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Doha meet concludes in DOHA, Nov 15: India moved to the centre stage as 144 Trade Ministers after six-days of tough negotiations arrived at a consensus on Wednesday night ......more Cairn
Energy finds NEW DELHI, Nov 15: British oil exploration group, Cairn Energy, has made a second oil discovery at its onshore block in. ....more Taliban,
Al-Qaeda WASHINGTON, Nov 15: In an effort to come up with cash in case they had to abandon their strongholds in Afghanistan .....more Oil
prices skid as OPEC VIENNA, Nov 15: In a desperate effort to stabilise plunging oil prices, the Organisation of Petroleum Exporting Countries.....more |
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SBI fined USD 7.5 mn for WASHINGTON, Nov 15: US authorities have imposed a fine of 7.5 million dollars on the State Bank of India for violation of banking laws and failure to maintain accurate records and the Indian entity has consented to comply with the penalty.......more India notches up notable DOHA, Nov 15: India notched up some notable successes at the WTO meeting that concluded here last night but did not have its way on some other key issues such as linkage to environment......more Lack of coordination MUMBAI, Nov 15: In the context of transition of banks and financial institutions from a regulated to a deregulated regime, the issue of effective co-ordination between the two has gained prominence and one of the common problems faced by them in recent years is the level of Non-Performing Assets (NPAs), a RBI report today said......more |
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Cairn Energy finds oil in Rajasthan NEW DELHI, Nov 15: British oil exploration group, Cairn Energy, has made a second oil discovery at its onshore block in Rajasthan. Cairn energy encountered several hydrocarbon units below 1,400 metres at its exploration well RJ-H-1 on its 50 per cent owned block RJ-on-90/1. Royal dutch shell owns the remaining 50 per cent, official sources said here today. Oil flowed at a rate of 620 barrels per day. Another well would be drilled this fiscal to access in-place oil reserves, they said adding public sector Oil and Natural Gas Corporation (ONGC) has a right to take 30 per cent interest in the block in case of commercial discovery. The company had first discovered oil at GUDA-2 in 1999. The find had tested at 2,000 barrels per day. Last month Cairn Energy had made a hydrocarbon find in deepwaters of Krishna Godavari, offshore Andhra Pradesh. The exploratory well drilled on prospect "M" in KG-DWN-98/2 block, reached a depth of 2722 metres and encountered two hydrocarbon bearing units, sources said. The recoverable reserve estimates of the oil from the discovery are in the range of 5.0 to 8.0 million tonnes and associated gas. Sources said the October discovery was the third hydrocarbon find in kg basin by Cairn Energy. Cairn, had in early July, discovered 0.75 to 1 trillion cubic feet (21-28 billion cubic metres) of dry gas in prospect "R", now known as Annapurna. It made the second discovery in DWN-P-I which is estimated to have 5.4 to 10.7 million tonnes of oil reserves. At present, Cairn Energy, in consortium with Videocon, ONGC and Marubeni of Japan, is producing 50,000 barrels of oil per day and one million cubic metres of gas per day from the Raava fields. ONGC holds 40 per cent interest in Raava fields while Videocon has 25 per cent stake. Cairn Energy, which is the operator of the field, has 12.5 per cent stake and the remaining 12.5 per cent is with Marubeni. It has also made four oil and gas discoveries - Lakshmi, Ambe, Gauri and Parvati - in the exploration block CB-OS/2 located in Cambay offshore basin, off which Lakshmi field would start commercial production from July 2002, sources said. Cairn Energy estimates in-place gas reserves of 350 billion cubic feet, but the development plan of the field has put the figure at 286 billion cubic feet. (PTI) |
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Taliban, Al-Qaeda believed to have flooded heroin market WASHINGTON, Nov 15: In an effort to come up with cash in case they had to abandon their strongholds in Afghanistan, the Taliban and Al-Qaeda allegedly dumped a surplus of opium on the market, according to a story in the Wall Street Journal. Citing Italian authorities and UN drug officials, the paper said since the September 11 terrorist attacks, the militants have put so much opium on the market that the price for one kilogram of the opiate in its raw from dropped from 700 dollars to 100 dollars after hijackers slammed planes into the World Trade Center and Pentagon. Osama Bin Laden’s terrorist network sells the drug used to make heroin to raise funds for its activities, Italian Finance Police Colonel Paolo Poletti told the journal. Afghanistan produces 75 percent of the world’s opium, and supplies 90 per cent of the European market, according to the UN Drug Control Programme. "In such a tightly controlled society, it couldn’t happen without elements of the (Taliban) regime being complicit and profiting," UN spokesman Kemal Kuspahic told the paper. The motive for flooding the market was "to exchange stocks of opiates for cash in case they have to flee the territory", he said. In recent weeks, the Italian authorities responsible for tracking mafia money assisted in seizing large shipments of heroin in Austria and Italy. One bust netted 23 kilograms. Prior to the attacks, the Taliban had been cooperating with UN efforts to curb the flow of opium out of the county. The regime leader, Mullah Mohammed Omar outlawed its cultivation, calling it "un-Islamic," the paper said. But since the September 11 attacks, farmers began growing opium again. (DPA) |
