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| Divya Enterprises opens new workshop at Parade Excelsior Correspondent JAMMU, Oct 17: Divya Enterprises, the sole authorised dealers for Yamaha Motor India Pvt Ltd., has opened its all new state-of-the-art workshop, fitted....more Silver
tumble, NEW DELHI, Oct 17: Silver prices tumbled further on the bullion market on persistent selling by stockists ......more First
consignment BANGALORE, Oct 17: A first consignment of Qualis, the premier multi utility vehicle, manufactured by ....more Govt
rejects Coke’s NEW DELHI, Oct 17: Government said today that it would not accede to Coca-Cola’s request for exemption from mandatory divestment of equity, as ...more |
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‘FDI,
exports not to be hit NEW DELHI, Oct 17: India would be among the top five fastest growing economies of the world with over 5 per cent growth during the current fiscal .......more ‘Oil
prices have MOSCOW, Oct 17: US Commerce Secretary Don Evans said on Wednesday that world oil prices were unlikely to fall further. .....more SBI
to extend modern GUWAHATI, Oct 17: The State Bank of India (SBI) has maintained its premier role in extending modern banking service to the people of the north .....more WTO to move meeting from Doha to Singapore: Report TOKYO, Oct 17: The World Trade Organisation (WTO) will move the venue of next month’s ministerial meeting from Doha, Qatar, to Singapore due to .........more |
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Silver tumble, gold eased further NEW DELHI, Oct 17: Silver prices tumbled further on the bullion market on persistent selling by stockists amidst steady inflow of new stocks and were placed lower by Rs 75 at Rs 7315 per kilo. A steady inflow of silver prices in view of stockists selling part of their holdings mainly pulled down the silver prices. In last two days, silver lost almost Rs.180 per kilo. Gold also remained under pressure and kept on declining in day-to-day trading despite a steady trend in overseas markets which drive yellow metal prices in India. Traders said the gold’s reputation of being the "commodity in times of crisis"as hit as the large gains recorded after the terrorist attacks last month gradually erased. During this period, gold prices in Hong Kong shot up from 270 US dollar to 295 soon after attacks on September 11. They said any fund taken out of bullion market normally diverted to equity markets which are rising these days. Standard gold and ornaments lost another Rs.10 each at Rs.4680 and Rs.4530 per ten gram respectively. Sovereign, on the other hand, continued to be asked at last level of Rs.3850 per piece of eight gram. Silver ready dropped by Rs.75 at Rs.7315 per kilo and weekly delivery by Rs.80 at Rs.7330 per kilo. Silver coins were quoted at last level of Rs.11,500/11,600 per 100 pieces. The following were today’s quotations: Silver ready 7315 and delivery 7330. Silver coins buyer 11,500 and seller 11,600 standard gold 4680, ornaments 4530 and sovereign 3850. (PTI) |
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First consignment of Qualis flagged off to Nepal BANGALORE, Oct 17: A first consignment of Qualis, the premier multi utility vehicle, manufactured by the Toyota Kirloskar Motor Ltd (TKML) was flagged off to Nepal yesterday. Two completely built units, as part of a 32 vehicle order, were handed over to Mr Suraj Vaidya, president of United Traders Syndicate (UTS) of Nepal at a function held in the factory in Bidadi, near here. A company spokesperson told UNI that during the current year, 300 qualis would be exported to Nepal. TKML Managing Director Yamaxaki said in the release that Toyota had a long standing association with UTS and the current export was the first step to introduce qualis to other Asia Pacific countries. Launched in January last year, Toyota Qualis currently hold 42 per cent market share in the multi-utility vehicle segment in the country, having sold more than 43,000 vehicles till date. The company, which had achieved a sale of 22,000 vehicles so far this year, hoped to sell 31,000 by the end of the current year. The growth between January and September this year was 40 per cent compared to previous year. (UNI) |
