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HM to roll
out 2 special NEW DELHI, July 13: ‘Ambassador’, the grand old man of the Indian automobile industry, is getting a facelift. .....more
Vested interests carrying MUMBAI, July 13: Air India’s top management is finding it ‘disquieting’ that even as several international .....more ITC diversifies into
Sahay to take over as CMD NEW DELHI, July 13: Government has appointed A K Sahay, Chairman-cum-Managing Director of Bharat Coking ...more |
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Gold continues NEW DELHI, July 13: Gold prices continued to slide on the bullion market today on lack of buying by .....more Seminar on marketing NEW DELHI, July 13: More than hundred exporters of handicrafts from Rajasthan will participate in a day-long seminar on ‘marketing of arts and crafts to Germany’ at Jaipur on July 22. ....more Tata Cummins ready NEW DELHI, July 13: Diesel engine manufacturer Tata Cummins today said it has the requisite technology to produce Euro-III and Euro-IV engines for...more Scientists building new NEW DELHI, July 13: Space agencies of the United States, Europe and Canada have begun work on the Next Generation Space Telescope (NGST) whose main goal is to see light from the very first star formed after....more |
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Vested
interests carrying out disinformation MUMBAI, July 13: Air India’s top management is finding it ‘disquieting’ that even as several international airlines are showing interest in a stake in the Maharajah, ‘vested interests’ at home are at this juncture carrying out a disinformation campaign to show the flagship carrier as a loss-making and shoddy outfit. Infact if Aviation Turbine Fuel (ATF) had not gone up by about 75 per cent in the past nine months and sales tax not increased by 10 to 30 per cent in some states like Delhi and Kerala, Air India would have made a net profit of more than Rs 102 crore in 1999-2000 instead of a provisional loss of about Rs 75 crore, Mr Michael Mascarenhas, Managing Director, said. "I have a certain feeling of disquiet at the Air India bashing that is taking place in the context of disinvestment," Mr Mascarenhas said. "Why should certain vested interests keep stressing on the negative aspects of Air India," he asked a group of visiting aviation correspondents. That Air India is a drain on the national exchequer and a waste of tax payer’s money, that it is overstaffed and has poor aircraft utilisation and on-time performance and no schedule integrity is all ‘baloney,’ Mr Mascarenhas said. "We have not received a single paisa from the Government except for the initial investment of Rs 153.84 crore.. We don’t have any access to Government money. How can we be a drain on the national exchequer or be wasting tax payer’s money," he asked. He said in the 47 year history of Air India, the airline had shown profit for 36 years. It had showed losses in the years when it had inducted new aircraft or when ATF prices had gone up remarkably. ATF prices, which are 42 per cent higher in India than anywhere else, are a sore point with Air India which uplifts 50 per cent of its fuel from the country. The sales tax increase in the states saw Air India have to budget more than Rs 70 crore this year. It will be paying a whopping Rs 180 crore more on ATF over the previous year. Because of this Air India has been made incompetitive whereas on its home turf it should have had all the benefits. ‘A national carrier devoid of national support’ is how the management describes the airline. A simple solution would be to not allow State Governments to use the aviation sector to shore their revenues, the Air India management says. Air India is the only airline paying sales tax as international airlines refuse to do so. Air India is now asking the Government to allow it to import atf directly and store the fuel in bonded warehouses, Mr Mascarenhas said. The airline would be soon initiating talks with oil companies regarding this. Mr Mascarenhas said Air India was now going to appoint a consultant with airline experience to prepare a plan for re-engineering of the carrier to reduce staff strength. On aircraft utilisation, Mr Mascarenhas said there was a disinformation campaign on as the figures of three to four hours per aircraft which were being quoted included the Boeing 747-200 which were being phased out. These aged aircraft were being used sparingly before they were hawked. Take these aircraft off and Air India’s aircraft utlisation was on par with international standards. While three of the 747-200s had been sold for 1.4 million dollars each, three more are in the market, he added. Mr Mascarenhas admitted that on-time performance had been bad some years ago, 60 to 65 per cent, but now the airline was achieving figures of 80 per cent and even higher. The airline, even as the privatisation process is on, will be dry-leasing four to six A310S by November this year and two B747-300 and one B747-400 next year to increase its services and even go back to routes such as frankfurt from which it had withdrawn. The 12 flights to the Gulf, being operated by Indian Airlines, would be back with Air India by November. Mr Mascarenhas said that with the phasing out of the B747-200S and A300-B4S, the airline would try to achieve its objective of having only two aircraft types instead of four. "We will dry lease only if we can draw cash margins from day one," he emphasised. He said others had told him that Air India’s assets were of the order of Rs 18,000 crore to Rs 20,000 crore. Apart from this, international airlines would line up to be Air India’s strategic partner because of India’s geographical position which was better than Dubai or Singapore. "Anybody would would make a superb hub in Delhi." The size of the Indian market for international travel (which is bigger than the domestic market), the tremendous potential for growth, and the possibility of exploiting the increasing tourist inflow has made Air India very attractive for investment. Besides, between Air India and Indian Airlines only 45 per cent of the bilateral air travel agreements were utilised. Reflecting that the Government was showing commitment and speed on disinvestment, Mr Mascarenhas said evaluation of Air India’s assets was ‘critical’ and efforts should be made to get the ‘best price’ notwithstanding the negative efforts being made by ‘vested interests’. (UNI) |
