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India's PM urges China to address trade imbalance

Indian Prime Minister Manmohan Singh, on a rare visit to China, called Monday on Beijing to expand market access for his nation's goods to reduce a growing trade imbalance between the two emerging giants.

Singh also told an investment seminar in Beijing that Indian companies had to be more vigorous in pursuing opportunities in order to to help reduce the trade deficit with China, which more than doubled last year. "The challenge before us is to diversify our export basket to China," Singh said in a speech before talks scheduled later in the day with Chinese Premier Wen Jiabao.

"I would urge Indian business to vigorously pursue opportunities for expanding non-traditional items of export.

"Such efforts, when matched by greater market access for Indian goods in China, will help to bridge the rising trade deficit between us," he added, according to the text of his speech.

New Delhi is looking to rein in a trade gap with China which it says has jumped to about nine billion dollars in 2007 from four billion dollars a year earlier. Singh's three-day visit here, accompanied by Commerce Minister Kamal Nath, is the first by an Indian prime minister to China in five years as the world's two most populous nations look to deepen their ties and overcome decades of mistrust.

He has said he wants to discuss a wide range of questions including UN reforms, regional dialogue and global issues such as climate change, energy security, international trade and counter-terrorism.

Nevertheless, local state-run media here have played down the likelihood of any major breakthrough. "It is a belated visit by Singh," the China Daily newspaper said Monday in an editorial, noting that an earlier visit planned in 2006 had been cancelled at the last minute. The paper also cautioned that it would be "unrealistic" to expect a solution on a long-standing territorial dispute between China and India which led to a brief war in 1962.

That dispute will likely be on the agenda when Singh meets Wen at the Great Hall of the People later Monday, officials said. Much of the early focus, however, is on questions arising from the growing economic interaction between the two.

In 2006, as a sign of growing ties, they agreed to double annual trade to 40 billion dollars by 2010.

That objective is moving closer, with import and export volume growing to 34.2 billion dollars from January to November last year, according to Chinese statistics.

"We would like to sell much more to China," Indian Foreign Secretary Shiv Shankar Menon told journalists before leaving New Delhi. "In the last few years trade shifted in China's favour, and we are hoping to change that."

China and India also want to expand two-way investment, which currently stands at less than 300 million dollars, according to India's ambassador to China Nirupama Rao.

"Indian multinational companies have proved their ability in foreign acquisitions," Rao told the China Daily. "It is a matter of time before they start investing in China."

During the visit, five agreements are to be signed including pacts covering railways, housing and traditional medicine, officials said.

AFP

Torex and McDonald's sign licensing arrangement

Torex Retail Holdings Limited (Torex(TM)), the leading European-based global provider of software and solutions to the extended retail marketplace, announced a new licensing arrangement with McDonald's Corp. regarding its Torex(TM) NewPOS-POS Point-Of-Service software.

The new agreement is an evolution of a long standing relationship enjoyed by Torex and McDonald's that now encompasses a consultative relationship giving both parties the ability to develop the solution independently going forward.

McDonald's has successfully deployed Torex NewPOS-POS software in restaurants in 84 countries on a wide range of platforms including handheld terminals, kiosks and POS systems, where benefits have included increased productivity and improved customer service.

McDonald's selected Torex NewPOS-POS software due to its many successful implementations worldwide within the McDonald's restaurant community and because the solution has the best fit for McDonald's future plans.

"Our relationship with McDonald's is an example of the strategic approach Torex has to delivering end-to-end solutions to our global customers. We are committed to working with our customers to ensure that our solutions are tailored to their business requirements in order to achieve maximum benefit," said Mike Greenough, Chairman and CEO, Torex.

The Torex NewPOS-POS Restaurant Platform is the fastest growing international POS application for Quick Service Restaurants. Torex NewPOS-POS significantly improves operational results including increased counter and drive thru speed of service, improved order accuracy and streamlined kitchen production.

The Torex NewPOS-POS Platform is designed for large-scale enterprises and provides food service operators with groundbreaking customisation and support models to tailor the solution to meet their unique operational needs.

Torex NewPOS-POS Enterprise Management tools help clients streamline deployment, support and software distribution, to deliver lower overall cost of ownership.

With more than 20 years experience, Torex is the leading European-based global provider of proven, best-in-class solutions that help over 7,000 customers provide a defining customer experience in the retail, petroleum convenience, fast moving consumer goods, and leisure, food beverage markets.

AFP

India's Kingfisher to buy five more A380s

India's Kingfisher Airlines will buy five more superjumbo A380s in addition to the five it has already ordered as it seeks to start international operations this year, a report said Monday.

"Now that I have secured all the necessary clearances, I am planning to convert the options to confirmed orders," Vijay Mallya, the chief executive officer of Kingfisher, was quoted as saying by the Mint business daily. The Indian government said this month Kingfisher would be permitted to fly overseas later this year.

"We will be operating all non-stop flights to international destinations," Mallya told the newspaper. Kingfisher, the only Indian customer for the A380, could not immediately be reached for comment.

Under India's civil aviation rules, only airlines which have flown for at least five years can fly international routes. Kingfisher will complete five years in 2010. But the airline can start flying foreign routes after its parent UB Group acquired a controlling stake in another carrier Deccan, which completes five years in the air in August 2008.

Kingfisher expects deliveries of the five A380s it had previously ordered to start in 2011-12.

AFP

Reliance Power IPO subscribed 10 times in 4 hrs

Anil Ambani group's Reliance Power IPO on generated a demand of close to Rs 1 lakh crore (Rs 1 trillion) within four hours of start of the book building process, with the issue getting oversubscribed nearly 10 times.

According to the latest data available, the IPO got subscribed 9.68 times till 1400 hrs in the first day of its public issue.

It received bids for over 220 crore (2.20 billion) shares as against 22.80 crore (228 million) shares on offer. The issue, which began this morning and would continue till January 18, has already generated demand for shares worth Rs 99,373 crore (Rs 993.73 billion). "It is a reflection of world community in the future of India... Investors seem to be confident in the future of Indian economy," Finance Minister P Chidambaram told PTI on the IPO.

Most of the bids came at Rs 450, the upper end of the price band making it the country's largest-ever IPO with an estimated proceeds of Rs 11,700 crore (Rs 117 billion), bankers close to the IPO said.

"It has created an unprecedented euphoria in the market, The issue would be a good option for retail investors who are looking for short term gains," domestic brokerage firm SMC Global's vice president Rajesh Jain said.

The company is offering the equity shares at a price band of Rs 405-450 per share. The total size of the IPO is of 26 crore (260 million) equity shares, including the promoters contribution of 3.2 crore (32 million) shares. The net issue to the public constitutes 22.8 crore shares.