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housing colonies ‘Investment in J&K is investment in peace’: Mufti Excelsior Correspondent JAMMU, Dec 23: Chief Minister Mufti Mohammad Sayeed today said that availability of institutional finance to Jammu and Kashmir....more Spaniards
celebrate MADRID, Dec 23: Hundreds of Spaniards took to the streets on Monday, spraying.....more Raje
for formulating JAIPUR, Dec 23: Emphasising the need for sustainable exploitation of huge mineral ......more No
full convertibility NEW DELHI, Dec 23: Finance Minister Jaswant Singh today ruled out full convertibility....more |
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SEBI warns otcei; NEW DELHI, Dec 23: Securities and Exchange Board of India has warned otcei on failing to submit compliance report on its....more Efforts on for mining licences by steel minister: Tripathy NEW DELHI, Dec 23: The Steel Minister Brajo Kishore Tripathy today informed the members attached to his ministry that .....more Mumbai
port’s railway MUMBAI, Dec 23: The officials of the Mumbai Port Trust (MBPT) have requested importers, ......more Gold
miner Fujian HONG KONG, Dec 23: Shares in Fujian Zijin Mining Industry Co Ltd 2899.HK were indicated 42 percent higher ahead of their Hong Kong market .....more |
HDFC to finance
multiplexes, housing colonies Excelsior Correspondent JAMMU, Dec 23: Chief Minister Mufti Mohammad Sayeed today said that availability of institutional finance to Jammu and Kashmir would help in building a sound futuristic infrastructure base and generating greater economic activity in the state. Interacting with Chairman Housing Development Finance Corporation Ltd. (HDFC) Deepak Parekh here this afternoon, the Chief Minister said that investment in the state is in fact investment in peace and everyone has to contribute for this objective. Minister of State for Housing and Urban Development Abdul Majid Wani, Commissioner/Secretary Housing and Urban Development P. G. Dhar Chakraborty and Executive Director HDFC Ms. Renu Sud Karnad also participated in the discussions. The Chief Minister appreciated HDFC for opening its office in Jammu earlier and setting up its bank here, adding that their presence in the state would facilitate funding of projects in infrastructure and services sectors. The bank will start functioning here from tomorrow. He said that the security scenario in the state is congenial for investment with timely loan recoveries. The Chief Minister impressed upon the HDFC management to explore possibilities for investing in execution of mini and micro- hydel projects as the state has abundant potential for private investment. He said that the Government has already floated tenders for 12 of such projects. Mufti Sayeed said that they should also advance bulk loans to Srinagar and Jammu Development Authorities for raising housing colonies and allied projects to modernise and upgrade civic amenities. He emphasised for financing Rs 100 crore prestigious multi-facility commercial complex being constructed at old SRTC yard in the heart of Srinagar city. He said that the multiplex would be a self-sustaining and self-financing project that would generate greater economic activity. He directed the concerned authorities to take up construction of the complex in one go to avoid time and cost over-runs and ensure expeditious completion. He said such modern shopping plazas with latest facilities are indicators of buoyant economy, generate employment and give lot of confidence to the people. The Chief Minister said that the Government has decided to develop tourist resorts with private sector involvement at Pahalgam, Gulmarg, Sonamarg, Patnitop and several other destinations and HDFC could also invest in these ventures. Mufti Sayeed impressed upon them to launch an awareness campaign to educate potential borrowers about their loan facilities. Mr. Parekh apprised the Chief Minister that they are eager to finance the proposed commercial complex at Srinagar and offer bulk loans to the Srinagar and Jammu Development Authorities for their other projects. He said they have high efficiency and quick disposal with minimum procedures in advancing finance to the state with long term-loan facility spanning even upto 10 years. Mr. Parekh said that they have special schemes for advancing loans for construction and renovation of houses by the Government officials as well. |
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Spaniards celebrate win in 2 bln dollars fat lottery MADRID, Dec 23: Hundreds of Spaniards took to the streets on Monday, spraying cava sparkling wine, as they celebrated winning a slice of 1.8 billion euros (2.24 billion dollars) in one of the world’s biggest lotteries. Known as "El Gordo", or the "fat one", the lottery is a national institution that marks the start of Christmas for Spaniards. For three hours yesterday radio and television ditched all other news to make way for a ceremony where specially trained school children sang out the winning numbers. Spaniards spent 2.5 billion euros (3.11 billion dollars), an average of some 60 euros each, in the hope of winning big, official data showed. The jackpot is shared among thousands — as people buy small parts of a ticket — and revellers took to the streets all over spain to douse each other in celebratory cava. A northeastern town called sort, which means "luck" in Catalan, has won so many times that people flock there to buy their tickets. And once again, the town was true to its name. Winners, between mouthfuls of Cava, shrieked about their money-fuelled plans, while some soberly contemplated the debt pile they would pay off. (AGENCIES) |
