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World coffee BANGALORE, Nov 12: International Coffee Council Chairperson Lakshmi Venkatachalam today said that the world coffee industry is facing an......more Daewoo
motor plant SEOUL, Nov 12: The Indian plant of South Korea’s ailing Daewoo Motor Co faces liquidation with its capital already eroded by .....more Railway
Minister PATNA, Nov 12: Railway Minister Nitish Kumar today ruled out pay hike in railway fare in near future and asserted that the ongoing projects would be .....more |
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Bill Gates predicts LAS VEGAS, Nov 12: Hailing the start of what he called the "digital decade", Bill Gates predicted the technology sector would return to healthy growth in 2002 at a computer trade show in Las Vegas.....more Purchase
of 66 Hawk AJTs NEW DELHI, Nov 12: The lingering 1 billion dollar deal with British Aerospace for 66 hawk Advanced Jet Trainers (AJTs).........more Industrial
growth slips NEW DELHI, Nov 12: Industrial growth slipped further to 1.6 per cent in September as against 5.9 per cent in the same period of the previous year ......more |
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Daewoo motor plant in India faces liquidation: Report SEOUL, Nov 12: The Indian plant of South Korea’s ailing Daewoo Motor Co faces liquidation with its capital already eroded by losses, a South Korean newspaper said today. Daewoo Motor’s creditors and sister company Daewoo Corp may take on 1.05 billion dollars in costs associated with the possible liquidation of Daewoo Motor India Ltd (DMIL), the Seoul economic daily said, citing diplomatic documents. DMIL’s operating losses of 120 million dollars have eroded 77 per cent of its capital as of end-October, it said. The Indian company has an annual capacity of 72,000 automobiles. If DMIL is liquidated under Indian regulations, South Korean creditors should pay 800 million dollars in penalties, and Daewoo Corp would have to repay 250 million dollars it guaranteed for the company to Indian financial firms, it said. Daewoo Corp holds a 91.6 per cent stake in dmil. The newspaper said DMIL had asked the South Korean Government to extend financial support, and to encourage us auto giant General Motors Corp to take it over. General Motors signed a two billion-dollar agreement in September to take over Daewoo Motor’s three plants in South Korea and two overseas factories, in Vietnam and Egypt. The deal boosted the image of Daewoo Motor, which collapsed last november with an estimated 17.5 billion dollars in liabilities. GM has yet to complete "due diligence" inspections. But it has rejected six passenger car plants in poland, India, Romania, Ukraine, Uzbekistan and Iran, as well as seven commercial vehicle plants in China, the Philippines, poland and Czech Republic. (AFP) |
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Railway Minister rules out any hike in railway fare PATNA, Nov 12: Railway Minister Nitish Kumar today ruled out pay hike in railway fare in near future and asserted that the ongoing projects would be executed expeditiously. Addressing mediapersons after flagging off the Patna-Howrah Shatabdi Express train here, Mr Kumar said the recent levy of 20 per cent surcharge on passenger fare was to be utilised on safety measures. The additional revenue earned out of the surcharge would be spent on renewal of railway tracks, modernisation and upgradation of signaling system and other allied heads relating to safety, he stated. The surcharge for safety had nothing to do the with security of passengers which continued to be the joint responsibility of the concerned State Governments and the railway protection force, he declared. Better coordination between the state police forces and the RFP had been established to curb anti-social activities in trains, he added. (UNI) |
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Bill Gates predicts 2002 tech rebound LAS VEGAS, Nov 12: Hailing the start of what he called the "digital decade", Bill Gates predicted the technology sector would return to healthy growth in 2002 at a computer trade show in Las Vegas. Gates said yesterday the turnaround will be powered in part by Microsoft innovations like Windows XP, a portable tablet PC and the net system for flexible internet computing. Gates, the cofounder and chief architect of the software giant, made the predictions at the start of the annual comdex computer trade show in Las Vegas, which despite recording a 25 per cent drop in attendance. Speaking in a rock-concert setting in a huge indoor