China is 'major engine' in global economy

Peter Mandelson, British Secretary for Business, Enterprise and Regulatory Reform, on Feb 27 hailed China as a major engine in the global economy.

At a joint press conference with visiting Chinese Commerce Minister Chen Deming in London on Friday afternoon, Mandelson said the Chinese business delegation of 150-strong members signals China's central role in British trade and economy.

"China is the fastest growing trade partner for Britain, with bilateral trade growing in double digits," he said, adding Britain is the biggest investor in China among European Union member countries in terms of total trade value.

The two countries reached deals worth $2 billion on Feb 27 in key areas such as automobile and aeroplane, medical equipment, metal and textile materials, while further intent has been expressed in creative industry, industrial design and software collaboration.

Mandelson said he was impressed that on a relatively "short notice," over 600 businesses have been drawn to Friday's symposium titled "UK & China: Partners in Business."

It indicates the political will, business enthusiasm and managerial efforts, he noted, adding that the target to boost bilateral trade to $60 billion by 2010 is "ambitious and doable."

"Britain has expertise in low carbon, advanced engineering, bio- technology, new energy and space industry which could provide China in addition to knowledge and innovation. Our economic ambitions are bound together," he noted.

Mandelson will lead a British business delegation to China at the end of April to explore more trade and investment opportunities as part of a return visit following Chinese Premier Wen Jiabao's "trip of confidence" to Europe.

He dubbed his upcoming visit to China a "trip to deliver" which will demonstrate Britain's business confidence by working together with China.

Source: http://www.chinadaily.com.cn/

Import Compliance a Measure of Readiness for 10+2

February 27, 2009 — In the past year U.S. Customs and Border Protection (CBP) issued the Proposed Rule on the Importer Security Filing (ISF, or "10+2") to satisfy section 203 of the Security and Accountability for Every Port Act of 2006. CBP received and reviewed comments from the import community; the Office of Management and Budget officially signed off on the Proposed Rule; and on November 25, 2008, CBP published the interim Final Rule in the Federal Register.

The requirements of the Importer Security Filing — unofficially named "10+2" for the 10 data elements supplied by the importer and the two elements supplied by the ocean carrier — took effect on January 26. The interim Final Rule allows for public comments (on six of the importer's data elements) to be received on or before June 1 and provides a compliance date of one year from the effective date.

Although much has been said and published on this subject, many have remained on the sidelines contemplating the resources in preparing for the implementation. CBP has granted a 12-month informed compliance period, during which importers are expected to gradually comply without the threat of full enforcement and monetary penalty.

Getting Ready

What do importers need to do to get ready? Who has the responsibility of gathering, validating and transmitting this information? How will this latest security initiative affect importers' businesses? The importer is required to submit these "10" data elements:


Manufacturer (or supplier) name and address
Seller name and address
Buyer name and address
Ship-to name and address
Container stuffing location
Consolidator name and address
Importer of record number
Consignee number
Country of origin
Commodity HTSUS number (minimum 6 digits)

The vessel carrier is required to submit these "2" data elements:
Vessel stow plan
Container status messages

The Importer Security Filing initiative states that the electronic transmission of the data elements must be executed no later than 24 hours prior to the loading of cargo onto a vessel destined to the United States. Chronologically, this requirement shifts the transmission to an earlier stage of the supply chain. An importer may designate, with the proper power of attorney, its freight forwarder to submit the data elements. A freight forwarder normally receives shipping documents with the cargo. Thus, it has access to, and may be familiar with, six of the "10" data elements: manufacturer (or supplier) name and address, seller name and address, buyer name and address, ship-to name and address, container stuffing location, and consolidator name and address.

Role of the Customs Broker

Many mid to large importers employ the services of a customs broker. In the course of electronically filing a customs entry, the broker normally transmits eight of the 10 data elements: manufacturer (or supplier) name and address, seller name and address, buyer name and address, ship-to name and address, importer of record number, and consignee number, country of origin and HTS number.

Source: http://www.sdcexec.com/online/

Drug trade down in Afghanistan; up in Venezuela, Myanmar

Sat, Feb 28 12:48 AM

Washington, Feb 28 (DPA) Afghanistan is making inroads in stemming an opium drug trade that has fuelled a growing insurgency in the war-torn country, according to an annual report on the global drug trade by the US State Department Friday.

But the US singled out Myanmar, as well as Latin American powers Venezuela and Bolivia for having 'failed demonstrably' to combat drug trafficking in their own countries.

