THE Reserve Bank of India has permitted the Registrar of Co-operative Societies, Gujarat, to wind up two urban co-operative banks due to their weak finances.
Considering their irretrievable condition and other relevant factors, RBI granted the Registrar permission to close Visnagar Nagarik Sahakari Bank Ltd, Visnagar, and Charotar Nagarik Sahakari Bank Ltd, Anand.
The banks are now barred from accepting deposits.
? Hindustan Times,Â India
EU attacks co-op
THE European Union has accused the Fonterra dairy co-operative of being a state trading enterprise and the New Zealand government of trade protection .
Business analyst Roger Kerr says the European trade envoy plans to ?play hardball' at the next round of WTO talks. The EU says that access of agricultural products into Europe should be primarily for poorer countries.
Mr Kerr says the EU is calling Fonterra a single-desk seller which is out of date and does not have the monopoly of product it once had. The irony of the situation is that many EU farmers rely on subsidies from their Governments to survive.
? Xtra News,Â New Zealand
A new co-op fishery at Chignik is showing promise for reviving the depressed economics of Alaska's salmon industry, a University of Alaska Anchorage report says.
The fishery on the Alaska Peninsula last season switched to a system in which most of the 100 seiners stopped competing and joined forces to fish co-operatively. This allowed them to mothball most of their boats and deliver fresher fish to the docks at higher prices with less expense.
Fishermen who stayed home but were paid anyway said they were better off for not having fished, while those who stayed independent said they were worse off.
Chignik is the first significant experiment in restructuring Alaska's salmon fisheries.
? Anchorage Daily News,Â Alaska, USA
Sugar export scam
A SUGAR export scam with traders selling sugar meant for export in the domestic market and evading excise duty has escalated, with with the Shiv Sena co-op requesting commerce minister Arun Jaitley to step in.
Union minister for food and civil supplies Sharad Yadav earlier asked his department to book erring sugar traders. Now the co-op is calling for the government to debar them for at least three years.
? Economic Times,Â India
Fertiliser in demand
THE Indian Farmers Fertiliser Cooperative (IFFCO) is closing its urea plant at Kalol temporarily and will operate just the ammonia plant to counter rising prices and meet the demand of the Kandla fertiliser plant.
IFFCO managing director U S Awasthi said that with the good monsoon fertiliser demand is at its peak and the Kandla plant is operating at full capacity.
He said the fertiliser industry may not be able to bear the burden of higher prices and ammonia availability could be disrupted. This would hit farmers, hence the decision to focus on ammonia.
? Times News, New Delhi, India
In this article
- Arun Jaitley
- Charotar Nagarik Sahakari Bank Ltd
- Dairy farming in New Zealand
- European Union
- Hindustan Times
- Indian Farmers Fertiliser Cooperative Limited
- Natural Disaster
- New Zealand government
- Political geography
- Reserve Bank of India
- Roger Kerr
- Social Issues
- Visnagar Nagarik Sahakari Bank Ltd