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WASHINGTON, Mar 7: AOL Time Warner Inc., the top most internet access provider in the United States, plans to invest up to 100 million dollars in Banglaore over the next five years to build on its overseas software business, a newspaper report said....more Govt
asks CAG to conduct NEW DELHI, Mar 7: With controversy over BALCO disinvestment still raging, the Government has asked the Comptroller and Auditor General (CAG) to conduct an audit of the disinvestment of its 51 per cent equity to Sterlite Industries......more HC
seeks evaluation report NEW DELHI, Mar 7: The Delhi High Court today asked the Centre to submit an evaluation report of the Vadodara plant of Indian Petro-Chemicals Ltd (IPCL), sold to another public sector company, Indian Oil Corporation (IOC).....more Hollywood
castoffs yield NEW YORK, Mar 7: A sword wielded by Mel Gibson in the oscar-winning epic film "Braveheart" has fetched 170,000 dollars....more |
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Govt seeks political NEW DELHI, Mar 7: The Centre said today it would go ahead with the economic reforms......more
Integrity
of Mumbai stock NEW DELHI, Mar 7: Finance Minister Yashwant Sinha today assured an agitated........more Striking
employees offer BALCO TOWNSHIP, Mar 7: Sensing adverse consequences of the total shut down.....more Govt
determined to NEW DELHI, Mar 7: Finance Minister Yashwant Sinha today ruled out the possibility of any....more |
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WASHINGTON, Mar 7: AOL Time Warner Inc., the top most internet access provider in the United States, plans to invest up to 100 million dollars in Banglaore over the next five years to build on its overseas software business, a newspaper report said. "India represents a largely untapped market for AOL as it joins other big US companies that are increasingly looking to outsource computing work to developing nations offering strong talent pools and cheap labour," the Washington Post reported yesterday. "In the past five years or so, about two-thirds of fortune 500 companies have begun to outsource computer-related work to India, according to the Indian Embassy in Washington," it said. The paper said internet use remains in its "fetal stages" in India and the percentage of consumers who use the internet remains in the single-digit range but urban centres are getting wired fast. "India might not seem like an attractive market now, but the urban middle class is roughly 100 to 200 million people," said Navi Radjou, an analyst with Forrester Research Inc. in Cambridge, Massachusetts. Indian Embassy spokesman Navtej Sarna said "there is a huge market in India. We are increasingly getting wired up in terms of usage of e-mail and internet services." With about 30 million subscribers, AOL is gaining ground in Britain, Brazil and elsewhere and has two million subscribers outside the US. (PTI) |
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Govt asks CAG to conduct audit of BALCO transaction NEW DELHI, Mar 7: With controversy over BALCO disinvestment still raging, the Government has asked the Comptroller and Auditor General (CAG) to conduct an audit of the disinvestment of its 51 per cent equity to Sterlite Industries. In a letter to V K Shunglu, Comptroller and Auditor General of India, Disinvestment Minister Arun Shourie asked him to assign officials to see the records of the above transaction and conduct the audit. "The officers of the Department of Disinvestment (DoD) and the Ministry of Mines will be available to assist the designated team to complete the audit and prepare the report at an early date", he said. Government sold 51 per cent equity of Bharat Aluminium Company (BALCO) to Sterlite Industries for Rs 551.5 crore and agreements for the sale were signed on March 2. Following the deal, BALCO employees went on an indefinite strike. Meanwhile, Chattisgarh Chief Minister Ajit Jogi has said that the Centre should retain majority stake in the PSU and demanded cancellation of the deal with Sterlite Industries. (PTI) |
