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Gold prices tumble NEW DELHI, Jan 10: Gold prices tumbled down further on the bullion market today on reduced.....more Petroleos gives offer NEW DELHI, Jan 10: Petroleos De Venezuela, SA, one of the world’s leading energy corporation.....more Singapore tops SINGAPORE, Jan 10: Singapore has been ranked the world’s most "globalised" nation, beating......more Turbolinux to sell IBM SAN FRANCISCO, Jan 10: Closely held Turbolinux will start selling international business.....more SURAT, Jan 10: The National Institute of Fashion Technology (NIFT) and Surat Art Silk Cloth ........more |
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Omar sets target of HANOI, Jan 10: The Minister of State for Commerce and Industry, Omar Abdullah has set a target .....more Bonanza of MoUs signed HYDERABAD, Jan 10: Reaping a rich harvest of investment flow during the on-going CII part....more
Disinvestment target of NEW DELHI, Jan 10: Finance Minister Yashwant Sinha today said the disinvestment target of.....more |
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Gold prices tumble down further NEW DELHI, Jan 10: Gold prices tumbled down further on the bullion market today on reduced offtake by local parties in view of new stocks arrivals and closed with losses. Silver also turned weak in limited deals as overall trading sentiment remained depressed. Marketmen said a declining trend in other Asian markets influenced the trading activity and market players and jewellers refrained from extending commitments. They said a temporary upsurge in US dollar against the Japanese yen, touching a previous record high of July 1999, pushed away Japanese players from the market. A strong US dollar is viewed as a minus for gold, as it makes gold, a dollar-denominated commodity more expensive when bought with local currency. Standard gold and ornaments plunged further by Rs 30 each at Rs.4470 and Rs.4320 per ten gram respectively. Sovereign was unchanged at Rs.3800 per piece of eight gram. Silver ready was down by Rs.10 at Rs.7490 per kilo along with the general trend. Weekly-based delivery silver dropped by Rs.30 at Rs.7500 per kilo on reduced offtake by speculators Silver coins held unchanged at Rs.11,000/11,200 per 100 pieces in scattered small deals. The following were today’s quotations: Silver ready 7490 an delivery 7500. Silver coins buyer 11,000 and seller 11,200. Standard gold 4470, ornaments 4320 and sovereign 3800. (PTI) |
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Petroleos gives
offer to ONGC-Videsh to NEW DELHI, Jan 10: Petroleos De Venezuela, SA, one of the world’s leading energy corporation, has given an offer to ONGC-Videsh to explore four oil fields in Venezuala and to do business together in energy and research and training. PDVSA Vice President Aires Barreto and Venezuelan Ambassador Walter Marquez told newspersons here that an agreement had been signed last year according to which the ONGC would be trying its luck in four unexplored blocs and two explored blocks for developing the oil field. They said the PDVSA had been approached by the Oil India Limited (OIL) to conduct exploration of sites in Rajasthan. There would be discussions next month on the basis of evaluation done by PDVSA for detailed economics. The company had approached Indian Oil Corporation and OIL for supply of light crude to individual refineries in the state sector. The issues would come up for detailed discussions when the Venezuelan Petroleum Minister would be in India in the first half of this year. Mr Marquez said the Indo-Venezuela trade had shot up to 200 million dollar from a mere five million dollar. The increase was basically because of import of crudes from Venezuela by Reliance Petroleum Limited, which had signed an agreement for selling 20 million barrels of Venezuela crude in India through its Jamnagar refinery. There was also a proposal for reliance’s participation in oil exploration in Venezuela. Nagarjuna fertiliser was helping PDVSA for production of ammonia and urea and would help venezuela to use these products in agricultural sector. The export figures were likely to touch 500 million dollars, he said, adding that his country was interested in purchasing agricultural products, pharmaceuticals from India, besides, help in the information technology sector. Mr Beretto said his country had offered orimulsion, a liquid fuel for producing energy, to India as an alternate fuel for coal. The fuel cost, which was being used as fuel for producing energy in japan, was around seven to eight dollars a barrel. The fuel was tested as safe by Tata Energy Research Institute (TERI), he said. (UNI) |
