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PSU board membership to be more inclusive
New Delhi: The government has initiated a move to make politicians and trade union leaders eligible as non-official independent directors on boards of public sector companies as well.

Currently, only eminent professionals and technocrats are eligible for these posts.

"We have written to the Prime Minister suggesting changes in norms for appointment of independent directors to include eminent persons from other walks of life besides professionals and technocrats," Santosh Mohan Dev, minister for heavy industries and public enterprises has said.
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High powered panel set up to look at national mineral policy
New Delhi: The government has set up a high-powered committee to review the national mineral policy and recommend amendments to the Mines and Minerals Development and Regulation (MMDR) Act, 1957, and has asked member of the Planning Commission Anwarul Hoda to head the panel.

The Mittals and Posco want both iron ore and captive coal mining to be opened up to 100 per cent FDI while domestic steel producers want exports of high-grade iron ore banned. Cheap exports of iron ore to Japan have long been a sore point within the country.

In the global commodities market only India and Brazil have ore with iron content of 60-65 per cent. The Chinese, who along with the Australians are the largest quality coal producers, have reduced exports from about 10-12 million tonnes (mt) a year to just over 2mt as they wish to conserve supplies for their steel industry.

The planning commission has been pushing for a policy that encourages those who wish to import ore for steel-making units here.
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Karnataka Govt. promises clean up operation at Bangalore
Bangalore: The Karnataka government has moved quickly to preempt a looming boycott of its yearly flagship IT event here next month. The infotech companies have threatened to boycott the event unless civic amenities improved in the silicon hub.

After a meeting with industry representatives, the Congress-led coalition disclosed plans to spruce up roads and get rid of traffic bottlenecks over the next three months. The government also assured representatives of the Confederation of Indian Industry, the Bangalore Chamber of Industry and Commerce and the Bangalore Forum for Information Technology that it would upgrade infrastructure through a slew of medium- and long-term measures.

"The industry has offered to fund and support our long-term projects. They (the companies) have assured to support the government in the image-building exercise," chief secretary B.K. Das said.

Das said the government would make every effort to improve the image of the city and its living conditions.

On September 20, chief minister Dharam Singh is scheduled to discuss the city's infrastructure problems with top executives of IT companies.

Meaqnwhile the crumbling infrastructure seems to have had no impact on the flow of investments as between April and July this year, 64 new companies have set up shop with an investment of Rs1,181 crore, officials said.
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Gold imports up at 500 tonnes
Mumbai: The first half of 2005 has witnessed a phenomenal rise in both gross and net gold imports, with the latter pushing towards the 500-tonne mark against 306 tonnes during the same period in 2004.

GFMS (Gold Fields Mineral Service) estimates that all categories of off-take achieved record highs with jewellery fabrication rising nearly 50 per cent year-on-year. However, both coin minting and bar hoarding rose over 60 per cent, according to GFMS's Gold Survey for the first half of 2005.

GFMS officials said that one of the biggest influences on off-take in 2005 has been the fact that the price in the first half of 2005 was notably lower than the average price in the last quarter of 2004. One of the key drivers of gold jewellery demand in the first half was also the success of the World Gold Council initiative in promoting Akshayatritya as a day to purchase new gold.

The relatively benign economic backdrop has also supported the consumption of gold in all forms. Bar hoarding and coin fabrication rose dramatically, in each case by over 60 per cent, a faster growth rate than that seen for jewellery, reflecting a secular shift in the market share between strictly `investment' gold and jewellery.
The demand for coins from corporates for distribution to clientele and employees was huge. Demand for bars too was robust, though a trifle lower than that of coins.

The key driver behind the increases appears to be the perception that the gold market is still in a bull phase with the price slated to go higher. The fact that deposit rates have been lower has made investment in gold more attractive. The profits from the booming stock markets also appear to have funded the rise in `investment' gold.
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