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| US, EU trade chiefs say committed to new WTO round WASHINGTON, Mar 10: Top trade officials from the United States and the European Union said...more Cement manufacturers asked to lower prices VIJAYAWADA, Mar 10: Expressing concern over hefty increase in cement prices, Union Minister of State for Urban Development B Dattatreya today....more CSE pay-out completed today as per schedule KOLKATA, Mar 10: The payment crises at the Calcutta Stock Exchange (CSE) which triggered off a country-wide .....more Iraq to restore Turkey pipeline to 1.6 mbpd BAGHDAD, Mar 10: Iraq will be able to restore its oil export pipeline to the Turkish mediterranean coast to its full capacity..more |
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Shourie
asks Jogi to NEW DELHI, Mar 10: Challenging Mr Ajit Jogi to come out with the names of those who have allegedly received a bribe of....more New cases of foot, mouth disease bring total to 135 LONDON, Mar 10: Hopes of a slowdown in the incidence of foot and mouth disease in Britain evaporated today .....more FM may reconsider custom duty on branded garments JAIPUR, Mar 10: The Rajasthan Readymade Garments Manufacturers and Dealers Action Committee today claimed that Union Finance Minister......more |
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US, EU trade chiefs say committed to new WTO round WASHINGTON, Mar 10: Top trade officials from the United States and the European Union said they would work together over the next several months to lay the groundwork for a successful launch of new world trade talks in November. In a rare joint news conference, US trade representative Robert Zoellick and EU Trade Commissioner Pascal Lamy said they would try to narrow differences that blocked negotiations from getting underway at the World Trade Organization’s last ministerial meeting in Seattle in December 1999. "We are both committed to it," Zoellick said. But Lamy said it might be too ambitious to expect agreement on an agenda for new WTO talks by the US-EU summit meeting in Gothenburg, Sweden on June 15-16. Both Zoellick and Lamy also said concerns of developing countries and other members of the wto would have to be taken into consideration for trade talks to be launched. "I frankly do not think the agenda of the round rests in the hands of an EU-US summit," Lamy said. The WTO will hold its next ministerial meeting in Qatar in November. WTO Director General Mike Moore has urged member countries to narrow most of their differences by the end of July to avoid a repeat of the disastrous Seattle meeting. Lamy and Zoellick spoke to reporters after a three-hour meeting that they said focused largely on the challenge of launching a new round. Zoellick praised efforts the EU has made to reach out to developing countries, including the "everything but arms" plan that will allow the world’s poorest countries to export most products to the eu on a duty-free basis. Zoellick also indicated the Bush administration might be willing to go along with a larger WTO negotiating agenda than the Clinton administration proposed. "This is an opportunity for a new administration to take a fresh look at some of these issues and see where we can move ahead," Zoellick said. In Seattle, the United States resisted efforts by the EU to include investment and competition policy on the agenda for the WTO talks. The Clinton administration also opposed a drive by Japan for negotiations on anti-dumping rules. In testimony before the house ways and means committee on Wednesday, zoellick kept the door open to anti-dumping talks. In recent years, a number of countries have implemented new anti-dumping regimes that are "not as transparent" as the US system, Zoellick said. (REUTERS) |
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Cement manufacturers asked to lower prices VIJAYAWADA, Mar 10: Expressing concern over hefty increase in cement prices, Union Minister of State for Urban Development B Dattatreya today warned the cement manufacturers of stern action if they did not bring down the prices to a reasonable level. Mr Dattatreya told newsmen here that the coordination committee meeting of the Ministries of Urban Development, Commerce, Finance and Surface Transport would be held in New Delhi in the next couple of days to discuss the situation arising out of more than 50 per cent hike in the prices of cement which severely affected construction and other infrastructure development activities in the country. The meeting would also decide the steps to be taken by the ministries concerned to stabilise the market prices, he added. The Centre had made a beginning with Finance Minister Yashwant Sinha proposing a reduction in customs duty on cement from 35 per cent to 25 per cent in the union budget for 2001-02, he said and added that this would enable the traders to make available imported cement at the rate of Rs 145 per bag as against the domestic