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| Grains, oils trade mixed Bullion, silver prices remain subdued NEW DELHI, Nov 11: Bullion and silver prices remained subdued grains and oils traded.......more China’s
WTO entry to open BEIJING, Nov 11: The World Trade Organisation’s (WTO) acceptance of China’s membership bid is.....more Cooperative
Society NEW DELHI, Nov 11: The National Consumer Disputes Redressal Commission has ruled.....more Export of
office, NEW DELHI, Nov 11: India’s export of instruments and office and medical equipment....more |
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FIIs, MFs net sellers in stocks, pick up debt MUMBAI, Nov 11: The Foreign Institutional Investors (FIIs) were net sellers in equities.........more Govt may
allow IA to NEW DELHI, Nov 11: With its disinvestment process in shambles, the Government.......more Inflation
rate hits a NEW DELHI, Nov 11: Inflation hit the lowest point in the last 18 months at 2.59 per cent from over....more OPEC to
slash VIENNA, Nov 11: The OPEC oil cartel is set to slash output by up to 1.5 million barrels per day (bpd) .....more |
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China’s WTO entry to open up opportunities for India BEIJING, Nov 11: The World Trade Organisation’s (WTO) acceptance of China’s membership bid is expected to open up China’s vast market to Indian businesses in areas like agriculture, chemicals, pharmaceuticals, banking and insurance, official sources here said. Under the bilateral agreement on Beijing’s accession to the WTO, signed here on February 22, last year, China has promised to open up its markets to Indian products and services once the communist giant becomes a full-fledged member of the Geneva-based multilateral trade body. As part of the agreement, China has promised that the tariff rate quotas that will be established for agricultural products, such as for rice, will be global quotas and will not be allocated selectively among different supplying countries. "The tariff rate quotas will be administered in a manner that will provide an opportunity for Indian exporters to supply the products on terms and conditions, which are transparent and non-discriminatory," the Memorandum of Understanding (MoU) signed by the two sides says concerning agriculture products. Further, China has agreed to fully take into account the concerns of India before finalising the tariff rate quota system for agricultural products. At the same time, unless Indian agricultural products exporters improve their efficiency, they are unlikely to succeed in the chinese market which is dominated by producers from countries like the US, Canada, Argentina and Thailand, an offiical source said. On phyto-sanitary measures, China has promised to review the current plant quarantine restrictions on the import of mangoes and other fresh fruits and vegetables from India into china. Both sides have agreed that internationally recognised phyto-sanitary norms and procedures will be applied in respect of agricultural products traded between the two countries and the measures shall be transparent and based on scientific principles. On the pharmaceuticals sector, where Indian companies are active in China, the Chinese side has promised to implement non-discriminatory laws, regulations and measures with regard to imports, distribution, sale and supply of pharmaceuticals, including in respect of registration of drugs. In the past, Indian pharmaceutical firms have experienced non-tariff barriers to exports from India and these are likely to reduce consequent to China’s WTO accession. China’s imports of pharmaceutical products increased from 386 million US dollars in 1998 to 627 million US dollars in 1999. In the post-WTO accession scenario, Beijing’s imports of pharmaceutical products are likely to increase, raising more opportunities for Indian companies, sources said. With regard to banking and insurance sectors, China has pledged that it would keep in mind the interest of Indian banks and insurance companies to establish commercial presence in China and agreed to give "positive consideration" to their applications as and when submitted. "While the bilateral agreement is in place, it would depend on the Indian business community to exploit the favourable situation that will arise out of China’s WTO accession," one source commented. (PTI) |
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Cooperative
