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India to operationalise BANGALORE, Nov 15: India would operationalise the Free Trade...more Toothpaste having gel AMRITSAR, Nov 15: Tootpaste containing gel should be avoided by..more ICRA hopes to improve research capability NEW DELHI, Nov 15: ICRA Limited is proposing to initiate joint....more Mathura Refinery to MATHURA, Nov 15: Mathura Refinery has chalked out a ...more |
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China, US sign market access agreement BEIJING, Nov 15: In a major breakthrough, United States and China today signed an agreement that will pave the way for Beijing’s entry into the World ....more India, Romania must promote trade: Maran NEW DELHI, Nov 15: Commerce Minister Murasoli Maran today said India....more DMRC creates life size metro train for trade fair NEW DELHI, Nov 15: The Delhi Metro Rail Corporation has created a life .....more Samsung awarded $ 200 mln contract to expand oil refinery SEOUL,
Nov 15: South
Korea’s Samsung Engineering Co.today said it had ....more NEW DELHI, Nov 15: In thin trade, silver prices moved up on the bullion ....more |
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India to operationalise FTA with Lanka next month: Omar BANGALORE, Nov 15: India would operationalise the Free Trade Agreement (FTA) on items it had agreed to eliminate trade restrictions with Sri Lanka, Union Minister of State for Commerce and Industry, Omar Abdullah said here today. The Commerce Ministry was working on the details to implement the agreement between the two countries, he said delivering the keynote address at the two-day India-Sri Lanka Joint Business Council (JBC) meeting. Abdullah exhorted the JBC to shortlist commodities to be brought under FTA to further strengthen the cooperation on bilateral trade between the two neighbouring nations. He said India and Sri Lanka had made considerable progress in trade and commerce and added still more needed to be achieved to improve quality of life in both countries. Abdullah said India was committed to continue its policies of liberalisation and deregulation and would pursue them with vigour to further its ties with other countries. India, he said, had already brought 80 items under no tariff regime, besides giving approval to clearance of fast track projects involving upto Rs 30 million in SAARC countries including Sri Lanka. Chief Minister S M Krishna, who inaugurated the meeting, called upon India and Sri Lanka to share each others concerns in the emerging free trade region and at the same time to brace up to face the challenges of the world market in areas where they had strength. Krishna said the trade volume between the countries had grown significantly over the last few decades. He suggested that India and Sri Lankan could form a cartel to promote tourism projects and the island could also join hands with Karnataka on the project. Krishna said both nations could think of having a joint marketing appartus to market tea. He said his Government had given top priority to usher in the era of E-governance in the state and was expected to achieve this in the coming three years. Karnataka, the Chief Minister said, was ready to offer its expertise on E-governance to Sri Lanka. India-Sri Lanka JBC Chairman, K G Balakrishnan, and his counterpart in Sri Lanka, Granwille Perera, president, Chambers of Commrce and Industry of Sri Lanka, Lal De Mel, Indian High Commissioner to Sri Lanka, S S Menon, and High Commissioner of Sri Lanka to India, Mangala Moonesinghe, also spoke. About 50 delegates from Sri Lanka will be interacting with Indian businessmen over the two days. (PTI) |
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Toothpaste having gel be avoided by children AMRITSAR, Nov 15: Tootpaste containing gel should be avoided by children below six to seven years as it is found to contain certain amount of acid, according to the president of the Indian Society of Pedodontics and Preventive Dentistry. Speaking at the inaugural of the 21st national conference of the society here yesterday, Dr Shobha Kuriakose also said that floride-rich paste should be used in limited quantities according to the age of the child. "The mother is the child’s first doctor and she should herself apply the paste on her child’s brush," Dr Kuriakose said. "More than 40 per cent of the dental diseases in children, the most common being caries, are due to lack of awareness. Cleaning of teeth begins with the appearance of the milk teeth which the mother should wipe with a piece of soft cloth after the child has taken meal," she said. "Adults could have healthy teeth only if awareness is created by the Government about the importance of pedodontics." She said the society had asked the Government to take steps for the promotion of dental care on the lines of the pulse polio programme. Dr Navneet Grewal, chairperson for this two-day conference, opined that the period when child’s teeth most needed care was when he or she started going to school. So the importance of dental care should be stressed upon in schools by health workers and the Government should take steps in this regard. Dr H S Chawla, general secretary of the Pedodontics Society, said the Government should lower the taxes on oral health products such as brushes and toothpastes in order to make these available to the majority. "The best way of protecting the teeth from bacteria is to brush them everyday, but unfortunately a large section in India, which lives below the poverty line, cannot afford brushes and pastes,"he said. (UNI) |
