|
|
Chautala going abroad to CHANDIGARH, Oct 6: In a major bid to attract foreign investment in Haryana.....more
Gold continues to slide NEW DELHI, Oct 6: Gold continued to decline on the bullion market today .....more Comprehensive legislation BANGALORE, Oct 6: The Karnataka Government would soon bring in a comprehensive....more
IBP to be divested; Govt to
NEW DELHI, Oct 6: Government today decided to divest its 33.59 per cent stake in IBP ....more |
 |
RBI Jammu to issue Rs.1000 notes Excelsior Correspondent JAMMU, Oct 6: Reserve Bank of India will issue, with effect from Monday, October 9, banknotes in the denomination of Rs. 1000 from its offices all over the country simultaneously..........more ASSOCHAM proposes NEW DELHI, Oct 6: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has proposed options for developing a ‘power trading model’ for optimum utilisation of generated power by removing technical and commercial constraints to facilitate flow of power easily from surplus to deficit areas.........more
Conference on globalisation
of chemical industry NEW DELHI, Oct 6: Vice-President Krishan Kant today inaugurated here a three-day international conference on globalisation of the chemical industry with a firm assertion that it would follow the success of the Information Technology (IT) sector and become the new power house of the nation’s economic strength in the decades to come.......more ‘FCI not facing
storage MOGA, Oct 6 : The Food Corporation of India (FCI) is not facing any storage problem in Punjab......more |
 |
|
Chautala going abroad to attract foreign investment CHANDIGARH, Oct 6: In a major bid to attract foreign investment in Haryana, a high-level delegation of the State Government, led by Chief Minister Om Prakash Chautala will visit South-East Asian countries of Singapore, Japan and Korea from October 8 to 17. The State Chief Secretary, Visnu Bhagwan, in a press conference here today, said that the delegation will seek foreign investment for setting up industries in the thrust areas of automobile and auto components, information technology, electronics, telecommunication, agro and food processing, handloom and textiles and export-oriented units. The Finance Minister, Sampat Singh and senior officers of the State Government would form part of the delegation besides the representatives of the Punjab, Haryana and Delhi Chamber of Commerce and Industry (PHDCCI). The Chief Secretary said that visit of the PHDCCI representatives would provide them an opportunity to share their experiences with the entrepreneurs of these countries and explore the possibilities of setting up joint ventures. During his three-day stay in Singapore, the Chief Minister would have meetings with Microsoft Corporation and Steering Committee of the Indian business group, to be organised by the Indian High Commission. He would visit the Infocomm Development Authority. The Chief Minister may call on the Prime Minister of Singapore and Trade and IT ministers. In Japan, where the delegation would reach on October 11, Mr Chautala would have meetings with individual companies, especially with UKK and YKK headquarters and Honda at Honda headquarters. He would have a meeting with bankers and attend a roadshow at Sumitomo Bank. He would also visit Suzuki plant and have a meeting with Hamamasu Chamber of Commerce and JIBCC. The Chief Secretary said that the delegation would reach Seoul on October 14. While in Korea, the Chief Minister would meet the Korean Federation of Industry and call on the political leaders. He would also attend the investors’ meet. He would also meet Korean Chamber of Commerce and have meeting with the Vice-Chairman of LG and visit Hyundai. The delegation would return to India on October 17. (UNI) |
|
Gold continues to slide down on overseas note NEW DELHI, Oct 6: Gold continued to decline on the bullion market today on reduced offtake influenced by lower overseas advises in the face of new stocks’ arrival and closed with losses. Silver was also lower on lack of support while silver on weekly delivery basis was higher on speculative buying. Marketmen said gold continued to seek lower levels on reduced offtake as trading sentiment was dampened on reports of a sustained fall in its prices in international markets. They said a strong US dollar gave a negative impact on dollar-denominated gold as it invites producer selling and slows down the demand by making the metal more expensive in local currencies. Traders said an expected rise in gold prices during this festival season had an adverse impact due to a steady fall in its prices in other Asian markets. Standard gold and ornaments lost another Rs.10 each at Rs.4480 and Rs.4330 per ten gram respectively. Sovereign was traded at the last level of Rs.3825 per piece of eight gram. Silver .999 (ready) declined by Rs.15 at Rs.7900 per kilo while weekly delivery recovered by Rs.15 at Rs.7915 per kilo on speculators’ buying support. Silver coins were asked at previous level of buying at Rs.11,100 and selling at Rs 11,200 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 7900 and delivery 7915. Silver coins buyer 11,100 and seller 11,200. Standard gold 4480, ornaments 4330 and sovereign 3825. (PTI) |
|
