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Bush scraps steel tariffs
Haier enters Indian market Power reforms to benefit BHEL Mauritius to check abuse of tax
treaty CM to review decision on Exim forms |
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New Tata car to cost Rs 1 lakh
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Bush scraps steel tariffs Tokyo/Washington, December 5 Despite possible political damage ahead of next year's presidential election, Bush offered little to cushion the blow to US steel makers and workers, who accused the President of "capitulating to European blackmail". Announcing the decision on Thursday, Bush did say though that he would keep in place an existing system to licence and track steel imports so he could "quickly respond to future import surges that could unfairly damage the industry". Minutes after Bush's about-face, the European Union suspended plans for retaliatory sanctions against $2.2 billion in US goods, including politically sensitive products such as citrus fruits from Florida. Japan also said it would drop a threat to impose retaliatory tariffs on $458 million of US goods, but added that it wanted to make sure the US tracking system did not impair trade. "We hope that the United States will continue to abide by WTO rules and play a leading role in maintaining free trade," Japanese Chief Cabinet Secretary Yasuo Fukuda told a news conference on Friday. China, whose own steel industry is booming, may also abandon its own retaliatory tariffs of up to 26 per cent on some steel products imposed last November, industry analysts said. The US tariffs, which Bush imposed in March, 2002, officially ended at midnight Thursday (0500 GMT), instead of March, 2005, as initially planned. Bush said thanks to the tariffs, US steel companies were again well-positioned to compete both at home and globally. "These safeguard measures have now achieved their purpose, and as a result of changed economic circumstances it is time to lift them," Bush said in a statement read by a spokesman. Although unhappy with the decision, several US steel executives said they would make do without the tariffs. In Tokyo, analysts said removing the tariffs would have a mildly positive impact on Japan's steel makers, whose profits have started to pick up thanks to cost cuts from restructuring and price rises sparked by booming demand from China. JFE Holdings, the world's biggest steel maker by market value, said the move was a plus for the world economy but expressed concern about protectionism in China and elsewhere. In China, companies including industry leader Baosteel said the decision would make it easier for steel makers to sell into the US market. "Consequently there will be less supply on the Chinese market and that will push up prices here," a Baosteel executive said. However, some analysts said it could prove a double-edged sword if Beijing dropped its own retaliatory tariffs, inviting a flood of imports and undercutting prices. WTO welcomes decision
GENEVA: George W. Bush's decision to bow to the WTO over steel has given the embattled Geneva-based body cause to smile, albeit briefly. With the organisation still reeling from the dramatic collapse of free trade talks in Cancun, Mexico, last September, open defiance by Washington of the WTO's ruling that US steel tariffs broke world trade rules would have been a big blow, analysts said on Friday. "It is a welcome sign that the United States is prepared to respect its WTO obligations and coming at this stage that is good news indeed," said trade analyst John Weekes, a former Canadian envoy to the WTO. —
Reuters
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Haier enters Indian market New Delhi, December 5 To start with, the firm has offered refrigerators, air-conditioners, colour televisions, washing machines, dish washers and microwave ovens. The company is upbeat about influencing Indian consumers through its fascinating and user-friendly range of products. Addressing newsmen here on launching the products, which will be available in the market within a week, Mr T.K. Banerjee, President and CEO of Haier India, highlighted the company’s long-term commitment for Indian operations. At present, the focus will be on building the brand and simultaneously install a distribution network and customer care facilities starting from Northern India and spreading there to the rest of the country within next three-six months. The immediate focus, thereafter, will be to set up research and development centre so as to bring in new technology and new products befitting the needs of Indian consumers. Haier will also consider its production facilities in India which eventually will be leveraged as a sourcing base for South-Asia, Middle East and Africa. The Haier group was set up in 1984 in Qingdao of China and in less than two decades, the group has emerged as a top multinational manufacturing a wide range of electrical appliances and consumer electronic products. The company has its marketing and sales network in 165 countries around the world. In the last financial year, the group turnover aggregated $ 8.72 billion and the product range included 13,000 items in 86 categories. The company’s distribution reach has succeeded in being present at nine out of top 10 super markets in America and at 12 out of 15 super markets and retail chains in Europe. |
Power reforms to benefit BHEL Chandigarh, December 5 He said with the passage of the Electricity Act, 2003, the market of power generation equipment would increase manifold over the next few years as the Act, passed by Parliament in June this year, stipulated that one would not have to take any licence to set up a power plant in units. It would encourage the industrialists to set up their own plants and to sell surplus power to consumers at the specified rate. He claimed that BHEL would benefit the most with implementation of reforms in the power sector. It had already booked orders worth Rs 20,000 crore sufficient for the next two years' production capacity. He said, "the company had registered an annual turnover of Rs 7,800 crore during 2002-03, and earned about Rs 600 crore profit before tax. This year we are expecting to post an annual turnover of Rs 8,500 crore with a proportionate increase in profit." The company was exporting electrical equipment worth over Rs 1,200 crore to over 60 countries. There was a shortage of about 7 per cent power in the country during off-peak hours and about 16 per cent during peak hours. With rapid economic growth, and an increase in demand for power, the country would have to double its power generation in the next decade from the current level of 1lakh MW units. It would give an opportunity to the BHEL to play a decisive role in the power sector. BHEL has 14 manufacturing plants spread across the country. It supplies power-generation and transmission machinery to state electricity boards, power utilities, and equipment to the Railways, defence and other players. BHEL was gearing up to face the challenges in the changed economic scenario. He said,"we are giving tough competition to the international players in the field of products and services for core sectors like power generation, transmission and distribution, besides products for non-conventional energy and telecommunication.  |
