Mr Arun Kumar Jagatramka, Vice Chairman & Managing Director of Gujarat NRE cokepresenting the winner’s trophy of the Gujarat NRE Coke Limited $50,000 Women’s Challenger, 2008 to Ayumi Morita of Japan in Kolkata today
Saturday, November 22, 2008
Gujarat NRE Coke Limited $50,000 Women’s Challenger, 2008
ARMY CHIEF GENERAL DEEPAK KAPOOR ON A WEEK-LONG VISIT TO SOUTH AFRICA AND BOTSWANA
As part of enhance engagement of the Indian armed Forces with the militaries of the Indian Ocean region as also with other prominent military powers, the Army Chief General Deepak Kapoor on a week-long visit to South Africa and Botswana beginning from tomorrow morning.
India and South Africa have seen enhanced military cooperation especially during the past decade including in the fields of military training and procurement of military hardware. The two countries have seen frequent exchanges of army delegations in the recent past. On his first leg of the visit, the Army Chief is scheduled to visit the South Africa Army Headquarters, army engineer formation, army war collage in Pretoria; air force base, a parachute regiment and the school of armour at Bloems Pruit; and the naval base in Cape Town. General Deepak Kapoor will lay wreath at the South Africa War Memorial at Fort Klapper Kop. The Army Chief is scheduled to hold wide ranging discussions with their counterparts including the Chief of South Africa National Defence Forces (SANDF), General Godfrey Ngwenya.
On the next leg of visit, the army Chief will be visiting various military establishments including the Indian Army's Training Team (IATT) in Botswana. General Deepak Kapoor is to hold discussions with Lt. Gen. THC Masire, the Commander of Botswana Defence Forces (BDF). He is also expected to meet the Botswana Minister of Defence and also call on the President. Botswana and India have had a sustained history of military cooperation especially in the field of army training assistance, of which IATT is an example. A large numbers of senior Botswana military personal including its leadership have been trained in various Indian military training institutions including at the prestigious National Defence Academy (NDA) at Pune.
India and South Africa have seen enhanced military cooperation especially during the past decade including in the fields of military training and procurement of military hardware. The two countries have seen frequent exchanges of army delegations in the recent past. On his first leg of the visit, the Army Chief is scheduled to visit the South Africa Army Headquarters, army engineer formation, army war collage in Pretoria; air force base, a parachute regiment and the school of armour at Bloems Pruit; and the naval base in Cape Town. General Deepak Kapoor will lay wreath at the South Africa War Memorial at Fort Klapper Kop. The Army Chief is scheduled to hold wide ranging discussions with their counterparts including the Chief of South Africa National Defence Forces (SANDF), General Godfrey Ngwenya.
On the next leg of visit, the army Chief will be visiting various military establishments including the Indian Army's Training Team (IATT) in Botswana. General Deepak Kapoor is to hold discussions with Lt. Gen. THC Masire, the Commander of Botswana Defence Forces (BDF). He is also expected to meet the Botswana Minister of Defence and also call on the President. Botswana and India have had a sustained history of military cooperation especially in the field of army training assistance, of which IATT is an example. A large numbers of senior Botswana military personal including its leadership have been trained in various Indian military training institutions including at the prestigious National Defence Academy (NDA) at Pune.
The financial crisis now engulfing the world claimed Iceland—which has a population of just 300,000—as one of its early victims.
In response, Iceland formulated a comprehensive program to tackle the fallout from the crisis, for which it requested IMF support. On October 24, an IMF package totaling $2.1 billion was announced under the Fund's fast-track emergency financing mechanism.
The IMF's Executive Board approved the two-year Stand-By Arrangement for Iceland on November 19, making $827 million immediately available to the country and the remainder to be paid in eight equal installments, subject to quarterly reviews. Iceland's economic program envisages that the IMF loan will fill about 42 percent of the country's 2008-10 financing gap. The remainder will be met by official bilateral creditors.
In this interview, the IMF's mission chief for Iceland, Poul Thomsen, talks about the crisis and the country's plans for dealing with the repercussions.
