Economy News Notes

the U.S. Senate has passed a bill aimed at punishing China for allegedly manipulating its currency and holding it at an artificially low level.
“Currency Exchange Rate Oversight Reform Act of 2011,” passed by a majority
Under the bill's proposals the administration would be required to identify “fundamentally misaligned currencies” on a semi-annual basis.
If the misalignment were not corrected at that point the bill would then start introducing penalties, initially via multilateral platforms including the International Monetary Fund and the Overseas Private Investment Corporation.
While China was nowhere named directly in the bill, a bitter brew of contention between China and the U.S. over the currency issue has been simmering for several years now.
the U.S. Senate was “essentially practicing trade protectionism by making an accusation of currency manipulation... which is a serious violation of the rules of the World Trade Organization,” a sentiment also echoed by China's Commerce Ministry Spokesman.

ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, has signed an agreement to take a 25 per cent stake in Kazakhstan's Satpayev offshore exploration block.
OVL paid $13 million as a signing amount to Kazakhstan.

Anand Sharma on Thursday announced a Rs. 900-crore package for exporters taking the total “Diwali bonanza” to Rs.1,700 crore, in a bid to cushion exporters from slowdown in the U.S. and Europe.
This announcement comes close on the heels of the Reserve Bank of India (RBI) notifying the interest subsidy of 2 per cent for labour-intensive industries such as handicrafts, handlooms, carpets and small and medium exporters.
The benefits will largely accrue to exporters of engineering goods, pharmaceuticals and chemicals.
The policy clearly states that those scouting for markets in Latin America, Africa and CIS (Commonwealth of Independent States) will stand rewarded. The new measures will be incorporated in the annual supplement of the Foreign Trade Policy (2009-14).
these incentives were important as the major markets — the U.S. and Europe — were still not out of woods. These two markets account for about 30 per cent of India's total exports
the apparel sector was given duty credit under Market Linked Focus Product Scheme (MLFPS) for export to the U.S. and Europe.
It has been decided to extend MLFPS benefit for exports of agricultural tractors (over 1800 cc capacity) to Turkey.
The ministry declared Firozabad for glassware, Bhubaneswar for marine products and Agartala for bamboo and cane products as town of export excellence to boost shipments.

EMC has announced the appointment of Rajesh Janey as the President for its India and SAARC operation.
Mr. Janey will report to Steve Leonard, President, EMC, Asia Pacific/Japan and takes over from Manoj Chugh

Federal Bank has signed a memorandum of understanding with National Small Industries Corporation (NSIC) with the objective of facilitating smooth credit flow to the MSME (micro, small and medium enterprises) sector.
The tie-up would provide a broader platform for extension of easy credit to Federal Bank's MSME customers