The exponential growth of the Indian pharmaceutical industry has pushed the German packaging giant Uhlmann Pac-Systeme GmbH & Co. KG to invest €5 million in India. Uhlmann is the world’s leading supplier of packaging machinery and comprehensive services for pharma products in the form of bottles and blisters. The amount invested will be utilized to enhance sales and service centres, set up assembling and manufacturing facilities and research and development and manpower training in India.
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Adani Wilmar, the joint venture between Adani Enterprises Ltd and Wilmar International Ltd, has proposed to tie up with Ruchi Soya to create India’s leading consumer goods company. Although no time frame has been given, both the companies will bring their procurement, marketing, sales and distribution businesses for products like grains, soya foods, biodiesel, oil seeds, eleo chemicals and castor oil.
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The prices of crude oil went up to $50 a barrel for the first time in nearly seven months, lifting commodity and energy-related shares in Europe and Asia. However, there is concern about gains being limited by US interest rates and a slowdown in China. This took the levels to more than 80% above January’s 12-year low and has been fuelled partly by a weak dollar. The basic resources and oil and gas sectors are driving the hike in European energy shares. The pan-European FTSEurofirst 300 index rose by 0.2%, pushing a four-week hike. The STOXX 600 basic resources index rose by 2.4%, whereas oil and gas added 0.8%. Oil inventory data has been mixed over the last six months but this depends on how many believe that we are on the edge of an increase in global demand and economic recovery.
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Canada’s Centerra Gold’s Kyrgyzstan subsidiary, Kumtor Operating Company (KOC), has been ordered to pay a fine of $10,000 by a court in the beginning of this week. Later in the week, the Kyrgyzs authorities have ordered the company to pay a fine of $98 million against environmental damages. This is part of a total of about $103 million slapped by the authorities. The environmental inspection authority in Kyrgyzstan has said that Kumtor’s, the country’s biggest miner, waste rock on its waste dumps were subject to tariffs that are normally applied to industrial or domestic waste.
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Bayer closed in the Frankfurt exchange at a 3.2% higher at €87.15. The price is still down since the deal was first reported on May 12 as some investors were concerned that Bayer will need to hike its bid and pay more than necessary. The St. Louis-based Monsanto did not find the bid financially adequate. Analysts feel that Bayer is likely to come back with a higher bid and feels that anything that is below $135 per share is challenging. With this, Monsanto’s shares rose 3.1% to $109.30. Until the late 1970s, Monsanto produced highly toxic polychlorinated biphenyls, known as PCBs. It was also among companies that manufactured the mixture of herbicides known as Agent Orange and used as a defoliant by the US in the Vietnam War.
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The Canada-based Bacanora Minerals, which is developing the world’s largest lithium mines in northern Mexico, has roped in investor Blackrock as a major shareholder. It is focusing on becoming a large scale supplier to the fast growing global lithium-ion battery market. Blackrock is the world’s largest asset manager that provides guidance to individuals, financial professionals and institutions and has put up US$11.2 million (£7.7 million) by placing 9.75 million units at $1.14 (79 p) each. The units include warrants that would make the amount raised to around $15 million (£10 million). The shares of Bacanora went up by 10.4% in London. The increase in the share prices is due to the rise in prices of lithium, extensively used in batteries of electric cars.
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Since the establishment of the ethanol extraction factory in Lira District, Uganda, cassava cultivators are not troubled about finding a market for their produce. In a joint venture between Saudi, Uganda and Lebanon-based investors, the Kamtech Logistics Plant was set up in 2015 at a cost of $1.8 million (Shs6 billion). Cassava is traded at this plant for Shs900 per kilogramme and the price is expected to rise. Earlier, cassava cultivators faced with problems of surplus production, low demand, low prices and corrupt middlemen. Before the factory was set up, the prices of dry cassava chip were as low as Shs250. Now it has increased to Shs800 and is expected to rise further.
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