U.S. Prelim Anti-Dumping Duty on Shrimp
The U.S. Department of Commerce announced preliminary anti-dumping duty (averaging 10.54%) on shrimp from India, China, Vietnam, Brazil, Ecuador, and Thailand.
Malaysia Expects 400K Indian Tourists
As part of its "Visit Malaysia Year 2007," Malaysia is pitching for a 25 per cent rise in tourists from India to reach 400,000 this year using easier visa regimes, prizes, and shopping discounts.
UK Bank to Close Direct Interface Call Center
The United Kingdom's largest consumer loan provider, Lloyds TSB Group, has capitulated to domestic union and labor demands to stop off shoring activities to India and closed its direct interface operations.
India Willing but Cautious on WTO
In a one-to-one meeting, Minister for Commerce and Industry Kamal Nath has reportedly told his European Union counterpart Peter Mandelson that India is willing to restart the stalled Doha Round but is unwilling to rush into a deal.
US Tech Spending from India to Increase
A Deloitte survey reported that the U.S. will increase its technology services procurement from India and China over the next three years with banks leading increasing its spend of 6% of annual IT spend of USD 44 billion to 30% by 2010.
Essar Negotiating 20% Stake in Libyan Oil Field
The Essar group is negotiating with Phoenix Libya (a subsidiary of Phoenix AG) to buy 20 percent stake with rights to buy up to 50 per cent in an oil and gas field in Libya and also plans to take oil and gas blocks in Iran, Papua New Guinea, and Libya.
BG-ONGC $1B Investment in KG
British major BG Group Plc and Indian major Oil and Natural Gas Corporation (ONGC) announced plans to invest USD 1 billion in the Krishna Godavari basin oil and gas block.
TVS Unit Sold to Finnish Company
TVS Electronics is planning to divest its electronic contract manufacturing services business to Finland based Incap Corporation for Rs. 50-60 crore (USD 11-13 million) to re-focus on its core peripherals business.
Hindalco's Novelis Offer
Hindalco Industries announced that it will make a preferential allotment worth Rs 2,600 crore (about $565 million) to part-finance the company's recent acquisition of US aluminium company Novelis.
Informatica Plans Expansion
The USD 325 million data integration software products company Informatica, is planning to grow its customer support services business from its India centre in Bangalore and handling one-third of its customer services.