Society members are consumers, NEW DELHI, Nov 11: The National Consumer Disputes Redressal Commission has ruled that a member of a registered co-operative society is a consumer and a "society is akin to a company under the companies act." While giving the final order in the Kalawati and others verses the United Vaish Co-operative Thrift and Credit, a full-bench of the Commission headed by its President Mr Justice D P Wadhwa said, a member has a separate entity from the Co-operative Society and they are shareholders as in a company registered under the Companies Act 1986. The full bench comprising apart from Justice Wadhwa, CL Chaudhry, JK Mehra, Rajyalakshmi Rao and BK Taimni said, "a society invites deposits and pays interest. It also provides facilities in connection with financing and is certainly rendering services to its members." Referring to the societies act, the commission said, a society also has economic interests like that of a company. Overruling the judgement of the Delhi State Consumer Commission passed in the case, the National Commission said "the order of the State Commission is set aside." a District Consumer Redressal Forum in Delhi had ruled that a member of a society is a consumer. After the judgement, it has now been made clear that the consumer courts have the power to deal with the grievances of the members of a society. The members of all the registered societies can now petition the consumer courts claiming damages from the bodies on account of their Negligent Act in rendering services. (UNI) |
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Export of office, instruments to North America goes up NEW DELHI, Nov 11: India’s export of instruments and office and medical equipment to the North American market has grown by 2037 per cent in value terms giving a push to the country’s total exports. The increase to this market has resulted in an overall growth of 229 per cent during 2000-01, according to the data compiled by electronics and computer software Export Promotion Council (ESC). In value terms,the export of this sector has increased from Rs 170 crore in 1999-2000 to Rs 560 crore in 2000-01. This rally in exports was made possible by increase in the exports of ups from Rs 53 crore to Rs 284 crore,and medical instruments from Rs one crore to Rs 111 crore during this period. The average growth during the last five years in this sector has been 38 per cent in rupee terms and 30 per cent in dollar terms. American power conversion, ESC points out, has emerged at the top with an export turnover of Rs 161 crore exporting mostly ups and signal generators to Australia, Netherlands and South Africa. Wipro medical systems exported items like linear ultrasound scanner, other medical instruments and related electronic items worth Rs 139 crore. Lucky electronics clocked a turnover of Rs 59 crore exporting medical equipment mainly to UAE. ESE analaysis shows that export of signal generators and other pattern generators has picked up appreciably during the year. It clocked an export turnover of Rs 10.53 crore compared to just Rs 40 lakh in the previous year. ESE Executive Director D K Sareen said European Union, which occupied top position in export destination from India during 1999-2000, has been pushed to the third position with total export of Rs 134 crore. Significantly, far East Asian countries like Singapore and Hong Kong have become the second largest export destination after North America, registering an export of Rs 150 crore. This was an increase of 262 per cent in value terms over the previous year. The Indian Strategic Electronic Industry is modernising faster and is absorbing state-of-the-art technologies through infusion of new investments particularly through joint ventures giving good signals for the expansion of the country’s export base, he said. (UNI) |
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FIIs, MFs net sellers in stocks, pick up debt MUMBAI, Nov 11: The Foreign Institutional Investors (FIIs) were net sellers in equities at Rs 59.4 crore (US dollar 12.4 million) while remaining net buyers in debt at Rs 160.1 crore (USD 33.3 mn) for the trading week ended November nine. The mutual funds were also net sellers in equities at Rs 35.84 crore. They netted purchases in debt instruments worth Rs 122.48 crore in the week, according to the data available with Securities and Exchange Board of India (SEBI). On November six, FIIs bought equities of Rs 123.6 crore and offloadnt of Rs 210.8 crore, thus turning net sellers worth Rs 87.2 crore (USD 18.2 million), the highest for the week. The foreign funds were net buyers on November five, seven and nine in equities at Rs 6.6 crore (USD 1.4 million), Rs three crore (USD 0.6 million) and Rs 18.9 crore (USD 3.9 million) respectively. The foreign funds made netted sales for two days in debt instruments at Rs 56 crore (USD 11.7 mn) and Rs 98.2 crore (USD 20.4 mn) on November five and November seven respectively. MFs were net sellers in stocks on November seven and November eight at Rs 11.41 crore and Rs 22.55 crore, but were active in picking up debt with highest net purchases at Rs 90.54 crore on November eight, SEBI said. The BSE-30 share sensitive index moved between a high of 3109.26 and a low of 3006.97 before ending the week at 3079.67 as against last weekend’s close of 3052.60, a net gain of 27.07 points or 0.89 per cent. (PTI) |
