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| Anywhere, anytime facility
inaugurated at Rehari Chowk branch 1500 branches of PNB to have CBS network in coming 2 years: Narayanasami Excelsior Correspondent JAMMU, Nov 7: There will be 1500 net-worked branches of Punjab National Bank (PNB) in the coming two years which will cover entire length and breadth of the....more NEW DELHI, Nov 7: Inflation rate slipped to 4.96 per cent during the week ended October 25 due to decline in prices of.....more India way
ahead BEIJING, Nov 7: While lauding China’s recent leap forward in the economic and social......more Vajpayee
dismisses LONDON, Nov 7: Rejecting suggestions that India’s 12-year-old economic reforms process has stalled or has been slow.......more |
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Govt imposes ban on non-iodized salt Excelsior Correspondent Jammu, Nov 7: The Government have imposed a blanket ban on the sale of non-iodized salt in the State with immediate effect.........more Bajaj
Allianz registers Excelsior Correspondent MUMBAI, Nov 7: Bajaj Allianz General Insurance Company Limited, the leading private general insurance company, has announced its results for first half of 2003-2004.....more Shahnawaz
urged VARANASI, Nov 7: Textile exporters of the Poorvanchal region today requested Union Textile Minister Shahnawaz Hussain....more IMF
weighing how WASHINGTON, Nov 7: The International Monetary Fund said on Thursday it was still assessing how much of Iraq’s debt....more |
Anywhere, anytime facility
inaugurated at Rehari Chowk branch Excelsior Correspondent JAMMU, Nov 7: There will be 1500 net-worked branches of Punjab National Bank (PNB) in the coming two years which will cover entire length and breadth of the country. This was disclosed by Executive Director of PNB Mr T S Narayanasami while talking to media-persons after inaugurating Centralized Banking Solution (CBS) network of the Bank’s Rehari Chowk Branch here today. "At present PNB has 302 net-worked branches in the country and the number will be increased upto 1500 in the coming two years to provide latest facilities to customers", he said. About the CBS connectivity, Mr Narayanasami said that this facility will enable the customers of this branch to transact their banking business through all the branches of the Bank in the country and added that with this facility the customers will be the customers of the Bank rather than being customers of a particular branch. "Customers can have anytime-anywhere banking facility at the branch and now they can have any type of transaction from any inter-connected branch and operate accounts from anywhere", the Executive Director of the Bank said and added that with this facility the customers can have instant funds remittance and collection, cash deposit and withdrawal from anywhere, account enquiry and statement from any connected branch. Saying that Bank has been laying emphasis on technological absorption to keep the pace with the changing economic and banking scenario of the country, Mr Narayanasami disclosed that with this aim the Bank will open upto 1500 net-worked branches in the country in the coming two years. He also emphasized the need to create the situation where customer delight is manifested so that Bank grows with the welfare of its customers and employees. The Executive Director also inaugurated the new premises of Regional Office of J&K Region of the Bank at Highland Towers, Bahu Plaza. He expressed complete satisfaction over the business growth of the Bank in J&K region. He was accompanied by General Manager Northern Zone, Harwant Singh, Deputy General Manager Northern Zone I K Kilam and Senior Regional Manager C R Khajuria. About the PNB Debit Card, the Senior Manager of the PNB’s Rehari Chowk Branch B M Padha said "you can describe this card as your bank account in your wallet as this is not just an ATM card but a shopping card too", adding "PNB has associated with MasterCard International—a global leader in payment cards—to offer this new age initiative". Moreover, PNB Debit Card would also be accepted by Oriental Bank of Commerce, Global Trust Bank, UTI Bank and ICICI. The PNB Debit Card can be used in ATMs for cash withdrawal, fast cash, balance enquiry, mini-statement, deposit of cheques and cash. Besides, PNB Debit Card enables customers to buy goods and services at over 45000 Merchant Establishments, where the logo of Maestro and Cirrus is displayed. Moreover, with PNB Debit Card, personal accidental insurance of Rs two lakhs is being offered by the Bank. Informing more about the card, Mr Padha said that customers can be issued PNB Debit Card for a balance of just Rs 500 and added that with the launch of this facility the customers of Rehari Chowk Branch of the Bank need not to face the hassle of maintaining accounts, writing cheques and late payment charges. |
