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Large number of anti-dumping cases hampering trade: China NEW DELHI, June 18: China today warned that growing number of anti-dumping cases.....more Centre
approves PALAMPUR (HIMACHAL PRADESH), June 18: Centre has approved projects worth about Rs five crore for Himachal’s .....more Tokyo
stocks end TOKYO, June 18: Tokyo stocks closed lower on Monday with telecoms issues ...more ‘Jeans,
casual wears CHANDIGARH, June 18: Last decade in India has witnessed a ‘sea change’ in the taste of consumers, especially....more |
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Kerala envisages THIRUVANANTHAPURAM, June 18: The A K Antony Government today released a "White Paper," highlighting...more White paper puts immediate liabilities at Rs 3,477 crore THIRUVANANTHAPURAM, June 18: Kerala Government’s white paper on finances put the state’s immediate ....more Photography trade to MUMBAI, June 18: Photo studios, colour labs and other allied services all over the country will remain closed on June 21 to ...more Leather toy makers’ disappoint over apathetic attitude of Govts INDORE, June 18: Unorganised leather toy manufacturers and artisans, who earn precious foreign exchange for the ......more |
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Centre approves Rs 5 cr worth projects for biotech park PALAMPUR (HIMACHAL PRADESH), June 18: Centre has approved projects worth about Rs five crore for Himachal’s first biotechnology park at Nankaghat. As per the recently announced biotechnology policy, Himachal proposes to set up two such parks, in association with the private sector, to boost biotech-based ventures. "The new biotechnology policy of Himachal is only about a week old and we have already received between Rs 4-5 crore worth of support from the Centre. We expect the private sector to also come forward in a big way", state Chief Secretary A K Goswami told PTI He said the new policy has been formulated so that Himachal becomes a frontrunner in establishing industries which are based on the principles of modern biology and biotechnology. As per the new policy, while the proposed parks will act as the main centres for procurement of raw material, sub-centres may be established in other parts of Himachal including Manali, Solan, Chamba and adjoining areas. The produce from these sub-centres can either be supplied directly to the industry or to the park itself. Envisaged under the policy is creation of a state Department of Biotechnology, which will act as the nodal link; single-window clearance agency to clear all biotech projects and the biotechnology task force, which has already been constituted, Goswami said. As per the policy document, the state offers inherent advantages for private sector to invest, including rich biodiversity, unique ecodiversity and a pollution-free, mild climate. Besides, the three basic requirements of adequate land, water and electricity are also easily available in the state; so is good research and development backing with three state universities working on various aspects of biotechnology. In addition to these universities there are centre-funded institutes. (PTI) |
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Tokyo stocks end down, hit by techs, telecoms TOKYO, June 18: Tokyo stocks closed lower on Monday with telecoms issues such as NTT Docomo facing downward pressure amid cut-throat price competition, while major techs lost ground on the persistent weakness in US stocks. J-Phone East, third-largest carrier Japan Telecom Co Ltd’s mobile phone unit, said it would cut its cellular service charges from July to compete against industry leader NTT Docomo Inc. "Given this heated competition, high cell phone saturation, and the fact that they are soon launching next-generation services, their earnings outlooks are becoming increasingly cloudy," said Tomonori Shintani, Investment Information Manager at Toyo Securities. The benchmark Nikkei average lost 92.59 points or 0.72 percent to close at 12,697.79. NTT Docomo, Japan’s largest issue by market capitalisation, fell 3.4 percent to 1.99 million yen, dragging down the capital-weighted topix index, which finished 5.67 points lower, or 0.45 percent, at 1,259.65. Japan telecom dipped 0.41 percent to 2.43 million yen and number two carrier KDDI Corp slid 1.54 percent to 576,000 yen. Trading was slim with only 597.90 million shares changing hands on the first section of the Tokyo stock exchange, the lowest volume since June 4. "Worries about further profit warnings from Nasdaq companies are still there... I see no reasons to buy aggressively," said Toshihiro Koizumi, a fund manager at chuo mitsui asset management. The US Nasdaq market shed a total of 8.4 percent last week, its biggest weekly loss this year amid a streak of profit warnings from high-tech companies. In the high-tech sector, electronics giant Sony Corp slipped 1.37 percent to 8,660 yen and Japan’s largest cellphone handset maker, Matsushita Communication Industrial Co Ltd, shed 4.50 percent to 5,310 yen, following the weak Nasdaq. Bucking the trend were battered-down banking issues, with investor sentiment supported by hopes the Government may come up with concrete measures to tackle massive bad loans held by the major lenders before Prime Minister Junichiro Koizumi’s meeting with President George W Bush later this month. Mizuho Holdings Inc, the world’s largest banking group by assets, put on 7.07 percent to 530,000 yen while Simitomo Mitsui Banking Corp gained 2.82 percent to 949 yen. In the previous session, Mizuho fell to its lowest close since listing last September amid worries over problem loans. (REUTERS) |
