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News for week ended 24th October,2010
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News for week ended 24th October,2010

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Published in: Education, Business, Lifestyle

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  • 1.  Out of 55 lakh bales of cotton exports , 35- 40% of consignments are bogus.  Its is kept for hording.  CAI wants Govt. to penalized defaulters monetarily.  But confederation of Indian textile industry wants Govt. to defer exports till Jan 2011 to avoid a severe cotton shortage.
  • 2.  India, Oman extensive talks to enhance bilateral trade.  India, Oman are members of Gulf Cooperation council and shared ‘issue- free’ relations.  Despite of global meltdown, bilateral trade touched $4.5 billion last fiscal
  • 3.  French President Nicolas Sarkozy warned that currency instability threatened world growth.  He called for coordinated action to reform the world financial system.  His comments came as Group of 20 finance leaders struck a deal to refrain from competitive currency devaluations although they failed to agree firmer language that might have shored up the U.S. dollar.
  • 4.  India would become the IMF's eighth largest member and its share of voting rights would rise to 2.75 per cent.  Under the deal, more than 6 per cent of voting power at the Fund will shift to dynamic developing countries such as China, which will become the third-biggest member.  Europe will give up two of the eight or nine seats it controls at any given time on the IMF's Executive Board, which will continue to have 24 members.
  • 5.  China brought the case to the WTO in 2008, challenging the United States for placing punitive duties on goods from China including pipes, tubes and tyres.  The United States had introduced tariffs of around 25 per cent on Chinese pipes to prevent subsidised goods being dumped on the US market.  he WTO's dispute settlement body partly rejected the Chinese complaint, although it found that the "US Department of Commerce had acted inconsistently" with WTO rules on five elements of the case