HONG KONG, NOV 29: ORIENT Overseas Container Line (OOCL) has announced that it will introduce a  rate restoration  programme in order to restore freight rates to a more sustainable level.

               Due to the economic downturn, there has been a weakening of revenue levels to the extent that freight rates are unable to cover basic operating or transportation costs. Current levels are unsustainable for the long term.

                In order to maintain a viable service level and a comprehensive liner network for all of its customers OOCL said that with effect from December 15 freight rates for traffic from south-East Asia (singapore. Malaysia, Thailand, Indonesia, Vietnam, cambodia, the Philippines, Indian Subcontinent and Middle East) to Australia will be increased by $ 250 per TEU.

         NEW DELHI, NOV 29: THE Directorate-General of Anti-Dumping and Allied Duties (DGAD) has recommended imposition of $ 0.92 a kg as dumping duty on import of nylon tyre cord fabric from Belarus.

                 It is a key ingedient inautomotive tyre manufacturing industry.

               The anti-dumping duty would be levied for a period of five years from the date of imposition of the provisional anti-dumping duty, which is April 29, and would be pay able in rupees, the DGAD said.

       NEW DELHI, NOV 29: GOLD imports dipped to 26 tonnes in October compared to 44 tonnes in October 2008 and 37.5 tonnes in September 2009 following soaring international prices, data released by the Bombay Bullion Association showed.

         In the international markets, gold prices shot up from $ 1,050 an ounce on November 3 to a high of $ 1,194 on November 26, driven by the struggling dollar and the. Reserve  Bank of India acquiring a whopping 200 tonnes from the International Monetary Fund.

      NEW DELHI, NOV 29: SOARING  prices of potato, pulses and onion have led to food inflation shooting up to 15.58 per cent for the second week of November, official data showed,. Food inflation was 14.55 per cent for the week ended November 7.

         According to the inflation data, potato prices rose by 111 per cent, pulses by 35 per cent and onion by 27 per cent in the one-year period ending November 14.

            Staple items like wheat and rice rose by 12 per cent each during the period. Vegeatable prices rose by 12 per cent during the same period.

          The Finance Minister, Mr Pranab Mukherjee, told parliament that the goverment would take all measures to contain rising prices and asked states to play a more effective role in improving  supply situation of essential commodities.

     NEW DELHI, NOV 29:THE Union government is considering imposition of safeguard duties on power equipment from China, Mr Vilasrao Deshmukh, Minister for Heavy Industries and Public Enterprises, Indicated here,

         Manufacturers are facing a tough time competing with the highly-subsided power  equipment, and hence cheaper imports, from china.

         The Ministry has communicated to the Finance Ministry in this regard, he revealed.

         “It is creating a lot of problems for BHEL. They can’t use our land as a dumping ground. We have to protect our businesses,” the Minister stressed.

    NEW DELHI, NOV 29: FOLLOWING  concerns about Dubai’s  debt crisis, the Union government has reaffirmed that the economy will not be affected by the lastest tremor to hit the global economy.

      Allaying  fears of investors, the Commerce and Industry Minister, Mr Anand Sarma, said, “Indian  economy is strong and large and it won’t be affected by debt fears stoked by the government of Dubai.

          “Indian economy is resilient enough to stand firm,” he stressed.

            Global fears about an impending crisis was triggered by the Dubai’s government owned investment company, Dubai World, when it asked for a restructuring of its debt amounting to $ 59 billion.

              Dubai, which borrowed hugely, during a real estate boom, suffered heavily due to slump in real estate following the global recession.

           Following the news from Dubai, markets across the world have been behaveing jittery. The Bombay stovk Exchange’s (BSE) sensex crashed by over 500 points on November 27.

          Concerns were fuelled by the fact that the Middle East accounts for nearly 24 per cent of remittances that flows into the country.

           However, the Finance Ministry believed that the Dubai crisis might not impact remittances sent by Indian expatriates in the Gulf.

           “Remittances from expats didn’t suffer during the period  when the larger crisis was on. So  Whether this should have an impact in terms of employment,  in terms of salaries and, there fore, in terms of remittances is somewhat unlikely, ” the Finance Secretary, Mr Ashok Chawla, explained.