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‘Jeans, casual wears market increasing manifold’ CHANDIGARH, June 18: Last decade in India has witnessed a ‘sea change’ in the taste of consumers, especially among the youth, in jeans and casual wears and the business in this segment has been registering 25 per cent annual growth, a leading premium jeans manufacturer has said. ‘There is a radical and sea change occuring in the country despite certain hiccups in some pockets towards the jeans and so called westernised culture,’ Mumbai-based Chetan Shah, country head of Pepe Jeans of London’, told reporters here. ‘Selling premium jeans and casual wears no longer pose as much difficulties as it used to ten years back. My brand has achieved 25 per cent market share at the national level and as high as 35 per cent in north India’, he claimed. Encouraged by the regular growth in the annual turnover, Pepe Jeans London has decided to set up nine exclusive stores in addition to its existing three — one each in Mumbai, Jaipur and Secundarabad. The new stores would come up in Delhi, Bangalore, Kolkata, Chennai and Hyderabad, he said. The Kenya-born businessman, who was in the city in connection with opening of a showroom for its leading distributors ‘Kapsons’, said that as part of the business expansion the company has already initiated steps to export its products to Bangladesh, Nepal and Sri Lanka. (PTI) |
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Kerala envisages harsh steps to overcome fiscal crisis THIRUVANANTHAPURAM, June 18: The A K Antony Government today released a "White Paper," highlighting the deep financial crisis bequeathed by the previous Marxist-led Government and listing several harsh remedial measures, including a substantial hike in the power, transport and water tariffs. The 129-page status paper on state’s finances, discussed by a special meeting of the state Cabinet, charged the previous Government with financial indiscipline which pushed the state into a "frightful crisis" unknown in the financial history of the state. Releasing the White Paper, Chief Minister A K Antony said the state had been pushed into bankruptcy by the previous Government, draining all possible sources. With the result, his Government would not be able to take loans from any source."If immediate decisions are not taken, the position will become irredemiable." "We are forced to take some harsh and hard measures as otherwise no one can save Kerala, " he said adding that the electricity and transport charges would have to be hiked. Mr Anthony said the Cabinet discussed in detail the White Paper, but did not take any decision to implement the measures proposed in the document. However, urgent steps would be taken on certain matters in the coming weeks. Mr Antony said the Government would take decisions on the basis of the outcome of a debate on the White Paper among the public, media and finance experts. About two weeks time was being set apart for receiving comments from the public. The document lists policy options for resource generation and effecting savings in expenditure and options on the expenditure management side. The White Paper said though a revision of power tariff by a whopping 90 per cent was called for to cover the estimated deficit of Rs 1925 crore of the State Electricity Board, it only suggested a tariff increase of 60 per cent. The uncovered deficit of Rs 555 crore had to be bridged through long term measures. The document also suggested fare revision by the State Road Transport Corporation and a freeze on expansion. With regard to the State Housing Board, it suggested measures to generate an additional 199 crore by way of disposal of unsold stock.(UNI) |
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White paper puts immediate liabilities at Rs 3,477 crore THIRUVANANTHAPURAM, June 18: Kerala Government’s white paper on finances put the state’s immediate liabilities at a whopping Rs 3,477 crore and blamed the imprudent fiscal management of the previous Left Democratic Front (LDF) Government for the state of affairs. The white paper, released by Chief Minister A K Antony, after a special cabinet meeting which finalised it today, showed dues to contractors at Rs 820 crore, plus-two liabilities at Rs 210 crore, retention in treasury public account as Rs 500 crore, infrastructure investment fund Rs 507 crore. Antony indicated that the Government would be forced to take ‘drastic and unpopular measures’, including revision of electricity