News Briefing

FE Team | Published: February 01, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

'India not mulling
ban on commodity futures'
The Consumer Affairs Secretary of India on Thursday said that the country is having no plans to ban futures trading in any commodities as of now. Rising inflation has been a concern in India and many had pointed at futures trading as a possible culprit. The traders were fearful that futures trading in commodities like sugar, oil seeds and soy oil may be re-introduced. The FMC or Forward Markets Commission had banned sugar, grains and pulses from futures trading in the past. Country's inflation is now hovering at 15.57%. Onions and other essential commodities have been driving inflation in India for a while.
— Commodity Online
Chinalco aims to become global major
China's largest alumina producer Chinalco plans to become one of the world's top five miners in the next decade, in part through the lucrative rare earths sector. The state-owned company announced the goal as it reported an operating profit of 2.7 billion yuan ($410 million) in 2010 thanks to higher metal prices, reversing a loss the previous year. Revenue soared 40 percent year-on-year in 2010 to 200 billion yuan, it said. Chinalco said previously it was seeking to diversify from aluminum into other sectors such as coal, iron ore, rare earths and copper to become a global mining firm.
— Commodity Online
Anglo American separate S African assets
With disputes against the government prevailing, power supply issues plaguing and transportation problems persisting, Anglo American may separate its assets in South Africa in a bid to ease headache. This was speculated by BofAML and Liberium Capital. The company currently owns Kumba Iron Ore Ltd. in South Africa. This subsidiary has announced it would challenge the South African government's rejection of the application for rights over parts of the Sishen mine. Kumba has termed the government's action legally incorrect and flawed. Redress would be sought in the country's High Court, the company said.
— Commodity Online
Hakim Ali elected UK hospitality
fellow
Chief executive of Hotel Agrabad H.M. Hakim Ali has been elected as the first fellow of Institute of Hospitality, UK, in Bangladesh. Mr. Ali, also president of Bangladesh International Hotel Association, has been rendering services with dedication in tourism and hospitality industry outside the country. "This achievement bears the testimony of his brilliant performance as the worthy Fellow of Institute of Hospitality, UK," the hotel authority said in a statement.
— FE Report