Economy passengers have long wondered what goes on at the front of the plane. What the seats are like, what facilities first class passengers have access to, the standard of the food and whether you can actually sleep more comfortably are often ponder…
Former member, Railway Board
What appears as a tiny red dot on the southern tip of Malaysia on most of the world maps is the city-state of Singapore, a pocket-size economic superpower. With a population of about 5.7 million and just under 720 sq km of landmass, it packs a mighty economic punch, much above its size, with a GDP of $90,000 per capita and an unemployment rate of just 1.7%. Consequent to attaining independence from the British in 1963 as a part of Malaysia, two years later it opted out of the uneasy alliance as it became an independent state, and since then it has never looked back. In 1960 itself, it had set its sights on making itself an economic powerhouse when the government decided to set up an industrial estate at an investment of $46 million, a princely sum those days, in the mangrove swamps of Jurong, southwest part of the main island of Singapore. As later on admitted by Goh Keng Swee who was then the finance minister in the government of Singapore, it could have easily turned into the biggest white elephant in Southeast Asia and would have become a major embarrassment for him to be known to the posterity as Goh’s folly. Although such an idea was not the first of its kind, Goh’s plans for an industrial estate in Jurong were highly ambitious and wide-reaching. Albert Winsemius, a Dutch economist engaged to pilot the project, selected an area of about 70 sq km in Jurong, where the low hills were levelled and soil used to fill the swamplands. One of the first industries to come up was the National Iron & Steel Mills (it’s now a subsidiary of Tata Steel), followed by a saw mill for timber products and later on facilities to manufacture oil rigs, shipbuilding, oil refinery, etc.
Since then, the area has been transformed into a self-sufficient town consisting of five administrative zones and a separate five-year master plan to further develop it. In fact, it now boasts of a port, an industrial estate, its own town hall, a science centre and a bird park. Singapore’s unique location on the major shipping lane from Europe to the Far East makes it an ideal spot for setting up container ports. It boasts of two such ports, with the second at Jurong that began operations in 1965. Currently, Singapore ranks as the third-largest container port in the world. In addition, the country’s first International Business Park, built in 1992 in Jurong East, is home to various international and domestic companies such as Creative Technology Centre Pte Ltd, Acer Computer International Ltd and Ascendas Pte Ltd. Of course, throughout Singapore’s spectacular growth has been the larger-than-life presence of one of the main founding fathers, Lee Kuan Yew, who was the first Prime Minister of Singapore and held office from 1959 to 1990, a full 31 years, giving its administration a very long spell of stability—one of the significant factors in Singapore’s remarkable economic growth. His torch is being now carried by his son Lee Hsien Loong, who became the Prime Minister in 2004. Singapore has had its share of immigrants over the ages and currently has 74% of its population of Chinese decent, 13% Malay, 9% Indian and rest a motley of other Southeast Asian origins. Perhaps this is one of the reasons the politically-active and highly-committed Lee Kuan Yew, who is from the majority Chinese community, had a fair chance of leading the nation for over three decades. Religious groups comprising of 30% Buddhists, 20% Christians, 14% Islam, 10% Taosim and 5% Hindus seldom have any conflicts as they are simply too busy doing their jobs and making money. One of the most interesting features of Singapore is not just its phenomenal development, but also the way it has handled its varied ethnic groups, providing each one to live and grow according to its abilities, yet not lose sight of the fact that they are all Singaporeans first. Towards this, allotment of flats in the government-sponsored housing estate for low-income groups is made strictly in proportion to the three major ethnic groups—Chinese, Malay and Indians—eliminating a possibility of ghettos being created.
What can India learn from Singapore, the multi-ethnic, multi-religious state.
The only technical or domain expertise that most ministries boast of is carefully preserved in reams of files zealously guarded by hoards of clerks, section or desk officers, assistant directors, etc.
Army Engineers would have to assemble not only support columns at each end and intermediate locations, but also provide staircase—the whole works.
Mumbaikars, in their daily rush to and from their work locations, rely heavily on the local trains.
Past acts of commision and ommission are now fast catching up with the Railways, and it will be a long and slow struggle before the health of its assets is regained
Suresh Prabhu- led Indian Railways is providing safe and fast rail transport for freight; here’s how
Suresh Prabhu, the minister of railways, is a man in a tearing hurry. For he has to make up for the lack of any significant addition over the last two decades to the infrastructure of this 65,000-km-long network.