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Oil prices skid as OPEC vows to cut oil output on condition VIENNA, Nov 15: In a desperate effort to stabilise plunging oil prices, the Organisation of Petroleum Exporting Countries (OPEC) has made a conditional promise to cut crude output that ranks as one of the cartel’s weakest and most uncertain agreements in recent memory. OPEC agreed yesterday to reduce its daily production target for oil by 1.5 million barrels, or six per cent, but only if non-OPEC producers share the burden by making a deep cut of their own. OPEC delegates are asking Norway, Mexico and other independent oil-producing countries to decrease their output by 500,000 barrels, for a combined cut of two million barrels per day (bpd). The cuts are to take effect January one. However, industry analysts said major non-OPEC producers are reluctant to cooperate unless they first see OPEC members make a serious effort to keep from busting their own quotas. Opec currently pumps at least 800,000 barrels above its daily target of 23.2 million barrels. "In many ways, it’s a game of chicken," said Yasser Elguindi of Medley Global Advisors, a New York consultancy. Confronted with a sharp drop in global demand for crude, OPEC has cajoled, threatened and warned of a price war if producers outside the group refuse to close ranks with it. OPEC members argue that they have already curtailed output by 3.5 million bpd this year without a meaningful contribution from other producers. They say they’re tired of giving a free ride to non-OPEC producers, particularly as OPEC has lost market share as a result. (AP) |
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SBI fined USD 7.5 mn for "unsafe practices" WASHINGTON, Nov 15: US authorities have imposed a fine of 7.5 million dollars on the State Bank of India for violation of banking laws and failure to maintain accurate records and the Indian entity has consented to comply with the penalty. "The fines result from the bank’s apparent engagement in unsafe and unsound practices related to its failure to establish and maintain procedures reasonably designed to assure and monitor compliance with the Bank Secrecy Act. "It’s failure to maintain correct and accurate books and records and make reports to the New York State Banking Department," Federal Reserve said in a joint statement with the Federal Deposit Insurance Corporation and the New York State Banking Department yesterday. "The SBI, without admitting to any allegations, consented to the issuance of the order," it said, adding the Indian entity agreed to pay a total of 7.5 million dollars in fines under the order issued by the board of Governors of the federal reserve system, the Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department. "One half of this amount will be paid to the US Department of the Treasury and the other half to the state of New York under applicable federal and state laws," it said in an order running into 27 pages. Federal and state banking regulators announced the issuance of a joint order yesterday to cease and desist and order of assessment of a civil money penalty and monetary payment against the SBI, Mumbai and the bank’s three branches in New York, Chicago and an agency in Los Angeles. Under the order, the bank must also ensure "full compliance with suspicious activity reporting" and enhance and improve policies to comply with US regulations on reporting currency and foreign transactions. "SBI-US has acknowledged the need for immediate corrective action and intends to take the steps necessary to enhance and improve operations’ management oversight, internal controls, audit standards and customer due diligence practices, and to enhance and improve policies and procedures for compliance with various acts and rules," the order said. The joint order also requires an independent review of the SBI’s books, including an analysis of funds-tranfer accounts dating back to January 1, 1998. The review will determine whether records relating to transactions in these accounts are complete, and "identify and investigate suspicious or unsual activities, if any" conducted through these accounts. After the independent review, to be completed within 120 days, the bank must provide regulators with a plan that provides for determining whether currency and other transactions "are being conducted for illegitimate purposes." With respect to New York branches, the order says the the independent firm shall issue a report on