Indian Economy - News & Updates - Archive

[Contrarian]

I have no more energy left to post more news, this above barrage was only 5 or days worth of news, and too not all, as i am in a tearing hurry

 

[Neo]

And I'm done after reading four pages...

 

[Neo]

February 25, 2007
India should not let rupee float freely

AGRA (India), Feb 24: India should not allow its rupee currency to float freely and must retain some controls to avert any major crisis due to capital flight, a member of the panel on currency reform appointed by the central bank said on Saturday.

The panel, which submitted its report in September, has ecommended a three-phase, five-year plan to allow fuller rupee convertibility and greater movement of capital in and out of the local currency by the end of the 2010/11 fiscal year.

Subsequently, the central bank allowed resident Indians to remit up to $50,000 in a single financial year, double the earlier limit, and permitted foreign exchange earners to retain 100 per cent of their earnings in foreign exchange accounts on the panel's recommendation.

Both these measures were opposed by A.V. Rajwade, who says such steps will be detrimental and favours a more gradual reform process.

I don't see any great merit in a freely floating currency for an economy like India...We are a capital hungry economy, he told Reuters in an interview on the sidelines of a fixed income conference in the northern Indian city.

Right now, no money is going out because returns in India are very high, but when the situation changes, that is when capital flight will take place. That is when it is going to be most dangerous The rupee has been convertible on the current account since 1994, meaning it can be changed freely into foreign currency for specific purposes like trade-related expenses.But it cannot be converted freely for activities such as acquiring overseas assets.

Rajwade said India was not ready for a full float as the majority of its exports were commodities which are sensitive to prices making exchange rate competitiveness key to growth.

Also, export units were not equipped to manage losses in case of massive swings in exchange rate.

With the Indian economy growing at an average of over 8 per cent a year in the past three years and becoming increasingly integrated with the global economy, policymakers and analysts have been clamouring for a freer float.

But high growth has resulted in a spurt in domestic inflation. Wholesale price inflation rate for the 12 months to Feb. 10 was 6.63 per cent, lower than the previous week's 6.73 per cent, the highest in more than two years.

Rajwade cautioned the government and the central bank against using the rupee to control inflation.

Some analysts have said the government and central bank could allow the rupee to appreciate to make imports cheaper and calm inflation.

The Indian rupee has risen more than 6 per cent against the US dollar since hitting a three-year low of 47.04 in July. A six-currency JP Morgan index shows that the currency is overvalued by 9 per cent.

They have been keeping rupee plus minus 5 percent of the neutral level in inflation adjusted terms. Lately, it had gone to almost 10 percent. I think that was also a step probably taken to curb inflation, said Rajwade.

But I think that has dangerous implications. As it is our current account deficit would be about $16 billion plus this year.

http://www.dawn.com/2007/02/25/ebr21.htm

 

[Neo]

Sunday, February 25, 2007

India’s booming economy brings toxic hi-tech waste

NEW DELHI: India’s booming economy is producing mountains of toxic electronic waste like discarded computers and televisions, but there are no laws to regulate its disposal, a local environment group said on Friday.

Toxics Link said while the Asian giant’s economy has been growing at eight percent annually over the last three years, it has also resulted in the generation of 150,000 tonnes of electronic waste each year.

An eight-month study by the group found that India’s bustling financial hub of Mumbai was the biggest source of electronic or e-waste, generating 19,000 tonnes every year.

“Being the hub of India’s commercial activities, the banks and financial institutions in Mumbai generate huge amounts of e-waste,” Ravi Agarwal, director of Toxics Link, told a news conference.

“But like the rest of India, there are no laws for its safe handling and this will lead to serious health and environmental impacts.”

Agarwal said the government had to regulate the management of e-waste by setting up a central authority to collect all discarded electronic goods and put in place laws to deal with disposal and recycling.

India’s economic liberalisation that began in the early 1990s has seen hundreds of banks, financial institutions, electronics industries, information technology firms and call centres setting up operations across the country.

The booming economy has also led to a growing middle class estimated around 300 million which has more disposable income and an insatiable appetite for electronic products.

“When electronics like televisions, PCs and refrigerators are discarded, it is the informal sector made up of tens of thousands of people who collect it and then break it down and recycle parts of it which can be sold,” said Agarwal.

“They extract toxic-heavy metals such as lead, mercury, cadmium and chromium which are sold for other uses.”