Venezuela has become a major trafficking route for the US and Europe, while Myanmar remains the largest source of methamphetamine pills in Asia, the US said in its annual International Narcotics Control Strategy Report for Congress.

The report comes just days after the US Justice Department announced the arrest of more than 750 people in a major operation against Mexican drug smugglers over the past 21 months.

The crackdown has led to a sharp increase in violence in Mexico and kidnappings in some southern US states. The State Department last week issued a travel warning for Mexico in response.

'What you see is a government ... that is confronting these drug cartels and limiting their ability to do their business,' said David Johnson, the State Department's top official for narcotics. 'And the result is, unfortunately, a significant level of violence.'

The report said government corruption remained a 'key impediment' to further progress. As much as 90 percent of cocaine consumed in the US comes through Mexico.

Afghanistan's opium poppy cultivation has fallen 19 percent in 2008 from record highs in the two previous years, but the US warned that few inroads had been made in the country's most volatile southern provinces.

'The connection between poppy cultivation, the resulting narcotics trade, and funding of insurgency groups became more evident in 2008; nearly all significant cultivation now occurs in insecure areas with active insurgent elements,' the report stated.

The drug trade has proven a major threat to security and economic development in Afghanistan. Because of improvements in the north, poppy cultivation is now almost exclusively limited to the country's five main southern provinces.

President Barack Obama this month ordered the deployment of 17,000 extra troops to Afghanistan, increasing the US presence to more than 45,000, in an effort to stabilise the country and combat Al Qaeda and Taliban strongholds in the south.

The report also singled out Bolivia's government for severely hampering US efforts to combat drug trafficking in the region. Relations between the two countries have ebbed over the last year, but Johnson said it was 'essential' the US and Bolivia improve cooperation.

Colombia, which receives substantial aid from the US, has 'consolidated' gains in the past year against a drug trade that has fuelled its own long-running conflict with leftist rebels, Johnson said.

The report identified 20 countries as major drug producers or traffickers: Afghanistan, The Bahamas, Bolivia, Brazil, Myanmar, Colombia, Dominican Republic, Ecuador, Guatemala, Haiti, India, Jamaica, Laos, Mexico, Nigeria, Pakistan, Panama, Paraguay, Peru and Venezuela.

Source: http://in.news.yahoo.com/

Dow in talks to sell stake in agri business: Report

NEW YORK: Dow Chemical Co is in talks with a group of private-equity firms about an investment in its agricultural-sciences unit, said a Wall Street Journal report, citing people familiar with the matter.

Dow is in early-stage discussions with a group of firms including Blackstone Group Inc. and Kohlberg Kravis Roberts & Co. about a multibillion-dollar minority stake in the division, said the article on the Wall Street Journal's website.

Dow is actively seeking funds to complete its planned purchase of specialty chemical maker Rohm and Haas Co. Dow's has been forced to delay the closing of this deal, after Kuwait backed out of a $17.4 billion joint venture with Dow - the proceeds from this deal were to fund the Rohm and Haas buy.

Rohm and Haas has sued Dow in an attempt to force Dow to close the deal. A trial in the matter is scheduled for March 9.

Analysts, have suggested that Dow could raise between $5 billion and $7 billion from the sale of its AgroSciences business, which makes insecticides and licenses traits used in genetically modified seeds.

The business has also received attention from rival Swiss crop-sciences company Syngenta, among other potential corporate buyers, said the WSJ report.

"We believe that management is considering all of its options, with a sale of AgroSciences being one of them," said HSBC analyst Hassan Ahmed, in a note to clients.

"If Dow decides to sell assets to raise cash, the business would likely be the first to be put up for sale, given its lack of integration with the rest of the businesses, and in this current weak macroeconomic environment, the relative ease of finding a potential suitor for a defensive business."

A Dow spokesman declined to comment on whether Dow was in talks to sell the whole or a part of the AgroSciences business, but said the company is considering all options.

"Given the unprecedented economic environment, we continue to assess all options for providing greater financial flexibility through the current period," said Dow, in a statement.

"While Dow's has been moving forward on a number of fronts in recent weeks, no specific actions have been finalized."

Last month, Dow's Chief Executive Andrew Liveris did confirm that the largest US chemical maker is currently considering the sale of about a dozen assets.

