Ambani differences over ownership issues out in open
New Delhi: Finally, the much talked about, though not confirmed, rift between the two Ambani brothers is out in the open.

Reliance Group chairman, Mukesh Ambani, in an interview to business news channel CNBC TV 18, admitted to having differences with his younger brother Anil over ownership issues, though he said the differences are private and that these would have no bearing on the functioning of the company. He said that Reliance is one of the strongest, professionally-managed, companies.

There have been reports of problems between the two brothers on the issue of ownership of Reliance Industries Ltd (RIL) after the demise of their father Dhirubhai Ambani.
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APM back: Government to control petro pricing
New Delhi: The Government has said it would control pricing of sensitive products like LPG, kerosene and diesel.

Speaking at the Economic Editors Conference, the Petroleum Minister, Mani Shankar Aiyar, said that APM dismantling never actually took place and only an announcement was made (to dismantle APM for petrol and diesel from April 2002). He said since January 1, 2004, Government was dictating even petrol and diesel prices.

The UPA government increased diesel, petrol and LPG prices on June 15, the first in 2004, and then attempted to set prices within a band, thereby giving limited freedom to oil companies, he said. He added that the band had to be abandoned due to continuous rise in international prices.

He maintained that the government will have to have a major role in fixing fuel prices.
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WB sees drop in poverty in developing world
Washington: According to the World Bank's Annual Global Prospects Report, poverty has dropped around the world, more so in developing economies, including India, which grew much faster than the developed world, registering a 6.1 per cent economic growth this year.

The report said that the fastest growing region in the world was East Asia and the Pacific, led by China with 7.8 per cent growth and South Asia, led by India, with six per cent growth.

The fastest growing individual countries are China (8.8 percent growth), Russia (8 percent growth) and India (6 percent).

The report said that this was a second year of strong growth, and it could be the first time that recovery in developing countries preceded, rather than followed, recovery in high income countries.
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Indian textile wages second lowest in the world
Washington: A media report says wages of Indian textile workers are the second lowest in the world, after Cambodia.

According to the US journal, The Washington Post, India's annual export of textiles in 2004 stood at $12.9 billion, with workers were paid an average wage of $0.38 an hour.

This was only bettered by Cambodia, which had an average wage of $0.32 an hour and exported $1.9 billion worth of textiles.

Pakistan, which exported textiles worth $12.3 billion, had a wage of $0.41 an hour while Sri Lanka with exports of $2.8 billion paid its workers at $0.48 per hour.

China paid its workers in the textile industry at a rate of $0.68 an hour, exporting a mammoth $79.7 billion worth of textiles. The figures for Thailand stood at $0.91 and $6.1 billion.

The report found that China topped the list of textile and apparel exporters to the United States, notching an impressive figure of $11.6 billion.

India came fourth after Mexico ($7.9 billion) and Hongkong($3.8 billion), exporting $3.2 billion worth of textiles to the US.

Pakistan came tenth, with exports standing at $2.2billion.

The Post argues that the decision to end the textile quotas was a 'colossal miscalculation'. China's increasing efficiency and its burgeoning, low-cost partnership with US consumers have prompted other textile-exporting coutries to appeal to Washington for new preferential trade agreements.
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Garment exports up 14.5 percent on increasing outsourcing by US in 2004
Mumbai: Apparel exports from India have gone up by a whopping 14.5 percent in value (US$), between January and October 2004 on the back of outsourcing by US companies.

Exports of readymade garments to restricted or quota countries during the period amounted to 1,086 million pieces, valued at $4,482.4 million (Rs 20,374.4 crore). This represents a rise of 7.9 percent in quantity and 14.5 percent in value (US$), compared to the same period of the previous year.

According to Confederation of Indian Apparel Exporters exports to the US during the period amounted to 384.7 million pieces, valued at $1,930.1 million (Rs 8,778.2 crore). Compared to the same period in the previous year there was an increase of 16.5 per cent in quantity and 13.5 per cent in value (US$).

Exports to the EU, during the period under review, amounted to 655.5 million pieces, valued at $2,403.3 million (Rs 10,918.41 crore) and when compared to the same period last year, there was an increase of 4.8 percent in quantity and 17.1 percent in value (US$).

From January 1, 2005, a new chapter will begin in the history of the apparel exports and the global trade in apparel and textiles. With quota's going away, and India fast emerging as a reliable and cost-effective production base for apparel exporters, the Indian apparel industry is quite buoyant for the coming seasons.
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World Bank pledges $9 bn loan to India spread over three years
New Delhi: The World Bank has promised to extend loans worth $9 billion to India spread over the next three years.

Most of the loan amount is intended for development of infrastructure projects in the railway, power, road and water resource sectors.

World Bank President, James D Wolfensohn, who is on a visit to India, said the World Bank was prepared to extend 9 billion dollars in the next three years, or 3 billion dollar annually.He said this at a high-level meeting with the Planning Commission.

Although the country assistance strategy of the World Bank stipulated assistance worth $3 billion annually, government officials said the requirement could be much higher at about $4 billion per year.
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