Seafarers unions want to stay away from the Gulf of Aden

Seafarers from India and other Asian countries have warned that they will not sail to the Gulf of Aden and Somalia, unless the threat of piracy is contained soon

Having faced numerous pirate attacks in the recent past, seafarers from India and other Asian countries have warned that they would not sail to the Gulf of Aden and Somalia, unless the threat of piracy is contained soon, reports PTI.

The National Union of Seafarers of India (NUSI) has taken the lead in this regard and has interacted with its counterparts in Malaysia, Bangladesh, the Philippines and other Asian countries in the interest of sailing crew.

"Discussions with the unions (of other countries) are already on. If the situation does not improve, then seafarers from labour-supplying countries will not sail to these pirate-infested places," NUSI's general secretary-cum-treasurer, Abdulgani Y Serang, told PTI in Mumbai.

NUSI has refrained from setting a deadline for this but "if things do not improve soon, then we will be forced to resort to this action," Mr Serang said.

Seafarer associations from across the globe will meet next week in Berlin to take a final decision on the issue, he said.

"Our Union is spearheading and co-coordinating an international agitation on the issue with the support of unions from India, the Philippines, Indonesia, Bangladesh, Ukraine, Malaysia, Sri Lanka and other labour-supplying countries," he said.

Indian crew are unsatisfied with the steps taken so far by the world authorities such as the International Maritime Organisation (IMO), the Indian government and others, he said.

There are still 11 vessels with more than 200 crew members of different nationalities held by pirates in the region, he added.
 

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mjunction aims to treble business by 2013

SAIL and Tata Steel's e-commerce joint venture, mjunction, aims to clock transactions worth Rs50,000 crore by 2012-13 from the Rs14,393 crore recorded last fiscal

The e-commerce joint venture between State-run steelmaker Steel Authority of India (SAIL)  and Tata Steel Ltd, mjunction, on Thursday said that its value of transactions may treble to Rs50,000 crore by 2012-13 as online trade is gaining momentum in India, reports PTI.

"We aim to clock transactions worth Rs50,000 crore by 2012-13. We hope to complete the current financial year with transactions of about Rs20,000 crore," mjunction's managing director and chief executive Viresh Oberoi said.

The company, which is evenly owned by the steel majors, recorded a transaction value of Rs14,393 crore in the last financial year.

It hopes that 90% of its total transactions would come from its steel and coal trading business and the rest from the business-to-consumer segment.

Keen on growing overseas, mjunction is building a war chest of about Rs100 crore for acquisitions in the procurement space, especially in Europe and America. At present, it has facilitated business transactions in South East Asian nations like Thailand.

"We are planning to create a war chest of Rs100 crore for acquisitions which will be made in the next fiscal. This will come from the promoters and our internal accruals. We are now evaluating merchant bankers who can seal such deals for us," he added.
 

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Turnover on commodity exchanges in April-February up by over 50%

The maximum quantum of business has come from the futures trade in farm items such as guar seed, soyabean, soy oil and mustard seed as well as commodities such as energy and crude oil

The turnover of 23 commodity exchanges surged by over 50% to Rs69.70 lakh crore till February of the current fiscal due to a sharp rise in participation of agricultural and other commodities, the Forward Markets Commission (FMC) has said.

The turnover of commodity bourses had stood at Rs46.40 lakh crore in the same period last year, it said.

The maximum quantum of business has come from the futures trade in farm items such as guar seed, soyabean, soy oil and mustard seed as well as commodities such as energy and crude oil, data released by commodity markets regulator FMC showed.

Among 23 commodity bourses, the country's leading exchange Multi Commodity Exchange (MCX)'s turnover soared by 42% to Rs57.70 lakh crore during April-February of FY10, against Rs40.60 lakh crore in the same period last year.

The business of the leading agri-commodity bourse National Commodity & Derivatives Exchange (NCDEX) rose significantly by 69% to Rs8.30 lakh crore from Rs4.90 lakh crore, while National Multi-Commodity Exchange of India Limited (NMCE)'s turnover scaled up by five-folds to Rs1.90 lakh crore from Rs39,625 crore in the review period, the data showed.

The new entrant, Indian Commodity Exchange (ICEX), made business of Rs1 lakh crore since the launch of the exchange on 21 November 2009. The turnover of regional exchange National Board of Trade has risen sharply to over Rs25,000 crore so far this fiscal.

Currently, there are four national and 19 regional exchanges in the country.
 

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COMMENTS

Anil

6 years ago

give detailed turn overs

pareshpatel

7 years ago

FOOD GEART MATER AL IS REQ OK

pareshpatel

7 years ago

over given rate of commodity rate

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