Source: http://economictimes.indiatimes.com/News

Colour manufacturers busy for the festival of colours

Sat, Feb 28 10:55 AM

Hathras, February 28 (ANI): With the festival of colours 'Holi' round the corner, the colour-manufacturing units at Hathras in Uttar Pradesh are working overtime to meet the huge demand for colours from many parts of the country. Workers at Hathras colour manufacturing industry say that not only during Holi, but during other festivals also, colour is exported to other states from the town.

Laxman Singh, an owner of a colour-making unit said that the aim is to churn out new quality products every year ahead of Holi to combat the increasingly tough competition.

Source: http://in.news.yahoo.com/

GAIL to sell 4.88 mscmd gas to fertiliser units

Gail India Ltd, the country’s largest gas distributor, will sell 4.88 million standard cubic metres per day (mscmd) of natural gas per day to four fertiliser units in the country.

The company signed the contracts for the sale of the gas today with Urvarak Videsh Ltd (UVL), the owner of one of the four fertiliser plants at Barauni, and National Fertilisers Ltd (NFL) that owns the other three plants at Panipat, Bhatinda and Nangal. While the Barauni plant will be supplied 2.11 mscmd gas, the balance 2.77 mscmd gas will be sold to the three units of UVL.

Gas supplies will commence once the fertiliser units are revived. The revival of the Barauni unit is slated to be completed by 2012-13, while the conversion of the NFL plants is to be completed by 2011.

“The contract period is 15 years from the date of commencement of supplies. Gas for the supply will be sourced from sources like the KG basin or other Nelp blocks,” according to a statement released by the company.

Source: http://www.business-standard.com/

Tata Steel's consolidated net profit dips 44%

Tata Steel, the world’s sixth largest steel maker, posted a 44 per cent fall in its net profit to Rs 732.21 crore on a consolidated basis for the quarter ended December 2008, owing to high raw material costs, inventory build-up and a foreign exchange loss of Rs 200 crore.

Net sales have risen 4.05 per cent to Rs 33,191 crore as steel prices were higher in the third quarter compared to the corresponding period last year.

Production cuts of up to 40 per cent at its Anglo-Dutch subsidiary Corus have also affected the revenue growth. Low demand for steel has led to an inventory build-up worth Rs 2,352 crore.

Tata Steel’s India business also saw a fall of 3.5 per cent in the quarter ended December because of the low demand and the subsequent fall in prices. "These are unprecedented times but still, we managed to register profits because of our geographical spread, product mix, synergies with international operations and also with ownership of raw materials. In the future, we are looking at lower raw material contract prices as the company is renegotiating with the suppliers," said B Muthuraman, managing director, Tata Steel.

Philippe Varin, chief executive of Corus, said, "Until June 2009, Corus will continue its production cut that began with the shutdown of three blast furnaces in Europe. The move is due to the continuing lower demand in the international market. Corus has sold off its aluminium as well as teesside cast businesses as part of cost cutting."

Steel makers around the world have seen sales and prices fall as the credit crisis and economic slump hit demand from major steel consuming sectors such as automotives, consumer goods and construction.

Tata Steel said the net profit would have been lower by Rs 4,256 crore had it followed its earlier accounting practice instead of recording actuarial gains and losses on employee benefit funds in reserves and surplus.

Tata Steel has repaid $500 million (Rs 2,500 crore) debt raised for the Corus acquisition in 2007. "The company has no repayment till December 2009. In 2010-11, we have to repay $798 million and $1.3 billion in 2011-12," said Koushik Chatterjee, group chief financial officer, Tata Steel.

Even as the steel major re-prioritised its capital expenditure for new projects in view of the global economic slowdown, it said the expansion of its Jamshedpur unit is on track. "The 3-million tonne expansion plan at Jamshedpur is on track and will be completed by 2010," Muthuraman said.

Tata Steel has undertaken brownfield expansion to enhance its production capacity to 10.5 million tonnes from the present 6.8 million tonnes.

In the April- December period, Tata Steel has registered a 45.3 per cent rise in net profit at Rs 11,469 crore, while net sales for the consolidated entity rose 26.63 per cent to Rs 1,20,914 crore.

Source: http://www.business-standard.com/

Sodexo Pass USA Named Winner in Third Annual Paybefore Awards

GAITHERSBURG, Md., February 27, 2009 - The annual Paybefore Awards are the oldest and most prestigious awards to recognize excellence in the worldwide prepaid and stored value card industry. To date, more than 130 organizations and individuals have been honored by Paybefore for their achievements.