Bordered in the by Nagpur-Raipur Railway line, in the east by Raipur-Rayagada line, in the south by Rayagada-Koraput-Jagdalpur-Kirandul line and on the west by Nagpur-Kazipet line is a huge swathe of Indian peninsula devoid of any railway network.
The need for for the Dedicated Freight Corridor (DFC) arose from the fact that two decades of populist Rail Budgets had ended up introducing 5,000 new passenger trains, crowding out the freight, whose average speed had dropped to an abysmal 25kph.
In spite of a head-start of more than three decades, the Kolkata Metro has lagged behind its younger sibling, the Delhi Metro.
A maximum grant of R50 crore is given for setting up a MFP, in minimum 50 acres of contiguous land with only 50% contribution to the total project cost.
Multiple joint ventures by Indian Railways with states and PSUs in mineral-rich areas bode well for coal, iron-ore production and logistics
Unfortunately, the present set of statistical data, collected often on an yearly basis, is mostly to evaluate operational performance
With a pan India presence, RVNL has a team of no less than 27 chief project managers located at various cities.
Reservation charts and printed tickets in the Indian Railway universe may soon be things of the past
Slowly but surely, the Northeast is getting connected to the rest of India
Railway Budget 2016:The most important part of the minister’s speech was the setting up of
seven missions for attaining key long-term objectives for Indian Railways
With the rail network no longer being the preferred mode of transport for the cost-conscious private sector, all stops must be pulled to get them on board.
Bullet trains will help save on the nation’s fuel bill, reduce air pollution, road congestion and connected accidents
Suresh Prabhu had last year embarked on a crusade to revamp Indian Railways on a massive scale, and in the process has been removing whatever obstacles may come in the way, a virtual ‘Vighnaharta’.
The minister has given a major push for doubling, gauge conversion and other initiatives to build track capacity so that the logjam on some of the key sections can be removed. He is also focusing on improving passenger amenities
Spreading its wings, the Miniratna has been successfully completing rail, road, metro works and is constructing multifunctional complex buildings
In a move that could be a game-changer, a new Indian Railways General Management Service may come into being very soon in order to keep a check on the virus of departmentalism which has been its bane for over two decades.
In Europe, a large number of private operators have entered the railway system and have changed the way people commute by train
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Oil prices edged up on Thursday, remaining near 2-1/2-year highs after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories.Trading was typically thin at year end, with many …
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CHICAGO, Dec. 28, 2017 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world’s largest exchange holding companies, today announced changes in the membership of the boards of its six U.S. securities exchanges: Cboe BZX Exchange, Cboe BYX Exchange, Cboe EDGA Exchange, Cboe EDGX Exchange, Cboe Options Exchange and Cboe C2 Options Exchange. As a result of the changes, Cboe’s six U.S. securities exchanges will have the same six directors as of January 1, 2018.
Directors Matthew Billings, Senior Vice President at Scottrade, Inc., Alexander “Sandy” Kemper, Chairman of The Collectors Fund and Chairman and CEO of C2FO, and Joseph Mecane, Head of Execution Services at Citadel, will resign from the boards of Cboe BZX Exchange, Cboe BYX Exchange, Cboe EDGA Exchange and Cboe EDGX Exchange effective upon the close of business on December 31, 2017.
The current directors of the Cboe Options Exchange and Cboe C2 Options Exchange boards, with the exception of Cboe Global Markets Chairman and CEO Ed Tilly, will also resign from the Cboe Options Exchange and Cboe C2 Options Exchange boards, but will remain directors on the Cboe Global Markets board.
New board members Bruce Andrews, Chairman of Cboe’s Business Conduct Committee and a former Cboe Options Market-Maker, and Kevin Murphy, former Managing Director of Citigroup, will join Mr. Tilly and the three remaining current exchange directors, David Roscoe, Jill Sommers and Scott Wagner, in serving as directors of all six Cboe U.S. securities exchange boards going forward.
“On behalf of Cboe, I would like to thank Matt Billings, Sandy Kemper and Joe Mecane for their outstanding service to our U.S. exchange boards. Each contributed to the growth of our exchanges, and we are grateful to them for their leadership, guidance and dedication,” Mr. Tilly said.
