New Delhi: Tyre makers' plea to bring down import duty on natural rubber to 7.5% from 20% at present has been turned down by the commerce ministry, reports PTI quoting the Rubber Board.
"Union minister for commerce and industry Anand Sharma has ruled out any cut in import duty of rubber from the present 20 per cent," Rubber Board chairman Sajen Peter said in a statement released yesterday.
Hit by steep rise in natural rubber price, Automotive Tyre Manufacturers Association (ATMA) had in March urged Prime Minister Manmohan Singh to allow duty-free import of at least 2,00,000 tonne of raw material and reduce import duty to 7.5% or double customs duty on imported tyre to 20% to help domestic manufacturers.
Rubber growers, however, fear that reduction in import duty may lead to dumping of cheap natural rubber from ASEAN countries which could have a cascading effect on the prices of natural rubber resulting into a drastic fall in prices in the domestic market.
The commerce minister made his views clear to a team of Parliamentarians from Kerala who called on him yesterday morning, the Rubber Board statement said.
"In the case of import duty, the government would be implementing the recommendation of the expert panel constituted under the directive of Delhi High Court to look into the demands raised in a petition by rubber consuming organisations," Mr Sharma was quoted as saying in the statement.
The expert panel had recommended that the import duty be retained at 20%, but a maximum ceiling of Rs20.46 be fixed, which is based on the average domestic price of rubber for the last three fiscals.
India imported 15,372 tonnes natural rubber in May this year compared to 17,976 tonnes in the same month last year.
Domestic rubber goods manufacturing industries consumed 79,150 tonnes of natural rubber in May this year vis-à-vis 78,250 tonnes in April.
The cumulative import in the first two months was 26,248 tonnes against 27,719 tonnes in the corresponding period last year. Consumption grew by 8.8% in the first two months to 157,400 tonnes over the same period last year.
New Delhi: Reflecting improved investor confidence, investment in commercial real estate globally is expected to witness a "healthy" growth of 40%-50% to $300 billion in the current year, reports PTI.
According to the report by global real estate services firm Jones Lang LaSalle, the first half of 2010 saw investment worth $130 billion in the commercial real estate globally and is likely to touch $300 billion in the full year, representing an increase of 40%-50% from 2009.
"The first half of the year showed that confidence has improved and momentum has increased. While markets across the globe are strengthening, the last few weeks have shown that regional markets are moving with different dynamics," the report noted.
In the commercial real estate market, the quickest recovery was seen in the Asia Pacific, primarily dominated by the domestic firms.
Europe lagged behind, where the investors still seem more hesitant, due to sovereign debt and austerity packages concerns, followed by the US, which had a slow start to 2010, but investment markets are picking up with the stabilised market fundamentals.
While, the rental markets are still to catch up in Asia with the improved market sentiment, the rental growth is expected to make a comeback in few European markets over the second half of 2010 and 2011.
The report also pointed that the outlook for commercial space demand in Latin America is "overwhelmingly positive".
A website (that will not be named) has a section that claims that it can predict stock movements by gazing at the planets. No, they are not trying to be funny. We definitely are
Today's forecast: The moon is trying to cross the path of Saturn. At the same time, Rahu is having a go at Ketu. It is also the Mongolian Year of the Moose. This means that the top six stocks in the Nifty will fall rapidly (at least by 10% till 11:30 AM; that's when Rahu will be giving Ketu a knuckle sandwich). Avoid buying banking stocks today. That is because Jupiter is in a foul mood. As you all know, Jupiter is the patron saint of all banks, because no bank has been named after Jupiter.
However, Jupiter is also known to be finicky. So expect all public sector banks to shake off the influence of Saturn (more on that later), which is a sister planet of Jupiter. These stocks will at least remain flat. Coming back to Saturn, its baneful stare will fall on all FMCG stocks. At least three CEOs of top American FMCG multinational companies will be forced to quit. But if they appease Gemini, they may all get postings in Shanghai. Because it is the Chinese Year of the Treasury.
The Sensex may go up, come down or remain flat. If it does not do any of these three things, it means that you have left your reading glasses at home. The Nifty will pick up after 2:30 PM (Rahu would have given Ketu a terrible pasting by then). As you, clever reader, can gather - Rahu is the moving force behind Foreign Institutional Investors, while Ketu misguides Domestic Institutional Investors (as if they needed to be misguided).
Don't even THINK of aviation stocks today. What can soar can also be a bore, as Confucius said.
Thor, the Greek god of debt (that's what He has become now - the whole pantheon is struggling under euro-denominated loans) will turn on the Dow with a vengeance. But since we have said that the Sensex may go up, come down or remain flat, it is logical that the Dow would have exhibited the same behaviour the day before (Indian markets follow the American markets. Ask Christopher Columbus).
The Nasdaq will enter a mercurial phase (you guessed it, Mercury will have a hand to play in it).
(No animals, including bulls and bears, were harmed while writing this article. We don't read entrails - tea leaves are where we draw the line).