Government scraps wheat import tender
New Delhi: The Centre has decided to buy any wheat against the 10 lakh tonne (lt) import tender floated on its behalf by the State Trading Corporation of India (STC).

The tender, issued on April 30 and opened on May 21, attracted seven bidders who quoted prices between $265.5 and $302 a tonne c&f.

The bidders included Glencore Interntional AG of Switzerland, Alfred C. Toepfer International of Germany, the US commodity giant Cargill, Adani Global of Singapore, Adani India (on behalf of Archer Daniels Midlands of the US) and Concordia Agritrading of Singapore.

After scrutinizing the bids, STC negotiated a rate of $263 per tonne for 3.06 lt out of the total 10 lt tendered quantity. This comprised 1.8 lt from Glencore and 1.26 lt from Alfred C. Toepfer to be delivered in Panamax vessels at Mundra port by August 15.

However, the proposal was sent by STC to the Food Ministry was rejected. The concerned ministry said $263 price arrived after negotiations was still far too high, compared to the weighted average of $205.31 a tonne at which STC had contracted 55 lt of wheat last year.

The government feels that it makes more sense to float a fresh tender after July, when the European crop enters the market. The officials said that by then the size of the Australian crop (which seems better than last year) would also be known. The 2007-08 marketing season (April-June) opened with stocks of 45.63 lt in the Central pool, against 20.09 lt in 2006-07. Government agencies have procured 104.23 lt during the season till Tuesday.
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Indians among the 'most stressed out biz honchos' globally
New Delhi: Indian business leaders have been found to be highly stressed out as they put in more working hours than global counterparts in a bid to remain competitive in a globalised and technologically advanced world, as per as per a survey by global accounting and consulting firm Grant Thornton International Business Report (IBR).

Business leaders in emerging economies tend to work the longest hours, with India and Argentina at the top, both at 57 hours a week, followed by Armenia, Australia and Botswana (56 hours).

The report tracks the attitudes and expectations of small and medium-sized businesses.

In India, 79 pc respondents said their stress levels have increased while in Russia, 76 pc felt the same way. Mainland China was at the top of the chart as its business leaders, working 54 hours a week, are the most stressed in the world, with 84 pc reporting an increase in stress levels compared to last year followed by Taiwan with 82 pc according to the report.
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