Comprehensive legislation for industrial section soon BANGALORE, Oct 6: The Karnataka Government would soon bring in a comprehensive legislation for the industrial sector with specific focus on emerging technologies and to reduce Government interference, according to State Commissioner for Industries G Gurucharan. Participating in an interactive session organised by the Greater Mysore Commerce and Industry (GMCI) here last night, he said the draft bill is ready and final touches were being given. Lamenting on the set back in the industrial growth except in the service and software production area in the past few years, he said major power crisis and the un-economical cost of power was one the factors for it. He said according to official records 21 steel units 40 mini cement units, 50 of the 65 spinning mills besides thousands of small scale industries folded up in the state because of non-viability and out dated technologies. While the Government was now now trying to improve the power sector and trying to bring back the high tension users to the state electricity fold from captive power generation, he cautioned that the Government due to financial crunch would not be in a position to provide all the infrastructures. He said the future focus would be on sectorwise and areawise especially on new markets and new products. The industry should focus on value additions and exploitation of available research and development and the trained manpower. The Government will utilise the location and manpower advantage in the future. He said the State Government was preparing a comprehensive data base on all SSIs in the state to get the right feed back on its functioning. Wherever possible, the Government would come out with a bail out package for viable units or adopt measures to close down the unvialble units he said. Mr Gurucharan said there was lot of scope in the areas of bio-technology, pharma products especially bulk drugs, disposable products, food processing, auto components besides information technology. (UNI) |
|
IBP to be divested; Govt to bring down stake to 26 pc NEW DELHI, Oct 6: Government today decided to divest its 33.59 per cent stake in IBP to a strategic partner through international competitive bidding to bring down Government ownership in the marketing oil company to 26 per cent. "This is going to be the first oil company to be divested," Disinvestment Minister Arun Shourie told reporters after the Cabinet Committee for Disinvestment (CCD) meeting here. Government also decided to reduce its stake in two star trading houses MMTC and STC to 26 per cent from 91 and 100 per cent respectively, Shourie said, adding that from the 26 per cent stake in both companies 10 per cent would be subsequently divested in favour of employees. The disinvestment will be through international competitive bidding. Shourie said that shares to employees of mmtc and stc would be given under Employee Stock Option (ESOP) at a concessional price to be determined later. It also decided to withdraw completely from Bharat Brakes and Valves Ltd, Shourie said and added that Government’s equity would be offered to two parties who had already evinced interest and also to others through the bidding process. Government’s stake in IBP would be lowered from 59.59 per cent to 26 per cent by the induction of a strategic partner. Presently, 23 per cent of IBP equity is with financial institutions and banks and the remaining 17.4 per cent is with employees, NRIs and others. IBP has 1,500 retail outlets, mostly in Northern India, valued at around Rs 3,500 crore. CCD, chaired by the Prime Minister Atal Behari Vajpayee, also directed the Department of Disinvestment (DoD) to expedite the disinvestment procedure by removing multiple consultations and repeated references to commitee of secretaries, Shouries said. "Vajpayee expressed concern over the delays in the process of divestment and asked the DoD to cut down the number of involved procedures from about 20 now to three," he added. Under the new dispensation, DoD would prepare a note which would be sent to the concerned ministries for comment. The committee of secretaries would then deliberate on the issue and make recommendations to the DoD, he said. The DoD would then go to the CCD for final approval, Shouries said. The committee of secretaries would be consulted on the issue of appointment of advisors and evaluation of price bids, he added. Shourie said the next meeting of ccd was expected in the first week of November. (PTI) |
|
RBI Jammu to issue Rs.1000 notes Excelsior Correspondent JAMMU, Oct 6: Reserve Bank of India will issue, with effect from Monday, October 9, banknotes in the denomination of Rs. 1000 from its offices all over the country simultaneously. In Jammu these notes will be issued from the office of Reserve Bank of India at Railhead Complex where special counters have been opened to facilitate the smooth issue of these notes, a spokesman of the bank revealed here today. The notes carry special security features like colour shifting ink alongwith other usual security features viz. the watermark, the security thread, the latent image, as also micro letters. The notes also contain a small raised feature in diamond shape on the left hand side of the watermark window to facilitate the visually impaired in identifying the denomination. While the width of the notes at 73mm is the same as the Rs.100 and Rs.500 notes, its length at 177mm is 20mm more than the Rs.100 note and 10mm more than the Rs.500 note. The central theme of the note printed on the reverse depicts overall development of the Indian economy. It has been printed by intaglio process and can be felt by touch. |
|
ASSOCHAM proposes options
