MCX partners with Taiwan Futures Exchange for developing commodity derivatives markets

India's largest commodity exchange MCX, has partnered with TAIFEX, the only derivatives exchange in Taiwan for developing products in both countries.

Multi Commodity Exchange of India Ltd (MCX) said it signed a memorandum of understanding (MoU) with the Taiwan Futures Exchange (TAIFEX) to develop commodity derivatives markets in both India and Taiwan by sharing information and best practices pertaining to product development, business and marketing initiatives, technology, and areas of mutual interest.

Lamon Rutten, managing director and chief executive of MCX, said, "We are delighted to be associated with TAIFEX. The MoU will provide an opportunity to understand one another's markets, and share expertise and best practices. We look forward to a longstanding and gratifying partnership with Taifex."

MCX offers commodity futures contracts in bullion, base metals, energy, agricultural and other commodities whereas TAIFEX offers equity and commodity derivatives products.

"To cope with challenges of the changing global capital market, collaborations among exchanges have been increasingly important," said Steve Wang, President of TAIFEX.

He added, "We are pleased to cooperate with MCX to better serve the markets of Taiwan and India. With a history of twelve years, TAIFEX has launched several successful products over the years and we would like to share our experiences with MCX. The new partnership will contribute greatly to the mutual benefits of the two exchanges."

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Inflation to stabilise to 5.5% by March: PM

New Delhi: With the rate of price rise moderating in recent months, prime minister Manmohan Singh today exuded confidence that inflation will stabilise at around 5.5% by March next year and the economic growth will improve to 8.5%, reports PTI.

"Inflation remains a cause for serious concern in our country... We expect this downward trend to continue and the rate of inflation to stabilise around 5.5% by next March," he said while addressing the 83rd Plenary Session of the Congress Party.

Inflation, which has become a politically sensitive issue, declined to 7.48% in November from 8.58% in the previous month. It was in double digits for several months till July.

Food inflation, however, rose to 9.46% for the week ended 4th December from 8.69% in the previous week.

Pointing out that the government had taken several steps to check rising prices, the prime minister said, "We will continue to do so... In recent days, the rate of inflation has come down to 7.5%."

Referring to economic growth, Mr Singh said that despite the global economic crisis, the country has been able to maintain a healthy growth rate.

"In the last two quarters, our growth rate has been 8.9% and we expect that for the entire year, it will be around 8.5%. We also expect that from the next year onward, we will be able to grow at a rate between 9% and 10%."

The Indian economy was expanding at over 9% before the global financial meltdown dragged down the growth rate to 6.7% in 2008-09. Thereafter, spurred by the stimulus provided by the government and the Reserve Bank of India, the growth rate improved to 7.4% during 2009-10.

As regards the current fiscal, the economy recorded a growth rate of 8.9% in the first half. According to the Mid-Year Analysis prepared by the finance ministry, growth for the whole year could be 8.75%, with a variation of about 0.35% on either side.

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2G fallout: I am ready to appear before PAC, says PM

New Delhi: Seeking to counter the opposition clamour for a Joint Parliamentary Committee probe into the second generation (2G) spectrum scam, prime minister Manmohan Singh today made an unprecedented offer of appearing before the Parliament's Public Accounts Committee (PAC), saying he has "nothing to hide", reports PTI.

"As prime minister of this great country for last six-and-a-half years, I may have made mistakes but I have tried to serve my country to the best of my ability.

"I sincerely believe that like Caesar's wife, the prime minister should be above suspicion and it is for this reason that I am prepared to appear before the PAC even though there is no precedent to that effect," Mr Singh said addressing the Congress Plenary here on the concluding day of the two-day conclave.

Noting that the PAC is headed by senior BJP leader Murli Manohar Joshi, he said it has "all the powers which can be given to a JPC and the PAC is the acknowledged watchdog of any financial impropriety or misconduct".

Rejecting the opposition demand for a JPC probe which led to a washout of the entire Winter session of Parliament, Mr Singh said, "Government is of the considered view that in the background of the multi-faceted action now in place, no purpose will be served by a JPC, except to delay the inquiry and politicise the matter."

"I wish to state categorically that I have nothing to hide from the public at large and as a proof of my bonafides I intend to write to the chairman of the Public Accounts Committee that I shall be happy to appear before the PAC, if it chooses to ask me to do so," Mr Singh said in his 30-minute address amid applause from over 15,000 delegates.

In his first major response to the 2G spectrum controversy and Parliament paralysis, the prime minister attacked the BJP, saying it has been "falsely propagating" that the UPA government is against the JPC because "we do not want the prime minister to be questioned by a Parliamentary committee, thereby implying that I have so meting to hide."

Promising that nobody found guilty in 2G allocation as well as CWG irregularities would be spared, he said the government was conducting a thorough probe in all aspects of the organisation of Commonwealth Games and the 2G spectrum allocation.

"These inquiries will be pursued vigorously and it is my promise to you that no guilty person will be spared-whether he is a political leader or a government official, whichever party he may belong to and howsoever powerful he may be," he said.

"We wanted to discuss all these issues in Parliament but one entire session got wasted because of opposition's obduracy. It is difficult to comprehend that only a JPC should probe the 2G spectrum matter," he said.

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