Sunday, 15th april, 2011

HEADLINES

• Attarai border between Pakistan to become a trade hub
• It has been a century since titanic sunk
• Economy faces challenges, but we will overcome : Pm

NATIONAL NEWS

• Attarai border to become a trade hub
  • Bringing cheer to the business community and people on both sides of the border and giving a major fillip to bilateral trade, India and Pakistan have agreed to draw a road map for allowing a whole spectrum of items for trade through the land route — Attari-Wagah.
  • The products include pharmaceuticals and related products, cement, livestock, newsprint, petrochemicals, fabric and raw jute.
  • At present, 150-odd items are allowed to be exported to Pakistan through the land route and by truck. After the pruning of the negative list by Pakistan last month, the number of items India could export has gone up to nearly 7,800.
    
    
• India – China meet to discuss trade disputes
  • India and China have intensified efforts to iron out trade differences, with two high-profile meetings set to take place in coming weeks that will address mutual concerns over anti-dumping investigations and barriers to investment.
  • India initiated 149 anti-dumping cases against China, accounting for more than 50 per cent of all cases India has filed against foreign countries.
  • The spate of anti-dumping investigations initiated by India comes against the backdrop of a rising trade deficit, which soared to a record $27 billion last year. Bilateral trade reached $74 billion, propelling China to become India's biggest trade partner.
    
    
• India – pakistan to fast track talks for trade in petro products, electricty
  • Seeking to speed up bilateral cooperation and enhance economic engagement, India and Pakistan have decided to fast-track the ongoing talks for trade in petroleum products and electricity. The issue of opening bank branches in each other's country would also be taken up on priority.
  • Both sides agreed to draw a road map for further reductions in the South Asian Free Trade Area (SAFTA) sensitive lists.
  • It was decided that a Joint Business Council be constituted with 10 prominent business persons to be nominated by each country.
  • The Joint Business Council would also strategise and implement mechanisms for deepening the business to business and trade and commerce relations
    
    
• Impartiality key to UN mission in syria : India
  • While voting with all other United Nations Security Council (UNSC) members in favour of a U.N. team monitoring the ceasefire between the government and rebels in Syria, India underlined the importance of the mission observing the principles of integrity by being impartial and independent.

INTERNATIONAL

• Iran talks start on a positive note
  • Crucial talks between Iran and the six global powers, which could lift the threat of another military conflict in the region and guarantee unimpeded energy flows from the oil rich Gulf countries, have, after a gap of 15 months, resumed on a positive note
  • Iran is engaging the five permanent members of the Security Council — U.S., Russia, China, Britain and France — as well as Germany in the talks. The two sides had last met also in Istanbul in January 2011 for talks which failed to yield any positive momentum.
  • Despite the low expectations at the outset, the West is hoping to demonstrate progress in the near future by persuading Iran to allow inspectors from the International Atomic Energy Agency (IAEA) to visit Parchin — a military site where Iran is suspected to have carried out high-explosives testing with nuclear weapon applications. Iran's interlocutors are also keen that Iran ceases to produce uranium enriched to a 20 per cent level, and exports its existing enriched uranium stocks to a third country.

• A titanic tribute to a century thence
  • From the Titanic's birthplace in a Belfast shipyard to its resting place in the North Atlantic, thousands gathered to remember the cruise ship that embarked on its maiden voyage as an icon of Edwardian luxury but became, in a few dark hours 100 years ago, an enduring emblem of tragedy.
  • The ship was travelling from England to New York, carrying everyone from plutocrats to penniless emigrants, when it struck an iceberg at 11.40 p.m. on April 14, 1912. It sank at 2.20 a.m. on April 15, with the loss of more than 1,500 of the 2,208 passengers and crew.
  • Aboard the Balmoral, a cruise ship that is taking 1,309 history buffs and descendants of the Titanic's victims on the route of the doomed voyage, passengers and crew will hold two memorial services at the site of the disaster, 640 km off the coast of Newfoundland — one marking the time when the ship hit the iceberg, the other the moment it sank below the waves.

• China sends technical assistance to avalanche hit siachen
  • China's People's Liberation Army (PLA) has sent technical equipment to avalanche-hit Siachen following a request from the Pakistani army for support.
  • The April 7 avalanche that struck the headquarters of a battalion posted on the glacier buried 139 Pakistani soldiers and civilians.

ECONOMICS

• Ban on certain items from futures trading under study
  • To curb “excessive speculation” in farm commodities in the futures markets leading to hoarding and price hike, the Centre may consider ban on certain commodities from futures trading.
  • The Forward Market Commission will watch trading patterns, volatility and individual trader positions in commodities such as guar gum, guar seed, pepper, potato, cardamom, mentha oil, soya-oil, soybean, chana, mustard and rubber.
  • The Minister announced setting up advisory committees for all commodities including agri-products, comprising physical market participants including farmers' representatives, producers, processors, exporters, domain experts and other stakeholders.
  • The panels would advise the government and the Forward Markets Commission (FMC) on how to bring about better alignment between physical markets and futures markets so that the farmers and hedgers benefitted from futures trading