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IBAM president selected NEW DELHI, Nov 8: Dr Suresh Kumar Agarwal...more Ford,
Oracle Corp NEW DELHI, Nov 8: Ford Motor Company and...more
GUWAHATI, Nov 8: The Assam Government has.....more
Oil
Cos donate Rs 39.5 cr NEW DELHI, Nov 8: Public sector oil companies have ....more |
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SBI to appoint IT NEW DELHI, Nov 8: The State Bank of India is in the process of appointing a consultant for Information Technology based modernisation, Chairman and Managing Director G G Vaidya has said here......more ICRA
downgrades NEW DELHI, Nov 8: ICRA has downgraded the fixed deposit programme rating of Consortium Finance Limited (CFL) from MA to MA.....more
Waiver
of telephone bills NEW DELHI, Nov 8: Government today announced waiver of telephone bills of upto Rs 1,000 in the rural areas of cyclone affected districts in Orissa besides several other concessions in telephone rental and call charges....more Rupee
rules rock MUMBAI, Nov 8: The rupee ruled rock steady against the US dollar in quiet ...more |
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IBAM president selected for Ambedkar Award NEW DELHI, Nov 8: Dr Suresh Kumar Agarwal, president of the Indian Board of Alternative Medicines (IBAM), has been selected for this year’s Dr B R Ambedkar Award instituted by the Bharatiya Dalit Sahitya Academy. Dr Agarwal is also National Chancellor of the International Association of Educators for World Peace, an organisation affiliated to the United Nations. The award will be presented by President K R Narayanan in the capital. (UNI) |
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Ford, Oracle Corp announces formation of autoxchange NEW DELHI, Nov 8: Ford Motor Company and Oracle Corporation today announced the formation of the autoxchange, an automotive E-business integrated supply chain to be created and run by a newly formed joint venture between the two giant companies. Ford and Oracle will immediately begin negotiations of a definitive agreement. The venture will initially facilitate Ford’s 80 billion dollar in annual purchasing transactions with its more than 30,000 suppliers and 300 billion dollar extended supply chain. The two companies will create the world’s first automotive online supply chain network, and the world’s larest business-to-business electronic network. This new online automotive marketplace is expected to reduce Ford’s purchasing cost and increase its operating efficiencies through an integrated internet supply chain system. Further, it will extend Ford’s core business into a virtual E-business enterprise allowing direct connections of the supply chain to the consumer to reduce Ford’s time to market. Under the terms of the business agreement, which is subject to the negotiation of a definitive agreement between the parties, Ford will own a majority of the new joint venture which is expected to become operational in the first calendar quarter of 2000. The autoxchange will allow Ford and its suppliers save through strategic sourcing of vehicle components, and eventually automate the entire purchase process. For its part, Oracle will provide the software, implementation and support, as well as host and manage the autoxchange, a company statement said. (UNI) |
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GUWAHATI, Nov 8: The Assam Government has sent an SOS to the Centre to bail the state out of bankruptcy even as the State Government employees have threatened to go on a non-cooperation movement from tomorrow demanding their salaries. The State Government needs Rs 221 crore from the Centre to liquidate the overdraft with the RBI and pay the salaries. Assam Chief Minister Prafulla Kumar Mahanta discussed the matter with Union Finance Minister Yashwant Sinha yesterday but no solution was in sight, official sources said. The Assam Government was bankrupt and even if the the Union Government released the Rs 221 crore due under various heads, a similar situation would again emerge in the first week of next month, sources added. Although, the State Government employees blamed financial mismanagement by the state for the crisis the State Government claimed that this was due to the strict financial measures of the Union Government and new overdraft rules of the Reserve Bank of India(RBI). According to official sources, last month the overdraft was Rs 315 crore and the State Government handled the crisis by taking Rs 146.12 crore from the Centre. But this month the situation was even worse as the State Government had taken an advance of Rs 44.92 crore and the centre had deducted qe, the sources said. The State Government’s salary bill for its 460,000 employees was around Rs 310 crore and the State Government’s own revenue was around Rs 110 crore per month leaving a huge deficit of Rs 190 crore per month. Meanwhile, the All Assam Employees Association decided to continue its agitation until the employees’ salaries were released for the month of October, the sources added. In the last two working days, the employees paralysed the State Government Secretariat and gheraoed the Chief Secretary. The Union Government had specifically asked the Assam Government to ban filling of existing vacancies and then abolish 50 per cent of vacant posts each year. (UNI) |