“We welcome incoming board members Bruce Andrews and Kevin Murphy,” Mr. Tilly added. “Each brings unique insight and industry experience to our boards, and I am confident our exchanges will benefit from their expertise.”
Cboe Global Markets, formerly CBOE Holdings, Inc., completed its acquisition of Bats Global Markets earlier this year, on February 28, 2017.
About Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.
Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global FX and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world’s barometer for equity market volatility.
Cboe’s trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit www.cboe.com.
Cboe®, VIX® and Cboe Volatility Index® are registered trademarks and Cboe Global MarketsSM is a service mark of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
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SOURCE Cboe Global Markets, Inc.
China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in 2018, according to a source with direct knowledge of the matter and documents reviewed by Reuters on Thursday.
State-owned ChemChina has the largest quota at 16.67 million tonnes, followed by North Huajin Chemical Industries Group with 7.47 million tonnes, the documents showed.
China’s imports are expected to hit another record in 2018 as new capacity is brought online and Beijing allows more independent refiners to import crude, with robust demand growth helping to support global oil prices.
The total allocated volume, which equates to 2.43 million barrels per day, is lower than the 142.42 million tonnes announced by the Ministry of Commerce in November for 2018.
The ministry said then that the quotas will be issued in batches, with the first lot based on companies’ actual purchases during the January to October period this year.
The ministry could not be immediately reached for comment.
Beijing could also allocate more quotas to two new refineries built by Dalian Hengli Petrochemical and Zhejiang Rongsheng when they come on line next year, Chinese trade sources said.
Among independent refiners, Haiyou Chemical’s allocation in 2018 tripled from this year while Shandong Wonfull Petrochemical’s quota nearly doubled, according to Reuters data. Chambroad Petrochemical, Baota Petrochemical and Sinochem Hongrun can also import more crude next year.
State oil companies and their refining and trading subsidiaries will have a quarter of the crude import quotas for 2018, the documents showed.
The quotas do not apply to China’s five major state-owned oil companies such as PetroChina and Sinopec, which are allowed to import crude freely.
China's crude import quota in 2018 Company 2018 Dongming Petrochemical 6750 Panjin Beifang Asphalt Fuel 6300 Sinochem Hongrun 5300 Lijin Petrochemical 3150 Kenli Petrochemical 2270 Baota Petrochemical 1080 Yatong Petrochemical 2480 Wonfull Petrochemical (Huifeng) 4160 Shouguang Luqing Petrochemical 2320 Tianhong Chemical 3960 Chambroad Petrochemical (Jingbo) 2980 Qirun Chemical 1980 Haiyou Petrochemical 3200 Hengyuan Petrochemical 3150 Wudi Xinyue Chemical 1920 Qingyuan Group 3640 Shenchi Chemical 2270 Jincheng Petrochemical 2700 Hebei Xinhai Chemical 3350 Shandong Zhonghai Fine Chemical 1860 Shaanxi Yanchang Petroleum Group 3600 Jinao Science and Technology Hubei 2300 Chemical Henan Fengli Petrochemical 2000 Zibo Xintai Petrochemical 2000 Shandong Qingyishan Petrochemical 3000 Technology Yuhuang Shengshi Chemical Co 1440 Dongfang Hualong Group 3000 Shandong Qicheng Petrochemical Co 1600 Shandong Shengxing Chemical Co 2200 Haike Chemical Group 1890 Rizhao Landbridge Port Petrochemical Co 1800 Dalian Jinyuan Petrochemical Co 800 PetroChina International 1490 PetroChina International Guangxi Co 570 PetroChina International Horgas Co 800 PetroChina International Alashankou Co 580 Sinopec International Petroleum 800 Exploration & Production Corp Sinopec Zhanjiang Dongxing 1310 Petrochemical Co Fujian Refining & Petrochemical Co 120 CNOOC Beijing Trading Co 620 North Huajin Chemical Industries Group 7470 Corp Zhenhua Oil 80 ChemChina 16670 Huayue Group 360 Total 121320 Unit: 1000 tonnes Source: trade
Source: Reuters (Reporting by Florence Tan in SINGAPORE; Additional reporting by Meng Meng in BEIJING; Editing by Tom Hogue and Richard Pullin)