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ICRA hopes to improve research capability NEW DELHI, Nov 15: ICRA Limited is proposing to initiate joint research with international rating agency Moody’s on macro-economic matters in India, said ICRA managing director P K Choudhury. ICRA hopes to improve its research capability on macro-economic issues by leveraging the international experience and database from the world’s largest rating agency, Moody’s, Mr Choudhury told UNI. Two expert teams from Moody’s are expected to interact with ICRA top brass next week to forge a technical service partnership. "This will be for the first time in India that two rating agencies will be entering into an agreement of this scale in conducting macro-economic research together", Mr Choudhury claimed. The joint effort will enable ICRA to understand better the implications of, say, a fall in interest rates or depreciation in rupee value, on the industry and economy in general. It will eventually help ICRA devise new products like rating mutual funds’ bond portfolio which require a great amount of data and expertise on the implications of interest rate movements or rupee rate fluctuations. Unlike a company’s rating, the new product for mutual funds will be "very different" in the sense that it will use an econometrics model to evaluate the effect of economic changes on debt bonds portfolio. The frequent commentaries of ICRA’s arch rival, CRISIL, on macro-economic indicators are keenly awaited by forex professionals and bankers alike. However, ICRA is considered to be weak in its macro-economic department and brings out just a quarterly report on the national economy. Moody’s which has a 11 per cent stake in ICRA will, on the other hand, benefit from intellectual capital of the domestic rating agency while assessing the sovereign rating of India, Mr Choudhury said. ICRA is promoted jointly by IFCI Limited, Moody’s, SBI and UTI. In its present agreement with Moody’s, the domestic partner gets limited access to the former’s global data and research findings. Also, Moody’s conducts quarterly business-line tutorials to train ICRA professionals on various issues and sectors. Besides, ICRA gets expert advice from a manila-based technical coordinator of Moody’s, while both will jointly conduct awareness programmes for investors, issuers and financial professionals. (UNI) |
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Mathura Refinery to improve quality of its products MATHURA, Nov 15: Mathura Refinery has chalked out a investment plan of rs 2500 crore for improving the quality of its product through the introduction of new system as well as modernisation of existing operations. The step would not only enable the refinery to produce world class quality of petrol and diesel but also bring down benzine content to less than one per cent by volume, reduce sulphur to 50 ppm from present spec of 0.2 per cent wt. max. It would further reduce olefins and aromatics contents to 14 per cent and 35 per cent respectively paving the way for more eco-friendly environment. Under its modernisation programme the refinery is contemplating to install second reactor in the existing DHDS to maximise ultra-low-sulphur diesel. The plan of setting up an additional diesel hydro desulphurisation unit would put down sulphur content of entire quality of diesel to less than 0.05 per cent wt. From current level of 0.25 per cent wt. An ambitious plan to incorporate latest process technology such as benzene saturation unit, selective hydro-treatment unit and hydro-iso-merisation unit is also on anvil of refinery. Mathura Refinery Executive Director P K Biswas told reporters today that identified as green refinery of Indian Oil Corporation, Mathura Refinery has taken a lead in producing ultra-low sulphur diesel in line with international standards. The refinery is producing 5,000 tonnes of diesel having sulphur content less than 0.05 per cent wt. In a limited way for use of commercial vehicles in Delhi in this millenium itself, a target much ahead of schedule of April next. The production is planned to be increased to 20,000 tonnes/month till hydrocracker is commissioned, he said. To a question, he said after commissioning of DHDS unit, refinery has brought down the sulphur content in diesel to less than 0.25 per cent from earlier level of one per cent resulting in major reduction of pollutant level in the automative fuel. The refinery has produced 600 tmt of 0.25 per cent ‘S’ diesel after commissioning of the DHDS. Refinery has also taken a quantum leap by bringing down the benzene content in petrol to less than three per cent vol. from five per cent vol. (UNI) |
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China, US sign market access agreement BEIJING, Nov 15: In a major breakthrough, United States and China today signed an agreement that will pave the way for Beijing’s entry into the World Trade Organisation (WTO). US trade representative Charlene Barshefsky and Chinese Minister of Foreign Trade and Economic Cooperation (MOFTEC) Shi Guangsheng initialled the agreement on behalf of their respective Government to help remove trade barriers and clear the biggest hurdle for China’s entry into the WTO. The document said that the two sides have agreed on terms and conditions of access to China’s market, including specific commitments on industrial goods, agricultural products and services, Xinhua reported. The agreement is mutually satisfactory, Shi said. The agreement is conducive to China’s entry into the WTO as soon as possible. The market access agreement was signed after six days of grueling negotiations to open China’s relatively closed markets to American products and services. US President Bill Clinton who is in Turkey on an official visit, hailed the agreement saying it is a major step forward in bringing China into the WTO. US and China have reached bilateral agreement on provisons relating to the application of rules relating to access to each other’s markets, the document said. In addition, the agreement said that the two Governments will jointly notify the WTO Director-General of this deal and soon transmit a copy, including the annexes, to the WTO Secretariat for incorporation into the multilateral aspects of China’s accession negotiations, Xinhua reported. The two sides have also stressed that they will recognise the mutual benefits that will flow from China’s accession to the WTO, including the enhancements to the multilateral trading system. (PTI) |
