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Mazda gears
up for TOKYO, Dec 11: Japanese carmaker Mazda Motor Corp said on Monday it planned to start producing its .....more Biggest beer maker cleared WELLINGTON, Dec 11: New Zealand’s Commerce Commission has cleared the country’s biggest beer maker.....more
Russia set for 800 mln TOKYO, Dec 11: Russia looks set to receive an 800 million structural adjustment loan from the World Bank under conditions that ...more TTL begins organic KOCHI, Dec 11: The Tata Tea Limited (TTL) has begun organic tea plantation and it will hit the market in three years ....more |
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IDBI Bank
opens SURAT, Dec 11: The technology savvy new generation private sector IDBI Bank opened its 51st branch in the city today by its Managing Director Gunit Chadha. In his inaugural address, Mr Chadha said that the Bank’s initiative to......more HK stocks open HONG KONG, Dec 11: Hong Kong stocks opened higher on Monday led by "old economy" stocks after further signs of a cooling US economy pointed to an interest rate cut early next year.......more Wheat worth Rs 20,000 MUMBAI, Dec 11: Mumbai High Court has directed Food Corporation of India (FCI) to file its say on a writ petition alleging that the ‘faulty’....more
ICICI-BOM approved MUMBAI, Dec 11: The Board of ICICI Bank Ltd and Bank of Madura (BOM) Ltd at their separate meetings approved the scheme of amalgamation which ......more |
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Mazda gears up for China Minivan production TOKYO, Dec 11: Japanese carmaker Mazda Motor Corp said on Monday it planned to start producing its Premacy Minivan in China by as early as next June, aiming to tap growing demand for family cars there. President Mark Fields told a news conference that Mazda aimed to make an annual 20,000 Minivans in China by 2004. "We believe this business undertaking will meet China’s policy in developing their automobile industry as well as providing Mazda excellent growth opportunity," Fields said. The Japanese firm will offer technology and consign annual output of the Minivans to a Chinese company in Hainan province, which will assemble parts mainly exported from Mazda in Japan. Mazda manufactures vehicles jointly in the United States and Thailand with Ford Motor Co, which holds a 33.3 percent stake in the Japanese automaker. Last Tuesday, China approved, in principle, a project by Ford and Chongqing-based Changan Automobile Group to produce a family car for the Chinese market, a Chongqing official said. Central Government approval of the deal had made it unlikely that Changan would cooperate with Ford competitor General Motors Corp, which had also approached the Chinese compact car maker about a possible joint venture in the southwestern city, he said. Mazda sold 3,200 cars in China in 1999. As of 0352 gmt, shares in Mazda were up 3.6 percent at 288 yen, amid an overall rise in the Tokyo stock market. (REUTERS) |
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Biggest beer maker cleared to take over no 1 in wine WELLINGTON, Dec 11: New Zealand’s Commerce Commission has cleared the country’s biggest beer maker, Lion Nathan, which is 45 per cent owned by Japan’s Kirin brewery, to take over Montana Group (NZ) Limited, the country’s biggest wine company. Lion Nathan now holds just more than 28 per cent of the wine maker, which recently took over the no. 2 wine company, Corbans. Montana has 62 per cent of New Zealand’s domestic wine market and is the biggest exporter, shipping about 800,000 cases a year. Commerce Commission chairman John Belgrave said he was satisfied that the proposed acquisition could go ahead without infringing on New Zealand’s anti-competitive law barring any company from acquiring dominance in any market sector. He said Lion Nathan, which controls about 53 per cent of the New Zealand beer market, had low market share in the production, importation and distribution of wine and was, therefore, unlikely to acquire dominance of that sector by aggregation alone. The Commission concluded that the extent of competition remaining in each market, the wide range of outlets available and the strong buying power of supermarkets would constrain a merged lion Nathan-Montana Company. Montana chairman Peter Masfen, who controls 20 per cent of the company, is fighting a lion Nathan takeover, having given notice that he wants to acquire another 31 per cent to give him majority control of the company. (DPA) |
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Russia set for 800 mln WB loan: Wolfensohn TOKYO, Dec 11: Russia looks set to receive an 800 million structural adjustment loan from the World Bank under conditions that are largely in line with Moscow’s own economic plans, the head of the World Bank said on Monday. "I think you can count on 800 million in the next period," World Bank President James Wolfensohn told reporters while in Tokyo to attend a Conference on Global Economic Development. Russia’s 2001 draft budget, which has passed three of four required parliamentary readings, envisages up to 800 million of Structural Adjustment Loans (SAL) from the World Bank. Wolfensohn said he met Russian President Vladimir Putin a few weeks ago to discuss the assistance. "Unless something has happened in the last few days, and I don’t think it has, we were just in the normal stage of negotiations with the Government," Wolfensohn said. "I would guess the conditions will be much the same as they have been