No interest surcharge on bank credit for imports under DEPB The Reserve Bank of India (RBI) has exempted bank credit for imports under the duty entitlement passbook (DEPB) scheme from the interest rate surcharge. In a circular, RBI says the exemption has also been extended to imports of crude oil by private and joint sector refineries for actual use in their own refineries. All bona fide imports against credit under DEPB in the revised Exim Policy, will now qualify for the interest rate surcharge exemption on import finance. This facility will be in addition to the increase in the pre-export DEPB credit entitlement, from 5 to 10 per cent of previous years export performance conceded in the Exim Policy. Earlier, RBI had given such an exemption to five categories of imports. These are:
Export packing credit provided at a concessional rate of interest to meet the cost of imported goods.
Imports of capital goods by bona fide borrowers-importers under valid licences issued under EPCG.
All bona fide imports including those of capital goods by hundred per cent EOUs and units set up in EPZs.
All bona fide imports under the advance licence scheme for import of inputs — raw materials, intermediates, components — by either the original holder or a transferee.
Bulk imports of crude oil, petro-products, fertilisers, edible oils and other essential commodities imported through government agencies.
Cargo throughput improves at Major Ports Between April and July 1999, almost all Major Ports achieved a higher cargo throughput compared to the corresponding period of the previous year. Total traffic handled at the Major Ports during the period rose to 85.74 million tonnes from 78.8 million tonnes in the same period the previous year.
Major Indian textile expo in Colombo from Sept. 9 A 3-Day textile show offering buyers in Sri Lanka the opportunity to see the entire range of the latest Indian textile items will open in Colombo from September 9. Organised by the Indian High Commission and the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), the exhibition will spotlight the latest range of Indian synthetic, rayon and blended textile items including suitings, shirtings, dress material, sarees and furnishing fabrics, among other items. Four of the 25 Indian firms whose products will be on show are Reliance, Bombay Dyeing, S. Kumar’s and Rajasthan Spinning and Weaving Mills. The organisers expect the show to create greater awareness about India’s synthetic and blended textiles and the Indian exporter’s ability to supply superior quality items at competitive prices. Export of synthetic and rayon textiles to Sri Lanka which was around SL Rs 670 million in 1997 has grown over 50 per cent to reach SL Rs 1,027 million in 1998.
Pepper exports moving up Exports of pepper have risen by 34 per cent during the January-July 1999 period to 29,072 tonnes against 21,650 tonnes exported in the same period of 1998. In July, exports of pepper rose by 38 per cent to 3,373 tonnes (2,436 tonnes), says the International Pepper Community (IPC) in its Market Review. IPC estimates that export growth is in conformity with the global trend. During the January-July period, four major pepper exporting countries — Brazil, India, Indonesia and Malaysia — exported 64,153 tonnes, an increase of 29 per cent over the year-ago period’s exports of 49,662 tonnes. In July, export of pepper from these countries increased by 24 per cent to 8,897 tonnes compared to 7,176 tonnes exported during the same period last year. IPC says pepper prices were on the rise in July. At Kochi, prices increased from Rs 178 per kg to Rs 190 by the end of July.
Assocham moots 31 locations for new minor and intermediate ports The Associated Chambers of Commerce and Industry (Assocham) has called for the development of new intermediate and minor ports across the country so as to raise their cargo handling capacity from the existing 18.2 million tonnes to 50 million tonnes per annum by the end of the Ninth Plan. In a paper on ‘Infrastructure for Export Support’ Assocham has also stressed the need to bring the through-port cost of containerisation on par with the world norms. It has estimated the impact of higher cost of containeri-sation on the economy at $ 70 million per annum, apart from the loss of export potential. Assocham has suggested 31 locations across the country where minor ports could be developed. These include Bhavnagar, Hazira, Mithirvirdi, Simar Mundhra, Jafrabad, Magdalla, Positrall, Dahej, Vansi, Maroli, Okhla, Porbundar, Sikha, Bedhi, Wadinar in Gujarat, Karwar in Karnataka and Kakinada, Krishnapatnam, Machili-patnam in Andhra Pradesh. Assocham has identified five locations — Alewadi, Dighi, Dabhol, Jaigarh, Vijaydurg, Ratnagiri and Redi — in Maharashtra. Orissa could develop minor ports at Gopalpur and Bagabalpur. The other locations identified include Cuddalore and Nagapattinam in Tamil Nadu and Alleppey in Kerala. Assocham stresses that an adequate and efficient port infrastructure is necessary to handle the expected increase in foreign trade. The strategy for development of export infrastructure should focus on identifying the 10 key infrastructure points. After that, resources could be allocated for de-bottlenecking at these pressure points, Assocham feels.
