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| Oman luring Indian IT companie India launches efforts to garner European Union’s support Excelsior Special Correspondent NEW DELHI, Nov 8: The Government of India does not want the European Union (EU) to press for instituting a panel.......more Excelsior Correspondent JAMMU,
Nov 8: Describing
National Conference Government as ‘worst-ever
corrupt regime’ the Daewoo Motor SEOUL, Nov 8: South Korea’s troubled Daewoo Motor Co. was today officially declared....more Godrej and Boyce MUMBAI, Nov 8: Godrej and Boyce Manufacturing Company Ltd, has surpassed its half yearly targets of ....more |
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Brazil delegation calls on Umar Abdullah Excelsior Correspondent NEW DELHI, Nov 8: A delegation led by Mr Esperidiao Amin Helou Filho, Governor of Santa Catarina, Brazil called on the Minister of State for Commerce and Industry......more RBI cancels licence of MUMBAI, Nov 8: The Reserve Bank of India (RBI) has cancelled the licence of Bilaspur-based (Madhya Pradesh) the Nagrik Co-operative Commercial Bank Maryadit, to carry on banking business in India......more Haryana to set up 4,000 solar lighting systems CHANDIGARH, Nov 8: The Haryana Non-Conventional Energy Sources Department would set up 4,000 solar lighting systems at the cost of Rs 4.80 crore......more Zenith announces MUMBAI, Nov 8: Zenith Computers Limited, a leading brand in the Indian home PC market has announced the launch of Zenith Xtreme, the first ready ....more |
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Oman
luring Indian IT companies Excelsior Special Correspondent NEW DELHI, Nov 8: The Government of India does not want the European Union (EU) to press for instituting a panel in the World Trade Organisation (WTO), after New Delhi’s decision to lift the export licensing requirement on raw hides and skins. Mr Nripendra Misra, Special Secretary, Ministry of Commerce, has pointed out that while India, a few months ago, decided to partially free special kinds of raw hides from export licensing, the policy of licensing export of raw hides and skin is based on both social and economic considerations. Social, because people engaged in the collection of raw hides are from economically backward classes. And economic consideration was that it was better to send value-added product in a finished form rather than export raw materials which do not fetch attractive returns. India had, since 1973, put under licensing as many as 20 types of hides and skins for these reasons and only in September last year it lifted the ban on export of East India tanned leather. According to Mr Misra, the experience of the past few months in partially lifting export licensing is that there has not been any significant export of raw hides which attract the duty of 15 to 25 per cent. Mr Misra has stated in an interview: "We are, therefore, encouraged to withdraw licensing and use the mechanism of regulation by higher duty since October 20". He said that the European Union prematurely went for a panel before the lifting of export licensing even though the matter was discussed art high level bilaterally that "our export-import policy is reviewed from time to time and based on our economic tests, we have been liberalising". On the other hand, India’s IT capability is attracting yet another country to have trade links in this sector. Officials from the Omani Centre for Investment Promotion and Export Development (OCIPED) have begun talks with some Indian companies which have evinced interest in setting up centres in Oman. OCIPED’s Executive President, Mr Salem Ben Nasser al Ismaily, has been quoted as saying that India has "immense capability" in the IT front, which Oman wanted to capitalise by attracting software companies to set up facilities in that country. According to him, Oman is strong in power and energy-related sectors. OCIPED’s Executive President has reckoned the fact that his country has been at the receiving end, and, hence, it has sought the assistance of Indian companies in setting up facilities for building a "vibrant" and technology-savvy Oman. He also admitted that IT in Oman was still not widely used and was being used mostly in private companies. Mr Salem al Ismaily said that the opportunity for software companies to invest in Oman was enormous. His assurance: All the necessary infrastructure would be provided to software companies without any hassle. OCIPED was established three years ago to help improve the Sultanate’s balance of trade by maximising the contribution of private sector investment and promoting the expansion of Omani exports. The organisation acts as an information bank, identifies Omani products that are suitable for export, finds a target market, ensures that the merchandise meets international requirements and promotes the goods overseas. According to him, OCIPED has initiated talks with some Indian companies, shortlisted by an Indian agency, to set up base in Oman. In his answer to a question, Mr Ismaily said: "First, we want to create a personal relationship with various companies, and then deal with other issues". |
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Implementation
of Mandal Commission Report demanded Excelsior Correspondent JAMMU,