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Singapore tops in globalisation SINGAPORE, Jan 10: Singapore has been ranked the world’s most "globalised" nation, beating 49 developed countries and emerging markets in its openness and integration with other economies, a published report said today. The survey was conducted by foreign policy magazine, an American political journal, in coordination with the A.T. Kearney consulting company. The results were published in the straits times. Singapore "stands out clearly as the world’s most global country," the magazine said, followed by the Netherlands, Sweden, Switzerland and Finland. Rounding out the top ten were Ireland, Austria, Britain, Norway and Canada, with the United States 12th on the "globalisation index". Neighbouring Malaysia was cited as an example of the deep problems a developing country can encounter if it attempts, without sound economic thought, to bridge the "digital abyss". The report said Malaysia has spent more than 3.6 billion U.S. dollars on its multimedia super corridor to attract investment and high-technology capabilities. "At the same time, over 70 per cent of the nation’s primary schools lack computer facilities, and almost 10 per cent lack proper connections for water and electricity," the report said. "The result is an impressive infrastructure not sufficiently supported by human capital." Singapore’s emergence as tops in globalisation is based on "its high trade levels, heavy international telephone traffic, and steady stream of international travellers," the report said. It cautioned that countries such as Sweden and Finland, which were "riding the wave of internet development", could overtake the city- state as could other nations that are more aggressive about reforms to attract foreign trade and investment. (REUTERS) |
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Turbolinux to sell IBM Linux-based software SAN FRANCISCO, Jan 10: Closely held Turbolinux will start selling international business machines corp. software that runs on Linux, the latest move by big blue to spur acceptance of the upstart operating system. Under an agreement between the two companies, which are expected to announce the deal later today, Armonk, NY-based IBM and Turbolinux will jointly market, distribute and support IBM’s DB2 Database, Websphere, Lotus Domino, Tivoli Framework and IBM’s small business suits for Linux software programs. The programs are used by medium- and large-sized companies to help automate and run their operations. Competitors in these areas include Microsoft Corp. and Oracle Corp., among others. The announcement follows IBM Chairman Lou Gerstner’s reiteration in December of the company’s plans to spend one billion dollars during the next year on developing Linux-based software. Already, many large companies are embracing Linux. Anglo-Dutch oil company Royal Dutch/shell is currently building the world’s biggest Linux supercomputer using IBM computer servers to aid in the search for oil. The announcement also comes after IBM announced in 1999 the first offering of its DB2 database software that ran on the Linux Operating System. Subsequent to that, IBM took an undisclosed equity stake in Turbolinux. The products will be available in the first half of 2001, with pricing not yet determined. (REUTERS) |
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SURAT, Jan 10: The National Institute of Fashion Technology (NIFT) and Surat Art Silk Cloth Producers Cooperative Society have signed a Memorandum of Understanding (MoU) for designing and marketing of fabrics produced by the Surat textile industry. Society president Arunbhai Zariwala informed here yesterday that an agreement to this effect was signed between him and NIFT, Hyderabad registrar Mr Nathan. As per the agreements worked out NIFT would not provide the designs and also ensure it’s marketability. The decision was taken by the NIFT after having a detailed study of textiles produced in Surat. The study revealed that the quality of the textiles produced here was very good and was conducive for fashion designing. As part of the agreement, NIFT will organise an exhibition at Hyderabad shortly involving fashion designers, and the representatives of the textile industry. More than three hundred textile representatives were also expected to participate, he added. (UNI) |
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Omar sets target of half bln
dollars for HANOI, Jan 10: The Minister of State for Commerce and Industry, Omar Abdullah has set a target of half billion dollars for Indo-Vietnamese bilateral trade. Whilst addressing businessmen of the two countries at a meeting of the Joint Business Council (JBC) organised by the Vietco Chambers and the Federation of Indian Chambers of Commerce Industry (FICCI), Mr Abdullah disclosed that the revised target had been set during a meeting between the Prime Minister Atal Behari Vajpayee and his Vietnam counterpart Mr Phan Van Khai. The newly disclosed figure presents a five fold increase in the level of total trade between the two countries which stood at a mere 155 million dollars during the financial year 1999-2000. Mr Abdullah also made a multimedia presentation at the gathering outlining India’s strategy for promoting trade, business and cooperation between the two nations. The minister urged the vietnamese business houses to increase exports to India which stood at a meagre 11.7 million dollars in 1999-2000, constituting