NEW DELHI, Dec 29: Global coffee exports fell by 9.6 per cent to 8.5 million bags in October, the first month of the new marketing year, as farmers in Indonesia and Vietnam held back stocks, according to the International Coffee Organisation (ICO).
Worldwide coffee shipments stood at 9.38 million bags in the same month last year. One bag contains 60 kg of coffee.
“The biggest drop in exports was seen in robustas…With exports from Vietnam and Indonesia slowing considerably as farmers hold back from selling their crop,” ICO said in its latest report.
Shipments of the robusta variety fell by over 23 per cent to 2.84 million bags in October from 3.7 million bags a year ago. Among arabicas, shipments of Brazilian Naturals and Other Milds declined in the period, while exports of Colombian Milds rose 42.7 per cent, it added.
According to ICO data, shipments from Vietnam, the world’s second-biggest coffee exporter, fell 39 per cent to 1 million bags in October from 1.63 million bags a year earlier.
Coffee shipments from Indonesia, the third-biggest exporter, declined 33 per cent to 1 million bags from 1.49 million bags.
Overseas sales from Brazil, the largest coffee exporter, rose 6 per cent to 3.09 million bags in October from 2.91 million bags.
Shipments from India improved 28 per cent to 3,74,082 bags from 2,92,808 bags.
Coffee harvesting is currently under way in countries such as Brazil, Indonesia and the Philippines.
Last year, world coffee production rose 9.8 per cent to 145.24 million bags. (AGENCIES)
Global coffee exports slide by 9.6% in October
Farooqui may join AAP
GHAZIABAD, Dec 29:
Dropping clear hints about joining Aam Aadmi Party, expelled SP leader Kamal Farooqui today met Arvind Kejriwal and said “everybody is interested” in joining the nascent party.
Farooqui, who was sacked by SP as its secretary in September following his controversial comment that Indian Mujahideen co-founder Yasin Bhatkal was arrested because of being a Muslim, said here that he would announce his decision on joining AAP tomorrow.
“We met Kejriwal and congratulated him for becoming Delhi’s Chief Minister,” Farooqui told reporters here after meeting the AAP chief.
On being asked whether he was going to join AAP, Farooqui said that he “would let you know (reporters) tomorrow”.
“Right now, everybody is interested to join Kejriwal,” he said. “I have met Kejriwal and discussed about the manifesto” Farooqui said after the meeting.
Confirming the development, AAP leader Sanjay Singh said that discussions about “Farooqui joining the party is on”.
Singh said that there are several good people in political parties, and “we appeal them to join Aam Aadmi Party”.
“For Lok Sabha elections, we will need good leaders working with other political parties.
“As Kejriwal has already invited such good persons, we again appeal them to join us and help us throw corrupt people from Indian politics,” Singh told reporters.
The AAP leader criticised Akhilesh Yadav-led SP Government for “demolishing few relief camps” meant for riots victims of Muzaffarnagar and Shamli.
“UP Government should compensate victims and do something for them,” Singh added.
According to sources, the AAP is mulling contesting on all seats in Uttar Pradesh in the upcoming Lok Sabha polls. (PTI)
8th class student ends life
SRINAGAR, Dec 29:
An eigth class student committed suicide by hanging himself in south Kashmir district of south Kashmir district of Kulgam, official sources said here today.
They said 14-year-old Adil Ahmad hanged himself in his house at village Sarandoo in Kulgam district.
However, the other family members immediately rushed him to hospital where he was declared brought dead.
Police have registered a case and initiated proceedings, they said, adding it was not immediately clear why he took this extreme step. (UNI)
Equality, social justice pivotal for harmonious society: Rana
Excelsior Correspondent
JAMMU, Dec 29: Saying that social justice has all along remained core of the philosophy of saints and sages, Provincial President National Conference Devender Singh Rana on Sunday exhorted the people to imbibe the spirit of sacrifice for cause of humanity and work for bringing harmony in the society.
“Relevance of the teachings of great Gurus and Saints assume significance in this age more than ever before as intolerance, hatred and greed have become the way of life”, Mr Rana said while addressing Manav Kalyan Sant Sammelan at Guru Ravi Dass Sabha here this afternoon.
Besides large number of devotees, the Samelan was attended by Sants from Himachal Pradesh, Punjab and other parts of the country.
Shri Shri 108 Swami Gurdeep Giri Ji Maharaj delivered highly inspiring sermon highlighting the role of Guru Ravi Dassji towards society based on equality and social justice.
