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LIC
mobilises Rs 1141 JAIPUR, Nov 6: The Life Insurance Corporation (LIC) has mobilised Rs 1141 crore by way of first premium income during the first six month of the .......more
Euro under pressure, TOKYO, Nov 6: The Euro today remained under pressure as last week’s intervention by the European Central Bank (ECB) failed to deter selling by ....more Online reverse MUMBAI, Nov 6: Freemarkets, the leading B2B marketplace from USA today announced that it has created the first-ever reverse auctions in India. ....more Price wave over, OPEC NICOSIA, Nov 6: The Organization of Petroleum Exporting Countries (OPEC) will have to reverse course and start production.....more |
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BoB to
spread its VADODARA, Nov 6: The Bank of India (BoB) will be spreading its network in the United Kingdom (UK) ....more Tractor industry to witness 10 pc fall in production MUMBAI, Nov 6: The domestic tractor industry will witness a ten per cent fall in production volume in the current......more
APEC leaders to give KUALA LUMPUR, Nov 6: Asia pacific leaders meeting in Brunei next week are expected to declare ......more
Growth in finished NEW DELHI, Nov 5: Finished steel production in the country has registered a 12.1 per cent rise...more |
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LIC
mobilises Rs 1141 cr income in current JAIPUR, Nov 6: The Life Insurance Corporation (LIC) has mobilised Rs 1141 crore by way of first premium income during the first six month of the current fiscal registering an increase of 36 per cent over the last year, LIC Chairman G N Bajpai here said. He yesterday told a news conference that 65.58 lakh policies have been issued during this period that was 21.7 per cent higher than the last year. The chairman said that he expected business to grow at the rate of about 30 per cent, compared to the compounded annual growth rate of 20.6 per cent during the past 16 years. "The corporation was also planning to adopt multiple channels for the distribution of policies besides its present practice of selling the policies only through the agents," Mr Bajpai said. He said that once the Insurance Development and Regulatory Authority (IRDA) permitted the selling of policies through brokers, the corporation would tie up with the banks and in the private and public sector in this respect. Referring to the entry of the private sectors in the LIC business, Mr Bajpai said that "it was not a challenge to us since we are ahead of them with our reliable network, as such these companies will have to match the corporation." (UNI) |
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Euro under pressure, but wary of intervention TOKYO, Nov 6: The Euro today remained under pressure as last week’s intervention by the European Central Bank (ECB) failed to deter selling by Japanese exporters, although wariness of more intervention lent support to the currency. "We’ve seen exporters selling in the Euro today. The Euro’s rise to round 95 yen right after the intervention on Friday provided them with a good opportunity to sell, and they still have a lot more positions to sell," said a U.S. Bank trader. At the Tokyo midday the Euro was quoted at 0.8653/58. Market players said that, although Friday’s intervention took them by surprise, its impact was limited because it was not a coordinated action with other Group of seven (G7) industrialised countries. But they added the intervention brought home the risks of speculative selling of the single currency. "Last week’s intervention showed us it is difficult to get the United States involved in market intervention. But it also showed the ECB will act alone, even without American cooperation," said the U.S. dealer. The market is wary of another wave of intervention by the ECB and some speculate the Japanese Central Bank might lend a helping hand. Japan’s vice Finance Minister for International Affairs Haruhiko Kuroda said on Monday the ECB acted appropriately when it intervened in the foreign exchange market on Friday to prop up the beleaguered euro. "The euro was too weak against the yen and the dollar. The ECB’s intervention was natural and in line with the G7 statement in September," Kuroda told reporters. The yen eased slightly to 107.11/21 yen against the dollar on Monday morning after Japanese importers bought the greenback, although it retained most of its post-intervention gains. Before the ECB intervention, the yen was trading around 108 to the dollar. The yen’s subsequent jump against the U.S. currency in part reflected robust selling of euros for yen after the intervention, although some traders said a slowing down in the U.S. economy is also hurting the dollar. "The last time the ECB intervened in the market (on Sept 22), the yen fell against the dollar. This time it went in the opposite direction. Probably the market is now more nervous about the U.S. economy," said the U.S. bank trader. Many dealers expect the dollar/yen rate to hold steady before the U.S. Presidential election on Tuesday. Traders said the large tax-cuts proposed by Republic candidate George W. Bush would likely lead to higher U.S. interest rates. With the race still widely considered too close to call, most players are hesitant to move before the election results are in, they said. Currency bid prices at 0244 gmt. All data taken from Reuters with percent change calculated from the daily U.S. close at 2130 gmt. (REUTERS) |
