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NEW DELHI, Dec 4: Equities trimmed earlier losses as passage of the IRDA Bill in the Lok Sabha coupled with a host of other developments lifted investors’ sentiments remarkably, leading to emergence of sudden bullish....more Efforts on to eradicate GENEVA, Dec 4: The international effort to eradicate poliomyelitis by late ...more Developing world unimpressed with WTO labour compromise SEATTLE, Dec 4: A compromise proposal on the thorny issue of labour ...more Delegates ‘sleepless SEATTLE, Dec 4: A draft text put forward by ministers of 135 countries....more |
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Global
trade talks SEATTLE, Dec 4: A meeting of global Trade Ministers has failed to achieve ......more UNEP earmarks $ 440 mln BEIJING, Dec 4: Officials from 129 Governments agreed today in Beijing on ....more
Indian economic
summit today NEW DELHI, Dec 4: Prime Minister Atal Behari Vajpayee is expected to....more |
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NEW DELHI, Dec 4: Equities trimmed earlier losses as passage of the IRDA Bill in the Lok Sabha coupled with a host of other developments lifted investors’ sentiments remarkably, leading to emergence of sudden bullish behaviour in the later trading session at the Delhi Stock Exchange last week. However, the bullish behaviour also subsided at the fag end of the settlement day as brokers resorted to squaring up of position. FIIs returned to the market and net invested Rs 1,300 crore in November and Rs 157 crore on Wednesday and Rs 42 crore on Thursday. Players significantly bought textile shares on Friday following the announcement of 2000/2004 textile policy handsome export performance in October also accentuated the buying spree during the week ended December three. The DSE index, which went down to 963.81 points at the end of Tuesday trading and moved up only by 3.55 points on Wednesday, ended at 992.22 points, up by 22.45 on a week to week basis. The mood was downbeat on the opening day itself as investors were disappointed by infosys technology’s announcement of stock split in the ratio of 1:2. Market was expecting stock split in the 1:10 ratio. The week also witnessed extreme volatility in Zee Telefilms, Satyam Computer and Pentafour Shares. Zee Telefilms, whose stocks split will be implemented on December six, took a roller coaster ride between the low of Rs 5911 in the mid-trading on Monday to the high of Rs 7100 on Wednesday, finally closing at Rs 6540, up by Rs 635 on weekly basis. Most of the it scrips flared up with the notable exception of Infosys Technologies and NIIT. FMCG shares also moved up as did banking shares in the later session, while pharma shares also attracted investors’ atention. Aptech Limited zoomed up by Rs 215.20 at Rs 1495 and SSI flared up by Rs 215 at Rs 1530. Satyam Computer after fluctuating between Rs 1843 and Rs 2150, surged ahead by Rs 207.75 at Rs 2142.75. Silverline gained Rs 135.70 at Rs 636.05. Pentafour Software, which moved between Rs 740 and Rs 907, settled at Rs 884, up by Rs 134.20. Hindustan Lever rose by Rs 115 at Rs 2425. Ranbaxy Lab went up by Rs 101 at Rs 1079. The share went up by 1087.95 on Thursday on rumours that the company is soon going to annouce stock split. However, when the company denied any such move, the share moderately shed value the last day. Among other gainers, global telesystems moved up by Rs 72.05 at Rs 724, HDFC Bank by Rs 41.95 at Rs 141.90, digital equipment by Rs 41 at Rs 736, Nestle India by Rs 34.25 at Rs 510 and Rolta India by Rs 32.10 at Rs 210.10. Infosys technology declined by Rs 302 at Rs 9348, while NIIT dropped Rs 123 at Rs 2282. TATA Tea shed Rs 30 at Rs 492 and Hero Honda fell by Rs 29 at Rs 1096. Hindustan Petroleum went down by Rs 27.10 at Rs 207.90. (UNI) |
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Efforts on to eradicate poliomyelitis by late 2000 GENEVA, Dec 4: The international effort to eradicate poliomyelitis by late 2000 could fall short due to a lack of funds for acquiring the vaccines still needed by a handful of countries in South Asia and sub-Saharan Africa. In an urgent call to donor countries, the directors of the World Health Organisation (WHO), Gro Harlem Brundtland, and United Nations Children’s Fund (UNICEF), Carol Bellamy, called for additional funds for the purchase of some 700 million doses. Brundtland and Bellamy, with the backing of former rotary international director Carl-Wilhelm Stenhammar, issued their call on Friday, World Disability Day. The shortage of vaccines is due to the speed with which some countries have carried out plans for eradicating the disease, they said. In massive campaigns last year, 450 million children were vaccinated. India doubled its efforts, immunising more than 130 million children under five. "On this world disability day we urge donors to invest in the polio eradication initiative which will bring annual savings of 1.5 billion dollars to tackle other disabilities," said Brundtland. The international community has already saved some two billion dollars a year in immunisation costs due to eradication of smallpox, a victory for preventive medicine which the offensive against polio is seeking to