“We are honored for this recognition of The Esteem Pass program and proud to have partnered with eCommLink to develop a unique addition to the corporate incentive market. eCommLink's flexible platform allowed us to create The Esteem Pass, which can be used for purchases at a variety of popular retail brands unlike traditional single-retailer gift cards,” stated Vincent Hillenmeyer, president, Sodexo Pass USA.

The Esteem Pass program by Sodexo was selected by a panel of five industry experts who served as judges for this year's competition.

“Paybefore Awards shine the spotlight on terrific people and companies using prepaid to provide innovative payment solutions,” said Marilyn Bochicchio, CEO, Paybefore. “It's our honor to recognize the efforts of Sodexo as a leader in its category.

“The number of nominations considered this year was almost double last year's, making winning an even more significant achievement,” she continued. “The quality of the nominated products, services and programs was exceptional, creating quite a challenge for the judges who carefully evaluated each entry on its merits and in context of all the nominations.”

Esteem Pass is a multi-merchant incentive gift card and an exciting new program for corporate recognition and reward. Offering flexibility and choice to consumers, Esteem Pass incentive gift cards are different than typical offerings because users have a single card that can be used at over 20,000 locations operated by 35 leading brands. Esteem Pass also offers value to its retail partners by selecting the number of retailers in the program to direct cardholders to their locations and by offering exclusivity to category leaders. "The Esteem Pass program offers a truly unique way for corporations to motivate and engage their employees. We were proud to partner with Sodexo in the creation of this program and are excited that it has received such a prestigious award," stated Ennio Ponzetto, CEO, eCommLink.

Esteem Pass gift cards are a Discover® Network Prepaid Gift Card issued by Palm Desert National Bank, a federally chartered bank and sold business-to-business by Sodexo as a corporate reward and incentive and gifting solution. The cards are fulfilled and managed by Sodexo Pass USA.

The Esteem Pass™ program now will compete for Paybefore Awards' coveted Best-in-Category designation at the 2009 Prepaid Card Expo to be held in Orlando, Fla., March 9 -11.

Source: http://www.sodexousa.com/

Reducing Costs in the Paper Industry with NSK Global Paper Company Saves with NSK's Asset Improvement Program

Ann Arbor, MI, February 27, 2009 --(PR.com)-- NSK Corporation (NSK) continues to assist customers in cost reduction activities in a sluggish manufacturing environment. By complementing world-class motion and control products with unparalleled industry expertise and a comprehensive Asset Improvement Program (AIP), NSK offers customers access to the tools they need to cut costs without sacrificing quality and efficiency.

Working with a global paper company at its Michigan mill, NSK provided technical support and implemented improved tracking and reporting capabilities that led to the realization of cost savings of more than U.S. $75,000.

Although the mill already had a full maintenance program in place, the repair and refurbishment of large bore spherical bearings was an area in which the company was investigating potential cost-savings opportunities. NSK inspected bearings currently in use, and associated machinery and processes, and recommended a highly visible and efficient monitoring process that led directly to increased uptime and mill efficiency.

As the manufacturing sector struggles to maintain profits and output during the current financial climate, cost-cutting measures are being sought to offset declines in sales and increases in the cost of materials. NSK's AIP program provides valuable insight into the correct motion and control products for customers' applications in addition to optimum installation and maintenance procedures. NSK's technical staff also engages in application analysis to ensure that a customer's machinery is working at peak levels.

"By taking advantage of NSK’s expertise in the pulp and paper industry, our clients gain access to vital cost-savings tools and services. Our knowledge and experience enhance existing maintenance programs or allow us to implement new systems to ensure the highest level of productivity possible,” says Donald Robertson, NSK Segment Manager.

Allowing maintenance staff access to more engineering and technical support, faster and more accurate maintenance decisions can be made. Enhanced tracking of each bearing throughout the mill has led directly to cost savings as the company more efficiently maintains and replaces in-use components.

NSK has engaged in technological challenges for many years, working with customers in the pulp and paper industry around the world to develop effective solutions. Significant investment in R&D has led to NSK's continued development of industry-specific high performance products and value-added, cost-effective solutions to problems facing the industry as a whole.

NSK continues to create exceptional products and analytical techniques to respond to field requirements of the pulp and paper industry. NSK aims to provide a valuable resource in an economic climate that demands the highest efficiency and the lowest costs to keep manufacturers profitable.

