Thesynergyonline Economic Bureau

NEW DELHI, FEBRUARY 04:
THE  Union Minister of State for Planning, Science and Technology and Earth Sciences, Dr. Ashwani Kumar, stressed  the need to build on the existing good bilateral cooperation in the area of Science and Technology (S&T) at a recent meeting with French Minister for Higher Education Mr Laurent Wauquiez in Paris.

Dr Ashwani Kumar stated that cooperation in new areas where France has expertise like geological mapping, water resource management, sub soil management, health, bio technology, nano material, information communication technology, cloud computing and supercomputing can be explored.

He  further underlined the need for commercializing technology and translating research into the well-being of the society.

The Minister also extended an invitation to his counterpart for the launching of the 25th Anniversary celebrations of CEFIPRA.

The French Minister too expressed satisfaction at the level of S&T cooperation and conveyed that India was a key partner for France in university cooperation and also stressed on the need to develop cooperation in higher education and scientific research.

This, he suggested, could be done by setting up working groups that could focus on these areas and prepare a roadmap.

Thesynergyonline Economic Bureau

NEW DELHI, FEBRUARY 03 :
THE total non-farm payroll employment in the United States by 243,000 in January, and the unemployment rate decreased to 8.3 percent, according to the US Bureau of Labor Statistics released Friday.

The job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing, says the report.

The unemployment rate declined by 0.2 percentage point in January to 8.3 percent; the rate has fallen by 0.8 point since August. The number of unemployed persons declined to 12.8 million in January.

In January, the number of job losers and persons who completed temporary jobs fell to 7.3 million.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.5 million and accounted for 42.9 percent of the unemployed.

The total non-farm payroll employment rose by 243,000 in January. Private-sector employment grew by 257,000, with the largest employment gains in professional and business services, leisure and hospitality, and manufacturing. The
government employment was little changed over the month.

The government employment witnessed little change in January. Over the past 12 months, the sector has lost 276,000 jobs, with declines in local government; state government, excluding education; and the US Postal Service.

The change in total non- farm payroll employment for November was revised from +100,000 to +157,000, and the change for December was revised from +200,000 to +203,000.

Thesynergyonline Economic Bureau

NEW DELHI, FEBRUARY 03 :
"THE roadmap laid down in the memorandum of understanding (MoU) will facilitate very close cooperation and interaction between our two countries and bring about improvements in the life of workers and their working conditions." This was emphasized by Mr Mallikarjun Kharge, Union Minister for Labour & Employment on of signing of the MoU with US Department of Labour in Washington DC recently..

He said that Ministry of Labour & Employment, Government of India and US Department are signing the MoU for cooperation in the areas of skill development, youth employment, occupational safety and health and mines safety.

He further said that this MoU will help us in increasing our knowhow in the areas of accreditation systems, self-regulation and auditing through collaboration, exchange and sharing of ideas, etc with the US.

Mr Kharge said that we look forward for a possible tie-up for training and information exchange in areas of underground and open cast mining, disaster control , emergency management, statistical analysis and development of data bank.

He further mentioned that Government of India looks forward to work together for furthering its knowledge in the area of occupational diseases, toxicology and occupational medicine.

He reiterated PM's vision of skilling 500 million persons by 2022.

He stated that collaboration with the US will enrich us in the areas of training delivery methods, certification, preparation of instructional material, curriculum development and expanding outreach.

He stressed the need for cooperation and collaboration in mutual recognition of qualifications, vocational guidance to the unemployed youth and rehabilitation of differently-abled persons.

The present MoU will be another milestone and testimony to the increasing cooperation between India and the US in various strategic areas and assured that this will help us in further developing an appropriate employment strategy for inclusive growth in India and strong bonds between the people of our two great nations,the Minister added.

