|
|
Sugarcane
farmers CHANDIGARH, May 22: Punjab Chief Minister Parkash Singh Badal has directed......more
India
welcomes HOUSTON, May 22: India today welcomed the us national energy policy report....more WB
Govt calls for KOLKATA, May 22: The West Bengal Government has called for a meeting with the.......more |
 |
TCS in process of automating accounting system of HAFED Excelsior Correspondent JAMMU, May 22: Tata Consu-ltancy Services is in the process of automating......more RBI
extends concessions to J&K Excelsior Correspondent JAMMU, May 22: Despite most challenging and changing environment, Jammu and Kashmir Bank has registered........more GDP growth will be NEW DELHI, May 22: Reserve Bank of India Deputy Governor Y V Reddy today said the GDP....more Electronics slump SINGAPORE, May 22: Asia churns out most of the world’s semiconductors, and many of the region’s.....more Haryana millers send NEW DELHI, May 22: Haryana flour millers have sent a SOS to the Food Corporation of India (FCI)......more |
 |
|
|
|
India welcomes US national energy policy report HOUSTON, May 22: India today welcomed the us national energy policy report calling for closer Indo-US cooperation in maximixing India’s oil and gas production. The recommendations of the national energy policy report submitted by the national energy policy development group on May 17 emphasising closer Indo-US cooperation in oil and gas would help New Delhi achieve self-sufficiency in hydrocarbons, Petroleum Minister Ram Naik said at the road show here to promote the seven Coal Bed Methane (CBM) blocks. India is offering seven CBM blocks in Jharkhand, Madhya Pradesh, Rajasthan and West Bengal for exploration and production through international competitive bidding, he said, adding "this would help India join the CBM club which at present comprises USA, Poland, China and Australia." He said Government was making efforts to harness the new source of energy in the country by providing an attractive fiscal regime and contractual framework. The first road show to promote cbm blocks was held in Delhi on May eight and the second at houston. The third and concluding road show would take place in Denver, USA, on May 23. While bids for the first round of CBM close on August 31, 2001, they would be evaluated in 3-4 months times and the blocks would be awarded by the year end, he said. CBM is primarily methane gas (80-95 per cent) which occurs in its natural state in coal or lignite bed seams, in absorbed condition. (PTI) |
|
WB Govt calls for meeting with management of jute mills KOLKATA, May 22: The West Bengal Government has called for a meeting with the management of five jute mills which closed down in the past one week. Chief Minister Buddhadeb Bhattacharjee said here today that Labour Minister mohammed amin has convened the meeting on Thursday to ascertain the problems the mills were facing. Mr Bhattacharjee, who will review the situation with Industry Minister Nirupam Sen and Mr Amin, said during this period of the year, jute mills usually faced two problems — shortage of labourers, as most of them went left for leave for cultivation, and secondly shortage of raw materials. The Chief Minister said representatives from two city-based Chamber of Commerce and Industry had called on him and discussed rejuvenation of the state’s industries. Later, Mr Satyanbrata Ganguli of Bengal Chamber of Commerce and Industries told newspersons that they had proposed formation of an apex committee for the state’s industrial rejuvenation. Appreciating the Chief Minister’s slogan "do it now," Mr Ganguli said the chamber had been asked to prepare a project on Calcutta’s problems. (UNI) |
|
TCS in process of
automating accounting Excelsior Correspondent JAMMU, May 22: Tata Consu-ltancy Services is in the process of automating the accounting system of "Haryana State Co-operative Supply and Marketing Federation Limited (HAFED), which has been using TCS’ own business accounting software package "EX Next Generation" at the head office and will have 24 of its offices spread over entire Haryana and Delhi use the same. As per a release this will be done as per the understanding reached between the two organisations. TCS has been marketing E X brand of business accounting software since 1991 targetted at the small and medium size business community. These products have been sold and serviced through its vast network of partners spread across the country. E X has always been symbolized as successful marriage n\between state of the art technology with simplicity and use friendliness and all products from E X family, retain its attribute. EX is a fully functional business accounting ledgers, receivables and payables, invoicing and inventory. TCS has been continuously investing in EX and the coming months will see a new breed of products targetted at the fast growing small business and SME segments consisting of complete business solutions including accounting, personal finance, payroll, inventory, order processing and logistics etc. These products are currently being re-engineered using computerized approach at TCS Kolkata delivery centre. TLC has also involved its channel partner Turning Point Computer Education Centre Private Limited in the implementation and training at different sites of HAFED. |