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NEW DELHI, Nov 7: Inflation rate slipped to 4.96 per cent during the week ended October 25 due to decline in prices of food items like wheat, jowar, bajra, maize, tea, vegetables and fruits. The wholesale price index-based inflation rate, which was 5.01 per cent in the previous week, was still higher than 3.14 per cent a year ago. WPI dipped by 0.1 per cent to 175.8 points from 175.9 a week before as primary articles were cheaper by 0.7 per cent while fuel prices remained static and manufactured products were costlier by 0.1 per cent. The index was 167.5 a year ago. Final WPI was same as the provisional figure of 174, while final inflation rate was at 3.88 per cent during the week ended August 30. Primary article index came down to 182.8 from 184.1 due to a 1.1 per cent fall in food articles prices, though the prices of non-food articles rose by 0.1 per cent. The group index for food articles fell to 185.3 from 187.3 due to cheaper bajra (5.0 per cent), fruits and vegetables (4.0 per cent), maize, moong (2.0 per cent each), ragi, tea, jowar and wheat (1.0 per cent each). However, poultry chicken was costlier by 2.0 per cent while prices of arhar, masur, gram, eggs and, condiments and spices rose by 1.0 per cent each. Non-food articles index rose to 181.7 from 181.6 due to costly raw rubber (9.0 per cent), rape and mustard seed, raw cotton (1.0 per cent each). However, soyabean was cheaper by 6.0 per cent; prices also fell for cotton seed, fodder (3.0 per cent each), and groundnut seed (1.0 per cent). Fuel, power, light and lubricants group index remained static at previous week’s level of 253. Manufactured products index rose to 156.1 from 155.9 due to rise in prices of food products, beverages and tobacco, rubber and plastic, chemicals, metals and machinery. The group index for food products rose by 0.1 per cent to 166.6 due to costlier rice bran oil (7.0 per cent), imported edible oil (4.0 per cent), butter, rape and mustard oil (1.0 per cent each). However, prices of solvent extracted groundnut oil fell by 8.0 per cent, hydrogenated vanaspati oil by 2.0 per cent, groundnut oil and gur by 1.0 per cent each. More pti rr kb Beverages, tobacco and tobacco products group index rose by 1.9 per cent to 207.3 due to 9.0 per cent rise in bidi prices. Rubber and plastic products index increased by 0.1 per cent to 134.2 due to a 3.0 per cent rise in prices of decorative laminates. Chemicals and chemical products rose by 0.2 per cent to 176.4 due to a 25 per cent rise in prices of epoxy resins and another 4.0 per cent increase in rubber chemicals. Basic metals alloys and metal products group index rose by 0.1 per cent to 170.3 due to costlier zinc (5.0 per cent), pipes and tubes (1.0 per cent each). Machinery and machine tools group index rose by 0.1 per cent to 132.6 due to a 1.0 per cent rise in prices of enamelled copper wires. Textiles index fell by 0.1 per cent to 129.3 as prices of viscose staple fibre fell by 1.0 per cent. Non-metallic mineral products index fell by 0.3 per cent to 145.3 due a marginal fall in cement prices. (PTI) |
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India way ahead of China in software sector: Murthy BEIJING, Nov 7: While lauding China’s recent leap forward in the economic and social sectors, Information Technology Guru, N R Narayana Murthy today said the communist giant would overtake India in the software sector in next five years only if "we did nothing". "I believe that if India did nothing to consolidate its position and go into the next orbit, probably in about five years China would overtake us," Murthy, Chairman of the Board of Infosys Technologies Limited told PTI here on the sidelines of the World Economic Forum (WEF) China business summit 2003. "But then, this is one area where I find that there is a sense of confidence in India, there is a sense of openness to learn from China and to compete with China," Murthy, who also chaired an interactive session on `technology and communications: Building the knowledge economy in China’, said. Since there is a sense of confidence and sense of openness among India’s software industry, Murthy said he believed that Indian companies would continue to create their own competitive advantages over China which is attempting to overtake India in the software sector. Murthy said Infosys, plans to open its software development centre in China’s largest city and commercial capital, Shanghai in January next year to serve as a hub for the company’s software services in China as well as in the Asia Pacific region. The fully owned China subsidiary of Infosys would be offering end-to-end software services to domestic companies in China, and multinational companies operating in the communist nation. To start with, the Shanghai Software Development Centre would have 200 professionals which could go up to 2,500, he said. Meanwhile, Murthy was confident that India and China had immense potential for engaging in mutually beneficial cooperation in the information technology sector. Describing himself as "a great admirer of China," Murthy said though China faced many problems in its way to the top, the country was determined to address the issues sincerely so as to become a software major. At this point of time the mastery over english language is one of the advantages India enjoys over China, he said. Secondly, the awareness of the business paradigm - how businesses are conducted. Here again India is ahead of China today due to the ‘mixed economy’ that the country practiced since 1947, he said. Thirdly, the management of large projects- how you subdivide a large task into multiple sub-tasks- put them in the critical path, assign them resources, review it constantly and escalate when it is needed. "This is another area where I think India is ahead of China," he said. (PTI) |