Thersynergyonline Economic Bureau

NEW DELHI, FEBRUARY 03 :
THE Minister of Agriculture, Environment, Sea and Spatial Planning of Portugal, Mrs Assuncao Cristas met Minister of New & Renewable Energy Dr Farooq Abdullah in New Delhi on Friday.

The two sides discussed possibilities of enhancing cooperation between the two countries in the field of renewable energy. The Portuguese Minister highlighted the progress made by her country in renewable energy especially bio-mass and bio-fuels. She said that in view of high consumption of electricity, Portugal is now focusing on energy conservation efforts and improving energy efficiency.

Dr Abdullah underlined the progress made by India in wind and solar energy.

He said India would like to cooperate with Portugal in wave and off-shore energy. Dr Abdullah also suggested that private sectors of both the countries should cooperate in promoting renewable energy in both the countries and offered to provide all possible assistance in this direction.

Mrs Assuncao Cristas invited a delegation from India to see the developments in Portugal in renewable energy with a view to enhance cooperation between the two countries in the area.

Thesynergyonline Economic Bureau

NEW DELHI, JANUARY 19:
INDIA, Latin America (LatAm) and the Caribbean countries have limitless potential for diversified trade engagement amid tough global macro-economic conditions stemming from the 2008 financial crisis, trade representatives and diplomats said on Thursday.

The specific areas in which natural partnerships have evolved over the past decade include hydrocarbons, mining, commodities, pharmaceuticals and information technology, they said at an interactive session organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

In the next two years, a liberal visa regime and direct air connectivity are expected to fructify, said Mr Dammu Ravi, joint secretary at the ministry of external affairs. "This will lead to conducive business environment and greater South-South cooperation in trade and investments," he said.

Nearly 40 countries in the LatAm region offer vast land and water resources, stable political governments and huge markets.

Economic reforms are underway in all countries, leading to fast recovery from the lingering global financial meltdown, said Venezuela ambassador to India Milena Santana Ramirez.

"India and LatAm are two fast-growing economic regions of the world," she said. "We should promote new partnerships for inter-regional trade cooperation by taking advantage of complementarities."

Ms Ramirez said business leaders should aim at diversifying the export basket, applying new technologies and encouraging innovation to gain competitiveness besides reducing transportation and transaction costs to sbenefit consumers in both regions.

Mr Sushil Maroo, chairman of ASSOCHAM India-LAC Business Promotion Council, said many Indian companies are investing in LatAm countries. On the other hand, India offers a huge market and several opportunities for LatAm products.

India's merchandise exports to LatAm countries jumped 1,012 per cent from $960 million in 2001-02 to $10.7 billion in 2010-11. The imports moved up 1,151 per cent from $.01 billion to $3.8 billion in the same period.

Among India's major trading partners are Brazil, Venezuela, Bahamas, Mexico, Chile, Argentina, Colombia, Peru, Ecuador and Panama.

The exports to LatAm countries include petroleum crude and products, transport equipment, drugs and pharmaceuticals, fine chemicals, ores and minerals, man-made yarn, fabrics and made-ups, machinery and instruments, metal products, and readymade garments.

The imports include petroleum crude and products, metalifer ores and metal scrap, vegetable oils, sugar, iron and steel, electronic goods, organic chemicals, and transport equipment.

Among others present at the session were Costa Rica ambassador Juan Fernando Cordero Arias, Columbia's ambassador Juan Alfredo Pinto Saa Vedra, Cuba's ambassador Abelardo Rafael Cueto Sosa, El Salvador's ambassador Ruben Zamora Rivas, Panama's ambassador Julio De La Guardia, Peru's ambassador Javier Manual Paulinich Velarde, Trinidad and Tobago's high commissioner Chandradath Singh, Chile's agricultural and commercial counsellor Rodrigo Gallardo and Dominican Republic's commercial counsellor Carlise Novel.

