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Post Cancun, third NEW DELHI, Oct 24: Advocating more voting rights for the developing countries, the International Monetary Fund has said the......more Low edible oil prices bring down inflation to under 5 pc NEW DELHI, Oct 24: A marginal drop in prices of edible oil and manufactured products brought down the inflation....more Eighteen Indian companies in forbes list of successful firms NEW YORK, Oct 24: As many as 18 Indian companies from software to entertainment .....more Theme park opens opportunities for Indian business DUBAI, Oct 24: With Dubai deciding to build its own version of Disneyland at a whooping cost of .....more |
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Sierra Leone invites investment from Bangladesh DHAKA, Oct 24: Sierra Leone has invited entrepreneurs from Bangladesh to invest in the country’s lucrative diamond .......more Trade
tops agenda CANBERRA, Oct 24: Trade will top the agenda when Chinese President Hu Jintao meets the Australian Government......more India’s
Reliance picks HONG KONG, Oct 24: India’s largest petrochemical producer, Reliance Industries Ltd, has mandated credit suisse ....more Tokyo’s topix up 2% after Goldman raises target TOKYO, Oct 24: Japan’s topix index rose over two percent in Friday trade, rebounding from its biggest ...more |
Post Cancun, third world can split IMF, World Bank too: Kohler NEW DELHI, Oct 24: Advocating more voting rights for the developing countries, the International Monetary Fund has said the third world could cause a split at the IMF and the World Bank after its united stand at Cancun led to the collapse of trade talks last month. "I cannot rule that (split) out. But I am not expecting—conflict. The sensible leaders of the developing countries will not be bent on confrontation,’’ IMF Managing Director Horst Kohler said. The World Trade Organisation (WTO) ministerial at Cancun saw the formation of G-21 led by Brazil, India and China, which strongly advocated against farm subsidies and concessions offered by the developed nations. Their strength demonstrated conclusively that the global trade policies have entered a new era with a more vocal and united third world. On sharing of the votes between the developing and industrial nations on a more equitable basis, the IMF Managing Director said, "Alongside, any willingness to give the developing countries more voting rights and the principle of linking voting rights to the level of capital share must be firmly respected. "We are currently in the process of reviewing the formula for calculating the capital and voting share quotas. I am in favour of allocating a minimum voting share quota to the developing countries." To the United States’ right of veto in IMF, which is always subject to criticism, Mr Kohler said it will not be "politically productive" to change this in the foreseeable future. "In my experience, I can also say that the Americans’ right of veto is not a critical impediment to establishing a development policy that is in the interest of the poor countries," he added. Admitting that IMF was wrong in advocating measures to Malaysia, which weathered the Asian crisis better than other countries by introducing capital controls against IMF advice, Mr Kohler said: "We have already introduced far-reaching reforms in IMF policy. I am also trying to bring the ideas of Ludwig Erhard on market and social balance into the work of the IMF. "As part of this, we want to give greater emphasis to the domestic factors for economic growth, that is the social conditions and the small and medium-sized enterprises that create jobs." Mr Kohler said the motto of "more market, less Government" is also too simplistic. "There are some countries, for example in Africa, with too little Government. Markets that operate smoothly need a Government with a light touch, but above all one that works," he said. On IMF’s appeal to the the rich countries to raise the development aid to 0.7 percent of GDP, which has been falling on deaf ears for years now, he said: "The rich are not asking the fund for money, to which it could attach any conditions. But it is possible to try to raise public awareness about real existing interdependencies. It takes time and that is why progress is at a snail’s pace," he said. (UNI) |
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Low edible oil prices bring down inflation to under 5 pc NEW DELHI, Oct 24: A marginal drop in prices of edible oil and manufactured products brought down the inflation rate to 4.95 per cent during the week ended October 11, 2003. The inflation had inched up to 5.08 per cent last week on account of a sharp 10 per cent increase in the prices of vegetables coupled with costlier primary products, fuel and manufactured products. The index for the major fuel, power, light and lubricants group rose by 0.7 per cent to 254.8 (provisional) from 253.1 (provisional) for the previous week due to higher prices of coke (12 per cent) and electricity (2 per cent), according to figures released by the Ministry of Commerce and Industry. The index for "food products" sub-group under the major manufactured products group showed a decline by 0.1 per cent due to four per cent decline in prices of extracted groundnut oil, 2 per cent decline in imported edible oil besides lowering of prices of rice bran oil, hydrogenated vanaspati, gingelly oil and sugar by one per cent each. The "textiles" group also came down by 1.3 per cent due to lower prices of cotton yarn hanks (6 per cent) and texturised yarn (2 per cent). However, the prices of polyster staple fibre rose by 3 per cent, the ministry release said. Higher prices of enamels (4 per cent) and tooth paste (2 per cent) pushed up the "chemicals and chemical products" group by 0.1 per cent. The index for "basic metal alloys and metal products" group declined by 0.1 per cent due to lower prices of aluminium foils (3 per cent). (PTI) |
