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| Banks strain to open branches, ATMs after blackout NEW YORK, Aug 16: Banks raced to open branches and put the "automatic" back into Automatic Teller Machines......more BOC medical launches KOLKATA, Aug 16: BOC medical, a division of Rs 323 crore BOC India Ltd., today launched oxyline, a unique mobile......more Govt bonds open MUMBAI, Aug 16: Following were the opening rates of the Government bonds quoted by the Discount and Finance House......more Final decision after BANGALORE, Aug 16: The Securities and Exchange Board of India (SEBI) would give former alliance capital chief fund.......more |
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Row over gas
price affects power generation at Ramgarh station JAISALMER, Aug 16: A row between the Centre and the Rajasthan Government over fixation of price of natural gas......more 12.5 pc hike in bus CHANDIGARH, Aug 16: Haryana Government today hiked bus fares by 12.5 per cent in view of increased operational......more OVL acquires stake in NEW DELHI, Aug 16: ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has acquired......more Traders body urges MUMBAI, Aug 16: Federation of Retail Traders Welfare Association (FRTWA), one of the city’s oldest trade bodies, has urged the Union and Maharashtra Governments to withdraw taxes.......more |
Banks strain to open branches, ATMs after blackout NEW YORK, Aug 16: Banks raced to open branches and put the "automatic" back into Automatic Teller Machines affected by the Northeast US power outage, but New York banking was slow to recover on Friday, a day many workers get paid. Detroit was also a major problem area. Hundreds of bank branches were closed after Detroit Mayor Kwame Kilpatrick and DTE Energy Co. Officials urged workers sweltering from a lack of power and water to stay home. None of the banks contacted by Reuters said they lost data or records in the blackout, the largest ever in North America, which stranded hundreds of thousands of people from Ottawa to Cleveland to New Jersey. "We had some close moments," said Al Coppolo, who oversees data processing and network operations at cleveland-based keycorp , which has data centres in that city and Albany, New York. "All of our plans are probably better because of the preparation we made for New York," he said, referring to computer systems upgrades made in preparation for the transition to the year 2000. In New York city — particularly Manhattan — several major banks, including bank of New York Co., J P Morgan Chase Co.’s chase and commerce bancorp INC.’s Commerce bank, said much of their ATM and branch networks were back up running less than 24 hours after the blackout began. Several attempts by phone and E-mail to reach Citibank, the New York area’s no. 2 retail bank, were unsuccessful. "We got all of our normal cash deliveries on Thursday evening," said a Spokesman for bank of New York, which said 80 per cent of its branches and 33 per cent of its ATMs were running by Friday morning. "In branches where there is power, we are functioning as we would on any normal business day." Customers could direct deposit paychecks at several banks, though chase, New York’s largest retail bank, reported a backlog. That meant some customers who deposited checks late Thursday might not have instant access to their money. Chase said it will waive transaction fees from processing delays. A spokesman for Fleetboston Financial Corp. Said about half of fleet’s New York-area branches would open normally on Friday, but fewer in Manhattan. At Washington Mutual INC., the largest US savings-and-loan, more than half of its ATMs in the area were running by Friday morning, spokesman Alan Gulick said. Outside New York, National City Corp. Said it closed 134 branches in Detroit and 30 in the Cleveland area, which also lost much of its water supply. "All of our customer operations and call centres have been operating on backup generators," and can handle direct deposits, Spokeswoman Amber Garwood said. (AGENCIES) |
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BOC medical launches mobile oxygen delivery unit KOLKATA, Aug 16: BOC medical, a division of Rs 323 crore BOC India Ltd., today launched oxyline, a unique mobile medical oxygen delivery unit, to cater to individual patients and smaller medical units. The new service would provide emergency service to select metros with a complete self-sufficient mobile unit having accessories like nitrous oxide and oxygen concentrators. An individual or an institution can avail the service by simply dialing 9831277777. Speaking on the ocasion BOC Indian Ltd Managing Director Sanjiv Lamba said, ‘the oxyline service is a national emergency response service which would be introduced in select metros over the next six months. He said the Kolkata the product will get a backup from its factory at diamond harbour road. The new product would cater to the rising need for improved support system in the health-care industry and go a long way being reliable source of medical ozygen. The unit would be managed by trained manpower and limited to metros only for the time being since logistics to spread it to the districts is not available at the moment. Speaking at the occasion West Bengal Health Minister Surya Kanta Mishra said the new mobile unit would meet the requirements of citizens in a better way. (UNI) |
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Govt bonds open flat in thin trade MUMBAI, Aug 16: Following were the opening rates of the Government bonds quoted by the Discount and Finance House of India (DFHI) ltd today. GOI dated securities prices in Rs 07.40 per cent Govt stock 2012 112.96 113.00 07.27 per cent Govt stock 2013 113.20 113.25 09.85 per cent Govt stock 2015 136.23 136.27 08.07 per cent Govt stock 2017 120.95 120.99 07.46 per cent Govt stock 2017 115.43 115.48 06.25 per cent Govt stock 2018 104.02 104.07 06.35 per cent Govt stock 2020 104.05 104.15 08.35 per cent Govt stock 2022 125.90 126.00 06.01 per cent Govt stock 2028 99.95 100.05 06.03 per cent Govt stock 2028 101.00 101.10 07.95 per cent Govt stock 2032 124.30 124.40 (UNI) |