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ITC diversifies into retailing; launches branded apparels NEW DELHI, July 13: The Rs 8,000 crore ITC Ltd today announced its entry into retailing business by launching branded leisurewear apparels as part of its diversification strategy into new areas. Announcing the launch, ITC Chairman Y C Deveshwar said entry into retailing was in line with the firm McKinsey as future growth areas for the cigarette giant. "The long-term vision of ITC is to be in retailing, including super stores. And in the short-term we will be retailing casualwear apparels," he said. Deveshwar said the company has identified hotels, cigarettes, paper and packaging as core areas and has decided to enter retailing as the organisation could handle more businesses. Over a five year period, the company hopes to achieve a turnover of Rs 250-500 crore from the apparel business. The ITC Chairman said the apparel retailing would be expanded to cover the entire range of lifestyle products, including personal care products and accessories in the future. On the exclusive wills sports outlets, he said that the company would own only a few flagship stores and the remaining would be given to frachisees. ITC’s leisurewear is designed by Francisco-based American Design Intelligence Group (ADIG). On why the company chose the "Wills" brandname, known for cigarettes, for its retailing business, Deveshwar said "we wanted to build on the brand which is already well-known." He said the Indian cricket team was sponsored under the same brandname "Wills Sports". Asked whether the company would stop sponsoring cricket in the wake of betting and match-fixing scandal, handon cricket. "We do not sponsor cricket for individual players. We do it for the cause of the game. If we cease to sponsor cricket, it would be for pure business reasons," he said. Deveshwar said the company would also be looking at neighbouring countries initially before going global with the brand. (PTI) |
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Sahay to take over as CMD of Neyveli Lignite Corp NEW DELHI, July 13: Government has appointed A K Sahay, Chairman-cum-Managing Director of Bharat Coking Coal Ltd (BCCL), as Chairman of State-owned Neyveli Lignite Corporation. Sahay will replace officiating CMD C D Arha, Joint Secretary in the Ministry of Coal, official sources said here today. The appointment of Sahay was cleared by the appointment committee of cabinet a few days ago, sources added. (PTI) |
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Gold continues to seek low level NEW DELHI, July 13: Gold prices continued to slide on the bullion market today on lack of buying by stockists in the face of adequate supply and closed with further losses. Marketmen said buying interest was almost nil after the Bank of England (BoE) sold 25 tons of gold through auction as part of a programme to reduce country’s reserves to 300 tons from 715 tons. They said the seventh auction yesterday was the weakest and was subscribed 1.3 times against 2.7 times for the previous auction. Traders said the trading in international markets was quite thin as market players took to sidelines to wait for further market reaction. In Hong Kong, gold was traded between 279.75 and 281.50 u.s. dollar before winding up at 281.50 from last level of 282.50 u.s. dollar an ounce. Similiar trend in the upcountry markets also influenced the trading sentiment to some extent. Standard gold and ornaments lost another Rs.20 each at Rs.4510 and Rs.4360 per ten gram respectively. Sovereign, on the other hand, held unchanged at Rs.3825 per piece of 8 gram. Silver .999 (ready) declined by Rs.20 at Rs.7770 per kilo and weekly delivery by Rs.30 at Rs.7785 on reduced offtake by speculators. Silver coins were quoted at last level of Rs.10,700/10,800 per 118 pieces. The following were today’s quotations: Silver .999 (ready) 7770 and delivery 7785. Silver coins buyer 10,700 and seller 10,800. Standard gold 4510, ornaments 4360 and sovereign 3825. (PTI) |
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Seminar on marketing of arts, crafts to Germany on July 22 NEW DELHI, July 13: More than hundred exporters of handicrafts from Rajasthan will participate in a day-long seminar on ‘marketing of arts and crafts to Germany’ at Jaipur on July 22. The seminar is jointly being organised by the Indo-German Export Promotion Project (IGEP), sponsored by Ministry of Commerce and Industry and Rajasthan Small Industries Corporation (RSIC). The USA and Germany are major exports destinations of Indian handicrafts and demand for woodware, furniture, glassware, wrought iron, espn and paper mache are on the increase for last couple of years. During the seminar, German handicraft designers and experts including Ms Nicolaernst, Michal Boy and Juergen Mohlig will showcase new designs and new technologies as per Europpean market demand. India has a strong presence in the German market but the neighbouring South East Asian countries in the recent past have been making good foothold. IGEP had recently signed an MoU with RSIC to boost export of arts and crafts from Rajasthan. (UNI) |