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HC seeks evaluation report on IPCL Vadodara plant NEW DELHI, Mar 7: The Delhi High Court today asked the Centre to submit an evaluation report of the Vadodara plant of Indian Petro-Chemicals Ltd (IPCL), sold to another public sector company, Indian Oil Corporation (IOC). A bench comprising Justice Anil Dev Singh and Justice O P Dwivedi, however, declined to issue notice to the Centre and IPCL on a petition challenging the deal. Disposing of the petition filed by a shareholder, Arvind Gupta after a preliminary hearing, the court said Government should follow the mandate of law while taking up cases for disinvestment. Petitioner’s counsel Vibhu Prasad Tripathi alleged the transfer of equity to IOC by IPCL management was done without obtaining asset evaluation report, which was contrary to the provisions of Indian Companies Act and disinvestment policy. The act provides that the management of a company should obtain mandate of shareholders before taking such a decision. As the court said that it was a deal only between two public sector company and no private party was involved, Tripathi said a shareholder had a right to know whether the deal was in the interest of the company. Government counsel said the disinvestment was being done by the Government as per a policy drawn for the purpose and Supreme Court has in modern food industries case clearly said that the courts should not interfere in such matters. Tripathi claimed that a multi-national company in its report evaluated the total assets of IPCL’s Vadodra Plant at about Rs 3456 crore. (PTI) |
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Hollywood castoffs yield over 400,000 for charity NEW YORK, Mar 7: A sword wielded by Mel Gibson in the oscar-winning epic film "Braveheart" has fetched 170,000 dollars at a charity auction organized by actor Liam Neeson. The 54-inch sword, one of several used by Gibson as Scottish Warrior William Wallace in the film he also directed, was the top lot of an auction of hollywood memorabilia donated by top stars to benefit UNICEF. Neeson said yesterday he and others spent more than a year placing thousands of calls and sending letters to hollywood stars seeking donated items from their films. The results included the bullwhip used by Harrison Ford in all three of the Indiana Jones Movies. Donated by Director Steven Spielberg, it sold for 74,000 dollars. Julia Roberts, an oscar front-runner this year for "Erin Brockovich," came up with the wedding gown she wore in "runaway bride." it went for 16,000 dollars. A "light saber" from the fourth "star wars" installment, "the phantom menace," fetched 54,000 dollars, no doubt pleasing Neeson who used the device as the character Qui-Gon Jinn to fight evil. The sale’s 15 lots have raised a total of 406,850 dollars so far, with another 77 items still on the block. Bidding on those items ends today. Neeson worked with his wife, actress Natasha Richardson, on the project, called "movie action for children," proceeds from which will be used to provide drugs to prevent mother-to-fetus transmissions of aids in African countries. "We cannot take for granted the health of our children," Neeson said at the auction at Sotheby’s. He cited "disgustingly huge" rates of infection and said it cost only 4 dollars to provide the necessary treatment to stem mother-to-child transmission of HIV, the virus that causes AIDS that has reached epidemic proportions in Africa. Other highlights of yesterday’s auction included a faberge-framed Cecil Beaton photograph of the late Audrey Hepburn, who also worked for UNICEF, which sat on her piano and was donated by her son. It sold for 50,000 dollars. A deck chair from the film "Titanic," the top grossing film of all time, went for 7,000 dollars. A birthday phone call from pop star Michael Jackson to the successful bidder was the evening’s lowest draw at only 1,000 dollars. The on-line sale features dresses from "friends" star courteney Cox Arquette and Oscar winner Meryl Streep’s role in "The bridges of Madison County," a pair of "Rocky’s signed boxing gloves donated by Sylvester Stallone, a racing jacket donated by Paul Newman, several costume items from ‘’meet the parents" signed by Robert De Niro and Ben Stiller, and Glenn Close’s cigarette holder from her role as cruella devil in "102 dalmatians." (REUTERS) |
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Govt seeks political consensus on reforms, disinvestment NEW DELHI, Mar 7: The Centre said today it would go ahead with the economic reforms and disinvestment with or without consensus even as Finance Minister Yashwant Sinha expressed readiness to discuss in Parliament all the issues including the decision to sell Government equity in Maruti Udyog. "The responsibility of carrying out the economic reforms squarely rests on the Government and we will do our best," Sinha said at a meeting of industrialists, organised by the Confederation of Indian Industry. "It is an excellent idea to get into the (reforms) act and try to form a political consensus," Sinha said adding reforms would continue in the interest of common people even if there were some lacunae in reaching the consensus. "Let the issues be debated including the decision on maruti. It will be the responsibility of the Government to address the concensus," he said. Assuring