12th ICA-AP Regional Assembly 9th Cooperative Forum and Related events
Around 250 foreign delegates from China, Japan, Malaysia, Indonesia, Iran, South Korea, etc, have come in Delhi to attend 12th ICA-AP Regional Assembly and 9thCooperative Forum and Related events.
Cooperative employ 250 million people and generate 2.2 trillion USD while providing the services and infrastructure the society needs to thrive. International Cooperative Alliance (www.ica.coop) is non-profit international association established in 1895 to advance the cooperative model. It is the apex organization across 95 countries. The members of the Alliance are national level cooperative federation, individual cooperative organization and government offices concerned with cooperatives.
The Alliance works with global and regional government to create the legislative environment that allow cooperatives to become faster of growing enterprise by 2020 in the Blue-print for a cooperative decade.
International Cooperative Alliance-Asia and Pacific (ICA-AP) is the regional office of ICA located in Delhi with 32 members from around 28 countries representing more than 500 million individual members and their communities.
The biennial Regional Assembly, representing by all member directly, is the highest authority of the ICA Asia and Pacific. The Regional Assembly is a central policy making and representative body that brings together all members and provides them a platform to discuss multiple issues concerning development and growth of co-operatives as well as the opportunity to network and form bilateral and multilateral alliances for mutual benefit. The regional Assembly Plays vital role in strengthening the democratic governance process of co-operatives by building consensus on issues and passes the agenda after discussion and to the satisfaction of all members.
Rumen Radev has won Bulgaria’s presidential election
European Parliament President Martin Schulz congratulated Tuesday Bulgarian president-elect Roumen Radev. Radev will be the fifth President of democratic Bulgaria after winning the most votes in the second round of voting in presidential elections November 13.
Boiko Borisov has announced that he will step down as Bulgarian prime minister. His resignation was prompted by the victory of Socialist-backed general Rumen Radev in the presidential election.Prime Minister Boiko Borisov has said he will resign as promised.”In the first working day of the parliament we will tender the government resignation,”
“The results clearly shows the governing coalition has no majority and cannot pass the upcoming budget,”Borisov told reporters.
Socialist candidate Rumen Radev, a 53-year-old Moscow-friendly general, was elected as Bulgaria’s president with 59.4 percent of the vote. Tsetska Tsacheva, the 58-year-old candidate of the ruling center-right GERB party and Borisov’s choice, was left behind with 36.2 percent with 99.3 percent of polling stations counted.
Austria could feel impact of Brexit via Germany
British exit from the European Union (EU) could affect Austria due to its impact on the two countries’ major mutual trading partner Germany, Austria Press Agency quoted an Austrian official as saying here on Monday.
Austrian Trade Commissioner for the UK Christian Kesberg said that while Austrian managers presently have a “keep calm and carry on” attitude toward the so-called “Brexit” outcome, not anticipating any direct shocks, secondary effects via Germany are looming because Germany is the UK’s third-largest trading partner and the most important one for Austria.
Given Germany’s particular significance to the UK and Austria, if the British departure from the EU have a negative economic impact on Germany, Austria will in turn feel this.
Lithuania’s new parliament starts work
VILNIUS, Nov. 14 – The new parliament of Lithuania gathered for its first sitting on Monday to take charge of the country’s legislation for the coming four years.
The new parliament is dominated by new faces and members of parliament (MPs) from the Peasants and Greens Union (LVZS), the winner of the parliamentary elections. Eighty-two MPs in the 141-seat parliament are new or have returned to the Seimas after at least a four-year break. LVZS, the leader of the new ruling coalition, secured 56 seats at the elections three weeks ago.
Lithuanian President Dalia Grybauskaite, who visited the Seimas on Monday to address the new MPs, emphasized that the high number of new MPs meant Lithuanian people want new policy. She urged MPs to contribute to the transformation of the political system.
“For thousands of Lithuanian citizens, you have become a new hope,” Grybauskaite told the parliament, noting the country wanted “indifference to turn into empathy, selfishness into responsibility, professionalism to replace ignorance, and decisive policy to replace inaction.”
“It’s in your hands,” she said.