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Online reverse auctions in India MUMBAI, Nov 6: Freemarkets, the leading B2B marketplace from USA today announced that it has created the first-ever reverse auctions in India. The company created over 50 auctions for more than US dollar 42 million (Rs 196 crore) in goods and services. The auctions generated savings of more than nine per cent for Indian buyers and provided access to over US dollar 135 million (Rs 540 crore) new business opportunities for more than 100 Indian suppliers. Leveraging its industry-leading technology, unparalleled sourcing information and world-class services, freemarkets created over 50 online markets for a wide range of goods and services, including PVC film, glassware, capsules, vitamins, road freight, paper, malted barley, laminates, iodine, chemicals automotive components and electric motors, Mr Bhatia said. In creating the markets, freemarkets worked closely with Indian buyers to prepare detailed Requests For Quote (RFQ) and identify high-quality Indian suppliers who could provide the goods and services being sourced. Freemarkets then trained suppliers in the use of its bidware technology, the engine that powers freemarkets’ online auctions in which suppliers can submit and respond to bids in real time. (UNI) |
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Price wave over, OPEC back on defensive: MEES NICOSIA, Nov 6: The Organization of Petroleum Exporting Countries (OPEC) will have to reverse course and start production cutbacks early next year to avoid having its prices fall below 22 dollars per barrel, an authoritative oil publication said today. The Nicosia-based Middle East Economic Survey (MEES) said that OPEC’s overall production is averaging 29.7 million barrels daily in the fourth quarter of the present year. This includes 2.9 million B/D for Iraq and takes into account the 500,000 B/D Output hike OPEC announced as of October 31 to rein in prices. If this production level is maintained until the second quarter of next year, all major players on the international oil market -including the US Department of Energy and OPEC itself - forecast a "huge" inventory build up of between 2.4 million B/D and 3.8 million B/D in the second quarter, according to MEES. "In fact, such forecasts indicate that OPEC will certainly be obliged to embark on a substantial production cut in advance of the second quarter of next year if it wishes to keep its basket price above the 22-dollar floor minimum for its 22-28 dollar price range," MEES said. The assessment comes in line with predictions made in a report that was published October 26 by Michael Rothman, Director of Energy Market Research at Merrill Lynch, New York. In the summary by MEES of the report, titled "the energy outlook: Review and assessment of the international oil market", average crude prices are expected to drop initially to 30 dollars per barrel as the effect of OPEC’s latest production hike helps ease the market. The price "will moderate further to the mid 20s when markets finally see evidence in the fourth quarter of oil inventories rebuilding", said the report. It forecast a "counter-seasonal" fourth quarter increase of 20 million barrels in the stock levels of the OECD countries alone, in contrast with "a typical draw of 50 million barrels" for the period in question. The Merrill Lynch report notes that over the first nine months of the present year, OPEC production levels rose by more than two million B/D. This was in addition to a hike of more than one million B/D by non-OPEC producers. "Merrill Lynch’s supply/demand model shows that an inventory deficit would persist into 2001 without the 500,000 B/D OPEC production hike agreed last month," the report said. (DPA) |
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BoB to spread its network in UK VADODARA, Nov 6: The Bank of India (BoB) will be spreading its network in the United Kingdom (UK) as bank has received a debate purposal, BOB Executive Director Dr A K Khandelwal today here today. Speaking to reporters after the launching the bank’s second depository service centre and first of its kind launched by any nationalised bank in this cultural heritage city of Gujarat, Dr Khandelwal said the bank has plans to forge ahead in the e-millennium with renewed focus on the triad of "technology, people and customer", and has identified four thrust area like retail banking, capital market, investment banking and payment service. Elaborating the details in the technology front, Dr Khandelwal informed that the bank has already launched three new technology drive products under the brand name "Omnibob " which includes "anyBoB " a Smat card based any branch banking service, " Dialbob " a cenntralised tele banking service and third "connectbob " a P C banking service which can also be accessed by mobile phones. The bank has also launched a cash management product called "BoB cash reach " for the benefit of corporate customers for electronic transfer of funds from 58 centre