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.
What
our readers say: http://rubber4u.com/Public/Views.pdf
Read
lot more in Rubber4U – 15th November 2013 issue
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