NEWS

RKR appoints Kalash, as Authorized Distributor

RKR appoints Kalash, as Authorized Distributor

Distributor of Casting & Handmade

jewellery set with Swarovski Zirconia

 

RKR Gold branding partner of Swarovski Gemstones, believes business are built on relationships. RKR Gold recently associated with one of the long standing industrial phenomenon of the Chennai jewellery fraternity, Kalash Jewels. RKR Gold appointed Kalash Jewels as their Authorized distributor of Casting & Handmade jewellery set with Swarovski Zirconia.

 

The founder Mr Sukdev Patankar and his sons Mr Pradeep Patankar & Mr Suhas Patankar have been in the Gold refinery business for the past 3 decades and accumulated the title of being one of the best Refinery units in all of Tamil Nadu. With a large base of clients from the refinery business, the Patankar family have embarked their new journey into Jewellery Wholesale and wanted to relate to a well know brand of the market to keep up with their established name.

 


De Beers rough cycle 10 US$ 540mn

De Beers rough cycle 10 US$ 540mn

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the tenth sales cycle of 2018.

 

Bruce Cleaver, CEO, De Beers Group, said: “De Beers Group’s rough diamond sales during the final cycle of the year continued to be in line with expectation ahead of the all-important retail selling season as cutting and polishing factories in India restarted their operations following the Diwali holiday.”

 


India needs own 5G technology

India needs own 5G technology

India Ratings and Research (Ind-Ra) estimates India’s total wireless data usage to reach 13 exabytes/month by 2025 (5x of 1Q18 data usage). The existing technology is inadequate to meet such high data demand; therefore, a judicious mix of fiberisation and 5G roll-out will be required.

 

India can formulate its own customised 5G or 4G+ technology than adopting global standards for 5G in toto to focus on improving user experience or cater to evolving enterprise requirement, while avoiding critical applications requiring ultra-low latency.

 


High gold recoveries achieved

High gold recoveries achieved

Kootenay Silver reported that Aztec Minerals announced high gold recoveries were achieved by cyanide leach analysis of five drill holes from the California porphyry gold-copper prospect on the Cervantes property in Sonora, Mexico.

 

Gold recoveries by cyanide leach analysis include 87% gold and 45% silver recovery over 98 meters in hole 18CER007, 84% gold and 54% silver over 106 meters in 18CER006, and 84% gold and 49% silver over 93.5 meters in hole 17CER003. Silver recoveries around 50% are considered normal for most oxide gold deposits, as silver has slower leach kinetics compared to gold.

 


 

 

DGCX and FXCM signs for FX products

DGCX and FXCM signs for FX products

The Dubai Gold and Commodities Exchange (DGCX) and FXCM Group, LLC (FXCM Group or FXCM), a leading international provider of online foreign exchange trading, CFD trading, bitcoin and related services, announced the signing of a Memorandum of Understanding (MoU), agreeing to collaborate on launching new and innovative FX products on the DGCX.

 

Les Male, Chief Executive Officer of DGCX, stated: “It is our aim to ensure that we continue to offer our members and market participants truly innovative contracts, backed by our state of the art technology and Clearing House. These contracts must appeal to not only our international participants but also to local banks and trading houses too. This MOU with FXCM is the first step in developing ever more pioneering contracts contributing to the DGCX’s global offerings allowing us to cross-pollinate each other’s diverse client base.”

 


Modi to set credit discipline in Banks

Modi to set credit discipline in Banks

The ongoing Narendra Modi Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline.

 

Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to create a unified framework for resolving insolvency and bankruptcy matters. IBC, by adopting a creditor-in-saddle approach, with the interim resolution professional taking over management of affairs of corporate debtor at the outset, coupled with debarment of wilful defaulters and persons associated with NPA accounts from the resolution process, has effected a fundamental change in the creditor-debtor relationship.


Banks to restrict Red Flagged Accounts

Banks to restrict Red Flagged Accounts

RBI has furnished inputs with respect to its instructions to the banks to bring changes as per its new guidelines to strengthen their monitoring mechanism.

 

A Circular of confidential nature was issued by RBI to all the banks in February 2018 to implement security and operational controls such as Straight-Through Process (STP) between CBS/accounting system and SWIFT messaging system, enable time-based restrictions in SWIFT, review logs at regular intervals, undertake reconciliation, etc in a time bound manner, and the banks were also advised that in case of non-compliance RBI may take enforcement action against them.

 



Public Debt Management Q2 announced!

Public Debt Management Q2 announced!

Since Apr-June (Q1) 2010-11, Public Debt Management Cell (PDMC) (earlier Middle Office), Budget Division, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management on a regular basis. The current report pertains to the quarter Jul-Sept 2018 (Q2 FY 2019).

During Q2 of FY19, the Central Government issued dated securities worth ` 1,44,000 crore as against 1,89,000 crore in Q2 of FY18.

 

The weighted average maturity (WAM) of new issuances stood at 15.04 years in Q2 of FY 19 (14.58 years in Q2 of FY 18). The weighted average yield (WAY) of issuances for the same quarter was 8.01 per cent compared to 6.76 per cent in Q2 of FY 18. The temporary cash flow mismatches were bridged through issuance of Cash Management Bills amounting to 20,000 crore during the quarter. The net average liquidity injection by RBI under Liquidity Adjustment Facility (LAF) including MSF was 16,097.2 crore during the quarter.

 


 

E-Commerce Market grows at 17%

E-Commerce Market grows at 17%

As per the Economic Survey 2017-18, the electronic commerce (e-commerce) market in India is estimated at USD 33 billion, with a 19.1 percent growth rate in 2016-17. As per the National Association of Software and Services Companies (NASSCOM) Strategic Review 2018, in the Information Technology and Business Process Management (IT-BPM) sector in India, the Indian e-commerce market was USD 33 billion in 2017-18 and reached USD 38.5 billion, growing at a rate of about 17% in the financial year 2018-19.

 

As per extant Foreign Direct Investment (FDI) policy, FDI up to 100% is permitted under automatic route in companies engaged in e-commerce provided that such company engaged only in Business to Business (B2B) e-commerce. Further, 100% FDI under automatic route is permitted in marketplace model of e-commerce but FDI is not permitted in inventory based model of e-commerce.

 


De Beers diamond education to china

De Beers diamond education to china

De Beers Group announce, it has officially launched its education partnership with the National Gemstone Testing Centre (NGTC), China’s leading authority in the testing and inspection of gems and jewellery, extending the accessibility of De Beers Group’s diamond education courses to students in China.

 

The partnership, which was officially launched at the Beijing Jewellery Show in China on 13 December, will provide a variety of diamond education courses, supporting the needs of multiple groups across the diamond industry. Courses will focus on a range of content, including:


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