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| Unemployment
grips 2000 contract workers of BALCO KORBA, May 13: Unemployment has gripped about 2000 contract workers who have not been re-instated after more than two-month-old BALCO strike was called off.........more
Sinha to visit BEIJING, May 13: Finance Minister Yashwant Sinha is arriving in Hong Kong tomorrow, as part of.....more RBI directs banks to MUMBAI, May 13: Reserve Bank of India has directed banks to take immediate steps to reduce the ....more |
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First phase of
Gujarat science city to be ready by Jan 2002 GANDHINAGAR, May 13: The first phase of "Gujarat science city" with select elements being....more China, Nepal to sign BEIJING, May 13: China and Nepal are to sign a key agreement during the official visit of Chinese........more NEW DELHI, May 13: Following up on a big ticket announcement relaxing.......more FIIs net buyers MUMBAI, May 13: The Foreign Institutional Investors (FIIs) were net buyers in equities....more Weekly market review NEW DELHI, May 13: A mixed trend continued in the third consecutive week in bullion, sugar....more |
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Sinha to visit Hong Kong to woo foreign investors BEIJING, May 13: Finance Minister Yashwant Sinha is arriving in Hong Kong tomorrow, as part of India’s ‘Look East’ policy and attempts to woo foreign direct investment from the region, especially Hong Kong, official sources here said. "The main objective of this visit is to invite foreign direct investment and encourage joint ventures as well as broaden and deepen India’s trade relations with Hong Kong Special Administrative Region (SAR)," Consul General of India Ashok K Kantha told PTI. "It is for the first time that India is looking at the east for enhancement of trade and commerce and the first visit by the Indian Finance Minister to Hong Kong is expected to result in larger foreign investment inflow into India," Kantha said. During his stay in Hong Kong, Sinha will interact with top business tycoons there, including chairman of Hutchison Whampoa and Cheung Kong Holdings, Li Ka-Shing. Sinha will also meet Chief Executive of Hong Kong SAR Government Tung Chee-Hwa and Financial Secretary Antony Leung. The major event is "focus on India" session of Credit Lyonnais Securities Asia Ltd. (CLSA) Investors’ Forum on Wednesday where Sinha will deliver a keynote speech on investment opportunities in India. Sinha is scheduled to address both the Asia Society and a seminar jointly organised by India Chamber of Commerce, Hong Kong, Confederation of Indian Industry and Hong Kong Trade and Development Council. (PTI) |
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RBI directs
banks to reduce incidence of MUMBAI, May 13: Reserve Bank of India has directed banks to take immediate steps to reduce the incidence of default in credit card business and closely monitor recovery of outstandings. Banks may form late specific ‘action plans’ to this effect with the approval of their Board of Directors, RBI said in a notification here. Banks have been further advised to observe the code of ethics formulated by Indian Banks’ Association while engaging recovery agents for collection of credit card overdues. Credit card debt is an unsecured line of credit and repayment of dues depends primarily upon card holders capacity to repay. The highly competitive environment in this business has provided customers with opportunity to hold more than one credit card from different banks with the intention to pay only minimum monthly payments on outstanding balances. Relaxed underwriting standards, aggressive solicitation programmes, inadequate account management, increased credit risk may have lead to overdues and non-performing assets in credit card portfolios of banks. RBI said the common methods of fraudulent usage of credit cards include fraud at the application stage, misuse of lost/ stolen cards and cards not received by genuine applicants, counterfeit and altered cards, and merchants acting in collusion with card holder. In this regards, banks have been told to set up internal control systems to combat frauds committed by such or any other methods. Fraud prevention committees/task forces are in existence, which formulate laws to prevent frauds and take proactive fraud control and enforcement measures. RBI has advised banks to actively participate in them. On sharing of information on credit card holders, RBI said banks have been advised to become members of one or more Credit Information Bureaus (CIB), which are now being set up, in order to maintain the selectivity of customers in their credit card business. Banks are also advised to take advantage of the existing negative file projects to guard against defaults in this business. CIBs would provide a mechanism for mitigating credit risk by enhancing the quality of credit decisions and help in curbing the growth of fresh non-performing assets. In order to provide efficient back office solution to the cards management process and in areas of accounts receivables, billing, settlement and other related services it was necessary for banks to have a proper processing solution, it said adding, they should make use of developments to ensure better operating controls. Referring to fee or charges on credit cards, RBI said banks should clearly spell out such details to the cardholder while applying for credit card, if not done so far. In particular, banks should bring to the notice of the cardholder, the rates of interest to be charged in case of delays and default in payments, besides the membership/renewal fees. (PTI) |
