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Punjab Govt CHANDIGARH, Nov 29: The Punjab Government has received a special grant of Rs 16.10 crore from the Centre to develop border areas of the state .......more RAE BARELI, Nov 29: The Indian Telephone Industries (ITI) will foray into information technology to cope up with the fast changing scenario and rising ....more ‘Indo-Singapore business cooperation set to flourish’ BANGALORE, Nov 29: Singapore’s Minister for Trade and Industry, Brigadier-General George Yeo, said today the cooperation between his....more Iraq not to cut production, go ahead with new price formula NEW DELHI, Nov 29: Iraq today said it will not cut its crude production and will go ahead with its new oil pricing formula even if it is rejected by the United Nations’ sanctions committee. .....more |
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UNIDO
earmarks 32 mln NEW DELHI, Nov 29: United Nations Industrial Development Organisation (UNIDO)........more ‘High cross-border
trade to CALCUTTA, Nov 29: Two noted economists working with the Asian Development Bank have suggested .......more
NEW DELHI, Nov 29: In thin trading, silver prices moved down on the bullion market today on reduced offtake......more
Amitabh clears dues MUMBAI, Nov 29: After a prolonged legal battle spanning over 20 months, Canara Bank has finally withdrawn its suit filed in debt recovery tribunal ....more |
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Punjab Govt receives special grant of Rs 16.10 crore CHANDIGARH, Nov 29: The Punjab Government has received a special grant of Rs 16.10 crore from the Centre to develop border areas of the state and provide infrastructural facilities in twentyeight such blocks. The Union Government has also agreed to release a package of Rs 50 crore for these border villages, Punjab Chief Minister Prakash Singh Badal said while presiding over a joint meeting of MLAs of these border areas, Deputy Commissioners of Districts and Senior Officers concerned here yesterday. In general, the State Government would spend Rs one crore on improving infrastructure in every constituency. The Chief Minister said he discussed various key issues pertaining to development of border areas in the state at his recent meeting with Union Home Minister L K Advani. Mr Badal said the schemes to uplift the weaker sections in these areas would be accorded priority. He said the schemes should be executed by the local village panchayat or other nominated committees in consultation with the MLA concerned. Mr Badal said that the schemes after careful study should be designed to take care of the special problems faced by the people living in the border areas. He said that grassroot level institutions and social service voluntary organisations should be fully involved in identification of the priority areas as far as possible. (UNI) |
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RAE BARELI, Nov 29: The Indian Telephone Industries (ITI) will foray into information technology to cope up with the fast changing scenario and rising competition in the world market. ITI Chairperson and Managing Director Luxmi G Menon said here yesterday the company would expand its network throughout the country and cover internet software and hardware by ensuring optimum utilisation of resources. She said ITI must come out with equipment of latest technology to carve out a niche for itself. Stressing on updating the research and development programmes of the ITI, she said, "our products must conform to the standards of the World Trade Organisation." (UNI) |
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‘Indo-Singapore business cooperation set to flourish’ BANGALORE, Nov 29: Singapore’s Minister for Trade and Industry, Brigadier-General George Yeo, said today the cooperation between his country and India in many fields, in addition to information technology and biotechnology, was set for a ‘flourishing period’. Launching work on the second stage of the International Tech Park, Bangalore (ITPB), at Whitefield, near here, he termed as ‘a good sign’ India raising its GDP growth rate target this year to eight to nine per cent. ‘I see a flourishing period of cooperation in many fields, in addition to it and bio-technology and other areas’, the Yeo said. According to ITPB, the total investment in the second stage of the ITPB project, envisaging 6.5 lakh square feet of office space, is estimated at about Rs 160 crore, and will be completed in 12 to 15 months. The ITPB is a joint venture between the TATA Industries, a Singapore Consortium led by JTC international and the Karnataka Government through Karnataka Industrial Areas Development Board. (PTI) |
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Iraq not to cut production,
go ahead with NEW DELHI, Nov 29: Iraq today said it will not cut its crude production and will go ahead with its new oil pricing formula even if it is rejected by the United Nations’ sanctions committee. "We will not cut crude production. We have put our pricing mechanism in place which would be put before the UN sanctions committee. They have to agree, if they don’t agree it is their problem," Iraqi Oil Minister Amer Mohammed Rashid told PTI here. Iraq being the second largest crude oil producer has proposed a differential pricing formula, which if implemented may affect international crude oil prices. Iraq would not extend the last november pricing mechanism, Rashid said adding "we will defend our pricing mechanism. We will convince them to agree. If they don’t the responsibility lies with them." India has also approached the United Nations for raising the 1.5 million tonne limit of food for oil import on Iraq. Iraq’s food for oil sales would be discussed at the UN meeting next month. Asked if Iraq would cut supplies to buyers failing to pay the new price, he said buyers had no problems with the new formula. On a proposal to extend sanctions against Iraq by another year, Rashid said "we haven’t heard of it. Let the resolution come we will react accordingly." (PTI) |
