Hindu leader and Marathi "hrudaya samrat" Bal Thackeray expired on 17h November 2012 after a prolonged illness. He was 86 years old. He ruled entire Maharashtra with an Iron fist for more than 40 years. He hand strong backing of Marathi common man or "Marathi Manoos" as he used to call them.
18 November 2012
Traders to observe bandh in Maharashtra tomorrow
Federation of Associations of Maharashtra [ Images ] has called upon its constituents and the trading community to observe a bandh in Maharashtra on Monday as a mark of respect to Shiv Sena [ Images ] leader Bal Thackeray [Images ], who passed away on Saturday.
In a statement, the FAM has appealed to all its constituents to observe Monday as the 'Shradhanjali Day'.
"The state of Maharashtra and the trading community has lost a true friend and a well-wisher. Balasaheb was a great son of the soil and a true nationalist who minced no words to express his views," FAM president Mohan Gurnani said.
Various organisations of traders and dealers are affiliated to FAM, including Agriculture Produce Market Committee and markets dealing in grains, sugar, dry fruits, metal, iron and steel and chemicals.
23 October 2012
Three Currencies Ready for a HUGE Revaluation
Three Currencies Ready for a HUGE Revaluation
Both the U.S. dollar and euro are doomed.
Why? Because in addition to being in slow-growth economies, saddled with debilitating debts, they’re the victims of an enormous increase in money supply.
The obvious result is serious inflation and the devaluation of both currencies in the coming years.
Even if the United States doesn’t add to its already bloated debt, the interest on it – coupled with massive money printing – virtually guarantees higher prices.
Same goes for Europe, as the region is printing money out of thin air to bail out its ailing countries and banks.
However, the euro and dollar’s pain could easily be your gain.
You see, the situation is rapidly creating a new currency world order. Specifically, three currencies are poised for a massive upward revaluation…
The Three “Super Currencies” of Tomorrow
There’s a trio of currencies that you must include in your portfolio today.
Backed by solid fundamentals in countries that rely on growth, not artificial monetary stimulation, these three currencies operate on an entirely different playing field than the dollar and euro.
And they’re set to undergo huge revaluations in the coming months. Without further ado…
Currency #1: Chinese Yuan
As the dollar and euro decline, the Chinese are busy plowing the yuan into assets that increase in value. Things like mines, factories, other currencies and natural resources.
At current levels, the yuan is a bargain. Of course, the Chinese government deliberately sets the exchange rate artificially low – rather than allowing it to float freely on world markets – in order to profit from Chinese goods and services.
With the world balking at this arrangement, the Chinese will have to revalue the yuan in a big way over the coming years. Why? Two reasons…
- The Chinese aren’t just goods producers these days… they’re big consumers, too. This means reduced dollar reserves and more yuan will be invested abroad.
- The Chinese will be forced to revalue the yuan more frequently and by greater amounts – something the country was unable to do as it was busy accumulating dollars.
Where to Invest: The FOREX market is fraught with volatility and requires a special account to execute trades. In lieu of that, take advantage through the WisdomTree Chinese Yuan ETF (NYSE: CYB). Hold for the long term – two to five years – and look for 20% upside against the U.S. dollar in five years.
Currency #2: Indian Rupee
Having dropped by more than 20% against the dollar over the past couple of years, the rupee is an absolute steal right now.
The Indian Central Bank controls the rupee closely. And in an effort to combat the financial crisis and make Indian goods and services more competitive, it’s allowed the currency to depreciate.
The result? An artificially weak rupee that will appreciate due to the trend in global growth and money flow.
With Indian GDP growth set to outstrip all Western economies in the years ahead, the country will have to raise interest rates to quell inflation.
In the past, this wasn’t an issue, since India wasn’t a global player when it came to importing goods and services. It was a closed, insulated economy, where the majority of the population bought locally.
But with the Indian middle class approaching some 400 million people, the country is beginning to import more goods. Such a reality will lead to inflation, which will force the central bank to tighten monetary policy.
Where to Invest: You can buy the Indian rupee through the WisdomTree Indian Rupee ETF (NYSE: ICN). Again, plan to hold for two to five years. I project 25% growth against the U.S. dollar in five years.
Currency #3: Canadian Dollar
The Canadian dollar has a bright future. For starters, Canada is rich in natural resources like oil, timber and gold.
As the prospects for global growth pick up, all three are in huge demand from developed and developing economies alike – a trend that will remain for years.
Canada also has its fiscal house in good order. Its AAA credit rating is secure, as the country quickly tackled its debt issues in the early part of this century. As a result, the Canadian dollar has almost doubled against its U.S. counterpart in the past decade.
In addition, Canada didn’t have to bail out its banks or financial system because of lax lending practices. Quite the opposite, in fact. Thanks to their financial strength, Canadian banks are now expanding into the United States in record numbers.