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| First phase of Gujarat science city to be
ready by Jan 2002 GANDHINAGAR, May 13: science city" with The first phase of "Gujarat select elements being developed as a forerunner to the full-fledged city, will be ready by January 2002. Announcing this after taking review of the progress made at the site, yesterday Gujarat Chief Minister Keshubhai Patel said "the first phase would comprise of India’s first 3D Imax theatre and a basic science pavilion, a pavilion of communications and information technology with a ten MBPS international internet access gateway, theme park, an amphitheatre. Also required would be landscaping and site infrastructure which would cost around Rs 50 crore. Giving details of the progress made, Mr Sanjay Gupta, Member Secretary, Gujarat Council of Science City said agreement for purchase and installation of 3D Flat large format film projection system with Imax of Canada has been signed. Mr Gupta said the total project cost was estimated to be around Rs 350 crore. To facilitate the execution of the first phase, the Gujarat Government has already released Rs 20 crore so far and another Rs 27 crore has been provided in the current year’s budget. Gujarat Maritime Board (GMB) and Gujarat State Petroleum Corporation Ltd (GSPCL) has also released Rs ten crore and Rs five crore respectively forthe project. (UNI) |
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China, Nepal to sign key tourism agreement BEIJING, May 13: China and Nepal are to sign a key agreement during the official visit of Chinese Premier Zhu Rongji which would allow Chinese tourists to visit the Himalayan Kingdom, lessening Nepal’s over-dependence on Indian tourists. The two countries had signed a Memorandum of Understanding (MoU) last month during the China visit of Nepalese Minister for Culture, Tourism and Civil Aviation Omkar Prasad Shrestha. The final agreement is to be announced in Kathmandu Tuesday during Zhu’s first visit to Nepal, Chinese sources told PTI here. Under the agreement, Nepal becomes the first South Asian nation to be approved by China as a tourist destination for its nationals, who are increasingly travelling abroad. Chinese citizens will be allowed to visit Nepal at their own expense and the Government-owned China National Tourism Administration (CNTA) will designate travel agencies to host tourists to Nepal. China and Nepal have also agreed to open non-commercial and non-profit tourism offices as well as encourage third country tourists to visit each other’s country. With the agreement in place, Nepal becomes the eighth country to officially receive Chinese tourists, following Singapore, Malaysia, Thailand, South Korea, Australia, New Zealand and Japan. During Shrestha’s visit, Chinese and Nepali officials discussed ways of boosting tourism, including commencement of direct flights between the two capital cities and expanding routes, frequencies and capacity of existing flights. Nepal, which relies heavily on Indian tourists, had been looking for alternatives to rake in foreign exchange and sustain the country’s tourism industry. The country, which shares a long border with Tibet, has already established air connections, linking the Chinese cities of Shanghai and Lhasa with Kathmandu. Authorities in Nepal feel the move would attract more chinese and foreign tourists to the Himalayan Kingdom, which is known for its scenic spots and Buddhist temples. (PTI) |
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NEW DELHI, May 13: Following up on a big ticket announcement relaxing Foreign Direct Investment caps on most major sectors of the economy, Finance Minister Yashwant Sinha plans to try drum up FDI through a visit to the city states of Singapore and Hong Kong. I am trying to acquaint foreign investors with the changes in our regulations we have been suffering from an image problem in the past, this needs to be reversed, Sinha told UNI. The two East Asian states are considered economic power hubs in the region and Mr Sinha hopes to use these as launch bases to promote India as a more vibrant investment destination. India is aiming at a 10 billion dollar FDI inflow, five times the current annual inflow level. The two island states have significant Indian diaspora with significant interests in business including areas like computers, financial services, construction, tea and trading. Mr Sinha feels they would respond well to his initiative, especially as they responded well to his Resurgent India bonds. The debate here on FDI is not helping us, the Finance Minister said. His Government recently allowed upto 100 per cent FDI in certain telecom sectors, airports, drugs and pharma and upto 26 per cent in defence industries. Finance Ministry officials say the objective of these visits is to invite foreign direct investment and encourage joint ventures as well as broaden and deepen trade relations with these countries. Mr Sinha indicated India is now looking more towards the