Monday, January 31, 2011




New Delhi: Magha 10, 1932                           

31 Jan 2011


          Gen Elrick Irastorza, COAS, France is on a two day visit to India on the invitation of the COAS, India.  The Indian COAS, had last visited France in March 2009.  Two decades back, the General has had a memorable association with Indian Troops, while on deployment with UNITED NATIONS TRANSITIONAL AUTHORITY in Cambodia (UNTAC), especially with the Indian Field Hospital at BATTAMBANG.


          France and India share common values and have convergence of views on many issues that affect the emerging world order.  Our bilateral cum defence cooperation is on an increase in multifaceted fields.  Our people to people / military to military contacts from the apex to the functional levels have resulted in building of trust and confidence, which has been immensely beneficial.  The highly successful recent visits to India of President Sarkozy in December and the French Chief of Defence Staff earlier in October 2010 are indicative of our strengthening Strategic Partnership.


          The General is occupying a pivotal position at the moment, spearheading a major transformation of the French Army, in which he is extensively involved.  There is a scope for enhanced interactions between our Defence Forces, as we implement our respective modernisation and transformation Plans to adapt to contemporary challenges.


          While Def Cooperation is on an upswing, there is a tremendous scope for enhancing Army to Army cooperation, being one of the most professional armies of the world with a vast and varied experience in the wider spectrum of conflict.


          The VARUNA and GARUDA series of exercises between our Navies and Air Forces have been very useful.  Commencing 2011, the Indian and the French Armies will commence Joint Exercises in India.  This will be a landmark achievement and will lay the foundation for graduated road maps for substantive enhancement in our joint Exercise Objectives.



The two day schedule of the visiting dignitary includes, a visit to Amar Jawan Jyoti to pay homage, interaction with the three Service Chiefs, a “call on” the Raksha Mantri and the Defence Secretary, besides a visit to an Elite Indian Army Brigade.  In his interactions with the top defence hierarchy of the Indian Defence Forces, issues of mutual, regional and transnational interest are likely to be deliberated upon, besides a candid exchange of ideas. The COAS hosted a banquet for the visiting Dignitary at the Army Battle Honours Mess.  This is the first visit by any COAS from a friendly Foreign Country to India in 2011.  The visit is anticipated to further cement our military to military contacts and our defence diplomacy cum defence cooperation forays.  Of late, there has been an exponential increase in Indian Army’s Defence Cooperation activities with key countries, to include France, as per our intensities of engagement.





Quick Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2009-10

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Quick estimates of national income, consumption expenditure, saving and capital formation for the financial year 2009-10. The estimates of GDP and other aggregates for the previous years have been revised on account of using the new series of Wholesale price Index (WPI) with base 2004-05 and also subsequent revision in Index of industrial production (IIP). The revision in estimates is also on account of use of latest available data on agricultural production, industrial production, government expenditure and also detailed and more comprehensive data available from various source agencies.

The salient features of the estimates, which are based on latest available information, are indicated below:


Gross domestic product (GDP) at factor cost at constant (2004-05) prices in 2009-10 is estimated at Rs. 44,93,743 crore as against Rs. 41,62,509 crore in 2008-09 registering a growth of 8.0 per cent during the year as against the growth rate of 6.8 per cent during the previous year. At current prices, GDP in 2009-10 is estimated at Rs. 61,33,230 crore as against Rs. 52,82,086 crore in 2008-09, showing an increase of 16.1 per cent during the year.

At constant (2004-05) prices the gross national income at factor cost in 2009-10 is estimated at Rs 44,64,854 crore as against Rs. 41,37,125 crore in 2008-09 showing a rise of 7.9 per cent during the year. At current prices, the gross national income in 2009-10 is estimated at Rs. 60,95,230 crore as compared to Rs 52,49,163 crore in 2008-09, showing a rise of 16.1 per cent during the year.

The growth rate of 8.0 per cent in the GDP during 2009-10 has been achieved due to high growth in transport, storage and communication (15.0%), community, social and personal services (11.8%), financing, insurance, real estate & business services (9.2%), and manufacturing (8.8%).


The per capita income (per capita net national income at factor cost) in real terms, i.e. at 2004-05 prices, is estimated at Rs. 33,731 for 2009-10 as against Rs. 31,801 in 2008-09, registering an increase of 6.1 per cent during the year. The per capita income at current prices is estimated at Rs. 46,492 in 2009-10 as against Rs. 40,605 for the previous year depicting a growth of 14.5 per cent.


In order to derive the GDP at market prices, the GDP at factor cost is adjusted by adding indirect taxes net of subsidies. As various components of expenditure on gross domestic product, namely, consumption expenditure and capital formation, are normally measured at market prices, the discussion in the following paragraphs is in terms of market prices only.


Private Final Consumption Expenditure (PFCE) in the domestic market at current prices is estimated at Rs. 37,95,901 crore in 2009-10 as against Rs. 32,66,461 crore in 2008-09. At constant (2004-05) prices, the PFCE is estimated at Rs. 28,57,060 crore in 2009-10 as against Rs. 26,59,152 crore in 2008-09. In terms of GDP at market prices, the rates of PFCE at current and constant (2004-05) prices during 2009-10 are estimated at 58.0 per cent and 58.7 per cent, respectively, as against the corresponding rates of 58.5 per cent and 59.6 per cent, respectively in 2008-09.

The per capita PFCE in the domestic market in 2009-10 is estimated to be Rs. 32,444 at current prices and Rs. 24,419 at constant (2004-05) prices as against Rs. 28,306 and Rs. 23,043 respectively in 2008-09.


Gross domestic saving (GDS) at current prices in 2009-10 is estimated at Rs. 22,07,423 crore as against Rs. 17,98,347 crore in 2008-09, constituting 33.7 per cent of GDP at market prices as against 32.2 per cent in the previous year. The increase in the rate of GDS has mainly been due to the increase in the rates of savings of public sector from 0.5 per cent in 2008-09 to 2.1 per cent in 2009-10 and private corporate sector from 7.9 per cent in 2008-09 to 8.1 per cent in 2009-10. In respect of household sector, the rate of saving has been decreased from 23.8 per cent to 23.5 per cent. In absolute terms, the saving of the household sector has increased from Rs. 13,31,033 crore in 2008-09 to Rs. 15,36,071 crore in 2009-10, the saving of private corporate sector has gone up from Rs. 4,38,376 crore in 2008-09 to Rs. 5,31,403 crore in 2009-10 and that of public sector has gone up from Rs. 28,938 crore in 2008-09 to Rs. 1,39,949 crore in 2009-10.


Gross Domestic Capital Formation at current prices has increased from Rs. 19,27,107 crore in 2008-09 to Rs. 23,89,213 crore in 2009-10 and at constant (2004-05) prices, it increased from Rs. 15,65,007 crore in 2008-09 to Rs. 18,58,659 crore in 2009-10. The rate of gross capital formation at current prices is 36.5 per cent in 2009-10 as against 34.5 per cent in 2008-09. The rate of gross capital formation at constant (2004-05) prices is 38.2 per cent in 2009-10 as against 35.1 per cent in 2008-09.

Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs. 20,16,186 crore in 2009-10 as against Rs. 17,88,803 crore in 2008-09. At current prices, the gross fixed capital formation of the public sector has increased from Rs. 4,78,707 crore in 2008-09 to Rs. 5,52,364 crore in 2009-10, that of private corporate sector from Rs.5,80,246 crore in 2008-09 to Rs. 7,08,769 crore in 2009-10, and the household sector from Rs. 7,29,850 crore in 2008-09 to Rs. 7,55,053 crore in 2009-10.

The change in stocks of inventories, measured as additions to stocks increased at current prices, from Rs. 1,12,519 crore in 2008-09 to Rs 2,14,619 crore in 2009-10. The increase is observed due to increase in private corporate and household sectors. In private corporate sector the change in stocks has increased from Rs. 60,953 crore to Rs. 1,55,874 crore and in household sector from Rs. 1,042 crore to Rs. 9,491 crore.
Index of Six Core Industries (Base: 1993-94=100) -- December 2010

The Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 278.0 (provisional) in December 2010 and registered a growth of 6.6% (provisional) compared to 6.2% registered in December 2009. During April-December 2010-11, six core industries registered a growth of 5.3% (provisional) as against 4.7% during the corresponding period of the previous year.

Crude Oil

Crude Oil production (weight of 4.17% in the IIP) registered a growth of 15.8% (provisional) in December 2010 compared to a growth rate of 1.1% in December 2009. The Crude Oil production registered a growth of 12.0% (provisional) during April-December 2010-11 compared to (-) 1.1% during the same period of 2009-10.

Petroleum Refinery Products

Petroleum refinery production (weight of 2.00% in the IIP) registered a growth of 8.3% (provisional) in December 2010 compared to growth of 0.9% in December 2009. The Petroleum refinery production registered a growth of 1.6% (provisional) during April-December 2010-11 compared to (-) 1.0% during the same period of 2009-10.


Coal production (weight of 3.2% in the IIP) registered a growth of 3.0% (provisional) in December 2010 compared to growth rate of 1.2% in December 2009. Coal production grew by 1.0% (provisional) during April-December 2010-11 compared to an increase of 8.4% during the same period of 2009-10.


Electricity generation (weight of 10.17% in the IIP) registered a growth of 4.3 % (provisional) in December 2010 compared to growth rate of 6.6% in December 2009. Electricity generation grew by 4.5% (provisional) during April-December 2010-11 compared to 5.9% during the same period of 2009-10.


Cement production (weight of 1.99% in the IIP) registered a growth of (-) 2.2% (provisional) in December 2010 compared to 11.0% in December 2009. Cement Production grew by 4.4% (provisional) during April-December 2010-11 compared to an increase of 11.0% during the same period of 2009-10.

Finished (carbon) steel

Finished (carbon) Steel production (weight of 5.13% in the IIP) registered a growth of 11.2% (provisional) in December 2010 compared to 9.6% (estimated) in December 2009. Finished (carbon) Steel production grew by 7.3% (provisional) during April-December 2010-11 compared to an increase of 3.6% during the same period of 2009-10.

This is to keep you updated on rules of SMS Service.

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 If you want to avail the SMS service from your Bank/Stock Advisor/ Or any other services kindly get De-Registered from DND to avoid the discontinuance of SMS Service from your company, Related to services rendered by you.

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Copper Strike Signs Funding Agreements with Two Chinese Parties – Proposed Placement at 18c per Share

Following Copper Strike’s acquisition of Teck’s back-in rights to the Einasleigh Project in late September 2010, the Company has now formed a strong strategic alliance with first class Chinese partners (Beijing Jintai Yuanchung Mining Co. Ltd and Taifeng Yuangchung International Development Limited), which, subject to approvals and a successful Feasibility Study, will see the Einasleigh Project well-funded to development. It has been Copper Strike’s objective for over a year to attract a strategic partnership of this quality. Copper Strike’s Board of Directors believe that this arrangement is much superior to Kagara’s continuing low-ball bid of 11 cents per share which has now been unsuccessfully on the table for almost four months.


Walford Creek – Good Numbers Continue to Roll in

Strong results were received from drilling by joint venture partner MM Mining (earning 70%) at the Walford Creek Project in NW Queensland. The results extend the thick high grade portion of the deposit by 200 metres to the east where it remains open at a shallow depth. Best results were in:

WFDD87 which returned 17.1 metres @ 1.94% copper, 2.41% lead, 0.71% zinc, 29.0g/t silver and 0.43% cobalt from 76 metres and

WFDD88 which returned 14 metres @ 1.63% copper, 18g/t silver and 0.086% cobalt from 164metres, as well as 5.5 metres @ 4.9% lead, 4.2% zinc and 87g/t Ag from 158 metres. MM Mining is planning a more substantial drilling programme for 2011.

41st World Economic Forum Annual Meeting Closes on Optimistic Note

  • The global economy will continue to grow, but not without some volatility
  • For growth to be sustainable, it must be inclusive
  • Inflation remains a risk, and of particular concern are commodity and food price spikes 

Davos-Klosters, Switzerland, 30 January 2011 – The 41st World Economic Forum Annual Meeting closed today on a note of hope, progress and optimism. On the final day of the meeting, the Co-Chairs of the World Economic Forum Annual Meeting 2011 expressed broad optimism that the global economy will grow, but not without some volatility. “We didn’t fall off the cliff, and there is growth worldwide,” said Paul Bulcke, Chief Executive Officer, Nestlé, Switzerland. “The economy is on a clear track of recovery,” agreed Wei Jiafu, Group President and Chief Executive Officer, China Ocean Shipping Group Co., People's Republic of China.

However, challenges remain. European leaders have taken on the “Herculean task to adopt all of these changes” in response to the sovereign debt crisis,” said Jacob Wallenberg, Chairman, Investor AB, Sweden. In particular, food and commodity price inflation remain points of concern. “Research and development for the agricultural industry is very important,” suggested Yorihiko Kojima, Chairman, Mitsubishi Corporation, Japan.

To consolidate gains, strategies must emerge to address lingering crises. Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank, India, said we will only make growth sustainable, “if we make our growth inclusive.” At the Annual Meeting, and across the world, the one key ingredient to growth was in evidence: “Hope is a very large driver of the human race,” concluded Ellen Kullman, Chair of the Board and Chief Executive Officer, DuPont, USA.

The theme of the World Economic Forum Annual Meeting 2011 was “Shared Norms for a New Reality”. Over 1,400 business leaders from the Forum’s 1,000 Member companies took part in the Meeting. Participants included over 35 heads of state or government, with 19 of the G20 governments represented at ministerial level or higher. Government ministers, central bankers, top officials from international organizations, labour leaders, religious leaders, representatives of civil society, media and leading academics also participated.

This year’s Annual Meeting dealt with global risks, developed risk mitigation strategies and captured related opportunities. The World Economic Forum launched its Risk Response Network. The network serves as a preparatory, analytical and highly practical framework for the global community to improve global risk management.

Just two days after the deadly terrorist attack on Moscow’s Domodedovo airport, Russian Federation President Dmitry Medvedev delivered the opening address to 2,500 participants. “All our efforts to further develop the world economy will be for nothing if we fail to defeat terrorism, extremism and intolerance, if we fail to eradicate altogether these evils which are the greatest danger to mankind.” He outlined that his government’s plans for modernizing the Russian economy and enhancing Russia’s global competitiveness. He stressed his commitment to openness and technological development and the importance of attracting talent to Russia.

