7 March 2013
Berita Semasa 7 Mac 2013 ...
India CTT may trim Gold, Silver futures volumes by up to 40%
Country's leading commodity exchange MCX described the move as discriminatory as it will increase trading costs for these futures substantially.
India's decision to impose a 0.01percent commodities transaction tax (CTT) on non agri futures is widely criticized by the trading community of the country.
From April 1 onwards, a commodities transaction tax of Rs 10 per lakh, or 0.01%, will be imposed on sellers of non-farm commodities such as gold and silver, which some market experts said could lead to a 30-40% decline in commodity futures volumes
Country's leading commodity exchange MCX described the move as discriminatory as it will increase trading costs for these futures substantially.
MCX Managing Director and CEO, Shreekant Javalgekar said the currency markets were 500 per cent bigger than the commodities markets, yet there was no transaction tax levied on them, which was discriminatory.
Gold ETFs too had been charged at 0.001 per cent as against 0.01 per cent for gold futures traded on the commodity futures markets.
Analysts said some investors and punters in commodities will be forced to exit the futures market in droves or shift part of their funds to agri commodity futures.
CTT on Indian commodity exchanges will increase the transaction cost by more than 300 per cent on an average, they added.
The commodity futures markets have created nearly 10 lakh jobs in non-urban areas, which are also under threat now. This is also expected to be inflationary as spot market and futures market move in tandem
Analysts added that besides raising trading costs, CTT is seen to be most detrimental for MCX, the country's largest commodity futures bourse with an 80% market share.
Analysts claim this would puncture volumes as 50-60% of liquidity in the commodity futures market is contributed by retailers who trade on wafer-thin margins
Sumber : Google
6 March 2013
Berita Semasa 6 Mac 2013 ...
China to help Venezuela explore minerals for 5 yrs
The prospecting agreement is part of a growing alliance between the two countries, which has turned Venezuela into a major source of petroleum for China.
China will continue to help Venezuela to find and develop mineral resources despite being challenged by both the opposition and experts who argue that it will leave valuable natural resources dangerously exposed.
China's state-company Citic Group has already started working on the project to be completed within five years.
The prospecting agreement is part of a growing alliance between the two countries, which has turned Venezuela into a major source of petroleum for China, while the Asian giant is meeting the South American country’s growing need for credit to finance its constant outflow of public funds.
Venezuela has said nothing about how the knowledge gathered by China while awarded Citic Group a concession to operate the group of gold mines Las Cristinas, which has already seen several operators since Hugo Chavez took office in 1999, including the Canadian companies Placer Dome, Vanessa Ventures and Crystallex, and the Russian company Rusoro.
Las Cristinas, in the southeast region of Guayana, has some 20 million ounces in confirmed and potential reserves, valued at about $32 billion dollars.
Although globally Venezuela is known primarily for its great oil production, it also has massive mineral reserves. It has enough iron reserves, for example, to supply China, the world’s leading consumer of that metal.
Apart from gold, other reserves with export potential include bauxite (the main source of aluminium), phosphates, diamonds, copper, uranium and even coltan and thorium, two rising stars of technology industries.
Sumber : Google
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