Exports are being promoted!

Services trade is growing faster than merchandise and such dynamic changes need to be captured in the global trading system, stated Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation. He was speaking at the 6th Growth Net Summit, being held in New Delhi on 18-19 June 2018, organized by Ananta Center and Confederation of Indian Industry (CII) with Smadja & Smadja.

Rethinking the role of the bank

According to the, Insights of The Quarter published by Bain & co, Thomas Olsen, Ada Di Marzo, Sen Ganesh and Mike Baxter inks, ‘Wolf in Sheep's Clothing: Disruption Ahead for Transaction Banking!’

Many banks increasingly see their futures bound up with a greater presence in transaction banking—the business of managing cash for companies, and financing trade and supply chains. Global banks such as Citigroup, HSBC and JPMorgan have focused on this business for years, and now others are trying to add more sources of recurring fee income as they struggle to increase their return on capital.

Ledger technology for SARB

According to David Bentley, The South African Reserve Bank (SARB) has outlined its progress with Project Khokha, a Proof of Concept simulation of distributed ledger technology for wholesale payments and settlements. The results of the pilot were announced in a recent statement by South Africa’s central bank, which is operating the Proof of Concept for interbank transfers on JPMorgan’s Quorum, an Ethereum based Blockchain.

In summary, the Reserve Bank is using Blockchain technology to gain a practical understanding of how it can work in conjunction with the country’s banking industry, and to assess the benefits distributed ledgers can provide. The Reserve Bank said it is not looking to replace its legacy systems at this stage, but is interested to examine how the Khokha system will work as a back up to its existing settlement systems.

SA Mining Charter to improve the lives

Mineral Resources Minister, SA, Gwede Mantashe says rules in the draft Mining Charter must not be just about ticking boxes for mining companies but they must work towards improving the lives of workers and communities.

“Communities must have proper trusts, and these trusts must be managed by trustees that report back to the communities,” said the Minister. He was speaking at a briefing he held on Sunday following the publishing of the much awaited draft Mining Charter published.

Fresh tariffs on Chinese imports!

According to CER, US President Donald Trump has threatened to impose a further $200 billion of fresh tariffs on Chinese imports, after Beijing retaliated in equal measure to the White House’s $50 billion in tariffs signed last week.

In a statement, Trump said that he had instructed US Trade Representative Robert Lighthizer to draw up a list of $200 billion worth of Chinese goods to be subject to 10% tariffs on top of the 25% rate imposed. “China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said.

India visits US, meets USTR

To take forward the robust commercial ties with the United States and to resolve outstanding bilateral trade issues, a delegation led by Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu visited USA recently for meetings with his US interlocutors.

During the visit, he held series of discussions with key officials including the US Trade Representative (USTR), Robert E. Lighthizer, Secretary of Commerce, Mr. Wilbur L. Ross and Secretary of Agriculture, Mr. Sonny Perdue. The Minister also had a joint meeting with the India Caucus Co-chairs Senator Mark Robert Warner and Senator John Cornyn.

Sectoral export promotion plans reviewed!

Export credit important for export promotion

The Department of Commerce will soon open 10 offices in Indian missions abroad for accelerating export promotion activities. This was informed by Commerce & Industry Minister, Suresh Prabhu, during review of the sectoral export promotion plans prepared by Ministries and Departments in New Delhi today. He said a conference of Heads of Indian missions has been scheduled in June end in which trade promotion measures will be discussed.

The Minister stressed on branding of Indian products and export credit as important focus areas for export promotion. He also said that efforts should be made for getting priority sector lending status for export credit and directed the logistics division of the Ministry to work upon measures like bulk cargo transportation to reduce freight costs.

A$2.7 mn from Lulo diamond sales

Lucapa Diamond Company have completed a further sale of alluvial diamonds from the Lulo Diamond Project in Angola. The parcel of 1,782 carats achieved gross sale proceeds of US$2.0 million (A$2.7 million), representing an average price per carat of US$1,150 (A$1,530).

The sale excluded a number of large white Specials and a coloured Special recovered which were not presented for sale and were held for a future sale. The sale took gross proceeds from Lulo diamond sales to date in H1 2018 to US$15.9 million (A$20.2 million) at an average price per carat of US$1,642 (A$2,093).

Nexus Gold to Conduct Geochemical Survey

Nexus Gold announces that it is initiating a 105-line kilometer geochemical survey on the Rakounga permit located in central Burkina Faso, West Africa. The survey is designed to aid in identifying gold mineralization which may occur in the nine-kilometer gap between the Koala showing on the Company's adjacent 38-sq km Bouboulou Gold Concession, and the Koaltenga showing, located on the western edge the 250-sq km Rakounga Gold Concession.

"We're pleased to get the 2018 work program underway," said president & CEO, Alex Klenman. "This is an important step in the development of Bouboulou-Rakounga. The area we're covering has the potential to significantly expand the mineralized footprint. Ultimately, we are looking at this project to produce a resource estimate and the data generated by this survey will move us closer to that goal," continued Mr. Klenman.

Visitor’s flooded UGJIS 2018!

The show concludes today!

Shri Fatechand Ranka, Managing Director, Ranka Jewellers Private Limited and Shri K Srinivasan, Managing Director, Emerald Jewel Industry India Limited had opened up the show to run through June 16 & up to 18, 2018 & to conclude today!

UGJIS 2018 spread in 30,000 sq ft at Auto Cluster Exhibition & Convention Centre, Pimpri-Chinchwad, Pune. UGJIS encourages trade within the gem and jewellery group and is an exclusive B2B show and not open to the general public.