price which ranged from Rs 180 to Rs 200. Mr Dattatreya said Rs 1,25,000 crore were needed for constructing 3.3 million houses and Rs 250,000 crore for developing infrastructure in 3697 cities and towns. The centre was keen to involve the private sector in a big way in these areas on Build, Operate and Transfer (BOT) basis. An ambitious plan to develop infrastructure in 120 towns having population ranging between five to 50 lakh at a cost of Rs 1,00,000 crore was on the anvil. Under the additional two million housing programme, 42.5 lakh houses had been constructed in the last three years, he added. He said the proposals made in the budget relating to housing and infrastructure sector would go a long way in promoting a sustainable growth in these sectors. Mr Dattatreya said the allowing investment of long term funds in the infrastructure through the insurance sector would substantially ease the difficult situation that the housing and development financing institutions were facing. Hitherto, the financing institutions faced mismatch in their operations as the funds required were of long term nature while the money available from the market was of short term nature, he pointed out. He said reduction in the interest rates on the small savings, including provident fund, gave a strong signal to the market to reduce interest rates. A comprehensive legislation was needed to provide an enabling framework for the much needed securitisation initiatives to create buoyancy in the financing of housing and infrastructure sectors, he added. Mr Dattatreya said the ten year-tax holiday for private sector announced in the budget in respect of water treatment sanitation, roads, highways, railways and solid waste management would promote the infrastructure. The increase in tax exemption limit on payment of interests in respect of loans for self-occupied houses from already existing Rs one lakh to Rs 1.5 lakh would promote larger investment by the people in this area. Those availing housing loans between Rs 12 to 15 lakhs would pay an effective interest rate of 8.84 per cent as against 13 per cent now, he said. The reduction in surcharge from 16 to just two per cent for corporates would improve the profitability of organisations like HUDCO and stimulate growth, he added. (UNI) |
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CSE pay-out completed today as per schedule KOLKATA, Mar 10: The payment crises at the Calcutta Stock Exchange (CSE) which triggered off a country-wide crash in stock markets on Friday was finally resolved with the completion of the pay-out today. The President of CSE, Kamal Parekh, told PTI that the stock exchange had arranged for sale of the securities to private investors and institutions to cover a major portion of the total payment shortfall. He said that this sale helped the bourse to meet Rs 72 crore out of the total shortfall of around Rs 94 crore. The balance amount of Rs 22 crore was generated from bank deposits, he said. The CSE President, however, emphasised that it was not a default but a ‘delay’, and the crisis took place as the concerned brokers were unable to arrange payment as it was a holiday yesterday. However, he added that the Trade Guarantee Fund (TGF) and bank guarantees on account of brokers were not touched. Parekh said that CSE was ready to face any eventuality as the TGF and margin money collected by the exchange amounted to Rs 600 crore. The brokers’ accounts which caused the crisis and subsequently diffused were those of Harish Biyani and Arihant Exim. (PTI) |
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Shourie asks Jogi to come out with proof of corruption charges NEW DELHI, Mar 10: Challenging Mr Ajit Jogi to come out with the names of those who have allegedly received a bribe of Rs 100 crore in the BALCO deal, Disinvestment Minister Arun Shourie has asked the public to force the Chief Vigilance Commissioner to seek, from the Chhatisgarh Chief Minister, proof of the charges of corruption he has made. "If Jogi comes out with these names, these officers will haul him to the court for defamation. In my opinion, the Government should assist these officers to fight such baseless allegations," Mr Shourie said. He said the implementation of the Prevention of Corruption Act lay with the CVC. The CVC should begin inquiries against the officers if there is any proof in the charges made by Mr Jogi. In an interview to Star TV to be telecast tomorrow, the minister noted that people were confused by such allegations. He said the disinvestment process will only move ahead if such controversies are set at rest. Regarding Maruti Udyog, Air India and Indian Airlines, he said nobody was ready to touch these companies. "Airline after airline have come to me and asked should we pay to relieve you of your headache of 23 old airplanes and staff of 18,000". On VSNL, Mr Shourie said there were six more gateways apart from vsnl in international telephony. By March 2002, the monopoly of VSNL would end and then no company would be interested in buying into it. "This whole business that the public sector is discharging a social responsibility by running at losses is just not founded in truth. Getting aggressive strategies into these companies is probably the only way out left today to save the jobs of the people." Denying that most disinvestment decisions were being made in secrecy, the Disinvestment Minister said in the last 15 months the disinvestment policy has been discussed in both houses of Parliament seven time for several hours. In the last two sessions itself more than 320 questions have been answered in Parliament, he added. (UNI) |