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Govt may allow IA to go ahead with plane acquisition plan NEW DELHI, Nov 11: With its disinvestment process in shambles, the Government plans to allow Indian Airlines to go ahead with aircraft acquisition by lifting the ban it had imposed when the disinvestment process was underway, Civil Aviation Ministry sources said here. The domestic carrier has plans to induct at least six more aircraft into its 52-plane fleet by 2002. With the two groups - Hindujas and Videocon - being disqualified from bidding for stake in ia for different reasons and the disinvestment process running aground, the Government now feels that the fleet expansion programme should be given a nod, the sources said. Government has so far not called for any fresh expressions of interest from prospective buyers and also there is no indication that the privatisation process has been shelved. However, the sources maintained that lifting of the ban on fleet acquisition did not mean that the airline would be in a position to acquire the aircraft immediately. The carrier also has on course an aircraft replacement cum acquisition programme totalling 39 Jets by 2006, the sources said. (PTI) |
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Inflation rate hits a record low of 2.59 pc NEW DELHI, Nov 11: Inflation hit the lowest point in the last 18 months at 2.59 per cent from over seven per cent a year ago, thanks to the downward trend in price of fruits and vegetables, spices and grains, besides fall in commodities’ prices for the sixth consecutive week. The week ended October 27 saw 0.13 per cent fall in the inflation calculated on a point-to-point basis with 1993-94 as the base year. The index was 2.72 per cent in the previous year. The Wholesale Price Index (WPI) fell by 0.2 per cent to 162.3 as compared to 162.6 in the previous week and the index was 158.2 in an year ago period. The final WPI stood at 161.8 for the week ended September 1, 2001 as against the provisional figure of 161.9, while the final inflation was lower at 4.33 per cent during the period when compared to the provional index of 4.99 per cent. Primary articles and manufactured products became cheaper by 0.8 and 0.1 per cent respectively, while the fuel items continued to remain firm for the last few weeks. The index for primary articles’ group fell to 170 from 171.3 due to cheaper food and non-food articles and the index was 164.4 in the previous year. Food articles’ group dipped by 0.7 per cent to 178.9 from 180.2 as prices fell for fish-marine and tea (four per cent), fruits and vegetables (three per cent) and bajra, maize, ragi, barley, urad, condiments and spices (one per cent each). However, there was a two per cent increase in the price of fish-inland. The index for non-food articles’ group fell even larger by 0.8 per cent to 151.7 from 153 due to cheaper nigerseed (six per cent), raw skins (three per cent), raw cotton and groundnut seed (two per cent each) and soyabean (one per cent). Prices increased for kardi seed (four per cent) and raw jute, raw slik and raw tobacco (one per cent each). Fuel, power, light and lubricants’ group, however, was firm in the previous week level of 230.5 and the index stood at 219.9 in the previous year. The index for manufactured products fell marginally by 0.1 per cent to 144.4 from 144.5, even as there was price hike for food products, basic metals and transport equipment. The index was 142.3 a year ago. (PTI) |
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OPEC to slash output to revive slumping oil prices VIENNA, Nov 11: The OPEC oil cartel is set to slash output by up to 1.5 million barrels per day (bpd) this week to boost slumping prices, while stressing that support by other key producers is crucial to avoid a total market collapse. The 11-member group, which produces 20 per cent of the world’s oil, received a much-needed boost prior to its wednesday meeting when russia announced plans to cut oil exports to stabilise prices. Crude prices, which have slumped to two-year lows below 20 dollars a barrel amid growing global recession fears since the September 11 terror attacks, rebounded at the end of the week, notably on the russian announcement Friday. "I don’t think it’s enough to get prices back to 25 dollars a barrel, but maybe to the lower range of the price band" of 22-28 dollars, said Lawrence Eagles, a commodities expert with the GNI Brokerage. The Organisation of Petroleum Exporting Countries (OPEC) has faced a serious dilemma in responding to the global price slump since September. On the one hand its member countries’ oil-dependent economies are suffering from the reduced revenues. But at the same time it has been loath to appear greedy by pushing up oil prices at a time of global economic slowdown. At Wednesday’s meeting, OPEC ministers are expected to cut output by 1-1.5 million barrels, possibly from as early as December 1, according to sources at the Cartel’s Vienna headquarters. (AFP) |
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