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Exports up but growth rate down
India wins case against EC at WTO
Sellers make hay as gold shines
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Norwich Union moving 2,350 jobs to India London, December 2 Norwich Union Insurance, a unit of Britain’s largest insurance group Aviva Plc, today said it would move 2,350 jobs to India. The company said it would shift around 350 UK call-centre jobs and 2,000 in processing, administration and information technology.
Steel prices hiked by Rs 1,000 Ludhiana, December 2 Notwithstanding the warning of the Central Government, five top steel producers of the country have once again raised the price of steel by about Rs 1,000 from December 1. A few weeks back, the Prime Minister’s Office had warned steel producers to not raise the prices, lest the government may think of cutting down the import duty. |
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Satyam wins $8 m Bangkok deal
SC impleads GE, Bechtel in DPC case
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Exports up but growth rate down New Delhi, December 2 Exports during October, 2003-04, are valued at $4.88 billion against $4.64 billion in the corresponding month of 2002-03. Growth of exports for the April-October, 2003-04 also registered a sharp fall to 8.44 per cent from a growth rate of 19.13 per cent as compared to the corresponding period of the previous year. Exports for the first seven months of the current fiscal are valued at $32.09 billion against $29.59 billion during April-October, 2002-03. Imports in October this fiscal went up by a massive 23.47 per cent to $ 6.91 billion from $5.60 billion in the corresponding month of 2002-03. Imports in the first seven months of the current financial year increased by 21.46 per cent to $41.36 billion from $34.05 billion in the same period of the fiscal 2002-03. Trade deficit
The trade deficit for April-October, 2003-04, increased by 9.27 per cent from 4.46 per cent. The data released by the Commerce Ministry showed that the non-oil imports increased much faster growth than the oil
imports. While the oil imports went up by 6.48 per cent, the non-oil imports grew by 27.88 per cent. Imports during April to October 2003-04 was valued at $41361.66 million representing an increase of 21.46 per cent over the level of imports valued $34052.68 million during the corresponding period of the previous year. Non-oil imports during the first seven months of the current fiscal year was estimated at 30494.02 million dollars which is 27.88 per cent higher than the level of such imports valued at $23846.20 million during the
corresponding period of the previous year.
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India wins case against EC at WTO New Delhi, December 2 The dispute settlement panel, set up at India’s request early this year, has upheld India’s contention that the European Communities has violated its GATT/WTO obligations in granting tariff preferences to 12 countries under the “drug arrangements” window of its GSP scheme without extending these preferences to other developing countries. A statement by the Commerce Minister said the panel had also ruled that the EC had failed to demonstrate that the “drug arrangements” were justified under the enabling cause, which otherwise allowed developed countries to grant tariff preferences to developing countries. “India would seek the adoption of the panel report at the earliest in accordance with the provisions of the dispute settlement understanding. Disputing parties in the WTO have a right to appeal a decision of the panel to the appellate body. This WTO ruling is likely to provide some relief to Indian exporters to the EC, particularly those in the apparel sector, who are otherwise disadvantaged by duty concessions to Pakistan under the drug arrangements,” the statement said. India’s dispute with the EC had arisen primarily because the EC included Pakistan as a beneficiary country under its special tariff arrangement for combating drug production and Trafficking under the GSP Scheme for the years 2002-04. Such a scheme was in operation even in earlier years with beneficiaries being restricted to Andean and Central American countries. While the scheme, in India’s view was not compatible with WTO rules even then, it had not agitated the matter in WTO since it was not significantly affected. However, with the inclusion of Pakistan as a beneficiary country with effect from January 1, 2002, Indian exports were directly affected, since there are a number of export sectors such as clothing where the two countries have close competitors in the EC market, the Commerce Ministry said. “The WTO panel has vindicated India’s stand that the tariff preference under the drug arrangements are not given unconditionally to all developing countries. The panel was not convinced by EC’s contention that the drug arrangement are justified under the enabling clause”, the ministry said.  |