President Susilo Bambang Yudhoyono of Indonesia, the world’s third largest democracy, warned about recent increases in food and energy prices. High food prices impact inflation and poverty, and could lead to social and political unrest.

President Nicolas Sarkozy of France said that France and Germany would never allow the euro to collapse and warned currency operators that they would be taking huge risks if they speculated against it. He said the euro was an integral part of European identity and of the drive to unity and cooperation on the continent that had ensured peace and turned old enemies into close friends.

In his special address to the Annual Meeting, Prime Minister David Cameron of the United Kingdom called for optimism in Europe’s future and said that a change of direction is needed. He also called for a “tough, transparent approach” to enforce the EU’s single market – a move he said would bring billions of euros to Europe.

Chancellor of Germany Angela Merkel warned participants against complacency about the risks of a further financial crisis, saying that all the international mechanisms needed to prevent another crash are not yet in place. She stressed that Germany stands firmly behind the euro and will continue to defend the embattled currency.

Naoto Kan, Prime Minister of Japan, outlined a new diplomatic approach, aimed at opening up his country to the world. He said that Japan will continue to take the lead in grappling with problems facing the world, emphasizing technological innovation, climate change and trade liberalization.

In a taped audio speech from her country, Daw Aung San Suu Kyi, General Secretary of the National League for Democracy, called on world leaders gathered in Davos “to use their particular opportunities and skills as far as possible to promote national reconciliation, genuine democratization, human development and economic growth in Burma, so that our people may in turn be able make their own contribution towards a safer, happier world.”

United Nations Secretary-General Ban Ki-moon said that a “revolution” is urgently needed in thinking and policy to bring about sustainable economic growth that can both protect the environment and raise living standards.

The World Economic Forum, together with a coalition of business, governments and farmers, launched a strategy to significantly increase food production while conserving environmental resources and spurring economic growth. The governments of Tanzania, Vietnam and the US; 17 global companies; international organizations and agricultural leaders plan to accelerate sustainable agricultural growth through market-based solutions. Speaking at a press conference at the World Economic Forum Annual Meeting where the strategy was presented, President Jakaya Kikwete of Tanzania launched a blueprint for public-private investment in the Southern Agricultural Growth Corridor, developed with support from the initiative. “Developing this corridor could triple regional production, generate US$ 1.2 billion per year and lift 2 million people out of poverty,” he said. “My government is committed to realizing this opportunity to generate sustainable growth in the region.”

China’s Minister of Commerce Chen Deming said that China would do its best to see the WTO’s difficult Doha Round through to a successful conclusion. Minister Chen described China’s decision to join the WTO as a “courageous and tough choice,” but one that he affirms was “the right choice.”

Jean Claude Trichet, President of the European Central Bank in Frankfurt, told the gathering that while the monetary union had stabilized Europe’s currency to an inflation rate that is less than 2%, the lowest inflation in 50 years, Europe had been less successful when it comes to economic union.

Egypt was discussed widely at the meeting. The main point of the discussion was whether Egypt would follow Tunisia or take a different path. Discussions focused on the broader implications of the "Jasmine Revolution" for the whole of the Maghreb region. The Jasmine Revolution has been seen as a mode of social and democratic revolution in the Arab world. “We are going to leverage social media to build a horizontal democracy rather than a vertical democracy,” said Yassine Brahim, Minister of Infrastructure and Transport of Tunisia. The eyes of the world are now on Egypt to see what path it will take.

Sunday, January 30, 2011

India’s Home Affairs Minister Chidambaram: Create Wealth but Share It Equitably

  • About 100 million Indians fall outside the reach of government programmes to advance inclusive growth
  • Managing inflation, now at about 8.5%, is a major challenge for India
  • Education, particularly for girls, is a key to achieving inclusive growth 

Davos, Switzerland, 29 January 2011 – Growing by nearly 9% a year, India has become a model of an economy that is expanding rapidly within the context of an open, democratic society. The biggest challenge for the country is to ensure that growth is inclusive. “Examples like China have shown us that, as growth takes place, poverty comes down substantially,” said Chanda Kochhar, Managing Director and Chief Executive Officer of ICICI Bank Ltd of India, in a session on “India’s Inclusive Growth Imperative” at the World Economic Forum’s Annual Meeting 2011. “Growth and inclusion have to go hand in hand.” Kochhar is one of the Co-Chairs of the Annual Meeting.

Global Economic Outlook: Recovery Is Gaining Pace and Confidence Is Growing

  • While emerging economies have recovered strongly, developed countries are also on the rebound
  • With additional public sector stimulus unlikely, the private sector should fuel growth through investment
  • The G20 agenda must be sensitive to the concerns of countries that are not members  

Davos, Switzerland, 29 January 2011 – The global economy is rebounding, led by developing economies including China and India, with developed countries growing much more slowly, government and banking leaders said in a plenary session on the global economic outlook at the World Economic Forum Annual Meeting 2011. While the recovery is gaining pace, however, there remain significant challenges for all economies.

Saturday, January 29, 2011

Indian Railways gets Rs 28 Crore for Development of Multi Functional Complex through Private Investment

Bids Invited by RLDA for 6 Stations in Cities Evokes Overwhelming Response

RLDA to Develop 86 More MFCS this Year

Rail Land Development Authority (RLDA), a statutory authority established by Ministry of Railways for generating non-tariff revenue from railway land, today announced appointment of private developers for development of Multi Functional Complexes (MFCs) at five stations namely, Cuttack, Dehradun, Jhansi, Katra and Nanded. This is the first time that MFCs are being developed through private investment. Indian Railways operates more than 7000 stations across the country.

RLDA had appointed Knight Frank India as marketing consultant for the first six MFCs to be developed through private parties. Out of the six MFCs, five MFCs were awarded to M/s Keshari Estates Pvt. Ltd (Cuttack), M/s Janak Holdings (Dehradun and Nanded), M/s Bhagwati Infraestate Pvt. Ltd. (Jhansi) and M/s MGC Estates (Katra). RLDA did not accept the bid for Ujjain being below expectation due to certain existing constraints in the approach road to the site. A total of 15 bidders submitted 28 financial bids. The total present value of the Lease Premium and Annual Lease Rent received for 5 stations in response to the open competitive bidding is Rs 27.61 crore which is much higher than the pre-bid expectations. Ujjain MFC will be put to re-bidding after getting the constraints removed.

With the tremendous success of the pilot project of bidding for 5 MFCs, RLDA plans to invite bids for 86 more MFCs at railway stations across India very soon and all these MFCs are targeted to be awarded this year. Several important sites for commercial development of surplus railway land at Bandra, 3.3 ha. at Aurangabad, Jamnagar, and at Chennai, are also expected to be awarded this year by RLDA.

Multi Functional Complexe is a win-win model for Indian Railways, rail users and developers. Indian Railways get passenger facilities developed at no cost to Government and further gets additional present and future revenues, rail users get better facilities in the shortest period of time and developers get assured market and opportunity for developing such project at large number of railway stations across India.