emulate. The last-ditch efforts to eliminate polio will focus on some 50 countries, although 10 countries account for the lion’s share of cases that have survived the international campaign against the disease. Who divides them into "countries at war" like Afghanistan, Angola, the democratic republic of Congo, Somalia and Sudan, and "reservoirs where transmission is particularly intense," such as Bangladesh, Ethiopia, India, Nigeria and Pakistan. Brundtland said "we have a window of opportunity to eradicate polio forever. We are seizing that opportunity and accelerating the campaign in the next 12 months, to deliver a polio-free world to the children of the 21st century." A WHO report cited some 5,000 new cases of polio reported worldwide in 1998. But the global health institution estimated the real total at five or ten times the number of reported cases in some countries. Polio was endemic in the five continents until 1988, but has now been relegated to a handful of countries in South Asia and sub-Saharan Africa. In 10 years, the number of reported cases was slashed 85 percent. The American continent was declared polio-free in 1994. The illness then disappeared from the Western pacific, including China, and from Europe, with the exception of Turkey. The aim of the international campaign is to totally eradicate polio by the end of next year, and obtain official certification by 2005. Bellamy defined the effort as "the last big push against polio. We are on the verge of consigning to history a disease which has terrified communities and devastated countless lives." "Donors have an opportunity now, at modest cost, to honour our global commitment and complete one of the major medical miracles of our time - the eradication of a terrible disabling disease," she added. Participating in the campaign are the US Centres for Disease Prevention and Control, the UN Foundation, the Bill and Melinda Gates Foundation, the World Bank and the Governments of Australia, Belgium, Canada, Denmark, Finland, Germany, Great Britain, Italy, Japan and the United States. (IPS) |
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Developing world unimpressed with WTO labour compromise SEATTLE, Dec 4: A compromise proposal on the thorny issue of labour rights has failed to shake developing countries resolve to keep the issue off the WTO agenda, the Japanese delegation spokesman has said. The developing countries are reacting negatively to the greatly watered-down proposal for an informal forum on the issue, he said, citing discussions during an informal meeting here. Developing nations seemed firmly against any re-opening of the issue, he added. They are saying that the issue of labour standards was finalised at the end of the Singapore conference, he said in a reference to the World Trade Organisation’s first ministerial meeting in 1996. But following a concession to make the group a temporary — rather than standing, or permanent — forum, India appeared ready to switch sides. We understand they’re on board, a British source was quoted as saying by AFX, an AFP-affiliated newswire. The Japanese spokesman’s comments signal failure of the attempt to forge a compromise on the issue of whether labour rights should be included in the WTO’s ambit. The draft formulation under discussion is close to a compromise formula sponsored by British Trade Minister Stephen Byers, who has been has promoting it among commonwealth countries. One thing is clear — the US has backed away from its working group, an Australian delegate said, referring to Washington’s abandoned demand for a fully empowered WTO group to draw up global core standards for labour rights. The US had been pushing to include the standards in a new round of world trade liberalisation talks, charging that some countries enjoy advantages like low wages on the global market because their laws tolerate exploitative labour practices. Ensuring the rights, the basic rights, of labour is central to our mission here in Seattle, President Bill Clinton said during his visit to the conference site. But such initiatives, backed by industrialised countries including the European Union, have been viewed by the developing world as an excuse for renewed protectionism. Critics say the WTO should leave the issue to the International Labour Organisation (ILO). But latest compromise text stresses that the forum would be totally informal and open to participation by the ILO, the World Bank and the UN conference on trade and development. It would be separate from the WTO’s committee structure and work programme, said the text which cites Firm rejection of use of labour standards for protectionist means. Tokyo originally opposed WTO linkage of trade and labour, but the spokesman said if the forum would be linked to the ILO, then it is worth serious consideration. My assessment is the new proposal is an interesting idea from the Japanese standpoint, he said. China — Expected to become a heavyweight member of the wto within months — has also stated strong opposition to labour issues taking any part in the next round this week. (AFP) |
