Russia to expand wheat exports to Asia on higher production
The Dollar Business Bureau Russia, the world’s largest exporter of wheat, is about to expand its market for grain in the fast-growing Asian economies, which normally import their grain requirements from other parts of the world. Russia is poised to grab more share in markets of Indonesia, China and Japan as drought conditions in countries like Australia, Canada and the US are eroding the wheat production. These countries are the dominant exporters of wheat to Asian countries, accounting for around one-third of the global imports. While wheat shipments from Russia were estimated to surpass those of any other nations, very little is usually shipped to Asia, where wheat imports have nearly doubled in last 10 years as rising incomes pushed up demand for ...
India and Russias largest outbound deal; Rosneft to take 49% in Essar Oil
The Dollar Business Bureau A major deal between Essar Oil and a consortium led by Russian oil major Rosneft completed a $12.9 billion deal today. Rosneft will get a 49% stake in Essar, while the other two major investors Trafigura, a European trader and a Russian fund UCP, will hold the other 49% in equal parts. This acquisition is one of the largest outbound deals between India and Russia in recent times since the Soviet era. The consortium has picked a trading veteran from its shareholders to run the Indian operations of the newly acquired Essar oil company. The deal to acquire Essar Oil has been in the process for 2 years, with this acquisition Rosneft has gained access to Indian rising retail ...
Tata Global Beverages to sell its Russian business to Skodnya Grand
The Dollar Business Bureau Indian multinational Tata Global Beverages Ltd (TGBL) said on Thursday that it will sell its Russian business to a local company as part of its strategy to restructure operations in Russia. The amount of the deal has not been disclosed by the company. TGBL, a Tata Group subsidiary, has signed an agreement to transfer operational responsibilities and ownership of its business unit in Russia to Skodnya Grand Ltd, TGBL said in a statement. The deal also includes granting a 5-year renewable license pact for its brands in Russia to Tea Trade LLC, after the transaction has been completed, it added. The deal is likely to be concluded with the next in 3-4 months, subjected to the regulatory approvals, the company ...
US-based tech group urges Trump to overcome digital trade barriers
The Dollar Business Bureau A US-based technology group Information Technology Industry Council (ITI) has prodded the Trump government to take steps in overcoming barriers in digital trade and alleged that various countries including China and India are biased in their policies which unfairly disadvantage US companies. In addition, the technology group named countries like Canada, Indonesia, Russia, South Korea, Mexico and Vietnam, which have followed discriminatory policies against American companies. “Multiple foreign governments have turned to discriminatory or otherwise harmful policies that unfairly disadvantage American companies and impede the ability of technology products and services to drive growth,” ITI said in a report to the President. The countries in which rules that treat foreign and domestic companies differently are Colombia, China, India, Indonesia, Russia, South Korea and ...
India, Russia entered into 2nd stage of talks for fighter aircraft
The Dollar Business Bureau India and Russia have moved to the second stage of discussions to sign a contract for the joint development of the Fifth-Generation Fighter Aircraft (FGFA) and both the sides will ink a contract very soon, said a top Russian official. Russian state corporation Rostec’s CEO Sergei Chemezov said that all the decisions for jointly developing the FGFA will be finished in the ‘nearest future’. In 2007, India and Russia had signed an inter-governmental agreement for the multi billion dollar FGFA project. “As for the 5th generation (fighter aircraft) - the work is underway. Stage one is over. Now we are discussing the second stage. And I think that in the nearest future, all decisions will be made and the contract ...
India held bilateral meetings with various countries at the WSIS Forum 2017
The Dollar Business Bureau The World Summit on the Information Society (WSIS) Forum 2017 represents the world's largest annual gathering of the ‘ICT for development’ community. The annual WSIS Forum is a global multi-stakeholder platform facilitating the implementation of the WSIS Action Lines for advancing sustainable development. The Forum provides an opportunity for information exchange, knowledge creation and sharing of best practices, while identifying emerging trends and fostering partnerships, taking into account the evolving Information and Knowledge Societies. The Forum is co-organized by ITU, UNESCO, UNDP and UNCTAD, in close collaboration with all WSIS Action Line co-/facilitators and other UN organisations (UNDESA, FAO, UNEP, WHO, UN Women, WIPO, WFP, ILO, WMO, ITC, UPU, UNODC, UNICEF and UN Regional Commissions). It provides an ...
Iran signs up Gazprom for developing ONGC discovered Farzad B gasfield
The Dollar Business Bureau In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...
Modi the first PM to meet 16 governors of Russian provinces
The Dollar Business Bureau Prime Minister, Narendra Modi, met and interacted with sixteen Governors of various provinces of Russia on May 2 and reiterated his vision that relationships between regions and provinces of two countries are a vital part of nurturing the bilateral relationship. He recalled warmly his visit to Astrakhan province of Russia in 2001, as Chief Minister of Gujarat. The Governors explained opportunities for increasing interaction, people to people, and business links between their provinces, and India. Several matters and issues common to India and the Russian states were discussed at the meeting. The Governors who attended the interaction included Governors of Arkhangelsk Oblast, Astrakhan Oblast, Irkutsk region, Moscow region, Primorye Territory, Republic of Kalmykia, Tatarstan, St. Petersburg, Sakhalin Oblast, Sverdlovsk ...