Six parliamentary groups have been formed in the new Seimas. The Social Democratic Party (LSDP) — the leader of the outgoing government, who came third in the parliamentary elections with 17 seats — now has 19 MPs in their group. Last week, LSDP agreed with LVZS to form the ruling coalition and got three ministers out of 14 in the government.
The ruling coalition is to have 78 members in the 141-seat Seimas.
The parliament’s biggest opposition group, the conservative party the Homeland Union – Lithuanian Christian Democrats (TS-LKD), has 31 seats, followed by the Liberal Movement of Lithuania with 14 MPs.
The election of the speaker of the Seimas was among the first tasks for the new parliament. Late Monday, agronomist Viktoras Pranckietis, a newbie in the Seimas and proposed by LVZS, was elected to lead the Seimas. His candidacy was supported by 93 MPs.
“Today we are all are obliged to create a new page of Lithuanian history,” Pranckietis said in his speech to the Seimas after the voting. He named the new Seimas “the parliament of hope.”
With the first sitting of the new parliament, the outgoing government has returned its mandate to the president. On Monday, Grybauskaite signed the decree for the government to continue its work until the new cabinet takes office early December.Media agencies
GAIL’s Profit after Tax up by 180% for Q2 of FY 2016-17 on year-on-year basis
PBT Rs. 1,375 crore up, by 151%; Gross Margin Rs. 1,851 crore, up by 61%
New Delhi, November 15, 2016: GAIL (India) Limited registered a 180% increase in Profit after Tax (PAT) in the second quarter of Financial Year 2016-17, boosted by a turnaround in its Petrochemical business and reduction in interest costs. The Company’s PAT for the quarter ending 30th September, 2016 rose to Rs. 925 crore from Rs. 330 crore in the corresponding quarter of the last fiscal. GAIL’s Profit before Tax (PBT) for the second quarter increased by 151% to Rs. 1,375 crores against Rs. 548 crore in the corresponding quarter of the last fiscal.
On half yearly basis, GAIL’s PAT (excluding gain from stake sale in Mahanagar Gas Limited) is Rs 1,771 crore, signifying an increase by 146%.
GAIL’s PAT in the second quarter of FY 2016-17 rose by 9% vis-à-vis the first quarter (excluding the gains from stake sale in Mahanagar Gas Limited) of current financial year, from Rs. 846 crore to Rs. 925 crore largely on account of better performance in Natural Gas Transmission and Petrochemical segment. During the quarter, GAIL’s Petrochemical business has seen a turnaround with sales jumping 61% on year on year basis. This has resulted increase in revenue in this segment by 53% to Rs. 1,358 crore and the profit stood at Rs. 104 crore in this quarter as against loss of Rs. 364 crore in the corresponding quarter of the previous year.
The increase in net profit during Q2 of Financial Year 2016-17 on year-on-year basis, was also supported by increase in Natural Gas Marketing & Transmission volumes by 8% and 12% respectively and Liquid Hydrocarbon Sales by 9%.
New Delhi, November 15, 2016: GAIL (India) Limited registered a 180% increase in Profit after Tax (PAT) in the second quarter of Financial Year 2016-17, boosted by a turnaround in its Petrochemical business and reduction in interest costs. The Company’s PAT for the quarter ending 30th September, 2016 rose to Rs. 925 crore from Rs. 330 crore in the corresponding quarter of the last fiscal. GAIL’s Profit before Tax (PBT) for the second quarter increased by 151% to Rs. 1,375 crores against Rs. 548 crore in the corresponding quarter of the last fiscal.
On half yearly basis, GAIL’s PAT (excluding gain from stake sale in Mahanagar Gas Limited) is Rs 1,771 crore, signifying an increase by 146%.
GAIL’s PAT in the second quarter of FY 2016-17 rose by 9% vis-à-vis the first quarter (excluding the gains from stake sale in Mahanagar Gas Limited) of current financial year, from Rs. 846 crore to Rs. 925 crore largely on account of better performance in Natural Gas Transmission and Petrochemical segment. During the quarter, GAIL’s Petrochemical business has seen a turnaround with sales jumping 61% on year on year basis. This has resulted increase in revenue in this segment by 53% to Rs. 1,358 crore and the profit stood at Rs. 104 crore in this quarter as against loss of Rs. 364 crore in the corresponding quarter of the previous year.