STC buys 6,000-tonnes palmolein The State Trading Corporation (STC) recently bought 6,000 tonnes of Malaysian RBD olein in a tender for September shipment at $ 439.50 per tonne, it is reportedly learnt. The olein was purchased on a cost-and-freight basis, either Kandla or Mumbai Port.
Zinc ash imports welcomed The zinc trade and industry have welcomed the government’s decision to allow imports of zinc ash as it will reduce imports of the primary metal and help revive secondary zinc trade which was hit by a raw material shortage. Initially six units, which meet environmental norms, have been allowed to import zinc ash. "The move itself is a big incentive to everybody to upgrade their plants", feels Mr L. Pugazhenthy, Executive Director of the India Lead Zinc Development Association. "It will help reduce zinc imports, save foreign exchange and revive the sagging secondary zinc manufacturing units", he added. Zinc ash imports had been placed in the restricted list following the Basle Convention, which calls for a ban on international trade in hazardous wastes. This forced some 20 secondary zinc manufacturing units to close down. The remaining faced heavy financial losses because of lack of raw materials. But annual zinc imports surged to 65,000 to 70,000 tonnes from about 25,000 tonnes in 1994-95 because of growing industrial demand and the import restriction. The annual domestic demand is growing at about 10 per cent. A study by a working group of the Ninth Plan (1997-2002) forecast the supply-demand gap for zinc to grow to about 124,900 tonnes by 2001/2002. India produced 172,982 tonnes of zinc in 1998/99. Still, despite the relaxation in zinc ash imports, it will take at least eight years to make up for the losses suffered by the zinc units in the last four years, said Mr V. S. Mani, General Manager, exports, at Alcobex Metals Ltd. Some trade officials said the prevailing high global zinc prices would make it difficult for Indian units to import large quantities of zinc ash.
Concor to widen its base in South India
Fertiliser imports go up on better farm prospects
Need for quality improvement to boost khadi sector exports stressed
Tanzania evokes Indian investors' interest
Edible oils import duty may be slashed
Large Indian team heading for Israel's Agritech '99 from September 5
Silk prices plummet
International Plastic Fair
Sports goods export up 6 pc in Q1
Leather footwear components to global standards, but exports are low
No interest surcharge on bank credit for imports under DEPB The Reserve Bank of India (RBI) has exempted bank credit for imports under the duty entitlement passbook (DEPB) scheme from the interest rate surcharge. In a circular, RBI says the exemption has also been extended to imports of crude oil by private and joint sector refineries for actual use in their own refineries. All bona fide imports against credit under DEPB in the revised Exim Policy, will now qualify for the interest rate surcharge exemption on import finance. This facility will be in addition to the increase in the pre-export DEPB credit entitlement, from 5 to 10 per cent of previous years export performance conceded in the Exim Policy. Earlier, RBI had given such an exemption to five categories of imports. These are:
Export packing credit provided at a concessional rate of interest to meet the cost of imported goods.
Imports of capital goods by bona fide borrowers-importers under valid licences issued under EPCG.
All bona fide imports including those of capital goods by hundred per cent EOUs and units set up in EPZs.
All bona fide imports under the advance licence scheme for import of inputs — raw materials, intermediates, components — by either the original holder or a transferee.
Bulk imports of crude oil, petro-products, fertilisers, edible oils and other essential commodities imported through government agencies.