|
RBI extends concessions to
J&K Excelsior Correspondent JAMMU, May 22: Despite most challenging and changing environment, Jammu and Kashmir Bank has registered an impressive performance during 2000-2001 in its business, deposits, gross profit, capital and reserves. A Bank release issued today said that J&K Bank recorded over 39 percent growth in the net profit to rupees 167.56 crore from rupees 120.17 crore in the previous year. Its business has touched rupees 15931 crore as on March 31 this year from around rupees 13210 crore last financial year, the release said. There was an increase of 21 percent in the gross profit from rupees 232 crore to rupees 281 crore. Further, the capital and reserves increased from rupees 528.16 crore to rupees 699.51 crore as on March 31 this year, from rupees 528.16 crore, thereby having a remarkable growth of rupees 171.35 crore, the release said. The Bank’s deposits have recorded a growth of 19 percent from rupees 9422 crore to rupees 11168 crore, while’s the income per branch and per employee has increased to rupees 313 lakh and rupees 18 lakh respectively from the previous year figure of rupees 275 lakh and rupees 15.76 lakh, the release further said. The Bank also showed remarkable performance in investment portfolio, while’s foreign exchange business recorded a turnover of rupees 2402.06 crore against the previous year figure of rupees 1764 crore, the release said. Meanwhile, all the Banks operating in Jammu and Kashmir State, except regional rural banks, will continue to extend certain facilities to the borrowers and customers. This has been done on the recommendation of the Sub-Committee of SLBC by Reserve Bank of India (RBI), wherein a decision has been taken to extend the period of concession/credit relaxation upto March 31, 2002 in Jammu and Kashmir. The concessions extended by RBI to the people of Jammu and Kashmir will be increased working capital finance, while’s borrower accounts would be subjected to review by the concerned banks within a period of three months and the need based increase in working capital facilities be sanctioned without delay. It has-been decided that the finance against the accepted hundies (usance bills) should be encouraged. Similarly, for Credit Monitoring Arrangement (CMA) borrowers, the existing ceiling of 75 percent on finance against the book debts may continue. For other corporate borrowers, the liberal finance against book deposits should be available. The RBI has decided that the existing ceiling of 15 percent margin for calculation of drawing power against commodities, not covered by selective credit control directives, may continue. Similarly, margin for finance against the bills should not exceed 10 percent as hitherto. Similarly, the existing concession of 50 percent in service tariffs for remittance may continue. The same may be extended to collection of outstation bills/cheques. The Banks have been directed to honour small fixed deposit receipts upto rupees 10,000 of the Kashmri migrants at the designated branches without verifying the details from the issuing branch of the Valley against some indemnity bond. For term credits, the banks will adopt a flexible and pragmatic approach as regards debt equity ratio, especially for small projects. The Banks will also review al irregularity accounts within time frame of three months with a view to explore the possibilities of regularizing them through sanctioning additional working capital facilities. It has been cleared that the period of realization of the bills purchased and advance bills for collection may be extended upto one month by Branch Managers. Further liberal acceptance credit/LC facilities be also extended . The facilities for transfer of bank accounts/funds maintained with their branches in the valley to some other designated/specified branches outside the valley, at the request of their customers may be continued, it has been further decided. |
|
