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Economy
& Business
US
turns down WTO ruling, continues dumping duties
What
is India News Service, September 02, 2004, 2000 hrs IST
Even as the United States Trade
Representative (USTR) said it would continue to impose duties on
countries that dump their goods in US markets despite a World Trade
Organisation (WTO) decision against the levies, India has welcomed
the ruling and hoped that more such would follow.
The WTO ruling authorises eight trading partners to impose sanctions against the
Byrd Amendment to US anti-dumping
law. It also permit them to impose up to $300 million in duties on US goods.
The Byrd Amendment, passed in 2000, directs the government to distribute anti-dumping and anti-subsidy duties directly to US companies harmed by dumping and subsidies. Before the amendment became law, such revenue went to the US Treasury.
Cellular
firms oppose Trai\92s proposal: Cellular firms called for
unbundling the proposed Rs 107 crore unified licensing fee into NLD
and ILD licences and also breaking down the charge in proportion to
service areas, saying the lump sum payment prescribed by Trai will
inhibit entry of new players, adversely affecting competition in the
sector.
Dated laws, high tax impede automobile growth, says Khattar: The
President of the Society of Indian Automobile Manufacturers (SIAM)
and Maruti Udyog Managing Director, Jagdish Khattar, today hit out
at the Government saying that antiquated laws, poor infrastructure
and high tax regimes.
IA
board nod for more capacity on lease:
The Indian Airlines (IA) board of directors ratified the decision of
an empowered committee. They asked the airline management to proceed
with evaluation of offers received for leasing of 11 A319s for
Alliance Air, its wholly-owned subsidiary.
Aiyar
to meet Angola, Norway ministers at Vienna:
India will seek oilfields in Iran and Angola when Petroleum Minister
Mani Shankar Aiyar meets his counterparts from Tehran and Luanda on
the sidelines of the oil cartel Opec meeting in Vienna later this
month.
Mukesh
Ambani wants auto industry to leverage IT: The Chairman of
Reliance Industries, Mukesh Ambani, complimented automakers for
scripting the success story and asked them to tap the potential
unleashed by an estimated demand of about 1.3 billion vehicles.
Now,
Spice slashes rates: Spice Telecom, Punjab\92s premier
cellular service provider announced cut rates in its post-paid
segment, bringing down the outgoing call charges by as much as 60
per cent.
Plan for tea, coffee, textiles on the anvil:
The Central Government plans to
come out with special packages for boosting exports in the textiles,
tea and coffee industries as a follow up to the first ever foreign
trade policy.
Do
not misuse schemes, Kamal Nath to exporters:
Commerce Minister Kamal Nath has cautioned the exporting community
not to misuse the sops given to them in the National Foreign Trade
policy.
ICICI
Onesource buys 51% stake in Pipal Research:
The BPO subsidiary of ICICI Onesource Ltd has acquired a 51 per cent
stake in Illinois-based Pipal Research, a provider of high-end
business research and analytic data in US, for an undisclosed sum.
Indian
Iron to merge with SAIL: The sick, more than a century-old
Indian Iron and Steel Company (IISCO) in West Bengal, is to be
merged with the Steel Authority of India Ltd (SAIL).
Tata
Motors set to make a foray into Chinese market:
India's leading commercial vehicle maker, Tata Motors expects over
15 per cent growth in sales. The company plans to increase market
share, importing heavy trucks from the South Korean Daewoo
Commercial Vehicle plant acquired in March.
GAIL,
USTDA to study national gas grid:
GAIL India and United States Trade & Direct Agreement (USTDA)
has signed an agreement for jointly funding and undertaking a
feasibility study on the proposed national gas grid in India.
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Dabur keen to buy Mysore Sandal soap, Amrutanjan:
the Rs 1,329-crore Dabur India has expressed interest in buying 2 of India's oldest FMCG brands in the pain relief and personal care segments.
Renuka
for regional approach to boost tourism: Minister of State for
Tourism Renuka Choudhary called upon the northern states to
formulate regional tourism development plans to accelerate the pace
of development of tourism in the country
ONGC to develop port-based SEZ: The Oil and Natural Gas Corporation has joined hands with KSPL and IL&FS to develop a port -based Special Economic Zone (SEZ) at Kakinada in Andhra Pradesh.
Industry
demands power at cheaper rates: In a representation submitted to
the Punjab State Electricity Regulatory Commission (PSERC), the
Confederation of Indian Industry (CII), Northern region, argued its
case for providing cheap power supply to promote industrial
development in the state.
Sensex retreats after opening higher:
The Sensex at the opening bell was up 8 points at 5219. Its open was at 5219, high was at 5223 and low was at 5190.
Overall:
US walks over WTO ruling:
The United States Trade
Representative (USTR) said it would continue to impose duties on
countries that dump their goods in US markets despite a World Trade
Organisation (WTO) ruling.
Plan for tea, coffee, textiles on the anvil:
The Central Government plans to
come out with special packages for boosting exports in the textiles,
tea and coffee industries as a follow up to the first ever foreign
trade policy.
ONGC to develop port-based SEZ: The Oil and Natural Gas Corporation has joined hands with KSPL and IL&FS to develop a port -based Special Economic Zone (SEZ) at Kakinada in Andhra Pradesh.
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