Recalling the teachings and contribution of Guru Ravi Dassji in bringing about attitudinal change among the people and striving towards social justice during most crucial times of his era, the Provincial President said this brought a soothing transformation in the society, making it conducive for various communities, irrespective of cast, creed and colour.
Mr Rana said that best way of paying tribute to Guruji is to follow his teachings in letter and spirit and work for carving out a society based on the natural principles of justice, equality, compassion, love and togetherness. “Let us resolve today to rededicate ourseveles for upliftment and wellbeing of all, particularly those deprived, downtrodden and backward”, he said and hoped that the devotees will work tirelessly for bringing cheer in the lives of have nots.
Responding to the issues raised by speakers on the occasion, Mr Rana referred to the initiatives taken by National Conference from the times of Sher-e-Kashmir Sheikh Mohammed Abdullah till date. He said that National Conference has all along been fighting these reactionary forces and will continue to do so in future as well. He said the people’s great movement spearheaded by Sher-e-Kashmir during most testing times is determined to frustrate their evil designs under the stewardship of Omar Abdullah.
In his illuminating and thought provoking discourse in the congregation, Shri Shri 108 Swami Gurdeep Giri Ji Maharaj dwelt upon various facets of the eventful life of Guru Ravi Dassji and said he emerged as a beacon light at a time when the society was engulfed by darkness. “Those were the times when fellow human beings were being discriminated on the basis of caste and creed”, he said and referred to the great role played by the Guruji in ensuring that all segments of the society live with honour and dignity.
Swamiji made a fervent appeal to devotees to act upon and spread the message of love, peace and compassion, which was the high point of Guruji’s life.
Swami made a special reference to various evils inflicted to the society and stressed the need for imparting moral education alongside the formal academics to children so that they can grow useful citizens for the society.
Sant Sant Ram Ji Mahajra, Sant Rampal ji Maharaj, Sant Ramesh Ji, Sant Munshi Ram Ji also delivered sermons and highlighted various facets of the Guruji.
Among other present in the Samelen were Vijay Lochan President All J&K Guru Ravi Dass Sabha, Sham Lal, Kesar Singh, CL Banal, Sham Sunder and others.
Stock mkts likely to continue bull-run this week: Experts
NEW DELHI, Dec 29: Stock markets are expected to continue their bull run this week amid robust overseas investments while global cues and quarterly earnings, starting next month, will dictate near-term trend on the bourses, say experts.
Besides, auto stocks will be in focus as companies will unveil their sales data for December 2013, on Wednesday.
Analysts said the next big trigger for the markets are October-December quarterly earnings which will begin around mid-January.
“This week, we are entering a new calendar year and as of now, the bias is in the favour of upward trend, which is likely
to continue. But, we have some important data – fiscal deficit numbers, manufacturing and services PMI – scheduled in the coming sessions, so one should keep a cautious stance,” said Jayant Manglik, President-Retail Distribution, Religare Securities.
According to Rakesh Goyal, Senior Vice President, Bonanza Portfolio: “FIIs have been net buyers this month till now. Political developments within the country have also been taken positively so far.
“RBI’s decision to keep interest rates steady for now was also positive. So, along with strong global cues, the Nifty is seen heading towards an upward zone.”
“In the coming sessions, 6,325 shall be a crucial deciding level in near term, and the index is likely to witness further buying above this level,” he added.
According to Vivek Gupta, Director Research, CapitalVia Global Research: “For this week, Nifty can manage to show some bull run as technically it is looking strong on charts.”
Amid firm global cues and sustained capital inflows, markets closed the last week of 2013 with gains and the benchmark Sensex closed at almost three-week high of 21,193.58, up 114 points.
The Sensex has advanced 9 per cent this year and is poised for its second annual gain as overseas investors pumped in almost USD 20 billion in the stock markets this year.
“2013 turned out to be quite constructive for Indian equities. Markets made fresh life-time highs on the back of improving domestic macros, supportive global equity and expected governance improvement after next general elections.
“FII’s reaffirmed their commitment towards Indian equities with more than USD 20 billion invested this year,” Varun Goel, Head PMS, Karvy Stock Broking said.
Starting next month, the US central bank will cut its purchases of bonds to USD 75 billion from USD 85 billion.
“Global growth outlook remains supportive of equity. In their recent meeting, US Federal Reserve has started the tapering of their bond buying programme as unemployment rates have hit a five year low. US GDP growth rate in last quarter was impressive, underscoring a strong macroeconomic recovery,” Goel said.
“Expect markets to trade in a range with a positive bias for near-term,” an expert said. (AGENCIES)
Money prevails over merit; youth worst victims of wrong policies: Mufti
Excelsior Correspondent
JAMMU, Dec 29: Lambasting Omar Abdullah led coalition for betraying every sections of the society in its five year tenure, People’s Democratic Party (PDP) today observed that educated youth are the worst victims of the wrong policies being propagated by the young Chief Minister.