Arena, Gates said sales of Windows XP had reached seven million after just two weeks on the market. He said that is double the amount of any previous version. He predicted that broadband connections would reach a majority of homes in the United States within four to six years. "I’m confident that 2002 will be a year of significant growth," he said. "were entering a new era for PC technology that will transform how people and businesses think about computing." With the technology sector in a deep downturn, analysts were hoping the convention would put the spotlight on emerging technologies that could help energise the market. But in a preview yesterday for media and analysts, the focus was on smaller and faster laptops, hybrid mobile phones and handheld computers which appeared unlikely to invigorate the market. Companies also focused on wireless technologies that enable computers and cellular phones to connect with high-speed networks and also for enhanced security systems. (DPA) |
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Purchase of 66 Hawk AJTs NEW DELHI, Nov 12: The lingering 1 billion dollar deal with British Aerospace for 66 hawk Advanced Jet Trainers (AJTs), which had got stuck because of price squabbling, is likely to get a fresh lease of life when United Kingdom’s Defence Secretary Geoff Hoon holds talks with Defence Minister George Fernandes here tomorrow. Although Mr Hoon’s coming to India is part of a series of visits by high-ranking western leaders following the attacks in Afghanistan and the launch of the US-led global alliance against terrorism, the AJT deal and other issues regarding defence cooperation will also be on the agenda, Defence Ministry officials said today. The British Defence Minister meets Mr Fernandes for over an hour and a half tomorrow afternoon at south block. He will also hold talks with Home Minister L K Advani later in the evening. The British dignitary’s first meeting after he arrives in the forenoon will be with leader of the opposition Sonia Gandhi. Mr Fernandes will host a dinner for Mr Hoon. The AJT deal had reached a stalemate as India was seeking a price differential of at least 20 per cent over BAE’s reported figure of 25 million dollars apiece for the hawk. A 15- year old proposal, the AJT is a long-pending demand of the Indian Air Force which has lost several fighter aircraft for want of a good trainers. When the British Defence Minister last came to India in December, 2000, the hawk deal was almost clinched but it ran into trouble with BAE and the price negotiation team led by Air Marshal S G Inamdar locked over the price of the plane. India wants to buy 66 AJTs. As per the initial deal, the IAF would get 20 hawks off the shelf and the rest would be manufactured by HAL under a licence. During the last visit, the growing Indo-British defence ties got a further boost with Mr Hoon saying his department would lobby with Washington to ease US sanctions on arms sales to India. He also said he would vigorously persuade the United States to relax an embargo, which prevented Delhi from receiving spare parts for its fleet of sea king helicopters. (UNI) |
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Industrial growth slips further to 1.6 pc in Sept NEW DELHI, Nov 12: Industrial growth slipped further to 1.6 per cent in September as against 5.9 per cent in the same period of the previous year owing to a lacklustre performance of the manufacturing sector. According to quick estimates of Index of Industrial Production (IIP) released by Central Statistical Organisation, the manufacturing sector growth plummeted to 1.1 per cent in September against 6.4 per cent in the same period last year. Cumulative growth during April to September this financial year was pegged at 2.3 per cent compared to 5.7 per cent during April to September 2000-01. Industiral growth was pegged at 1.8 per cent in August this year. As per the available data, mining sector recorded a growth of 2.7 per cent in September this year, compared to 5.4 per cent in September last year. Cumulative growth in this sector was negative 0.2 per cent, much lower than 3.8 per cent growth during April to September 2000-01. An exception to decline in growth rate was the electricity sector which reported a 4.1 per cent growth during September this year compared to 2.2 per cent growth in the same period previous year. Here the cumulative growth was marginally lower at 3.0 per cent during April to September this fiscal, from 3.5 per cent in the same period last fiscal. (PTI) |
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