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Oil strikes new record of $57.79
Vat on salt defeats scheme of iodisation
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Dubai co, L&T to set up $1-b refinery in Orissa
No drug price hike in patents regime: Nath
Amway plans production base in Baddi
UB takes full control of ABD
ITC settles excise case with govt
Infy S&P rating betters India’s
Zee global news channel by year-end
Public utility service clause on banking sector extended
FCI Bond issue attracts record fund
China stirs up heady brew for Indian black tea
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Only registry holder can claim housing loan rebate
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Oil strikes new record of $57.79
London, April 4 At 1020 GMT (1550 IST), U.S. crude was up 26 cents at $57.53. London’s Brent crude was trading 35 cents higher at $56.86, just off a new record of $57.05. “I would have thought prices would struggle to go much higher. The market fundamentals suggest lower prices,” said Mark Pervan, an analyst with Daiwa Securities in Melbourne. “I think they will struggle to get over $60 in the next couple of weeks — that is a big psychological barrier.” Opec President Sheikh Ahmad al-Fahd al-Sabah said today cartel oil ministers had begun telephone consultations on possibly increasing production quotas by a further 500,000 barrels per day to cool prices. “If there is a decision it should be in the next two weeks. For that, if there will be any new production, it should be in May,” Sheikh Ahmad, who is Kuwait’s Energy Minister, added. The Organization of the Petroleum Exporting Countries (Opec) raised output limits by 500,000 bpd to 27.5 million bpd in mid-March and left room for a second rise before a June ministerial meeting if prices failed to ease below $55. Nigerian Presidential Adviser on Petroleum Edmund Daukoru said on Sunday the increase could happen within two weeks if prices stayed above $55 for at least the next 10 to 14 days. “They shrugged off the first one but it will be more difficult for them to shrug off the second one,” Daukoru said, referring to the market reaction to OPEC’s output rise. An Opec delegate said on Monday the group’s 10 members under formal output limits, excluding Iraq, would pump 28.1 million bpd in April, which is about 400,000 bpd above estimated March production and 600,000 bpd higher than the current ceiling. US oil prices have surged more than 30 per cent this year, with big-money speculative funds buying heavily on signs that robust demand growth in Asia’s emerging economies and the United States would strain world supply. Non-OPEC producers are pumping at full tilt and have little spare capacity to offer the market. Russian data released on Monday showed the world’s second-biggest exporter pumping 9.33 million bpd in March, steady from February. It was the sixth month in a row that output had failed to rise and another sign of a slowdown in Russia’s industry. Prices have gained more than $3 since Thursday when top energy derivatives trader Goldman Sachs released a report saying oil markets might have entered a “super-spike” period that could eventually drive them toward $105. Concerns about the adequacy of U.S. gasoline stocks ahead of the peak summer demand season also drove last week’s price jump after a handful of refiners had production problems. US gasoline futures struck an all-time high on Monday of $1.7390 a gallon, later easing slightly to $1.7350, up 0.4 cents. — Reuters
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Vat on salt defeats scheme of iodisation
New Delhi, April 4 This is what salt manufactures in India think, adding that salt has never been taxed in India. President of the Indian Salt Manufacturers Association Hiralal Parakh says, “the imposition of Vat on branded salt will kill the essence of the Dandi march led by Mahatma Gandhi and its impact on the history of our country.” Apart from social and emotional implications, the government stands to gain only marginal additional revenue on salt, while the tax will expose the Indian population to long lasting damages of iodine deficiency disorders (IDD), the socio-economic cost of which is incalculable, he adds. IDD includes mental and physical disabilities and nearly 270 million people in our country are at its risk. As many as 99 million people suffer from goitre, 6.6 million from mild neurological damages, 2.2 million from cretins and 50 per cent of the children born in the country are not adequately protected against IDD. A discriminatory tax on branded salt, that in effect represents iodised salt, is in fact tax on iodisation, says Parakh. The government’s move to tax iodised salt alone will accentuate the price gap between non-iodised salt and iodised salt and poor people are likely to shift to consumption of non-iodised salt. Studies show population below poverty line (BPL) is the worst affected by the deprivation of adequately iodised salt “There are countries like Turkemenistan providing iodised salt cost-free to the population to ensure total contribution of children and people towards growth and development,” he adds. Salt will attract Vat of 4 per cent in all those states, except West Bengal, Assam and Delhi, which have included salt in list of 46 items exempted from taxation.