Indian Railways have introduced the concept of MFC at Railway stations beginning year 2009-10 for developing facilities for rail users at one centralised complex. This is to improve and upgrade the existing amenities for the rail users in cities having tourist and religious importance by way of developing the land/air space at railway stations. MFCs will be developed to provide rail users with facilities such as shopping, food stalls/ restaurants, book stalls, ATMs, medicines and variety stores, budget hotels, parking etc. In the first phase of the project announced in year 2009-10 development of 48 MFCs were started by RLDA jointly with three railway PSUs- IRCON, RITES and RVNL whereas six MFCs at Cuttack, Dehradun, Jhansi, Katra, Nanded and Ujjain were proposed to be developed through private parties. 86 MFCs will be developed by RLDA across the country through private parties as part of the second phase of the MFC project announced in the Railway Budget in year 2010-11. Bidding for the second phase is to be initiated shortly. 

Aung San Suu Kyi Addresses World Economic Forum Annual Meeting in Davos

  • Aung San Suu Kyi addresses World Economic Forum Annual Meeting 2011 in Davos "on behalf of 55 million people of Burma who have largely been left behind"
  • Appeals "to those present at this gathering to use their particular skills and opportunities to promote national reconciliation, genuine democratization, human development and economic growth in Burma" 

Davos, Switzerland, 28 January 2011 Daw Aung San Suu Kyi, General Secretary of the National League for Democracy, has addressed participants of the World Economic Forum Annual Meeting 2011.

Business Leaders Launch Strategy to Boost Global Food Security

  • 17 global companies partner with governments of Tanzania, Vietnam and the US, international organizations and farmer leaders to accelerate sustainable agricultural growth through market-based solutions
  • The “New Vision for Agriculture” aims to simultaneously improve food security, environmental sustainability and economic opportunity 

Davos, Switzerland, 28 January 2011 – A coalition of business, governments and farmers today launched a strategy to significantly increase food production while conserving environmental resources and spurring economic growth. The approach is already being implemented in two countries, Tanzania and Vietnam. Led by 17 global companies, the strategy sets ambitious targets for collective action to increase production by 20%, decrease greenhouse gas emissions per tonne by 20%, and reduce rural poverty by 20% each decade.

Steel Minister reviews the progress of Jagdishpur SAIL Unit (JSU)

Shri Beni Prasad Verma, Steel Minister, Government of India held a meeting with senior officials from Ministry of Steel & SAIL at Lucknow and reviewed the progress of the ongoing revival work of Jagdishpur SAIL Unit (JSU), which is erstwhile Malvika Steel at Jagdishpur (U.P.). While expressing satisfaction over the status and progress, he commended the SAIL team for nearing the completion of Warehouse and Galvanised Sheet Corrugation Unit. Mr. U.P.Singh, Joint Secretary, Ministry of Steel, Mr. C.S.Verma, Chairman, SAIL, Mr. S.N.Singh, MD, RSP and  representatives from Kobe Steel were among those present during the meeting.

Mr. C.S.Verma, Chairman, SAIL outlined the proposed strategy for the JSU and stated that the revival work is going on as per schedule and the unit will be successfully operational soon.

It is noteworthy that SAIL acquired the assets of erstwhile M/s Malvika Steel at Jagdishpur (U.P) in the year 2009 which were registered in SAIL’s name in June 2010. For reviving this setup and to supply value-added finished products to meet the demand of the region, initially four main units were proposed under Phase-1. Two units namely, a Warehouse with a capacity of 12,000 tons per annum and a Galvanised Sheet Corrugation unit of capacity 13,000 tons per annum are in final stages and shall be ready for commissioning very soon. Work for two more units under the current phase viz.  a TMT Bar Mill of capacity 150,000 tons per annum and a Crash Barrier Manufacturing unit of capacity 10,000 tons per annum is progressing as per schedule and shall be completed by November 2011. The inputs of GP Sheets, Billets and HR sheets for all these facilities will be sourced from the existing plants and units of SAIL.  The finished products will be dispatched through road.

For Phase-2, discussions with M/s KOBE Steel Japan are being held for which a Joint Task Force Team has been formed which is likely to submit its report in March 2011.  Options for setting up a 1000 mw gas-based Power Plant  and a steel plant based on the technology of Direct Reduced Iron making (Gas based) and Electric Arc Furnace steel making with value added products are being examined. SAIL is carrying out many activities under Corporate Social Responsibility (CSR) in and around Jagdishpur.  The School inside the campus has been renovated with basic amenities and playground. 210 children have been registered with the school and are studying. Medical health check up camps organized in nearby villages/ schools regularly and necessary medicines disbursed. Medical health centre with one doctor and two pharmacists is functional; one ambulance is also in operation. Many patients are being examined daily in the health centre and free medicines are provided to them.

Hon’ble Steel Minister stated that for further industrial development of the State of Uttar Pradesh, SAIL will also be examining the feasibility of setting up a Steel Processing Unit at Barabanki/Gonda.

Friday, January 28, 2011

Tourism Minister Calls for More Cooperation Amongst South Asian Countries to Promote Tourism

Union Tourism Minister Shri Subodh Kant Sahay has called for more cooperation amongst the South Asian countries to promote tourism in the region. Inaugurating the 18th South Asia Travel and Tour Expo (SATTE) 2011 in New Delhi today he said, it is the opportune time for all tourism organisations and stake holders in the region to get together and address issues that are common and relevant for the growth of tourism in the region.

Shri Sahay said there is a need for secured tourism. He said more trained and skilled tourism professionals are required for the fast developing tourism industry. The minister said India can offer its training facilities to the people from south Asian countries. He was of the opinion that India has tremendous scope for the growth of eco, rural and medical tourism.

The tourism minister said that we are monitoring and analyzing the global tourism trends to maintain our competitiveness. We are increasing our collaboration and improving information exchange mechanism with the industry, other countries, international organizations and educational institutions. Our endeavour remains to exchange data and information on the latest trends and strategies with other countries at regular intervals.

The linkage and cooperation with the industry is going to be the key for the future of tourism growth in the region. In our efforts to develop inbound tourism to the South Asian region and intra-regional tourism, we should make the industry our major partner and lead player, the minister added.

The tourism minister expressed the hope that the conference will come out with a concrete road map for development of tourism in south Asia.

SATTE plays an important role in showcasing the tourism potential of the South Asian region and provides a platform for tourism stakeholders in the region to interact with buyers from across the world with the objective of promoting tourism to the region. 32 countries are participating in the SATTE this year.
Expansion of Steel Capacity

Based on the progress of steel expansion capacity projects, being undertaken by the major steel investors and as per the information furnished by the respective companies, the total steel production capacity in India is expected to be approximately 120 million tonnes by December 2012. As far as the technology, operation methods and type of products is concerned, the details of these are decided by the individual companies based upon techno-commercial considerations. Government of Chhattisgarh has informed that the State Government has formulated “Rehabilitation Policy” which takes care of rehabilitation adequately.
Modernisation of Infrastructure Work in SAIL

Steel Authority of India Limited (SAIL) has undertaken modernization & expansion plan of five integrated steel plants at Bhilai, Durgapur, Rourkela, Bokaro & Burnpur and one special steel plant at Salem. In case of Salem Steel Plant, major facilities under modernization & expansion plan have been completed by September, 2010. The modernization & expansion of other plants are under various stages of implementation.