IMF Survey online: What went wrong in Iceland?
Poul Thomsen: Iceland allowed a very oversized banking system to develop—a banking system that significantly outstripped the authorities' ability to act as a lender of last resort when the system ran into trouble. Only a few years ago, Iceland had a banking system that was the normal size. But after the privatization of the banking sector was completed in 2003, the banks increased their assets from being worth slightly more than 100 percent of GDP to being worth close to 1,000 percent of GDP.
When confidence problems intensified this fall, Iceland was one of the first victims because the market realized that the banking system was far too big relative to the size of the economy. As investors started to pull out, it quickly spilled over into trouble for the Icelandic króna. Within a week the three banks collapsed, the króna's value dropped by more than 70 percent, and the stock market lost more than 80 percent of its value. For a small economy that is totally dependent on imports, this was a crisis of huge proportions.
IMF Survey online: What is the IMF-backed program hoping to achieve?
Thomsen: In the short run, the program is narrowly focused on stabilizing the króna. Iceland still has a highly leveraged economy. Most of the debt is either denominated in foreign exchange or indexed to inflation, so when the króna depreciates, debt servicing becomes much more expensive. If we don't stop the decline of the króna, we will probably see a wave of defaults in the corporate and household sectors, and that would further harm the economy.
That is why the IMF-backed program is proposing to use monetary and exchange rate policy to restore confidence in the króna over the next couple of months. In the short run, this will mean higher interest rates. Iceland will also have restrictions in place on the movement of capital. We are advising the government not to lift these restrictions before stability returns to the foreign exchange market.
Once the currency has stabilized, the country will have more room to address the medium-term fiscal problems.
"I suspect that after this relatively sharp downturn, the economy could rebound fairly fast."
IMF Survey online: Is the IMF asking Iceland to cut back on spending, then?
Thomsen: We are not telling Iceland to tighten its belt in the middle of a recession. During the first year of the program, automatic fiscal stabilizers will be allowed to work. This means there will be an increase in the primary fiscal deficit from about ½ percent of GDP in 2008 to about 8½ percent of GDP in 2009. We in the IMF are not suggesting resisting this deterioration because we think it is wrong, in the face of a deep recession, to embark on fiscal consolidation.
Having said that, Iceland will need to consolidate its finances once the recession has bottomed out. Because of the banking crisis, Iceland has gone overnight from being one of the lowest indebted countries in Europe, to being among the highest indebted advanced countries in Europe: Taking care of the problems in the banking sector will probably cost the public sector about 80 percent of GDP. How exactly the government achieves this consolidation—through either expenditure cuts or higher revenues, or a combination of both—will be up to Icelandic authorities to decide.
IMF Survey online: So what does the future hold for Iceland?
Thomsen: There is no doubt that Iceland will face a couple of years of hardship. This is a dramatic and unprecedented shock. It could be the most expensive bank restructuring that the world has ever seen relative to the size of the economy. We expect that, even if we succeed in stabilizing the króna, GDP could fall by 10 percent next year, and there might even be a further small decline in 2010.
The good news is that the Icelandic economy is very flexible. Because of its dependence on fishing and aluminum, Iceland has been exposed to rather big shocks in the past, but it has always been able to adjust very effectively. So I suspect that after this relatively sharp downturn, the economy could rebound fairly fast.
IMF Survey online: What would success look like?
Thomsen: Success would look like this: within the next couple of months, the government succeeds in stabilizing the króna and normalizing the country's foreign exchange operations so that all companies that export and import have access to the foreign exchange market.
Once the currency has stabilized, the government should be able to gradually reduce interest rates in 2009, gradually lift the capital controls, and begin to tackle the fiscal problems.
The potential for success is very good because the economy is so flexible. I expect that by the end of the two-year program, Iceland's economy will be growing again.
IMF Survey online: What would have happened if the IMF had not stepped in with financing?
Thomsen: The alternative would have been, I am convinced, further significant decline in the value of the króna. Significant strain on household that have their mortgages fixed in foreign exchange; a wave of defaults in the corporate sector that has loans fixed in foreign exchange; a much higher increase in unemployment; and an even bigger decline in GDP than the 10 percent currently predicted.
