Sunday, November 10, 2013

A positive outlook trend

Apollo Tyre and Cooper Tire & Rubber, deal landed in court last month over charges by the US company that its Indian suitor was delaying concluding the deal transaction. Apollo Tyre was pleased as the Delaware court had rejected contentions by Cooper Tire that the Indian company was in breach of its merger agreement with the US company to close the deal.

With a view to further liberalise the procedure relating to payments for exports/imports, Reserve Bank of India allows third-party payments for export, import transactions. Banks are allowed to receive payments for export of goods/software from a third-party and also permitted to make payments to a third-party for import of goods. Third-party refers to an entity other than the buyer or the seller. However, banks would have to follow certain conditions. Third-party transaction should take place through the banking channel and with a Financial Action Task Force (FATF) compliant country.

Rubber rebounded after Japan’s currency slid on U.S and Chinese data, boosting the appeal of yen-denominated futures. The yen traded near a seven-week low against the dollar. On Monday, Tokyo Commodity Exchange, November futures series closed at ¥247 a kg, December at ¥249.8, January 2014 at ¥251.5, February at ¥254, March at ¥257.4 and the contract for delivery in April 2014 at ¥259.4 a kg. While National Multi Commodity Exchange November futures were trading at `.157.50 a kg, December at `.158.79 and January 2014 at `.161.06 a kg at 12.35 IST. RSS3 grade closed at `.158.56 a kg at Bangkok and Malaysian SMR20 closed at `.144.91 a kg.

Read lot more in Rubber4U – 15th November 2013 issue

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