Nov 8: Describing
National Conference Government as ‘worst-ever
corrupt regime’ the Addressing a press conference, state president of the Bahujan Samaj Party (BSP), Sheikh Abdul Rehman said that National Conference Government has utterly failed on all fronts. "There is virtually chaos both at political and administrative level. Chief Minister has doled out licenses to his Ministers and other ruling elites to loot public exchequer", he said, adding "agony of the State can be gauged from the fact irresponsible and non-serious persons are at the helm of the affairs". "Corruption is a routine affairs and during the last four years especially after installation of Farooq Government corruption has been rather legitimised", he alleged. "Those who donot know how to administer oath have been given important portfolios to mitigate miseries of the masses", BSP chief regretted and accused Chief Minister of fostering corruption at higher level. Dubbing State Government as anti-weaker sections, he charged NC of meting-out step motherly treatment with Scheduled Castes, Scheduled Tribes and Other Backward Classes (OBCs). "OBCs in entire country getting 27 percent reservation under Mandal Commission Report but State Government has not implemented same in the State, despite directions from the Apex Court", he regretted and accused the State Government of denying legitimate rights to OBCs. He also criticised State Government for not giving genuine shares to the SC and STs for which they are very much entitled. Demanding implementation of Mandal Commission Report in the State for giving 27 percent reservation to the OBCs, he also demanded reservation for Scheduled Tribe in the political institutions. Coming down heavily on BJP for, what he called, maintaining a criminal silence over the mis-deeds of the ruling National Conference, Mr Rehman also criticised Central Government for discriminating with Jammu and Kashmir. He expressed that annual plan of the State yet has not finalised despite the fact 6 months of the current financial year have been passed. "Due to non-availability of funds, hill and snow bounds areas of the State would be badly effected as it is difficult rather impossible to execute any development work in these areas during winter", he said. BSP state president also accused NDA Government of discriminating with State in allotting funds for rural development and other schemes for the betterment and welfare of rural people. Mr Rehman disclosed that state BSP has decided to launch a mass agitation against anti-people policies of both State and Central Government in next month. |
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Daewoo Motor declared bankrupt SEOUL, Nov 8: South Korea’s troubled Daewoo Motor Co. was today officially declared bankrupt, Creditor Banks said. Daewoo Motor was officially declared bankrupt today. The decision was made at a meeting of creditor banks, An official of Daewoo Motor’s main Creditor Bank, Korea Development Bank (KDB), told AFP. Daewoo Motor failed to meet payment of 44.5 billion won (39 million dollars) for two consecutive days, he said. The bankruptcy was declared after the Daewoo Motor Union refused to back down on job cuts. Creditor banks had put back a deadline for declaring the country’s second largest car firm bankrupt today to give more time to the company’s union and management to narrow differences on 3,500 job cuts, some 20 percent of the automaker’s workforce. The Creditor Banks or Daewoo Motor will now file for court receivership, an action to be accompanied by a freeze on all liabilities and claims on loans. A chain of bankruptcies involving Daewoo Motor’s suppliers is feared. It has 504 suppliers with 300,000 employees. Should the court decide on a receivership, it would appoint an administrator to try to turn the company around. If the court turns down the receivership request, assets of Daewoo Motor would be auctioned off and the proceeds divided among creditors. The bankruptcy is also expected to hamper efforts to sell Daewoo Motor to General Motors. But the KDB has said talks with General Motors to sell Daewoo Motor would continue even if the company was placed in receivership. (AFP) |
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Godrej and Boyce surpasses its half yearly targets MUMBAI, Nov 8: Godrej and Boyce Manufacturing Company Ltd, has surpassed its half yearly targets of the current fiscal and emerged as No.3 position in the copier market - with Xerox and Cannon being No.1 and No.2 respectively. Godrej has achieved 10.30 per cent of the market share for the first half of the fiscal with revenue earnings crossing over Rs six crore. It sold 640 copier units in the first half of the fiscal. Nationally Godrej copiers group has achieved 7.50 per cent of the market share in September. It has emerged as the No.1 productivity company for September with average 9.11 units sale per person. Godrej has also done extremely well in its goal of channel appointment with 90 channel partners on board by June 2000. Mr Sunil Kumar Manwati (G M Marketing and Operations - copier business) is confident of exceeding 25 crore mark in its first financial year of operation. To ensure this, Godrej is introducing online shopping through the rediff.Com online shopping mall, half a million e-mailers, extended product and selling skills training to consolidate channel business. Entry into new markets is also being planned, specially in the East, covering, West Bengal, Orissa and the North Eastern states and special focus on UP, Uttaranchal and Jharkhand. (UNI) |