These metals harm the development of the brain, kidneys and some are carcinogens which enter the food chain through the air, water and soil.

http://www.dailytimes.com.pk/default.asp?page=2007\02\25\story_25-2-2007_pg5_30

 

[Neo]

Sunday, February 25, 2007

Arcelor Mittal to invest $2.2b in Senegal mine

BRUSSELS: Arcelor Mittal, the world’s largest steelmaker, said on Friday it would invest $2.2 billion to develop iron ore mining in Senegal, pursuing a strategy of increasing the share of metal supply it directly owns.

“Once completed, the Faleme project will prove to be an important and competitive source of iron ore supplies for our European plants,” Arcelor Mittal majority owner and Chief Executive Lakshmi Mittal said in a statement.

However, South Africa’s Kumba Iron Ore may undermine a potential deal, with the threat of legal action over its claim for a participation in the Faleme project.

Africa’s biggest iron ore producer exercised an option to acquire a controlling stake in the project some time ago. Senegal put this interest in dispute in 2005.

Kumba, majority owned by Anglo American Plc, asked for urgent clarification from the government on Friday.

Senegal confirmed later it had awarded the Faleme project contract to Arcelor. “We’d renounced the contract with Kumba some time ago. Yes, we’ve signed with Mittal for $2.2 billion,” Energy and Mines Minister Madicke Niang told Reuters.

Arcelor said its project comprised building a new port near Dakar and the development of about 750 kilometres of rail infrastructure to link the mine with the port.

The investment would be a major boost for Senegal’s infrastructure and for the government of economic liberal President Abdoulaye Wade. It comes two days before a presidential election in the former French colony.

Since winning the last elections in 2000, Wade has tried to promote industrial development in an effort to create jobs and transform a largely farming and fishing economy. Arcelor Mittal said it aimed to achieve annual production capacity of between 15 million and 25 million tonnes and that total estimated reserves were about 750 million tonnes. Production is expected to begin in 2011.

“This goes in the right direction, they are continuing the vertical integration of their iron core needs,” said an analyst who declined to be named.

The steelmaker’s shares were up 0.7 percent at 39.45 euros, roughly in line with the Dow Jones Stoxx European basic resources index, which was up 1.2 percent.

Arcelor Mittal said on Wednesday its 2006 core earnings reached $15.3 billion, in line with its guidance, and indicated it was looking at more acquisitions in India and China as well as investments in new plants around the world.

http://www.dailytimes.com.pk/default.asp?page=2007\02\25\story_25-2-2007_pg5_31

 

[Neo]

Sunday, February 25, 2007

United States to expand Indian access to high-tech goods

WASHINGTON: The United States and India agreed on Friday to begin adjusting their policies to enable greater trade in high technology, part of efforts to cement their fast-growing economic and political relations.

The US-India High Technology Cooperation Group produced plans to ease US export controls for selected Indian buyers, while tightening India’s regime governing exports of industrial items with military applications, US Assistant Secretary of Commerce Christopher Padilla told reporters.

The United States is committed to “clear up the Cold War cobwebs” of US curbs on dual-use technology that imposed restrictions on pro-Soviet India, he said after the two-day meeting of government officials and business executives.

Washington has identified Indian technology companies that will be eligible for the US “Trusted Customer Program” of streamlined or waived licensing requirements for buyers with good records of compliance with nonproliferation treaties.

India would be included in a program, proposed last year and under US governmental inter-agency review that will also cover China and other states, Padilla said.

To facilitate trade in chemicals, military supplies and other technology, Washington presented lists to New Delhi of products for which it wants India to bring its policies in line with international anti-proliferation standards.

Experts from the two countries would meet in several months and conduct a “product-by-product comparison of the Indian control lists with the four major multilateral control regimes,” Padilla said.

India’s policies on exports of nuclear technology and missiles were getting close to those of the Nuclear Suppliers Group and the Missile Technology Control Regime, he said.

India was also moving closer to harmony with the controls of the Australia Group, which aims to prevent chemical and biological materials from being sold to countries or others that would use them in weapons, said Padilla.

New Delhi still needed to close large gaps in its policies with those of the Wassenaar Arrangement, which governs dual-use items and conventional weapons, he added.