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Tata Cummins ready to introduce Euro-III, Euro-IV engines NEW DELHI, July 13: Diesel engine manufacturer Tata Cummins today said it has the requisite technology to produce Euro-III and Euro-IV engines for commercial vehicles and will introduce them whenever any such requirement arises. "We have the technology to produce Euro-III and Euro-IV emission norms compliant commercial vehicle engines. It will be launched in the market whenever there is such a demand," Tata Cummins Managing Director Ravi Venkatesan told PTI here. The company, a 50:50 joint venture between Tata Engineering and Cummins Engine Company, USA, is already supplying Euro-I Heavy Commercial Vehicle (HCV) diesel engines from April 2000 to Tata for its entire requirements. Tata Cummins has also developed Euro-II diesel engines and will launch it in the market in October-November this year, he said. Compliance of the Euro-I emission norm has become mandatory for commercial vehicle manufacturers from April 1, 2000. The Euro-II norms will come into effect from December this year in the National Capital Region (NCR) and other select cities. Euro-III and Euro-IV norms, already in practice in several developed countries, could be notified by India in the coming years following growing awareness about stringent emission norms. Tata Cummins was also in talks with leading Indian automobile manufacturers like Eicher and Ashok Leyland to supply advanced diesel engines but nothing had been finalised yet, Venkatesan said. The company has also developed eco-friendly Compressed Natural Gas (CNG) engines for HCVs and buses and will supply them to Tata Engineering for its future requirments. Tata Engineering may get orders from the Delhi Government to supply 500 CNG buses as the former has replace a portion of its commercial buses by CNG ones due to a Supreme Court directive. Ashok Leyland and Tata Engineering are the only two companies which have shown interest to supply CNG buses to the Delhi Government. The order is likely to be split between the two companies. Tata Cummins manufactures three to six litre diesel engines for commercial vehicles at its Jamshedpur plant and Tata Engineering is its primary buyer. (PTI) |
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Scientists building new space telescope NEW DELHI, July 13: Space agencies of the United States, Europe and Canada have begun work on the Next Generation Space Telescope (NGST) whose main goal is to see light from the very first star formed after the big bang, the European Space Agency (ESA) has announced. NGST will be successor to Hubble Space Telescope (HST) but bigger, far more powerful and lighter (3 tonnes against hubble’s 11 tonnes), ESA said in a report. The HST, that was put in orbit ten years ago has a life of another ten years by which time NGST will start observing the universe from space. The primary mirror of NGST will be eight metres in diameter (compared to hst’s 2.4m) and capable of gathering ten times more light than hubble, ESA said. NGST will be launched into a special orbit that will keep it 1.5 million kilometers from earth (four times the distance to the moon). By remaining in the shadow cast by a huge sun shield, NGST and its instruments will gradually cool to minus 240 degrees c giving the telescope and extraordinary sensitivity over a wide range of wavelengths in the infrared region of the spectrum, ESA said. "The most important goal of NGST is to see light from the very first stars and galaxies forming after the big-bang -objects which are beyond the reach of today’s telescopes," ESA said in its report. Besides trying to establish whether the universe will continue to expand forever, NGST will be "uniquely powerful for studying the effects of the mysterious dark matter that constitutes more than 90 per cent of the mass of the universe," the report said. It said that NGST will for the first time in human history give "opportunity to investigate the origin of galaxies directly." One of the main strengths of NGST lies in its ability to probe the infrared region of the spectrum with exquisite sensitivity. "This will enable it to see further than optical telescopes and catch the feeeble red-shifted light from the most distant objects," the report said. Using the infrared part of the spectrum NGST will be able to penetrate the dusty envelopes around newborn stars and take a closer look at the stars themselves. NGST, the scientists said, "will also have the sensitivity to study very small objects that are not massive enough to become stars - such as brown dwarfs and jupiter sized planets". Until recently the only planetary system that astronomers could study was "our own solar system." Now using the high resolution of NGST, astronomers will be able to see how other planetary systems form. ESA said NGST will be placed 1.5 million km away from the disturbing radiation of the eain the direction opposite the sun where the system of forces from the sun and the earth keeps an object rotating around the sun in synchronization with the earth. The remote location not only puts strict constraints on NGST’s communication systems; It makes it impossible to send astronauts to carry out any repairs as was done in with hubble telescope that is only 600 km away. ESA said one of the major technological challenges will be pack an 8-metre telescope into a small rocket with a diameter of 5.6 metres. For this the mirror will be divided into several parts and folded during launch. On its way to the destination, they will unfold like petals of a flower and ultra-precision mechanisms will adjust the position of each petal with extreme accuracy. Cooling instruments and mechanisms to minus 240 degrees c and making them work at such extreme temperatures is another challenge. (PTI) |
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NEW DELHI,
July 13: The
Rs 8,000 crore ITC Ltd today announced its entry into
retailing business by launching branded leisurewear
apparels as part of ......