|
|
| Boxer emerges as
largest selling branded bike MUMBAI, Nov 23: The "Boxer" series motorbikes of Bajaj Auto Limited emerged as the largest .......more MUMBAI, Nov 23: Noted economist and director of Rajiv Gandhi Foundation Bibek Debroy has .....more Gold recover on NEW DELHI, Nov 23: In an otherwise thin trading, gold prices improved on the bullion market today .....more No need for ceilings NEW DELHI, Nov 23: The Standing Committee on Finance, headed by Mr Shivraj Patil, has said....more |
 |
ONGC will
intensify its exploration activities AGARTALA, Nov 23: Oil and Natural Gas Corporation (ONGC) will intensify its exploration activities in the north eastern region to to meet the country’s growing demand for natural gas.......more Logitech expanding MUMBAI, Nov 23: Logitech, a leading international firm engaged in designing, manufacturing and .......more Microsoft settlement: Critics WASHINGTON, Nov 23: For a few days it seemed that one of the largest anti-monopoly cases in the ..........more NAFED to start NEW DELHI, Nov 23: The National Agricultural Marketing Federation (NAFED) will start purchas......more |
 |
|
|
|
|
MUMBAI, Nov 23: Noted economist and director of Rajiv Gandhi Foundation Bibek Debroy has joined Intrex, a cashless trading portal promoted by Essel Group, as a board member. With Mr Debroy’s appointment, Intrex India today announced its maiden operations in Northern India. The company offers an integrated online electronic system where participants can avail the services of a bank, an exchange and a market place under a single platform for trading. It enables businesses across diverse industries to exchange goods and services amongst them without using cash. Currently, leading corporates such as Godrej, Videocon, ICICI Infotech, Birla 3m, Air Sahara are listed on the Intrex Exchange. (UNI) |
|
Gold recover on local buying, trading thin NEW DELHI, Nov 23: In an otherwise thin trading, gold prices improved on the bullion market today on local customers buying and settled moderately higher. On the other hand, silver prices held unchanged in limited deals and closed unchanged. Marketmen said trading activity was restricted in the absence of any market moving news following closure of New York bullion markets for thanksgiving. They said the trading activity also declined soon after the festival season was over as most of the buying generates during the year-end for Diwali and other festivals worldwide. Standard gold and ornaments gained Rs.20 each at Rs.4560 and Rs.4410 per ten gram respectively. Sovereign held unchanged at Rs.3825 per piece of eight gram. Silver ready was quoted at previous level of Rs.6920 per kilo while weekly-based delivery lost Rs.15 at Rs.6910 per kilo. Silver coins were unaltered at Rs.11,500/11,600 per 100 pieces. Following were today’s quotations: Silver ready 6920 and delivery 6910. Silver coins buyer 11,500 and seller 11,600 standard gold 4560, ornaments 4410 and sovereign 3825. (PTI) |
|
No need for ceilings on revenue
& fiscal NEW DELHI, Nov 23: The Standing Committee on Finance, headed by Mr Shivraj Patil, has said there was no need for ceilings on revenue and fiscal deficits as envisaged in the Fiscal Responsibility and Budget Management Bill, 2000, stating that these would hinder development. In its 18th report tabled in Parliament by Mr Jaipal Reddy today, the committee said it is of the view that planned deficit financing per se is not harmful to the economy as long as it results in creation of assets and adequate returns from these assets to the economy at large. Though fiscal discipline is a sin qua non for sustainable economic development, the numerical ceilings and the time-frame set for attaining the said levels induce excessive rigidity into the decision making depriving the Governments of the flexibility need to respond to the exigencies in an appropriate manner, to serve the national interest best. Later talking to reporters at a function, Finance Minister Yashwant Sinha said the term "responsibility" should be there in the Bill without which there was no point in introducing it. Specified levels of revenue and fiscal deficits might lead to decline of the already low levels of funds available for developmental purposes and towards providing basic services to vast population below the poverty line, the committee said. The committee also suggested flexibility with regard to the ban on borrowing from Reserve Bank of India by the Government. "The committee apprehend that in the event of failure of the Government to achieve the specified levels of the fiscal deficit, blanket ban on borrowing from the RBI by the Government might lead to higher market borrowings by the Government which may cause rise in their interest burden and adversely affect the economic development. "Moreover, they are of the considered view that it might not be possible for any Government to anticipate in advance the events in totality which might have adverse impact on the economy. "Hence, to bind the Government or tie their hands may not necessarily be in the best interest of the state. They, therefore, recommend that the lack of flexibility in the existing clause may be done away with." A constructive dialogue may be initiated with state Governments also advising them to restructure their finances, it said.(UNI) |
|
ONGC will intensify its exploration activities AGARTALA, Nov 23: Oil and Natural Gas Corporation (ONGC) will intensify its exploration activities in the north eastern region to to meet the country’s growing demand for natural gas. Stating this, ONGC Chairman-cum-Managing Director Subir Raha told newsmen here that the Corporation would soon start its exploration activities in Nagaland while it would start deep drilling in Tripura and Cachar region of Assam. Another oil company would also launch the exploration activities in Arunachal Pradesh. There would be no dearth of funds to procure latest technology and use it with the best efficiency to make the organisation profit making, the ONGC chief said, adding that unless the efficiency was improved there will be no positive outcome from using the world’s latest technology in the gas exploration activities. Mr Raha, who also met the Tripura Chief Minister and the Governor during his maiden visit to the state, also reviewed the overall activities and achievements of ONGC’s Tripura project with the senior officials and hoped that the project would be a profit making one. The ONGC so far drilled 104 wells in Tripura and 52 wells were found gas bearing. Out of 18 prospective structure, nine structures have been tested and five of them gas bearing. The success ratio of the exploration activities in Tripura was more than 50 per cent, the ONGC Chairman said. Since 1972, the Corporation had invested Rs 929 crore and almost achieved its ninth plan target. Despite militants’ activities in the north eastern region, the ONGC did not face any problem to undertake the exploration activities in Tripura and other north eastern states. A large number of Central Industrial Security Force (CISF) had been deployed to protect the men and assets of the Corporation, he stated. To a question, the ONGC Chairman said that the US-based company—Unicol—has proposed to bring gas from Bangladesh to India. The American company is now holding talks with the Bangladesh Government in this regard, he added. (UNI) |