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Final decision after arora explanation: Bajpai BANGALORE, Aug 16: The Securities and Exchange Board of India (SEBI) would give former alliance capital chief fund manager Samir Arora the opportunity to explain himself during a personal hearing on August 28 before taking a final view on his participation in the capital market, SEBI chairman G N Bajpai said today. "We have a prima facie case against Mr Arora and right now he has been told not to participate in the market. As part of the process, he will be allowed a personal hearing, after which SEBI will take a final view," he told reporters on the sidelines of the launch of the securities market awareness campaign in Karnataka here. "It is not proper to say anything until a person is found to be guilty. The law will take its course," he said. SEBI, in an order on August nine, cited "grave emergency" to the investors and securities market from Mr Arora and barred him from participating in the market either directly or indirectly. The order alleged that Mr Arora had indulged in insider trading in the shares of digital globalsoft on the basis of unpublished price-sensitive information. Mr Arora had announced early this month that he was quitting alliance to set up his own asset management company with Sabre capital, a private equity fund promoted by former stanchart CEO Rana Talwar. (UNI) |
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Row over gas price affects power
generation JAISALMER, Aug 16: A row between the Centre and the Rajasthan Government over fixation of price of natural gas discovered in Jaisalmer has affected electricity generation in Ramgarh power station near here, official sources said. With Rajasthan Power Generation Corporation rejecting the three-fold increase in gas prices being supplied by Oil India Limited, generation of electricity in the newly constructed second and third units of the station is getting affected, official sources said. The first 35 Mw power generation unit was established in 1996 to utilize the natural gas discovered in thar desert. After an assurance from Oil India Limited and Gas Authority of India, the State Government installed the second and third power generating units of 37.5 Mw capacity each, they said. According to an assessment of Oil India, 12 of the 26 wells drilled in the desert could be utilized for commercial generation of gas. However, after finding the rate of gas much lower than the production cost, it pulled out of the deal asking for a three-fold increase. Although the State Government agreed to double the price of the gas, the Centre insisted on a three-fold increase, the sources said adding a decision on this is to be taken by Union Petroleum Ministry. (PTI) |
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12.5 pc hike in bus fares in Haryana CHANDIGARH, Aug 16: Haryana Government today hiked bus fares by 12.5 per cent in view of increased operational costs on account of expenditure on diesel, insurance premium rates and salary hikes on account of DA increase. The state cabinet which met here today with Chief Minister Om Parkash Chautala in the chair decided to increase the fare from 40 paise per Km to 45 paise per Km, including passenger tax. The hike would also be applicable in buses of other states, including Delhi, Punjab, Chandigarh, Jammu and Kashmir, Rajasthan and Madhya Pradesh passing through Haryana. The fares of other types of buses, including deluxe, would also be increased proportionately, an official Spokesman said later. He said that the date of increase would be announced shortly as a notification would have to be issued to effect the hike. The Spokesman claimed that the increase would not put much burden on the travelling public as the hike was necessary to continue to provide highly efficient transport service. He said that the state owned Haryana Roadways would replace nearly 400 old buses with new buses during the current year.(PTI) |
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OVL acquires stake in two oil blocks in sudan NEW DELHI, Aug 16: ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has acquired stake in two oil blocks in Sudan for 136 million dollars. "OVL has bought out 26.125 per cent stake in exploration block 5A and 24.5 per cent stake in block 5B from Austria’s OMV for 136 million dollars," company sources said. OVL will pay 102 million dollars for block 5A and the balance 34 million dollars for the other block. The two sides have been in negotiations in London and Vienna for the past four months, sources said adding a deal to acquire the Austrian firm’s stake was signed today. The deal will now be vetted by Khartoum. OVL already owns a 25 per cent stake in the Greater Nile Petroleum Operating Company in Sudan which it bought from Talisman energy of Canada earlier this year. Earlier, OMV entered into an agreement by which OVL was given the exclusive right to sign the sale and purchase agreement by August 15. The Empowered Committee of Secretaries (ECS) - comprising representatives of the Ministries of Petroleum, Finance, Law and External Affairs - had approved the deal in early August. Block 5A, which has the undeveloped Thar Jath field with gross proven and probable oil reserves of 149.1 million barrels, has Petronas Carigali overseas SDN BHD of Malaysia as operator with 68.875 per cent stake. Austrian oil and chemical group OMV holds 26.125 and Sudan’s National Oil Company Sudapet the remaining 5 per cent. In block 5B, petronas has 41 per cent, Sudapet 10 per cent, OMV 24.5 per cent and Swedish Oil concern Lundin Petroleum AB 24.5 per cent. (PTI) |
