| NSE sees futures in NCDEX, may take up anchor investor's role
MUMBAI: A strategic play is underway in the world of commodity futures. The country's largest bourse, National Stock Exchange (NSE), has signalled its interest in raising its shareholding and assume a bigger role in the commex National Commodity & Derivatives Exchange (NCDEX).
Besides the strong synergies between the two institutions, the rapid growth in futures trade and an urgency among corporates to cover commodity price risks may have shaped NSE's plans to play the anchor investor for the new exchange — a concept that has gained currency in recent times.
NSE has held informal meetings to broach the possibility with other NCDEX stakeholders and has sounded out the Forward Markets Commission (FMC), the regulator for commodity markets. Sources familiar with the development said NSE, which owns 15% in NCDEX, is willing to step up its holding by either infusing fresh money or buying out one of the shareholders.
Newspoll predicts cliffhanger
He will ensure that people like me can afford to live properly, and to keep the ruffians away. We simply CANNOT allow the labor party types, or, aw gawd, GREENS gain some sense of power!! We cannot! Posted by: Concerned Citizen of Ascot 8:48pm November 23, 2007 Comment 387 of 392 .
Greenspan says economy on the edge of recession
Washington: Former Federal Reserve Chairman Alan Greenspan said the US economy is on the verge of its first recession in six years as falling home values hurt consumer spending. "We are clearly on the edge," Greenspan told a group of energy-industry executives on Thursday at the Cambridge Energy Research Associates' 27th annual CERAWeek conference in Houston. He reiterated comments from last month that the odds of an economic contraction are "50 per cent or better." Greenspan's view has evolved from a year ago, when he saw a one-in-three chance of a recession, citing slowing profit growth and becoming one of the first economists to warn of the risk. Now, Wall Street firms including Merrill Lynch & Co. and Goldman Sachs Group Inc. are forecasting a contraction in the aftermath of the worst housing downturn in a quarter century.
BACK IN IRAQ: THE 'WHORES OF WAR'
They were shot, hauled from their cars, burned, mutilated, dragged through the streets and bits of their bodies were hung from a bridge (dubbed the Blackwater Bridge). At least 22 Blackwater mercs have died in Iraq. To date more than 428 contractors working for more than two dozen firms have died there. In January this year, five Blackwater mercs died when one of the firm's helicopters (Blackwater has a private fleet of 20 planes and helicopter gunships) was shot down in Baghdad. It later emerged that four of the five crew were found with execution-style bullet wounds to the head. On April 21, 2005, seven Blackwater mercs died in two separate attacks in Baghdad and Ramadi. The Fallujah murders turned Blackwater into a kind of patriotic poster boy, with the war lobby portraying its mercs as heroes fighting for America in the face of bloodthirsty killers.
Stocks Post Steep Losses, Capping Painful Week
Stocks declined sharply today after another large bank said that it would write down the value of some of its assets, reigniting fears of a credit squeeze, and technology stocks extended their losses. The Dow Jones industrial average plummeted more than 200 points, or 1.7 percent. Technology stocks, which suffered one of their first significant sell-offs in months yesterday, dropped more than 2 percent today. Qualcomm, the wireless company, said last night that it expected business to drop over the coming months, underscoring fears that technology companies will be hurt by an expected slowdown in the economy over the next few months. Cisco Systems, the networking giant, ignited yesterdays sell-off with a similar report. The Nasdaq composite index, heavy with technology shares, closed down 68.06 points, or 2.5 percent, to 2,627.94.
Rewards spur China’s gold rush
After more than doubling production in the past two years, the managers at the Habahe Huaitai gold mine in Xinjiang have factored in a similar surge this year. There are numerous reasons for the rise, including better knowledge about the project's reserves, but above all, a spokesman said, increases are being driven by higher global gold prices. .
Markets Unlikely to Recover as Recession Fears Outweigh Optimism Over ...
The major U.S. index futures are pointing to a substantially lower opening on Tuesday, as the markets open after a days break on account of a public holiday on Monday. The futures have not responded significantly to an inter-meeting cut announced by the Federal Reserve.
The global averages are down for a second straight day, and the course of these markets question the decoupling theory propounded by economists. The recoiling by the global markets is an indication that a setback to the U.S. economy will hurt the other global economies as well. Most nations, especially the East Asian and European countries derive the bulk of their export earnings from the U.S.
Fed Accelerates Rescue Efforts
The global credit crisis that became public in July last year seems to have more legs to play out.
Xstrata shares rise as speculation grows of Vale offer
Takeover target Xstrata was in focus amid speculation that Brazil's Vale was pressing ahead with a potential offer for the Anglo-Swiss mining group. Last month, Xstrata admitted it was in "dialogue with a number of parties covering a range of topics of mutual interest such as industry consolidation". Market sources claimed that Vale, formerly CVRD, may have had an indicative offer accepted and could already be carrying out due diligence on Xstrata. .
Shares in gold miner Newcrest drop on cost fears
SHARES in Australia's largest gold miner, Newcrest Mining, fell today after warning costs at its giant Telfer pit in Western Australia were rising. The miner also cut its 2008 production target for Telfer, but maintained its group annual forecast because the shortfall would be made up by its other mine in New South Wales. The company's production forecast was unchanged at between 1.81 and 1.89 million ounces of gold, and between 86,500 and 90,000 tonnes of copper. "Full year production guidance is maintained, with the trend of increasing quarterly production expected to continue for the remainder of the year,'' Newcrest said in its December quarter production report. In the December quarter Newcrest produced 456,618 ounces of gold, up 2 per cent on the September quarter, and achieved a gold price of $US870 an ounce, up 21 per cent.
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