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Sotheby’s sells NEW YORK, Nov 13: Willem De Kooning’s "Orestes" sold for a whopping 13,209,500 dollars at Sotheby’s .......more CMAI sets up national awards for excellence in apparel sector MUMBAI, Nov 13: The Clothing Manufacturer’s Association of India (CMAI) has instituted the first annual national....more Views
on divestment NEW DELHI, Nov 13: Making light of the controversy over disinvestment, Deputy Prime Minister L K Advani has said that views .....more India
to become global BANGALORE, Nov 13: Microsoft chief Bill Gates saidtoday that India was on course to become a global hub for‘mission .....more |
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Harvard Wockhardt to MUMBAI, Nov 13: Harvard Medical International (HIM), Boston, USA and Wockhardt Group today announced the launch of a comprehensive........more India
has bright future in NEW YORK, Nov 13: India has a bright future in the field of computer sofware as it is a cost and technology-effective......more Som
Pal favours IPO NEW DELHI, Nov 13: Virtually opposing the strategic sale route for HPCL, BPCL disinvestment, Planning Commission member Som Pal has said the ....more Tata Infotech to develop ‘eretirement’ system NEW YORK, Nov 13: India’s Tata Infotech has emerged victorious in a highly competitive public bidding to develop and ......more |
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Chinese TCL to re-enter Indian market next year ....... Farmers against move to withdraw free power scheme ... |
NEW YORK, Nov 13: Willem De Kooning’s "Orestes" sold for a whopping 13,209,500 dollars at Sotheby’s contemporary art auction yesterday, an exceptionally strong price that went a long way toward ensuring a respectable result for the auction house. The black and white abstract from 1947, estimated at 8 million dollars to 10 million dollars, was among 21 abstract expressionist works from a private collection that Sotheby’s offered for sale, and was easily the top lot of an evening that saw mixed results. While new records were set for seven artists, most notably Cy twombly and Franz Kline, 38 per cent of the lots from the private collection failed to find buyers. The auction’s remaining 45 lots, assembled from various owners, fared far better with only 15 per cent going unsold. Single-owner sales traditionally generate greater interest, which tends to drive up prices. In all Sotheby’s took in 78,287,775 dollars, just short of its low pre-sale estimate of 84 million dollars. But the figure nipped at the 81.5 million dollars total for last week’s auction of impressionist and modern art, which historically far outpaces contemporary art. And officials, unsurprisingly, said they were very pleased with the results. "The market is extremely healthy and very strong," said Tobias Meyer, Sotheby’s head of contemporary art and the evening’s auctioneer. "We’re very very pleased with tonight’s sale. ... We saw very healthy results and we are not concerned at all about the market." Laura Paulson, senior vice president for contemporary art, said that some of estimates for the private collection works that went unsold were perhaps "overenthusiastic." A significant casualty was Arshile Gorky’s "from a high place," which had been estimated at 6 million dollars to 8 million dollars but could not secure any bids beyond 4.1 million dollars. "It just wasn’t its night tonight," paulson said, adding that works by the artist are rare and perhaps unfamiliar to the market. "It’s a slightly uphill battle," she said. But she described the De Kooning price as a "triumph." "It’s very exciting to have a 12 million dollars painting at a contemporary sale," Paulson said. Twombly’s untitled 1970 work was the sale’s second-highest lot, fetching 5,619,500 dollars including Sotheby’s commission, just below the high estimate of 6 million dollars but eclipsing the artist’s 5.5 million dollars record. And kline’s "ninth street" smashed the old record of 2,860,000 dollars selling for 4,519,500, dollars just under the high estimate of 6 million dollars to make it the sale’s fifth-highest lot. Other highlights included Roy Lichtenstein’s "step on can with leg," which far outpaced its estimate of 2 million to 3 million dollars when determined bidders drove the price up to 4,849,500, dollars and Andy Warhol’s "Lavender Marilyn (1)," which went for 4,629,500 dollars. Wayne Thiebaud’s "day city (bright city)" soared to 3,089,500 dollars, half again the high estimate of 2 million dollars and setting a new record for the artist. The old mark was 1,707,500 dollars. Records were also broken for Philip Guston, Mark Tansey, David Park and Nathan Oliveira. Additionally new marks were set for a warhol sculpture, a De Kooning work on paper and a gorky work on paper. Sotheby’s officials said that overall the auction brought somewhat less than they had hoped for from the private collection, but substantially more from the various owner portion of the sale. Other expected highlights that failed to sell included Thiebaud’s "toy counter," which was estimated at 3 million dollars to 5 million dollars but topped out at 2.8 million dollars, and Kline’s "provincetown ii," a large, boldly colored abstract estimated at 2.5 million dollars to 3.5 million dollars. It could not draw any bids beyond 1.6 million dollars. The auction houses’ semi-annual contemporary art sales conclude tonight at Christie’s. (AGENCIES) |