east for greater trade and investment flows. The Indian Finance Minister is visiting Singapore at the invitation of the Singapore Finance Minister Dr Richard Hu with whom he is expected to have a detailed discussion not only on bilateral trade and investment matters but on the stand Asian countries will take at the forthcoming World Trade Organisation talks. He is also scheduled to make a courtesy call on Prime Minister, Mr Goh Chok Tong. The Finance Minister will also deliver a keynote address on India’s response to globalisation to Singapore Indian Chamber of Commerce and Industry. Mr Sinha will also be addressing a seminar focus on India being organised by Credit Lyonnais Securities Asia Ltd. (CLSA) Investors’ Forum where he will deliver a keynote speech on investment opportunities in India emerging scenario to leading institutional investors and business leaders with interests in India. His other programmes at Hong Kong include address to Asia Society on Resurgent India vision and agenda for growth and keynote speech on India as your business partner at a seminar organised by India Chamber of Commerce Hong Kong, Confederation of Indian Industry and Hong Kong Trade and Development Council. He will also be meeting Chief Executive, Hong Kong Special Administrative Region Government Mr. Tung Chee-Hwa, Financial Secretary Mr Antony Leung and Chief Executives of top institutional investors and financial institutions. (UNI) |
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FIIs net buyers in equities at Rs 198 crore MUMBAI, May 13: The Foreign Institutional Investors (FIIs) were net buyers in equities at Rs 198 crore (USD 42.3 million) and net sellers in debt at Rs 68.4 crore (USD 14.5 million) for the trading week ended May 11, 2001. The mutual funds, however, were net sellers in equities at Rs 54.42 crore and net buyers in debt at Rs 11.59 crore for four days beginning May seven, according to data available with Securities and Exchange Board of India here. On the first day of the week, FIIs bought and offloaded equities worth Rs 265.9 crore and Rs 127.2 crore respectively, to remain net buyers of Rs 138.7 crore (USD 29.6 mn). The foreign funds were net sellers on May eight at Rs 57.2 crore (USD 12.2 mn) and May 11 at Rs 43.6 crore (USD 9.3 million), SEBI said. BSE-30 index resumed the week firm at 3562.97 points and fluctuated in a narrow range of 3629.65 and 3539.46 before closing the week at 3559.77 as against last weekend’s close of 3514.59, a marginal gain of 45.18 points or 1.29 per cent. On the debt front, FIIs indulged only in offloading activity on May 10 and 11 (Rs 10.9 crore - USD 2.3 mn on both days each) while no transaction was conducted on May eight. The data on MFs shows that they were net sellers on three days with the highest being on May nine at Rs 37.87 crore. MFs, in debt, were net buyers at Rs 95.31 crore on May 10. (PTI) |
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Weekly market review NEW DELHI, May 13: A mixed trend continued in the third consecutive week in bullion, sugar, grains and oils trading at the local markets during the week ended May 12. Gold prices recovered while that of silver remained static at the weekend as gold - standard, ornaments and bittur - prices moved up while silver ready prices remained stagnant at Rs 7250 and weekly delivery slipped by Rs five at Rs 7240 per kg as compared to last week’s closing price range. Sovereign did not witness any change at Rs 3725/3750 per eight gms amid easy availability. Silver coins also did not witness any change change during the course of the week and remained stagnant at Rs 11,000 for buyers and Rs 11,200 for sellers per 100 pieces as demand matched supplies. Both the precious metals moved in a narrow range in the overseas market during the week under review. Sugar: Sugar mill delivery prices slipped by Rs five per quintal at the higher level only at Rs 1380/1455 while spot prices for sugar M-30 lost Rs ten at the higher level at Rs 1560/1580 and that of S-30 variety continued to be static at Rs 1530/1570 per quintal on comfortable stock position as compared to last week’s price range. Gur prices, however, did not witness any change at Rs 1225/1325 per quintal on easy availability. Khandsari bold improved by Rs 15 at the higher level at rs 1490/1510 and dust gained Rs 25 at the lower level and Rs 15 at the higher level at Rs 1425/1440 per quintal on buying support from stockists. Desi variety did not witness any change and traded at Rs 1400/1430 per quintal during the week under review. Grains: Wheat desi prices moved up by Rs 50 at the higher level at Rs 850/1200 per quintal on tight stocks while dara slipped by Rs ten per quintal at both the levels to settle at Rs 585/590 on comfortable stock position as compared to last week’s closing price range. In pulses, gram flared up by Rs 55 to Rs 125 at Rs 1875/1975, gram dal by Rs 100 at both the levels at Rs 2000/2100, urad went up by Rs 100 at the higher level at Rs 1950/2400, moong by Rs 150 also at the higher level at Rs 2000/2500 and arhar by Rs 50 to Rs 150 at Rs 1350/1550 per quintal on tight inventories and emergence of demand from stockists. Prices of rice and coarse grains remained intact as demand matched supplies during the week under review. (AGENCIES) |
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