In short, Canada has a lot going for it. It supplies emerging markets… it has a strong and fiscally responsible financial system and government… it will benefit from a U.S. economic recovery… and it maintains a transparent and trusted economy.
Where to Invest: Add the “loonie” to your portfolio through the CurrencyShares Canadian Dollar Trust (NYSE: FXC). Like the Chinese yuan and Indian rupee, this is a long-term holding, with a further 25% gain against the U.S. dollar in five years.
Bottom line: Remember that we’re talking currencies here, so a move of 10% to 15% would be huge. These three will represent the new world order in the currency market over the coming years – and the gains will reflect that.
The best way to buy the yuan, rupee and Canadian dollar is to make regular investments over time. Don’t pile in at once. Average your cost over the next few months as the U.S. economy strengthens. Such a strategy will allow you to buy the currencies at reasonable levels.
Why India is a hell of a place for SMEs to do business
Why India is a hell of a place for SMEs to do business
Governments that love red
tape make it sheer hell for businesses, particularly small businesses,
to operate. And governments in India, at every level from the Central to
the States, appear to love weaving reams of red tape that constrain
small businesses from realising their potential.
We've always known in a general sort of
way that it takes sheer audacity to start a business in India. And given
the maze of red tape that a SME businessman, in particular, needs to
navigate, it's a wonder that private enterprise thrives in any shape or
form at all.
The latest report on Doing Business 2013,
from the World Bank and the IFC, establishes with quantitative data the
subjective perception that India is a hell of a place for SMEs to do
business. (Full report and rankings can be accessed here.)
Consider this: out of 185 economies
around the world that were analysed for ease of doing business -
measured across 10 indices (from starting a business to registering
property to securing credit to enforcing contract to protecting
investors, among others)- India ranks a lowly 132rd place!
That makes it a more business-unfriendly
place than every other country in the subcontinent barring Bhutan (which
ranks 148th). Pakistan (107), Bangladesh (129), Nepal (108) and Sri
Lanka (81) fare higher up the ladder than India.
At the top of the rankings is Singapore,
followed by Hong Kong. China comes in at 91st rank overall; at the
bottom of the heap are Congo (rank183), Chad (184) and Central African
Republic (185).
India fares particularly poorly on some
of the subindices that go to define its overall ranking. For instance,
in the matter of enforcing contracts it ranks 184th and in dealing with
construction permits, it ranks 182nd, putting it at the bottom of the
table of notoriety.
Only on two counts - getting credit (23rd rank) and protecting investors (49th rank) does India fare in the top 50.
On the other counts, India's ranking
varies between middling (Ranked 94th on ease of registering property)
and abysmal (ranked 105th in getting electricity; 116th in resolving
insolvency; 127th in trading across borders; 152nd in paying taxes; and
173rd in ease of starting business).
The factors that trip up the Indian SME
business environment are the extensive number of procedures that need to
be complied with, which delay the start of business operations and push
up costs for securing the approvals.
Indicatively, to start a business in New
Zealand, SMEs need comply with only one procedure, which takes only one
day. Indicatively, in India, SMEs need to comply with 12 procedures that
take, on average 27 days.
When it comes to dealing with
construction permits, it gets worse for India. In Hong Kong, which tops
the ranking on this subindex, SMEs need to comply with only six
procedures, but in India, the corresponding number is 34 procdrues,
which take 196 days!
But these anodyne narration of facts and
figures do little justice to the enormity of the hell world that
businesses and project executioners face on the ground in India
Illustratively, in his book Governance
and the Scleroris that has set in, Arun Shourie, who served as
disinvestment minister in the NDA government, recounts the experience of
a Singapore Minister who had directed the execution of projects in both
India and China. The difference in his experience, the Minister
recalled, was 'focus': Chinese officials had it, and the Indians didn't.
"In China, I was met by two officials,"
the minister explained. "They had all the answers they took all the
decisions. And what they decided got done." In India, on the other hand,
he was directed to the land department, where he met three officers,
each of who had his own version of the regulations. "And then for a year
and a half, the whole thing got stopped because a gentleman who had a
small plot behind the proposed site went to court: he was rearing bees
for honey and argued that his activities would be impeded, and that the
land should have been acquired under one Act rather than the other."
The whole thing would be funny if it were not so tragic.
20 August 2012
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India to unveil fifth generation fighter jet by 2014
India to unveil fifth generation fighter jet by 2014
New Delhi: The initial version of a fighter plane, being jointly developed by India and Russia and tipped to be one of the most-advanced in the world, will be unveiled in India in 2014.
The Fifth Generation Fighter Aircraft (FGFA) with stealth features is slated to be inducted in the Indian Air Force by 2022.
The two sides are close to signing a key contract expected to be worth over $11 billion for research and development phase of the project in the near future.