Poul Thomsen is a Deputy Director in the IMF's European Department.
The IMF's Executive Board approved the two-year Stand-By Arrangement for Iceland on November 19, making $827 million immediately available to the country and the remainder to be paid in eight equal installments, subject to quarterly reviews. Iceland's economic program envisages that the IMF loan will fill about 42 percent of the country's 2008-10 financing gap. The remainder will be met by official bilateral creditors.
In this interview, the IMF's mission chief for Iceland, Poul Thomsen, talks about the crisis and the country's plans for dealing with the repercussions.
IMF Survey online: What went wrong in Iceland?
Poul Thomsen: Iceland allowed a very oversized banking system to develop—a banking system that significantly outstripped the authorities' ability to act as a lender of last resort when the system ran into trouble. Only a few years ago, Iceland had a banking system that was the normal size. But after the privatization of the banking sector was completed in 2003, the banks increased their assets from being worth slightly more than 100 percent of GDP to being worth close to 1,000 percent of GDP.
When confidence problems intensified this fall, Iceland was one of the first victims because the market realized that the banking system was far too big relative to the size of the economy. As investors started to pull out, it quickly spilled over into trouble for the Icelandic króna. Within a week the three banks collapsed, the króna's value dropped by more than 70 percent, and the stock market lost more than 80 percent of its value. For a small economy that is totally dependent on imports, this was a crisis of huge proportions.
IMF Survey online: What is the IMF-backed program hoping to achieve?
Thomsen: In the short run, the program is narrowly focused on stabilizing the króna. Iceland still has a highly leveraged economy. Most of the debt is either denominated in foreign exchange or indexed to inflation, so when the króna depreciates, debt servicing becomes much more expensive. If we don't stop the decline of the króna, we will probably see a wave of defaults in the corporate and household sectors, and that would further harm the economy.
That is why the IMF-backed program is proposing to use monetary and exchange rate policy to restore confidence in the króna over the next couple of months. In the short run, this will mean higher interest rates. Iceland will also have restrictions in place on the movement of capital. We are advising the government not to lift these restrictions before stability returns to the foreign exchange market.
Once the currency has stabilized, the country will have more room to address the medium-term fiscal problems.
"I suspect that after this relatively sharp downturn, the economy could rebound fairly fast."
IMF Survey online: Is the IMF asking Iceland to cut back on spending, then?
Thomsen: We are not telling Iceland to tighten its belt in the middle of a recession. During the first year of the program, automatic fiscal stabilizers will be allowed to work. This means there will be an increase in the primary fiscal deficit from about ½ percent of GDP in 2008 to about 8½ percent of GDP in 2009. We in the IMF are not suggesting resisting this deterioration because we think it is wrong, in the face of a deep recession, to embark on fiscal consolidation.
Having said that, Iceland will need to consolidate its finances once the recession has bottomed out. Because of the banking crisis, Iceland has gone overnight from being one of the lowest indebted countries in Europe, to being among the highest indebted advanced countries in Europe: Taking care of the problems in the banking sector will probably cost the public sector about 80 percent of GDP. How exactly the government achieves this consolidation—through either expenditure cuts or higher revenues, or a combination of both—will be up to Icelandic authorities to decide.
IMF Survey online: So what does the future hold for Iceland?
Thomsen: There is no doubt that Iceland will face a couple of years of hardship. This is a dramatic and unprecedented shock. It could be the most expensive bank restructuring that the world has ever seen relative to the size of the economy. We expect that, even if we succeed in stabilizing the króna, GDP could fall by 10 percent next year, and there might even be a further small decline in 2010.
The good news is that the Icelandic economy is very flexible. Because of its dependence on fishing and aluminum, Iceland has been exposed to rather big shocks in the past, but it has always been able to adjust very effectively. So I suspect that after this relatively sharp downturn, the economy could rebound fairly fast.
IMF Survey online: What would success look like?