across the country to their principal account, he stated. Dr Khandelwal informed that the bank is entering into the insurance sectors very soon. Most of the formalities has been completed and the process of finalising the partnership is on advanced stage. The name of the partner would be announced within two-three months, he added. Briefing the about the launching of depository service here Dr Khandelwal opined that the investor savvy people of Baroda would take full advantage of the various services offered through this latest technological product at the most competitive prices. The investors will also enjoy the benefits of zero custody charges and lower transaction cost. The bank has also proposes to launch 16 more such centres connected to Central Depository Services (India) Limited in near future. Highlighting the performance of the bank, Dr Khandelwal said the operating net profit during the first half of the current financial year stood at Rs 550.45 crore and net profit at Rs 278.42 crore. The global deposits stood at Rs 54076 crore an and global advances at Rs 25384 crore. Annuualised average return on assets maintained at 0.93 per cent where as earnings per share has improved to Rs 18.80 from Rs 16.99 in March this year. The capital adequacy ratio of the bank at 12.10 per cent which significantly higher than the RBI stipulation of nine per cent, he added. (UNI) |
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Tractor industry to witness 10 pc fall in production MUMBAI, Nov 6: The domestic tractor industry will witness a ten per cent fall in production volume in the current fiscal year following weak demands and increased supply position. Tough times ahead for the tractor industry, says CRISIL (Credit Rating Information Services of India Limited) In its October issue of CRISIL insight, a monthly publication that carries CRISIL’s views on issues of contemporary interest, CRISIL has said that in the face of the ongoing sluggishness in tractor sales, geographical and product diversity in sales. The domestic tractor industry has been passing through difficult times over the last 12 months. This has been after about five years of uninterrupted growth that commenced subsequent to the industrial liberalisation of 1994-95. Subsequent to this, the tractor market, which had been a supply driven market for a long time, saw tractor manufacturers increase production levels and capacity to meet the pent up demand of the supply shortage period - over and above the increase in basic demand. However, as the effect of the pent up demand waned, manufacturers were hard pressed to show increased offtakes in 1998-99 and 1999-2000 (less than five per cent volume growth in each of these years). Further, this period witnessed increased levels of supply pipeline inventory. The unsustainability inherent in this trend, in the absence of a large pick-up in retail demand, appears to have manifested itself in 2000-01, with wholesale offtakes falling by more than 15 per cent over the corresponding period of the previous year. The tractor industry is likely to end the year with aggregate volumes for the 12 months of 2000-2001 being 5-10 per cent lower than the previous year. Going forward, manufacturer sales of tractors are likely to be significantly impacted by a correction of pipeline investories over the current year and the next. While the entry of MNC (multinational companies) players in the market, that is still dominated by domestic players, is not likely to result in significant volume migration to these players over the short to medium term, the product offerings from them ar likely to alter customer expectations from all manufacturers. This would place increasing product modernisation and development demands on domestic manufacturers. In this scenario CRISIL felt, players with a diverse presence across geographical regions and product segments and the financial strength to support the increased funding needs would enjoy a tangible competitive advantage over other players. These factors are likely to be the most significant determinants of credit quality of companies in the tractor market over the short to medium term. (UNI) |
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APEC leaders to give global trade talks gentle push KUALA LUMPUR, Nov 6: Asia pacific leaders meeting in Brunei next week are expected to declare their support for a new round of global free trade talks but shy away from listing specifics they want on the agenda. And such caution about commitments may be typical of the November 15-16 Asia Pacific Economic Cooperation summit meeting in the tiny oil-rich sultanate, expected to draw U.S. President Bill Clinton, Japanese Prime Minister Yoshiro Mori and Russian President Vladimir Putin among others. Rising oil prices, globalisation, regional free trade arrangements and liberalisation of E-commerce services are some of the issues on the agenda when the leaders of the 21 APEC members meet. In all those areas agreement on broad principles may be easier to reach than consensus on concrete policy steps considering APEC’s diversified membership, which stretches geographically from Russia to chile and economically from third world Papua New Guinea to Japan and the United States. Certainly the