There had been minor slippages in completion of the expansion of Salem Steel Plant (SSP). In case of IISCO Steel Plant (ISP) expansion, there has been an increased scope of civil and structural works entailing some delay and increased cost. However, all efforts are being taken to minmise the impact of these delays. In other plants, efforts are being made to ensure that all major facilities are implemented broadly as per schedule.
Requirement of Power for Expansion of Steel Plants

The current modernization and expansion programme of Steel Authority of India Limited (SAIL) envisages an increase in the present hot metal production from 14.6 Million Tonnes Per Annum (MTPA) to 23.46 Million Tonnes Per Annum (MTPA) by 2012-13. The increase in production capacity is expected to increase the average power requirement of SAIL steel plants and mines from present 1000 Mega Watt (MW) to 1900 Mega Watt (MW) after completion of the modernization and expansion programme.

To meet the increased requirement of power, SAIL has requested various state utility grids, Damodar Valley Corporation (DVC) and NTPC-SAIL Power Supply Company Ltd. (NSPCL – a Joint Venture of SAIL and NTPC). NSPCL is conducting the Feasibility Study Report to set-up a total 1725 Mega Watt (MW) power plant to meet the power requirement of SAIL. The magnitude of investment will be known after completion of Feasibility Reports.
Indian Port Sector Crosses one Billion Tonne Cargo Handling Capacity

Three Major Port Projects Inaugurated at Ennore Port

A function was organised on 28.01.2011 at Ennore Port to commemorate the achievement of aggregate cargo handling capacity of Indian Port Sector crossing One Billion tonnes. The occasion coincided with the inauguration of three major projects with a total capacity of 15 MTPA implemented at Ennore Port, namely the Common User Coal Terminal, Iron Ore Terminal and Car Terminal. With inauguration of these three projects, the capacity of Indian Port Sector has reached to 1011 million tonnes per year. The Inauguration of the three terminals was done by Shri G.K.Vasan, Union Minister of Shipping and Shri Dayanidhi Maran, Union Minister of Textiles. Shri K.Mohandas, Secretary, Ministry of Shipping, Government of India was present to celebrate the occasion. 

This occasion is a sequel to the recently released Maritime Agenda 2010-20 in Delhi on January 13, 2011 wherein the Union Minister of Shipping had outlined the developmental goals for the Indian Maritime Sector in order to meet the requirements of trade and industry. The Maritime Agenda intends to develop the Indian Ports Capacity to 3200 million tonnes by 2020.

While delivering his welcome address, Shri S.Velumani, Chairman cum Managing Director, Ennore Port Limited outlined the achievements of Ennore Port within a short span of ten years of its commercial operations. He stressed the determination of the port to undertake further capacity expansion projects as charted out in order to realise its full potential. Members of Parliament, Members of Legislative Assembly, Mr.Kazuo Minagawa Consul General of Japan, senior officials of the Ministry and Chairmen of all Major Ports were present in the function.

The Union Minister of Shipping Shri G.K.Vasan while complimenting the Indian Port Sector on this occasion underlined the need of developing the port sector capacity further in order to keep pace with the growth of the overall Indian economy. Shri Vasan recalled the journey of Ennore Port, the first Corporate Major Port, from a coal handling port, as conceived originally, to an all cargo port having the potential to develop as a hub port of the eastern coast. The inauguration of the car terminal at Ennore Port is a testimony of its capability for diversification.

In his address the Union Minister of Shipping outlined brief features of three projects two of which namely the Common User Coal and Iron Ore Terminals have been developed through private sector participation on BOT basis while Car Terminal has been developed by the port through its own resources. The Common User Coal Terminal having a capacity of 8 million tonnes per annum has been developed with an investment of Rs.399.13 crores. The Iron Ore Terminal has an aggregate capacity of 12 million tonnes per annum, out of which the first phase development having the capacity of 6 million tonnes per annum with an investment of Rs.360 crores has been inaugurated in this function. The Car terminal has been developed by the port with an investment of Rs.110 crores through it own resources.

The Union Minister of Shipping further highlighted the environmental friendliness of these three projects and expressed the hope that Ennore Port in coming years would contribute to the overall economic development of Tamil Nadu in a substantial manner.

The Union Minister of Textiles Shri Dayanidhi Maran in his special address complimented Indian Ports fraternity and the Ennore Port for achieving such significant milestones. While stressing the need for more capacity building in Indian Port Sector Shri Maran expressed the hope that the goals of Maritime Agenda would be realised by the port sector within the stipulated time frame.
Secretary Clinton on India's Republic Day
India's Republic Day
I join President Obama and the American people in congratulating the people of India as they celebrate the 62nd anniversary of Republic Day this January 26.
Our two nations are bound together by mutual respect, shared values, and the freedoms enshrined in our Constitutions. Our people and governments are forging an even stronger strategic partnership to promote a secure and stable world, and support even greater cooperation on economic development, open government, and democratic values.
I look forward to my visit to India in April to advance our efforts during the next session of our Strategic Dialogue. The people of the United States and India - united by these shared values and commitment to a safer, more secure world - are working together to construct what President Obama has called an indispensable partnership for the 21st century.
I wish all Indians around the world continued peace and prosperity in the coming year.

(Distributed by the Bureau of International Information Programs, U.S. Department of State.)
Railway Revenue Earnings up by 10.40 per cent During the period 11th – 20th January 2011

The total approximate earnings of Indian Railways on originating basis during the period from 11th to 20th January, 2011 were Rs. 2608.04 crore compared to Rs. 2362.43 crore during the same period last year, registering an increase of 10.40 per cent.

The total goods earnings have gone up from Rs. 1649.84 crore during the period from 11th to 20th January 2010 to Rs. 1827.64 crore during 11th January to 20th January 2011, showing an increase of 10.78 per cent. The total passenger revenue earnings during the period 11th to 20th January 2011 were Rs. 693.97 crore compared to Rs. 628.71 crore during the same period last year, reflecting an increase of 10.38 per cent. The revenue earnings from other coaching amounted to Rs. 65.25 crore during this period compared to Rs. 62.23 crore during the same period last year, showing an increase of 4.85 per cent.

The total approximate number of passengers booked during the period 11th to 20th January 2011 were 219.59 million compared to 203.40 million during the same period last year, showing an increase of 7.96 per cent. In the suburban and non-suburban sectors, the number of passengers booked during 11th to 20th January, 2011 were 119.75 million and 99.84 million compared to 111.00 million and 92.40 million during the same period last year, registering an increase of 7.88 per cent and 8.05 per cent respectively.
Mineral Production during October 2010

The index of mineral production of mining and quarrying sector in October 2010 was higher by 10.89% compared to that of the preceding month. However the mineral sector has shown a positive growth of 6.50% during October 2010 as compared to that of the corresponding month of previous year.

The total value of mineral production (excluding atomic & minor minerals) in the country during October 2010 was Rs. 14572 crore. The contribution of petroleum (crude) was the highest at Rs. 5427 crore (37%). Next in the order of importance were: coal Rs.4015 crore, iron ore Rs. 2602 crore, natural gas (utilized) Rs. 1336 crore, lignite Rs. 273 crore and limestone Rs. 260 crore. These six minerals together contributed about 95% of the total value of mineral production in October 2010.