Sellers make hay as gold shines Chandigarh, December 2 Experts claim that the gold prices will increase due to spurt in demand in the international market on Christmas sales in the USA and European countries, and Chinese new year in February. So it is right time to invest in gold to make profit in the short period. But insiders claim that price will continue to rise for the next few days, and may cross Rs 6,500 or even Rs 7,000 mark. Mr Rakesh Talwar, President, Chandigarh Jewellers Association, claimed that prices in the international gold market, had increased from $ 390 per troy ounce to $ 401 per oz today. Since the dollar price was falling against euro and other major currencies, it might cross $ 415 per oz in the next few days. Mr Anil Talwar said since the countries like Canada, Germany and China had been making efforts to strengthen their exchange rate, the bullion prices would not fall in the near future. Enquiries made in the wholesale and retail market in Ambala, Chandigarh, Ludhiana and Amritsar revealed that because of ongoing marriage season, the demand for yellow metal was still strong, but the total demand, say dealers, had come down by 20 or 30 per cent against the expected demand for this season. The total daily supply of gold in the region during this marriage season is about 100 kg per day, but because of volatility in the market, the demand had come down substantially. Mr Naresh Aggarwal, Secretary, Sarafa Association, Ambala, claimed people were buying gold only for marriage purposes, which would continue till December 10. People who wanted to buy gold for the next marriage season, that would start from mid-January, had postponed the decision. Mr Rajwinder Singh, a jeweller at Ludhiana, said," Since the industry is doing well, we were expecting the gold demand to double this year. But because of the increase in prices, the sale has gone up marginally." Dealers in Ludhiana claimed that despite a spurt in prices, the daily consumption of gold in Ludhiana, which cater to the surrounding markets as well was touching 35 to 40 kg per day. Amritsar is another wholesale market in the region, catering some areas of the Jammu and Kashmir. The insiders claimed that the total consumption of gold during this month was about 20 to 25 kg per day. Mr Chander Mohan, a jeweller in Amritsar, claimed," The bumper paddy crop this year has boosted the gold demand in the region. Had the prices remained below Rs 6,000, we could have witnessed an unprecedented sale this year." |
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Norwich Union moving 2,350 jobs to India
London, December 2 The company said it would shift around 350 UK call-centre jobs and 2,000 in processing, administration and information technology. It would also consider hiring more people next year in India. Norwich Insurance has offices in Bangalore where about 1,000 staff process general insurance claims. In July, the company shed nearly 900 jobs in Norwich, Cheadle, Perth and Worthing. Aviva said at least 80 per cent of UK job cuts would be made without compulsory redundancies, though it did not rule them out. It is setting aside $ 2.6 million to give career advice and retraining to staff affected. Aviva was formed after the merger of Norwich Union with the CGU. When jobs went to Norwich earlier this year. Officials of the Amicus trade union said “we would come down as hard as we can” on the company if any jobs were exported to India. After today’s announcement, Amicus strongly criticised the company’s intention to off shore 2,350 insurance jobs to India. Aviva plans to close down 12 operations across Britain starting in the first quarter of 2004. Amicus has already approached Aviva to seek an early consultation meeting to discuss their plans. —
UNI |
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Steel prices hiked by Rs 1,000 Ludhiana, December 2 While the Tata Steel raised the prices of hot rolled (HR) coils by Rs 800 per tonne, others have raised it by Rs 1,000. This has set alarm bells ringing among steel consumers, particularly the small scale sector which is dependent on steel as its basic raw material. In an SOS to the Union Steel Secretary, Ms Binu Sen of the Apex Chamber of Commerce and Industry observed that the latest hike could prove to be the proverbial last straw on the camel’s back. President of the chamber P.D. Sharma alleged the steel producers were being provided political patronage and the hike came immediately after the elections got over in various states yesterday. Sharma said following protests from the steel users, the government had held a high-level meeting three weeks back. The steel producers had been issued a warning to ensure a control over the prices by the first week of December, otherwise the government would cut the import duty from 25 to 10 per cent. He said international prices of the HR coils were $265 in August, $260 in September, $280 in October and $310 in November. |
