News From 4th oct- 9th oct <br />Submitted By: Reetika Gupta<br />
Monday( 4th October ) Seoul eyes $60 billion overseas order thisPage :7, Col:1styear<br />South Korean companies may win record overseas plant orders of more than $60 billion this year as growing demand in the Middle-East boosts contracts for power plants.<br />Middle East countries appreciate the efficiency of the South Korean model.<br />Orders from overseas customers more than doubled from a year earlier to $50.7 billion by the end of the third quarter, South Korea’s ministry of knowledge economy said on Sunday. <br />
Tuesday( 5th October ) More Countries Adopt China’s Page :18, Col:2tactics on Currency<br />Obama administration escalates its battle with Chinese leaders over the artificially low value of China’s currency,<br />Some countries start opting china’s tactic likeJapan and Brazil have taken measures recently to devalue their currencies, or at least prevent them from appreciating further against the Chinese currency, the renminbi<br />The House of Representatives last week overwhelmingly passed the first legislation to allow the United States to slap huge tariffs on Chinese goods unless China allows the renminbi to appreciate.<br />
Wednesday( 6th october )Umesh Modi group enters liquor business Page :4, Col:2 <br />Umesh Modi Group, which owns Modi Sugar and has interest in consumer and specialty goods, has signed a joint venture with Italian spirits maker Illva Saronno to enter the Indian spirits market.<br /> The 50:50 venture, christened Modi Illva, will first launch Illva’s luxury vodka brand, Artic, in the Indian market, <br />The Umesh Modi Group, which owns and markets prominent brands such as Betadine and Modi Revlon in India, is targeting $100 million turnover for its liquor marketing business<br />Main aim is to capture a 10% market share of the vodka market in next three years, which is growing at 30% annually. <br />
Thursday( 7th october ) IMF pegs India's growth at 9.7 pc in 2010 Page :1, Col:2<br />The International Monetary Fund has projected that the Indian economy will grow by 9.7 percent in 2010 and 8.4 percent in the next fiscal<br />However, neighbouring China is expected to grow at an even faster rate of 10.5 percent in 2010 and and 9.6 percent in 2011<br />The IMF report added that global trade is forecast to expand by 4.8 percent in 2010 and 4.2 percent in 2011, with a temporary slowdown during the second half of 2010 and the first half of 2011.<br />Indian economy will grow more than 8.75 percent in the current fiscal helped by strong growth in the manufacturing sector. <br />
Friday( 8th october)Drug seizure issue settled, EU agrees to Page :7, Col:2 amend laws <br />News:India has resolved the dispute with the European Union over confiscation of Indian generic drugs by countries such as the Netherlands and France<br />The EU has accepted Indian position and amended its rules<br /> Anti-counterfeit trade agreement (ACTA) is being amended By Eu<br />
Cont:<br />Case:Customs authorities in a number of European countries seized about 17 drug consignments shipped from India en route to various African and Latin American countries. The medicines, which were generics or off-patent in India, were impounded as European companies holding patents for them in their countries had complained to the authorities that they were counterfeit(copied). India claimed that such seizures flouted multilateral trade rules as the medicines were off-patent both in India and the country where they were being exported. Almost half of India’s drugs exports worth . 40,000 crore are generics<br />
Result Of above case:<br />Due to this EU decide to amend its customs rules, as its intellectual property interests are now covered by the anti-counterfeit trade agreement (ACTA) that it is about to implement with 10 other countries<br />The ACTA being negotiated among 11 countries — the EU, the US, Canada, Mexico, Switzerland, New Zealand, Morocco, Japan, Australia, Korea and Singapore — proposes to widen the scope of protection and setting up higher standards for enforcement of intellectual property rights. It would extend to import, export and in-transit goods and includes infringement of all IPRs. <br />
Saturday( 9thoctober )India-EU trade deal may nullify UK migration cap<br />The India-EU free trade agreement is expected to be signed in December, and the David Cameron government is divided over the issue<br />India-EU agreement had split some of the most senior figures in the Conservative-Liberal Democrat Coalition. <br />Acc to Business Secretary Vince Cable and Foreign Secretary William HagueEU-India agreement must go ahead because it is worth hundreds of millions of pounds to business. <br />
The European Commission has asked for comments by the end of October from the British government and other EU governments on a negotiating position<br />India has insisted on increased mobility for its skilled workers in return for reduced tariffs on European products and the lifting of some restrictions on businesses bidding for public procurement contracts<br />
UK will be bound by any final EU agreement and British companies will be able to recruit in sectors such as information technology, management consultancy and engineering. <br />A Brussels study has predicted that under an EU-wide deal with India, Europe's economy would grow by 3.9 billion pounds a year<br />
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