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CMAI sets up national awards for excellence in apparel sector MUMBAI, Nov 13: The Clothing Manufacturer’s Association of India (CMAI) has instituted the first annual national awards in the apparel sector with support from the Union Textiles Ministry. The first ‘apex awards’ would be given in January 2003 in Mumbai, CMAI president Premal Udani announced here last evening. "The awards would recognise excellence and expertise in the industry and will raise the standards," Udani said. The awards would also offer a platform for the country’s top manufacturer’s and retailers to showcase their products. There will be 26 awards in various categories for manufacturers, brand, company, retailers, management, advertising, fashion, designing, distribution and a lifetime achievement award. The apex awards committee would include eminent people such as Pradeep Guha, president, Bennett and Colman, Ravina Raj Kohli, CEO Star News, Sanjeev Kapoor, celebrity chef and P G Math, resident editor, Business Standard. (UNI) |
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Views on divestment mode
cannot be NEW DELHI, Nov 13: Making light of the controversy over disinvestment, Deputy Prime Minister L K Advani has said that views on the mode of privatisation cannot be called "differences" within Government. He also said in an interview to PTI that the Kelkar taskforce recommendations on tax reforms were only a consultation paper to elicit public opinion and not a Government decision yet. To a question on differences within the Government on disinvestment policy, Advani said " "there are no differences." "Just because there are two views on the disinvestment of the two oil companies (Hindustan Petroleum and Bharat Petroleum), it cannot be said there are differences," he said. Even those who were committed to liberalisation and disinvestment had two views on the mode of privatisation through strategic route, Advani said. To present this as differences within the Government was not proper, he said, adding that Government had been pursing the disinvestment policy for the last four years. On Kelkar’s reforms on which even sections of BJP had expressed reservations, the Deputy Prime Minister said he had a brief discussion with Finance Minister Jaswant Singh. He said he had not gone through the recommendations yet and that the Finance Minister himself was not in agreement with some of the things mentioned in the report. On the slow progress of reforms legislations, Advani said Government will consult political parties to evolve consensus on early passage of crucial economic bills in the winter session of Parliament. "There is a proposal to consult political parties. I believe Finance Minister (Jaswant Singh) has already taken some initiative and was holding discussions with opposition parties," he said. As many as 23 economic bills, including the crucial ones on fiscal responsibility, banking sector and labour reforms, are pending before Parliament. Ahead of the winter session beginning next Monday, Jaswant Singh had written a letter to senior Congress leader Manmohan Singh early this month for better floor coordination in Parliament so as to enable passages of the pending economic bills, crucial for carrying forward reforms. Manmohan Singh had replied to the Finance Minister suggesting that Government convene an all party meeting to evolve consensus on financial issues. (PTI) |
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India to become global hub for mission critical work: Gates BANGALORE, Nov 13: Microsoft chief Bill Gates saidtoday that India was on course to become a global hub for‘mission critical activity’ in software as it was increasinglyearning a reputation for its quality work and delivery ontime. Addressing developers here, Gates, on his maiden visit here, said two-three years back, if companies decided to dotheir mission critical work in India, it was then consideredto involve enormous risk but no longer. Gates said that in the last couple of years, Indiancompanies such as Nasdaq-listed Infosys Technologies Limited,based here, had built a worlwide reputation and earned aname for delivering quality work on schedule. In the next few years, he predicted, firms in the US andEurope would be sure to insist that Indian companies beconsidered for doing all mission critical work. Gates said he was optimistic that India would be able tosustain its phenomenal growth in software in the rest of thisdecade and added he was deeply impressed by the quality ofeducation system in this country and the investment being madein the sector. Later in a brief interaction with reporters, he saidrespect for intellectual property was an important element fordriving the growth of software sector in India, both inservices and emerging software product areas. In the address to the developers, numbering around 2,500,at the event organised by Nasscom and Microsoft at the InfosysCampus, Gates outlined his vision of a world of xml webservices and shared his views on developing applications forthe "Digital Decade" (2000-09). "Software is a magic. Working in software is the mostexciting business in this world", he remarked. Nasscom president Kiran Karnik said India currently had abase of four lakh software developers, a number which isprojected to grow to 13 lakh in four years.(PTI) |
