Exim Banks of India and Korea Sign MoU

Union Finance Minister, Shri Pranab Mukherjee and the Minister of Strategy and Finance of the Republic of Korea, Mr.Yoon Jeung-Hyun met to day alongwith their official delegations for their 2nd bilateral meeting. The first bilateral meeting of Finance Ministers was held in Seoul in September 2006. Making his opening remarks, Finance Minister Shri Pranab Mukherjee said that there is not of commonality of interest among the two countries and can play major role in recovery of global economy from its recent meltdown. He said both countries have common approach to global issues and are making serious efforts for stronger and sustainable growth. He alos emphsized the need for institutionalizing the financial and economic cooperation and dialogue among the two countries. He said that there is a lot of scope for South Indian companies to invest in India in infrastructure sector including transport, power and IT network. He said that both the countries can benefit by sharing of their knowledge in financial and economic areas.

Visiting South Korean Minister Mr.Yoon Jeung-Hyun in his opening remarks said that these bilateral meetings should be held at Finance Ministers level annually and his country is keen to have strong relationships with India not only in financial and economic areas but other areas as well. He said that there is a lot of scope for cooperation among the two countries in the fields of double taxation pricing policy and infrastructure developments among others.

Later the official delegations of both the countries led by their respective ministers discussed a wide range of issues raning from macro economic developments in the global economy. Performance and future directions of G20 mechanism, cooperation between the financial supervisory authorities of the two countries, further cooperation in infrastructure and green sector projects through Private-Public Partnerships, issues of tax reconciliation and disinvestment of State Owned enterprises. A Memorandum of Understanding (MOU) was signed between the EXIM banks of the two countries for the purpose of promoting trade and investment. Mr.Prabhakar Datal, Executive Director from EXIM Bank of India and Ki-Sub Nam, Executive Director from Korean Exim Bank signed the MOU.

India-Korea relations rest on deep historical ties based on a strong foundation of shared cultural heritage, commitment to domocracy and desire to establish a long-term cooperative partnership. Top Cooperation between the two countries covers all areas of bilateral relations, namely political, economic and coomercial, defence, information technology, science and technology, cultural exchange, etc. The bilateral meeting between the finance ministers is expected to further strenthen this relationship, increase mutual cooperation in the G20, and lead to increased investment opportunities in the two countries.

Ningbo box volume up record 31 pc to 11.2 million TEUs

Eastern China's port of Ningbo handled 11.2 million TEU's from January to October, upby 31 per cent year on year, setting a new record. By the end of October, there were 229 shipping routes that included Ningbo, more than last year's 216. One hundred and twenty four of them are ocean shipping lines, 53 near sea lines, 20 feeder lines and 32 domestic trade lines. Besides, the port's laden container export monthly volume went beyond 400,000 TEUs since May 2010.

Sical Logistics Q2 FY 09 Operating Profit Grows By 43%

Sical Logistics Ltd, India’s leading provider of integrated multi-modal logistics solutions for bulk and containerized cargo and offshore logistics, today announced that its operating profit grew by 43% to Rs.14.61 vs Rs.10.18 crore, a year ago.

The logistics business continued its steady growth with improvements in both net profit and EBIDTA levels.The Consolidated net sales of the second fiscal quarter ended 30 september 2008 was Rs,172.2 crore va.265.84 crore a year ago. The consolidated EBIDTA for Q2 FY09 was Rs.24.6 crore a ago. The consolidated EBIDTA for H1 (half year) FY 2009 was Rs.46.44 crore vs Rs.44.67 crore, up 4% a year ago.

