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DMK quits UPA ship, Market Sank !!!!
Amid raging protests by students and an upsurge in pro-Lankan Tamil sentiment in Tamil Nadu in the run-up to the U.N. Human Rights Council (UNHRC) vote against Sri Lanka, the Dravida Munnetra Kazhagam on Tuesday decided to come out of the United Progressive Alliance (UPA), arguing that staying in the government and the ruling combine would do great harm to the cause of Lankan Tamils.
DMK president M. Karunanidhi announced his party’s decision to quit both the government and the Congress-led UPA, just a day after Union Ministers P. Chidambaram, A. K. Antony and Ghulam Nabi Azad tried in vain to persuade him to back down from his core demand that the U.S.-backed resolution at the Geneva-based UNHRC be made tougher. He also ruled out providing outside support to the UPA government.
Soon after submitting the letter of withdrawal of support to President Pranab Mukherjee at night, the DMK said it would function as a constructive opposition party. “We are not here to topple the government,” said DMK spokesperson T.K.S. Elangovan.
The Reserve Bank of India reduced the repo rate by 25 basis
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Goldman Reduces Iron Ore Forecast as Global Demand Growth Slows
Goldman Sachs Group Inc. cut its estimate for iron-ore prices this year on expectations demand will moderate and steel production will slow in China, the world’s largest buyer.
Iron ore may average $139 a metric ton, compared with a previous estimate of $144, analysts Christian Lelong and Jeffrey Currie wrote in a report today. The bank has a neutral outlook on the commodity and prices may be supported at about $140 by the need for high-cost Chinese mine production to balance the market in 2013, the report showed.
Prices have dropped 7.2 percent in 2013 as China’s industrial output had the weakest start to a year since 2009 and concern rose that curbs on construction in the country will reduce demand for the steelmaking material. Iron ore has peaked and will decline over the rest of the year, Morgan Stanley said March 7, joining analysts from Deutsche Bank AG to Credit Suisse Group AG in forecasting lower prices.
“We expect global seaborne iron-ore demand to revert back to its historical growth rate of 2 percent per annum,” Goldman Sachs said. “Steel production growth has slowed in China and we expect it will remain below GDP growth rates in the future.”
Iron ore with 62 percent content delivered to the Chinese port of Tianjin slipped 0.2 percent to $134.40 a dry ton today, according to the Steel Index Ltd. Swaps are trading at $132 a ton for April, $127.50 for the second quarter and $121.25 for the third, according to SSY Futures Ltd., a broker.
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Exit In NMDC, SESA GOA, Tata Steel, JSW Steels
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