for developing NEW DELHI, Oct 6: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has proposed options for developing a ‘power trading model’ for optimum utilisation of generated power by removing technical and commercial constraints to facilitate flow of power easily from surplus to deficit areas. In a paper on power trading of the future, the Chamber has suggested that one option would be that all power exported is at the rate of the incremental charges only, that is, no profit, no loss. From the point of view of the Government, this is the best solution to ensure merit order generation on an all India basis i.e. maximum generation from the most efficiently operating units. From the exporting utility’s point of view, however, there is no incentive for generating more for export to other utilities at incremental charges tariff only except perhaps getting the maximum PLF and related awards. In case most of the efficient generating units are located in a particular state, this is also likely to be challenged by other states on the premise that they are not being given the opportunity to generate more and that the commercial mechanism is inhibiting their generation, causing them to show a poor PLF. Another formula, according to ASSOCHAM, would be that power is exported at the rate of pro rata fixed charges and variable charges. While variable charges are all non-fixed charges, incremental charges are the additional charges for increasing generation from an old value to a new value. Variable charges will always be positive, incremental charges may turn out to be negative in some cases. For example, in the case of a ccoal-fired thermal unit running under heavily backed-down condition, say at the level of 50 per cent of installed capacity, burning costly oil to maintain flame stability, if it increases generation to 70 per cent of installed capacity, no oil may be required for burning, and this would be replaced by coal. It may happen that increasing generation may result in reduced variable charges and hence negative incremental charges. As per the first formula, ASSOCHAM feels, if only incremental charges are levied for export of surplus power, the exporting state would be given free power and infact paying the importing state/utility, because of negative incremental charges. From that point or view variable charges at that point of time, rather than incremental charges would be a better formula for surplus power. Loading the pro-rate fixed charged on the surplus power which is infirm, might it too expensive for an importing state, if the wheeling charges and transmission losses are accounted for. ASSOCHAM has said that a viable proposal for pricing of surplus power would be the given weightage in terms of some profit over the incremental cost to the generating utility. The chamber has said such a formula would put pressure on non-efficient generating units to generate. This would pose much of a problem in today’s scenario of general shortage, as all units would be required to generate for most part of the day. In today’s generally deficit situations, some utilities are able to sell their surplus power at a rate much higher than their incremental charges, in fact with full charges (fixed and variable) loaded on it, i.e. the same as the cost for the next region/state. (UNI) |
|
Conference on globalisation
of chemical NEW DELHI, Oct 6: Vice-President Krishan Kant today inaugurated here a three-day international conference on globalisation of the chemical industry with a firm assertion that it would follow the success of the Information Technology (IT) sector and become the new power house of the nation’s economic strength in the decades to come. The conference, organised jointly by the Ministry of Chemicals and Fertilisers and Federation of Indian Chamber of Commerce and Industry (FICCI), to coincide with the India-Chem 2000 international exhibition, would be a "forum for building confidence and strategic partnership between Indian and foreign companies", the Vice-President hoped. About 300 delegates from global chemical firms and 500 representing Indian companies are slated to discuss the partnership opportunities in various segments like petrochem, polymer chemistry, biotechnology, pharmaceuticals, e-commerce and agro-chemicals. Mr Krishan Kant pointed out that the chemical and pharmaceuticals industry in India with its 12.5 per cent annual growth was among the fastest growing area. He said the "transparent and dynamic" policy framework being facilitated by the Government would increase the investor confidence to tap the vast trained manpower resources, research and development facilities in the chemical sector. The initiative is also backed up by the new knowledge enthusiasm and entrepreneurship, he added. Leading industrialist Mukesh Ambani in his ‘vision statement’ said the the chemical industry in the country was already on a high growth curve. The necessary global linkages would help it rise to the top highs of the world market, he added. Mr Ambani said Indian chemcial industry should "benchmark with the best in the world", leaving behind the "cottage industry mindset". For this, the industry has to be on gurad to be on the cutting edge of technology and competence. Mr George Maccormack, Vice-President of the multinational chemical giant dupont, said it was India’s opportunity for growth and consolidation. Chemical industry growth in Europe and other Asian countries have already plateaued, he added. Union Power Minister Suresh Prabhu in his vote of thanks was confident that the chemical industry in the country would have an environmentally safe growth pattern. (UNI) |
|
‘FCI not facing storage problem in Punjab’ MOGA, Oct 6 : The Food Corporation of India (FCI) is not facing any storage problem in Punjab as it has 10 lakh metric tonne storage space there, FCI chairman Bhure Lal said here today. FCI had also entered into agreement with private parties for another 12 lakh mt of godown space and the Corporation had expedited shifting of the stocked wheat from the State to create more godown space, he told reporters. FCI’s claim of sufficient storage space in the State comes in the backdrop of allegations by farmers’ organisations that the procurement agencies were not picking up their produce. Earlier, the chairman also held discussions with officials on various problems faced by the procurement agencies, such as the quality of grains and their specifications. The FCI chairman expressed concern over arrival of paddy below the specifications. He made it clear that while FCI had expedited the procurement operations, it would procure strictly according to specifications.(PTI) |
|