just 0.02 per cent of total Indian exports. Mr Abdullah reiterated India’s deep commitment to give further impetus to economic ties between India and Vietnam. He also stated that India supported Vietnam in its bid to acquire the membership of the WTO and offered all possible technical assistance solicited in this regard. During his address to the JBC last evening the minister also offered India’s expertise in it, pharma and engineering sectors describing these spheres as areas of future growth where India expertise is acknowledged globally. Mr Abdullah also held discussions on bilateral trade issues with the Vice Minister for Trade in Vietnam later in the day. The two ministers resolved to initiate all possible measures to ensure a wider trade exchange between the their respective countries. (UNI) |
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Bonanza of MoUs signed in partnership summit HYDERABAD, Jan 10: Reaping a rich harvest of investment flow during the on-going CII partnership summit, Andhra Pradesh Government has firmed up a Memoranda of Understanding (MoU) with private developers for 70 projects worth about Rs 36,000 crore. Marking the first initiative in the chaun of projects, the Government today signed an MoU with Kakinada Indian Oil LNG Consortium (KIOLC) to set up the Rs 19,000 crore integrated LNG terminal at Kakinada deep water port to cater to power needs of AP and neighbouring states. The ambitious project, to be executed by Indian Oil Corporation (IOC)-led consortium, comprising Patrons of Malaysia and Cocanada Port Company Private Limited of Singapore, would be completed in three years. The MoU was signed in the presence of Chief Minister N Chandrababu Naidu through a video linkage between Hyderabad and New Delhi where officials of KIOLC and Petroleum Ministry were present. Andhra Pradesh roads and buildings and transport secretary J Rambabu signed the agreement on behalf of the State Government while Subhir Raha inked the MoU on behalf of KIOLC. Following Naidu’s suggestion, the Union Petroleum Secretary P Shankar and IOC officials promised to complete the project ahead of schedule. Describing the project as ‘prestigious’ for the State, Naidu said the LNG terminal will serve as a facility for import, gasification and distribution of LNG. Of the 70 projects lined up for MoU signing, 27 pertain to infrastructure, Industries and Commerce Department, 19 to tourism while 17 projects cover information technology and communications areas. An MoU was also signed with Feedback Infrastructure Limited to develop an institutional framework called ‘Project Development and Promotion Partnership (PDPP) to identify projects for development in public-private mode and mobilise resources for them. As a partner in PDPP, Feedback Infrastructure Limited will contribute technical, managerial and financial resources to help the state-owned A P Industrial Infrastructure Corporation (APIIC) undertake project development works. The PDPP will help develop projects for departments such as tourism, power, industries, commerce, transport, roads and buildings and municipal and urban development. The Chairman and Managing Director of APIIC R Chandrasekhar and Managing Director of Feedback Infrastructure Limited Suneeth Maheshwari signed the MoU. (PTI) |
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Disinvestment target of Rs
10,000 crore may NEW DELHI, Jan 10: Finance Minister Yashwant Sinha today said the disinvestment target of Rs 10,000 crore set out in the last budget would not be achieved but procedures and other policy issues have been cleared paving the way for a much faster pace of disinvestment in subsequent years. In a pre-budget meeting with economic editors and journalists here, Mr Sinha said the disinvestment programme has become political. He asked the journalists to help build a consensus on reforms as the Government was steering a difficult path and said Disinvestment Minister Arun Shourie had to face five parliamentary debates on the issue. To a suggestion that the disinvestment programme be linked to a particular item of expenditure to make it more acceptable, Mr Sinha said there was no particular merit in this except that it would be a populist measure. About tax incentives be linked to employment generation for companies and industries which create maximum jobs, Mr Sinha said he had introduced such a measure in his 1998 budget, which did not work. In reply to a suggestion that the presentation of budget should be in the morning as it helps the print media, Mr Sinha said he was making efforts so that the budget could be presented at 1100 hrs and not at 1400 hrs as was the case with the last budget. The Finance Minister said he was meeting various interest groups in his pre-budget consultations and the budget would be evolved on the maximum consensus that exists. There were differences within the these groups as also among the different groups. He said and added that this makes his job of budget making all the more difficult, Mr Sinha said he would even have to reach out to areas where there