"The first prototype of the FGFA is scheduled to arrive in India by 2014 after which it will undergo extensive trials at the Ojhar air base (Maharashtra)... we are hopeful that the aircraft would be ready for induction by 2022," IAF Chief Air Chief Marshal NAK Browne said.
The IAF Chief was in Russia in the second week of August where he reviewed the progress made in the programme and the prototypes of the aircraft developed by the Sukhoi Design Bureau at Zhukovsky there.
The second prototype will arrive in India in 2017 and the third prototype will arrive in 2019. Based on the experience of test-flights of the each prototype, the final version of the FGFA would be developed for operational service, Browne
said.
India plans to acquire 214 of these fighter planes by the end of 2030 at an estimated cost of over $30 billion. Russia has already developed three prototypes of the aircraft which are being used for carrying out test-flights.
The aircraft will have stealth features and its size would be smaller than that of the frontline Su-30 MKI. The design of the aircraft is expected to be finalised by the two sides later this year. The two sides had signed an agreement for the design of the plane last year.
Besides the FGFA, India is also in the process of procuring 126 Medium-Multirole Combat Aircraft (M-MRCA) and around 140 Light Combat Aircraft (LCA) to replenish the Air Force whose squadron strength is dwindling.
The IAF is in the process of phasing-out Russian-origin MiG series fighters which are almost forty years old in operational service.
The FGFA along with the Russian-origin Su-30 MKIs and the 126 would be the mainstay of the Air Force in the next more than four decades.
19 March 2012
India world’s largest arms importer
Modernising its armed forces along the borders with China and Pakistan, India has emerged as the world’s largest importer of arms, a global think tank report said today.
The report pointed out that China, which was the largest importer of arms in 2002-2006, fell to fourth place in 2007-11 due to decline in the volume of Chinese imports along with improvements in China’s arms industry and rising arms exports.
“India was the world’s largest recipient of arms, accounting for 10 per cent of global arms imports between 2007 to 2011,” the Stockholm International Peace Research Institute (SIPRI) said in its latest report.
In the field of arms import, India has left behind both Pakistan and China along with Singapore and South Korea, the report said.
In the last five to ten years, India has taken several steps to modernise its armed forces and signed several deals to procure military hardware.
This includes deals for 10 C-17 strategic lift aircraft, six C-130 Super Hercules Special Operations aircraft, additional Sukhoi-30 MKI fighter jets along with several warships.
It is also working hard to develop its domestic defence industry and has also taken policy measures to encourage private sector companies in defence sector.
The report said that the top five global arms importers were from the Asia and Oceania accounting for 44 per cent of arms imports followed by Europe (19 per cent), the Middle East (17 per cent), the Americas (11 per cent) and Africa (9 per cent).
The report pointed out that China, which was the largest importer of arms in 2002-2006, fell to fourth place in 2007-11 due to decline in the volume of Chinese imports along with improvements in China’s arms industry and rising arms exports.
“India was the world’s largest recipient of arms, accounting for 10 per cent of global arms imports between 2007 to 2011,” the Stockholm International Peace Research Institute (SIPRI) said in its latest report.
In the field of arms import, India has left behind both Pakistan and China along with Singapore and South Korea, the report said.
In the last five to ten years, India has taken several steps to modernise its armed forces and signed several deals to procure military hardware.
This includes deals for 10 C-17 strategic lift aircraft, six C-130 Super Hercules Special Operations aircraft, additional Sukhoi-30 MKI fighter jets along with several warships.
It is also working hard to develop its domestic defence industry and has also taken policy measures to encourage private sector companies in defence sector.
The report said that the top five global arms importers were from the Asia and Oceania accounting for 44 per cent of arms imports followed by Europe (19 per cent), the Middle East (17 per cent), the Americas (11 per cent) and Africa (9 per cent).
Budget 2012 exempts Iranian oil payments from income tax
Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
Iran had in January agreed to accept 45% of the value of its oil exports to India in Indian rupees but the scheme could not be implemented due to taxation issues.
It was feared that the money paid to National Iranian Oil Co (NIOC) may be considered as income generated by Iranian firm in the country and liable to be taxed. The withholding tax was up to 40%, which neither NIOC or the Indian refiners wanted to pay.
As a way out, Finance Minister Pranab Mukherjee in his Budget for 2012-13 exempted payments to Iran from taxes in "national interest".
The exemptions would be effective from April 1, 2012.
Iran is India's second largest crude oil supplier accounting for for some 12 per cent of its total crude oil imports. Despite Western sanctions, New Delhi is keen to retain Tehran as its key supplier but has faced problems paying for oil imports.
India currently pays about USD 1 billion a month through a Turkish bank but there are fears that US and European sanctions against Iran may block even this route.
As a way out, rupee payments have been agreed to.
