INDIA INTELLIGENCE REPORT

 

Business & Economy

US slaps 9.45 duty
on Indian shrimp

What is India News Service, Tuesday, 22 December 2004, 1300 hrs IST

The US Department of Commerce\92s final verdict in the anti-dumping duty investigation on import of certain frozen and canned warm water shrimp, declared on Monday, imposed a duty of 9.45 per cent on Indian consignments.

Indian seafood exporters feel that though the tariff stands reduced from 14.20 percent announced in the preliminary investigation in July, the Department has still slapped a duty on the imports when none existed before.

The plight of India, however, is better when compared to China and Brazil.

The anti-dumping tariffs for three other nations were also announced along with that for India.

The tariff for Thailand was reduced to 6.03 percent from 6.39 percent in the preliminary finding, that of Brazil from 23.66 to 10.40 percent and that of Ecuador from 7.30 to 3.26 percent. The tariffs of China and Vietnam announced last month respectively were 65.23 percent (49.09) and 4.38 percent (16.01).

Govt Securities Bill tabled in Lok Sabha: The Finance Minister, Mr P. Chidambaram, on Tuesday introduced the Government Securities Bill, 2004 in the Lok Sabha. The Bill aims to make trading in Government securities more customer-friendly by doing away with the various `rigidities .

Tina's tormentor now Mukesh's man: It is not just money and control over the Reliance empire that divides the brothers, Mukesh and Anil Ambani. They are also distinctly divided on the question of their key aides. One such person who is in the eye of a storm is Sandeep Tandon, former Enforcement Directorate (ED) official. 

Task force to decide on ethanol-blended petrol: The government has set up an inter-ministerial taskforce to look into smooth implementation of Ethanol-Blended Petrol Programme.

Security concerns spell end of Taj hotel project: Premier Indian hospitality group Indian Hotels Company Ltd (IHCL), owner of the Taj hotel chain, has unceremoniously pulled out of a contract in a five-star Kathmandu hotel, citing security concerns.

BSE, NSE repeat history as sensex, Nifty set new records: History was repeated at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday as the bench-mark sensex and Nifty indices broke all previous records and scaled new peaks with the broad-based markets galloping on all-round buying support.
 
Mukesh's last attempt to shore up RIL's scrip: Reliance's share buyback offer coming within five days of Standard and Poor raising concerns on company's resources is seen as an attempt to shore up the share price which has been falling despite sensex moving up.In just a month when the controversy on ownership first erupted, i.e. on November 19, anguished shareholders of RIL have seen the value of their holding deplete by 10 per cent from Rs 527 to Rs 481 while BSE sensex has gone up by seven per cent.

Housing societies shutting doors on BPO employees: As the Indian information technology sector was focussing its energies to counter the growing international backlash on offshoring, resistance of an unexpected kind has been quietly building up in domestic circles.

Air Deccan plans Delhi sector touchdowns: Air Deccan, the country's first no-frills low-cost airline, will connect Delhi with two new daily flights from December 22. 

Law panel for merging Insurance, IRDA Acts: The Law Commission has recommended that the Insurance Act, 1938, and the Insurance Regulatory and Development Authority (IRDA) Act, 1999, be merged into a single comprehensive law and a separate grievance redressal machinery to be set up within the proposed legislation providing for appeal against the watchdog.

Govt to unveil policy for cruise shipping: The Government will unveil a concept and policy paper for cruise shipping in the country to develop and tap its immense economic potential.

Airtel to focus on youth, women and senior citizens: Airtel has launched a special pre-paid and post paid plans for the youth, women and senior citizens. To drive revenues and growth from these under-penetrated segments, has unveiled its new market segmentation strategy, offering lower tariffs and improved value added services.

ICICI Ventures hikes stake in retailer Subhiksha to 24 pc: With a second tranche of funding to the tune of Rs 25 crore, ICICI Ventures will be hiking its stake in the Chennai-based discount retail chain Subhiksha to 24 per cent.
 
OBC, PNB plan fresh forays in IPO mkt: Two public sector banks are gearing up for another foray into the market.

China, India gain as poor lose in new textile regime: China and India will emerge the big winners when global textile quotas are abolished on January 1, while the least developed countries will bear the brunt of the most painful adjustments, economists say.

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