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Eighteen Indian companies in forbes list of successful firms NEW YORK, Oct 24: As many as 18 Indian companies from software to entertainment giants, including Wipro, Infosys and Zee films, have been listed by Forbes magazine among 200 successful companies outside the United States with annual sales of under one billion dollars. The magazine specially takes note of the Indian entrepreneurship in the tight world market, pointing out that the number of Indian companies has gone up to 18 this year from 13 last year and ten a year earlier. On this year’s list are four software innovators —Wipro, Infosys Technologies, Satyam Computers and Rolta India, four pharmaceutical companies - Dr Reddy’s labs, IPCA laboratories, Nicholas Piramal, Sun pharmaceutical, three banks - corporation bank, HDFC bank and Oriental bank of Commerce and two containers and packaging firms - Cosmo films and essel propack. Zee films, Asian paints, Bharat Forge (metal fabricators), Graphite India and Indo Gulf (fertilizers) also find place in the coveted list. Forbes pays tribute to the initiatives taken by Essel propack which has a become a major player in the laminated tube markets, selling 3.5 billion tubes a year and is supplying the product to multinationals. Every third laminated tube sold worldwide is made by Essel and its vice chairman Ashok Geol is quoted as saying that the company plans to make that every second tube. The article profiles the aggressive policies followed by the company to make it a world player despite all odds. (PTI) |
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Theme park opens opportunities for Indian business DUBAI, Oct 24: With Dubai deciding to build its own version of Disneyland at a whooping cost of USd five billion, the project, claimed to be one of the largest in the world, is expected to throw open floodgates of opportunities for Indian business and labour. Dubai Crown Prince General Sheikh Mohammed Bin Rashid Al Maktoum announced the construction of "Dubailand theme park" early this week, conceived to make Dubai the undisputed tourist destination of Asia. Built on two billion square feet of desert land, the project will have 45 mega projects and 200 mini projects, which observers say, will attract more Indian business and expat workers in the years to come. Dubailand with the biggest mall in the world, the "Mall of Arabia", a sprawling adventure world, a sports world, eco-tourism world, shopping world and kids world is expected to attract two lakh tourists daily. By 2010, it is estimated to see 15 million tourists. The first phase with core facilities will be ready by end of 2006 and the whole project will open for visitors by 2010. Dubai in particular and UAE in general earned praise from the Indian President A P J Abdul Kalam during his recent visit for the progress they made in transforming the desert into a modern bustling state and the UAE rulers acknowledged Indian expats’ contribution to the success. (PTI) |
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Sierra Leone invites investment from Bangladesh DHAKA, Oct 24: Sierra Leone has invited entrepreneurs from Bangladesh to invest in the country’s lucrative diamond and gold mining sectors, besides infrastructure and agriculture. Sierra Leone president Dr Ahmad Tejan Kabbah said marine resources, shipping and utility services could also be potential areas for Bangladesh investment there. "We are enthusiastic about forging meaningful trade relations with Bangladesh," he told a luncheon meeting hosted in his honour by Bangladesh’s Apex Trade body, FBCCI. Dr Kabbah, who left dhaka last night after a three-day visit, requested FBCCI to send a business delegation to explore investment and trade opportunities in his country, bestowed with huge natural resources. Apex trade chambers of bangladesh and sierra leone can work together to facilitate bilateral economic relations between the two nations, he said. Dr Kabbah also evinced keen interest in importing pharmaceutical products from Bangladesh. A team of experts will be sent here from freetown to examine the pharmaceutical industries, he added. Later, Bangladesh and Sierra leone signed agreed minutes under which the two countries would initiate cooperation in various potential sectors, including agriculture and trade. The minutes were inked by Bangladesh Foreign Secretary Shamser Mobin Chowdhury and Sierra Leone president’s secretary Sheka Mansury following Wednesday’s official talks led by Dr Kabbah and Bangladesh Prime Minister Khaleda Zia. As per the accord, a two-member agriculture delegation from Bangladesh will visit Sierra Leone by December this year to explore how Dhaka could share expertise with freetown in food production in the food-deficit west African country. A business delegation from Dhaka would also visit freetown shortly to examine mesures for expanding trade and commerce between the countries. Jute goods are the main components of Bangladesh’s exports to Sierra Leone, which amounted to US 90,000 dollar in the last fiscal year. At present, there is no import from that country. Bangladesh offered military cooperation through training programmes for defence forces of Sierra Leone. Sierra Leone supported Bangladesh’s candidature for the post of OIC Secretary General. Bilateral relations between Dhaka and freetown have deepened with the deployment of Bangladeshi peacekeepers under the United Nations. Some 1,496 Bangladeshi troops are presently engaged in peacekeeping operations in Sierra Leone. (UNI) |