SC impleads GE, Bechtel in DPC case New Delhi, December 5 The GE’s subsidiary Capital India Power Mauritius and the Bechtel’s Energy Enterprise were impleaded as necessary parties in the case by a Bench comprising Mr Justice Y. K. Sabharwal and Mr Justice
D.M. Dharmadhikari to know their stand on the DPC’s petition against the Maharashtra State Electricity Board
(MSEB). The court directed both the new parties to submit their reply on the new tariff plan of the
MSEB, which was challenged by the DPC. After Enron pulled out of the DPC project two years ago, the ambitious project by the Maharashtra Government with the help of foreign investment had run into legal wrangle. The court said it would consider the plea for fixing of the interim tariff pending adjudication of case so that the MSEB could purchase the power from the DPC project. The DPC had challenged the MSEB’s decision to take the matter to the Maharashtra Electricity Regulatory Commission
(MERC) for fixing of the interim tariff. It had claimed that the apex court had passed a consenting order that none of the parties would either go to the MERC or the tribunal on their dispute over the power purchase agreement. —
TNS Amitabh, Shah Rukh most powerful MUMBAI: Amitabh Bachchan and Shah Rukh Khan share the top slot in a list of 10 most powerful personalities in Bollywood who call the shots in tinsel town, a poll conducted among the film fraternity has
revealed. Bollywood’s first-ever power list was commissioned by Filmfare and AC Nielsen
ORG-marg. Amitabh, who is the busiest actor today, and Shah Rukh share the numero uno slot followed by Aamir Khan at number two. Yash Chopra, Sanjay Leela Bhansali and Karan
Johar, along with his father Yash Johar, are in the third, fourth and fifth slots, respectively. —
PTI PNB
cuts home loan rates to 7.5 pc NEW DELHI: Punjab National Bank has slashed floating home loan rates to 7.50 per cent for up to 10 years while pegging it at 7.75 per cent for 10 to 20 year maturity. The interest rates have been slashed by 0.25 per cent to 7.50 per cent for loans up to five years while it was reduced by 0.50 per cent to 7.50 per cent for 5 to 10 year loans, PNB officials said here
today. PNB also brought down the floating rates by 1.5 per cent to 7.75 per cent for 10 to 20 year loans. —
PTI Tele-density grows
to 6.48 pc NEW DELHI:
The gross tele-density in the country has grown to 6.48 per cent in the quarter ending September 2003 and is expected to cross the seven per cent target set for March 2005, the Telecom Regulatory Authority of India
(TRAI) said here today. Latest figures released by the regulator show that the target of seven per cent will be achieved during the next quarter, more than 15 months ahead of schedule. The gross subscriber base of basic and cellular services together reached 64.77 million during the quarter, up from 58.70 million as on June 2003, thereby showing an overall increase of about 9.37 per cent. —
TNS Shell, Reliance petrol pumps in 2004 NEW
DELHI: Petrol and diesel retailing is set to see major change next year when private and multinational companies will begin selling petrol and diesel. Reliance Industries Ltd, Essar Oil Ltd and Royal Dutch/Shell will next year break the public sector monopoly in
petro-retailing. These companies have said they would set up world-class petrol stations. While RIL will commission 500 petrol stations by March end, world’s third largest oil firm Royal Dutch/Shell will begin retailing in the second half of 2004.
Essar, which has already set up three sample petrol pumps in Maharashtra and Gujarat, will commission at least 600 more outlets in 2004. —
PTI IBM Notebook to cost Rs 55,000 NEW DELHI: Bringing down the price barriers, IBM India today introduced an entry-level Notebook computer at Rs 55,000 targeting the small and medium businesses across the country and to offer high-level computing at an affordable price. The company has announced the availability of its first time ever entry level Notebook — IBM ThinkPad R40e — priced at Rs 54,990, a company statement said here. IBM ThinkPad R40e is a fully configured Notebook with mobile Celeron processor of 2 Ghz-2.2 Ghz speed, 256 memory, 20 GB hard disk capacity with Windows operating systems. —
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Connect phones WLL for villages Iron units protest LML sales dip HSIDC cuts rates Weavco Chairman |
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