was no consensus. Referring to a point made by some representatives that in no case tariff rates should be hiked in the budget as was a demand made by industry, Mr Sinha said his earlier predecessors Mr Manmohan Singh and Mr P Chidambaram had clearly indicated that tariff rates would be gradually brought down. He said this was a highly contentious issue. About the suggestions made by several editors that budget should aim at creating jobs, Mr Sinha said he had in his last three budgets made efforts to give a boost to housing. He said the national highway development project would also generate massive job opportunities. However, the problem today was not of getting additional resources but there were problems of executing the project, such as equipment. Mr Sinha said there were several schemes for poverty alleviation outlined in the ninth five year plan and the Government was trying to reach a convergence of these schemes. The Finance Minister said for programmes like education, health and rural connectivity the Central Government has to depend on agencies of the State Government and the executing agencies were Panchayati Raj institutions. The Central Government has little say in the supervision of these programmes and the State Government’s zealoulsy guard their domains and resist all extra-constitutional intrusion. Mr Sinha said the target of setting up two million houses for the poor earmarked in one his previous budget had exceeded the target. In 1998-99, 3.2 million houses were build and in 2000-2001 this figure would touch the four million mark. Liberal housing finance was being provided, he said. Mr Sinha said reforms had reduced poverty as the Planning Commission figures indicate. He said efforts were being made by the Finance Ministry on the basis of data available and using an acceptable methodology to get employment figures. A view was expressed that promoting investment should be the main task before the budget. Investments were lagging behind and the real rate of return on investment was very low as there were few investments which gave a return of 20 per cent on equity. Risk free investments giving a return of 11 to 12 per cent were also few. "The corporate sector was eating capital," an editor remarked. India was a high cost economy and a Federation of Indian Chambers of Commerce and Industry study had pointed out that cost disadvantage was 17 per cent for Indian products due to high cost of capital and labour laws. Efforts should continue to be made to make the industry competitive. Instead of lowering tariffs, adjustment could be made in the rupee rate to give necessary protection. The Finance Minister should not send a wrong signal by hiking tariff rates. Efforts should also be made to increase the tax GDP ratio which has been stagnating. Services sector which constituted 51 per cent of the GDP contributed little to the tax kitty. More services should be brought under the tax net. Besides, there should be greater efficiency in tax collection. Corruption, especially in customs should be eliminated. For this pupose an ombudsman could be appointed. There was disagreement among the journalists whether the exemptions enjoyed by the information technology sector should continue. While some pointed out that they created enormous employment opportunities in a scenario where jobs were not growing, others felt that all those who can pay should be taxed. It was pointed out that the VRS scheme was working well and there was a need to reverse the gross capital formation to GDP ratio which has been declining. A suggestion was made that instead of disinvesting all PSUs, efforts should be made to strengthen some blue chip companies like the BHEL. It was suggested that there should be a three year rolling scheme for defence expenditure. Citing an example of China, suggestions were made that there was need to increase public investment in infrastructure and agriculture. The country had increased its growth rate from a low of two per cent to eight per cent. Having a credible food policy and reforming the Food Corporation of India was also suggested. Besides the budget should appeal to individuals and the expemtion limit be hiked to Rs 75,000. There should be larger investment in the social sectors and efforts should be made that the benefits ,which do not reach the common man because of leakages, improve the lot of the poor. A journalist said the Government was playing too much into the hands of the private sector and there was need for a policy shift. A view was expressed that the agriculture sector should be taxed as the rural rich pay no taxes. There was also a need to check smuggling of goods from china. A journalist said that there should not be swapping of investments among the PSUs to achieve the disinvestment target. There was no policy thread as regards the disinvestment programme and efforts should be made to bring in transparency. The budget should have tax breaks,especially for long term savings, such as insurance, pension and provident fund. (UNI) |
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