Thesynergyonline Economic Bureau

NEW DELHI, JANUARY 10 :
INDIA  has reaffirmed its commitment to partner in the economic development of Zimbabwe. This was stated by Mr Anand Sharma, Commerce, Industries & Textiles Minister at  his meeting at Harare with Mr Tendai Biti, Finance Minister of Zimbabwe .

 He stated that India would assist Zimbabwe in reducing its infrastructural deficit. Indian PSUs like IRCON, RITES and WAPCOS which had earlier also executed infrastructure projects in Zimbabwe could participate in executing fresh projects.

Mr Sharma further stated that India would also assist Zimbabwe in bridging the technological gaps being faced by India.

Mr Sharma stated that a team from India would be visiting Harare next week to discuss the proposal for LOC of US $ 100 million for strengthening of health infrastructure.

The two Ministers also agreed to speed up the execution of the Pan-African e-Network Project.

Mr Sharma,  expressed concern over the Indigenization and Economic Empowerment Act, as it could deter further investments by Indian companies in Zimbabwe.

Mr Biti, Finance Minister of Zimbabwe assured to look into the manner of implementation of the Act.

Mr Sharma also urged on the need for simplifying the process for issue of business visas to Indian businessmen. It was suggested that a one year multiple entry visa could be issued to encourage potential Indian investors visiting Zimbabwe.

Mr Sharma appreciated the fact that Zimbabwe have been able to stabilize its macro-economic vitals in the last three years.

He stated that India, because of its strong macro-economic fundamentals, had been able to successfully withstand the various economic crisis during the last six years.

Mr Sharma stated that India shared the philosophy of the Zimbabwean Government of inclusive growth. The Indian private investment in Africa also focused on empowering the local people.

India will assist Zimbabwe in reviving its textile sector.

This assurance was given by Mr Anand Sharma at  his meeting at Harare with Prof Welshman Ncube, Ministry of Industry & Commerce of Zimbabwe.
India will provide skills training and also help in the development of textiles clusters.

Mr Sharma also informed his Zimbabwean counterpart that Indo-Zimbabwe ties would further strengthened through the setting up of a Rural Technology Park and a Food Testing Laboratory in Zimbabwe by India. This was one of the commitments made by India during the India-Africa Forum Summit held at Addis Ababa in May 2011.

The two Ministers also reiterated the need for enhancing and diversifying the bilateral trade between the two countries which currently stood at US $ 128 million.
The two Ministers also agreed to convene the meeting of the Joint Trade Committee within the next six months.

It was informed by Prof Ncube that the Bilateral Investment Promotion and Protection Agreement (BIPPA), which was signed between India and Zimbabwe in 1999, had been ratified by the Parliament of Zimbabwe. India had forwarded the original Instrument of Ratification of BIPPA, ratified by the President of India to the Zimbabwean Government in April 2011. This ratification will help in increasing investments in both the countries.

Mr. Sharma announced that the National Institute of Design (NID) India is undertaking a project for training and exposure to craftswomen of rural Africa to empower them through design intervention in basketry making, as part of the India-Africa Forum Summit Action Plan. The initiative will cover five African countries at a cost of US $ one million over a period of three years.

The project will be launched in Zimbabwe in February 2012 with the team from NID visiting Zimbabwe for identification of 25 craftswomen, who would be later trained in India, in collaboration with New Basket Workshop Foundation, an African NGO. The project aims at women empowerment through skill enhancement and appropriate marketing through leading Indian brands like Fab-India.

Later, addressing a business conference Mr. Anand Sharma announced that India would share its developmental experiences with Zimbabwe.

He highlighted the critical role that Indian generic medicines had played in promoting healthcare in Africa. He stated that business persons of both countries could effectively partner each other to change the lives of the people for better.

Thesynergyonline Economic Bureau

NEW DELHI, JANUARY 04 :
“THE economic ties between India and Saudi Arabia would constitute a very solid foundation for the development of strategic partnership. While the trade ties at present are already quite substantial, there exists immense potential for taking the bilateral trade relations to the higher level,” stated Mr  Anand Sharma, the Union Minister for Commerce, Industry & Textile at a meeting with Dr Tawfiq Bin Fawzan Al-Rabiah, Minister of Commerce & Industry, Saudi Arabia here.