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Dubai co, L&T to set up $1-b refinery in Orissa
Dubai, April 4 “Dubal will have an equity partnership of 74 per cent in the project which will ensure around one million tonnes of alumina per annum—the principal raw material needed for Dubal. The project will also have the potential to expand in phases,” Vice-Chairman of Dubal, Ahmed Humaid Al-Tayer said in a statement here today. The massive upstream integration project consists of a 1.4-million tonne per annum capacity world class alumina refinery, bauxite mining and development of associated infrastructure, including a captive power plant, port facility, a township and related utilities. The refinery, expected to be commissioned in 2009, will incorporate the latest technology and state-of-the-art environment control systems. “The substantial project venture reflects the warm business and trade relationship between the two countries”, Al-Tayer said. “The proposed joint venture with Larsen & Toubro will give us the necessary impetus to go forward with greater enthusiasm to reach out and tap unexplored export markets,” Chief Executive Officer of Dubal, Abdulla J. M. Kalban said. During the second phase, a doubling of the alumina refinery’s capacity to 2.8 million tonnes per annum has been envisaged along with the construction of an aluminium smelter utilising DUBAL’s own technology expertise, Al Tayer said. — PTI
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No drug price hike in patents regime: Nath
New Delhi, April 4 “The price of medicines will not shoot up due to patents because of these strong safeguards, checks and balances. There are comprehensive provisions in the amended Act to deal with issues concerning the price and availability of medicines. These include provisions for compulsory licensing to ensure availability of products at reasonable price; parallel import of products; acquisition of patent rights by the government; revocation of patents in public interest; and provisions to deal with emergency situations. I must also repeat the point often cited that 97 per cent drugs in the market, and 100 per cent of all essential drugs are not covered by patents”, Mr Nath said in a message delivered on the occasion of a Meeting on “Product Patents: Implications for Pharmaceutical Industry and Consumers”, jointly organised by the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, Government of India and the United Nations Conference on Trade & Development. He said domestic companies can continue to manufacture patented products even after a patent is granted, in respect of mailbox applications, on payment of a reasonable royalty to the patent holder, if they had been producing and marketing the concerned product since prior to January 1, 2005. This provides a level playing field for domestic players who have already made substantial investments and have been manufacturing the products for which applications for patents have been received in the mailbox.
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Amway plans production base in Baddi
Chandigarh, April 4 While 80 per cent of the products marketed in India are manufactured in the country, only 20 per cent, especially those in the super-premium segment, are being imported. Mr William also announced the company’s plans to extend the product portfolio of its core line of brands in personal care and nutrition during the current fiscal. The company plans to roll out 18 new products in the Indian market this fiscal, he said. Elaborating the launches which are already lined up, Mr Pickney said: “Amway is all set to foray into the male grooming segment by offering a range of male grooming products under the Dynamite brand. Similarly, some new products will be launched in the nutrition and well-being category in the coming few months. This includes Nutrilite natural B and Nutrilite Cal-Mag with Iprislavone. This would find buyers among women, who are more prone to osteoporosis,” he said. In order to promote its new product range, the company will continue with its policy of offering different price points to consumers through smaller packs without compromising on quality, he added.
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UB takes full control of ABD
Mumbai, April 4 “The buyout was through an exercise of the put option existing with the erstwhile promoters of ABDL. The deal, after protracted negotiations, has been finalised at a revised put option price of Rs 24 crore,” UB’s statement said. The completion of the deal would be through an escrow account with UB depositing Rs 24 crore in the account, which would be released on completion of formalities by the erstwhile promoters of ABDL with Maharashtra Industrial Development Corporation for transferring the title to the property in favour of the company, the note added. UB had bought 65 per cent stake in ABDL in 2001 in the face of competition from international brewery majors for acquiring a controlling stake in the company, it said. ABDL’s brewing unit in Navi Mumbai has a capacity to produce 20 lakh cases per annum, and owns brands, including London Pilsner, London No 1 Strong and Maharaja lager beer. ABDL, which is a subsidiary of UB, would become a wholly-owned subsidiary of UB on completion of the transactio within the next 90 days, the note said.
