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Pak refuses ISLAMABAD, July 15: Pakistan has refused to allow India to divert the water of the Neelum River for power generation in Jammu and Kashmir, saying it ...more ICL
announces NEW DELHI, July 15: The International Certifications Limited (ICL) today announced widening of its services portfolio for . .more ‘Facilitative
regime’ CHANDIGARH, Jul 15: Punjab Chief Minister’s Advisory Committee on Industrial Growth and....more Jet Airways to give special fares to Srinagar, Varanasi NEW DELHI, July 15: Jet Airways today announced a special fare of Rs 3840 betwen Delhi and Srinagar and Rs 2720 for Delhi- ....more |
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US corporate law LONDON, July 15: Better enforcement of current laws and higher ethical standards are the key to restoring confidence in corporate America’s ......more India
Post, Western Union NEW DELHI, July 15: Western Union, one of the world’s leading money transfer..........more Orissa
Finance, Energy BHUBANESWAR, July 15: The Finance Ministry and the Energy Ministry in Orissa are at loggerheads over the.......more NEW DELHI, July 15: The Steel Authority of India Ltd (SAIL) has started disposal of its idle assets since 1998.......more |
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Pak refuses permission to India to divert river water ISLAMABAD, July 15: Pakistan has refused to allow India to divert the water of the Neelum River for power generation in Jammu and Kashmir, saying it would jeopardise the development of its Rs 87 billion Neelum-Jhelum Hydropower Project in Pakistan-occupied Kashmir. According to the Indus Water Treaty, 1960, India can not change the flow of Neelum river even for power generation if doing so affects any Pakistani power project. However, in the absence of any such project, India can do so, The Dawn reported today. India wants the diversion of Neelum waters for power generation in Kashmir. It had assured Pakistan that there would be no storage and the diverted water would be re-routed into the Neelum through Wullar Barrage. However, Islamabad will have to immediately start the construction of the power project in Pakistan occupied Kashmir (PoK) if it doesn’t want India to divert the Neelum waters. Chief Engineering Advisor and Chairman of Federal Flood Commission Riaz Ahmad Khan said that the WAPDA, in consultation with the Government, was working on a war-footing to arrange finances for the project. He said once Pakistan starts the construction of the project, India can not divert the river waters. Pakistan had presented its views on the subject during the permanent Indus Commission meeting over a month ago as it believed the diversion would definitely affect the Neelum-Jhelum project because of the proximity between the two, the daily said. It quoted sources saying that the diversion of Neelum waters by India would not reduce the overall water level in the river on the Pakistani side of the Line of Control but would definitely affect the river flow and a decline in the river flow would reduce the pressure required to generate electricity. (UNI) |
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ICL announces new services for Indian exporters NEW DELHI, July 15: The International Certifications Limited (ICL) today announced widening of its services portfolio for Indian exporters. The New Zealand-based group provides third party certification services for environment, quality, occupational health and safety management systems including ISO 9000 series, ISO 14001, QS 2000, HACCP AS/NZS and UKA. Now it will also offer value-added services like vendor sourcing, pre-shipment inspection, international debt collection, legal help overseas and exhibition services. ICL has been operating in India from Panchkula in Haryana since 1998. (UNI) |
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‘Facilitative regime’ recommended for industrial growth CHANDIGARH, Jul 15: Punjab Chief Minister’s Advisory Committee on Industrial Growth and Development of relevant infrastructure has recommended a "facilitative regime" for industrial growth and attracting investment in the border state. The committee headed by former Chief Secretary A S Chatha submitted its report to Chief Minister Amarinder Singh here today. "A facilitative regime has to be created through decentralisation, deregulation, self compliance and self certification instead of enforcement of various laws, rules and regulations through inspectors", it stressed. Amarinder Singh told reporters that steps would be taken to revive industry, 50 per cent of which was described as "sick" by Chatha, as the overall objective is to make Punjab and attractive place for industry. In last three months many groups have evinced interest to invest in Punjab, the Chief Minister added. Singh said that the report of this committee as also of Disinvestment Committee would be taken into consideration while finalising the industrial policy of the state which is expected to be released by August end. He ruled out subsidies saying Punjab does not have resources. "we can create infrastructure and good atmosphere", Singh said adding that debtors of various financial institutions, including State Industrial Development Corporation (SIDC) and Financial Corporation would have to pay up. Chatha said