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Raje for formulating new mining policy to attract investmente JAIPUR, Dec 23: Emphasising the need for sustainable exploitation of huge mineral and hydrocarbon wealth of Rajasthan, Chief Minister Vasundhara Raje has said a new eco-friendly mining policy should be formulated to attract investment and generate employment opportunities. Evincing keen interest in petroleum, lignite and limestone reserves in the state during the presentation of ‘action plan for 100 days’ by Mines and Petroleum Department here yesterday, Raje said there was huge investment potential in the mining sector which should be tapped by formulating an attractive mining policy. Pointing out that Rajasthan had vast reserves of minerals, some of which were found only in the desert state, she said investment in mineral sector can tremendously boost the state’s economy and help in tackling unemployment problem. Presenting the ‘action plan’, Mining Secretary Rakesh Verma said separate policies for limestone, sandstone and gypsum would be formulated in the next 100 days. The department would also formulate an eco-friendly mining policy for consideration by the state cabinet, he said. Drilling of nine more exploratory wells in Barmer, Jaisalmer and Sriganganagar districts for hydrocarbons will soon be taken up, Verma added. (PTI) |
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No full convertibility till fiscal deficit improves: Jaswant NEW DELHI, Dec 23: Finance Minister Jaswant Singh today ruled out full convertibility on capital account in the country till the fiscal deficit and inflation are fully reined in. "As long as fiscal conditions are under constraint in the country and they are brought at a level that comfort us, I think there should be no anxiety regarding it (full convertibility of currency)," Singh said during the question hour in Rajya Sabha. He said "there are many factors for total convertibility of currency — the state of fiscal deficit and inflation". A road map has also been suggested by the Tarapore committee for moving to full float of rupee, Singh said. In reply to a query on the management of the burgeoning foreign exchange reserves which have touched 100 billion dollars, the Finance Minister said it served the country "economically, psycologically and diplomatically". The minister said as a result of the healthy foreign exchange reserves India has decided not to seek any assistance from any country. A total of 7 billion dollars worth of high cost external debts had been pre-paid and "India would continue to pre-pay high cost debts", he said. Singh said the foreign exchange for all practical purposes has been made convertible in the country as business houses can borrow foreign exchange for projects abroad. The high exchange reserves have also enabled the corporates to borrow at better rate, he said adding he expected the forex reserves to rise further. "We have not reached a plateau (for forex reserves)", the minister said. On warnings by an international economist that India could face forex management problems, Singh said the RBI has already taken measures in this direction. "We have many economists in the country and I am happy that this economist evinced interest (in India)," he said. The minister said foreign exchange reserves are managed and operated by the RBI and are invested in a multi-currency portfolio consisting of international convertible currencies. Deployment of reserves is guided by the principle of safety, liquidity and return. The RBI closely monitors the developments in international foreign exchange markets and makes the needed and suitable adjustments in currency composition of reserves. In reply to a question, the minister said the precise currency composition of reserves is not disclosed. (PTI) |
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SEBI warns otcei; compliance not satisfactory in CCE, PSE NEW DELHI, Dec 23: Securities and Exchange Board of India has warned otcei on failing to submit compliance report on its inspections, while finding that compliance level was not satisfactory in Pune and Calcutta Stock Exchanges. "Otcei has been issued a warning for failure to submit compliance report for a long period," Centre said in its Action Taken Report (ATR) on recommendations of Joint Parliamentary Committee that probed the stock scam of 2001. It said continuous follow-up actions were being carried out for ensuring that all the actions as recommended in the inspection report were completed in a time-bound manner. SEBI had set up a separate division for inspection of exchanges and taking up of follow-up actions on the status of compliances as part of measures to strengthen inspection of bourses. The administrator of Pune Stock Exchange and officer-on special duty of Calcutta Stock Exchange had been advised to ensure expeditious implementation of pending suggestions, the ATR said, adding SEBI would also maintain "a constant and close watch" on the functioning of subsidiaries of bourses. "Non-implementation of the recomendations of SEBI’s inspection report by the subsidiares will attract similar penalties as in the case of any broker, as these subsidiaries are registered brokers," the ATR said. JPC had observed that despite elaborate procedure set out by SEBI for inspection of stock exchanges and for taking follow-up actions, it had not been able to ensure compliance of recommendations within a time-frame, resulting in numerous "violations’, which still remained "unrectified". (PTI) |