previously, which is achievement of certain benchmarks which have essentially been announced by the Government itself." he stressed the World Bank was not attaching its own unique set of conditions to the loans, but was instead relying on Moscow’s own economic plans as outlined by Putin. "They were conditions which the president himself had outlined as part of his programme, relating to governance, relating to various reforms that he himself announced that after he was President he wanted to bring in," Wolfensohn said. "We have a high degree of satisfaction in the outline that President Putin gave shortly after he came into office, which essentially was a medium-term economic structural plan," he added. "So we are really following his outline rather than dictating one." The Russian economy has been boosted in recent months by high international energy and commodity prices and positive effects of the rouble devaluation after the 1998 crisis. But a World Bank official recently urged the Government to increase taxation of oil companies and continue broad tax reforms to strengthen the fiscal system. The World Bank and Russia agreed in September to cancel a previous SAL-3 programme, agreed in 1998. Only 400 million of the total 1.5 billion loan had been disbursed and the rest was put on hold as the Government failed to meet loan conditions. (REUTERS) |
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TTL begins organic tea plantation KOCHI, Dec 11: The Tata Tea Limited (TTL) has begun organic tea plantation and it will hit the market in three years, TTL Vice-President T Damu and General Manager K N Desai said here today. They told a news conference that 500 hectares of TTL’s tea plantations in Munnar of Idukki district had been set apart for organic tea plantation and work had begun two years back. TTL opted this line of production also in the context of craze for organic tea in Europe especially in Germany and UK. Organic tea fetched three to five time prices of conventional tea in the global market. They indicated that TTL’s profit was likely to come down during the current financial year because of crash in tea prices. The company made a profit of Rs 125 crore last year. Mr Damu said higher wages coupled with increased taxation was the major constraint facing the tea industry in Kerala where the company owned large tracts of tea plantation. Besides, tea companies had to provide accommodation, schooling and medical facilities to plantation workers whereas in countries like China, Sri Lanka and Vietnam, these demands were met by the Government. The company today launched a premium dust tea in the brand name of "Kanniamallay," a bulk tea exclusively for the Kerala market. The Kannimallay estate of the company in Munnar gives an annual crop of nearly one million kg of tea. (UNI) |
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IDBI Bank opens its 51st branch SURAT, Dec 11: The technology savvy new generation private sector IDBI Bank opened its 51st branch in the city today by its Managing Director Gunit Chadha. In his inaugural address, Mr Chadha said that the Bank’s initiative to substantially build its retail banking operations is now taking shape. It has an impressive repertoire of products such as ATMs, depository services, smart cards, WAP banking, telebanking etc. He said that the Bank will shortly move to a new technology platform which will serve as a foundation in meeting the Bank’s objective of becoming a major player in retail and corporate banking. He said that a blue print have already prepared for centralising the operations which will improve operating efficiency and cut down costs. Mr Chadha said that the branch network is supported by 68 ATMs which will be increased to over 250 in the next eighteen months. The business community in the city can benefit immensely through our electronic funds transfer facility and anywhere banking facility as all the branches of the bank are on-line linked to each other. (UNI) |
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HK stocks open higher on rate hopes HONG KONG, Dec 11: Hong Kong stocks opened higher on Monday led by "old economy" stocks after further signs of a cooling US economy pointed to an interest rate cut early next year. Property developer Cheung Kong (holdings) Ltd was down 1.27 percent at HK 97.50 as investors were disappointed that Morgan Stanley capital international did not announce the stock would rejoin its index. The Hang Seng index was up 0.83 percent, or 126.75 points, at 15,316.08 points, at 10.07 a.m. (0207 gmt). A slight rise in US unemployment was a further sign that the American economy is cooling, raising hopes for a cut in interest rates early next year. Hong Kong tends to track US rate moves because of its currency peg to the US dollar. That was pushing up banking and property stocks in early trade, adding to their gains last week on rate hopes. Developer Sun Hung Kai properties, which has a number of properties due for launch in the first half of next year, was up 0.71 percent at HK 70.75. Stocks that stand to lose out when MSCI switches to a free-float system were gaining ground on investor relief after Morgan Stanley capital international said the adjustments would not be immediate but would be phased in from the end of November next year. Hang Seng Bank was up 2.6 percent at HK 98.25, after hitting HK 99 soon after the opening. The company will see its weighting in the MSCI index reduced because it is largely owned by HSBC holdings and has a small