Under the mechanism agreed, NIOC will accept 45% of the payments in an account opened in Kolkata-based UCO Bank. UCO Bank has been chosen because it has no US or European exposure and its overseas presence is limited to Hong Kong, Singapore and China.
"In the national interest, a mechanism has been devised to make payment of certain foreign companies in India in Indian currency for import of crude oil," the Budget documents said.
"The curent provisions of the Income-tax Act would render such payment taxable in India because payment because payment is being received by these foreign companies in India in Indian currency. This would not be justified when such payment is based on national interest and particularly when no other activity is being carried out in India by these foreign companies expect receipt of payment in Indian currency," it said.
At present, the Iranian central bank, BMJI, holds an account with UCO Bank with a deposit limit set at USD 1 billion.
Indian refiners currently pay in euros through the Turkish bank, Turkiye Halk Bankasi, but there are apprehensions that Turkey may be forced to stop this after the move by US and the EU to ban any entity involved in Iranian oil and gas or petrochemical sectors.
Iran can use the money to buy machinery, metal products, iron, steel, minerals, clothes, fibre, sugar, tea, wood and automobiles from India.
As part of the January agreement, part of the rupee payments will also be deposited in two Iranian private banks, Bank Parsian and Karafarin Bank. These banks are still not under sanctions which have been imposed on all of Iran's state-owned banks.
The Budget document stated that a new clause would be inserted in Income-tax Act to provide for exemption in respect of any income of a foreign company received in INdia in Indian currency on account of sale of crude oil.
Iran had in January agreed to accept 45% of the value of its oil exports to India in Indian rupees but the scheme could not be implemented due to taxation issues.
It was feared that the money paid to National Iranian Oil Co (NIOC) may be considered as income generated by Iranian firm in the country and liable to be taxed. The withholding tax was up to 40%, which neither NIOC or the Indian refiners wanted to pay.
As a way out, Finance Minister Pranab Mukherjee in his Budget for 2012-13 exempted payments to Iran from taxes in "national interest".
The exemptions would be effective from April 1, 2012.
Iran is India's second largest crude oil supplier accounting for for some 12 per cent of its total crude oil imports. Despite Western sanctions, New Delhi is keen to retain Tehran as its key supplier but has faced problems paying for oil imports.
India currently pays about USD 1 billion a month through a Turkish bank but there are fears that US and European sanctions against Iran may block even this route.
As a way out, rupee payments have been agreed to.
Under the mechanism agreed, NIOC will accept 45% of the payments in an account opened in Kolkata-based UCO Bank. UCO Bank has been chosen because it has no US or European exposure and its overseas presence is limited to Hong Kong, Singapore and China.
"In the national interest, a mechanism has been devised to make payment of certain foreign companies in India in Indian currency for import of crude oil," the Budget documents said.
"The curent provisions of the Income-tax Act would render such payment taxable in India because payment because payment is being received by these foreign companies in India in Indian currency. This would not be justified when such payment is based on national interest and particularly when no other activity is being carried out in India by these foreign companies expect receipt of payment in Indian currency," it said.
At present, the Iranian central bank, BMJI, holds an account with UCO Bank with a deposit limit set at USD 1 billion.
Indian refiners currently pay in euros through the Turkish bank, Turkiye Halk Bankasi, but there are apprehensions that Turkey may be forced to stop this after the move by US and the EU to ban any entity involved in Iranian oil and gas or petrochemical sectors.
Iran can use the money to buy machinery, metal products, iron, steel, minerals, clothes, fibre, sugar, tea, wood and automobiles from India.
As part of the January agreement, part of the rupee payments will also be deposited in two Iranian private banks, Bank Parsian and Karafarin Bank. These banks are still not under sanctions which have been imposed on all of Iran's state-owned banks.
The Budget document stated that a new clause would be inserted in Income-tax Act to provide for exemption in respect of any income of a foreign company received in INdia in Indian currency on account of sale of crude oil.
21 February 2012
How to Identify a Stroke
You can Save someone's life by sharing this.
STROKE: Remember The 1st Three Letters... S.T..R ...
My friend sent this to me ...and encouraged me to post it and spread the word. I agree. If everyone can remember something this simple, we could save some folks.
STROKE IDENTIFICATION:
During a party, a friend stumbled and took a little fall - she assured everyone that she was fine and just tripped over a brick because of her new shoes. (they offered to call ambulance)
They got her cleaned up and got her a new plate of food - while she appeared a bit shaken up, Ingrid went about enjoying herself the rest of the evening. Ingrid's husband called later telling everyone that his wife had been taken to the hospital - (at 6:00pm , Ingrid passed away.)
She had suffered a stroke at the party . Had they known how to identify the signs of a stroke, perhaps Ingrid would be with us today.