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Govt rejects Coke’s plea on waiving IPO NEW DELHI, Oct 17: Government said today that it would not accede to Coca-Cola’s request for exemption from mandatory divestment of equity, as this would be tantamount to ‘favouritism’. "It (the agreement signed between Coca-Cola and the Government of India at the time of company’s entry) won’t be changed. They wanted it to be changed, but this can’t be for a particular company. It will amount to favouritism," Commerce and Industry Minister Murasoli Maran told reporters here. Replying to a query at the annual Economic Editors’ Conference on whether Government could reconsider coca-cola’s proposal, he said "MoU norms are the same for everybody. These cannot be changed for one single company". Maran also dismissed dispute surrounding Enron’s Dabhol Power Project as isolated, saying such cases were unlikely to affect foreign direct investment inflows into India. "Enron is only an isolated incident... There are many success stories on FDI front," Maran said, adding even the Enron issue was not closed and negotiations were on to resolve the crisis. He said Enron’s Dabhol Power Project was financed by domestic institutions to the extent of upto 80 per cent and this was a matter of concern for the country. (PTI) |
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‘FDI, exports not to be hit due to Sept 11 incidents’ NEW DELHI, Oct 17: India would be among the top five fastest growing economies of the world with over 5 per cent growth during the current fiscal despite the impact of the September 11 attacks in US on the economy, Commerce and Industry Minister Murasoli Maran said here today. Observing that fundamentals of the economy were quite stable, Maran said FDI inflows which had surged by 33 per cent at 3.19 billion dollars during January-August this year would continue to grow and Government’s six point strategy was aimed at boosting investments. Addressing the economic editors conference here maran said "there is really no cause for alarm" and medium term export strategy had been delayed for a few weeks to incorporate the new dimensions in the post-September 11 scenario. Ruling out any downward revision of 12 per cent export target for the current fiscal, Maran said the present trend that had turned negative was a reflection of the downturn in the global economy. He however added that as in the past the US economy was forecast to bounce back shrugging off the side effects of the terrorist attacks and provide India an opportunity to export in cost-effective sectors like information technology. Maran also announced setting up of a high-level committee for the next five year EXIM policy that would be co-terminus with the 10th plan period of 2002-07. "The committee will review the policy instruments and package of export promotion schemes and procedures for exports and suggest steps to rationalise and channelise the schemes," he said, adding that it would also identify measures for short and long term plans to increase exports. The 12 member committee will be headed by former Commerce Secretary P P Prabhu and will include representatives from export promotion councils, trade and industry. Elaborating on the six-point strategy to give a new thrust to FDI, Maran said the Secretariat for Industrial Assistance (SIA) would contact foreign investors to ascertain progress of FIPB approvals. The contacts would initially be at the operational level and be upgraded to the Board level if required, he said. In the event problems or difficulties were brought to the notice of the sia, appropriate action would be taken by the concerned ministry or State Government prior to being brought before the FIIA. The FIIA would also hold more frequent interactions with other ministries and State Governments, he said, adding that three meetings with investors of the southern, northern and eastern regions had been held to identify bottlenecks in the implementation of FDI approvals. (PTI) pri eco gen .Newdel del31editors-maran three maran said a decision had also been taken to involve indian embassies in monitoring the fdi cases. "The indianmission have been authorised to accept fdi applications whichcan be directly sent to the sia". The sia would also adopt a sector-wise approach inpursuing the fdi cases for more effective coordination withadministrative ministeries. The minister however, cautioned against complacence inthe wake of fdi inflows and said china, argentina and brazilstill remain the favourite destinations for fdi. "In this eraof competition any slackness would lead to a shift inpreference", he said. Maran said india would continue to follow a policy of’gradualism’ while opening its doors and said the exportpolicies would be employment-oriented. The minister said lack of financial sector reformsspecially the banking reforms was a major reason forincomplete liberlisation process. On the export front, government had already provided incentives in the form of reduction in export credit rate bothpre- and post-shipment, upward revision of drawback rates andpermission to exim bank to extend buyers’ credit up to rs 200 crore without reference to the rbi. Elaborating on other export-boosting measures, he saidgovernment had approved three agri export zones — up forlitchies, west bengal for pineapples, karnataka for gherkins— and in-principle approval had been granted for anotherthree. (PTI) |