The United States and India dramatically advanced their relations in 2005 when visiting Indian Prime Minister Manmohan Singh and President George W Bush signed a host of agreements, including a deal that, when finalized, would allow US sales of civilian nuclear equipment and fuel to India.

http://www.dailytimes.com.pk/default.asp?page=2007\02\25\story_25-2-2007_pg5_32

 

[Neo]

Forex reserves rise $4 bn in a week

FEBRUARY 23, 2007

MUMBAI: India's foreign exchange reserves rose by nearly $4 billion in a week to hit a record high in mid-February, which analysts saw as evidence of suspected central bank intervention in the currency market to cap the rupee.
Foreign exchange reserves rose to $188.912 billion on Feb 16, from $185.078 billion a week earlier, the Reserve Bank of India (RBI) said on Friday.

Reserves had risen by $5 billion in the week to Feb 9, and have now risen by $11.7 billion since Dec. 29.

The rupee has risen 6.4 percent from a three-year trough of 47.04 per dollar last July, powered by foreign funds flowing into the booming Indian economy, but has lost some momentum this month and has been unable to breach 44 per dollar.

Traders said the central bank has been intervening since November, and appears to have stepped up its efforts in February, capping the rupee at a 16-month high of 44.03 on Feb 9.

On Friday, the rupee ended at 44.2050. A JP Morgan index estimates that the currency is overvalued by 9 per cent.

"I expect capital inflows to continue as growth in India is stronger than rest of the world. Liquidity management will become a priority for the Reserve Bank," said Shuchita Mehta, chief India economist at Standard Chartered Bank.

The central bank bought $5 billion in intervention in November and December, official data showed. Intervention figures for January and February have not been released.

Before November, the central bank's previous intervention was in May, when it bought $504 million. It bought a net $8.14 billion in the financial year to March 2006, down from $20.85 billion in 2004/05.

http://economictimes.indiatimes.com...s_rise_4_bn_in_a_week/articleshow/1669845.cms

 

[Neo]

India's engineering export likely to touch $ 50 bn by 2020

New Delhi, Feb 23

India's contribution to the growing global market of engineering services may touch 50 billion dollar by 2020, double the current export size.

"Of the one trillion dollar world market of engineering services, India's export is likely to be doubled by 2020 at around 50 billion dollar," Nasscom President Kiran Karnik said today while speaking at the PTC World 2007 conference.

He also welcomed the Semiconductor policy announced by the Government yesterday saying it would enable India to attract foreign nvestments at least to the tune of 10 billion dollar to start with.

"An average investment of 2-3 billion dollar goes into setting up of a semiconductor plant and with the semiconductor policy in place, India could attract good capital investment.

I don't know how many plants would be set up here but I am hopeful and even if we get a few, we can see an investment of at least 10 billion dollars coming this way," Karnik said.

India offers a huge market and now with an easy access, it has become an investment destination, he added.

However, India was facing a crunch of skilled manpower, which needed to be addressed immediately in order to become globally competitive and to tap the existing potential.

"Unfortunately of the 450,000 engineers that our country churns out every year, only 30 per cent have the skill sets to meet the requirement of the industry. We have already begun to feel the shortage and our endeavour is to make good this crunch through various training programmes and other initiatives," Karnik said.

http://www.indianmuslims.info/news/...ing_export_likely_to_touch_50_bn_by_2020.html

 

[Neo]

'India to become a trillion dollar economy by '08'

Saturday, February 24, 2007

AGRA, FEBRUARY 24: RBI Deputy Governor Rakesh Mohan said on Saturday he expected sustained growth in excess of 9.0 per cent for the Indian economy.
India, Asia's fourth largest economy, is expected to grow by 9.2 per cent in the fiscal year ending March 2007.

That would mark the country's fastest growth rate in almost two decades, underlining its increasing clout in the world economy as manufacturing and service firms power ahead.

India should become a trillion dollar economy by March 2008, Mohan told a fixed income conference in Agra.

"We should be a trillion dollar economy by next year, I mean 2007/08," Mohan said.

World Bank data show that at the end of 2005 only nine economies had a GDP of more than $1 trillion, with Brazil, South Korea and India the next closest with GDPs of almost $800 billion.

The government wants to raise sustainable growth to 9 percent and beyond in order to spread wealth to India's 260 million poor and generate revenue to bring down its large fiscal deficit.