GDP growth will be in the range of 6 to 6.5 pc: Reddy NEW DELHI, May 22: Reserve Bank of India Deputy Governor Y V Reddy today said the GDP growth this year will be in the range of six to 6.5 per cent. There is a reasonable expectations that GDP would be in the Raneg that has been mentioned in the monetary policy, that is, six to 6.5 per cent, Mr Reddy told reporters here. Whether it will be on the higher end or lower end of the range will depend on the monsson, he said. Mr Reddy said he expected the country’s external sector to be comfortable despite concerns over rising global oil prices and economic slowdown in the United States. Compared to other countries, the impact is likely to be moderate. The current account deficit will certainly be less than two per cent, Mr Reddy said. (UNI) |
|
Electronics slump batters Asian economies SINGAPORE, May 22: Asia churns out most of the world’s semiconductors, and many of the region’s economies rely heavily on exporting them to the United States - the world’s biggest consumer of electronics. Yet as Americans rein in their technology spending, the armies of Asian semiconductor workers are dwindling but India may remain relatively unaffected. The slack demand for microchips is battering the economies of South Korea, Singapore, Malaysia, the Philippines, Taiwan and Hong Kong. Layoffs are rampant, with Asian, US and European companies letting staff go. China and India also make semiconductors, but the Asian Development Bank believes the diversity of their economies should enable them to weather the electronics slowdown. Chinese and Indian consumers may even help the asian electronics industry compensate for slack us demand, analysts say. Malaysia’s Human Resources Minister said recently that 1,000 to 2,000 people were losing manufacturing jobs every week in that nation. And even if the US economy were to suddenly pick up, Asia’s export-dependent countries could continue to suffer. Mountains of electronics inventory have piled up in warehouses and on retailers’ shelves, and the stored goods may well be outdated when the sector eventually recovers. Governments across Asia are predicting lower economic growth rates this year as a result. (AP) |
|
Haryana millers send SOS to FCI Chairman NEW DELHI, May 22: Haryana flour millers have sent a SOS to the Food Corporation of India (FCI) to pull it out of crisis by starting Open Market Sale (OMSs) of wheat based on market prices which could be fixed through the tender process. "The flour mills which have to source their requirements from the neighbouring states have petitioned the FCI Chairman Bhure Lal to lift ban on the OMSs and price wheat sales under the scheme on the basis of the ongoing market trends," Haryana based flour miller Vinod Kapur told PTI. Said Rakesh Kumar, secretary of Haryana Flour Mills Association, "the ban imposed by FCI on sale of wheat under OMSs in North India has not only put the interests of the millers in a quandary but has also failed to result in accrual of any intended benefit to the Government." He said hardly any private purchase of wheat had taken place from Haryana mandis because of incompetitive pricing and the millers were forced to fend for its wheat requirements from Uttar Pradesh. Millers say this has been ostensibly done to restrict movement of wheat products from other states, but only large bakeries and mills were able to do so due to the high miscellaneous charges. Jain said market price in up was not more than Rs 500 per quintal in any surplus centre while wheat in bags was available in the Delhi market at Rs 570 per quintal. But the procurement cost of rain damaged wheat in Haryana was around Rs 700 per quintal, procuring which would be highly loss-making for the millers. Kumar said in these circumstances neither were millers able to procure cost effective wheat nor Government able to realise the costs incurred on procurement and marketing operations. He concurred with the Abhijeet Sen Committee report recommendation by which the omss prices should cover not only the procurement cost, but also fully reflect the differences in costs of transport and storage at different points of sales. This, he said, could be achieved by floating tenders or restoring the 34 or more centre prices as were in existence in march 1997. If it was done on the centrewise basis the differential due to additional freight and incidental charges in different places should be accounted for. Offtake from the Government stocks would be possible only if the FCI price was lower than the prevailing market price, he said, adding that Government was not able to realise its costs because the prevailing market price was not related to minimum support price. Instead the market price was related the minimum price in the centrally located surplus states like up in a particular year. The Association had urged Bhure Lal who was also the chairman of the high powered committee on fixing prices under the OMSs to undo the market segmentation created to the detriment and disadvantage of the millers in North India, he added. (PTI) |
|
|