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Traders body urges for tax relief MUMBAI, Aug 16: Federation of Retail Traders Welfare Association (FRTWA), one of the city’s oldest trade bodies, has urged the Union and Maharashtra Governments to withdraw taxes on procurement of raw material to boost exports. Reacting to garment exports’ decline by 13.55 per cent in quantity terms to 81.1 million pieces in July, Frtwa Joint Secretary Viren Shah told UNI that other taxes like excise, sales tax and octroi should also be brought down to a minimum level. Unless the Government starts thinking seriously and adopts these measures, the future of garment export looks bleak, he said. Their implementation would help more exporters to get into manufacturing of garments, he added. Mr Shah said Government subsidies to exports should be provided without getting into lengthy paper work and formalities. Under the WTO rules effective from 2005, export rules will change. Therefore, the Government needs to start talking with small scale units and business houses to prepare them for compete in the new global environment, he said. (UNI) |
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Judge reinstates 12 Bln Philip Morris bond order EDWARDSVILLE, Aug 16: An Illinois Judge on Friday reinstated an order calling for Philip Morris USA to post a 12 billion bond as it tries to appeal a verdict that it deceived smokers into thinking "light" cigarettes were safer than regular ones. But Judge Nicholas Byron also stayed his ruling for 60 days, which could give the Illinois Supreme Court a chance to decide whether it wants to rule on the bond issue before Philip Morris has to post it. "The key point is the Supreme Court will have an opportunity to address this very important legal question," John Mulderig, attorney for Philip Morris’ parent, Altria Group INC., said. Byron, who had initially cut the bond to a 6 billion term note and several hundred million dollars in deposits, said that he was following the orders of an Illinois Appellate Court, which found Byron did not have the authority to cut the bond. In March, Byron ordered Philip Morris USA to post the 12 billion bond, which was needed to protect its assets while it appealed the 10.1 billion verdict against it in the class-action lawsuit. Byron later slashed the bond amount. But on July 14, an Illinois appellate Court ruled Byron did not have the authority to cut the bond and sent the case back to Madison county circuit Court for Byron to reconsider the amount and terms of the appeal bond. Philip Morris has asked the Illinois Supreme Court to reverse the appellate Court ruling on the bond. (AGENCIES) |
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Sugar prices dip on improved stocks supply NAVI MUMBAI, Aug 16: Sugar prices suffered a setback today on sustained heavy offerings by stockists on the heels of comfortable ready stocks, traders at the APMC complex here said. Prices of small and medium grades fell by around Rs ten per quintal each, owing to increased stocks supply from the state cooperative mills. Local demand was thin despite ongoing festival on current two months, sweet-makers and bulk consumers were lifting modest stocks in the anticipation of lower prices during the forthcoming festival season. Following were the rates (in rupees per quintal): small grade 1,376/1,421, medium grades 1,425/1,480, ex-factory rates: small grade 1,365/1,380, medium grade 1,400/1,425. (UNI |
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Vaigai water released to
recharge wells MADURAI, Aug 16: As many as 504 cusecs of water was released from the Vaigai dam today with a view to recharging the wells downstream in Theni and Dindigul districts. Officials said farmers had been requested not to use the water for farm operations. Chief Minister Jayalalithaa had recently ordered release of the water, accepting pleas made by people of the districts. They said though there was good rains in the districts, the catchment area of the Vaigai dam did not get adequate rain and this was causing concern with the water level standing at 28.30 ft (full level 71 ft). The water being released from the Vaigai dam had actually been drawn from the Periyar dam in view of the fall in the water table at the infiltration wells. The level in the Periyar dam stood at 112.20 Ft (full level 136 Ft) with the inflow of 2,08 cusecs and discharge of 2,00 cusecs. Chief amount of rainfall received (in MM) till 8 AM today. Madurai 24.1, Kupanampatti 15, Sathaiyaru and Chittampatti 14 each, Sethuparai and Veerapandi 12 and 12.5, Viraganur 9.5, Periyar and Maruthanathi seven each, Mettupatti six, Thekkadi and Peranai five each. (PTI) Govt setting up high-powered
committee NEW DELHI, Aug 16: Government is setting up a high-powered committee to chalk out the future growth strategy for various segments of textiles sector, Union Textiles Minister Shahnawaz Hussain said today. "We are setting up a high-powered committee comprising chairpersons of all export promotion councils in textiles sector, development commissioner handlooms and handicrafts, " Hussain said after inaugurating an exhibition by leading designers at the cottage emporium here. He said the committee will look into the problems of various segments of the sector to chart a growth strategy for post multi-fibre agreement era. The committee will be headed by the textiles minister. Hussain said Government was also planning to hold a mega international fair comprising all segments of textiles. "All promotion councils hold separate fairs attended by limited number of international buyers. We want to showcase complete gamut of Indian fabrics and garments to a larger number of buyer gathering," Hussain said. Pointing out that textiles industry contributed about 8.0 per cent to the country’s GDP, he said "the country can achieve high growth by riding on the textiles sector. Modernising the sector in the wake of expiry of multi fibre agreement and removal of all quotas by 2004 was of utmost importance". He said textiles which contributed about 30 per cent to country’s total exports, could reach 50 billion dollar in the next five years after dismantling of quotas. (PTI) |
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