Mohan said the combined deficit of the Central and state governments at 6 per cent was still high by global standards.

India's economic growth has averaged 8.3 per cent over the past three fiscal years. The government has also revised up growth for fiscal 2005/06 to 9.0 per cent from 8.4.

But the red-hot pace is straining infrastructure and leading to a squeeze on capacity, which is fuelling inflation, now at a two-year high above 6.5 per cent.

Mohan said India was moving towards more liberal financial market regulations but said the government securities market needed more liquidity.

http://www.financialexpress.com/latest_full_story.php?content_id=155913

 

[Owais]

UAE will invest $33b in Indian food industry

DUBAI: United Arab Emirates (UAE) will invest $33 billion in the Indian food processing industry, as the two countries would soon be signing a Memorandum of Understanding (MoU) in this regard.

Indian Food Minister, Subodh Kant Sahai and the UAE Minister for finance and Industry, Dr. Muhammad Khalfan Bin Qaharbash in a meeting held here decided this.

Subodh Kant told that the agro-based industry has the potential of Rs1000 billion investments. He said that the infrastructure for the UAE agro-based industry would be built under the agreement, while the Indian government would be giving tax relief on these investments.

Experts told that 90 percent of the food and beverage products of GCC countries were imported and its value would swell up to $20 billion by 2015. India last year exported food and beverages worth $9 billion, while the grains worth $500 billion annually go wasted due to the non-availability of processing, storage and value addition facilities, experts further said.

http://geo.tv/geonews/details.asp?id=2577&param=3

 

[Janbaz]

India fuel demand leaps higher in Jan

NEW DELHI: India’s fuel demand jumped 7.3 per cent in January from a year ago, led by naphtha and diesel, extending a period of rapid demand growth in Asia’s third-largest consumer, official data showed on Monday.

Sale of refined oil products, a proxy for oil demand, rose to 10.46 million tonnes, the data showed. The growth came a month after India’s first reduction in domestic fuel prices and just ahead of its second, pushed through two weeks ago to combat inflation at a two-year high.

Pump prices of petrol have fallen by 4.5 per cent and diesel by 3.2 per cent. Diesel sales, which account for nearly a third of consumption, rose 8.2 per cent in January from a year earlier to 3.71 million tonnes (900,000 barrels per day).

But oil demand was also fuelled by growing industrial use of feedstock naphtha, as fertiliser firms and some power plants struggled to get enough cheaper natural gas. Domestic naphtha sales surged 28 per cent, their third double-digit rise in a row.

“Higher consumption by petrochemical plants and the restarting of the Dabhol power plant have added to naphtha growth,” said a government source. India has been importing naphtha to run the Dabhol project in the western state of Maharashtra, which was fired up in October after demand for its power picked up.

Despite the increase in consumption, however, the data showed an unexpected trebling in naphtha exports to 1.3 million tonnes for January, although this was partly offset by imports, which rose by nearly 154 per cent to 476,900 tonnes. “Higher naphtha imports resulted in more domestic surplus available for exports,” said the oil ministry official, who did not wish to be identified. “(Gas) scarcity appears to have extended into January, since one of the main source of LNG imports, Qatar’s RasGas 2 plant, declared force majeure ... and deferred two cargo loadings contracted by India’s Petronet,” said an International Energy Agency report.

Motor fuel sales also rose due to a court ruling banning the overloading of trucks, forcing more vehicles on to the roads. “High GDP growth especially in manufacturing sector is also reflected in the petroleum product sales,” the official said.

Oil product exports in January rose 173 per cent to 6.1 million tonnes, driven by naphtha and jet fuel. Fitch in its outlook for the Indian oil and gas sector for 2007 has said, “with the increase in refining capacity in 2006, domestic overcapacity will country, leading to higher exports.”

India forecast an increase in oil product exports to 93 million tonnes in 2012 from 21.5 million tonnes in 2005/06. Oil product imports rose by 21.7 per cent to 1.2 million tonnes, mainly due to diesel and naphtha imports. Reliance Industries Ltd, Indian Petrochemical Corp Ltd and Haldia Petrochemicals Ltd have imported over 1.2 million tonnes of naphtha this year. Crude oil imports during January rose 0.7 per cent to 9.08 million tonnes. India imports nearly 70 per cent of its total crude oil requirement in a year.