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Trade tops agenda for China President in Australia CANBERRA, Oct 24: Trade will top the agenda when Chinese President Hu Jintao meets the Australian Government today, with resource-rich Australia seeking to tighten economic ties with the world’s fastest growing major economy. Australia and China, its third largest trading partner, were set to sign a wide-ranging trade and economic framework during Hu’s visit which could set the stage for the two countries to start exploring a free trade deal. The Australian Government was also hoping to announce a new a 30 billion (21 billion dollars) Liquefied Natural Gas (LNG) supply deal, according to media reports, after winning a 25 billion contract with China last year, its largest single export deal. "We have a golden opportunity for this country from this point forward to resource the industrialisation of China the way we did Japan after the Second World War and it is an opportunity that can’t be missed," Trade Minister Mark Vaile told reporters. For while Australia has tightened its ties to close ally the United States in recent years, hosting a visit by US President George W Bush yesterday, it has continued to pursue trade links within Asia which accounts for 50 percent of trade. This year australia, a world leading agricultural and mineral exporter, has sealed free trade deals with Thailand and Singapore and is now eyeing a similar pact with China in a rash of bilateral talks as global attempts to free up trade stumble. Two-way trade between Australia and China has almost tripled to a 21 billion (14.7 billion dollars) since 1996 when conservative Prime Minister John Howard took power. Howard was hoping to announce plans for a study into a free trade agreement with China during Hu’s visit, when the President will address a joint sitting of the National Parliament. China, with 1.3 billion people, is now the fourth-largest destination for Australian exports such as iron ore, wool and crude petroleum, and Australia’s third-largest source of imports, such as computers, toys and textiles. A massive security operation which sealed the Parliament to the public for Bush’s visit was eased today for Hu, with only a small crowd of human rights and Falun Gong protesters expected. But a few politicians were planning protests with outspoken independent MP Brian Harradine planning to boycott Hu’s address to Parliament to protest about human rights abuses. "I just can’t bring myself to be part of that joint meeting," Harradine told Australian radio. During the day’s meetings, Howard will also stress to Hu that China’s involvement is vital to resolve the nuclear stand-off with North Korea. Australia has supported US calls for a diplomatic solution to the crisis but has also hosted the first naval and air exercise in a US-led initiative aimed at stopping North Korea’s trade in ballistic missiles and Weapons of Mass Destruction. (AGENCIES) |
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India’s Reliance picks CSFB to sell bond-source HONG KONG, Oct 24: India’s largest petrochemical producer, Reliance Industries Ltd, has mandated credit suisse first boston to sell a bond worth up to US 750 million, a market source said on Friday. The deal will be the second dollar-denominated bond issue from India this year, following one from the country’s second-largest lender ICICI bank and could be the largest non-sovereign overseas debt issue from India. The bond offering by Reliance is likely to have a five-year maturity, the source said. "It could go to the market within the next 10 days," the source added. Reliance also has interests in refining, telecoms and exploration. ICICI bank last week sold a US 300 million, five-year bond at a spread of 146 basis points over comparable US treasuries. The deal attracted some US 1.5 billion of orders. (AGENCIES) |
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Tokyo’s topix up 2% after Goldman raises target TOKYO, Oct 24: Japan’s topix index rose over two percent in Friday trade, rebounding from its biggest one-day drop since the September 11 attacks after Goldman Sachs said it had raised its target for the index. Goldman Sachs Chief Equity Strategist Kathy Matsui raised her 12-month target on the index of all first-section issues on the Tokyo Stock Exchange to 1,400 from 1,200, saying the index had the potential to rise more than 30 percent from current levels. The topix was up 2.05 percent at 1,037.91 by 0143 GMT, recovering from a slide of 5.28 percent in the previous session, which was its worst fall since September 12, 2001. The Nikkei average was up 1.36 percent at 10,475.90 after plunging 5.09 percent on Thursday, also its biggest percentage loss since September 12, 2001, in the aftermath of the attacks on New York and Washington. (AGENCIES) |
