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The Dollar Business Bureau International container terminal operating company, APM Terminals launches South India’s first cold storage facility integrated with a container freight station, for reliable transport of temperature controlled cargo such food products and medicines. “APM Terminals inaugurated its first state-of-the-art cold storage warehouse in India, which will ensure reliable and stable transport of cargo, including goods such as fish, fruits, medicines, and specialty chemicals, which require strict temperature control throughout the supply chain,” the company said in a statement. Located in Ponneri city, near Chennai, the facilities were inaugurated by M Ajit Kumar, Chief Commissioner of Customs, Chennai Zone, in the presence of Dries van Dongen, Global Head - Inland Services, APM Terminals.   Commenting on the development, Dongen said, “We are committed to ...

The Dollar Business Bureau Inflation The July inflation, based on monthly WPI, stood at 1.88% (provisional) over July, 2016 as compared to 0.90% (provisional) for June and 0.63% during the corresponding month of the previous year. These are the figures in the first month of the GST roll-out. The index for food articles rose by 6.2% compared to June when prices had declined by 3.47%. The index for non-food articles also saw an increase of 0.6% in July. However fuel and power saw a decline by 1.4 percent to 88.4 (provisional) from 89.7 (provisional) for the previous month. The index for manufactured products saw a marginal increase of 0.2%, textiles declined by 0.3%. Exports In continuation with the positive growth exhibited by exports for the ...

The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels.  Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production.  Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18.  Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...

The Dollar Business Bureau  Germany’s overall goods exports grew for the fourth straight month to a new high of 106.3 billion euros ($119.2 billion) in the month of April, resulting in a stable adjusted trade surplus. The exports and imports picked up when compared to March, however, the country’s adjusted trade surplus remained unchanged in the month of April, indicating a recovery in Germany’s export trade since the beginning of the year. “Total exports of goods increased for the fourth straight month to a record 106.3 billion euros ($119.2 billion) in April, said Germany’s Federal Statistical Office (Destatis) on Friday, mentioning that the data is being adjusted for seasonal fluctuations and calendar impacts. Import of goods increased by 1.2% to 86.6 billion euros, which ...

The Dollar Business Bureau India and Pakistan's admission as full members to the Shanghai Cooperation Organisation (SCO) will be formalised at the political and security grouping's summit in Kazakhstan next week, China announced today, while hoping that they would "strictly follow" its charter. Chinese Foreign Ministry spokesperson Hua Chunying hoped that the admission of India and Pakistan as full members would help improve their bilateral relations. "Hope India and Pakistan strictly follow the charter of the SCO and the idea of good neighbourliness, uphold the SCO spirit, improve their relations and inject new impetus to the development of the SCO," Hua told a media briefing here. She confirmed that the lengthy process of their admission into the group, which took years ...

The Dollar Business Bureau The United Nations (UN) has revised India’s GDP growth forecast downward for 2017 but projected an increase in 2018 predicting 7.9% economic growth as it warned that the banking sectors’ stressed balance sheets will have adverse impact on investments in the short-term. The UN World Economic Situation and Prospects (UNWESP) in its mid-2017 report, launched on Tuesday, said that India is predicted to achieve a growth of 7.3% this year, downward from its earlier forecast of 7.7%, which it made when the report was launched in January. However, the revised report forecast that the country will achieve a notable 7.9% GDP growth next year, from its earlier estimates of 7.6% made in the January report. The report, however, cautioned that stressed balance sheets of India’s banking sector, which has ...

The Dollar Business Bureau India’s gold imports surged to $3.85 billion during April 2017, witnessing a three-fold rise, mainly due to increased demand on Akshaya Tritiya. In April 2016, the country’s gold imports were $1.23 billion, according to official data released on Monday. Imports of the yellow metal were on a downward trend between February-September 2016. The imports rose in the months of October and November but declined in December and January. In February and March this year, the imports of the precious metal recorded a high rate of growth. In March 2017, imports of gold had surged to $4.17 billion compared to $974 million in the same month in 2016. The rise in gold imports had led to a widening of trade deficit in April 2017 to $13.2 billion ...

The Dollar Business Bureau Niti Aayog CEO Amitabh Kant is taking no chance in promoting the adoption of electric vehicles (EVs). With oil prices perennially increasing, awareness about ecology and atmosphere being discussed and steps being taken to implement clean energy drive, he says India faces the challenge of not wasting anymore time in adopting measures that would reduce the dependence on diesel and petrol.  In its annual report, India Leaps Ahead: Transformative Mobility Solution, NITI Aayog and Rock Mountain Institute specify that, “Accelerated adoption of electric and shared vehicles could save $60 billion in diesel and petrol costs while cutting down as much as 1 gigatonne (GT) of carbon emissions for India by 2030.” It estimates that the country could save ...