The News.
http://thenews.jang.com.pk/daily_detail.asp?id=44610

 

[Neo]

Indian Railways to post $4.4bn budget surplus

NEW DELHI: Indian Railways, on the verge of bankruptcy six years ago, will post a surplus of $4.4 billion this fiscal year and spend the money on its accident-prone network, the rail minister said on Monday.

Railways Minister Lalu Prasad Yadav shouted amid uproar in the parliament as he presented next year’s budget for the state-owned service. India’s fiscal year starts April 1. “Under the previous administration the railways was bankrupt but now we have turned it around,” Yadav said in a swipe at a rival politician who was railways minister in the previous government. Yadav promised lower fares, more comforts such as cushioned-seats instead of wooden benches.

He also said the network would add a slew of new carriages and services at stations to boost revenues further next year. “Second class carriages — with wooden seats and sleeping berths will be replaced by comfortable cushioned seats,” Yadav said.

The railway, started by India’s former British colonial rulers, has around 1.6 million employees, making it the world’s biggest civilian employer and runs thousands of trains daily. But the 150-year-old railway which transports more than 15 million people daily in the country of 1.1 billion people has been notorious for its antiquated equipment, financial losses, delays and red tape.

Kerosene was used to create a huge firebomb aboard the “Friendship Express” as it headed north from Panipat to Lahore, police said. Yadav, a former chief minister of India’s lawless state of Bihar until corruption allegations led him to step aside in favor of his wife, has won kudos from management experts for turning around the railways since taking his post in May 2004.

The turnaround was deemed even more remarkable because experts warned in 2000 that the railway faced bankruptcy with a surplus of just Rs3.5 billion and was mired in a “terminal debt trap.” Rail is still the main form of long-distance travel, but experts forecast an explosion in the number of people travelling by air.

http://www.thenews.com.pk/daily_detail.asp?id=44611

 

[Neo]

Nissan joins Indian automobile venture

CHENNAI, India: Japanese automaker Nissan joined on Monday a venture by French partner Renault to build a $902 million plant in India, seeking to compete with rivals Toyota and Honda for a slice of a booming car market.

Nissan and Renault will together hold 50 per cent of the venture, with local partner Mahindra and Mahindra taking the rest, the three companies said in a statement. The southern city of Chennai, known as India’s Detroit, was chosen as the location for the factory, which will have the capacity to turn out 400,000 cars a year seven years after the start of production in 2009.

Nissan and Renault are latecomers to the Indian car market, which is forecast to expand 10 per cent a year to reach two million units in 2010 as an economy expanding nine per cent a year boosts the buying power of consumers and stokes demand for personal transport.

The Indian car market expanded by 68 per cent between 1998 and 2003 to reach 1.04 million vehicles in 2004, according to Renault. “India is a key market for Renault’s international growth ambitions,” Patrick Pelata, Renault’s executive vice president, said in the joint statement.

Honda is already selling City and Civic models in the country and Toyota’s local range includes the Innova and Corolla. Another Japanese rival Suzuki’s local venture is India’s biggest carmaker.

Nissan joined the alliance to “gain a rapid entry advantage for local manufacturing in India,” Carlos Tavares, the firm’s executive vice president said in the statement. “Nissan was able to evaluate several different options for our first manufacturing base in India but the advantages of working with our Alliance partner and their local Indian partner was compelling,” he said.

Nissan already has manufacturing sites in Japan, United States, United Kingdom, Spain, Mexico, China, South Africa, Thailand and Egypt. The 400-hectare (925-acre) Chennai factory will provide auto production capacity for each partner, enable the rollout of both cars and sports utility vehicles and include a power train facility for Renault and Nissan.

A range of automobiles tailored to the Indian market will be rolled out under the alliance, which will enable Mahindra to move into passenger cars from utility vehicles. “This is a red letter day in the globalisation of the Indian automotive space,” Mahindra group chairman Keshub Mahindra said. “The expansion of our strategic partnership with Renault to include Nissan is designed to bring world-class platforms to the evolved car buyer.”

http://www.thenews.com.pk/daily_detail.asp?id=44612

 

[Neo]

Tuesday, February 27, 2007

AXA targets India and China in Asia push

HONG KONG: AXA Asia Pacific Holdings Ltd, the regional unit of No 2 European insurer AXA, plans to expand its footprint in fast-growing China and India and has its eyes open for acquisitions, a top executive said.