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ITC settles excise case with govt
New Delhi, April 4 The onus was on ITC to pay this extra amount after the government introduced an ordinance changing the definition of retail price with retrospective effect. The ordinance had nullified the SC ruling in ITC’s favour. This meant that the tobacco major would not only have to forfeit the Rs 350 crore deposited with the exchequer but also pay an extra Rs 450 crore. The company was required to pay up the amount within 30 days, failing which it was liable to pay a 15 per cent interest. However, last month, the government decided not to introduce a Bill to replace the ordinance as it felt that the move would be interpreted as another act of confrontation with the judiciary. Thus, the government has, instead, settled for a compromise deal.
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UNI
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Infy S&P rating betters India’s
New Delhi, April 4 Infosys has obtained ‘BBB’ local currency and ‘BBB-‘ foreign currency rating from the international rating agency, indicating a stable outlook. Infosys has become the first company in India to obtain a credit rating higher than India’s sovereign rating (BB+/Stable/B). S&P said the rating reflected Infosys’ very conservative financial profile and policy, which feature ample liquidity, strong operating cash flow, and a debt-free balance sheet. “Infosys’ good track record in the industry, its strategy of funding expansion through internal cash resources, and good debt capacity should allow the company to maintain a strong financial profile in the case of more adverse business conditions,” S&P said in a statement here. — UNI
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Zee global news channel by year-end
Mumbai, April 4 “The channel which will be beamed from India will have content in line with that of international news channels like CNN and BBC and would target a wider audience rather than the Indian diaspora,” Zee Chairman Subhash Chandra said at the Ficci-Frames conference here today. This is Zee’s attempt to look outside the country to garner more eyeballs and carve a niche for the company in the global entertainment industry, he said. Zee is to have equity partnership with two global players for the new channel, he said but declined to name them or the amount to be invested saying that a proper announcement would be made later. — PTI
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Public utility service clause on banking sector extended
New Delhi, April 4 The Labour Ministry in a notification issued here said that this has been done by the Central Government in public interest. The services in this industry were earlier declared public utility for six months from March 30, 2004, and subsequently extended for another six months. The employees in this industry, as a result, would among other things be required to give notice to their employers, six weeks in advance before proceeding on strike so that conciliatory proceedings could be started. During the conciliatory proceedings and seven days after their completion, the employees cannot go on strike, an official statement said.
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FCI Bond issue attracts record fund
New Delhi, April 4 With this, FCI has mobilised a total Rs 4,023.50 crore during financial year 2004-05 through the bond issue. The corporation has decided to exercise the green shoe option to retain the entire amount mobilised. An FCI press note stated this is the largest mobilisation ever achieved by any public sector unit in a single stroke from the debt market despite March being considered a dry month, and unexpected Fed rate hike during the issue period. The average rate of 7.12 per cent per annum obtained by FCI through bond issue is much lower than the effective rate of 9 per cent per annum being charged by the SBI-led consortium. The issue has been well received by all the segments of institutional investors.
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China stirs up heady brew for Indian black tea
Kolkata, April 4 The delegation of China Tea Co Ltd’s Chairman of the board Zhu Futang, China Tea Expo secretary-general Wendy Sun, China Tea Expo deputy secretary-general Justin Wu and Sunry Advertisement and Exhibition Co Ltd. General Manager Zheng Heshan also invited Indian companies to participate Chinese Tea Expo from October 9 to 12. Last year, seven tea companies participated in the tea expo. “The effort is to let the Chinese people know about India tea. Moreover, more and more young people in China are interested in black tea now-a-days,” Mr Futang said. The delegation also met J Thomas representatives for co-operation in the auction system, which is unique in India, he said. — UNI
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