                   NEW DELHI, NOV 29: THE all-India strilk call given by the port and dock workers’ unions after December 15 in support of their various demands may be averted following the Port authorities’ willingness  to hold talks at the earliest, Mr A. Janardhana Rao. Managing Director of Indian Ports Assoication (IPA)  and Convenor of the Bipartite WageNegotiation Committee (BWNC), said.

         Five federations, representing over 60,000 workers of 12 Major Ports, had  called for an indefinite strike  after December 1, claiming terms which were agreed earlier at a BWNC meeting on October 31 have not been adhered to.

        Mr Manohar Bellani, Secretary of the All India Port and Dock workers Federation, said, “Payment of arrears on allowances to workers are pending since January  2007. Three years have passed since negotiations have started. The managements are now saying that they would make payments on allowances prospectively, which is not acceptable to us.”

           The federations are also opposing the managements proposal of a minimum monthly pay of Rs 7,500. as against Rs 8,200 negotiated at a meeting convened by the Shipping Minister in early September.

             Mr S. K. Shetye, General Secretary of the All India Port  and Dock Workers’ Federation, elaborated, “The BWNC  has held 23 meetings in these three years and an understanding was reached in September when the unions agreed to a 23 per cent wage hike over basic pay, instead of the 34 per cent demanded earlier,”

              The five unions are the All India Port and Dock Workers’ Federation, the All India port  and Dock Workers’ Federation (Workers), the Water Transport Workers’ Federation of India, the Port and Dock Waterfornt Workers’ Federation of India and the Indian National Port and Dock Workers’ Federation.

     MANILA NOV 29:THE International Rice Research Institute (IRRI) has  warned that rice prices may return to last year’s record levels and the world may face repeated food shortages unless investments are made to boost production.

       “Rice prices are again approaching last year’s historic highs. Once we get our productivity going. it will keep pace  with demand”. the IRRI Director  -General, Mr  Robert Zeigler, said.

       NEW DELHI, NOV 29: The Centre may give sops to drug exporters for shipments to Africa and Latin America through a route that would avoid passing through Europe, while it prepares to drag the EU to the WTO over  seizures of consignments of Indian pharma companies. The European  Union has been seizing Indian generic drugs en route Latin America and Africa citing patent violations.

             The Department of Pharmaceuticals has submitted a freight subsidy scheme for exporters to the Commerce Ministry so that they could take alternate routes and avoid transit through Europe. which is a shorter route with better connectivity.

            “(The) Ministry of Commerce has agreed with the (subsidy) scheme. I think they will introduce it,” Department of Pharmaceuticals Secretary Ashok KUmar said.

         Kumar also said that the government would be taking up the issue of Indian generics drugs seizure by the EU at the WTO. “We are going to the WTO, “Kumar said when asked what the governement was doing to help exporters against drugs seizure.

           Commenting on the Centre’s move, Indian, Pharmaceutical alliance Secretary General D G Shah said; “India should assert the right to free trade and right to passage as per the WTO free trade norms.”

       NEW DELHI, NOV 29: The Dubai govt said it fully expected the fall-out from its massive debt problem and promised to pump in all necessary resources to ensure longterm success of Dubai World.

        “The govt is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react,” Dubai Government’s Supreme Fiscal Committee Chairman Shaikh Ahmad Bin Saeed Al Maktoum said in a statement. He said the government’s intervention in Dubai World was carefully planned and “reflects its specific financial position.

           “We want to ensure resources are deployed in the full knowledge that they are used to enhance the businesses of the Dubai World Group, build on the restructuring that has already been taking place and ensure long term commercial success, ” Shaikh Ahmad said.

            Dubai World, an investment company that manages and superviese a portfolio of businesses and projects for the Dubai Govt said it would ask creditors for a “standstill” on paying back its $60 billion debt until at least May. 2010.

         Markets across the world went into a tailspin after the report.

        Shaikh Ahmad said, “We understand the concerns of the market and the creditors in particular.

          However, we have had to intervence because of the need to take decisive action to address its particular debt burden.”

          The real estate arm of Dubai World — Nakheel, whose projects inclue the palm-shaped island in the Gulf, shoulders the bulk of the said debt.

           Shaikh Ahmad pointed out that the unprecedented the UAE over the past decade has helped lay the founation for what is now a broad-based sustainable economy beyond just natural resources.

            “The economic fundamentals, such as our highly developed infrastructure, strong transport  and communications hub and regional financial  centre will ensure Dubai remains an attractive regional market,” the minister added, He said further information would be made available early this week.