charges and bus fares, to bail the state out of the acute crisis. "We are placing the facts before the people. The purpose was to trigger a debate involving people of all walks of life, experts and the media so that the Government could draw up policies in a larger perspective. Though the situation is frightening the Government is confident of overcoming it and putting the state on the path of progress", Antony said. He, however, said today’s cabinet had not taken decision on measures suggested by the white paper worked out by a ministerial sub-committee in consultation with experts. The document showed deficit in resources for the annual plan outlay for 2001-02 at Rs 1455 crore. Besides the fiscal position, the white paper had only touched State Electricity Board (KSEB) and Kerala State Road Transport Corporation leaving out other the Public Sector Undertakings. (PTI) |
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Photography trade to go on strike on June 21 MUMBAI, June 18: Photo studios, colour labs and other allied services all over the country will remain closed on June 21 to protest against the 5 per cent service tax announced by the Centre. The photographic industry will remain closed following the All India Photographic Trade and Industry Association’s (AIPTIA) strike call to protest against the policies of the Government in respect to this industry, AIPTIA president Dinesh Shah said today. According to a press release, Mr Shah said after having met the Government officials several times over the issue of service tax, they have now sought an appointment with Finance Minister Yashwant Sinha on June 21. Adding, Mr Shah said, "the Union Government as well as the state Governments are getting revenue from this industry by way of customs duty, excise duty, income tax and sales tax — and the additional burden of service tax will cripple the growth of trade and development of this industry."(UNI) |
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Leather toy makers’
disappoint over INDORE, June 18: Unorganised leather toy manufacturers and artisans, who earn precious foreign exchange for the country by the export of artifacts made out of waste material, have expressed their disappointment over, what they called, the "apathetic" attitude of the Union and State Governments towards their industry. The pro-export agenda on the Government’s part is just a hollow show, think sources associated with leather toy industry at Indore, the commercial hub of Madhya Pradesh, which is known in the country for creation of fine leather toys on the theme of "Kabar Se Jugar". The disillusioned artisans, whose products with a midas touch are embellishing the houses world-wide, are even contemplating to shut down their business, the sources said lamenting that despite tall claims to encourage export, the State Government, unlike other states, had not so far granted commercial tax concession to leather toys, the largest export handicraft of the state. The centre was not providing duty draw back facility, which is enjoyed by the famous bronze industry of Moradabad in Uttar Pradesh, to the export of leather toys, they said claiming that the former was second in the country after the bronze metal handicraft in terms of export. The export could be doubled if it was given the duty draw back, they said. Referring to the export of leather toys, including animal figurines, the sources said two containers comprising 20000 articles, which is nearly 98 per cent of the products, were being exported daily leaving just two per cent to domestic consumption. The sources said the export was preferred to avert payment of multiple local taxes. However, the export firms were the main beneficiaries in the process as 90 per cent of the export was done through these firms of Mumbai and New Delhi, they added. The sources said the relief in local taxes could work as a boost by enhancing the indigenous market for the industry, which is generating employment for more than 1.20 lakh persons, directly or indirectly. It was difficult to meet the bare expenses with the present rate of commercial tax at nine per cent, they said. Pointing out that intra-country transportation was much difficult than inter-country, the sources termed as "ironical" the fact that exported leather toys were trudging their way back to the domestic market as imported items. Owner of a medium scale toy unit, Ashok Kumar Sahu felt that the prospective leather toy industry should be incorporated in the co-operative sector. Regular workshops and exhibitions should be organised to create awareness among the entrepreneurs and artisans about the latest mode of plaything, he added. The industry was being ignored by the Government despite association of considerable number of scheduled caste people with it, he wondered. The Chinese toys were posing a challenge to their Indian counterpart in domestic and global market, he said adding that the country’s product, saddled with taxes, had failed to compete, inspite of its quality being better. (UNI) |
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