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Harvard Wockhardt to launch training for HIV/AIDS care providers MUMBAI, Nov 13: Harvard Medical International (HIM), Boston, USA and Wockhardt Group today announced the launch of a comprehensive educational programme to train doctors, nurses and counsellors in the prevention of HIV/AIDS. The programme envisages not only the training for prevention of HIV/AIDS, but also the diagnostics and management of this dreaded disease. For this purpose, HMI — which is the internationalarm of Harvard Medical School — and Wockhardt have floated a non-profit organisation called Wockhardt-HMI HIV/AIDS Education and Research Foundation (WHARF) to upgrade the knowledge and skills of direct care providers in HIV/AIDS. And the first city chosen for its launch in December this year is Mumbai, which is among the most affected metros in the country. Explaining the salient features of this joint initiative by Harvard and Wockhardt to media here, Mr Habil Khorakiwala, Wockhardt group chairman said the health care cost of treating AIDS will be staggering for the Indian economy, although funds are floated from different quarters including the US. "The goal of WHARF is to empower direct care providers in their efforts to help HIV positive people and to arrest the spread of the infection," he added. (UNI) |
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India has bright future in computer software: Premji NEW YORK, Nov 13: India has a bright future in the field of computer sofware as it is a cost and technology-effective country, chairman of it major Wipro, Azim Premji, has said. "It is not only the big companies which have earned India a name in this field. There are several smaller companies which are doing excellent job, producing quality software and providing quality service to clients," he said during an informal luncheon meeting with journalists and academics yesterday. The reason is that India is "cost-effective, technology effective, quality-effective and efficiency-effective," Premji said. The computer professionals are getting so many opportunities in the country that they not go out to other states just for jobs, he said, citing the recent recruitment by German Government which had the target of recruiting 20,000 professionals but could get only 1,300. The computer firms in India have restarted hiring, and those seeking jobs would find greater opportunities now, he added. Replying to a question, he said his company was considering opening another hub outside India. Among the places being considered are the Philippines and Vietnam, he added. On Wipro’s recruitment policy, he said "to be a truly global does not mean getting business from all over the world. But it means that the company should recruit locally. Wipro would like to have local managers also." Replying to a question, Premji indicated Wipro, which has struck a deal to acquire the global energy practice of American management systems, might go in for more acquisitions but did not elaborate. Asked whether the businesses, especially software industry, had prevailed over the Government not to attack Pakistan as it would affect the economy, he said the Indian Government had acted very maturely during the crisis. Which other country would have acted with the restraint shown by the Indian Government when Parliament was attacked by terrorists? he asked. He also said that the travel advisory issued by the United States in India had unnecessarily, created problems. (PTI) |
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Som Pal favours IPO route for BPCL, HPCL sell off NEW DELHI, Nov 13: Virtually opposing the strategic sale route for HPCL, BPCL disinvestment, Planning Commission member Som Pal has said the Government should do away with annual disinvestment targets because to achieve them profit-making Public Sector Enterprises (PSEs) were being sold instead of the loss-making ones. Speaking at a discussion on the country’s disinvestment programme here last evening, Mr Som Pal said there was no need to privatise profit-making PSEs just to meet the annual disinvestment targets when the loss-making were still a burden. He emphasised that these were his personal views. "There is no reason to disinvest profit-making PSEs at the first go. Going by the current trends, the mantra for disinvestment has become disinvestment just for the sake of disinvestment and not to save loss-making units," he said. Favouring the IPO route for disinvestment of oil majors HPCL and BPCL, he said, "monopoly is bad, but if unavoidable, a Government monopoly is better in the sense that it is accountable, in contrast to private monopoly where this is not the case." He said there was an urgent need to privatise more than 800 pses that were eating up resources of various states, leading not only to huge financial burden but also less funds for developmental activities. (UNI) |
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Tata Infotech to develop ‘eretirement’ system NEW YORK, Nov 13: India’s Tata Infotech has emerged victorious in a highly competitive public bidding to develop and implement a web-based ‘eretirement’ system for teachers in an American State. The project for Massachusetts Teachers Retirement Board (MTRB) is valued at over three million US dollars. MTRB provides retirement, disability and survivor benefits to over 125,000 active and retired educators in the state of Massachusetts. In addition, it collects member contributions from over 400 school districts. Tata Infotech successfully proposed a web-based software solution which provides quality service with business functions such as enrollment, beneficiary nomination, death, retirement, benefit calculation etc built as business components to provide an integrated eretirement system. The eretirement system will be developed within 18 months. A core team of consultants will work on-site in sync with a larger offshore team located at the Tata Infotech Nepz Centre in Noida, Uttar Pradesh. "To date we are very impressed with Tata Infotech’s dedication and commitment to the project. In addition, we are pleased with how quickly the Tata team has forged a partnership with our staff on the development of the new system," executive director at MTRB Thomas R Lussier said. "I