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Brazil delegation calls on Umar Abdullah Excelsior Correspondent NEW DELHI, Nov 8: A delegation led by Mr Esperidiao Amin Helou Filho, Governor of Santa Catarina, Brazil called on the Minister of State for Commerce and Industry, Mr Omar Abdullah today in his office. While welcoming the delegation, the Minister of State for Commerce and Industry has discussed the issues relating to bilateral trade between the two countries. According to a press release it was brought to the notice of the delegation that due to anti-dumping duty imposed on the import of bicycle tyres and jute bags of Indian origin by Brazil, exports of these items have been badly affected. Some remedial action is required to be taken on the part of the Brazilian Government. Minister also informed the delegation that the restrictions imposed, viz, minimum floor price, by Government of Brazil on import of polyester films and stationery items have badly affected the export of these items from India to Brazil. MoS (C&I) has suggested that in order to ensure that all exporters have a level playing field, the Brazilian authorities may not take such actions which are not compatible with WTO rules. The decision of the Government of India to restrict export of pharmaceutical products through Indian companies has been welcomed by the Brazilian Government as this has resulted in suply of good quality products to Brazil. The Minister of State for Commerce and Industry also mentioned about the problems of Indian edible product exporters due to the new policy introduced by the Brazilian Government about separate registration for every edible product. It has been found that the process of involved in this is rather cumbersome and adds to the cost of the exporter. A request has been made to look into this aspect for taking remedial actions. Minister has sought cooperation of the Brazilian Government in the field of information technology, software, small scale industry, food processing and tourism etc, as there is tremendous potential for cooperation in these fields and lot of development and progress is being made by Indian in these sectors. The Governor of Santa Catarina, Brazil has extended an invitation to Minister to visit Brazil in near future for further discussions on bilateral trade issues between the two countries. |
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RBI cancels licence of
Nagrik Cooperative MUMBAI, Nov 8: The Reserve Bank of India (RBI) has cancelled the licence of Bilaspur-based (Madhya Pradesh) the Nagrik Co-operative Commercial Bank Maryadit, to carry on banking business in India. The bank is precluded from transacting the business of ‘banking’ as defined in the Banking Regulation Act, 1949. Thus, it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or otherwise, according to an RBI release here today. (UNI) |
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Haryana to set up 4,000 solar lighting systems CHANDIGARH, Nov 8: The Haryana Non-Conventional Energy Sources Department would set up 4,000 solar lighting systems at the cost of Rs 4.80 crore during the current financial year, out of which 1422 have already been set up. Spelling out various schemes and programmes of non-conventional energy sources being implemented, a spokesman of the department said various programmes were being implemented to tap and channelise the non-conventional and renewable energy sources. The spokesman said as many as 529 solar water heating systems had already been set up in the state and during the current financial year Rs 1.25 lakh would be given as subsidy for setting up such systems. (PTI) |
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Zenith announces launch of Zenith Xtreme MUMBAI, Nov 8: Zenith Computers Limited, a leading brand in the Indian home PC market has announced the launch of Zenith Xtreme, the first ready to use high-end gaming PC in India. Zenith has collaborated with Creative Technology Ltd Singapore, a leading provider of Personal Digital Entertainment (PDE) solutions, to offer total end-to-end PC gaming and entertainment experience. The new Zenith Xtreme is packed with the host of unique and amazing features like the latest 3D Praphics Engine, multi-channel 3D Audio Engine and 3D Surround Sound Home Theatre Speaker Systems besides exciting software. Announcing the launch, Mr Raj Saraf, CMD of Zenith Computers, claimed that Zenith Xtreme was the only PC, which is complete in very respect, thus unleashing the spirit of creativity right out of the box. Zenith Xtreme is also ideally suited for professional 2D and 3D Graphics Applications besides 3D Games. There would be no more hardware and software integration, no more collection of accessories and no more uncertainties of gray markets in India, Mr SAraf said. Zenith Xtreme is being offered in two flavours namely Xtreme Standard and Xtreme Premium and is being priced at Rs 75,000 onwards. (UNI) |
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