Thomsen: Success would look like this: within the next couple of months, the government succeeds in stabilizing the króna and normalizing the country's foreign exchange operations so that all companies that export and import have access to the foreign exchange market.
Once the currency has stabilized, the government should be able to gradually reduce interest rates in 2009, gradually lift the capital controls, and begin to tackle the fiscal problems.
The potential for success is very good because the economy is so flexible. I expect that by the end of the two-year program, Iceland's economy will be growing again.
IMF Survey online: What would have happened if the IMF had not stepped in with financing?
Thomsen: The alternative would have been, I am convinced, further significant decline in the value of the króna. Significant strain on household that have their mortgages fixed in foreign exchange; a wave of defaults in the corporate sector that has loans fixed in foreign exchange; a much higher increase in unemployment; and an even bigger decline in GDP than the 10 percent currently predicted.
Poul Thomsen is a Deputy Director in the IMF's European Department.
Friday, November 21, 2008
Volkswagen Group registers impressive sales figures in India
Chakan manufacturing plant coming up ahead of schedule
Mumbai (India), November 21st 2008 – The Volkswagen Group, Europe’s leading automobile manufacturer, registered a 66 percent growth in sales in India from January to October 2008. The three group brands – Audi, Skoda and Volkswagen – together delivered 16,695 cars to customers in India in the last ten months as against 10,055 cars sold last year in the corresponding period.
According to the company, “the significant increase in Volkswagen Group’s sales figures in India reflect our growing presence in the Indian automobile market and highlights the mounting interest of the discerning Indian customer in our cars.”
Audi delivered 884 cars to customers in the first ten months of 2008, 590 units or 205 percent more than the first ten months of 2007. Skoda sold 14,618 cars, 4,970 units or 52 percent more than in the corresponding period of the previous year. Volkswagen delivered 1,193 cars, 1,080 more units than in the first ten months of last year.
The company added in a press release: “Going forward, Volkswagen’s second success story is the Pune plant which is coming up ahead of schedule and will be officially opened in end of March 2009. We will start the plant with the production of the Skoda Fabia and follow it up with Volkswagen’s Polo based hatch in 2010 and some months later by a Volkswagen’s Polo based sedan.”
Central Asia Resources confirms Kazakhstan acquisition
Key points
. • Central Asia Resources acquires highly prospective tenement - Bizhe
. • 246km2 prospective for gold, silver, copper
. • In close proximity to infrastructure and the Company’s Dalabai prospect
. • Vendor accepts part payment in CVR shares at 20 cents each
Australian resources company Central Asia Resources Limited (“Central Asia” or “the Company” ASX:CVR) has signed a contract securing 90% of the Bizhe prospect in the Central Asian Republic of Kazakhstan.
The 246km2 Bizhe prospect is 250km north of Almaty, Kazakhstan’s largest city. The major Almaty-Taldy-Kurgan highway is in close proximity, as is the Company’s Dalabai gold prospect 50km to the South.
Central Asia’s Technical Director – Dr Waldemar Mueller said “The geological composition and mineralization style is quite similar to Dalabai, with quartz veining zones within volcanic formations. The area is prospective for gold and silver and potential copper porphyry style mineralisation. Near the licence’s eastern border is the world renowned Koksai copper porphyry deposit which is currently under development.
We have acquired historical exploration data, including geo-chemistry works for the entire prospect, and this data reveals a number of gold, silver, copper, lead and zinc anomalies. Only some of these anomalies have been further explored with trenches and drilling”.
The acquisition cost of $700,000 for 90% of the Bizhe prospect was previously agreed to be payable as $200,000 in cash and $500,000 in Central Asia shares. The vendor has now agreed to accept the Central Asia shares at 20 cents each. The transaction will be settled in January 2009.
Central Asia’s Managing Director, Jason Stirbinskis added “Bizhe brings our number of prospects in Kazakhstan to six and it is a long term strategic addition to the company’s portfolio. Our immediate focus is the nearby Dalabai deposit because of its potential as a low capex, early cashflow operation, and the highly prospective Altyntas gold deposit because of its potential size.
