Mumbai office space is fifteenth most expensive
New Delhi: According to a global survey by real estate consulting firm CB Richard Ellis (CBRE), Mumbai ranks as the 15th most expensive city in the world for office rentals while Delhi comes in at the 32nd position. Mumbai has moved up two ranks from the last quarter ranking of 17 while Delhi moved up six positions from 38th rank in CBRE's Global Market Rents, as per the survey of office occupation costs in 158 cities. The occupation cost stands at $56.83 per square feet per annum in Mumbai while in Delhi it is $40.62. Technically, occupation cost represents rent plus local taxes and service charges. The highest occupation cost was recorded at $177.39 in London's West End, followed by London (city) at $119.39 and Tokyo (inner central) at $116.23, it said.
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CII hails WTOs Geneva accord
New Delhi: The Confederation of Indian Industry (CII) has termed the 'July Framework Agreement' of the World Trade Organisation signed in Geneva, as a victory for the country's negotiating team led by the Commerce Minister, Kamal Nath. "CII is of the opinion that the Framework Agreement, which was signed late Saturday night in Geneva, will provide the much needed boost to the sagging Doha Development round of negotiations that were launched in 2001. The Doha Round, when completed is expected to lead to open markets for agriculture and industrial goods and services for all member countries of WTO," a chamber release said.
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JNPT suspends handling of metal scrap
New Delhi: Faced with an unprecedented growth in import of metal scrap destined for Concor's inland container depot (ICD) in Ludhiana, the Jawaharlal Nehru Port Trust (JNPT) has decided to suspend handling of import rail containers carrying iron/steel scrap from September 15 for an initial period of two months, the port trust has announced in a notice issued on Monday. Import containers carrying metal scrap will not be handled at both JN port terminals - Jawaharlal Nehru Port Container Terminal (JNPCT) and Nhava Sheva International Container Terminal (NSICT).

Port officials said that there has been a 135 per cent increase this fiscal in import boxes bringing iron/steel scrap destined for Ludhiana over the corresponding period last year. Port officials reckon that the drastic increase in import of metal scrap meant for northern Punjab may be due to sudden drop in cost of steel in the global market. The notice advises shipping lines to refrain from booking and loading any laden container carrying iron/steel scrap, as commodity described in any manner, from any load port for discharge at the JN port, with effect from August 15.
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