Cargo throughput improves at Major Ports Between April and July 1999, almost all Major Ports achieved a higher cargo throughput compared to the corresponding period of the previous year. Total traffic handled at the Major Ports during the period rose to 85.74 million tonnes from 78.8 million tonnes in the same period the previous year.
Major Indian textile expo in Colombo from Sept. 9 A 3-Day textile show offering buyers in Sri Lanka the opportunity to see the entire range of the latest Indian textile items will open in Colombo from September 9. Organised by the Indian High Commission and the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), the exhibition will spotlight the latest range of Indian synthetic, rayon and blended textile items including suitings, shirtings, dress material, sarees and furnishing fabrics, among other items. Four of the 25 Indian firms whose products will be on show are Reliance, Bombay Dyeing, S. Kumar’s and Rajasthan Spinning and Weaving Mills. The organisers expect the show to create greater awareness about India’s synthetic and blended textiles and the Indian exporter’s ability to supply superior quality items at competitive prices. Export of synthetic and rayon textiles to Sri Lanka which was around SL Rs 670 million in 1997 has grown over 50 per cent to reach SL Rs 1,027 million in 1998.
Pepper exports moving up Exports of pepper have risen by 34 per cent during the January-July 1999 period to 29,072 tonnes against 21,650 tonnes exported in the same period of 1998. In July, exports of pepper rose by 38 per cent to 3,373 tonnes (2,436 tonnes), says the International Pepper Community (IPC) in its Market Review. IPC estimates that export growth is in conformity with the global trend. During the January-July period, four major pepper exporting countries — Brazil, India, Indonesia and Malaysia — exported 64,153 tonnes, an increase of 29 per cent over the year-ago period’s exports of 49,662 tonnes. In July, export of pepper from these countries increased by 24 per cent to 8,897 tonnes compared to 7,176 tonnes exported during the same period last year. IPC says pepper prices were on the rise in July. At Kochi, prices increased from Rs 178 per kg to Rs 190 by the end of July.
Assocham moots 31 locations for new minor and intermediate ports The Associated Chambers of Commerce and Industry (Assocham) has called for the development of new intermediate and minor ports across the country so as to raise their cargo handling capacity from the existing 18.2 million tonnes to 50 million tonnes per annum by the end of the Ninth Plan. In a paper on ‘Infrastructure for Export Support’ Assocham has also stressed the need to bring the through-port cost of containerisation on par with the world norms. It has estimated the impact of higher cost of containeri-sation on the economy at $ 70 million per annum, apart from the loss of export potential. Assocham has suggested 31 locations across the country where minor ports could be developed. These include Bhavnagar, Hazira, Mithirvirdi, Simar Mundhra, Jafrabad, Magdalla, Positrall, Dahej, Vansi, Maroli, Okhla, Porbundar, Sikha, Bedhi, Wadinar in Gujarat, Karwar in Karnataka and Kakinada, Krishnapatnam, Machili-patnam in Andhra Pradesh. Assocham has identified five locations — Alewadi, Dighi, Dabhol, Jaigarh, Vijaydurg, Ratnagiri and Redi — in Maharashtra. Orissa could develop minor ports at Gopalpur and Bagabalpur. The other locations identified include Cuddalore and Nagapattinam in Tamil Nadu and Alleppey in Kerala. Assocham stresses that an adequate and efficient port infrastructure is necessary to handle the expected increase in foreign trade. The strategy for development of export infrastructure should focus on identifying the 10 key infrastructure points. After that, resources could be allocated for de-bottlenecking at these pressure points, Assocham feels.
STC buys 6,000-tonnes palmolein The State Trading Corporation (STC) recently bought 6,000 tonnes of Malaysian RBD olein in a tender for September shipment at $ 439.50 per tonne, it is reportedly learnt. The olein was purchased on a cost-and-freight basis, either Kandla or Mumbai Port.