About NSK Corporation
NSK Corporation is a member of the NSK Ltd. Group of companies headquartered in Tokyo, Japan. As one of the world's leading bearing manufacturers, it produces and distributes over 100,000 different types of bearings, linear motion and automotive component products.

In the United States, NSK operates with strategically located distribution centers that supply both the original equipment and industrial distribution market. Its network of authorized distributors have the expertise, inventory and delivery systems to meet industry needs- working in partnership with NSK sales and engineering teams to ensure that industry's needs are met with precision and speed. For more information, visit www.thinknsk.com.

About NSK Limited
Headquartered in Tokyo, Japan, NSK Limited is a world-class producer and innovator of motion and control products. Established in 1916, NSK became a world leader in the industry because of an intense commitment to engineering research, modern manufacturing processes and superior quality.

Today, the company is one of the world’s largest bearing manufacturers, employs over 23,000 people worldwide, has 57 global manufacturing facilities and over 125 sales offices, operates 13 technology centers and produces and distributes over 100,000 different types of bearings, linear motion and automotive component products. For more information, visit www.nsk.com.

For more information, please contact:
Stephanie Eldred
5th Business
5100 Orbitor Drive, Suite 100
Mississauga, ON L4W 4Z4
T: 905 275 2220 x353
F: 905 275 2245

Source: http://www.pr.com/

Kerala handloom industry in doldrums

Kozhikode (PTI): Once a major source of employment in the industry-starved Kerala, the handloom textile sector is in doldrums owing to various factors forcing weavers to shift to other jobs to earn a living.

Till 1995, about five lakh people were engaged in the sector despite facing serious problems like low productivity, inadequate working capital, weak marketing line and competition from the mill sector.

But today the number has come down drastically to less than two lakhs with more than 50 per cent of the cooperative societies closing down in the last decade.

According to E Sureshan, Secretary of a cooperative society's unit in Kakkodi near here, there are two types - factory and cottage - in the handloom sector.

Those working in factories were enjoying all kinds of benefits like Provident Fund and ESI, but "weavers who get less than Rs.100 a day and struggle to meet both the ends are leaving the cottage type to take up other suitable jobs'.

`If at all we are still surviving in the field, it is due to the support given by the LDF Government,' he said pointing out to the substantial allocation made in the state budget last week.

The societies have to come together to work out a comprehensive wage revision for the weavers, he said.

Not long before, handloom industry occupied a prominent place in the country's economy next only to agriculture.

Being one of the largest producers of handloom, Kerala was next only to Andhra Pradesh, Tamil Nadu and Uttar Pradesh with exports reaching countries including Norway, France, Britain and several European nations.

`Those days are gone.... Today we are no more in a position to meet the export demand,' says Konneri Society Secretary, T T Koya Moideen.

Stating that the weavers were facing a stiff challenge from the powerloom sector, he says though people like to purchase handloom material, there was no proper encouragement to them. 'Powerloom goods are offered at cheaper rates and we are not able to compete with them as we need better manforce.

'Over 120 weavers were working in our society till four years before....But the number has now come down by half.' Despite the government introducing several welfare measures, there were no shor-term measures that would provide immediate relief, he says.

The societies were also overburdened having availed huge loans from the banks and the government should consider writing them off if the industry had to survive in the coming days, Moideen said.

Hantex Regional Manager N K Bhaskaran said there was a huge demand for handloom goods across the state and the government had also proposed to promote handloom clothes as uniform for school children.

`Even now, in jails, hospitals and several government offices, handloom cloth is used as common uniform', he said. Handloom industry is popular in Thiruvananthapuram, Palakkad, Kannur and Kozhikode in the state but sources in the societies say that the production trend was in the red in all the districts.

Says Cooperative Society Inspector K M Pavithran `the societies brought in over Rs.Two crore as profit last year and that was solely due to the support extended by the state government'.

`The government has come forward to incur all the expenses to hold handloom melas which the societies had to bear earlier', he said, adding while there was good market for the product, the workers were not so keen to continue for want of better wages.

On an average, a handloom weaver earns around Rs.100 a day which in present day's condition cannot help to meet a family's requirement even to the bare minimum, he said.

`Now that the Government has allocated more funds for the handloom sector in the budget, we only hope that the industry can be revived fast to regain the past glory of the state as a frontrunner in the field', he added.

Source: http://www.hindu.com