the balance sheet and accompanying disclosures, including off-balance sheet amounts and assets held on behalf of others, as of june 30, 2001, for each of the New York branches and a consolidating balance sheet and accompanying disclosures. The order also requires the SBI to tighten its procedures for accepting funds for transfer out of the US by its "Non-Resident Indian" department in its US operations. "Beginning 10 days from the date of this order, the branches and the agency shall not, with respect to the department entitled `NRI’ accept any funds for transfer outside the US by draft or wire transfer if the customer of the NRI Department does not maintain a deposit account with SBI-US in the US. "Unless SBI-US, when acting as the originator’s bank, first verifies the identity of the remitter, identifying information that is appropriately reviewed and that remains readily verifiable by a branch or the agency." The bank shall also provide to the supervisors the full names and addresses of the beneficial owners of all of the accounts that were the subject of the March 22, 2001 information request by the New York Reserve Bank to the New York branches, it said. The order states that the SBI-US shall continue to develop and improve its internal audit programme to he standards of the institute for internal auditors. "It should identify high risk areas to ensure that ongoing internal audits of critical or high-risk areas are performed with reasonable frequency and depth, and that the adequacy, effectiveness and efficiency of the international control environment of each function are reviewed. SBI-US and its institution-affiliated parties shall not, directly or indirectly, violate bank secrecy laws, it said, adding it shall also submit within 30 days of the receipt of the report of the independent firm an acceptable written enhanced customer due diligence programme. (PTI) |
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India notches up notable successes at WTO meet DOHA, Nov 15: India notched up some notable successes at the WTO meeting that concluded here last night but did not have its way on some other key issues such as linkage to environment. Here in a nutshell are India’s gains and failures: Issues outcome Agriculture: India wants WTO commits itself to phased elimination of export reduction in export subsidy subsidy and domestic support though without a time-frame Environment: India wants WTO agrees to negotiations no linkage of environment without prejudging the to trade. Issue. Implementation issues: WTO declaration agreed to India wants implementation address the concerns on concerns to be addressed a priority basis. Upfront Core labour standards: India WTO to only take note of wants no linkage labour ILO work on core labour standards to trade standards. It will be part of agenda. Singapore issues - investment wto agrees negotiations competition, transparency in will start on singapore Government procurement and issues only after an trade facilitation: india an explicit consensus in does not want negotiation fifth ministerial meeting on these without a consensus two years later. The study and before completing WTO to continue in the study. meantime. Public health concerns: WTO agreed to this demand India wanted trips to and adopted a separate provide for access to declaration seen as a major medicines through compulsory victory to India and licensing to deal with developing countries. Public health concerns like aids and other epidemics Textiles: India and other WTO agrees to partially developing countries wanted address the issue. More quota textiles exports S & D: India wants the WTO agrees to this demand. Provision of special and differential treatment to developing countries as part of all WTO agreements. Negotiations on trips: WTO agrees to pursue the India wants protection issue in the trips of traditional knowledge negotiations. On geographical indications: WTO agrees to look into India wants that this to it in future negotiations. Be expanded beyond wines spirits to items like basmati.(PTI) |
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Lack of coordination is cause
for rise MUMBAI, Nov 15: In the context of transition of banks and financial institutions from a regulated to a deregulated regime, the issue of effective co-ordination between the two has gained prominence and one of the common problems faced by them in recent years is the level of Non-Performing Assets (NPAs), a RBI report today said. It has been increasingly recognised that one of the reasons for the rise in NPAs was the lack of requisite co-ordination between the two sets of lenders (banks and FIs), particularly where they are joint financiers of large value projects, the RBI report on ‘trend and progress of banking in India, 2000-01’ released here said. The gross NPAs of Public Sector Banks (PSBs) rose by 3.3 per cent at Rs 54,773 crore as on March end 2001 compared to the previous year, it said. The gross NPAs of the Scheduled Commercial Banks (SCBs) increased to Rs 63,883 crore in the reporting year from Rs 60,408 crore, the apex bank said. Net NPAs in