expect the positive relationship to continue, and in the next 18 months I expect that the MTRB and Tata Infotech will have created a truly great product." Tata Infotech Ltd offers IT services in over 50 countries across the world. (PTI) Chinese TCL to re-enter Indian market next year NEW DELHI, Nov 13: Chinese consumer electronics major TCL today said it would re-launch its products in India with fresh initial investments of Rs 150 crore lined up for next year, bringing in Colour Televisions (CTV), DVD players and air-conditioners in the first phase. Speaking to reporters here on the sidelines of a business conference, TCL Overseas Marketing Ltd sales general manager (India operation) Adhikarla Gopal Krishna said the company was aiming at capturing five per cent of the market share in the CTV segment by the end of next year. "We would be starting operations from January next year and by the end of the year, we expect to capture five per cent market share of the 6.5 million unit CTV segment," he said. Mr Krishna said for the initial period, the company would assemble its products here by bringing in Semi-Knocked Down (SKD) parts. "Later, we are also looking at establishing our own plant in India which will be the second manufacturing base outside China other than Vietnam," he said. Mr Krishna said the company would enter the Indian market this time on its own with no partnerships planned for the moment. "We expect to set up a franchisee network of around 1500-1700 dealers in the initial phase through whom we hope to penetrate the Indian market," he said. Asked how the products would be priced, he said, "they would be competitive and honest prices. "Rather, I would like to put it this way that they would be priced not cheaply or popularly but competitively which give value not only for the money but also for the product quality," he said. TCL had earlier entered the Indian market in 2000 in a 51:49 Joint Venture (JV) with Baron International. However, the JV did not work and the companies parted ways in 2001. Mr Krishna said by the first half of next year, the company planned to introduce other products into the Indian market. "In the second phase, we would bring in washing machines, refrigerators, mobile phones and computer hardware," he said. Asked how the company planned to look into the after-sales service aspect, he said they had planned a series of options which would follow from the initial franchisee level. ‘Wwe would select our franchisees after much study and care. Thereafter they would be provided training to handle and service our products and we hope to do well soon," he said. On whether the company would also be opening up exclusive outlets for its products, he said it would be a combination — marketing exclusively and as well as through dealers. The company will be showcasing its product line at the 14-day India International Trade Fair which begins tomorrow.(UNI) Farmers against move to withdraw free power scheme MADURAI, Nov 13: More than 20 farmers’ associations in Tamil Nadu today expressed apprehension that 1.72 crore farm labourers would lose their jobs and become unemployed if free power scheme to the farming community was withdrawn. The farmers belonging to the southern and central districts represented their grievances before the State Electricity Regulatory Commission which heard the views of differen here. "The state will face a steep hike in the prices of essential commodities, and a steep fall in the area of cultivation,leading to the collapse of the rural economy,if free power is withdrawn," Khader, a member of the five-districts Periyar Irrigation Farmers’ Association, said. T S R Venkatramana, former MLA and a senior Congress leader, said the transmission loss of the Electricity Board should be reduced to four per cent from 16.25 per cent, and charged that power thefts were being accounted as transmission loss. N T Doraisingam and Sudendran of All India Forward Bloc (Tamil Nadu) and All India Agriculturists Kazhagam said the proposal to scrap free power to peasants should be rejected. Farmers jeered the Tamil Nadu Chamber of Commerce and Industries president S Rethinavelu when he said Government purchased power for Rs 2.30 per unit and sold it to industries at Rs 4.50. The Madurai district Tiny and Small Scale Industries Association president K Ramachandran suggested that the electricity board should collect the subsidy amount from the Government. They should reform the administration and accounting procedures, he added. The Commission was chaired by the Chairman A Palraj. Members E C Arunachalam and Thangarathinam were also present. (PTI) Oil prices slide after Iraq accepts UN resolution LONDON, Nov 13: Oil prices fell sharply today here after Iraq accepted a tough new UN resolution on disarmament, with brent north sea crude oil for december delivery falling 53 cents a barrel to 23.19 dollars. The Iraqi Government wrote to UN Secretary General Kofi Annan today confirming that it unconditionally accepted the Security Council resolution demanding its disarmament. "The letter says that Iraq accepts the resolution, unreservedly, without conditions," Iraq’s Ambassador to the UN, Mohammed Al-Douri, told reporters in New York. (AFP) 4 kgs brown sugar seized in Chittorgarh district JAIPUR, Nov 13: Rajasthan Police seized four kgs of brown sugar and arrested three persons for alleged drug trafficking at Bamotar village in Chittorgarh district yesterday, an official spokesman said today. The accused were carrying the consignment in a private vehicle when the police party intercepted them at Mokhampura Nimbahera in Chittorgarh district, they added. (PTI) |
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