Production level of important minerals in October 2010 were: coal 439 lakh tonnes, lignite 24 lakh tonnes, natural gas (utilized) 4285 million cu. m., petroleum (crude) 32 lakh tonnes, bauxite 890 thousand tonnes, chromite 366 thousand tonnes, copper conc. 6 thousand tonnes, gold 197 kg., iron ore 152 lakh tonnes, lead conc. 12 thousand tonnes, manganese ore 207 thousand tonnes, zinc conc. 126 thousand tonnes, apatite & phosphorite 154 thousand tonnes, dolomite 392 thousand tonnes, limestone 196 lakh tones, magnesite 9 thousand tones and diamond 35 carats.

In October 2010 the output of chromite increased by 67.24%, iron ore 23.73%, coal 20.8%, bauxite 20.43%, limestone 11.65%, lead conc. 10.69%, zinc con. 10.11%, manganese ore 4.31%, petroleum (crude) 4.21%, dolomite 3.93%, natural gas (utilized) 3.23%, gold 3.14 percent. However the production of lignite decreased by 0.37%, apatite & phosphorite 4.63%, copper conc. 37.0%, magnesite 42.46% and diamond 99.51 percent.
National Lighting Code (NLC) SP 72: 2010 Released

Code to Encourage Good Lighting Practices for Energy Conservation and Safe Usage
Shri Rajiv Agarwal, Secretary, Department of Consumer Affairs released the National Lighting Code (NLC) -2010 here today.

Published by the Bureau of Indian Standards the Code aims at encouraging good lighting practices and systems which would minimize light pollution, glare, light trespass and conserve energy while maintaining safety, security, utility and productivity.

Speaking on the occasion, Shri Agarwal said that standardisation in the sphere of lighting requires development of standards which ensure minimum losses, maximum efficiency and at the same time safe usage. He said that in view of increasing competition at the global level it is inevitable to use standards for manufacturing products particularly in the sphere of lighting. The Secretary pointed out that the much discussed energy crisis has been constantly drawing attention to the efficiency of lighting devices and has stimulated new thinking that resulted in new approaches to providing efficient lighting system to the common man at affordable rates.

The NLC 2010 contains good practices which can be easily adopted by various departments and public bodies also. In the area of public lighting, it recommends essential provisions necessary for convenience of the people with reference to lighting levels, quality of light and devices and for safe usage. For various professionals, it provides technical guidance in respect of light products and also methods of lighting designs.

The Code is applicable to the lighting systems in large varieties of interior and exterior installations, including special areas like hospitals, utilities, sports complex, metro railway etc.
Wholesale Price Indices for Primary Articles and Fuel & Power in India (Base: 2004-05 = 100)Review for the week ended 15th January, 2011 (25 Pausa, 1932 Saka)

The WPI for the week ended 15th January, 2011 in respect of ‘Primary Articles’ and ‘Fuel & Power’ is given below:

PRIMARY ARTICLES (Weight 20.12%)

The index for this major group rose by 0.3 percent to 193.6 (Provisional) from 193.1 (Provisional) for the previous week.

The annual rate of inflation, calculated on point to point basis, stood at 17.26 percent (Provisional) for the week ended 15/01/2011 (over 16/01/2010) as compared to 17.03 percent (Provisional) for the previous week (ended 08/01/2011).

The groups and items for which the index showed variations during the week are as follows:-

The index for 'Food Articles' group rose by 0.1 percent to 190.8 (Provisional) from 190.6 (Provisional) for the previous week due to higher prices of jowar (7%), arhar (4%) and maize, masur, fruits & vegetables, fish-inland and poultry chicken (1% each). However, the prices of condiments & spices (2%) and tea, pork, milk, gram and bajra (1% each) declined.

The index for 'Non-Food Articles' group declined by 0.3 percent to 176.5 (Provisional) from 177.1 (Provisional) for the previous week due to lower prices of castor seed (9%), flowers (8%), niger seed (7%), mesta (2%) and groundnut seed and fodder (1% each). However, the prices of sunflower (5%), raw rubber and copra (2% each) and rape & mustard seed, coir fibre and gaur seed (1% each) moved up.

The index for 'Minerals' group rose by 2.4 percent to 267.6 (Provisional) from 261.3 (Provisional) for the previous week due to higher prices of crude petroleum (5%).

FUEL & POWER (Weight 14.91%)

The index for this major group remained unchanged at its previous week's level of 150.9 (Provisional).

The annual rate of inflation, calculated on point to point basis, stood at 10.87 percent (Provisional) for the week ended 15/01/2011 (over 16/01/2010) as compared to 11.53 percent (Provisional) for the previous week (ended 08/01/2011).

ArcelorMittal, Nunavut Iron and Baffinland announce changes to Baffinland board of directors

Baffinland appoints new Baffinland appoints new President and Chief Executive Officer

Toronto 27 January 2011 / Luxembourg 28 January 2011 - ArcelorMittal, Nunavut Iron Ore Acquisition Inc. (together the " Offerors ") and Baffinland Iron Mines Corporation (" Baffinland ") today announced changes to the Baffinland Board of Directors. Effective immediately, the Baffinland Board of Directors has accepted the resignations of Richard D. McCloskey, Grant Edey, John W. Lydall, Russell Cranswick and Gordon Watts. The Baffinland Board of Directors has been expanded to eleven directors and the open board seats have been filled by the following directors - Aditya Mittal, Sudhir Maheshwari, Phil Du Toit, Peter Kukielski, Carole Whittall, André La Flèche, Bruce Walter and Jowdat Waheed.

Aditya Mittal has been appointed Chair of the Baffinland Board of Directors and Phil Du Toit has been named President and Chief Executive Officer of Baffinland.

Daniella Dimitrov, Gary Fietz and Ronald Simkus will continue as directors on the Baffinland Board of Directors.

"The Board would like to thank Richard, Grant, John, Russell and Gordon for their dedication to Baffinland and the Mary River Project" said Aditya Mittal, Chair of the Baffinland Board of Directors.

The Offerors have today paid for the common shares of Baffinland (" Common Shares ") and Common Share purchase warrants issued pursuant to a warrant indenture dated 31 January 2007 (the " 2007 Warrants ") tendered up to January 24, 2011 to their outstanding offer (the " Offer ") of C$1.50 per Common Share and C$0.10 per 2007 Warrant and now own 61% of the outstanding Common Shares (on a non-diluted basis).

The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on February 4, 2011 (the " Expiry Time ") to allow Baffinland securityholders who have not yet tendered their Common Shares and 2007 Warrants time to do so and receive prompt payment for their tendered securities. Common Shares and 2007 Warrants tendered to the Offer will be promptly taken-up prior to the Expiry Time. Payment for such taken-up securities will be made within three business days of the take-up. Shareholders are encouraged to tender their remaining Common Shares and 2007 Warrants to the Offer as soon as possible and in any event prior to the Expiry Time to receive prompt payment.

Georgeson Shareholder Communications Canada Inc. has been retained as information agent in connection with the Offer. Computershare Investor Services Inc. is the depositary for the Offer. 