industry of further growth measures in successive budgets, Sinha said "this budget has set the roadmap for medium term. In the future budgets, changes will be in your (industry) advantage." He asked industry to prepare for the lower tariff regime with a peak import duty of 20 per cent and moving towards the ASEAN levels. "It will be our endeavour to move from a high cost economy to a competitive economy where interest and tariff rates are lower," he said. Sinha said the Government would take efforts to make business environment as favourable as possible so that the industry is able to compete in the global arena. However, he talked tough on companies not maintaining books and paying taxes, saying "those companies who are involved in trade and business must maintain accounts and avail cenvat." "I would like to move towards vat as soon as possible," he said in this context. He said more and more items will be moved towards the 16 per cent cenvat rates as it was not possible to shift all the items this time due to administrative problems. Replying to a question on labour reforms, Sinha said there has been lot of confusion on this issue although Government felt that it would increase employment. "We need to convince them (political parties) about the labour issues," he said. On the power reforms as demanded by industry, Sinha said there was complete consensus on the issue at the last meeting with states. A two-year target has been set for turnaround of state electricity boards and running into profits from the third year, he said. The budget also provided for electrification to 20,000 remote villages where electricity lines are difficult to extend while addressing remaining 60,000 villages separately. "We have to ensure that the capital cost is met by the State and Central Governments," he said. On the roads sector, the Finance Minister said the Government has stressed on developing the rural roads along with the national highways keeping in mind the interest of farm community and increase the market accessibility. (PTI) |
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Integrity of Mumbai stock market not in danger: Sinha NEW DELHI, Mar 7: Finance Minister Yashwant Sinha today assured an agitated opposition in the Lok Sabha that integrity of the Mumbai stock market was "not in danger at all" and the payment system was "safe". Responding to members’ concern over the crash in the market two days after presentation of union budget on Wednesday last, Sinha said the Securities and Exchange Board of India (SEBI) was conducting an inquiry to ascertain whether the market had been manipulated or fixed by one Cartel or the other. "I will share the findings of the SEBI inquiry once it is completed. At present, I do not want to make any statement on the issue as the probe is on," Sinha said. The Finance Minister said "the payment system is safe and there is no possibility of any payment crisis. The integrity of the market is not in danger at all." Raising the issue during zero hour, Congress member S Jaipal Reddy said the stock market had risen to dizzy heights immediately after the presentation of the budget but was now falling towards "fathomless depths" because of operations of stock broker Ketan Parekh. "It is causing turmoil. Our banks, deposits and small investors are in jeopardy," Reddy said, adding the stock broker had entered into a 250 million US dollar investment with media giant Kerry Packer of Australia and was also involved in a deal with Himachal Futuristic Limited. He alleged Parekh, still an accused in a case with big bull Harshad Mehta, was "running a sensex" of his own which had touched a 52-week low. Reddy was strongly supported by his party colleagues Priyaranjan Dasmunsi and Mani Shankar Aiyer, CPM members Rupchand Pal and Ajoy Chakraborty, Samajwadi Party leader Mulayam Singh Yadav and RJD leader Raghuvansh Prasad Singh. Informing the members that SEBI as a strong market regulator had initiated an inquiry into the happenings on that "Black Friday", Sinha said the Government was not concerned about ups and downs of stock exchange market. He said market fluctuated because of various factors the world over and the Government’s responsibility was to ensure that it was not manipulated and the payment system was safe. He also urged members to desist from making statements keeping in view the fact that the market operated on the basis of "sentiments". Reddy alleged that Parekh had borrowed heavily from banks in contravention of RBI guidelines and taken a loan of Rs. 50 crore on February 27 from ABN Amro Bank. He also wanted the Government to disclose action initiated by SEBI against meteoric rise of BPL, Videocon and Sterlite Industries. Aiyer demanded that Government should satisfy the house that no irregularities had taken place in the market after the budget was prance minister for presenting "an outstanding budget", BJP members Kirti Somaiya and Rajendra Pratap Rudy said action should be initiated against those spreading rumours which were causing panic in the market. "Efforts are being made to sabotage the budget," they said while seeking protection of small investors. (PTI) |