AXA’s Chinese joint venture, AXA Minmetals Assurance Co, has won approval to open an office in Foshan and satellite offices in Panya and Huadu, in the southern province of Guangdong. It already has outlets in Shanghai, Beijing and Guangzhou.

The firm is also planning to expand its network in India, where it has a joint venture with conglomerate Bharti Enterprises and plans to grow to 20 cities from six by the end of the year.

“We are very ambitious to get to be a leading player,” said Mark Pearson, regional chief executive of life insurance, said in an interview, acknowledging that AXA is a “second wave entrant in India”.

Its joint venture with Bharti, which has businesses ranging from telecoms to insurance and commercial farming, began operating last August. British rival Prudential began operations with joint venture partner ICICI Bank, India’s No. 2 lender, in December 2000.

Pearson expects AXA’s Indian business to grow quickly as it has a national license and the potential is vast in a company with a fast-growing middle class and low penetration rates for insurance policies.

India and China will be key drivers as Sydney-listed AXA Asia Pacific, which excludes Japan, aims to more than double the value of new business to A$312 million ($248 million) by the end of 2008 from A$142 million at end-2004, he said.

“That’s going to come primarily from sales,” he said. “We’ve grown from 6,000 agents to more than 11,000 (regionally) in the past year and with the opening of India we should continue to see very strong growth.” AXA Asia Pacific last week posted a 24 percent increase in 2006 operating earnings to A$454.5 million.

Its parent company plans to spend about 10 percent of its profits on the insurer’s Asia expansion plans, Pearson said. AXA group net profit was US$6.7 billion last year. AXA Asia Pacific agreed to buy the Hong Kong life insurance business of Winterthur in December and it acquired MLC Hong Kong from National Australia Bank a year ago. “We remain opportunistic on acquisitions,” Pearson said. “We have markets we look at and Hong Kong would be one.”

He declined to go into further detail but also noted that Taiwan and South Korea, where AXA Asia Pacific does not have operations, look increasingly attractive, although he said the company is not set to announce any new moves in those markets. “Those are two obvious gaps on where AXA is in Asia,” he said, noting AXA exited Taiwan five years ago but that “things have liberalised extensively over the last couple of years.

http://www.dailytimes.com.pk/default.asp?page=2007\02\27\story_27-2-2007_pg5_22

 

[Neo]

Tuesday, 27, February, 2007

India-UAE Economic Ties Brisk as Trade Balloons
K.T. Abdurabb, Arab News

DUBAI, 27 February 2007 — The relations between India and the UAE were poised to strengthen even further as India has emerged as Dubai’s largest export destination ahead of Pakistan, Iran and Kuwait, Indian consul general Venu Rajamony said yesterday.

“The trade between the UAE and India has diversified and rapid economic growth of the Indian economy has made it an attractive destination for investments from UAE. Indian companies have become more robust and confident with the rapid economic growth and are entering Dubai and northern Emirates in larger numbers. Dubai is increasingly an important trans-shipment point and logistic hub for the Indian goods” he said, while addressing a press conference in Dubai.

According to Dubai Customs statistics, the total trade between Dubai and India over a period of 5 years, from 2002 to 2006 has increased from $2.5 billion to $10.9 billion reflecting an increase of 336 percent. Over 80 percent of the trade between India and UAE are routed through Dubai. For the year 2006, the total non-oil trade between India and Dubai was $10.9 billion. Export from India to Dubai in the year 2006 was $6.4 billion. Import into India from Dubai was $4.5 billion.

According to the figures released by the Dubai Government Department of Tourism & Commerce Marketing (DTCM), India has emerged as Dubai’s largest export destination ahead of Pakistan, Iran and Kuwait. However, China leads as the top exporter to Dubai followed by India. On the re-export front, India was second after Iran as destination of re-exports from Dubai.

In 2006, major import from India to Dubai was diamond valued at $1.3 billion. In fact, top five commodities comprised of diamond, jewelries, platinum, gold and scrap of precious metals. In 2006, of the total exports of $4.5 billion from Dubai to India, $1.2 billion comprised of gold. The top five commodities exported from Dubai to India were ferrous waste & scrap, aluminum waste & scrap, copper waste & scrap and paper waste & scrap.

http://www.arabnews.com/?page=6&sec...m=2&y=2007&pix=business.jpg&category=Business