Showing posts with label European Union. Show all posts
Showing posts with label European Union. Show all posts

Saturday, March 3, 2012

Under new trade plan; 40,000 Indians allowed to work in Europe

At least 40,000 Indians may be allowed to work in Europe, including 12,000 in Britain alone, under a secret trade plan between the European Union and New Delhi, a media reprot said, citing leaked documents.

The EU has proposed that 40,000 Indian workers will be admitted to Europe without any labour market test as part of the plan to boost export trade with New Delhi, the Daily Mail reported, quoting a leaked copy of the EU/India Free Trade Agreement , due to be signed later this year.

Central to the agreement is the European Union's offer on what is known as 'Mode 4', which will allow Indian companies to bring temporary workers into the EU, the newspaper said.

According to the leaked papers, out of 40,000 Indians who would be allowed to work in Europe, Britain has been asked to take 12,000, 30% of the total allocation, despite the UK making up 12% of the EU's population.

The 12,000 Indian migrants , who would be able to live and work in Britain for six months, will be in addition to people given visas under Britain's supposedly strict immigration cap, the newspaper said.

Wednesday, February 29, 2012

US: Having very intense conversations with India, China on Iranian oil

The United States is having "very intense and very blunt" conversations with India, China and Turkey on reducing their dependence on Iranian oil, secretary of state Hillary Clinton has told lawmakers.

Clinton, testifying before a congressional committee on Tuesday, said the US is asking these countries to take specific measures that would reduce their dependence on Iranian oil adding. But, without naming one, she did acknowledge that this would be a bit tough for some countries.

"With respect to China and Turkey and India, we've had very intense and very blunt conversations with each of those countries. I think that there are a number of steps that we are pointing out to them that we believe they can and should make," Clinton said while responding to questions from Senator Robert Menendez.

"In a number of cases, both on their government side and on their business side, they are taking actions that go further and deeper than perhaps their public statements might lead you to believe," Clinton said.

"We are going to continue to keep an absolute foot on the pedal in terms of our accelerated, aggressive outreach to them. And they are looking for ways to make up the lost revenues, the lost crude oil," she said.

Claiming that oil deficit is a difficulty for several other countries, Clinton said US has come up with lots of suggestions that would help these countries in resolving the crisis.

"Our expectation and the direction we are giving to countries is that we do expect to see significant reductions. I am pleased to report, Senator, that we've been aggressively reaching out to and working with countries to assist them in being able to make such significant reductions," Clinton said.

Earlier in the day, testifying before the state, foreign operations and related programs subcommittee of the Senate Appropriations Committee, Clinton told Senators the US is aggressively pursuing sanctions against Iran.

"We are implementing the new Iran sanctions aggressively. The (US) president issued an executive order on February 6th that blocks assets under US jurisdiction of all Iranian banks; also makes it clear that both the departments of treasury and state are expected to enforce the sanctions absolutely," she said.

"We have been travelling the world, high-level teams from treasury, energy and state, to explain what the sanctions are to counterparts around the world. We're very frank in these discussions about the requirements of US law," the US leader said.

Meanwhile, a broad range of countries are making decisions to reduce their dependence on Iranian crude, unwind their dealings with the central bank of Iran, she said.

"We are also pushing very hard to make it clear that we'll help countries that have a significant dependence on Iranian crude to try to find alternatives. It is something that they have to look for. They can't just stop cold turkey and not have anything fuelling their economies," Clinton said.

While referring to the steps being taken by the European Union and Japan, the secretary of state said that some of the major oil producers have set forth their willingness to try to make up the difference.

"We've seen increasing difficulty by Iran in importing and exporting products. They cannot purchase third-party liability coverage for their vessels. So we've stopped them from being insured, which means they can't travel," she said.

Clinton added that the Japan, which lost much of their electricity production because of the earthquake and the Fukushima nuclear power plant meltdown, had reduced their imports from Iran in the range of 15 to 20 per cent since last year and is looking for new suppliers.

Tuesday, December 6, 2011

Asian stocks, euro fall after S&P downgrade warning

Asian stocks and the euro fell on Today after ratings agency Standard & Poor's warned it might downgrade euro zone countries en masse if European leaders fail to produce a credible plan to solve the region's debt crisis at a summit later this week.

The unprecedented warning brought to a halt a rally in global equities that began last week and had continued on Monday, when the leaders of France and Germany agreed a plan aimed at guiding the region out of its two-year-old crisis.

European stocks were expected to fall back from a five-week high struck in the previous session, with major regional bourses seen opening as much as 0.8 percent lower.

"We are entering a critical stage," said Kenichi Hirano, operating officer at Tachibana Securities in Tokyo.

"There are high market expectations for positive developments out of the European leaders' meeting this week and if there are any indications that decisions will be pushed back it will have negative consequences for the market."

Oil and copper prices also retreated after the S&P statement, which came late in the US trading day, while Wall Street index futures fell and US Treasury yields edged down, indicating investors were seeking safety in the dollar.

MSCI's broadest index of Asia Pacific shares outside Japan fell 1.8 percent, with the heaviest losses in the growth-sensitive materials sector.

Tokyo's Nikkei share average fell 1.4 percent, while S&P 500 futures eased 0.6 percent, pointing to a lower start for Wall Street after Monday's 1 percent gain.

Financial bookmakers called the FTSE 100 to open down 0.8 percent, Germany's DAX to fall 0.7 percent and France's CAC-40 to slip 0.5 percent.

S&P said it had told 15 of the 17 euro zone countries, including Germany, France and four others with the top AAA credit rating, that it might downgrade them within 90 days, depending on the outcome of Friday's summit.