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Oil Cos donate Rs 39.5 cr for cyclone relief NEW DELHI, Nov 8: Public sector oil companies have donated a total of Rs 39.5 crore to the Prime Minister’s Relief Fund for the cyclone affected people in Orissa. Cheques from 12 oil companies was handed over to Prime Minister Atal Behari Vajpayee by Petroleum and Natural Gas Minister Ram Naik. The minister has also assured to ensure adequate supply of kerosene and LPG to the affected people, an official release said here today. Of the Rs 39.5 crore, Oil and Natural Gas Commission contributed Rs 8 crore, Indian Oil Corporation Rs 7 crore, Hindustan Petroleum, Bharat Petroleum and Gas Authority of India Rs 5 crore each, Oil India, Cochin Refineries, Madras Refineries and Engineers India Rs 2 crore each, IBP, Bongaigaon Refineries and Lubrizol India Rs 50 lakhs each. The ministry has already sent an extra supply of 1.60 crore litres of kerosene to the state. Aditional supplies of 20 lakh litres of aviation turbine fuel have also been arranged for the air force and the Army engaged in relief operations, the release added. (PTI) |
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SBI to appoint IT consultant soon NEW DELHI, Nov 8: The State Bank of India is in the process of appointing a consultant for Information Technology based modernisation, Chairman and Managing Director G G Vaidya has said here. "We will soon be shortlisting a consultant for computerising our operations ", Mr Vaidya told UNI. Many of the well known IT consultants are in the race to bag the prestigious order. While the bank has a huge network of 9000 branches, it would not be linking these all. "We do not and need not computerise all the branches", SBI Chairman said. But it would be earmarking a big-time budget for the modernisation. "We have yet to finalise the budget", he said. The computerisation budget would be fixed only after a consultant is appointed. The bank is also shortlisting a consultant for its proposed business into the insurance. The consultant will help the bank select a foreign partner to whom it would offer a 26 per cent equity. On whether SBI would ask the foreign collaborator to settle for a stake below the proposed cap, Mr Vaidya said "even 26 per cent is not enough for a good partner." The future plans for the bank on way to privatisation include merger of its seven associates with it. Mr Vaidya said he would first consult SBI Employees Federation and Officers’ Associations before going ahead with merger proposal. Post merger, SBI will emerge as one of the leading global banking organisations with 14,000 branches with presence in every nook and corner of the country besides select branches abroad. It would also be in line with the Narasimham Committee report which had suggested creation of global size banks by merger of small banks with the bigger entities. While there is not much support for the overall idea, merger of SBI with its associates should not be a problem since it would an ‘inhouse affair.’ (UNI) |
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ICRA downgrades ratting of CFL NEW DELHI, Nov 8: ICRA has downgraded the fixed deposit programme rating of Consortium Finance Limited (CFL) from MA to MA-. The revised rating also indicates adequate safety with relatively lower standing within the category. The downgrade takes into account deterioration in the financial performance of CFL due to declining spreads resulting from high borrowing costs, deterioration in asset quality resulting in higher provisioning and high expense levels. These factors coupled with negative business growth resulted in CFL posting losses in 1998-99. The adequate safety rating however, factors in increasing focus on non-fund based activities, moderate gearing levels and liquid in vestments. CFL is NBFC engaged in lease and HP financing of commercial vehicles and cars. (UNI) |
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Waiver of telephone bills for rural Orissa announced NEW DELHI, Nov 8: Government today announced waiver of telephone bills of upto Rs 1,000 in the rural areas of cyclone affected districts in Orissa besides several other concessions in telephone rental and call charges. During this period, no registration fee for booking of telephones would be charged in rural areas, Union Communication Minister Ram Vilas Paswan said adding that call made from village telephones would cost 50 per cent cheaper. Even in the affected urban areas rental has been waived for these two months. The minister also announced welfare measures to the employees of Posts and Telecom Departments in Orissa. An amount of Rs 3,000 would be goiven to the employees as assistance from the welfare fund as a one-time measure. One month salary advance will be given while efforts would be made through Finance Ministry to increase this advance to three months, Paswan said. Paswan has donated two months salary to the Cyclone Relief Fund (CRF). Reviewing the restoration of telecom services, Paswan said additional repair parties should be rushed immediately from nearby telecom circles like Andhra Pradesh, Madhya Pradesh and West Bengal to the affected areas of Orissa. (PTI) |
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Rupee rules rock steady against dollar MUMBAI, Nov 8: The rupee ruled rock steady against the US dollar in quiet early trade at the Interbank Foreign Exchange (FOREX) market here today. The Indian unit was quoted at Rs 43.41/42 per dollar, unchanged from the weekend levels in extremely dull and festival mood business, dealer said. Meanwhile, in cross currency trade, the Euro was quoted at Rs 45.35/38, pound sterling at Rs 70.48/50 and the Japanese yen (100) at Rs 40.98/41.01. (PTI) |
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