirunelveli market. Jewellers
were apprehensive that there was all possibility of the price crossing Rs 1,000 by the end of January.
According to Soma Thirunavukarasu, a member of the All India Jewellers’ Federation in Tirunelveli,
this was due to online players, who have created an artificial demand for gold,
considered a universal trading chit, by blocking it speculating an exorbitant
return.
The highest price registered before the opening up of online trading was just Rs 883 in the State.
www.chinaview.cn 2007-12-28 23:38:45
The China Securities Regulatory Commission
approved the gold futures trading on the SFE, a statement posted on its website
said on Friday. However, it did not say when the trading would be started.
The launch of gold futures on the SFE would
add to the hedging options for gold producers against the fluctuating global
market, analysts said.
Gold prices have fluctuated strongly,
prompting gold producers, financial institutions and investors to avert risks
through futures trading.
The SFE said earlier it would adopt strict
regulations on the risk control of gold futures after it initiated preparation
work in September with commission approval.
It would ask for a minimum margin
requirement of seven percent of the contract value, and clamp firmly on the
daily price fluctuations, probably within the range of plus or minus five percent
of the previous settlement prices.
Gold was the second new futures product to
be introduced to the country's futures market this year. The first was zinc
that launched trading in March.
Last year,
Editor: Mu Xuequan
Sudan bank to shun U.S.
dollar; central bank switching to euros
Posted 2 hours ago
The Central Bank of
The announcement, made public
in a circular note distributed to banks late Thursday, reflected efforts by the
central authorities to steer away from the weak dollar amid
The new policy note, signed by
bank governor Sabir Mohamed al-Hassan,
said all Central Bank dealings will be in the euro starting Jan. 1.
The note also recommended
commercial banks use currencies other than the U.S. dollar, with the view to
"lessen the risk of continuing to deal in the U.S. dollar."
The euro bought US$1.4701 in
afternoon European trading Friday, up from $1.4627 in late
Banks should advise account
holders to commute U.S. dollar assets to other currencies and "enlighten
them on the risks associated with maintaining balances in the American
dollar," it said, without elaborating.
The advisory also said banks
using the dollar would "bear the risks resulting from those
dealings," but a shift to other currencies was optional.
After a decade of American
sanctions,
Nearly 75 per cent of
Last year,