The government's decision to bring imported sugar under the provision of quarterly periodic release so as to create a level playing field between foreign and domestic manufacturers seems to have backfired because of the ``as and when required'' clause attached to it.The announcement has actually worsened the situation for domestic producers as traders of foreign sugar, in a bid to clear their stocks before quota restrictions are imposed, have reduced prices by Rs 30-40 per quintal in the last few days.

Monsoon brings cheer to castor sector

The first monsoon showers have spurred castor-growers and millers into action. While the farmers are rushing to procure hybrid seeds, the millers are keenly awaiting supplies that will improve crushing operations. At present more than 70 per cent castor mills are shut due to wide price disparity and supply crunch.

Thai Monsanto project under attack

A joint project involving the US Monsanto corporation,the Manila-based International Rice Research Institute (IRRI), the Thai government and a local non-governmental organisation (NGO) to encourage the use of agro-chemicals and technologies has come under sharp criticism from several Thai and regional NGOs.

Patent-like protection to plant breeds

The World Trade Organisation (WTO) sponsored a meeting in Bangkok, Thailand on 18-19 March which aims to push Asian governments into enacting patent-like laws over basic food and export crops. Organisations representing farmers and rural communities who will be adversely affected by such laws were denied participation in the discussion.

Cashew processing scheme

The Union commerce ministry has approved a Rs 1-crore assistance project to help cashew kernel exporters to improve processing facilities in the country. The assistance will be made available to the exporters through the Cashew Export Promotion Council (CEPC).

Low global demand hits tea auction Depressed demand for tea from importingcountries is reflecting on the auction prices of the commodity in all the three southern centres. The quantity of tea which arrived at the auction centres was only a little lower compared to the previous year, but prices fell drastically because of poor offtake.

Japanese rubber seen drifting lower

Japanese rubber futures are set to continue drifting lower next week, following a record-low expiry and new data indicating rising domestic stocks, analysts said on Friday."Sentiment is a bit bearish, as one can see from the fact that spot June expired lower yesterday. It will remain difficult for the market to aim higher because the newly released rubber stock data is also depressing the market," a technical analyst said.

Spice export earnings up 17%

Increase in international prices of spices and spice oils has helped the country's export earning to record a 17-per cent growth in rupee terms during 1998-99. The value of export was put at Rs 1,650.03 crore at the end of the last fiscal asagainst Rs 1,408.30 crore in 1997-98. This achievement has crossed the targeted amount of Rs 1,648 crore as set by the Union agricultural department in 1997-98, according to a report released in the May issue of Indian Spices, a monthly bulletin of the Spices Board.High power costs hit alloy producers

A grave shortage of high carbon ferro manganese may arise in the country as most big producers of the alloy have shut down or are closing down due to high cost of power and low domestic prices.The biggest producer of high carbon ferro manganese is Maharashtra Electrosmelt Ltd (MEL), a SAIL subsidiary, has incurred a loss of Rs 11.07 crore during 1998-99 against a profit of Rs 1.64 crore in 1997-98.

Jakarta to enter diamond mining

Indonesia is now poised to enter the world map of producers of rough diamonds, with its first alluvial trial diamond mining project reaching the point of commissioning.

Glencore bids highest for US cobalt

Glencore Ltd submitted the highest bid among 13companies for US stockpiled cobalt, offering up to $17.75 per lb, the United States Defense Logistics Agency said Wednesday.Glencore said it was willing to buy up to 8 lots with no restrictions attached to any of its bids, which ranged between $16.00 and $17.75.

Iraq's diplomatic offensive

Iraq is mounting a major diplomatic offensive to win Arab and world support to end nearly nine years of UN trade sanctions.President Saddam Hussein has dispatched senior Iraqi officials to a number of world capitals to make Iraq's case for an end to the sanctions imposed after its troops invaded Kuwait in August 1990.

Chevron to appeal Occidental lawsuit

Oil major Chevron Corp. said on Wednesday it would appeal to the US Supreme Court a lower court decision that found it liable in a complex breach of contract case and ordered it to pay competitor Occidental Corp. $742.2 million.

Oil prices up as inventories drop

Oil prices soared Wednesday, causing a sympathetic upturn in oil shares,following news that nationwide inventories fell sharply last week, traders said. On the New York Mercantile Exchange (NYMEX), oil for August delivery rose nearly four percent, or 70 cents, up on the day to $18.45 a barrel, coming after three days of losses.

Rubber stocking norms revision urged

The United Planters of South India (Upasi) had called for revising the norms of `buffer stocking' of natural rubber in view of its price fluctuation in the country. The current norm provides for keeping two months' consumption requirement as stocks despite the surplus available in the market outstripping the demand.