Addressing a meeting of the prominent leaders of the youth and student wings of the party here today, patron of PDP Mufti Mohammad Sayeed said that all promises made by the National Conference during the last Assembly elections remained only on papers. “Instead of fulfilling the commitment which the NC had made with the people during Assembly elections, this Government has been deceiving the people by making false statements”, he said and dubbed the much touted employment and welfare policy as “cruel joke” with the educated unemployed youth of the State to befool the youth.
Mufti alleged that employment policy of the State Government has failed to yield any result. “During the last five years Government has brazenly auctioned Government jobs to deprive meritorious and deserving candidates and to adjust only undeserving candidates in lieu of money”, he said and pointed out that from MLCs to Class –IV employees everything is on sale under NC led coalition regime.
While pointing towards recent exposure of scam in Board for Professional Entrance Examination (BOPEE), Mufti rued that sanctity of every institutions- from Assembly to BOPEE, has been systematically eroded by corrupt and illegal means. He said it was result of the misdeeds of Omar Abdullah Government that people have lost faith on institutions.
He availed the opportunity to remind the youth leader that during PDP led Government recruitment process was institutionalized to ensure accountability and transparency. He mentioned that more than 80,000 Rehbar-e-Taleem (ReT) teachers were appointed. Similarly more than 40000 Anganwari workers were also appointed but not even a single case of favouritism and nepotism was highlighted.
Waheed-ur-Rehman Para, in charge of the party’s State youth wing, in his address, said that educated youth in the State have become victims of the rampant corruption in the State. Youth leader Jammu Sandeep Singh Wazir, Rajinder Manhas, Vikramman Singh, Mahesh and other representatives of youth and PDSU also spoke on the occasion.
NHB to request govt for Rs 5,000 cr tax-free bonds next fiscal
NEW DELHI, Dec 29: National Housing Bank, the regulator for housing finance companies, is planning to request government to grant permission for issuance of tax-free bonds worth Rs 5,000 crore in the next fiscal.
“We would be requesting for at least Rs 5,000 crore for the next fiscal,” National Housing Bank (NHB) Chairman and Managing Director R V Verma told reporters.
NHB is in the process of preparing Budget demands for the next fiscal and will shortly submit its demands, he said.
In the last two years, a number of institutions were allowed to issue tax free bonds. They raised Rs 30,000 crore in 2011-12 and permitted to raise about Rs 25,000 crore in 2012-13.
During the current fiscal, the Government allowed some institutions to issue tax free bonds up to a total sum of 50,000 crore.
Currently, NHB is in the process of raising about Rs 2,100 crore by issuing tax-free bonds.
The base issue size is Rs 1,000 crore with an option to retain over-subscription up to Rs 2,100 crore.
The issue will open on December 30 and is scheduled to close on January 31, 2014. The bonds are proposed to be listed on the National Stock Exchange.
NHB, was permitted to issue tax-free bonds of up to Rs 3,000 crore during the current financial year. Of this, NHB had already raised Rs 900 crore through a private placement in August.
The bonds of Rs 5,000 each will be issued in tenors of 10, 15 and 20 years.
For retail investors, the coupon rate would be 8.51 per cent, 8.88 per cent and 9.01 per cent payable annually for 10, 15 and 20 years, respectively, for bonds up to Rs 10 lakh.
Interest rates of 8.26 per cent, 8.63 per cent and 8.76 per cent are payable annually for 10, 15 and 20 years, respectively, for qualified institutional buyers, corporates and high net worth individuals. (AGENCIES)
PSU banks line up QIP issues worth over Rs 15,000 cr
NEW DELHI, Dec 29: State-run lenders including SBI and IDBI Bank have lined up more than Rs 15,000 crore worth of share-sales to institutional investors to shore-up their capital base.
Apart from State Bank of India and IDBI Bank, Indian Overseas Bank, Dena Bank and Allahabad Bank have also evinced interest in raising funds through qualified institutional placement (QIP).
Besides, some more public sector banks are in the process of taking approvals from their boards for QIPs.
These banks are collectively planning to rake in over Rs 15,000 crore through the proposed share-sale to institutional investors. Many of these lenders are expected to raise funds next year.
This alternate resource mobilisation is over and above Rs 14,000 crore capital infusion to be made by the Government for the public sector banks during this fiscal.
The funds will be used to boost the capital base of the banks to maintain future growth and Capital Adequacy Ratio (CAR) under new global risk norms.