Zinc ash imports welcomed The zinc trade and industry have welcomed the government’s decision to allow imports of zinc ash as it will reduce imports of the primary metal and help revive secondary zinc trade which was hit by a raw material shortage. Initially six units, which meet environmental norms, have been allowed to import zinc ash. "The move itself is a big incentive to everybody to upgrade their plants", feels Mr L. Pugazhenthy, Executive Director of the India Lead Zinc Development Association. "It will help reduce zinc imports, save foreign exchange and revive the sagging secondary zinc manufacturing units", he added. Zinc ash imports had been placed in the restricted list following the Basle Convention, which calls for a ban on international trade in hazardous wastes. This forced some 20 secondary zinc manufacturing units to close down. The remaining faced heavy financial losses because of lack of raw materials. But annual zinc imports surged to 65,000 to 70,000 tonnes from about 25,000 tonnes in 1994-95 because of growing industrial demand and the import restriction. The annual domestic demand is growing at about 10 per cent. A study by a working group of the Ninth Plan (1997-2002) forecast the supply-demand gap for zinc to grow to about 124,900 tonnes by 2001/2002. India produced 172,982 tonnes of zinc in 1998/99. Still, despite the relaxation in zinc ash imports, it will take at least eight years to make up for the losses suffered by the zinc units in the last four years, said Mr V. S. Mani, General Manager, exports, at Alcobex Metals Ltd. Some trade officials said the prevailing high global zinc prices would make it difficult for Indian units to import large quantities of zinc ash.
Concor to widen its base in South India
Fertiliser imports go up on better farm prospects
Need for quality improvement to boost khadi sector exports stressed
Tanzania evokes Indian investors' interest
Edible oils import duty may be slashed
Large Indian team heading for Israel's Agritech '99 from September 5
Silk prices plummet
International Plastic Fair
Sports goods export up 6 pc in Q1
Leather footwear components to global standards, but exports are low
Kvaerner to axe 3,000 offshore jobs KVAERNER wielded the axe yesterday on a further 3,000 job in its oil and gas division, overshadowing the group's return to profitability in the second quarter.
Ever Decent lost quarter of boxes UP to a quarter of the containers carried by the Ever Decent may have been damaged in the fire that burned for almost a week after last week's collision with the Norwegian Dream.
Kiln downgrades profits outlook for syndicates RJ Kiln & Co, part of integrated Lloyd's vehicle Kiln, has become the latest Lloyd's insurance group to downgrade the profit forecasts for a number of its syndicates.
Coflexip in $30m upgrade to SCO Constructor FRENCH offshore contractor, Coflexip Stena Offshore, is to spend $30m on upgrading its offshore construction vessel, CSO Constructor, to enable her to lay rigid and flexible pipe in deep water.
CMA-CGM ponders order for 5,500 teu boxships FRANCE'S CMA-CGM group confirmed yesterday that it was considering ordering eight new 5,500 teu container ships for its core Europe-Far East services.
Dover tourist traffic hit by duty-free move THE abolition of duty-free sales at the end of June has brought about a sharp decline in tourist traffic through the port of Dover.
Cosco firms join forces to raise equity CHINESE shipping giant Cosco Group, in a bid to lift co-operation between its Asian operations outside of the mainland, has revealed plans to establish equity links between its 100%- owned Hong Kong and Singapore subsidiaries.
Red chip group's profits slip on fall in turnover RED chip Cosco Pacific announced operating profit of US$43.4m for the six months to June 30, down 2.5% compared to the same period last year, on the back of a slight 0.6% decline in turnover to US$108.4m, writes Corey Bousen.
NVOCCs seek better treatment Non-vessel-operating common carriers hope to benefit from Hamburg-Sud's acquisition of Crowley American Transport's South American routes.
National pool proposed as way to reduce costs The humble chassis, an intermodal workhorse for decades, is getting closer attention as ship lines seek to cut costs.
UPS pulls more freight off eastern-US rails due to delays
Lufthansa to hike air freight rates Wednesday partly on Y2k concerns
American Airlines completes purchase of Reno Air despite pilot dispute
Crashed China Airline plane to be removed in three pieces
Maritime
TMM to open offices in Northern Europe Transportacion Maritima Mexicana, Mexico's largest ship line, said it will establish its own network of offices throughout Northern Europe. TMM said in a statement that the move is part of a major reorganization of the line's sales and customer service activities in its core markets of Europe, Mexico, the Americas and Asia.
