WASHINGTON, July 25: The India-US Strategic Dialogue to be held in New Delhi next will play a key role in advancing the vital commercial relationship between two countries, a top American official has said.
“There are tremendous opportunities for collaboration between the US and India, the two largest democracies in the world,” US Commerce Secretary Penny Pritzker has said.
“The Strategic Dialogue will play a key role in advancing the vital commercial relationship between our two countries,” she added.
Pritzker heads to India next week to join Secretary of State John Kerry, who would co-chair the fifth India-US Strategic Dialogue on July 31 with External Affairs Minister Sushma Swaraj.
“As the new Indian government defines its policy agenda to focus on economic growth and job creation, we look forward to identifying opportunities for US companies to engage in the market and create increased prosperity in both of our nations,” Pritzker said.
Prior to the Strategic Dialogue, Pritzker will visit Mumbai for meetings with Indian business leaders.
“We will focus on shared prosperity and strategic convergence – more specifically, how partnership between the United States and India can make our countries and the entire global order more prosperous and more secure,” Assistant Secretary of State for South and Central Asia Nisha Desai Biswal told lawmakers during a Congressional hearing.
The Strategic Dialogue, she said, will kick off a series of high-level visits throughout the late summer and fall, culminating in the visit of Prime Minister Narendra Modi to Washington at the invitation of US President Barack Obama.
State Department Deputy Spokesperson Marie Harf said the visit, marking the first US cabinet-level visit to New Delhi since new Indian government was elected, underscores the enormous strategic importance of the US-India relationship and their hopes for the future of the relationship.
“As the Obama administration engages with the Modi government, the US and India will hold discussions on the full range of bilateral and regional issues, including counter-terrorism efforts, regional security initiatives, people to people ties and other crucial facets of our strategic partnership,” Harf said.
In a statement, the Commerce Department said the US enjoys a robust trade and investment relationship with India.
Two-way trade between the US and India has grown five-fold since 2000, and reached about USD 96 billion in 2013.
US companies have made investments in India totalling USD28 billion and Indian foreign direct investment in the US stands at USD nine billion.
The US Commerce Department’s Commercial Service has its largest overseas footprint in India, with staff operating out of seven cities to help US businesses navigate the local markets and facilitate the exports of US goods and services. (PTI)
India-US Strategic Dialogue to boost commercial ties:Pritzker
India asks China to cease activities in PoK: Jaitley
NEW DELHI : Government keeps an eye on Chinese presence in Pakistan-occupied Kashmir (PoK) and has asked China to “cease such activities” there, Defence Minister Arun Jaitley informed Lok Sabha today.
“Government pays close attention to Chinese activities in PoK and it has conveyed its concerns to China and asked them to cease such activities,” he said in reply to a written query in Lok Sabha.
He said issues are discussed by the government in regular meetings with Chinese counterparts and “entire gamut of bilateral, regional and global issues are discussed.”
The presence of Chinese Army troops has been witnessed in recent times and there numbers were estimated to be around 5,000 by the Army couple of years ago. They were mainly involved in construction activities there.
Meanwhile, answering another query on alleged attacks by Sri Lankan Navy on Indian fishermen, Jaitley said continuous efforts by the government have led to the release of 536 of the 541 arrested by that country till July 18.
He said as per a 2008 agreement, the two governments have agreed that there would be no firing on Indian vessels and Indian fishermen would not go to the “sensitive areas” designated by the Sri Lankan government.
To a query on missile test range, the Defence Minister said the DRDO has proposed to set up such ranges in Rutland Islands in Andaman and Nicobar Islands and Nagayalanka in Krishna district of Seemandhra state.
Giving out the reasons for delays in execution of road projects by the Border Roads Organisation (BRO), Jaitley said delay in forest and environmental clearance, hard rock stretches and difficulty in availability of construction material are the main reasons behind it. (AGENCIES)
horoscope
Saturday July 26-2014
Aries : For you, it’s creativity today and logic tomorrow, even where work is concerned. You seem determined to succeed, but Ganesha says this requires steadiness and dedication to work. You may want to spend a quiet evening with your spouse, or your book.
Taurus : As concerns of your future grip you, you will start working on a method to improve things today. It is a day of moderation and there will be neither an insurmountable problem nor a eulogistic high to brag about by the end of it. Things might get dull around the evening, but be patient as the new sunrise will have more exciting prospects to offer, says Ganesha.
Gemini : It will be more or less a hassle-free day, predicts Ganesha. Some of your personal belongings are very dear to you. But you need not be too possessive about them, especially when you have no options but to share them with others. Your ability to keep the mood light during the most morbid of situations will be tested today.