The Indian Minister in the bilateral talks informed that,” The total trade between India and Saudi Arabia has increased from US $ 15,946.10 million in 2006-07 to US $ 25,612.46 million in 2010-11. The exports to Saudi Arabia have increased from US $ 2590.77 million in 2006-07 to US$ 5,227.19 million in 2010-11.

The principal items of export to Saudi Arabia are Petroleum (Crude & Products); Rice Basmati; Dyes/Intmdtes & Coal Tar Cheml.; Machinery and Instruments; Prmry & Semi-Fnshd Iron & Stl. Similarly, the imports from Saudi Arabia has increased substantially from US$ 13,355.33 million in 2006-07 to US$ 20,385.28 million in 2010-11 and the principle items of imports are Petroleum (Crude & Products), Organic Chemicals, Artificial Resin, plastic, Material etc;; Metaliferrous ores & Metal Scrap and Inorganic Chemicals. India imports almost 23 percent of its crude oil requirements from Saudi Arabia.

Mr Sharma observed that the focus is now to be shifted to investment and joint ventures for enhancing our trade as well as services. Minister also emphasised strategies to be developed for increasing volume of trade in traditional items and diversify the trade basket.

 Mr Sharma expressed satisfaction on the fact that both countries have pledged to elevate the current buyer-seller relationship into strategic energy cooperation. India would like to participate in the petroleum and gas sectors in Saudi Arabia both upstream and downstream and invites Saudi Arabia to invest in Indian petroleum and gas based mega industrial estates, fertilizers and petrochemical plants, refineries, etc.

Thesynergyonline Corporate Bureau

NEW DELHI, NOVEMBER 10 :
ONTARIO, Canada is partnering with Celestica to transform its Toronto facility to focus on higher-growth markets. Ontario is contributing $5.5 million to the $60.1 million project.

The company continues to diversify its markets and maintain its competitiveness in the global marketplace by expanding its services to include:

·  solar panel manufacturing for clean energy
·  specialized electronics for aerospace and defence
·  commercialization and after-market services, including tablets, smart phones and other personal communication devices.

Celestica plans to partner with four Ontario universities (Toronto, Queen’s, Waterloo and Ryerson) on solar R&D, and product and process design. These institutions will provide ongoing training to Celestica’s employees and also be a source of recruitment for the company.

"Ontario maintains its commitment to creating jobs and growing the economy. Award-winning Celestica is among a growing number of Ontario companies that have distinguished themselves in the global marketplace for their commitment to productivity and R&D, and their superior customer service," says  Brad Duguid, Minister of Economic Development and Innovation

"Through our global operations network and expertise in engineering and supply chain management, we enable our customers to innovate and compete in a highly competitive and global marketplace. We are pleased to receive support from the province to help maintain an advanced manufacturing capability in Canada," adds Mike Andrade, senior vice president, Diversified Markets, Celestica.

Thesynergyonline Banking Bureau

HONG KONG , JULY 19 :
CITIGROUP'S Asian consumer banking unit is aiming to go head-on against deeply entrenched local players such as HSBC and DBS to shake up the competitive landscape.

"There is a level of indifference across the industry. My philosophy is that it's an industry that rests on its laurels," Jonathan Larsen, head of Citi's consumer banking unit in Asia, said.

"Consumers want a choice to move away from the large incumbent domestic banks that dominate most countries and that's when we come into the picture."

Citi's consumer banking unit is Asia's biggest profit contributor at $484 million, accounting for about half of the lender's earnings in the region last quarter and is outsized only by North America.

Asia's retail banking market has always been dominated by local players such as ICBC (1398.HK) in China and DBS in Singapore, with few foreign players willing to compete against them and their deeply entrenched positions.