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Mauritius to check abuse of tax
treaty
Mumbai, December 5 “We have ensured and strengthened all channels to see that there is no abuse of the double taxation treaty and we now feel relieved that we can concentrate on FIIs bringing in the necessary inflows,” Mauritius Minister of Economic Development, Financial Services and Corporate Affairs Sushil K C Khushiram told newspersons here today. He said the Financial Services Commission (FSC) had been maintaining a strict vigil, seeking details and ensuring that his country was no longer used as a base for taking advantage of tax incentives. The minister denied that his country was used as a route for promissory notes and said the FSC had been keeping a vigil on FIIs. He said a financial intelligence unit has been set up for exchange of information and cooperation with India. Khushiram met Securities and Exchange Board of India Chairman G. N. Bajpai as his country has signed an MoU for cooperation for surveillance of the markets. He said his mission was to seek investments, specially for setting up business processing operations in the island and would welcome more IT companies. Satyam, Infosys and Pentafour had already set up offices and he said he was talking to Wipro, GE Capital and others to come to Mauritius.—PTI |
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review decision on Exim forms Bathinda, December 5 Surinder Singla, Chairman, High-Powered Finance Committee, and Rana Gurmit Singh Sodhi, Political Secretary to the Chief Minister, said Amarinder Singh had assured them that traders would not be harassed on the account of Exim forms and octroi. The Chief Minister promised to review the decision after they held a meeting with him in Delhi today. Singla said he had told Amarinder Singh that the introduction of Exim forms to check the sales tax evasion was irrelevant and would not solve the purpose. “We told the Chief Minister that there were no significant transactions pertaining to import and export of goods in the state,” he added. He said the committee, headed by him, was preparing a report on tax reforms after holding discussions with all concerned, including the sales tax authorities, and would submit its report to the Chief Minister soon. “After the report is submitted to the Chief Minister, he would take a decision regarding whether Exim forms should be introduced or not,” said Singla. He added that the Chief Minister also assured them that the Punjab Government would redress grievances of the traders shortly. |
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New Tata car to cost Rs 1 lakh New Delhi, December 5 “The car is under conceptualisation,” Tata Motors Vice-President (Commercial) Rajiv Dube told PTI, exuding confidence on the project. “All the best to Maruti,” he said when asked about Maruti’s assertion that it would meet the challenge of Tata Motors to develop Rs 1 lakh car. Maruti Chairman S Nakanishi recently said in Japan that the idea to make an entry-level car with Rs 1 lakh price did not seem feasible, but MUL would meet any challenge posed by the Tata group company at the entry-level car. “The project to make an entry-level car with Rs 1 lakh price is under conceptualisation. It may take 3-5 years to develop the vehicle,” Dube said.
Indica to cost more from Jan Tata Motors said today the company would hike the prices of its models, including Indica, from January following continued pressure from rising input costs. “We will going in for a hike in the prices of the Indica in January and other products will also be up for review,” Tata Motors Commercial Vice-President (Passenger Car Business Unit) Rajiv Dube told UNI here. Automakers had been under tremendous pressure on the price front for long following the increase in prices of steel as well as tyres. The announcement came close on the heels of Maruti Udyog saying it would also review prices in January. Mr Dube said prices of Indica were last hiked in August, 2002, when they moved up in the range of Rs 6,000-9,000. Indica, with sales of 6,000 units in November 2003, grew by 4.4 per cent and at 53,103 numbers in the first eight months of the fiscal saw a 10.7 per cent growth year-on-year. Indigo sales were 2,323 units with cumulative sales for the fiscal being 17,874.
Honda develops small jet plane Honda Motor Co. said on Friday it had developed a small jet plane and plans to conduct a test flight in the United States by December 17, the 100th anniversary of the Wright brothers’ flight. The new jet, called the Honda Jet, is 12.5-metres-long and accommodates six to eight passengers, the company said in Tokyo. It was designed primarily for company use and had a range of about 2,000 kilometres, Honda officials said. They said the Japanese automaker had no plans to sell the jet commercially.
Bajaj exports cross 1 lakh Bajaj Auto today registered a record in the Indian automobile sector by crossing the one lakh mark in exports in a year. This fiscal the company expects to export over 6 per cent of two-wheeler production and over 25 per cent of three wheeler production culminating in a 1,50,000 plus export volume, Bajaj Auto said in a release here.
Scorpio, Bolero rolled out in Italy Making a foray into the European market, Mahindra & Mahindra (M&M) has launched its SUV models Scorpio and Bolero at Bologna Motor Show in Italy. The company has partnered with Eurasia Motors for distribution of its vehicles across 25 centres in Italy, M&M said in a release. The models showcased include the three variants of the Bolero — the Bolero GLX, Bolero Double Cab and single cab Scorpio — which will be launched in Italy as “Mahindra Goa” and “MM540”, it said. —
Agencies |
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Reliance foreign currency bonds
Inflation rises UBI rates cut PNB housing cell Satyam project Uco home loans HDFC branch Avlon Overseas |
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