SMX to start trade from Aug 31, to launch gold, oil futures

Singapore: Financial Technologies (India) group's Singapore Mercantile Exchange (SMX) today said it will start trading from 31 August, 2010, launching contracts in gold, currency and crude oil futures initially, reports PTI.

The pan-Asian multi-product commodity and currency derivatives exchange has completed conformance testing with independent software vendors and industry-wide testing with member firms prior to its impending launch, the exchange said in a statement.

The first phase of product launches would include a gold futures contract, West Texas Intermediate crude oil, Brent-euro crude oil and Euro-US dollar futures contracts, amongst others.

The first phase of product launches would be followed by multiple product launches to be introduced in the market after consultation with industry participants, said SMX, which is backed by Financial Technologies (India), the operator of exchanges in India, Dubai, Africa, Mauritius and Bahrain.

"SMX's platform will herald Asia's first stand-alone and next-generation global derivatives exchange for unrestricted cross-border trading in futures, options and other derivatives across multiple asset classes," SMX vice-chairman Jignesh Shah said.

"SMX is well poised to unlock the immense potential of Asia and further position the region as a leading derivatives trading hub," added Shah, also CEO of Financial Technologies Group.

The Monetary Authority of Singapore recently granted SMX 'Approved Exchange' status to operate as a regulated and fully licensed exchange.
 

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Mahindra Satyam wins lawsuit against UK's Upaid Systems

New Delhi: Mahindra Satyam on Monday said a New York court has given a favourable judgment in its lawsuit against Upaid Systems and ruled that the British company is responsible for all the tax liability on the settlement amount of $70 million paid by the IT firm, reports PTI.

"The court adjudged and declared that the settlement agreement requires that Upaid must cooperate with the escrow agent (IDBI Bank) to allow the latter to withhold any applicable taxes from the $70 million settlement amount," Mahindra Satyam said in a statement.

Mahindra Satyam, earlier known as Satyam Computer Services, had filed a lawsuit in a New York court against Upaid, seeking enforcement of a legal settlement agreement between the two signed in December, 2009.

At issue is the tax liability on the settlement amount, which Satyam claims is Upaid's responsibility under the agreement.

In the lawsuit, Satyam had asked the court to confirm that Upaid is responsible for any tax liability arising from the settlement.

In December, 2009, Satyam agreed to pay $70 million to settle all outstanding legal disputes with Upaid.

As part of the December agreement, Satyam entered into an escrow agreement with Upaid and deposited the settlement amount of $70 million into an escrow account.
 

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Ship collision off Mumbai coast: 100 containers missing

Mumbai: Nearly 100 containers that fell into the waters following the collision between two merchant vessels off the Mumbai coast, earlier this month, are still missing and two of them are carrying hazardous chemicals, reports PTI.

"The salvage operation is underway. About 100 out of the total 250 containers are yet to be traced from the waters," Rahul Asthana, chairman of Mumbai Port Trust, told PTI.

Two of the missing containers are carrying hazardous chemicals and efforts are on to locate and retrieve them, he said.

Two merchant vessels-MSC Chitra and Khalijia-III-collided off the Mumbai coast on 7th August causing an oil spill. Several containers from one of the vessels fell into the sea.
 

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