that decade long militancy, lack of appropriate response to the post-reform challenges, lackadaisical approach to the 1996 industrial policy and prolonged recession has badly hit the industrial sector, particularly small and tiny enterprises. The report said, "in order to address the problems and constraints of existing industrial as well as to attract new investments, it is necessary to have fresh look on the policies, programmes and institutional set up for industrial promotion in the state. The recommendations include payment without further delay of arrears of fiscal and financial incentives sanctioned under present policy, future incentives should be on selective basis on special projects having investment of above Rs 1,000 crore and ungradation of infrastructure in existing and upcoming industrial estates. It said that while fiscal and financial incentives do help new ventures initially, but for their long term viability, the state has to provide positive policy environment, good governance, efficient and cost effective infrastructure and human resource development. The committee also recommended special attention to modernisation and upgradation of existing industry and setting up a state level body like the BIFR. The state should concentrate on industries, including agro-processing, light engineering and textiles, which has competitive cost advantage. It said that banks should also invest more in Punjab as despite getting large amounts of deposits the investment was "meagre".(PTI) |
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Jet Airways to give special fares to Srinagar, Varanasi NEW DELHI, July 15: Jet Airways today announced a special fare of Rs 3840 betwen Delhi and Srinagar and Rs 2720 for Delhi-Lucknow from July 15 to September 30. The private carrier also said passengers undertaking a Delhi-Varanasi-Delhi trip wil get a special excursion fare of rs 7575. A Delhi-Jammu ticket will cost Rs 3575. Tickets bought for these sectors or vice versa services will be reissued with special fares. Refund of the difference in fares can also be claimed after the journey is completed by submitting the baording pass and ticket jacket, a release said. Jet Airways has announced 12 to 64 per cent discount on 43 sectors from August 1 to October 31. (UNI) |
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US corporate law enforcement vital: Bush aide LONDON, July 15: Better enforcement of current laws and higher ethical standards are the key to restoring confidence in corporate America’s finances, President Bush’s Chief Economic Adviser was quoted as saying today. In an interview with the Financial Times, Lawrence Lindsey rejected the need for sweeping legislative reform following scandals at energy trader Enron, telecoms firm Worldcom and several other blue-chip companies which have manipulated their accounts to inflate profits or hide losses. "What you have are modifications to the law which are appropriate, but the general thrust is that what was really needed was consistent enforcement of existing laws," he told the FT. Lindsey echoed a speech last week by Bush, who was investigated by securities regulators in 1991 when a Director of Texas-based Harken Energy Corp, in calling for a "higher ethical standard" among US corporations. "Capitalism without trust and capitalism without accountability and ethical standards doesn’t work," Lindsey said. The Securities and Exchange Commission investigated Bush for being up to 34 weeks late in reporting stocks sales worth more than 1.0 million dollars, but concluded he did not engage in illegal insider trading. Lindsey told the FT that the United States was going through a "cleansing process" that would restore faith in the financial health of corporate US and the markets. "We have a habit of airing our dirty linen, putting it on the line for all to see, cleaning it and getting on with life," he said. (AGENCIES) |
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India Post, Western Union to aggressively ennance locations NEW DELHI, July 15: Western Union, one of the world’s leading money transfer companies, has recorded nearly 100 per cent growth to over 6,500 agent locations across 600 towns and cities in India in the last 18 months since its signing of a five-year agreement with India post in January 2001. Announcing its tie up with Emirates Post today, Western Union today showcased a live money transfer between an Emirates Post location and an Indian Post office location. We continuously strive to expand our distribution making it easier for customers to send and receive money around the world. Post office locations provide western union customers with the convenience they are looking for, said Mr Anil Kapur, Director-General India, Western Union. He said in the last six months alone, Western Union has witnessed nearly 100 per cent growth in its agent locations and currently, it has over 6,500 locations across 600 towns and cities in India. Western Union actually functions as a facilitator for making the transfer of payment. Speaking on the occasion, Mr A P Singh, Director General Financial Services, India Post, said post is an end-to-end business and lots of partners and alliances are required. Currently, there are about 1.54 lakh post offices in the country and this facility is available almost in all the states and