For example, foreign lenders in China had a market share of only 1.83 percent in the country, consulting firm PwC said in June.

Banks that have done so have had mixed results so far, with HSBC saying in May that it will now focus on retail banking only on 18 markets where it can achieve profitable scale and will begin winding down its United States cards business.

Citi will focus largely on the affluent and the emerging affluent segments of the market that are likely to need the bank's network across regions, Larsen said.

"We're not interested in lending to marginally creditworthy customers," he said. "That's not our proposition, and we have zero interest in pursuing that opportunity. If there're other players that want to do that, good luck to them."

"Credit losses are low around the region," he said. "Part of it is environmental, but we're usually two-thirds to half the delinquency level of the industry average in the unsecured space and we'd like to keep it that way."

Thesynergyonline Corporate Bureau

NEW DELHI, JULY 16 :
LIZ Claiborne Inc , the owner of the Juicy Couture, Lucky Brand and Kate Spade chains, is making presentations to private-equity firms to sell its Mexx brand, according to Bloomberg.

Leonard Green & Partners, Sun Capital and Golden Gate Capital are among the firms that have explored a possible acquisition of the Mexx business, the news agency said.

Final bids for the clothing maker and retailer will be due in a few weeks with a probable sale in September, Bloomberg reported.

The three private equity funds were not immediately available for comment.

Liz Claiborne, which in April posted its 14th straight quarterly loss, has been suffering from weak sales at its Juicy Couture brand and from international sales at its Mexx Chains in Europe.

As part of its long-term effort to turn around its business, it has sold, licensed, or closed a host of underperforming wholesale brands in recent years to focus on four high-potential brands with their own retail stores.

The Mexx business may be valued at around $100 million, Bloomberg said and Liz Claiborne would seek to retain a small stake in the business.

Thesynergyonline Economic Bureau

NEW DELHI, MAY 27 : THERE is complete unanimity between us that a strong and all encompassing partnership between India and Tanzania is in the core national interest of both countries, said Prime Minister Dr Manmohan Singh in his remarks to media at the joint Press conference with Tanzanian President Kikwete in Dar es Salaam on Friday.

Looked at from any point of view – whether geographical proximity, cultural influences or the stages of our development, it is essential for India and Tanzania to have the closest possible relations. We have agreed to accelerate our efforts to this end, Dr Singh added.

Sustainable development is a top priority for both of us. Tanzania has given extraordinary political and intellectual support to the South, to the G-77 and to the nonaligned movement. In the light of the present global economic and financial uncertainties, we should revitalize this cooperation and make our voice heard in the affairs of the world, Dr Singh added.

India, on its part, is ready to partner Tanzania in its nation building efforts. We will focus on areas such as agriculture, small and medium industries, healthcare and human resource development. We support the President's national agriculture initiative, he added.

We will provide a new line of credit of US$ 180 million for water supply projects in Dar es Salaam, Dr Singh said.

Tanzania has been an active participant in India's capacity building schemes and policies, particularly the Centre of Excellence in ICT and the tele-education component of the pan-African E-network project. We will provide a fresh grant of US$10 million for capacity building projects in the social and educational sectors.

Tanzania is an important trading partner for India in this region. India is a major buyer of Tanzanian agricultural products. Many Indian companies are operating here and are keen to diversify and increase their investments.

President Kikwete and I have agreed to facilitate this process. Indian investment and technology can help Tanzania to become the industrial and technological hub of East Africa and its engine of growth, Dr Singh said.

We have very similar concerns in the area of peace and security. Terrorism and piracy are two major problems we both face. We have decided to intensify consultations and coordination to combat such threats, he added.

India has contributed to several UN peace-keeping missions in Africa. We share a common vision of a democratic and equitable world order. We will strengthen our cooperation in the reform of the United Nations system, including of the UN Security Council, Dr Singh pointed out .