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Delegates ‘sleepless in Seattle’ go overtime for trade deal SEATTLE, Dec 4: A draft text put forward by ministers of 135 countries indicated the WTO was prepared to launch a minimal round of negotiations covering agriculture, manufacturing and services even as negotiators spent hours behind closed doors haggling over different sections, forcing delegates to face the specter of meetings deep into the night. Officials reported a battle between US and the 15-nation European Union over agriculture had tied up negotiators for much of the day yesterday, forcing cancellation of a scheduled 0700 Ist closing news conference today by US Trade Representative Charlene Barshefsky and WTO Director General Mike Moore. Besieged by demonstrators outside and deep negotiating divisions inside, the World Trade Organization went into overtime in its effort to launch a new round of trade negotiations. Yesterday, EU official expressed pessimism about whether the differences could be bridged, insisting that the US was demanding too much in what the agenda for a new round of talks should cover in the area of reducing agriculture subisidies. Canadian Agriculture Minister Lyle Vanclief told reporters that negotiators had spent six hours sparring over the farm question in what he termed a very spirited give and take. While the debate over agriculture was raging, other negotiating groups were reporting some progress on other issues under discussion. But even in those areas, final compromise language had not been worked out, officials said, suggesting the talks could go well into Saturday before wrapping up. Even if there is a deal, from the draft text, it appeared the US had been forced to give up on many of its prized goals. President Bill Clinton, who had visited Seattle earlier in the week to personally lobby delegates to accept US negotiating stands, continued his efforts from the White House yesterday, spending 20 minutes talking by telephone with Japanese Prime Minister Keizo Obuchi. The fights yesterday, on what was to be the final day of the four-day conference, followed days of street protests. Some 40,000 people paraded through downtown Seattle on the opening day to show their opposition to the Geneva-based trade group, which they see as the embodiment of everything that it is wrong with the global economy. The protesters believe the WTO puts the desires of big multinational corporations for lower trade barriers above such concerns as protection of the environment and the safeguarding of basic rights of workers, including the right to form labour unions. A small band of violent protesters smashed windows, set fires and looted shops, leading authorities to declare a state of emergency, call out the national guard and impose a 24-hour curfew in the area immediately around the convention center. The city remained quiet yesterday, although police by then had made some 600 arrests. Clinton condemned the violence but said the WTO should listen to the thousands of peaceful demonstrators demanding reforms in WTO processes. However, third world nations, already opposed to the idea, turned even more vehement after Clinton gave an interview to the Seattle Post-Intelligencer in which he said the working group should lead to adoption of core labour standards and those standards should be enforced by trade sanctions through the WTO. That statement, which the administration spent the rest of the week trying to back away from, enraged trade ministers from developing countries. They contended that it confirmed their worst fears that the US was looking for a way to impose high tariffs on their products and take away the comparative advantages they enjoy with lower wage scales. The effort in Seattle was aimed at launching the ninth round of global negotiations to lower trade barriers since the creation of the WTO’s predecessor negotiating group, the global agreement on tariffs and trade. (AP) |
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Global trade talks end in failure SEATTLE, Dec 4: A meeting of global Trade Ministers has failed to achieve its goal of launching a new round of trade liberalisation talks, diplomats and officials said. In a major embarrassment for US President Bill Clinton and a setback for free trade, diplomats said yesterday the United States and the World Trade Organisation would release a brief statement declaring an end to the meeting but would not launch a new round of negotiations as they had hoped. "All I’m expecting is a short political statement," said a senior European Ambassador, echoing similar predictions from diplomats from Asia, Europe and Latin America. "It might be dressed up, but what it amounts to is failure." Accompanied by massive protests, the four-day meeting of the 135-member nation body was beset from the start by divisions on many issues, from cutting farm subsidies to imposing minimum labour standards on developing countries to reviewing trade retaliation laws. "It appears a finger will be put on the pause button for an unspecified period of time," EU spokesman Peter Guilford said. Diplomats said the whole issue now heads back to the WTO’s headquarters in Geneva, where Director-General Mike Moore will review the work that’s been done and make a decision on when to try again to launch a new round. In the heavily guarded convention