their capitals. Even rural areas will also be connected with the network for quick receiving and transfer of the money from one place to another with the help of Western Union, Mr Singh added. For the revenue model, a nominal fee between three to four and a half per cent is charged at the first place only which is varies country to country and location to location and the transaction is put through within minutes. The fee collected at the first place is shared by all the three parties including the money collector and sender and the receiver of money at the post office and finally the western union which plays the role of a facilitator between the two. Western Union has over one lakh agent locations in more than 185 countries and territories spread over vast distribution throughout urban and rural areas, postal organisations are important agents for Western Union. (UNI) |
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Orissa Finance, Energy Ministers at loggerheads over NTPC BHUBANESWAR, July 15: The Finance Ministry and the Energy Ministry in Orissa are at loggerheads over the signing of the tripartite power agreement to clear the outstanding dues to the National Thermal Power Corporation (NTPC). Even as the Cabinet Sub-Committee constituted in this regard is yet to meet, the issue has snowballed into a major crisis with the Finance and Energy Ministers going public to justify their stands. Orissa Finance Minister R K Pattnaik is opposed to the agreement on the ground that it would aggravate the financial crisis in the state, bringing all developmental activities to a grinding halt. Whereas Energy Minister A U Singdeo has cautioned that the state would plunge into darkness and the Government would be deprived of incentives and loan from the accelerated power development reform programme if not signed. The NTPC is insisting the Government sign the agreement to clear its dues totalling to more than Rs 1,000 crore or face power regulation after July 30. Mr Pattnaik told newsmen here today that attempts were made to "mislead" people by "circulating baseless, misconceived and unfounded stories in a section of the press to create lobby in favour of the tripartite agreement". He said there was no justification on the Government’s part to shoulder the liability of the private distribution companies who owe an outstanding arrears of over Rs 1200 crores to the state Government undertaking GRIDCO. Even the World Bank official appraisal team during its visit in February last year had expressed concern over the distribution companies not being able to pay Rs 800 crores energy bill, he pointed out and added that the amount had gone upto Rs 1200 crores by now. He questioned the inaction of the Energy Department to realise such huge dues. On the claim of the Energy Department that eight states in the country had already signed the tripartite agreement to clear the NTPC dues, Mr Pattnaik said Orissa’s case was different as the distribution and generation of electricity had been privatised in the state. He claimed that if the Government went ahead with the proposed tripartite agreement, the state would lose Rs 400 crores every quarter from the central allocation which would cause serious jeopardy in undertaking various developmental activities in the state. Mr Pattnaik denied that there would be power cuts for six to eight hours everyday as claimed by the Energy Department if the agreement was not signed. Quoting the Energy Department’s figure, he said there would hardly be a shortfall of 55 mw of power as against the average demand of 1350 mw. In case the NTPC resorted to power regulation, there would be power cut of a maximum two hours. He further argued that there would be no power crisis in the state if the Government stopped exporting 170 mw of power to other states. The Finance Minister said the people should decide whether they want two hours power cut everyday or face stoppage of all developmental activities as well as non-payment of salary and pension. Mr Pattnaik said the United States-based AES Corporation, which was in-charge of the distribution of electricity in the central zone, had abandoned without paying a considerable amount of its dues to the GRIDCO and no action had been taken against the private company so far. (UNI) |
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NEW DELHI, July 15: The Steel Authority of India Ltd (SAIL) has started disposal of its idle assets since 1998 as an alternative route to generate revenue. Disposal of waste not only generates cash from blocked capital but also helps to improve productivity by clearing shopfloor and other areas leading to more conducive work. The targets set for 2002-03 in this area are 10 per cent reduction in inventory, 25 per cent reduction in non-moving inventory, to identify 10 per cent of non-moving inventory as surplus and obsolete and to dispose off 50 per cent out of this. Written down value of all items are generally available. Otherwise it is worked out by a technical committee in association with finance representatives. A reserve price is evaluated keeping in view the maximum present worth. While fixing the reserve price care is taken to see that the reserve price is not lower than the prevailing market price of scarp of similar quality items.(UNI) |
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