Dockers approve contract, ending strike at Iquique Dockworkers at Chile's Port of Iquique have accepted a contract offer, ending a 40-day labor battle. The dispute had shut down Iquique's traffic for 35 days and blocked over 20,000 metric tons of copper from the Cerro Colorado, Quebrada Blanca and Cerro Colorado mines.
Marad in battle over suspension of contracts
Grincor posts loss, issues warning for rest of year
NVOCCs seek better treatment Non-vessel-operating common carriers hope to benefit from Hamburg-Sud's acquisition of Crowley American Transport's South American routes.
National pool proposed as way to reduce costs The humble chassis, an intermodal workhorse for decades, is getting closer attention as ship lines seek to cut costs.
UPS pulls more freight off eastern-US rails due to delays
Lufthansa to hike air freight rates Wednesday partly on Y2k concerns
American Airlines completes purchase of Reno Air despite pilot dispute
Crashed China Airline plane to be removed in three pieces
Maritime
TMM to open offices in Northern Europe Transportacion Maritima Mexicana, Mexico's largest ship line, said it will establish its own network of offices throughout Northern Europe. TMM said in a statement that the move is part of a major reorganization of the line's sales and customer service activities in its core markets of Europe, Mexico, the Americas and Asia.
Dockers approve contract, ending strike at Iquique Dockworkers at Chile's Port of Iquique have accepted a contract offer, ending a 40-day labor battle. The dispute had shut down Iquique's traffic for 35 days and blocked over 20,000 metric tons of copper from the Cerro Colorado, Quebrada Blanca and Cerro Colorado mines.
Marad in battle over suspension of contracts
Grincor posts loss, issues warning for rest of year
Kent Line développe une autre approche du breakbulk C'est dans le courant de la dernière semaine de septembre que l'armement Kent Line va lancer au départ d'Anvers un service mensuel à destination de la côte est de l'Amérique du Nord, axé sur les cargaisons conditionnées en breakbulk, notamment les fers et aciers, sans oublier les colis lourds et indivisibles ainsi que les projets industriels. Cette initiative s'inscrit, ainsi que signalé précédemment, dans l'optique d'un trafic de retour, mais est également fonction d'une nouvelle approche du breakbulk, qui doit distinguer cet armement de la concurrence.
TPG: résultats semestriels conformes aux prévisions TNT Post Groep (TPG) est parvenu à réaliser les prévisions du bénéfice fixées pour le premier semestre (+10 à 15%). Le bénéfice net a progressé de 10,7% (404 mio. de NLG, 183 mio. d'EUR) par rapport à l'an dernier, alors que le chiffre d'affaires a augmenté de 8,7% à 695 mio. de NLG (315,3 mio. d'EUR). Le résultat d'exploitation a connu une hausse de 5,7% à 39 mio. de NLG (17,6 mio. d'EUR). Le chiffre d'affaires des divisions Poste, Express et Logistique ont respectivement grimpé de 4,1, 9,0 et 28,5%. Durant la seconde moitié de l'année, on table sur une croissance encore plus forte du chiffre d'affaires et du résultat d'exploitation. La croissance du bénéfice net sur l'ensemble de l'année devrait au moins atteindre le même niveau qu'au premier semestre, déclare le conseil d'administration.
City Bird en route vers un résultat 1999 positif Selon toute attente, le résultat de la compagnie aérienne City Bird sera largement positif cette année. C'est ce que Victor Hasson avait déjà laissé entendre début avril: la publication des résultats du 2e trimestre le confirme.
Le Parlement européen auditionne de Palacio La future commissaire européenne aux Transports Loyola de Palacio, qui succède à l'Anglais Neil Kinnock, a fait bonne impression lors des auditions au Parlement européen, lundi après-midi. C'est ce qu'au moins deux des trois grandes fractions parlementaires ont jugé, à savoir les démocrates-chrétiens (PSE) et les libéraux (LDE), ainsi que plusieurs observateurs impartiaux et experts en trafic.
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