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Striking employees offer help to keep BALCO alive BALCO TOWNSHIP, Mar 7: Sensing adverse consequences of the total shut down of the plant, striking employees of the recently disinvested BALCO plant have agreed to provide necessary manpower to the new management to keep the "cell house of the plant alive" even as their strike entered the fifth day today. "We held a discussion at the core committee of the BALCO Bachao Sanyukta Abhiyan Samiti and after that with the management last night and decided to provide them manpower today to keep the cells alive", BALCO Bachao Andolan leader Brhama Singh told newspersons here, about 12 kms from Korba in Chhattisgarh, where the plant is located. "But they will do the job without taking any payment and the employees going inside will not mark their attendance", Singh said. The management had given a list of 125 members to work in the compressor hydro filtration and alumina plant as well to keep it ‘alive’, Singh, an INTUC leader, said. The workers have been protesting the Centre’s selling its 51 per cent stake in the public sector unit to Sterlite Industries while the new management closed down three of the four power units for technical reasons yesterday. However, the general manager personnel and administration of the plant Shaheer Ahmed told reporters inside the plant that 17 leaders of employees union had met the management’s representatives and proposed to provide manpower but the management would consider the offer. General Manager (Works) S K Deoras said the union leaders visited the plant and proposed to provide manpower which will not be for production but to help keep the cells alive. ‘Although we needed manpower since the second day of the indefinite strike, we have to consider whether we can allow them inside the plant considering safety aspects’, he said. Deoras said ‘currently 35 kilo ampere is provided to 408 pots of the most important smelter plant which are in dip condition since Sunday to keep them warm’. ‘This can be maintained for three to five days and then the aluminium will start transforming into solid form’, he said. To return that to liquid form atleast 15 days would be needed, Deoras said. Following the shut down, BALCO had incurred a loss of Rs two crore, he added. (PTI) |
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Govt determined to protect integrity of stock market: FM NEW DELHI, Mar 7: Finance Minister Yashwant Sinha today ruled out the possibility of any payment crisis and said the Government is determined to protect the integrity of the stock market. The Government is not concerned with the ups and downs in the stock market but it will ensure that the market is not manipulated or fixed by anyone, he said in response to concern expressed by Congress member Jaipal Reddy and other opposition members during zero hour in the Lok Sabha on the crash in the Bombay Stock Exchange and the actions of the Securities and Exchange Board of India (SEBI). The Finance Minister said SEBI was a strong regulatory mechanism and it has already launched an investigation into the Black Friday to find out whether there was any manipulation behind it. He said he would share with the house the findings of the inquiry. The markets were operating on the basis of sentiments and members should not do anything to damage the market, he said. Earlier raising the issue, Mr Reddy said the ineffectiveness of SEBI was very much visible in the stock market. Harshad Mehta who was responsible for the meteoric rise in the shares of Sterlite, BPL and Videocon was back in operation, he pointed out. Mr Mani Shankar Aiyar (Congress) wanted to know whether the Government was satisfied that there was no violation in the Bombay Stock Exchange by the same group which caused a major scam in the past. He recalled that the present Ministers of External Affairs, Defence, Finance and Commerce and Industry were the members of the Parliament’s Joint Committee (JPC) which probed into the serious irregularities at that time. Mr P R Das Munshi (Congress), Mr Rupchand Pal (CPI-M), Mr Raghuvansh Prasad Singh (RJD) and several others also expressed their concern over the developments in the stock market. (UNI) |
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