. • Central Asia Resources acquires highly prospective tenement - Bizhe
. • 246km2 prospective for gold, silver, copper
. • In close proximity to infrastructure and the Company’s Dalabai prospect
. • Vendor accepts part payment in CVR shares at 20 cents each
Australian resources company Central Asia Resources Limited (“Central Asia” or “the Company” ASX:CVR) has signed a contract securing 90% of the Bizhe prospect in the Central Asian Republic of Kazakhstan.
The 246km2 Bizhe prospect is 250km north of Almaty, Kazakhstan’s largest city. The major Almaty-Taldy-Kurgan highway is in close proximity, as is the Company’s Dalabai gold prospect 50km to the South.
Central Asia’s Technical Director – Dr Waldemar Mueller said “The geological composition and mineralization style is quite similar to Dalabai, with quartz veining zones within volcanic formations. The area is prospective for gold and silver and potential copper porphyry style mineralisation. Near the licence’s eastern border is the world renowned Koksai copper porphyry deposit which is currently under development.
We have acquired historical exploration data, including geo-chemistry works for the entire prospect, and this data reveals a number of gold, silver, copper, lead and zinc anomalies. Only some of these anomalies have been further explored with trenches and drilling”.
The acquisition cost of $700,000 for 90% of the Bizhe prospect was previously agreed to be payable as $200,000 in cash and $500,000 in Central Asia shares. The vendor has now agreed to accept the Central Asia shares at 20 cents each. The transaction will be settled in January 2009.
Central Asia’s Managing Director, Jason Stirbinskis added “Bizhe brings our number of prospects in Kazakhstan to six and it is a long term strategic addition to the company’s portfolio. Our immediate focus is the nearby Dalabai deposit because of its potential as a low capex, early cashflow operation, and the highly prospective Altyntas gold deposit because of its potential size.
EQUINOX : Lumwana Processing Facility Handover:
Equinox Minerals Limited (TSX and ASX symbol: “EQN”) ("Equinox" or the “Company”) is pleased to announce it has accepted from its EPC Contractor (a joint venture between Ausenco Projects Limited and Bateman International Projects BV) handover of the process plant and other related infrastructure at its Lumwana Copper Project (“Project”), reaching Practical Completion and attaining the final milestone under the EPC contract.
Equinox reported on October 7, 2008 that crushing of material at the primary crusher had commenced with the 4.5km conveying circuit transporting crushed material to the fine ore stockpile at the copper concentrator. Plant commissioning with ore will now commence and plant ramp up will take place over the coming months.
Initial concentrate is expected to be produced next week, with shippable quantities of commercial grade concentrate from December 2008.
Total pre-production capital expenditure is expected to be $814 million, compared to the budget of $758 million estimated prior to the transformer incident which delayed the project for 4 months. This includes all mining fleet costs, clearing and pre-stripping costs, the EPC Contractor’s cost to complete the 20Mtpa process plant, tails and water facilities and owners costs as well as operating consumables and additional mining activity, fixed costs necessarily incurred as a result of the delay and liquidated damages proceeds received from the EPC Contractor of $27 million. In addition, the delay in start-up insurance proceeds are currently being processed. The actual costs to complete the Project, had the fire incident not occurred, were in line with the original budget.
As reported in the results for the Quarter ended September 30, 2008, Equinox had cash resources of US$51.8 million and undrawn debt facilities of US$151.4 million plus a $45 million cost overrun facility. The outstanding capital commitments of the Company relating to the construction of the Lumwana Mine (which are incorporated in the expected total cost of $814 million) at September 30, 2008 were $55.1 million.
Mr Craig Williams, Equinox’s President and CEO commented, “Equinox is pleased to accept handover of the Lumwana process facilities and commence ore commissioning and production ramp up. We are very pleased to bring on line the largest copper mine on the African continent which will not only be a long term, low cost copper producer, but will make a major economic and social contribution to Zambia. I would personally like to thank our EPC Contractors Ausenco–Bateman, and pay particular tribute to Equinox management and employees whose outstanding efforts, project management skills and resolve have delivered a high quality asset at a remarkably low capital cost.”