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Vajpayee dismisses suggestions
that LONDON, Nov 7: Rejecting suggestions that India’s 12-year-old economic reforms process has stalled or has been slow, Prime Minister Atal Bihari Vajpayee has instead contended that the reforms were more deeply rooted and sustainable than in another political system. In an interview to the London financial times, the Prime Minister rejected suggestions that the process of Indian economic reforms had been slower as compared to communist China. Mr Vajpayee — while conceding that India had much to learn from its northern neighbour — further made it clear that the Chinese system of politics was definitely not part of it. He said he was "very impressed" by China’s many economic achievements when he visited there last June but did not think anyone who had closely followed the Indian economy over the last decade could say the Indian economic reform programme has "lacked urgency". Mr Vajpayee also denied that the next wave of reforms, including the Government’s privatisation programme, had been held up because of impending assembly elections in some states — seen widely as a dress rehearsal for Lok Sabha elections in 2004. "We can’t accuse democracy of impeding reforms... I also don’t accept that our reforms process has been ‘stop-go’ in nature," Mr Vajpayee said. "It is natural — and beneficial for the durability of reforms — that the process should move forward on the basis of broad consultations and reconciliation. "I would go one step further and say that our new experience of successful coalition Governments has been ideal in balancing divergent views and accommodating regional and sectoral interests more effectively." In addition, the Prime Minister dismissed suggestions that foreign direct investment to India would remain far lower than that of neighbouring China. India attracts roughly a tenth of the FDI flows of its neighbour partly because of perceptions that it has a cumbersome and corrupt bureaucracy that often fails to honour its obligations. But Mr Vajpayee said that FDI to India, which accounts for 1.7 per cent of GDP, was "constantly" being liberalized. Ceilings on foreign investment in protected sectors were also being increased quite rapidly. And the coalition Government was finalizing legislation that would permit the creation of special economic zones that would be free of some of the restrictive tax and labour requirements that apply to the rest of the country. If enacted, this would broadly replicate the China experience, where the creation of such zones in the early 1980s helped propel the country’s export boom. "We see the SEZ not only as stimulating greater investment inflows but also as policy laboratories," said Mr Vajpayee. "Their success in attracting investment, and the profitability of this investment, will strengthen confidence in our reform process, both within India and outside." Mr Vajpayee, who has said he will lead the BJP into the next election "and beyond", also emphasised that India’s economic reform process was irreversible. And he highlighted India’s improving economic fundamentals. India’s foreign exchange reserves had recently exceeded 90 billion dollars — more than 1 year’s worth of imports. The "policy framework" for India’s financial sector had been sharply improved in the past five years, he said. "transparency, speed, efficiency and accountability have been introduced —comparable with world standards — in our debt and equity markets. Our financial institutions are healthy — India’s banking sector has a far lower proportion of non-performing loans than that of China." He added that the policy regime for both power and telecommunications had also been strengthened. For example, India was now adding more than 1 million new mobile phone users every month — almost a fifth of world growth in cellular telephony. "I could go on and on," he said. "The short point is that there is no weakening in India’s commitment to the reform process. But those who make critical comments about the pace of our reforms should remember that this vast country accommodates a diversity of perspectives. "We have sought to implement our economic liberalisation with public accountability and a social conscience. This makes our reforms more enduring and stable. Our approach is vindicated by the fact that among the countries which liberalized their economies in the early 1990s, India alone moved to a higher growth trajectory without an interim period of recession." (UNI) |
