China looks at India for metallurgical exports
Mumbai: While the Indian steel industry is looking at China, the latter is looking at Indian markets for exporting their metallurgical equipment. China Iron and Steel Association director (comprehensive department) Jiang Xicheng says even though due to the growing steel consumption in China most Indian steel makers are looking towards China as a big market, Chinese metallurgical products and equipment manufacturers are seeking business in India.

Xicheng says a national company by the name of China Metallurgical Equipment Corporation is now looking at India as a potential market. He added that yet another company that manufacturers equipment, has just set up an office in Delhi and is said to be in talks with some steel plants with regard to buying and selling of equipment. "Chinese steel firms are also open to exploring the possibility of tying up with Indian steel makers to utilise their technological knowhow with Indian raw materials."
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ED takes forex tribunal to court
New Delhi: Facing difficulty in handling forex violations under the Fema, the Enforcement Directorate (ED) has approached the Delhi high court seeking guidelines as to whether the appellate tribunal for foreign exchange can waive the mandatory pre-deposit of penalties by defaulters. The ED has sought court's intervention while challenging an interim order of the appellate tribunal waiving pre-deposit on penalties imposed on a health fitness company run by actor Sanjay Khan for allegedly violating the Fera provisions.

Perusing the petition by the ED, Justice Manmohan Sarin issued notice to World Resorts and the appellate tribunal for forex for dispensation of the pre-deposit of the penalties imposed for allegedly failing to utilise forex of $9,00,000 granted to the company to purchase health equipment from the US for the health spa-cum-five star hotel. The ED has alleged that the company has failed to repatriate the forex remitted to it.
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EU bid to improve WTO functioning
New Delhi: The European Union (EU) will soon table 'modest' proposals for improving the decision-making process at the World Trade Organisation (WTO). EU trade commissioner Pascal Lamy told a business newspaper that the proposals will include suggestions on organisation and handling of ministerials and powers of the director general of WTO in terms of initiating a text. "We have to lucidly analyse our experience in Cancun in terms of how the things were structured," Lamy said. "It is obvious from the Cancun experience that things are in a mess, reaching decisions is a miracle and probabilities are on the wrong side."

The EU trade commissioner said that although personally he had ambitious ideas on restructuring, WTO members were not ready for big negotiations on this. "I believe that the organisation should be run more efficiently, but obviously there is not a lot of appetite around the table for reshuffling," he said.
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