Some don't die. They end up in a helpless, hopeless condition instead. It only takes a minute to read this...
STROKE IDENTIFICATION:
A neurologist says that if he can get to a stroke victim within 3 hours he can totally reverse the effects of a stroke...totally. He said the trick was getting a stroke recognized, diagnosed, and then getting the patient medically cared for within 3 hours, which is tough.
RECOGNIZING A STROKE
Remember the '3' steps, STR . Read and Learn!
Sometimes symptoms of a stroke are difficult to identify. Unfortunately, the lack of awareness spells disaster.
The stroke victim may suffer severe brain damage when people nearby fail to recognize the symptoms of a stroke.
Now doctors say a bystander can recognize a stroke by asking three simple questions :
S * Ask the individual to SMILE ..
T * = TALK. Ask the person to SPEAK A SIMPLE SENTENCE (Coherently) (eg 'It is sunny out today').
R * Ask him or her to RAISE BOTH ARMS .
If he or she has trouble with ANY ONE of these tasks, call the ambulance and describe the symptoms to the dispatcher.
NOTE : Another 'sign' of a stroke is
1. Ask the person to 'stick' out their tongue.
2. If the tongue is 'crooked', if it goes to one side or the other that is also an indication of a stroke.
A prominent cardiologist says if everyone who gets this status shares it; you can bet that at least one life will be saved.......
STROKE: Remember The 1st Three Letters... S.T..R ...
My friend sent this to me ...and encouraged me to post it and spread the word. I agree. If everyone can remember something this simple, we could save some folks.
STROKE IDENTIFICATION:
During a party, a friend stumbled and took a little fall - she assured everyone that she was fine and just tripped over a brick because of her new shoes. (they offered to call ambulance)
They got her cleaned up and got her a new plate of food - while she appeared a bit shaken up, Ingrid went about enjoying herself the rest of the evening. Ingrid's husband called later telling everyone that his wife had been taken to the hospital - (at 6:00pm , Ingrid passed away.)
She had suffered a stroke at the party . Had they known how to identify the signs of a stroke, perhaps Ingrid would be with us today.
Some don't die. They end up in a helpless, hopeless condition instead. It only takes a minute to read this...
STROKE IDENTIFICATION:
A neurologist says that if he can get to a stroke victim within 3 hours he can totally reverse the effects of a stroke...totally. He said the trick was getting a stroke recognized, diagnosed, and then getting the patient medically cared for within 3 hours, which is tough.
RECOGNIZING A STROKE
Remember the '3' steps, STR . Read and Learn!
Sometimes symptoms of a stroke are difficult to identify. Unfortunately, the lack of awareness spells disaster.
The stroke victim may suffer severe brain damage when people nearby fail to recognize the symptoms of a stroke.
Now doctors say a bystander can recognize a stroke by asking three simple questions :
S * Ask the individual to SMILE ..
T * = TALK. Ask the person to SPEAK A SIMPLE SENTENCE (Coherently) (eg 'It is sunny out today').
R * Ask him or her to RAISE BOTH ARMS .
If he or she has trouble with ANY ONE of these tasks, call the ambulance and describe the symptoms to the dispatcher.
NOTE : Another 'sign' of a stroke is
1. Ask the person to 'stick' out their tongue.
2. If the tongue is 'crooked', if it goes to one side or the other that is also an indication of a stroke.
A prominent cardiologist says if everyone who gets this status shares it; you can bet that at least one life will be saved.......
Iran to pay in Indian rupee for imports
Iran to pay in Indian rupee for imports
NEW DELHI: Indian exporters will be able to receive payments in the restricted rupee currency for sales to Iran within two weeks, the chief of India's top exporters' body said yesterday, as New Delhi puts a mechanism in place to maintain trade despite US sanctions.
About $3 billion in Iranian import arrears have accumulated since December 2010, Federation of Indian Export Organisations president M Rafeeque Ahmed said, when a previous payment conduit was closed under pressure from Washington, which is using sanctions to try to stop Tehran's suspected nuclear programme.
"The government has told us the mechanism for payment in rupee (to Indian exporters) will be in place in two weeks," Ahmed said.
"Between December 2010 and January 2012 we have sent goods worth about $3bn and almost all of it is stuck."
Ahmed is taking part in government negotiations to find a solution to the payment problems that have hit trade between the two countries after US sanctions on dollar deals. His organisation is a quasi-government body set up by the trade ministry.
Indian oil importers have been paying for around $11bn a year of crude since the middle of 2011 through Turkey's Halkbank, but this route would have been expensive for Iranian importers given sharp falls in the rial.
India was Tehran's second-biggest crude customer last year after China and Iranian oil accounts for about 12 per cent of its needs.
Most of the Iranian arrears are for imports of iron and steel ($623m), chemicals ($453m) and cereals ($419m), machinery ($143m) and pharmaceuticals ($87m), Ahmed said.