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Efforts on for mining licences by steel minister: Tripathy NEW DELHI, Dec 23: The Steel Minister Brajo Kishore Tripathy today informed the members attached to his ministry that efforts are being made to obtain mining licences and other clearances from the concerned State Governments to develop large mechanised mines. Speking at the consultative committee meeting here today Mr Tripathy said some of the public sector undertakings namely the Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) are interested in acquiring captive iron ore mines to meet their increasing requirements. He said SAIL in fact plans to meet its iron ore requirement of 33.5 Million Tonnes (MT) by 2011-12 through systematic and comprehensive development of new mines at Rowghat, Chiriaa, Thakurani and south and central blocks of Kiriburu Meghahataburu deposits. He said that the quality of iron ore available in India is of world standard and it is the real strength of the Indian Steel Industry. With a view to ensure that high grade iron ore is available to the Indian Industry for a long time, exports of high grade iron ore are made through a designated canalising agency only and it is subject to the ceiling imposed by the Government. Mr Tripathy informed that the steel consumption in the country is expected to increase from 30 Mt to 55 Mt by the year 2011-12 and the public sector unit would require more iron ore to step up their production to meet the growing need. He said the finished steel production has grown by 9.9 per cent during 2002-03 and reached 33.67 Mt from April to November 2003-04, its total production was 22.800 Mt which is 6.2 per cent higher than the production of the corresponding period last year. (UNI) |
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Mumbai port’s railway gains momentum in cargo handling MUMBAI, Dec 23: The officials of the Mumbai Port Trust (MBPT) have requested importers, especially of bulk commodities like pulses and fertilisers to use railways as a mode for clearance from the port since the empty rakes after unloading of exports are readily available to them. After the upgradation of tracks, Mumbai Port Trust (MBPT) Railway has handled 72,366 tonnes of export cargo comprising soyameal (doc) and sugar in November and 58,718 tonnes up to December 19, MBPT officials pointed out and said that Moreover, with shortage of trucks is likely from January 1 following the implementation of the new directives on scrapping trucks of over 15 years old and converting vehicles of over 8 years to CNG, the importers have a chance to try the railway lines for their business, officials added. On an average, MBPT Railway has been receiving 1.5-2 rakes with export cargo from the Central Railway as well as the Western Railway from October 15. The unloading from the wagons is done within the timeframe without incurring any demurrage by the exporters. As against 5,34,754 tonnes handled from April to November 2002, the MBPT Railway has handled 5,04,545 tonnes during April to November 2003, they said. The officials informed that the rail tracks have been upgraded and repair in its second phase at an estimated cost Rs 17.5 crore, and with the second weighbridge at Indira dock to be commissioned shortly, rakes for clearance of import consignments like bagged pulses, and others can be loaded within the proper docks with no extra cost for movement by road, apart from eliminating pilferage and despatching the cargo securely. According to the officials, MBPT has the required infrastructure for handling ICD (interland container depot) containers with regular feeder services to and from international hub ports of Singapore, Colombo, Port Klang, West Asia and the Red Sea. With the ever-increasing congestion in the ICD traffic at other West Coast ports, MBPT feels that shipping lines should shift to Mumbai port. Container Corporation of India (Concor) on its part has given its assurance to provide weekly services from Tughlakabad and Nagpur, provided enough volumes are offered by shipping lines and two-way circuit is completed. "Importers, exporters and shipping lines should bring sufficient volumes of imports as well as exports to and from ICDS so that concor can have regular direct service and the MBPT infrastructure already available is utilised", they said. MBPT has requested Concor to accept export containers at ICDS without imposing any restrictions and bring it to Mumbai port directly whenever the rake is full. Even if the boxes are less than a rake, concor should evacuate the boxes from the port and vice versa within 7 days and give confidence to the trade. Meanwhile, MBPT officials urged the exporters to avail of the facility of 30 days free storage provided for export aggregation inside the docks as well as on railway platform sheds. The area available on the railway platform sheds is 23,000 sq. Mtrs. If more facilities are required from Mumbai port, the trade should approach it which would be positively examined by MBPT. (UNI) |
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Gold miner Fujian Zijin up 42 pc in pre-open debut HONG KONG, Dec 23: Shares in Fujian Zijin Mining Industry Co Ltd 2899.HK were indicated 42 percent higher ahead of their Hong Kong market debut on Tuesday, after investors piled into the Chinese gold mining firm’s IPO. The company, based in China’s southeastern Fujian province, raised HK 1.15 billion (US 147.44 million) in an initial public offering (IPO) that was 744 times subscribed by retail investors. Zijin shares were indicated at HK 4.70 in the pre-open session of trade, versus their offer price of HK 3.30 each. The company sold 348.3 million shares, or 27.5 percent of its enlarged share capital, for the IPO handled by China Everbright Capital Ltd. The offering is the last to hit the Hong Kong market this year and rounds off a wave of frenzied ipo interest as investors seek exposure to China’s rapidly expanding economy. (AGENCIES) |
