document.writeln("

Indian oil majors to explore tie-ups with China
New Delhi: A team of ONGC, Indian Oil and Gail officials led by Talmiz Ahmed, additional secretary (international co-operation), will leave for China on Sunday to explore opportunities for closer co-operation between the two Asian giants.

With the national oil companies of both countries on the look out for acquiring foreign oil and gas fields in an attempt to strengthen their energy security, more often than not, both end up competing with each other for the same assets. In the process, the winner ends up paying a higher price.

The task force set up by petroleum minister Mani Shankar Aiyar will look for ways of reducing this competition.

Ahmed said the areas of common interest include the Caspian region, Africa and Latin America.
Back to News Review index page  

Cabinet clears customs co-operation pact with China
New Delhi: The Union Cabinet has approved the signing of a customs co-operation and mutual assistance agreement with China.

The Union Information and Broadcasting Minister, Jaipal Reddy, told newspersons after a Cabinet meeting that the agreement would help in the availability of reliable, quick, and cost-effective information and intelligence, enabling the prevention and investigation of customs offences.

The information or assistance would in particular relate to enabling the detection of false declarations with regard to value, description and origin of goods; authenticity of any official documents in support of a declaration made before the customs authorities, and new customs law enforcement techniques.
Back to News Review index page  

India-South Korea bilateral trade likely to touch $6bn in current fiscal
New Delhi: The India-South Korea bilateral trade is expected to grow by over 30 per cent to reach the US$6-billion mark in the current financial year, says a PHD Chamber of Commerce and Industry analysis. The growth in trade, last fiscal, was 16 per cent.

The analysis, to assess emerging trends in India's bilateral trade with its major trading partners, says that due to good performance logged by the country's automobile and electronic goods sector and its economy's consistent performance, India is fast becoming a prime destination for an increasing number of South Korean companies to set up shop here.

"Though the balance of trade is heavily tilted in favour of South Korea with India importing goods worth $3.2 billion, accounting for three per cent of India's total imports, India exported goods worth $965 million to the country in 2004-05. It indicates that Indian products are fast getting acceptance in South Korea," said K.N. Memani, President, PHDCCI.
Back to News Review index page  

Inflation slips to two year low of 4.07 per cent
New Delhi: The annual rate of inflation slipped to a two-year low of 4.07% for the week ended July 23. The fall has been mainly on account of a softening of prices of food items, though there was a surge in prices of minerals and some manufactured products.

The point-to-point wholesale price index (WPI)-based inflation, declined by 0.11% from the previous week's level of 4.18%. It was much higher at 7.91% in the previous year period, indicating that the base year effect was having its effect on recent fall in price level.

The WPI rose marginally by 0.1% to 194.5 points due to rise in the index of mass consumption primary products, including vegetables and fruits, while the indices of fuel and heavy-weighted manufactured products stood unchanged at their respective previous week's levels.

After a brief lull, mineral prices shot up by 16.5% due to surge in the prices of fire clay, iron ore, China clay, magnesite and steatite.
The week witnessed rise in prices of items like barley, sunflower, fodder, groundnut, copra, sugar, mustard, coconut oil, cement, complete engines, bicycles, trekkers and jeeps.

Apart from vegetables and fruits, other items that became cheaper include fish-marine, jowar, soyabean and some of the textile products and other minerals.
Back to News Review index page