Sical’s container logistics business grew at more than 60% over the second quarter of previous year,adding new customers and enhancing services to existing customers. Its half yearly container volumes till September 08 grew at 11% to 70.503 TEUs from 63772 TEUs a year ago The offshore logistics business also saw string growth in dollar earnings, which were not exposed to currency fluctuations,
From irs platform supply vessel in the North sea.The real business continued its positive growth with the addition of a third rake in its fleet. On the results, Mr.Ashwin C Muthiah, chairman , sical Logistics said,”The Second quarter F’ 2009 results are along project lines, despite a difficult economic environment. Our logistics business continues to be stable and earnings projects are steady as per estimates,” During the second fiscal quarter,we made significant progress in our second rake commenced operations on the North south corridor and we recently received delivery of our third rake. We achieved the financial closure of the Nagpur sical Gupta road terminal and continued construction work at an accelerated pace on the sical iron ore terminal at Egmore. Our overall outlook remains positive and we are confident og achieving strong value led growth for all our stakeholcers in the long term.”added Mr. Ashwin Muthiah, Chairman, sical Logistics.

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Railways giving facelift to workshops

The Railways is considering investing $.163.50 Million on modernising its workshops over one year, including $.23.50 million for procuring machines.


Mr.R.K.Rao, Member, Mechanical, Railway Board, announced this while inaugurating a two-day international seminar on 'Railway workshop modernisation and new technology in machine tools'.

"The Railways is expected to invest approximately $.23.50 million for procurement of machines and approximately $.140 million for modernisation of workshops over the next one year", elaborated.

The Railways has more than 50 mechanical engineering workshops and production units. It is planning to modernise technical segments like wheel machining automation, metal forming, metal cutting, metal finishing, rescue devices, measurement toold and IT.

Chennai Port Celebrates Safety Awareness Week

Chennai Port celebrated the Safety Awareness Week from 25th March to 28th March 2008 to create Safety Awareness among the Users, Employees and Officers of the Port. The Safety Week cebebrations was inaugurated on 25.03.08 by Mr.S.K.Saxena, DG, DGFASLI. As a part of the celebrations, the Port conducted Seminars, Work shops, Quiz Street Play, Debates, Oratorical Competitions and Cultural Programmes highlighting Safety Aspects to Users, Employees and Officers of the Port.

The valedictory Function was held on 28.03.08, Presided By Mr.Suresh, I.A.S, the Chairman, ChPT Mr.Rakesh Srivastsava, I.A.S, Joint Secretary (Ports) Ministry of Shipping, Road Transport and Highways was the Chief Guest, according to press release. Mr.G.J.Rao, Deputy Chairman welcoming the diginitaries, users and employees said that in Today's Competitive World every Port has to attract cargo, increase the efficiency by deploying modern equipments and mechanized operations, aided by Information Technology and should place emphasis on providing complete safety to the Workers, Cargo, Vessels and Port Infratructure.

Mr.K.Suresh, I.A.S, Chairman, Ch.P.T.while appreciating the efforts of the users and employees in surpassing the target fixed by ministry for this year, expressed his hope and confidence in achieving the next years target also. He further stated that the port has provided personal protective equipments to all workers and trained them in safe cargo handling practices. The Port has evolved a comprehensive health and safety plan to ensure that a safe work atmosphere will contribute to the effective functioning of the port and the general will-being of the workers.

Mr.Rakesh Srivastsava, I.A.S, Joint Secretary (Ports) Ministry of Shipping, Road Transport and Highways while delivering the valedictory address observed that among the various industrial sectors, the working environment at the dock is found to be complex, non-repetitive and at times hazardous. It was heartening to note that Chennai Port had taken efforts to create a awareness on having a safe working environment. A crisis situation occurs in a port when safety is compromised or failed. This creates a hazardous work atmosphere, leading to loss to property/cargo and possibly loss of valuable human life. An effective crisis management plan will greatly reduce and might even eliminate such undesirable events. An effective crisis management plan is actually very simple. "Evolve basic procedures - ensure immediate reporting - implement effective administration - involve action groups/people - inculcate responsibility and discipline". It was heartening to note Chennai Port is celebrating the safety week in right earnest and has taken great measures to create awareness on safety. He hoped that the various seminars, workshops, debates and cultural activities would educate and enlighten the employees and port users to make Chennai Port as the Safety Port to work, in India.

Mr.P.Venkateswarlu, Traffic Manager, ChPT thanked the dignitaries, port users, employees and officers for making the safety week celebrations 2008 a grand success.

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