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NTC mill in Kharar to close down on December 31 KHARAR, Dec 23: The National Textiles Corporation (NTC) has announced December 31 as the cut-off date to close down one of its 60 sick units of the Panipat Woolen Mills (PWM) in Kharar. As all the 612 staffers, including officials and workers, of the PWM have already applied for the modified Voluntary Retirement Scheme (MVRs) before December 20, which was the last date for accepting MVRs applications, the over five-decade-old NTC mill would be formally closed down from January 1, 2004. The NTC management has announced the cut off date following acceptance of MVRs by all the staffe, said the sources in the PWM today. However, the staffers, who had applied for MVRs, were required to report on duty till December 31, on the midnight of which, the locks would be put on the gates of the mill. It was also learnt that the final disposal of the machinery and property of the mill would follow afterwards. The NTC took over the PWM from a private party in 1976 after it was declared a sick unit, on the assurance that it would operate it and after making it profitable, it would be handed over back to its old share holders, said the sources. They also said that the PWM was established by one Shiv Kumar Gupta in 1948 and before handing it over to the NTC, gave it on lease for two years to another private party in 1974. The NTC undertook modernisation of the unit with the replacement of machinery etc after taking it over in 1976 and the then Union Textiles Minister P A Sangma inaugurated the modernized NTC unit in around 1978. They added that according to a rough estimate, the existing machinery at the unit worth around Rs ten crore besides valuable property. (UNI) |
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HSBC says buys remaining 40 pc in Argentina unit HONG KONG, Dec 23: HSBC holdings PLC, the world’s second-largest bank by market value, said on Tuesday its subsidiary has acquired the remaining 40 percent stake in a medical insurance provider in Argentina for 30 million in cash. It said in a statement that HSBC Latin America BV, which indirectly owned 60 percent of HSBC salud (Argentina) S A bought the remainder following the exercise of a put option by New York life INC. On Dec 18. The put option was part of an agreement made in Oct 2000 that New York life may sell its stake in HSBC salud before September 2004 for 30 million. The option was granted to New York life when it acquired the stake in HSBC salud and related to an extension of business between HSBC and New York life into the healthcare market. In Hong Hong, shares in HSBC closed Monday at HK 121 (US 15.5), up more than 18 percent in the past three months while the benchmark hang seng index .HSI climbed nearly 15 percent. HSBC is the world’s most valuable bank after citigroup. (US 1=hk 7.8) (AGENCIES) |
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S Korea’s SK corp in sale of power unit stake to BP SEOUL, Dec 23: SK corp, South Korea’s top oil refiner, said on Tuesday it had signed a contract to sell a 35 percent stake in its power unit to BP PLC, as part of a plan to jointly build a 600 million power plant in Korea. Under the contract, the British oil major will participate in a project to build a 1,074-MegaWatt (MW) gas-fired power plant in the city of Kwangyang, in the southern province of Cholla, the company said in a statement. SK corp plans to finance 60 percent of the 600 million plant via project financing and the remaining cost would be recovered through direct investment by the refiner and BP in a 65:35 ratio, said Sohn Dong-Ha, an SK corp spokesman. BP would be issued new shares worth about 84 million and SK corp’s stake in unlisted SK Power Co Ltd would fall to 65 percent, Sohn said. The deal came after SK power and a consortium led by BP signed a Memorandum of Understanding in August to import 600,000 tonnes of Liquefied Natural Gas (LNG) annually for 20 years from Indonesia’s massive tangguh field operated by BP, starting in 2006. SK corp plans to begin construction on the plant some time in 2004 and aims to complete it by 2006, Sohn said. Shares in SK corp were up 0.47 percent at 31,850 won at 0212 GMT, versus a 0.15 percent gain in the Benchmark Stock Index. (AGENCIES) Centre contemplating international cargo hub at Nagpur NEW DELHI, Dec 23: The Centre was contemplating to construct the multi-modal international passenger and cargo hub at Nagpur airport, Civil Aviation Minister Rajiv Pratap Rudy informed the Rajya Sabha today. The land of Nagpur airport belonged to the Airport Authority of India (AAI). However, 288.74 acres of the land was given to the Indian Air Force in 1987 on 30-year lease which was converted into defence land in 1993, he told the House during question hour. Correspondence had been made between Civil Aviation and Defence Ministry and IAF regarding exchange of land, he said. He added that the Maharashtra Government was also asked to send report to the Centre taking anto account the feasibility study. (UNI) |
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