free float of shares. HSBC, which has nearly a 100 percent free float, will benefit from the change. It was up 0.9 percent at HK 115.50. China Mobile, the mainland’s biggest mobile phone operator, said on Monday the change in weighting should have little impact on its share price as only 40 percent of its market capitalisation was now included in the MSCI China free index. China mobile was up 1.1 percent at HK 47.10. "The MSCI revamp has been factored into the market for some time so it is not having too much impact," said Herbert Lau, Research Director at Celestial Asia Securities. Cheung Kong was the only major casualty, it was down 1.8 percent at HK 97 on profit-taking in the wake of the stock’s 11.6 percent surge last week as investors expected an announcement from MSCI. Lau, however, believes it is very likely that Cheung Kong will rejoin the index given its relatively large free float. MSCI said it would announce individual stocks in its new weighting line-up by June 30 next year. China shares were flat in early trade but China travel HK was up 9.3 percent at HK 1.06 after friday’s announcement that conglomerates China Travel Service (holdings), China Everbright Holdings, China Resources (holdings) and China Merchants Holdings are to co-operate on investment and asset restructuring among other issues. On the broader market, while the Hang Seng was steady at around 15,260, analysts said sentiment remained firm. "I think we could see the index topping 16,000 by the end of the year," said Michael NG, Deputy Managing Director at Sassoon Securities. "The bad news is diminishing, there are expectations for an interest rate cut next year and the oil price is falling." Market turnover totalled HK 3.7 billion (US 474 million) at 11 a.m. (0300 gmt) with winners outpacing losers by 167 to 107 and 461 stocks unchanged. (REUTERS) |
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Wheat worth Rs 20,000 crore
lying in FCI MUMBAI, Dec 11: Mumbai High Court has directed Food Corporation of India (FCI) to file its say on a writ petition alleging that the ‘faulty’ policy of the Union Government in fixing sale price of wheat has resulted in piling up of unsold stock worth Rs 20,000 crore. The direction was given by Justices Ajit Shah and P V Kakade on a petition filed by Nandlal Wadhawa, president of Maharashtra Roller Flour Mills Association. The petition has alleged ‘total failure’ of the Union Government in adopting a reasonable pricing policy and in providing proper storage facilities for the stock of 26 million tonnes of wheat which has remained unsold since April this year. The petition also alleged that the Government had taken an unreasonable decision to export two million tonnes of wheat at the rate of 90 US dollars (about Rs 410) per quintal as against Rs 724 per quintal in the domestic market which was initially pegged at Rs 900 per quintal. The petition further alleged that the Centre had rejected the offer of roller mill operators — the largest consumers —to lift FCI’s unsold stock at affordable rates ranging from Rs 500 to Rs 650 per quintal, particularly when 26 million tonnes of wheat was lying in the godowns since April and the new crop was round the corner. The petition has also alleged that 70 lakh tonnes of wheat had turned rotten due to poor and inadequate storage facilities provided by FCI and claimed that sub-standard wheat was being supplied through the Public Distribution System. (PTI) |
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ICICI-BOM approved ratio of 2:1 MUMBAI, Dec 11: The Board of ICICI Bank Ltd and Bank of Madura (BOM) Ltd at their separate meetings approved the scheme of amalgamation which envisages a share exchange ratio of two shares of ICICI Bank for one share of BOM. The Board of Directors of ICICI Bank and BOM at their separately held meeting at Mumbai and Chennai today approved the merger proposals based on the recommendations made by consultancy firm Delotte Haskins and sells, which acted as independent valuers to the transactions. The appointed date of the merger will be February 1, 2001. The scheme of amalgamation will be placed for approval at the meetings of shareholders of the two banks on January 19, 2001 and will be subject to approval of the Reserve Bank of India (RBI). DSP Merrill Lynch Ltd aced as advisor to the BOM for the transactions. While Kotal Mahindra Capital Company will advise now ICICI Bank on the merger process, a release issued here by ICICI bank stated. This merger is full of possibilities, the large customer base, geographical reach and infrastructure managed by trained personal would help us accelerate our growth plans, stated Mr H N Sinor, Managing Director and CEO, ICICI Bank. According to Dr K M Thigarajan, Chairman of BOM stated, merger with a new private sector bank, particularly a financially and technologically strong bank like the ICICI Bank should add to shareholder value and enhance the career opportunities for our employees besides providing first rate, technology-based, modern banking services to customers . A proforma analysis of the merged bank shows that the merger is EPS accretive for ICICI Bank shareholders by 23 per cent based on september 2000 half-year results (Rs 7.1 per share (annualised) to Rs 8.7 per share (annualised) proforma for he merger entity). On proforma basis, as on September 30, 2000, the merged entity will have total assets of Rs 160.51 billion and deposits of Rs 131.23 billion. (UNI) |
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