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Indonesia running out JAKARTA, Nov 7: The World Bank warned Indonesia today it had six months to convince investors it was serious about implementing economic .......more Japan,
China resume TOKYO, Nov 7: Japan and China on Wednesday resumed talks to resolve a seven-month-old trade spat, with Japanese officials saying the Asian......more Centre
to soon clear BANGALORE, Nov 7: The Union Government would ‘very soon’ clear limited production of the light combat aircraft, for which the Hindustan Aeronautics .....more Tap
potential in rural CHENNAI, Nov 7: Indian Banks’ Association (IBA) Chairman Dalbir Singh has called upon the public sector banks to tap the potential in the rural . ....more |
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Marine products exports KOCHI, Nov 7: The marine products exports from India has kept pace in terms of quantity while the declining prices of shrimp in the international.......more Pak
buys extra palm KUALA LUMPUR, Nov 7: Palm oil shipments to Pakistan are set to triple in November due to UN-organised purchases to help Afghan refugees and ..... more UP
Govt plans USD NEW DELHI, Nov 7: The Uttar Pradesh Government has mandated engineering major Larsen and Toubro to conduct a technical and economic.....more First unit of Tehri project to be commissioned in 2003 DEHRA DUN, Nov 7: The first unit of the Tehri hydro power complex in Uttaranchal is scheduled to be commissioned in March 2003, according to a ........more |
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Japan, China resume talks on trade dispute TOKYO, Nov 7: Japan and China on Wednesday resumed talks to resolve a seven-month-old trade spat, with Japanese officials saying the Asian economic giants may need more than one day of talks to reach a breakthrough. The dispute, triggered by Tokyo’s decision in April to impose a 200-day "safeguard" curb on imports from China of stone leeks, shiitake mushrooms and rushes used in tatami mats, reflects concern in Japan over a flood of cheap Chinese goods. Beijing struck back in June with 100 percent punitive tariffs on Japanese cars, mobile phones and air conditioners, and threatened last week to take the issue to the World Trade Organisation (WTO) unless it was resolved by the end of the year. China’s entry into the WTO is expected to be approved at a meeting in Qatar beginning on Friday. An official at Japan’s Ministry of Foreign Affairs said representatives of private agricultural groups plus officials from the finance, foreign, trade and agricultural ministries and their chinese counterparts had started talks in Tokyo. "Nothing has been decided yet," he said, adding that discussions could last longer than a day. Trade Minister Takeo Hiranuma, who is not attending the meeting, repeated the Government’s stance that the trade dispute should be resolved through dialogue. "It is important that the two countries understand each other and progress," he told a news conference ahead of the meeting. "Both Japan and China are determined, so I think things are headed in a good direction." (REUTERS) |
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Centre to soon clear limited production of LCA BANGALORE, Nov 7: The Union Government would ‘very soon’ clear limited production of the light combat aircraft, for which the Hindustan Aeronautics Limited would initially invest Rs 500 crore, HAL Chairman, N R Mohanty, said today "The Government is going to very soon clear limited production of LCA.....Investment is going to be more than Rs 500 crore. We will produce a small number (of LCAs)", Mohanty told PTI here. Stating that the financial health of India’s premier aerospace company was ‘good’, Mohanty said HAL had raised Rs 360 crore last month from private financial institutions and banks at 9.25 per cent interest. HAL would hand over two Advanced Light Helicopters (ALH) to the Army later this month, he said, adding, the plan was to deliver two ALHs each to its three other customers -the Navy, Air Force and Coast Guard — before March end next year. Mohanty said Russian representatives were here last month to discuss the joint project on the 100-seater multirole transport aircraft, having both defence and cargo applications. "We (India and Russia) are preparing a detailed project report, which will be submitted to both the Governments for approval", he said. Mohanty said HAL was working for the licenced production of Sukhoi 30 MKI with full support of Russians. The first Sukhoi 30 MKI would be delivered in 2004, he added. (PTI) |