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New cases of foot, mouth disease bring total to 135 LONDON, Mar 10: Hopes of a slowdown in the incidence of foot and mouth disease in Britain evaporated today with the confirmation of 12 new cases, bringing the total number to 135. Chief Veterinary Officer Jim Scudamore said he had been surprised at the extent of the epidemic despite authorities having done everything humanly possible "to stop the spread." The British Broadcasting Corporation reported Saturday Scudamore’s suspicion that some farmers may be abusing the new easing of restrictions that allows animals to be transported for very short distances, thereby contributing to the disease’s spread throughout the country. Animal rights activists Saturday criticised anew the conditions under which thousands of animals are being destroyed when in Scotland a sheep was reportedly found to be alive hours after a gun shot to the head. According to the Agriculture Ministry, 80,000 animals have been destroyed to prevent the epidemic spreading. A catholic bishop in Ireland advised worried farmers to cover fields with holy water to combat foot and mouth disease. Airlines appealed to passengers from Britain not to take milk or meat along on flights, and have enacted a policy of confiscating foodstuffs found in luggage. Britons travelling to summer houses in Spain have had check-in problems when returning to Britain with massive amounts of food in tow. (DPA) |
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FM may reconsider custom duty on branded garments JAIPUR, Mar 10: The Rajasthan Readymade Garments Manufacturers and Dealers Action Committee today claimed that Union Finance Minister Yashwant Sinha had assured it that he would reconsider the budgetary proposal of imposing 16 per cent custom duty on branded garments. "Sinha gave this assurance to a trade delegation which met him in Delhi on Thursday," convener of the Action Committee Rajendra Sethi said here in a statement. Sethi said representatives of readymade garment manufacturers and dealers would meet here tomorrow to chalk out their future course of action if the Union Government fails to respond positively to their demand. If no solution is found readymade garment retailers would also join the strike currently being observed by manufacturers and wholesale dealers in the state, he added. (PTI) |
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Iraq to restore Turkey pipeline to 1.6 mbpd BAGHDAD, Mar 10: Iraq will be able to restore its oil export pipeline to the Turkish mediterranean coast to its full capacity of an average 1.6 million barrels per day at the second quarter of this year, a senior Iraqi oil official said in remarks published today. The Government newspaper Al-Jumhouriya quoted undersecretary of the Iraqi Oil Ministry Fa’Iz Shaheen as saying that work would finish at the second quarter of this year to rehabilitate the second pumping station of the oil facility which was heavily bombed during the 1991 gulf war over Kuwait. "Rehabilation and repair of the second pumping station of the pipeline would increase its export capacity to 1.65 million bpd," Shaheen said. The twin 1,049 km pipeline normally carries around 1.1 barrels per day of Iraqi crude from Kirkuk oilfields to the Turkish port of Ceyhan. Shaheen said the Oil Ministry had concluded several contracts with foreign companies to buy spare parts under the oil-for-food deal with the United Nations to repair the station. Some of them have arrived while others have not, he added. The oil deal allows Iraq to sell unlimited quantities of oil over six months to buy food, medicine and other humanitarian needs for the Iraqi people. Baghdad has been allowed under the oil pact to purchase 1.2 billion dollars worth of spare parts a year to fix its dilapidated oil industry. Iraq exports are handled by two outlets — Ceyhan in Turkey and Mina Al-Bakr in the Gulf. Iraq’s current sustainable export level is around 2.4 million bpd, which includes exports to Jordan outside of the UN programme. But Iraq officially exported just 1.3 million bpd in February, UN figures show, after crude customers balked at Baghdad’s demand for an under-the-table surcharge. (REUTERS) |
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