|
Logitech expanding its audio business MUMBAI, Nov 23: Logitech, a leading international firm engaged in designing, manufacturing and marketing latest peripherals in the digital industry, is expanding its audio business in India by bringing latest products related to voice access, telephony devices and personal computer speakers. This launch underscrored Logitech’s strategy to extend its offerings in the internet-enabled communication market which is likely to open up with the liberalisation of the Government policy from April, 2002. Mr Gravin Wu, Vice President (Sales and Marketing), told UNI that his company operates in India through distributors such as Rashi Peripherals and Aditya and sales of Logitech Peripheral products was around Rs 40 crore in India during the year ended march 2001. In the first six months of the current year, the sales were Rs 24 crore. Logitech set up its audio business unit in April this year after the acquisition of a US firm Labtec in March for a sum of US dollar 125 million. The Labtec brand audio devices which occupy a market share of 25 per cent in USA, is now being marketed by Logitech worldover. (UNI) |
|
Microsoft settlement: Critics suspect shady dealings WASHINGTON, Nov 23: For a few days it seemed that one of the largest anti-monopoly cases in the world was going to draw quietly and unspectacularly to its conclusion. In the middle of a battle over purported monopolistic machinations by Microsoft, the US Justice Department agreed to an out-of-court settlement that, in the eyes of independent observers, lets the company off rather lightly. But nine of the 18 states involved in the proceedings refused to endorse the proposed settlement, and their refusal will necessitate a new round in the years-old judicial process. Judge Colleen Kollar-Kotelly intends to discuss her reservations about prolonging the settlement at the beginning of next year. Microsoft then came up with an offer to pay the litigation costs of the nine states if they would sign by the middle of next week. But some, such as IOWA Governor Tom Miller, have already said they will do no such thing. The US Justice Department now finds itself in a tough position, facing harsh criticism. The department’s lawyers appear to some to have been outmanoeuvered by Microsoft, and the complicated technical details of the agreement seem to give the software maker enormous freedom to continue their prior patterns of behaviour. And the state attorneys general and Microsoft’s competitors aren’t the only ones making such observations. Many independent observers concur. "This settlement amounts to the Government taking a dive," says Timothy Bresnahan, the chief economist of the antitrust division of the Clinton administration. His comments were published in the New York Times. President Bush’s choice for leader of the antitrust division, Charles James, Denies having made the deal without consulting with his own department’s lawyers. Many of them had spent years pursuing this case. "reports that I made a back room deal with microsoft are patently false," he claims. Most observers agree, however, that without a change of Government in Washington, the settlement would never have come about. During his campaign for the presidency, George W Bush made no secret of his intention to keep the country out of Microsoft’s competitive battleground. For his part, James had proclaimed his intention to follow the case as diligently as possible. Nevertheless, the department of justice recently announced that it was dropping its long-standing attempts to split the company. The poor state of the US economy and an aggressive lobbying campaign by Microsoft may have been the triggers that encouraged the US Justice Department to put the case to rest. Without the ballast of a legal proceeding weighing it down, industry leader microsoft may be able to pull the troubled computer field out of its crisis. The individual states are still rallying behind the flag of the consumer, however. To be sure, some of this activism has been spurred by Microsoft’s competitors located in these states, who pay taxes and contribute to local politicians’ political campaigns. "Not only is the settlement just full of loopholes, but it also allows Microsoft to dictate its own fate," says Tom Reilly, the Attorney General of Massachusetts. "We intend to continue the trial," reports Reilly’s Connecticut Colleague, Richard Blumenthal. "I am confident that once the judge sees the flaws and gaps in this current settlement, she will elect to impose her own changes in order to strengthen it," says California’s Attorney General Bill Lockyer. This sort of ending would be fuel for the fires of the Justice Department’s critics, who do not buy the argument that Microsoft is not in need of strict regulation. Even if the US prosecutors of Microsoft eventually succeed in bringing the proceedings to an end, the monopoly accusations against Microsoft will not die quickly. The European Competition Protection Commission is also investigating whether Microsoft exploited its monopoly power. The investigation will go on regardless of what happens in the United States, the Commission said in Brussels. (DPA) |
|
NAFED to start purchasing coconut in Kerala NEW DELHI, Nov 23: The National Agricultural Marketing Federation (NAFED) will start purchasing coconut and copra in Kerala once legal hurdles were cleared, Agriculture Minister Ajit Singh informed the Rajya Sabha today. NAFED was procuring coconut and copra in all the states except Kerala because the matter was pending before the court. Once the problem was overcome, the procurement could be made in Kerala also, he said during question hour. He said the Government did not make any budgetary allocations for procurement of agricultural products but the Food Corporation of India would pay the states the difference between the Minimum Support Price (MSP) and the cost of production. The Government was very much concerned about the falling prices of agricultural commodity, but it was a global trend and the effort of the Government was to provide MSP cover. On the non-purchase of cotton by the Maharashtra Government, the minister said the state was offering higher price than the MSP fixed by the centre. He would talk to the State Government for purchasing the cotton. He said the Government was encouraging farmers to take up horticultural crops as an alternative to foodgrains, but it would require lot of infrastructure for marketing these produce. (UNI) |
|
|