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Rupee opens firm against USd on strong investment inflows MUMBAI, Oct 24: The rupee opened firm against US dollar today with portfolio inflows remaining strong. Traders are watching for some central bank intervention, forex dealer said here this morning session. The rupee resumed today at 45.305/315 to the dollar, compared to yesterday’s close of 45.3200/3300. The rupee has opened firm today, with sentiment was upbeat after data showed portfolio inflows continued to be strong. But traders are eyeing some Central Bank intervention. Dealer further stated that "the Central Bank has defended the 45.30 level, which is why the market is staying put here. But, sentiment on the rupee is strong," said a trader at a state-run bank. Foreign fund inflows are likely to continue, but trading volume could dip because of the start of celebrations for Diwali, dealers added. Call rates were trading steady at 4.40-4.50 per cent, sources said. The inter bank call rates opened the day quiet in the range of 4.40-4.50 per cent from its previous day’s finish amid slight strain in liquidity fund and modest demand, dealers added. (UNI) |
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Exide to introduce tubular battery for heavy household loads VIJAYAWADA, Oct 24: Kolkata-based Exide industries, the largest lead-acid battery manufacturer in the country, is planning to come out with tubular batteries for inverters to handle long and frequent powercuts. Talking to newsmen here after the launch of Exide’s new tubular inverter battery, the invared, the company’s industrial sales chief J Ratnakar Paul said, "we want give our customers more comfort. This next generation battery will support the running of even air-conditioners and refrigerators during power cuts." He said the product was suited for households, nursing homes, shops and business establishments with a load of 400 to 450 watts during powercuts upto five hours. The invared is ideally suited for students preparing for exams, doctors attending to emergency cases during long and frequent power cuts, Mr Paul said, adding it required very little maintenance and could be used for upto 1200 cycles. Informing that Andhra Pradesh was a major contributor to its two-fold growth over the last two years to achieve a turnover of Rs 1100 crore, he said Exide, from its nine ISO 9001 and ISO 14001 certified factories in different parts of the country, aimed to surpass the Rs 1200 crore turnover mark this year. "With the growing computersiation in different segments of industry and the service sector, we see a tremendous demand for these batteries," he added. (UNI) |
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Iraq wants 6 foreign banks, puts debt at 120 Bln LONDON, Oct 24: Iraq is planning to licence six foreign banks within the next five years, putting two on a fast track to help with reconstruction, the country’s Central Bank Governor was quoted today as saying. Speaking to the financial times on the sidelines of the Iraq donors conference in Madrid, Sinan Al-Shabibi also estimated his country’s debt at 120 billion dollars, the paper reported. Shabibi said he was preparing for negotiations on Iraq’s debt, though resolution of the issue at the Paris club of creditor nations has been postponed until next year, the paper said. The World Bank had estimated Iraq’s debts at at least 70 billion dollars, but that had excluded compensation claims and appeared to have been based solely on a filing to the United Nations from 1991, with interest included. Analysts’ estimates start at 108 billion dollars, rising to as much as 166 billion dollars if unresolved compensation claims are included. Shabibi told the paper banks wanting to apply for licences to operate in Iraq should put up a minimum of 25 million dollars and concentrate on high-technology and E-banking services. (AGENCIES) China President says Australia key economic partner CANBERRA, Oct 24: China sees Australia as an important economic partner as the world’s fastest-growing major economy opens up, Chinese President Hu Jintao said today during a state visit to Australia. Hu said trade and cultural ties between China and resource-rich Australia would deepen and broaden over future years, aided by the two countries signing a trade and economic framework on Friday to further cement their relationship. The agreement is expected to include a study to look at the possible Free Trade Agreement between the two countries. "The potential for Australia/China economic cooperation is immense," Hu said in an address to a joint sitting of the Australian Parliament. "Past, present or future, we see Australia as our important economic partner." Trade between Australia and China has almost trebled in the past seven years, reaching a 21 billion (14.7 billion dollars). China is now Australia’s third largest trading partner and Australia is China’s ninth biggest trading partner, its largest supplier of wool and a key source of iron ore. But a landmark in the bilateral trading relationship came last year when Australia won a a 25 billion contract to supply Liquefied Natural Gas (LNG) to Guangdong province over 25 years. "This has laid a solid foundation for our bilateral energy cooperation," said Hu, amid news that Beijing-controlled CNOOC CEO N plans to buy a stake in northwestern Australia’s gorgon gas field as part of a a 30 billion deal. Hu said business deals between the two countries were increasing, with Australia investing in a total of 1,600 projects in China by June this year with investment over 3.1 billion. China has invested in 218 projects in Australia with a contractual value of 450 million. "We are ready to be your long-term and stable cooperation partner, dedicated to close cooperation based on equality and mutual benefit," Hu said. "The trade and economic framework between China and Australia that will be signed today will mark the beginning of a great new stage of our trade and economic cooperation." Hu is on a four-day state visit to Australia which is focused on tightening trade ties between the two countries. (AGENCIES) |
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