Indian rice suppliers have also reported defaults by Iranian buyers and have said they are owed at least $144m.
With payments for oil through Halkbank now looking vulnerable to fresh sanctions, India and Iran have agreed to settle 45pc of this trade in rupees and boost exports to narrow their trade gap.
NEW DELHI: Indian exporters will be able to receive payments in the restricted rupee currency for sales to Iran within two weeks, the chief of India's top exporters' body said yesterday, as New Delhi puts a mechanism in place to maintain trade despite US sanctions.
About $3 billion in Iranian import arrears have accumulated since December 2010, Federation of Indian Export Organisations president M Rafeeque Ahmed said, when a previous payment conduit was closed under pressure from Washington, which is using sanctions to try to stop Tehran's suspected nuclear programme.
"The government has told us the mechanism for payment in rupee (to Indian exporters) will be in place in two weeks," Ahmed said.
"Between December 2010 and January 2012 we have sent goods worth about $3bn and almost all of it is stuck."
Ahmed is taking part in government negotiations to find a solution to the payment problems that have hit trade between the two countries after US sanctions on dollar deals. His organisation is a quasi-government body set up by the trade ministry.
Indian oil importers have been paying for around $11bn a year of crude since the middle of 2011 through Turkey's Halkbank, but this route would have been expensive for Iranian importers given sharp falls in the rial.
India was Tehran's second-biggest crude customer last year after China and Iranian oil accounts for about 12 per cent of its needs.
Most of the Iranian arrears are for imports of iron and steel ($623m), chemicals ($453m) and cereals ($419m), machinery ($143m) and pharmaceuticals ($87m), Ahmed said.
Indian rice suppliers have also reported defaults by Iranian buyers and have said they are owed at least $144m.
With payments for oil through Halkbank now looking vulnerable to fresh sanctions, India and Iran have agreed to settle 45pc of this trade in rupees and boost exports to narrow their trade gap.
15 February 2012
Indian rupee signals potential to be a star
The Indian rupee may yet emerge as a star performer among Asian currencies this year.
Related
■ Aldar and Sorouh lift bourses
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Even if it fails to live up to that billing, it is unlikely to repeat last year's feat as the worst performer on the continent.
The rupee slumped 16 per cent against the US dollar last year as Europe's debt crisis hit global growth and cut appetite for emerging-market assets.
But it has rebounded nearly 8 per cent so far this year, thanks in part to government moves to control speculation in foreign-exchange markets and tempt back overseas investment. It has largely worked, with overseas funds raising holdings of Indian shares by US$4 billion this year.
While the currency has wavered in recent days, analysts say the softening should be only a blip in an otherwise positive trend.
Key to the rupee's fortunes will be the actions of India's central bank. In the face of slowing economic growth, the Reserve Bank of India is widely tipped to start cutting interest rates in the second quarter. Such a move is likely to boost the rupee.
Rupee futures rose 157 per cent on the Dubai Gold and Commodities Exchange last month compared with January last year.
Related
■ Aldar and Sorouh lift bourses
Tomorrow's news tonightStay ahead of the competition and get the cream of the content from the business desk of The National direct to your inbox before it is published in print.
Industry Insights newsletter:Click to register
Even if it fails to live up to that billing, it is unlikely to repeat last year's feat as the worst performer on the continent.
The rupee slumped 16 per cent against the US dollar last year as Europe's debt crisis hit global growth and cut appetite for emerging-market assets.
But it has rebounded nearly 8 per cent so far this year, thanks in part to government moves to control speculation in foreign-exchange markets and tempt back overseas investment. It has largely worked, with overseas funds raising holdings of Indian shares by US$4 billion this year.
While the currency has wavered in recent days, analysts say the softening should be only a blip in an otherwise positive trend.
Key to the rupee's fortunes will be the actions of India's central bank. In the face of slowing economic growth, the Reserve Bank of India is widely tipped to start cutting interest rates in the second quarter. Such a move is likely to boost the rupee.
Rupee futures rose 157 per cent on the Dubai Gold and Commodities Exchange last month compared with January last year.
21 January 2012
::Reliance Industries:Reliance Industries approves $2.1 bn buyback at Rs 870 per share after Q3 profit slump
Reliance Industries approves $2.1 bn buyback at Rs 870 per share after Q3 profit slump
The country's most-valued firm Reliance Industries today announced a buyback of shares worth up to Rs 10,440 crore from the public in what would be largest such programme in the history of the Indian capital market.
RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback since 2005.
"The board of directors of RIL at its meeting held today unanimously approved the buyback of up to 12 crore fully paid equity shares at Rs 10 each, at a price not exceeding Rs 870 per equity share, up to an aggregate amount not exceeding Rs 10,440 crore, from the open market through the stock exchanges," the company said in a statement.