China’s Minister of Commerce Reflects on 10 Years since WTO Accession

  • China’s Minister of Commerce outlines plan to further open China’s economy
  • Minister of Commerce Chen Deming reiterates joint communiqué’s pledge to step up efforts to conclude the Doha Round
  • WTO Director-General Pascal Lamy praises China’s record as a WTO member 

Davos, Switzerland, 27 January 2011 – China’s Minister of Commerce Chen Deming said that China would do its best to see the WTO’s difficult Doha Round through to a successful conclusion.

European Leaders Call for Greater Eurozone Transparency and Structural Reform

  • Structural reforms in pension and tax structures are needed to sustain recovery
  • Improvements in education and infrastructure are vital to maintaining competitiveness
  • Improved economic cooperation essential to winning public confidence

Davos, Switzerland, 27January 2011– Europe is recovering from the financial crisis more slowly than expected. Growth for the Eurozone is projected to be 2% below the global average for 2011. European leaders at the World Economic Forum Annual Meeting in Davos say that the Eurozone needs to strengthen its identity and to make long-needed structural reforms if it wants to continue to compete in a world that is rapidly changing.

Who's to blame for the recession?
Financial Crisis Inquiry Commission Report Says Recession was “Avoidable” and Limits Government’s Liability
Paul Sperry, Former Investor’s Business Daily’s Washington Bureau Chief Says Government to Blame as Overregulation of Mortgage Industry was Root Cause of Financial Crisis
Sperry available for media and as source for coverage of FCIC report released TODAY
(Washington, D.C.): The Financial Crisis Inquiry Commission’s (FCIC) report---due today and leaked yesterday by the New York Times, limits government's blame in the crisis to lax regulation over banks and Wall Street. It says regulators "permitted shoddy mortgage lending."
Former Investor’s Business Daily’s Washington Bureau Chief, Paul Sperry disagrees.
"Far from it," Sperry asserts, "regulators ENCOURAGED shoddy mortgage lending. HUD and Treasury pushed these risky loans onto the private sector and got Fannie and Freddie to guarantee them. The historical record is clear on this, and it's criminal that the commission glosses over it."
He adds that "OVERREGULATION of the mortgage industry was the root cause of the crisis, not deregulation."
"Reckless housing policies caused this calamity," Sperry explains. "Washington politicians pandered to housing-rights groups and wound up hurting the minorities they shamelessly exploited, while costing all Americans $14 trillion in wealth. This is the truth the commission clearly doesn't want you to know."
Sperry’s new book out this week, The Great American Bank Robbery: The Unauthorized Report About What Really Caused the Great Recession, is exhaustively researched with over 50 pages of footnotes, tables, graphs and charts. Sperry provides details that, according to him and countless market economists, it is Washington, not Wall St., that America should turn their attention to for accountability.
Veteran newsman Paul Sperry isformer Washington bureau chief for Investor's Business Daily and a regular contributor to the national newspaper's Pulitzer Prize-winning editorial pages. A media fellow at Stanford University's Hoover Institution, he is the bestselling author of three previous books, including the highly acclaimed Infiltration: How Muslim Spies and Subversives Have Penetrated Washington, which is being used by top law enforcement agencies across the country, as well as the U.S. Department of Defense and CIA. In addition to IBD, Sperry's work has been featured in the New York Times, Wall Street Journal, New York Post, Houston Chronicle, The American Spectator and Reason, among other publications. He has broken a number of major news stories on economic and domestic policy, as well as other national issues, that have been cited andcredited by the Washington Post, USA Today, ABC News, UPI, the Associated Press, and CNBC, among others. Sperry has appeared on Fox News, CNN, C-SPAN, and the NBC Nightly News. He lives near Washington with his wife and children.

Euro Will Never Be Abandoned Says France’s President Nicholas Sarkozy

  • Single currency is integral to European identity
  • France and Germany stand solidly behind it
  • Euro collapse would be cataclysmic for global economy 

Davos, Switzerland, 27 January 2011 – President Nicholas Sarkozy of France said on Thursday that France and Germany would never allow the euro to collapse and warned currency operators that they would be taking huge risks if they speculated against it.

Thursday, January 27, 2011

Indonesian President Calls for Action on Food Security

  • The next economic war could be over rising food prices and poverty
  • Global economic recovery remains uneven
  • More actions needed for sustainable, balanced growth 

Davos, Switzerland, 27 January 2011 – Indonesian President Susilo Bambang Yudhoyono warned today that the next economic war could be over scarce resources if problems of rising food prices, poverty and population growth remain unresolved.

Business Leaders point to key risks facing world economy

  • Asset bubbles in emerging markets, soaring commodity prices, state debt are key risks
  • World’s financial system is in better shape than three years ago
  • No consensus on how to tackle high state debt 

Davos, Switzerland, 27 January 2011 – Top business leaders see a host of potential dangers facing the world economy – ranging from asset bubbles in emerging market countries to soaring world commodity prices and huge levels of state debt in Europe. However, it is difficult to say just where the next global shock will come from.

Energy efficiency: Elevators from ThyssenKrupp Elevator achieve top ratings

"synergy" receives highest classification in normal daily operation

The machine-room-less elevator "synergy" from ThyssenKrupp Elevator is a real space-saver. It can be integrated into any building design and gives architects greater creative freedom. It also sets environmental benchmarks. TÜV SÜD recently gave a "synergy" elevator in Köthen (Germany) an energy efficiency class "A" rating, the highest rating under VDI guideline 4707 which is valid throughout Europe. It is particularly worth mentioning that this top rating was achieved by a real installation in normal daily operation. But it's not just new products from ThyssenKrupp Elevator that deliver outstanding results. Existing systems can also be upgraded to achieve significant energy savings. For example, TÜV SÜD certified an elevator system in Heilbronn (Germany) as energy efficiency class "A" in standby and class "B" in travel operation. This was made possible by modernizing parts of the control system and drive and installing the "lights out during standby" function.

VDI guideline 4707 defines seven energy efficiency classes ("A" to "G") for elevators. The objective is to design energy efficiency into elevators so as to sustainably reduce their environmental impact. The guideline provides a basis for measuring and calculating energy requirements and consumption to allow evaluation and labeling based on standardized criteria.

ThyssenKrupp Elevator has attached high priority to the environmental performance of its products and production processes for many years. A great deal has already been achieved. Now ThyssenKrupp Elevator is going a key step further with the introduction of its new "sustainable efficiency" program. The central objectives: to establish topics such as environmental protection and social responsibility as fixed elements of the corporate culture, and to bring human and environmental needs into balance with business interests.

The program centers on the sustainability cycle for the entire product range. This holistic approach - from material selection to manufacturing, from operation and service to recycling - is aimed at achieving significant energy and CO2 savings. But ThyssenKrupp Elevator's philosophy goes much further: Developing eco-friendly products, implementing low-emission manufacturing methods, training employees, social commitment and reliable documentation of all measures in accordance with international standards are integral components of "sustainable efficiency".

"The global effects of climate change show how important the topic of sustainability is in securing the basic essentials of life. Global companies like ThyssenKrupp Elevator are particularly called upon to take responsibility for protecting the environment and the community," says Dr. Olaf Berlien, Executive Board Chairman of ThyssenKrupp Elevator AG. "With sustainable efficiency we are creating new benchmarks in our industry and setting the direction for the future of our company."