SCBs amounted to Rs 32,468 crore (Rs 30,073 crore as at March end 2000), it said. Bank group-wise also, gross NPAs increased for PSBs, private sector and foreign banks to Rs 54,773 crore (Rs 53,033 crore), Rs 6,039 crore (Rs 4,761 crore) and Rs 3,071 crore (Rs 2,614 crore) respectively, the apex bank added. For financial institutions - IFCI, IDBI, IIBI and ICICI -the ratio of net NPAs to net loan advances stood at 21.90 per cent, 14.82 per cent, 14.69 per cent and 5.20 per cent respectively, it said. RBI, in its report, said the ratio of gross and net NPAs to total assets as well as gross and net advances, however, declined for all bank groups other than private sector banks. For SCBs the ratio of gross NPAs to total assets decreased from 5.5 per cent in 1999-2000 to 4.9 per cent in 2000-01 while ratio of net NPAs fell to 2.5 per cent (2.7 pc). RBI said the share of PSBs in total NPAs of SCBs declined to 85.7 per cent (87.8 per cent). In case of PSBs, the ratio of gross NPAs to total assets declined to 5.3 per cent (six per cent) while that of net NPAs fell to 2.7 per cent (2.9 per cent). The ratio of gross NPAs to gross advances decreased to Rs 12.4 per cent (14 per cent) and that of net NPAs to net advances fell to 6.7 per cent (7.4 per cent). The decline in NPA ratios of PSBs was facilitated by rise in standard assets from 86 per cent in 1999-2000 to 87.6 per cent in 2000-01, it said. As at March end 2001, 22 out of the 27 PSBs had net NPAs upto 10 per cent of net advances, while five banks had that in excess of 10 per cent, the apex bank said. For new private sector banks, the gross NPAs increased by 71.1 per cent to Rs 1,619 crore in the reporting period (Rs 946 crore) while the net NPAs rose by 45.6 per cent to Rs 929 crore (Rs 638 crore). In case of foreign banks, out of total 42, 31 had net NPAs upto 10 per cent, six between 10 and 20 per cent and five banks had in excess of 20 per cent, it said. RBI said in absolute terms, the incremental gross NPAs stood higher at Rs 3,475 crore in 2000-01 (Rs 1,686 cr) while net NPAs was at Rs 2,394 cr (Rs 2,053 cr).(PTI) |
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Muslims decry ‘unfair’ WTO rules on new members DOHA, Nov 13: Muslim delegates have said that rules on Islamic countries bidding to join the World Trade Organisation (WTO) had become more strict and that new applicants were being subjected to "unfair conditions". A report by the Islamic Centre for Development of Trade did not say exactly what was blocking the entry of eight Muslim countries, some of which had sought WTO membership for years. "The access conditions of the new applicants have become excessive and inconsistent with the economic weight of the applicant country," said the report made available to Reuters yesterday. "In fact, the candidates are subject to more restraining obligations than those to which the WTO members are subject," it added. Since the WTO meeting began on Friday in Qatar, Arab and Muslim Trade Ministers have held a series of talks to lobby for the eight countries to join the World Trade Club, delegates said. "The Arabs have a unified position, which is to support bids by fellow Arab countries wishing to join the WTO," said Egypt’s Minister for Economy and Foreign Trade Youssef Boutros-Ghali, who leads the Arab group. The report, released after a meeting of Muslim delegates in Qatar on Monday, said the Geneva-based World Trade Club was demanding from Muslim applicants "unfair conditions that are stricter than those which the WTO members with an equal development level". The Gulf Arab state of Qatar also chairs the 57-member Organisation of the Islamic Conference (OIC), that represents 1.2 billion Muslims stretching from Indonesia to Morocco. Some 38 of the OIC members are in the WTO. Among the eight countries seeking to join is oil superpower Saudi Arabia, one of four big economies outside the WTO. The other aspiring members are: Algeria, Azerbaijan, Kazakhstan, Lebanon, Uzbekistan, Sudan and Yemen. Saudi Arabia last week dampened expectations it would become a member soon by saying it was not willing to compromise its special status as the birthplace of Islam. But Saudi economists say that strict adherence to Islam, which bans the consumption and trading of alcohol and pork, is not the main obstacle. They say the conservative kingdom must first liberalise more sectors of its economy and overhaul parts of its legal system before it can meet stringent WTO requirements. In the report, the Muslim states appeared to have aligned themselves with the developing countries which have demanded the rich nations to open their markets for more exports by poorer countries. "The patching-up solutions that have appeared since seattle (1999) are not efficient enough to right wrongs," it said in reference to the wto draft declaration that showed a wide gap in positions between the haves and have-nots. The report also lambasted the WTO for what it said was its undemocratic decision-making process, saying the views of developing countries were often ignored. (REUTERS) |
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