Market analysts were, however, disappointed by the size of the buyback, which represented 3.7 per cent of the company's equity capital. RIL had in December, 2004, offered to buyback 10 per cent of its equity at Rs 570 per share.
The analysts said the share buyback -- coming after a gap of about seven years for RIL shareholders -- could be aimed at helping the stock regain its lost glory, given their sharp plunge of 35 per cent last year, as against a fall of about 24 per cent in the market benchmark Sensex.
"It is reasonable to expect that this will be largest-ever buyback programme in the history of the Indian capital market," said SMC Global Securities Strategist & Head of Research Jagannadham Thunuguntla.
"Assuming an about 10 per cent premium, the company may choose the maximum buyback price in the range of Rs 850-900 per share," he added.
The stock has been under-performing the broader market by a wide margin in recent months, but has been on an upward journey in the last couple of trading sessions. In the recent past, it was traded below the Rs 700 level for the first time in the last few years.
News of the buyback from public investors has prompted a 2 per cent rise in the company's stock price since Wednesday.
Late last month, RIL was briefly replaced by Tata Group firm TCS as the country's most valued company, while earlier in December, it was overtaken by IT giant Infosys as the most influential stock on the market barometer Sensex.
However, RIL has managed to regain its pole positions, both in market value and Sensex weight terms.
At the end of today's trade, RIL commanded 10.231 per cent weight on the Sensex, against Infosys' 9.10 per cent. RIL's total market value stood at Rs 2,59,778 crore.
Ashika Stock Brokers' Research Head Paras Bothra said, "Buyback of shares always goes well with the market as it is pro-shareholder in nature. The move is a positive indication from the company management."
"Also, this buyback announcement is a strong statement from the company's management that they 'feel' currently the share price in the market is undervalued than the intrinsic worth," he added.
The country's most-valued firm Reliance Industries today announced a buyback of shares worth up to Rs 10,440 crore from the public in what would be largest such programme in the history of the Indian capital market.
RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback since 2005.
"The board of directors of RIL at its meeting held today unanimously approved the buyback of up to 12 crore fully paid equity shares at Rs 10 each, at a price not exceeding Rs 870 per equity share, up to an aggregate amount not exceeding Rs 10,440 crore, from the open market through the stock exchanges," the company said in a statement.
Market analysts were, however, disappointed by the size of the buyback, which represented 3.7 per cent of the company's equity capital. RIL had in December, 2004, offered to buyback 10 per cent of its equity at Rs 570 per share.
The analysts said the share buyback -- coming after a gap of about seven years for RIL shareholders -- could be aimed at helping the stock regain its lost glory, given their sharp plunge of 35 per cent last year, as against a fall of about 24 per cent in the market benchmark Sensex.
"It is reasonable to expect that this will be largest-ever buyback programme in the history of the Indian capital market," said SMC Global Securities Strategist & Head of Research Jagannadham Thunuguntla.
"Assuming an about 10 per cent premium, the company may choose the maximum buyback price in the range of Rs 850-900 per share," he added.
The stock has been under-performing the broader market by a wide margin in recent months, but has been on an upward journey in the last couple of trading sessions. In the recent past, it was traded below the Rs 700 level for the first time in the last few years.
News of the buyback from public investors has prompted a 2 per cent rise in the company's stock price since Wednesday.
Late last month, RIL was briefly replaced by Tata Group firm TCS as the country's most valued company, while earlier in December, it was overtaken by IT giant Infosys as the most influential stock on the market barometer Sensex.
However, RIL has managed to regain its pole positions, both in market value and Sensex weight terms.
At the end of today's trade, RIL commanded 10.231 per cent weight on the Sensex, against Infosys' 9.10 per cent. RIL's total market value stood at Rs 2,59,778 crore.
Ashika Stock Brokers' Research Head Paras Bothra said, "Buyback of shares always goes well with the market as it is pro-shareholder in nature. The move is a positive indication from the company management."
"Also, this buyback announcement is a strong statement from the company's management that they 'feel' currently the share price in the market is undervalued than the intrinsic worth," he added.
Full MFN status to India only after 'negative list' is phased out: Pak
Full MFN status to India only after 'negative list' is phased out: Pakistan
Pakistan Commerce Minister Makhdoom Amin Fahim has said Islamabad could grant "full" Most Favoured Nation (MFN)-status to India only after a "negative list" trade regime between the two countries is phased out.
The two countries are currently moving from a "positive list" regime to a "negative list" regime but even the "negative list" goes against the non-discriminatory trade that MFN status demands, Fahim told a news conference yesterday.
The "positive list" agreed on by the two sides contains over 1,900 items that can be traded between the two sides.
The "negative list" currently being finalised will include the items that cannot be traded, significantly expanding the scope for bilateral trade.