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Govt imposes ban on non-iodized salt Excelsior Correspondent Jammu, Nov 7: The Government have imposed a blanket ban on the sale of non-iodized salt in the State with immediate effect. This was decided at a high level meeting held under the chairmanship of Minister for Consumer Affairs and Public Distribution System, Mr Taj Mohi-ud-Din here today. It was decided to constitute checking squads to ensure effective implementation of the ban imposed on the sale of non-iodized salt in the State. The respective district administrations have been asked to prevent the sale of non-iodized salt in their areas as it has ill effects on the health of general masses. In this behalf checking squads would conduct surprise checks of such establishments actively engaged in the sale of salt. They can seized the stocks and suggest action against the defaulters. It was further decided that a checking squad would be stationed at Lakhanpur, the entry point to the State to prevent import of non-iodized salt. The meeting inter alia also discussed measures in maintaining regular supply of essential commodities especially K.oil and LPG gas to the consumers during winter months as also strict vigil over the market for the maintenance of price line. The matter pertaining to intensifying market checking throughout the State was also discussed in depth and a strategy formulated thereof. |
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| Bajaj Allianz registers profit of Rs 128
cr in first half of year Excelsior Correspondent MUMBAI, Nov 7: Bajaj Allianz General Insurance Company Limited, the leading private general insurance company, has announced its results for first half of 2003-2004. Bajaj Allianz has garnered a premium of Rs 218 crore, a 70 percent increase over the previous year of Rs 128 crore. Bajaj Allianz made a profit before tax of Rs 23.8 crores being an 89 percent growth on the previous year’s profit of Rs 12.6 crore and registered a 115 percent growth in its net profit after tax of Rs 15.3 crore as against Rs 7.1 crore in the previous year. Announcing the results, Rahul Bajaj, chairman Bajaj Allianz General Insurance Company Limited, said, "the results are encouraging and we are on our planned path of growth. If the performance is sustained in the second half, I am confident of maintaining our objective of remaining the number one company for creating shareholder value". The company managed to achieve this growth by balancing the portfolio in terms of retail and corporate business. The company announced various plans to maintain its leadership position in the industry by launching innovative products, like those in the first half. The company is also planning to widen its distribution network substantially and invest in the latest information technology platforms to cope with future expansion. This company is a joint venture company between Bajaj Auto Limited- India’s leading manufacturer of two and three wheeler vehicles and Allianz Group- a leading insurance and financial services group. |
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Shahnawaz urged to help boost textile exports VARANASI, Nov 7: Textile exporters of the Poorvanchal region today requested Union Textile Minister Shahnawaz Hussain to provide detailed catalogues of their products to the different embassies in the country. Mr Hussain who was here to participate at the annual meeting of the eastern Uttar Pradesh Exporters Association was handed over the memorandum in this regard by the traders. On the occasion, he administered the oath of office to the association’s new president Rajiv Agarwal. The minister assured the traders that definite steps would be taken to provide information about their products to other countries. Mr Hussain also announced that Varanasi would be developed into a world class handloom and cottage industry centre. He observed there was an urgent need to recognise the potential of this sector in providing viable employment opportunities to the youth and contributing towards the nation’s economy. (UNI) |
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IMF weighing how much Iraq debt should be forgiven WASHINGTON, Nov 7: The International Monetary Fund said on Thursday it was still assessing how much of Iraq’s debt should be forgiven and what level of debt would be sustainable for the country drained by conflict and isolation. "I would say we are still in the process of collecting both information regarding the extent of the total obligations, as well as making an estimate with regard to what is potentially a debt sustainability, a level that would be sustainable, from a debt sustainability point of view," IMF spokesman Tom Dawson told a regular news briefing. He said it is traditionally the fund’s responsibility to provide input to the Paris club — a grouping of industrialized countries that consider sovereign debt rescheduling and cancellation — and other groups of creditors. He said it would not be appropriate for the fund to disclose estimates right now. World Bank president James Wolfensohn has estimated that Iraq’s total debt load is around 120 billion and that at least two-thirds should be forgiven to give the country a good start at rebuilding. The former Yugoslavia was given a two-thirds debt write-off after Slobodan Milosevic was ousted. The group of seven rich nations has said they want a deal by the end of the 2004 on restructuring Iraq’s debt. The IMF’s mission chief for Iraq, Lorenzo Perez, told the Madrid Donor Conference on Iraq last month that the country would need "generous external debt relief" to achieve sustainable debt service payments in the future. He said while the economy should make a strong recovery in 2004 and the fiscal situation should improve, public finances will be strained for some years. The IMF has said it could provide between 2.5 billion and 4.25 billion in assistance to Iraq over a three year period. Initially, it could make 850 million available for emergency post conflict assistance, followed by amounts between 850 million to 1.7 billion annually. (AGENCIES) |