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Tap potential in rural sector: IBA to public sector banks CHENNAI, Nov 7: Indian Banks’ Association (IBA) Chairman Dalbir Singh has called upon the public sector banks to tap the potential in the rural sector, to build volumes and stay in business. Participating in a felicitation function organised by the IBA local chapter, he said the banking sector, especially the public sector banks, were passing through a very tough phase. "It only makes sense if we exploit the potential in the rural sector, where there was no competition at present. This is the right time to infuse the surplus money with the banks in that sector." "Rural people require money and the more innovative ideas we come up with to make them prosperous, the more volumes we will build," he said. This was also significant considering that there was not much happening in the industry segment and no new industry being set up and there was no demand for money, he pointed out. Already various banks have reported success in the rural sector, Mr Singh said and cited the success of the micro-credit system in the villages. Several Non-Governmental Organisations are also advocating for change in the banking norms for the rural people, he added. Stating that the IBA had a big role to play in this direction, he said the Reserve Bank of India had asked the association to make a credit bureau with the help of the State Bank of India and the Housing and Development Finance Corporation, wherein the credit information of the borrower would be available to the banks for verification. Stressing the need for labour reforms in banks, the IBA Chairman said with computerisation being taken up in a big way, there were chances that some unscruplous elements could play havoc if the staff was not properly trained in the information technology. Past Chairman of IBA A T Paneerselvam and other senior banking officials were present at the function. (UNI) |
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Marine products exports register declining trend in earnings KOCHI, Nov 7: The marine products exports from India has kept pace in terms of quantity while the declining prices of shrimp in the international market since February this year has brought down the earnings by 10.45 per cent in dollar terms during the first half of the current financial year. The developments in the United States following the September 11 terrorist attacks had not affected the country’s seafood exports except registering a slight increase in insurance charges which had affected all sectors in general, according to Marine Products Export Development Authority (MPEDA) Chairman K Jose Cyriac. India had exported 151,620 tonnes of marines products valued at Rs 2,832 crore during April-September 2001 as against 140,0491 tonnes valued at Rs 3,004 crore during the corresponding period the previous year, he told UNI here today. While the earnings showed a 5.75 per cent decline in rupee terms, it was 10.45 per cent fall in dollar terms, he said. Japan countinued to be the major buyer of Indian seafood, accounting for 22 per cent in terms of quantity and 38 per cent in terms of value followed by the European Union and China taking the third place, pushing the USA to the fourth place in the order of priority. Frozen shrimp continued to occupy prime place in Indian seafood exports with a quantity of 60,992 tonnes, accounting for over 40 per cent of the total exports during the current financial year. This was followed by 43,761 tonnes (28.86 per cent) of frozen fin fish and 18,642 tonnes of frozen squid, accounting for 12.3 per cent of the total exports during the report period, he added. (UNI) |
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Pak buys extra palm oil for Afghan refugees KUALA LUMPUR, Nov 7: Palm oil shipments to Pakistan are set to triple in November due to UN-organised purchases to help Afghan refugees and ahead of the Muslim fasting month of Ramadan, traders said today. Pakistan’s palm oil imports, which may reach 220,000 tonnes this month, will be channeled to refugees fleeing US-led strikes in neighbouring Afghanistan and to meet domestic demand. Pakistan normally buys up to 80,000 tonnes of palm oil a month from the world’s largest producers, Malaysia and Indonesia, but local consumption is set to jump to 110,000 tonnes during the Ramadan. "You have almost 900,000 refugees in Lahore and Peshawar. The UN or the US don’t want to starve these people," said one trader in Kuala Lumpur. "The UN basically gives out local tenders to local traders in Pakistan," said the trader, adding the oil was purchased at 325-330 dollars CFA tonne. The US-led military campaign in Afghanistan has put thousands of refugees on the move and stoked fighting on the front lines between Taliban forces and the opposition Northern Alliance. The United Nations, which fears up to 1.5 million Afghans could flee, has called for surrounding states — Pakistan, Iran, Tajikistan, Turkmenistan and Uzbekistan — to admit people trying to escape starvation and the US-led bombing campaign. Traders said Malaysia was expected to ship some 160,000 tonnes of RBD palm olein and RBD palm oil to Pakistan in November. Around 120,000 tonnes of oil had been booked so far. Shipments from Indonesia were set to reach 60,000 tonnes, in which 40,000 tonnes had been booked, they said. (REUTERS) |