centre here exhausted negotiators from the United States and other countries lay slumped on chairs. Others drank beer as the "silent night" Christmas carol played over the sound system. As the shock of the talks’ failure sunk in, the recriminations began. "It’s the beginning of the blame game," one Canadian delegate said. Some developing countries, who make up two-thirds of the WTO’s membership, blamed the United States for the fiasco. "The host country was a protagonist, an advocate on too many issues, to bring about a compromise," said Kobsak Chutikul, Director General of Economic Affairs from Thailand’s Foreign Ministry. Australian trade official Mitch Hooke said divisions within the European Union and the upcoming US Presidential election undermined political support for a new trade round. "We’re in a no man’s land. How much of a political imperative was there to get the deal done? not as much as you want," he said. US officials blamed the enormity of the task facing delegates and entrenched positions. A US Agriculture Department official said talks broke down over export subsidies, an issue where the European Union had stood firm. A European delegate now saw three scenarios: A statement would be issued, either stating that progress had been made and that ministers would meet again in six months, or declaring the meeting a failure. The third option, which would be a partial success, would be to announce the launch of a new trade round with a list of sectors to be covered, but leaving the details of the agenda to be decided by officials, the European delegate said. Thailand’s Kobsak complained that the process was dominated by the United States, the EU and Japan. "We hope the (WTO) Director-General (Moore) can put it back together again in three to four months." Others took comfort in the progress made which they thought could be built on. "The progress that has been made is not lost. The progress that has been made will be frozen," said Australian Trade Minister Mark Vaile. The WTO and the United States, as host, had an enormous amount at stake in the talks, which were marred by demonstrations by thousands of anti-free trade protesters, some of whom smashed store windows and battled with teargas-firing police this week. US trade representative Charlene Barshefsky and WTO Moore both declared before the meeting that there was too much at stake for the meeting to fail. Developing nations had said they were being steamrollered by the big powers in a bid to reach a deal at any cost. The European Union was unhappy about language in a draft agreement proposing to cut domestic farm supports and eventually eliminate farm export subsidies and wanted concessions in other areas in order to agree. European diplomats said there had been progress on labour standards, with a draft text drawn up along the lines of an EU proposal calling for a joint International Labour Organisation/WTO working forum on trade and labour issues. Labour standards are a key demand for Mr Clinton, who has one eye on labour unions, a key constituency for democrats going into the 2000 presidential election. Anti-dumping rules were also a major stumbling block for negotiators. Japan and other critics want the WTO to renegotiate the rules, which allow the US Government to impose punitive duties and tariffs on foreign-made products it deems to be sold at less than production costs. Seattle officials, who have seen their city centre trashed by some of the demonstrators, were eager to see the meeting wrap up so businesses wouldn’t lose any more holiday shopping days due to a security crackdown. (REUTERS) |
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UNEP earmarks $ 440 mln for developing nations BEIJING, Dec 4: Officials from 129 Governments agreed today in Beijing on a multi-million dollar funding package to enable developing countries to maintain efforts to phase out CFCs and other Ozone-Depleting Chemicals (ODCs). The agreed funding includes 440 million dollars in new contributions plus some 35 million dollars carried over from the previous budget for the period 2000-2002, Michael Williams, Spokesman for the UN Environmental Programme said. The multilateral fund will be used to support the adoption of more ozone-friendly technologies for refrigerators, air conditioners and other appliances that use chemicals harmful to the ozone layer that circles the globe. The meeting was the fifth meeting of the UN Vienna Convention and the subsequent 1987 Montreal Protocol on the elmination of chemicals that destroy the stratospheric ozone. The pact forms one of the first ever international treaties aimed at protecting the global environment and is committed to repairing the ozone layer by 2050. The ozone layer protects the earth from harmful ultra-violet rays that cause skin cancer and damage plants. In accordance with the pacts, most developed countries have already phased out ODCs, while developing countries are committed to begin phasing out ODCs this year while capping production of ODCs to 1997 levels. Phasing out CFCs (an ODC) in developing countries is by far the most important next step in protecting the ozone layer, K Madhava Sarma, Executive Secretary of the Ozone Treaties said. We need to maintain this momentum and build on it if we are to ensure the recovery of stratospheric ozone layer. Under the treaty developing nations will cut production and consumption of CFCs by 50 percent by 2005 and eliminate them by 2010. During the meeting the Beijing declaration was also adopted, reaffirming the political commitment of the world’s Governments to accelerating the phase-outs, Williams said. The declaration states that Governments cannot afford to rest on our laurels, since scientists have informed us that the ozone hole has reached record proportions and that ozone layer recovery is a long way from being achieved. (AFP) |