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UNIDO earmarks 32 mln USD for 43 projects NEW DELHI, Nov 29: United Nations Industrial Development Organisation (UNIDO) has earmarked 32 million dollars for 43 ongoing projects in India while another 18 new projects with a budget totalling 5.1 million dollars are in the pipeline. UNIDO sources told PTI here that the 18 new projects with a budget of 5.1 million dollars were pending approval and implementation. These projects were aimed at supporting and promoting small and medium enterprises as well as the private sector. The projects attract investment and enable technology transfer, conserve the environment, especially energy, and provide specialised training and managerial skills, they said. Sources said that the Director General of UNIDO Carlos Magarinos during his visit to India from November 30 will hold high level discussions to review current UNIDO projects in the country and finalise an umbrella programme. Once the review of UNIDO projects in India is complete a UNIDO mission will visit India early next year to finalise the umbrella programme by mid-2001, sources said. Projects launched by UNIDO in India this year include production of eco-friendly pesticides from neem products, removal of arsenic from drinking water and an inter-country project to establish a regional network on pesticides for Asia and the pacific. (PTI) |
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‘High cross-border trade to reduce poverty in S-A Asia’ CALCUTTA, Nov 29: Two noted economists working with the Asian Development Bank have suggested that high level cross-border flow of trade and investment among four South Asian countries of India, Bhutan, Bangladesh and Nepal will significantly reduce poverty in the region. The economists, Kazu Sakai and Sree Kumar, said in a paper titled ‘cooperation in trade and investment’ that the cross-border trade and investment flows would have a sobering effect on the region’s high incidence of poverty. Incidentally, out of the 900 million people living below the poverty line, nearly 500 million were living in the four countries. The paper said that if investment growth doubled within the next four years, the impact of growth in intra-regional trade was expected to increase from the present level of 2.5 per cent to around five per cent. This would translate to an increase in labour force participation of around 6.5 million, while total gnp of the four countries was expected to grow to USD 191 billion over the same period. (PTI) |
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NEW DELHI, Nov 29: In thin trading, silver prices moved down on the bullion market today on reduced offtake in the absence of any worthwhile support and closed with moderate losses while gold remained unchanged on little doing. Marketmen said the trading activity was negligible in the absence of any worthwhile trading and prices after moving in a small zone, held at last levels. They said silver was slightly lower as most of the buying in it dried up. Traders said there was no market-moving news from overseas sector and prices there remained steady in restricted deals. Silver ready lost Rs.5 at Rs.7735 per kilo and weekly delivery by a same margin at Rs.7745 per kilo. Also, silver coins held the previous levels of Rs.11,000/11,200 per 100 pieces. Standard gold and ornaments held unchanged at Rs.4535 and Rs.4385 per ten gram respectively. Sovereign was traded at previous levels of Rs.3825 per piece of eight gram. The following were today’s quotations: Silver ready 7735 and delivery 7745. Silver coins buyer 11,000 and seller 11,200 standard gold 4535, ornaments 4385 and sovereign 3825. (PTI) |
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Amitabh clears dues MUMBAI, Nov 29: After a prolonged legal battle spanning over 20 months, Canara Bank has finally withdrawn its suit filed in debt recovery tribunal against Amitabh Bachchan Corporation Ltd (ABCL) for recovery of Rs ten crore advanced to the entertainment company floated by the megastar. The case was withdrawn last week by Canara Bank after the actor opted for an out-of-the-court settlement and repaid the entire loan obtained by ABCL in three instalments ending September, its lawyer Nishit Dhruva told PTI today. Accordingly, the tribunal has vacated the injunction granted earlier on the attachment of Amitabh’s bungalow ‘Pratiksha’ located at Juhu in north-west Mumbai. Canara Bank has also withdrawn its appeal filed before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) against the order of Board for Industrial and Financial Reconstruction (BIFR) which had declared ABCL as a sick company. The AAIFR is set up in the Union Finance Ministry in Delhi. In its capacity as a creditor, Canara Bank had taken objection to the company going to BIFR for being declared as a sick unit. ‘Since claims have been paid, our objections have been withdrawn’, the bank’s lawyer said. The ABCL has also withdrawn its appeal filed before the debt recovery appellate tribunal in Mumbai against the order of debt recovery tribunal which directed Amitabh Bachchan and his wife Jaya to declare on affidavit their personal assets because they had stood as guarantors for the loan obtained from Canara Bank. Canara Bank had advanced the loan of Rs ten crore to ABCL in 1996 as credit facilities. However, ABCL failed to regularise its account with Canara Bank which filed a suit in the High Court on February 25 last year. The High Court, on March 17, 1999, appointed a court receiver in respect of hypotheticated goods, book debts and immovable property (two flats at Juhu) of ABCL mortgaged in favour of Canara Bank. In a motion taken out by the bank, the court had also restrained ABCL guarantors Amitabh and Jaya from creating any third person rights in respect of their Juhu bungalow ‘Prateeksha’. ABCL, however, pleaded that the bungalow had already been mortgaged to Sahara India group for a loan of Rs 15 crore obtained by Amitabh and Jaya. The suit was finally transferred to debt recovery tribunal after it was set up in Mumbai in July 1999. Meanwhile, ABCL was declared a sick company on July 9 last year by BIFR within the meaning of Section 3(1)(O) of Sick Industrial Companies Special Provisions Act (SICA), 1985. On September 2, 1999, Canara Bank filed an appeal before the AAIFR challenging the order of BIFR declaring ABCL a sick company. Canara Bank had pleaded before the tribunal that ABCL had dishonestly tried to wriggle out from its responsibility of repaying its debt by mortgaging ‘Prateeksha’ bungalow of the actor. (PTI) |
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