Cancer : It is quite likely that both close and distant relatives will fill your heart with thrill and happiness, portends Ganesha. There may be a little misunderstanding with your peers at work. You will make quite a progress both at work and in personal life.
Leo : Do not underscore your influence and importance today, says Ganesha. You hold the key to many doors, and hence, your ability to influence people is at its strongest today. In business, this means that you have a major role to play in new deals. But remember that you merely hold the keys, you cannot predict what lies behind each door. So do not let disappointment cloud your mind if outcomes fall below your expectations. In any case, your disappointment shall not last because come evening, the stars take you on a wonderful candlelit dinner with your sweetheart.
Virgo : Handicrafts business will fascinate you today, predicts Ganesha. People will be left wondering what fuels all that dedication and commitment – at work and at home! Ganesha advises you to consummate those bonds of love and roll in the hay with your spouse.
Libra : An extended family is a boon, especially when it comes to charting out some success. Okay, maybe it’s not Don Corleone calling the shots in your favour; but expect to get a favourable base from your relatives for the same. Bring your luck with you to work, and keep smiling. Yes, it is your dazzling smile that will help you win people’s hearts, says Ganesha.
Scorpio : The Dons in the office may bypass your superiors and probably make you run around as an errand boy. You are likely to impress your superiors with your brilliance. Evening, though, will ring out the exhaustion of the morning. Ganesha advises you to delay bidding on sealed tenders for today.
Sagittarius : Ganesha foresees a gradual weakening in your position. You are most likely to bring troubles upon yourself as the day progresses. Good economic gains are expected if you change the hub of your activities.
Capricorn : The usually high spirit that you display at work is likely be dampened today by a trivial issue. So, try not to let too many thoughts trouble your mind today, advises Ganesha. Money matters may be pressing, forcing you to take risks. In the circumstances, keeping your cool will be the best thing to do, for a minor slip can cost you all that you may not be prepared to lose. So get back to your usual self and take things as they come; life without troubles is no life at all.
Aquarius : Hurry, splash on some Giorgio or curl your tresses! The spotlight is on you today, and you don’t want a drab work jacket to take away the shine. You remain brilliant, both on the personal and professional fronts. Your rivals will envy your easy charm, says Ganesha.
Pisces : An important day awaits you. Your spirits will be high, and your intuition uncanny. Guided by these, it is likely that you will make several significant decisions today in matters of finance and relationships. Your energy levels will be unflagging and you will find yourself at the peak of your abilities, says Ganesha.
DVC seeks 51 per cent hike in power tariff for 2014-15
KOLKATA, July 25: State-run Damodar Valley Corporation (DVC) has sought a sharp hike in power tariff for the current fiscal and the next two years.
In its multi-year tariff petition to the West Bengal Electricity Regulatory Commission (WBERC), DVC has demanded an average tariff of Rs 6.38 per unit for 2014-15, a jump of 51.5 per cent as compared to the 2013-14 tariff of Rs 4.21 per unit.
DVC sources told PTI that the tariff petition has been filed with WBERC for a period of three years — 2014-15, 2015-16 and 2016-17.
The power company has sought Rs 7.10 per unit for 2015-16, a rise of 11.2 per cent over 2014-15. While, for the third year, it has demanded a tariff of Rs 8.81 per unit, another 24 per cent rise over 2015-16.
If the terminal year’s (2016-17) tariff is compared with the last fiscal (2013-14) rate, then it comes out to be more than 100 per cent rise.
DVC supplies bulk power at 25 KV to Railways; 33 KV, 132 KV and 220 KV to different industries and distributing licensees; exports electricity to regions and also supplies power to the states of West Bengal and Jharkhand.
The reasons which the PSU cited to justify its hike include increase in coal prices, proposed escalation of fixed cost of DVC’s generating stations and T&D system and phasing out of some old power plants during 2016-17.
Meanwhile, the DVC tariff for the period 2009-10 to 2013-14 has not yet been cleared by WBERC and provisional current billing rates were based on the Central Electricity Regulatory Commission order. (PTI)
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Biocon Q1 Net up 9% to Rs 103 crore
NEW DELHI, July 25: Biotechnology major Biocon has reported nine per cent increase in its consolidated net profit to Rs 103 crore for the quarter ended June 30.
The company had posted a net profit of Rs 94 crore during the same period of previous fiscal.
The total revenue of the company rose to Rs 742 crore for the first quarter, against Rs 723 crore during the same period of previous fiscal, Biocon Ltd said in a statement.
“Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets, especially in the Middle East.
“We are working towards diversifying our regional dependencies to diminish the impact of such externalities,” Biocon CMD Kiran Mazumdar-Shaw said.
However, the company has sustained operating margins and profits despite an increase in costs, she added.
“Our business profitability has remained intact indicating the benefits of portfolio optimisation. Our development pipeline across biosimilars and novel candidates continues to progress well. We remain committed towards improving our performance in the coming quarters,” Mazumdar-Shaw said.
During the quarter, the Bangalore-based firm filed its first abbreviated new drug application (ANDA), targeting the US generics market.
“This effort is part of our communicated strategy to move up the pharma value chain to enter finished dosages with generic formulations,” the company said.
The company also announced the appointment of Siddharth Mittal as Chief Financial Officer with effect from August 1.
On future outlook, the company said: “The inherent growth drivers for our business remain intact and will play out over the course of this year. The progress in our development pipeline (across biosimilars and novel molecules) will help some of our molecules to enter the clinic.”
However, these milestones are subject to various external dynamics, including the business and clinical trial environment in the country, it added.
Biocon shares were trading 5.69 per cent down at Rs 487.45 apiece on the BSE. (PTI)
Mentha oil futures down 1.05% on profit-booking
NEW DELHI, July 25: Mentha oil prices moved down by 1.05 per cent to Rs 705.10 per kg in futures trade today as speculators booked profits at prevailing higher levels amidst subdued demand in spot markets.
Besides, adequate stocks position following increased arrivals from producing regions in the physical market put pressure on mentha oil prices.
At the Multi Commodity Exchange, mentha oil for delivery in July fell by Rs 7.50, or 1.05 per cent, to Rs 705.10 per kg in a business turnover of 96 lots.
Similarly, the oil for delivery in August traded lower by Rs 6, or 0.83 per cent, to Rs 719.50 per kg in 116 lots.
Analysts said the fall in mentha futures was mostly due to profit-booking by speculators at existing higher levels and sluggish demand from consuming industries in spot markets. (PTI)
Copper futures decline 0.28% on global cues, low demand
NEW DELHI, July 25: Copper prices fell 0.28 per cent to Rs 434.25 per kg in futures trade today as speculators trimmed positions amid a weak trend overseas and sluggish demand in the spot market.
At the Multi Commodity Exchange, copper for delivery in August declined by Rs 1.20, or 0.28 per cent, to Rs 434.25 per kg in a business turnover of 1,140 lots.
Similarly, the metal for delivery in November shed Rs 1.05, or 0.24 per cent, to Rs 441.75 per kg in 40 lots.
Analysts attributed the fall in copper prices at futures trade to a weak global trend amid rising supplies.
Meanwhile, copper for delivery in three months retreated 0.3 per cent to USD 7,150 a metric tonne on the London Metal Exchange. (PTI)
Nickel futures slide 0.43 pc on subdued spot demand
NEW DELHI, July 25: Nickel prices traded lower by 0.43 per cent to Rs 1,145 per kg in futures trade today as speculators reduced positions on the back of sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 5.90, or 0.43 per cent to Rs 1,145 per kg in business turnover of 777 lots.
Likewise, the metal for delivery in August contract traded lower by Rs 4.30, or 0.37 per cent to Rs 1,150 per kg in 37 lots.
Market analysts said the fall in nickel prices at futures trade was largely on sluggish demand from alloy-makers in the spot market. (PTI)
Cardamom futures remain higher on rising demand
NEW DELHI, July 25: Cardamom prices remained higher for the second day and gained 0.17 per cent to Rs 902.30 per kg in futures trading today as speculators enlarged positions amid a firm trend at spot market.
Tight stocks position on restricted arrivals from producing regions in the physical market also supported the uptrend.
At the Multi Commodity Exchange, cardamom for delivery in September gained Rs 1.50, or 0.17 per cent, to Rs 902.30 per kg in a business turnover of 18 lots.
Likewise, the spice for delivery in August added 60 paise, or 0.06 per cent, to Rs 935.60 per kg in 87 lots.
Market analysts said speculators enlarged positions on rising demand in the spot market which kept cardamom prices higher for the second day at futures trade. (PTI)
Muslims attend prayers during Jumat-ul-Vida last Friday of Islamic holy month of Ramzan outside Jamia Masjid in Srinagar. -Excelsior/Amin War
Muslims attend prayers during Jumat-ul-Vida last Friday of Islamic holy month of Ramzan outside Jamia Masjid in Srinagar. -Excelsior/Amin War