drive for a fresh round of World Trade Organisation (WTO) global trade liberalisation talks will be soft-pedalled, analysts say. APEC members account for 60 percent of global Gross Domestic Product and 45 percent of world trade. Many are still recovering from the Asian financial crisis in the late 1990s and several like Malaysia are wary of the risks posed by globalisation, so APEC is unlikely to move too fast on free trade. "It will be a sort of a symbolic declaration. But I don’t think they will agree on the specifics to be included in the new round," Kyung Tae Lee, the incoming chairman of the APEC’s Economic Committee, told reuters by telephone from Seoul. WTO members failed to launch a new global liberalisation round in Seattle last December amid a backlash of violent protests. "I think to date much emphasis has been placed to help in building a consensus to launch a new round of WTO. We will continue to press for it as early as possible," said Lawrence Greenwood, a senior U.S. State Department official for APEC. Globalisation, regional trade agreements In contrast, Malaysian Prime Minister Mahathir has pledged to talk about the adverse impact of liberalisation on poorer nations. "Many (developing countries) are worried about effects of globalisation...Whether it is good or bad for developing countries. It may be good for them (developed countries) but bad for us," Mahathir said last week. Malaysia has asked ASEAN Free Trade Area (AFTA) members for more time to lower tariffs on cars, a move that angered Thailand, which harbours grand plans for its auto industry. Mahathir will not be the only leader at the meeting less than totally enthusiastic about rapid liberalisation. "The South Korean President Kim Dae-Jung will put emphasis on the darker side of globalisation exemplified by the digital divide and income disparity," said Lee of APEC’s Economic Committee, who is also the president of the Korean Institute of International Economic Policy. The APEC leaders are also likely to address the proliferation of bilateral trade agreements, which some analysts say poses risks to multilateral trading arrangements. "The focus will be on sub-regional trading arrangements and their proliferation and how to ensure that they are consistent with APEC and WTO" said Jesus Estanislao, a coordinator at the Pacific Economic Cooperation Council (PECC). But Greenwood welcomed bilateral free trade arrangements among APEC members, saying they were building blocks for a stronger multilateral trading system. Greenwood also said APEC will focus on measures to take advantage of recent gains made in Information Technology to improve efficiency and productivity in the region. Oil can capture centre stage The immediate problem of volatile crude oil prices threatens to steal some of the limelight even as the leaders lock horns on longer term issues like trade liberalisation. APEC is expected to attempt to work out measures to reduce vulnerability to rising oil prices which threatens to blunt recovery in many Asian economies, officials said. "I think that is a very important issue for most of the APEC economies as many countries are importers and are hard hit by rising oil prices," Lee said. Some APEC members such as Brunei, Indonesia, Malaysia, Mexico and Russia are big oil producers and stand to gain from the recent surge in prices to their highest level in 10 years. APEC’s energy working group has recommended cooperation among members to promote alternative energy sources and oil security. "However, we are looking at couple of things on the supply side and one of them is a programme to help educate and promote stockpiling regimes in the region," Greenwood said. APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States and Vietnam. (REUTERS) |
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Growth in finished steel surges to double figures NEW DELHI, Nov 5: Finished steel production in the country has registered a 12.1 per cent rise during April to September, 2000 over the corresponding period last year. Official sources said the public sector Steel Authority of India Limited (SAIL) had shown a growth of 12 per cent, TATA Iron and Steel Company Limited (TISCO) has registered a growth of 9.6 per cent and other steel majors 11.3 per cent. Vizag Steel Plant (VSP) outperformed all by registering 26.4 per cent increase during these 6 months. During the period, secondary sector grew by 11.2 per cent. During the first half of this fiscal, production went up to 15 million tonnes from 13.47 mt during the corresponding period last year. Out of the 15, SAIL contributed 3.76 mt, TISCO 1.88, VSP 0.97, Steel Majors 1.6 and other producers 7.37 mt. During September growth in production was 16.5 per cent over the corresponding period the previous year. VSP has shown spectacular growth of 55.74 per cent while SAIL has registered a growth of 21 per cent, TISCO 10.16 per cent, Steel Majors 12.1 per cent and others 12.2 per cent. During this period production of crude steel was 13.49 mt against 12.24 mt during the same period last year, registering a growth of 10.2 per cent. Similarly, the production of pig iron had also gone up to 1.5 mt from 1.48 mt, the sources added. (UNI) |
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