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India, Romania must promote trade: Maran NEW DELHI, Nov 15: Commerce Minister Murasoli Maran today said India and Romania must promote new means and instruments like consignment sales, operation through escrow accounts and warehousing to maximise bilateral trade which has dipped. There has been a fall in the bilateral trade volume compared to the 1980,s."This dip in trade was on account of the transition from central clearing account under rupee trade to the convertible currency trade and completion of the liquidation of rupee balance", Mr Maran said. The short point is that trade remains much lower than its potential and the Governments and businessmen together must find innovative means of properly augmenting it, the minister said. The Governments must provide a legal framework and an environment of certainty and clarity for business enterprises to identify opportunities and intensify their cooperation. Speaking at the India-Romania Joint Commission of the Joint Business Council organised by FICCI the minister said the agreement on quarantine and plant protection will be signed tomorrow. The two countries are about to conclude negotiations on maritime transport and an agreement will be signed soon. Mr Maran said the EXIM bank is offering a credit line of 10 million dollars to Romania. The EXIM banks of the two countries have agreed to sign an MoU to create the necessary environment for such co-operation, Mr Maran said. The relationship between the two countries have to find complementaries more through private initiative and less through state intervention. Mr Maran hoped that the joint initiatives in the use of the constantza free trade zone and development of a joint trade venture and cooperation in a large number of traditional and new areas including metallurgy,oil, railways, pharmaceuticals,textiles and leather will translate into reality. Minister of Industry and Commerce of Romania,Radu Berceanu said the JBC offers an excellent opportunity for fostering business ties. The volume of bilateral trade between the two countries in the first eight months of 1999 touched 78 million dollars. "The two way trade must reach 500 million dollars by 2002," Mr Berceanu said. He said Romania is presently looking for upgrading its industry and is seeking help from the Indian entrepreneurs. He hoped that the Delhi-Bucharest flight of Air India will be reopened to facilitate movement of businesspersons. Import from India for 1997-98 was 15.25 million dollars and exports to India in the same period touched 60.66 million dollars. Indian investment in Romania has been 3.28 billion dollars while Romania has invested Rs 20 million. Romania’s FDI has increased after its recent economic restructuring to 3.7 billion US dollars. Forex reserves by the end of 1998 for Romania has been 2.8 billion dollars. Romania, Mr Berceanu said is striving for full membership of the European Union and is accelerating the privatisation of state owned companies in sectors like power,telecom and mining. Other tasks include simplifying the bureaucracy and its proceedings,increasing joint ventures, establishing a new fiscal policy, setting up of new foreign investment law and reduction in customs duties. (UNI) |
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DMRC creates life size metro train for trade fair NEW DELHI, Nov 15: The Delhi Metro Rail Corporation has created a life size metro train for the India international trade fair at Pragati Maidan to give people an actual feel of what the proposed metro rail system will be like in the capital. A metro platform which includes some international metro features such as automatic entry gates, touch screen computer information and station control systems have been set up. Comprehensive information about the project, including the routes, areas covered and construction techniques can also be seen on display. The Delhi Metro Rail Corporation started construction on October one, last year and aims to operate the first metro train in Delhi in 2002. It will be built as per the latest international technology, minimising inconvenience to the public during construction. With an extremely high frequency of service during peak hours the Delhi metro is expected to reduce pollution and traffic jams in the capital substantially. (UNI) |
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Samsung awarded $ 200 mln contract to expand oil refinery SEOUL, Nov 15: South Korea’s Samsung Engineering Co.today said it had won a 200 million dollar contract to expand an oil refinery in India. The contract, awarded by state-run Indian Oil Corporation, calls for increasing the capacity of the refinery in Bihar from the present 4.2 million tons to six million tons a year, it said. Samsung Engineering, a unit of the Samsung Group, South Korea’s second largest conglomerate, plans to finish the expansion work by October, 2001. (AP)
NEW DELHI, Nov 15: In thin trade, silver prices moved up on the bullion market today on shattered buying by local parties and closed with small gains. On the other hand, gold was quoted at last level in restricted buying activities. Marketmen said like conditions in the overseas and upcountry market had affected the trading sentiment here. They said the activity was restricted due to tight money market position and traders were clueless as there was not clear picture of the overseas markets. Most of the traders adopted wait and watch policy ahead of the third gold auction of 25 tonnes by Bank of England on November 29. Silver .999 :ready) gained Rs.15 at Rs.7765 per kilo and weekly delivery by a same margin at Rs.-780 per kilo. Silver coins were asked at previous level of Rs.11,000/11,100 per 100 pieces in scattered deals. Standard gold and ornaments were unchanged at Rs.4550 and Rs.4400 per ten gram respectively in the absence of any worthwhile support. Sovereign was also quoted at unchanged level of Rs.3850 per piece of eight gram. (PTI) |
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