The country’s largest lender, SBI, which is planning to mop-up Rs 9,576 crore through a QIP in January-March quarter, has already received Government approval for it.
Besides, IDBI Bank plans to raise Rs 1,200 crore via sale of shares to institutional investors, Dena Bank – Rs 800 crore, IOB – Rs 350 crore and Allahabad Bank – Rs 320 crore.
Last week, private player Dhanlaxmi Bank had allotted 1.75 crore equity shares at Rs 38.25 apiece, aggregating Rs 67.22 crore to qualified institutional buyers through qualified institutional placement.
QIP is a capital raising tool whereby a listed firm can issue equity shares, fully and partly convertible debentures, or other securities that are convertible to equity shares to institutional investors.
Overall, Indian companies raised a staggering over Rs 12,000 crore in 2013 through QIP issuance, as against nearly Rs 10,000 crore garnered in the preceding year.
However, the number of issuance declined to 21 in 2013 from 47 last year.
Market experts said attributed the growth in fund raising via QIPs to volatile market conditions and it were easier to raise funds from institutional investors. (AGENCIES)
Azad visits DH Anantnag, Tulip Garden
Excelsior Correspondent
SRINAGAR, Dec 29: Union Minister for Health & Family Welfare, Ghulam Nabi Azad, who was on a day long visit to the Valley, inspected the Mirza Muhammad Afzal Baig Memorial Hospital, Anantnag and took stock of the works undertaken for the upgradation of the Hospital.
Mr. Azad asked the executing agencies to speed up the works and complete them within the stipulated time schedule. He said he has released Rs. 4 crore for the purpose and no paucity of funds would be allowed to come in the way of completion of the works.
The Union Minister said the Centre has doubled the allocation to State under Health sector and it has reached Rs. 424 crore from the previous allocation of Rs. 212 crore. The aim, he said, is to strengthen the primary healthcare base by opening more centres and equipping them with more and more facilities.
Deputy Commissioner, Anantnag, Dr. Farooq Ahmad Lone, Chief Medical Officer, Anantnag and other officers of district administration accompanied the Union Minister during the visit.
Meanwhile, Mr Azad visited famed Tulip Garden and assured his full support for development of the garden that has become a major tourist attraction during spring in Kashmir.
The garden was developed by Azad when he was Chief Minister of the State and lakhs of tulips are on bloom every year in March and April.
Tulip garden was Azad’s dream project and during his visit to the garden he assured the Floriculture Department that he will help them in its future development.
SAIL, RINL, NMDC to achieve Rs 15,820-cr capex target in FY’14
NEW DELHI, Dec 29: Having failed to achieve their capex targets last fiscal, three major state-owned firms – SAIL, NMDC and RINL – hope to meet cumulative Rs 15,820 crore target set for the current fiscal.
Expressing hope of achieving their targets at a meeting with Finance Minister P Chidambaram recently, Steel Authority of India has said its Rs 11,500 crore capex target for the current fiscal was on track.
Similarly, Rashtriya Ispat Nigam and country’s largest iron ore producer NMDC have also expressed confidence in achieving their Rs 1,600 crore and Rs 2,720 crore capex targets for the 2013-14 fiscal, a source present in the meeting said.
These firms, which fall under the Steel Ministry, had failed to come even close to their capex targets last fiscal due to reasons ranging from delays on the part of contractors to unforeseen developments while executing projects.
SAIL had Rs 14,500 crore capex target for 2012-13 fiscal but it could achieve only Rs 9,755 crore. RINL’s capex target fell short by over 30 per cent to Rs 1,287 crore. NMDC’s was the worst at Rs 1,607.24 crore compared to the Rs 4,655 crore target for capital expenditure for 2012-13 fiscal.
“A warning from the Finance Ministry that it may ask PSUs to declare a special dividend in case of shortfall in targeted capex has triggered a change in the way PSUs used to look at the targets. They are now in a hurry to achieve targets,” the source said.
SAIL is investing on enhancing capacity at all its five major plants. The investment is part of the Rs 72,000 crore that the company is putting in to raise capacity to 24 million tonne per year from 14 mtpa now.
RINL’s capex plans involve capacity expansion at its plant at Vizag from 2.9 mtpa to 6.3 mtpa. NMDC’s capex is aimed at raising production capacity at its exiting mines.
These three firms have set for themselves an ambitious Rs 14,925 crore capex target for the 2014-15 fiscal. SAIL plans to dole out Rs 10,500 crore on capital expenditure, NMDC Rs 2,890 crore and RINL the remaining at Rs 1,535 crore. (AGENCIES)