News for week ended 24th October,2010


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News for week ended 24th October,2010

  1. 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. 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. 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. 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. 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