Responsible Jewellery Council

Embargoed until 27 January 2011

LONDON – The Responsible Jewellery Council (RJC) today announced that Platinum Guild International (PGI), which is responsible for global platinum jewellery development, on behalf of the South African producers, has joined the Council’s membership.
“I am delighted that Platinum Guild International is a new Member of the Responsible Jewellery Council. Platinum group metals were the first new materials added to the RJC system original scope of diamonds and gold. We greatly respect PGI’s leading commitment to responsible business practices and we are very pleased about its support for the RJC,” says Michael Rae, Chief Executive Officer, RJC.
”RJC Members have a universally understood mechanism to demonstrate responsible practices. We have joined the RJC because we believe those we work with share these goals and will consider RJC certification an essential step to clearly demonstrate their commitment to responsible business practices” says James Courage, Chief Executive Officer, Platinum Guild International.
Platinum Guild International (PGI) is funded by the leading South African platinum producers and leading fabricators. Founded in 1975, PGI has been supporting the development of platinum jewellery by providing information, marketing support and training to the jewellery trade for over 35 years. In addition to its headquarters in London, PGI has offices in China, Germany, India, Italy, Japan, the UK and the USA.
Indonesia offers help to Reliance for coal mining

Southeast Asia’s largest economy, Indonesia is reported to have offered all assistant to India’s Reliance Group for its $4.5-billion investment in coal mines there. 

Anil Dhirubhai Ambani group's investment in coal mines and related infrastructure in Indonesia aimed to deliver 50 million tonnes of coal a year. 

Indonesian President Susilo Bambang Yudhoyono, currently on a three-day state visit to India , is scheduled to meet Anil Ambani on Tuesday to lend his support for the biggest FDI proposal in southeast Asia's largest economy, people involved in the development said. 

The company will sign MoUs with provincial authorities of Indonesia to facilitate the projects that also include a 2,000 MW power plant. The agreements would speed up various approvals and acquisition of land for the 200-km railway line and port that will help ship coal for Reliance Power's Krishnapatnam ultra mega power project in Andhra Pradesh. Industry sources said that at current prices, coal costs would be a third less than imported fuel. 

With reserves of 2 billion tonnes of coal, the mines in Sumatra will initially start producing at the rate of 7-8 million tonnes a year and in another year and a half, annual output would rise to 25 million tonnes. 

The project, along with the power plant involves an investment of $3.5 billion. Another project at Jambi will deliver an equivalent amount of coal but the planned investment is lower as the project does not include a power station. The output from the projects can help generate 12,000 MW of power. 

Considering the importance of the project to the local economy, the provincial governments of Indonesia have are supporting the projects and will sing MoUs to support the investment. 

The MoUs would provide for long-term fiscal incentives, a single-window mechanism for all issues in the implementation of the project, facilitating various fiscal incentives and tax exemptions to the project, and help in issuance of all statutory clearances, permits, licences, including environment licenses and forestry permits necessary for the project
15 reasons to own Silver

 The US Dollar has lost 20% of its purchasing power just since 2000 and 30% since 1990. 70% of that decline has been since 1978 when the mandate for the Fed was changed to a dual mandate of both price stability and full employment. Since the Federal Reserve was created in 1913, the US dollar has lost 95% of its purchasing power. When you compare the appreciation in precious metals to the dollar in those same time frames, those facts alone should convince you that you need significant exposure to the sector protect your wealth. 

2. Central banks for decades have been selling off their reserves of silver to meet excess demand which has kept prices artificially low. That has made mining unprofitable for so long there is a deficit of annually mined silver at today’s prices.

3. Since 1980 the above ground available gold stores have increased 600% while above ground available silver stores have been reduced 90% during the same time frame. 

4. The Silver Exchange Traded Funds have democratized precious metals investing to the average investor who know doesn’t have to worry about delivery and storage. This increase in demand from new investors is removing almost 25% of current production annually. That is a positive as long as investors continue adding to their holdings. Surprisingly Silver investors even during the panic of 2008 amidst a 50% decline in the price of silver actually added to their positions. 

5. A significant silver mine needs multi millions of dollars (in some cases hundreds of millions) to get started, could take three to five years before any production has begun. 

6. In a precious metals bull market, silver consistently over the long-term outperforms gold. Since October 2001, silver has increased in price from approximately $4 to a recent high of $31 which is an approximate 775% gain. During that same approximate time period, Gold went from $265 to a recent high of $1430 for an approximate gain of 540%. So Silver outperformed Gold by 235% in the same time period. 

7. This time participation by investors will be global! In 1980 only investors from North America, Europe and the Middle East were involved in big precious metals bull market. Now there are hundreds of millions of new potential investors in the same countries but most importantly in China, India and the former Soviet Union. This Bull market will be global in nature which will make it that much more explosive to the upside. 

8. Silver is the more attractive to average investors when gold prices are more than $1000 per ounce. 

9. China which is a significant producer of silver and used to export a significant percentage of their production. They have now significantly limited exports by 40%. 

10. It is believed that China is purchasing and storing large quantities of both gold and silver. China’s objective is to make their currency the new reserve country for the world, so they can diversify out of the consistently declining US dollar. 

11. China’s Premier just called the US dollar as a world reserve currency “a product of the past” so their goal is pretty clear to anyone listening. 

12. To make the Chinese currency different from all other fiat currencies it will be backed by a reserve of gold and silver. 

13. Deregulation in financial markets and the eternal ethic of greed by Wall Street and major money center banks are destroying the fabric and the functioning of the United States economy, its workers, savers and the country itself. 

14. When economies of major societies use fiat money that is backed by nothing precious metals approximately every forty years do an accounting and rise in price to equal all the paper money every created and the debts incurred. 

15. Precious metals will be the fifth and final asset bubble in the next three to five years. First were the internet and technology stock market bubble, then real estate, then an overall world wide credit bubble, then the US Treasury market. Finally a lack of confidence in the currency and solvency will lead to the most spectacular transfer of wealth yet with an explosive bubble in precious metals prices

Russian President Medvedev Opens World Economic Forum Annual Meeting 2011

  • The Moscow airport bombing will strengthen the resolve to eradicate terrorism, Russia’s president says
  • Russia is focused on enhancing the rule of law and modernizing its economy to increase competitiveness
  • The Swiss president calls for the creation of a “sustainability council” at the UN  

Davos, Switzerland, 26 January 2011 – Just two days after the deadly terrorist attack on Moscow’s Domodedovo airport, Russian Federation President Dmitry Medvedev delivered the opening address at the World Economic Forum Annual Meeting 2011. “All our efforts to further develop the world economy will be for nothing if we fail to defeat terrorism, extremism and intolerance, if we fail to eradicate altogether these evils which are the greatest danger to mankind,” Medvedev told some 2,500 participants in the opening session. “Success can be ensured not by states alone but through broad dialogue with civil society.” Added the Russian leader: “The pain from the loss of human lives will stay in our hearts for too long, but they only strengthen our resolve to find a solution to international terror.” The timing of the bombing indicated that those responsible “expected that their act would bring Russia to its knees” and that the president would cancel his trip to Davos, Medvedev said. “They miscalculated.”