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‘Oil prices have reached floor’ MOSCOW, Oct 17: US Commerce Secretary Don Evans said on Wednesday that world oil prices were unlikely to fall further. "I believe that oil prices have found a floor or are stabilising. And I believe that the supply and demand balance remains very tight," he told a news conference in Moscow. Evans declined to make a specific price forecast. (REUTERS) |
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SBI to extend modern banking service to N-E GUWAHATI, Oct 17: The State Bank of India (SBI) has maintained its premier role in extending modern banking service to the people of the north eastern region despite underground activists threat and difficult terrain. According to an official report, the first and only Automated Teller Machine (ATM) in the region was installed by SBI. Three more ATMs are scheduled to be inaugurated service in Guwahati Club, Guwahati refinery complex and Saraogi Petrol Pump at Dispur shortly. Five more ATMs are in the plan to be installed in new Guwahati, West Guwahati, Bora Service Station areas of Guwahati and at Shillong and Jorhat in the next phase, the report said. These ATMs will be a part of the national network linked with 17 major cities of the country. Many of the SBI branches are located in remote and far-flung areas which are bereft of basic amenities and infested with underground activists resorting to threats and extortions. Braving such severe impediments, SBI employees are serving in these areas to their best abilities, the report said. 50 new branches of SBI in the region have been fully computerised, the report stated and added that 30 branches, including 18 spill-over branches and 12 new ones, were in the plan to be computerised. The new branches have been selected on the criterion of being among the top 100 branches in terms of business for achieving the SBI benchmark of 70 per cent business through fully computerised branches in the circle. The report also said computerisation has enabled most of the branches to extend their business hours between one to two hours for the customers’ benefit and some of the branches have also taken up special measures for service selected target groups. As far as credit dispensation is concerned, the total loans of SBI in the region was only Rs 34.11 crore in 1978 while at the end of September 2001 it stands at Rs 1288.88 crore. Though functoning in the northeast since 1923, pace of SBI’s expansion was slow until recently. There were 165 SBI branches in the region 20 years back. Creation of a separate circle for the northeast provided necessary imputes to branch expansion and presently there are 448 SBI branches in the region in addition to several lead bank offices, training centres and other controlling units, the report said. In view of the festive session, SBI has further decided to waive processing charge on selected P-segment loans and the offer will remain valid up to November 13 next, the report added. (UNI) |
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WTO to move meeting from Doha to Singapore: Report TOKYO, Oct 17: The World Trade Organisation (WTO) will move the venue of next month’s ministerial meeting from Doha, Qatar, to Singapore due to security concerns, a Japanese news agency reported today. WTO Director General Mike Moore will visit Qatar to inform the Qatari Government of the plan, Kyodo news agency quoted anonymous sources at the Japanese Foreign Ministry as saying. The fifth WTO ministerial meeting is scheduled for November 9-13 in the Gulf state, aiming to launch a new round of global trade liberalisation negotiations following the Uruguay round concluded in 1994. Japan has already approached Qatar about the proposed venue change, the sources were quoted as saying. A Foreign Ministry official declined to comment on Moore’s trip to Qatar or Japan’s overtures to the planned host. Changing the venue was not on the formal agenda at a WTO ministerial gathering in Singapore last weekend, but it was discussed over dinner and on other informal occasions, said Kenichiro Mukai, Assistant Director at the Ministry’s first international organisation division. "Preparations for the meeting are still underway in Qatar ... And it is important to make sure a new round is launched with the world economy in this condition" since the September 11 terror attacks in the United States, he said, stressing he was summarizing the mood at the Singapore meeting. (AFP) |
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