Asean trade pact

Manila, Aug. 26: The Association of Southeast Asian Nations (Asean) will complete a free trade agreement with India by 2011, secretary-general Ong Keng Yong said today. This was announced after Asean economic ministers met their counterparts from six “dialogue partners” in Manila on the last day of a three-day economic conference. “FTAs with South Korea can be completed by 2008, China by 2010, Japan by 2012 and Australia and New Zealand before 2012,” Yong said.

Sebi move

New Delhi, Aug. 26: Sebi has decided that all trades on stock exchanges must be settled through recognised clearing corporations with a minimum net worth of Rs 100 crore and providing counter-party guarantee for settlement of trades. “The clearing corporations will have to become legal counter party by providing guarantee for settlement of all trades,” a source said.

Ore exports

Mumbai, Aug. 26: Iron ore exporters are advocating long-term contracts with Chinese importers, senior trade officials said. “There is a need to benchmark contract with China, as we have long-term agreements for iron ore exports,” MMTC chairman and managing director Sanjiv Batra said.

SEZ gains

New Delhi, Aug. 26: A study by Consumer Unity and Trust Society International, which was commissioned by the commerce ministry, said returns from special economic zones are far greater than the revenue loss.

Liquor prices

New Delhi, Aug. 26: Imported wine and liquor, prices of which have not gone down despite reduction in duties, are expected to get cheaper after two weeks when old stocks are cleared and new ones arrive, industry players said.

Edible oil

New Delhi, Aug. 26: Edible oil imports are likely to go up by 8-11 per cent to 5.2 million tonnes in 2007-08 from 4.7-4.8 million tonnes despite an expected increase in domestic oilseeds output, Solvent Extractors’ Association executive director B.V. Mehta said.

PowerGrid

New Delhi, Aug. 26: The Power Grid Corporation of India has fixed a price band of Rs 44-52 for its initial public offering and sale of government equity to raise between Rs 2,500 crore and Rs 3,000 crore.