The increase in net profit during Q2 of Financial Year 2016-17 on year-on-year basis, was also supported by increase in Natural Gas Marketing & Transmission volumes by 8% and 12% respectively and Liquid Hydrocarbon Sales by 9%.
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October 2016 WPI inflation stands at 3.39%
The WPI inflation stands at 3.39% in October 2016, 3.57% in September 2016, 3.85% in August 2016, 3.72% in July 2016, 2.12% in June 2016, 1.24% in May 2016 and 0.79% in April 2016. The decline in WPI inflation in the month of October 2016 is attributed to fall in the prices of rice (4.57%), wheat (6.30%), pulses (21.8%), potato (60.5%), fruits (6.4%), egg, meat and fish (6.2%).
Driven by the fall in the prices of rice, wheat, pulses, potato, fruits, egg, meat and fish, WPI inflation stands at 3.39% in October 2016 as compared to 3.57% (Y-O-Y) in September 2016. The index for this major group rose by 0.1% to 182.9 from 182.8 for the previous month.
Trend in WPI Inflation (Y-O-Y)
Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India
WPI inflation in select commodities
Source: PHD Research Bureau, compiled from the office of the Economic Advisor to the Govt. of India
Build up inflation rate in the financial year so far was 4.34% as compared to a build up rate of 0.45% in the corresponding period of the previous year.
Build up in inflation from March in select food commodities (%)
Source: PHD Research Bureau, compiled from the office of the Economic Advisor, Govt. of India
Manufacturing inflation stands at 2.67% (weight 64.97%)
The WPI inflation for manufactured products stands at 2.67% for the month of October 2016 as against 2.48% for the month of September 2016. The index for this major group rose by 0.2% to 157.4 (provisional) from 157.1 (provisional) for the previous month.
Trend in WPI inflation in manufactured products (in %)
Source: PHD Research Bureau, compiled from the office of the Economic Advisor
Food inflation at 4.34% (Weight 14.34%)
Food inflation for the month of October 2016 stands at 4.34% as against 5.75% in September 2016. The index for ‘Food Articles’ group declined by 0.3 percent to 278.8 (provisional) from 279.6 (provisional) for the previous month due to lower price of urad (6%), masur and fruits & vegetables (4% each), arhar, bajra, maize and mutton (3% each), jowar (2%) and moong, fish-inland and condiments & spices (1% each). However, the price of gram (18%), ragi (9%), poultry chicken (5%) and fish-marine, coffee and milk (1% each) moved up.
Non-food articles inflation at 1.13% (weight 4.26%)
Non-food articles inflation for the month of October 2016 stands at 1.13% as against 4.49% in September 2016. The index for Non-Food Articles group declined by 3.1 % to 223.2 (provisional) from 230.3 (provisional) for the previous month due to lower price of soyabean (10%), groundnut seed and flowers (8% each), raw cotton (5%), guar seed and raw rubber (4% each), gingelly seed and castor seed (3 % each), sunflower, hides (raw), raw silk and rape & mustard seed (2% each) and raw wool, skins (raw), coir fibre and mesta (1% each). However, the price of fodder and linseed (2% each) and cotton seed and safflower (kardi seed) (1% each) moved up.
Fuel & power inflation stands at 6.18% (weight 14.91%)
Fuel & power inflation for the month of October 2016 stands at 6.18% as against 5.58% in September 2016.The index for this major group rose by 1.0 percent to 187.3 (provisional) from 185.4 (provisional) for the previous month due to higher price of aviation turbine fuel (4%), petrol, furnace oil and high speed diesel (2% each) and kerosene and LPG (1% each).
Please contact for any query related to this mail to Ms. Surbhi Sharma, Sr. Research Officer at surbhi@phdcci.in with a cc to Dr. S P Sharma, Chief Economist, PHD Chamber of Commerce & Industry.
Warm regards,
Dr. S P Sharma
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INSTITUTO CERVANTES DE NUEVA DELHI – CULTURA – 20 NOVIEMBRE 2016
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