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Indian economic summit
today NEW DELHI, Dec 4: Prime Minister Atal Behari Vajpayee is expected to unveil further on the opening day of the three day India economic summit beginning here tomorrow on the path the new Government shall take en route to the second generation reforms. "Foreign and Indian business alike is hungry to know what is the second generation of reforms and the new Government must create landmarks in the coming 12 months," Director WEF Collette Mathur said here today. Ms Mathur said the real window of opportunity is opening up and the chance should not be missed as investors are already on the path towards diversifying their investments. There are also the positive signals that the Indian economy is going through with many of economic legislations in the pipeline. "This means the Government is serious," Ms Mathur said. However, the country is not expected to do miracles in the next 12 months but there must be positive steps to prove that India becomes an easier place to do investments, Confederation of Indian Industry (CII) president Rahul Bajaj added. CII which is jointly hosting the summit along with the Davos based world economic forum hoped that all major political parties arrive at a consensus that the economic growth of India is not held at ransom. The summit will have numerous interactive sessions where the Indian entrepreneur can have optimum interaction with the global counterparts. The sessions have given thrust to infrastructure areas in the power, telecom and water sector. A special session on World Trade Organisation (WTO) will also be squeezed in once Indian delegates reach Delhi after the Seattle meeting. WEF chief Claude Samjda who usually kicks of the annual event will talk the morning day after on sixth December. The summit where 30 countries are participating will discuss "India in the 21st : A global player." The summit would be co-chaired by Mr Rahul Bajaj, Chairman and Managing Director, Bajaj Auto Ltd, Mr Ronnie C Chan, Chairman, Hang Lung Development Co Hong Kong, Mr Kenneth L Lay, Chairman and CEO, Enron, USA and Mr Jean Francois-Poncet, Chairman, Economic and Social Committee, the Senata, France. The Prime Minister, Mr Atal B Vajpayee will address the special opening plenary session on Sunday, 5 December and share has vision for India in the 21st century. Senator from Massachusets (Democrat), Mr John F Kerry and Ms Vasundhara Raje, Minister of Small Scale Industries, agro and rural industries will set the pace for the discussions over the next two days at the opening dinner the same evening. Mr John Prescott, Deputy Prime Minister of UK and Power Minister P R Kumaramangalam will speak on "infrastructure to fuel the engines of growth" and Kurt Biedenkopf, minister president of the state of Saxony along with Andhra Pradesh Chief Minister N Chandrababu Naidu and president of the autonomous Government of Catalonia, Spain will share their views on "decentralization: A blueprint to empower the sates." Dr Manmohan Singh will speak at a luncheon on "is there a public Government paradigm?" on Monday, six December and Mr S M Krishna, Chief Minister of Karnataka will make a presentation to the foreign investors on the investment opportunities available in his state. Day three will have Finance Minister Yashwant Sinha and Mr Fethi Merdassi, Minister of International Cooperation and Foreign Investment of Tunisia, who will make a special presentation on tunisia - the gateway to the Middle East and North Africa and Europe. Mr Anil Kumar, Chairman, Telecom Commission along with Justice Sodhi, Chairman, TRAI, Larry Stone, Head Asia Pacific of BT policy that should help boost the investor confidence? delegates will get an opportunity to discuss "why India should care for corporate governance?" Mr K V Kamath, CEO, ICICI and Mr P G Mankad, Finance Secretary along with Mr Kenneth Courtis, Chief Economist and Strategist, Deutsche Bank Group Asia Pacific will initiate discussion on making Indian banks world class. Disinvestment process come for debate with Mr M A Pathan, Chairman, Indian Oil Corporation leading the discussions. Mr James Shapiro, Vice President, New York stock exchange along with Mr N R Narayanana Murthy of infosys will talk on "going global." Delegations from Bangladesh and Sri Lanka will give a focussed briefing on their respective countries. The days proceedings should end with Mr Jaswant Singh, External Affairs Minister giving his views at a special plenary on "India’s role in the global economy." (UNI) |
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