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The Dollar Business Bureau ‘Hong Kong is a ‘superconnector’ that can provide Indian traders with a vibrant platform to do business,’ Sophia Chong, Assistant Executive Director of the trade promotion body, Hong Kong Trade Development Council (HKTDC) declared on the sidelines of the ‘Food Expo & Hong Kong International Tea Fair 2017’, which hosted an Indian pavilion for the first time featuring 32 Indian food and four tea exhibitors. “Indian traders can not only use Hong Kong as a platform to connect with the local market but also with other Asian markets,” Sophia added. Sophia said, India is one of the biggest trading partners of Hong Kong, and added that there is a big potential for the Indian market to further grow ...

By Ranjeet Mahtani & Niraj Hande The most crucial GST Council meeting took place on 18th and 19th May, 2017 in Srinagar, Jammu and Kashmir. The GST Council has finalised seven sets of GST Rules and completed the fitment of most goods and services in various tax brackets in the last two days. Rules The GST Council has approved seven sets of GST Rules which pertain to Composition, Tax Invoice Credit & Debit Notes,Input Tax Credit, Payment of Tax, Refund, Registration and Determination of Value of Supply. The Rules pertaining to Transition and Returns were not finalised and shall require further vetting before approval. The next step will be for Governments, State and Central to now notify these. Rates The GST Council has ...

The Dollar Business Bureau International coffeehouse chain Starbucks on Wednesday launched tea as a speciality offering in 88 stores in India under the brand of Teavana. “We had nine teas on offer and are doubling that with the launch of Teavana speciality teas. We are looking at attracting newer customers with our focus on tea, and are looking to double tea sales at our Starbucks stores,” Sumitro Ghosh, Chief Executive Officer, Tata Starbucks, told PTI. In 2016, during his visit to India, Howard Schultz, Chairman and CEO, Starbucks described the country as a ‘key business opportunity’ for the company and announced the launch of speciality teas in 2017. In June 2016, Starbucks announced various joint initiatives in India along with its joint venture (JV) partner Tata Sons, ...

The Dollar Business Bureau  Tata Global Beverages Ltd (TGBL) has decided to exit from its Chinese joint-venture Zhejiang Tata Tea Extraction Company Ltd. (ZTTECL). The TGBL board approved the disinvestment decision on Monday, after it held a meeting and "deliberated and accorded an in principal approval" to divest its stake in the JV ZTTECL "at an estimated enterprise value of Rs 33 crore", TGBL said in a statement. This also means that TGBL is finally exiting its China operations. Last August, ex-Tata Chairman Cyrus Mistry had indicated that it will soon be exiting the JV. "We are looking at restructuring the business there. In what way this will be done, that has to be looked into," Mistry said. “The sale is subject to necessary approvals. ...

The Dollar Business Bureau India’s tea exports have increased 13.2% in terms of value at Rs.982.39 crore during January- March 2016 when compared to Rs.867.86 crore in the same period previous year. In terms of quantity, the tea exports from the country have grown 6.2% at 54.29 million kg in the first three months of 2016 against 51.12 million kg in the corresponding period last year, as per the data provided by Tea Board of India under Union Ministry of Commerce. According to the data, there was 6.59% upsurge in the unit price realisation for tea exports at Rs.180.95 per kg during the three-month period against Rs.169.77 per kg in the same period previous year at all-India level. The maximum tea exports ...

Himanshu Vatsa | The Dollar Business Falling prices in the global commodity market led to negative growth in India’s exports of major agriculture items, including tea, cereals, tobacco and oil meals, last year. According to the annual data released by the Ministry of Commerce, six of the 11 key agricultural export products – tea, cereals, tobacco, spices, oil meals, and fruits and vegetables— recorded negative growth between April 2014 and March 2015. Of the six major items, oil meals witnessed the biggest fall of 52.73%, reducing the total exports value from US$ 2,796 million in 2013-14 to just US$ 1,321 million last year. At the same time, exports of rice, coffee and cashew also witnessed only marginal changes as ...