"We are working on the negative list. The items in the list will not be allowed for trade with India," Fahim said.
Even trade with India through a negative list was a violation of the World Trade Organisation rules and until all items are phased out from the negative list, no one can say that full MFN-status has been granted to India, he said.
Fahim's statement cleared the confusion that has persisted about Pakistan's plans to give India MFN-status since Information Minister Firdous Ashiq Awan announced after a cabinet meeting last October that the status had been granted to India.
Asked if trade liberalisation with India was linked to political issues, Fahim said progress in trade negotiations will be in line with developments in other areas of the overall dialogue process launched in 2004.
He said the cabinet had authorised the Commerce Ministry to liberalise trade with India and the regime will initially be switched over from a positive list to a negative list.
"The Commerce Ministry is working with all stakeholders to finalise the negative list by next month," he said.
Commerce Secretary Zafar Mahmood, who too was present at the news conference, said the negative list will be submitted to the cabinet next month for approval.
The cabinet will decide the phase-wise withdrawals of items from the list and the timeline, he said.
Mehmood further said the complete withdrawal of items from the negative list is expected by December this year.
"This is not the final timeline," he clarified.
He noted that India's investment regime was "discriminatory" towards Pakistani investors.
"A Pakistani can't even buy property in India," he said.
Asked if the government is protecting elite industries at the cost of consumers, Fahim said he believed Pakistan's pharmaceutical and automobile firms should compete with Indian products.
However, protection would be provided to these sectors, he said.
Mehmood said though there were no Pakistan-specific non-tariff barriers in India, Islamabad will sign three different agreements with New Delhi to remove hurdles that may come in the way of free trade between the two countries.
These agreements are expected to be signed during Indian Commerce Minister Anand Sharma's visit to Pakistan on February 12.
"We are exchanging drafts of these agreements," he said.
The delegation that will accompany Sharma will visit Karachi, Lahore and Islamabad and meet the business community to exchange views regarding bilateral trade.
India will also hold a three-day trade exhibition in Lahore from February 11.
"We have requested the Prime Minister to allow the display of those items which are not in the positive list as a special case," Mehmood said.
Pakistan Commerce Minister Makhdoom Amin Fahim has said Islamabad could grant "full" Most Favoured Nation (MFN)-status to India only after a "negative list" trade regime between the two countries is phased out.
The two countries are currently moving from a "positive list" regime to a "negative list" regime but even the "negative list" goes against the non-discriminatory trade that MFN status demands, Fahim told a news conference yesterday.
The "positive list" agreed on by the two sides contains over 1,900 items that can be traded between the two sides.
The "negative list" currently being finalised will include the items that cannot be traded, significantly expanding the scope for bilateral trade.
"We are working on the negative list. The items in the list will not be allowed for trade with India," Fahim said.
Even trade with India through a negative list was a violation of the World Trade Organisation rules and until all items are phased out from the negative list, no one can say that full MFN-status has been granted to India, he said.
Fahim's statement cleared the confusion that has persisted about Pakistan's plans to give India MFN-status since Information Minister Firdous Ashiq Awan announced after a cabinet meeting last October that the status had been granted to India.
Asked if trade liberalisation with India was linked to political issues, Fahim said progress in trade negotiations will be in line with developments in other areas of the overall dialogue process launched in 2004.
He said the cabinet had authorised the Commerce Ministry to liberalise trade with India and the regime will initially be switched over from a positive list to a negative list.
"The Commerce Ministry is working with all stakeholders to finalise the negative list by next month," he said.
Commerce Secretary Zafar Mahmood, who too was present at the news conference, said the negative list will be submitted to the cabinet next month for approval.
The cabinet will decide the phase-wise withdrawals of items from the list and the timeline, he said.
Mehmood further said the complete withdrawal of items from the negative list is expected by December this year.
"This is not the final timeline," he clarified.
He noted that India's investment regime was "discriminatory" towards Pakistani investors.
"A Pakistani can't even buy property in India," he said.
Asked if the government is protecting elite industries at the cost of consumers, Fahim said he believed Pakistan's pharmaceutical and automobile firms should compete with Indian products.
However, protection would be provided to these sectors, he said.
Mehmood said though there were no Pakistan-specific non-tariff barriers in India, Islamabad will sign three different agreements with New Delhi to remove hurdles that may come in the way of free trade between the two countries.
These agreements are expected to be signed during Indian Commerce Minister Anand Sharma's visit to Pakistan on February 12.
"We are exchanging drafts of these agreements," he said.
The delegation that will accompany Sharma will visit Karachi, Lahore and Islamabad and meet the business community to exchange views regarding bilateral trade.
India will also hold a three-day trade exhibition in Lahore from February 11.
"We have requested the Prime Minister to allow the display of those items which are not in the positive list as a special case," Mehmood said.
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