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UP Govt plans USD 8 bln SEZ project NEW DELHI, Nov 7: The Uttar Pradesh Government has mandated engineering major Larsen and Toubro to conduct a technical and economic feasibility study for a planned eight billion dollar (Rs 40,000 crore ) Special Economic Zone project near Greater Noida. The project envisages setting up of a modern international airport, aviation hub, multi-transport complex, 8-lane Delhi- Agra Taj Expressway, Agro-Processing Zone, Hotel-Restaurant Chains, Export Promotion Projects besides a mini-town called ‘Taj City’, Chief Minister Rajnath Singh told reporters. The feasibility report, covering all aspects of the project, would be submitted within the next three months so that work on the project can start within 6 months. "The entire 8 billion dollar investment would be funded by private investors," Singh said. The State Cabinet has cleared the project which has also received in-principle approval of the commerce and the civil aviation ministries, the Chief Minister said. The project, Singh said,would boost tourism and also promote economic development, and 2,500 acres of land has already been acquired for Rs 150 crore. A high-powered committee was being set up under the chairmanship of the Chief Secretary for all policy decisions with regard to the project. The international airport, to be built in the special economic zone, will be of world-class standards, on par with airports in Singapore, Dubai, New Seoul and Malaysia. A modern automated cargo handling facility would also be set up to allow exports of fresh fruits, flowers and vegetables to the Gulf, Arabian and even European countries, Singh said. The airport would also act as an aviation hub for flights originating from the Middle East, Europe or America towards South-East Asia, he said, adding it would have non-aviation facilities like repair, servicing, maintenance and aviation fuel. Singh said there would be various revenue models for the international airport including airport revenues like aircraft landing and operations, aircraft fees and land revenues like duty-free shopping centres, hotels, travel and catering. The airport, which would supplement the Indira Gandhi International Airport in Delhi, would be accessible by multi-model access facilities, specially the Taj expressway, which is undergoing construction at present, he said. Besides, a separate complex has been proposed for farmers and their perishable products as part of the special economic zone project, Singh said, adding the hub-airport would help to promote tourism in the state. (PTI) |
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First unit of Tehri project to be commissioned in 2003 DEHRA DUN, Nov 7: The first unit of the Tehri hydro power complex in Uttaranchal is scheduled to be commissioned in March 2003, according to a "status report" brought out by the Tehri Hydro Development Corporation (THDC) Limited. The remaining units are slated for commissioning in August 2003. The report, released here recently, says the rehabilitation of those displaced by the project is being carried out in two phases —the first covers those affected by the construction of the coffer dam and closure of diversion tunnels and the second will relocate all families affected because of impoundment by the dam. The Uttaranchal Government is implementing the resettlement work. The first phase of rural rehabilitation has been completed. The status report says work on establishing New Tehri Town (NTT) is in an advanced stage. Barring five, the rest of the 64 Government offices, have started working out of there. The district administration and the courts are also operating from the NTT. Some Project Affected Families (PAFs) from Tehri town have shifted to the new township. At 260.5 metres, the Tehri dam is the highest in Asia and ranks as the fourth highest earth and rock fill dam in the world. Only 67 metres are left to be raised. Work on all four diversion tunnels and as many head race tunnels have been completed. The coffer dam, which is part of the main dam, is also complete. (UNI) |
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