October 2008 crude steel production for the 66 countries reporting to worldsteel
Brussels, 20 November 2008 – World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 100.5 million metric tons (mmt) in October. This is 12.4% lower than the same month last year and 6.9% below September 2008.
Total world crude steel production was 1,136.2 mmt in the first 10 months of 2008, a 2.9% increase over the same period in 2007. In October 2008, the world crude steel production moving annual total (MAT) growth rate further slowed to 3.0% from 4.7% last month.
China’s crude steel production for October 2008 was 35.9 mmt, a decrease of -17.0% on October 2007 and -9.4% on September 2008. In the first 10 months of 2008, China produced 427.3 mmt of crude steel, an increase of 3.9% compared to the same period in 2007.
Overall, Asia produced 56.9 mmt of crude steel in October 2008 compared to 64.4 mmt in October 2007, a -11.6% decrease in crude steel production. Japanese production was 10.1 mmt, down by -2.7% compared to the same month last year. India and South Korea showed an increase in October 2008, producing 4.8 and 4.6 mmt of crude steel respectively.
In the EU, Germany produced 3.9 mmt of crude steel in October 2008, a decrease of -7.7% from October 2007. Italy’s crude steel production was 2.6 mmt, down by -12.2% compared to the same month last year. France showed an increase of 16.1% from October 2007, producing 1.6 mmt in October 2008.
In the CIS, 7.0 mmt of crude steel was produced, a decrease of -32.6% compared to the same month last year. Russia produced 4.5 mmt, -27.1% less than in October 2007 and Ukraine produced 1.9 mmt, a decrease of -48.7%.
North American crude steel production in October 2008 was 12.9% below that of October 2007, but South America was just 0.8% down on October 2007
Notes to Editors:
· The International Iron and Steel Institute (IISI) changed its name to World Steel Association (worldsteel) on Oct 6.
· The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world. worldsteel represents approximately 180 steel producers (including 18 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members produce around 85% of the world's steel.
· MAT: The moving annual total is the sum of the previous 12 months. Each month the crude steel production figure for the new month is added to the MAT, while the figure for the first month of the former 12 is subtracted.
Total world crude steel production was 1,136.2 mmt in the first 10 months of 2008, a 2.9% increase over the same period in 2007. In October 2008, the world crude steel production moving annual total (MAT) growth rate further slowed to 3.0% from 4.7% last month.
China’s crude steel production for October 2008 was 35.9 mmt, a decrease of -17.0% on October 2007 and -9.4% on September 2008. In the first 10 months of 2008, China produced 427.3 mmt of crude steel, an increase of 3.9% compared to the same period in 2007.
Overall, Asia produced 56.9 mmt of crude steel in October 2008 compared to 64.4 mmt in October 2007, a -11.6% decrease in crude steel production. Japanese production was 10.1 mmt, down by -2.7% compared to the same month last year. India and South Korea showed an increase in October 2008, producing 4.8 and 4.6 mmt of crude steel respectively.
In the EU, Germany produced 3.9 mmt of crude steel in October 2008, a decrease of -7.7% from October 2007. Italy’s crude steel production was 2.6 mmt, down by -12.2% compared to the same month last year. France showed an increase of 16.1% from October 2007, producing 1.6 mmt in October 2008.
In the CIS, 7.0 mmt of crude steel was produced, a decrease of -32.6% compared to the same month last year. Russia produced 4.5 mmt, -27.1% less than in October 2007 and Ukraine produced 1.9 mmt, a decrease of -48.7%.
North American crude steel production in October 2008 was 12.9% below that of October 2007, but South America was just 0.8% down on October 2007
Notes to Editors:
· The International Iron and Steel Institute (IISI) changed its name to World Steel Association (worldsteel) on Oct 6.
· The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world. worldsteel represents approximately 180 steel producers (including 18 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members produce around 85% of the world's steel.
· MAT: The moving annual total is the sum of the previous 12 months. Each month the crude steel production figure for the new month is added to the MAT, while the figure for the first month of the former 12 is subtracted.
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