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Mitsui Co H1 profit up 4.2% on iron ore, energy TOKYO, Nov 7: Mitsui Co, Japan’s second-biggest trading house, said on Friday its net profit grew 4.2 percent in the first half after a rise in commodity prices helped boost profits at its iron ore and energy businesses. Mitsui, which relies on its energy and metals business for the bulk of its earnings, posted a group net profit of 25.82 billion yen ( 234.4 million) for the six months to September. That was above a 24.79 billion yen profit a year earlier and identical forecasts of 25 billion yen by the company and research firm toyo Keizai. For the full year to March, Mitsui kept its forecast for a record group net profit of 65 billion yen. Like its rivals, faced with a decline in its traditional role as a middle man, mitsui has been refashioning its business in recent years as well as cutting debt, selling unprofitable units and focusing on core areas such as energy and commodities. Mitsui has a 33 percent stake in the Robe river iron ore joint venture in western Australia that it operates with Anglo-Australian mining giant Rio Tinto. The venture is rapidly increasing output and benefiting from rising iron ore prices on the back of strong demand for steel in China. Mitsui shares jumped 32 percent in the April-September half, outperforming gains of 31 percent by top trading house Mitsubishi corp and 28 percent by the Nikkei average. (AGENCIES |
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Timberlake big winner at MTV Europe music awards EDINBURGH, Nov 7: Former ‘NSYNC star Justin Timberlake was the big winner at the MTV Europe music awards, repeating his triumph at the US version of the award show when he took home three trophies. Timberlake’s "justified" won best album, and he came out on top in the best male artist and best pop categories yesterday. Stars including timberlake, Sean Paul, who won for best newcomer, and beyonce, winner in the R B category, wooed the 6,000 fans at the terminal ocean arena in Edinburgh. Best song went to "crazy in love" by beyonce featuring Jay-Z. Coldplay won for best group, while the white stripes were voted best rock band. Fans cast their votes for the awards via the internet and with short text messaging on their cell phones. Christina Aguilera hosted the three-hour show, at one point wearing a nun outfit while singing her hit "dirrty" with a Gospel Choir as background singers. Aguilera was voted best female artist. Indian-born Brit Panjabi MC was awarded best dance act at the 10th edition of the show and eminem took home best hip-hop, thanking his fans via video link for the fifth award in as many years. The web award went to www.Goldfrapp.Co.UK, while Sigur Ros won for best video for "untitled 1." (DPA) |
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Prepaid airtel customers can
electronically CHENNAI, Nov 7: Airtel, a leading mobile service provider, today launched electronic recharge suite that would enable customers to recharge their prepaid cards by sending an SMS or by using ATMs. Announcing this at a press conference here, President mobility, Bhartitele-ventures Manoj Kohli said the company had tied with the HDFC bank, the UTI bank, the IDBI bank, the Citibank and the SBI to make the recharge possible. The customers could now recharge the prepaid card by using 4,500 ATM networks of these banks and also by sending an SMS to a predetermined number, in addition to the one lakh retail outlets. Shortly, the company would extend this service to the cardholders of ICICI bank, corporation bank, he said, adding that Euronet networks was the technology partner to the project. The company also launched the all India recharge coupons priced at Rs 810 today. The talk-time would be Rs 600 with a 45-day validity period. Mr Kohli said currently prepaid customers needed to purchase recharge coupons in their home networks. With the launch of the all India recharge coupons, the customers could recharge anywhere in the country. The four different intelligent networks and the 28 switches had been networked for the purpose, he said. The prepaid segment had been growing rapidly, he said the company witnessed a growth rate of 125 per cent, against the national growth of around 90 per cent. The recharge coupons would be available in all the one lakh retail outlets and the company planned to add another lakh of retail outlets by the year, he said. (UNI) GAIL sings agreement with Mitsubishi corpn NEW DELHI, Nov 7: GAIL (India) limited and Mitsubishi Corporation India Private Limited (MCI) today signed principles of cooperation under which both have decided to jointly explore the opportunities in the fields of trading of various hydrocarbons and polymer products. Both GAIL and MCI recognise the potential of adding value to their business by co-operative approach and shall also examine the possibility of establishing joint trading desk. Speaking on the occasion, Mr Proshanto Banerjee, Chairman and Managing Director, GAIL, said enormous opportunity of business association existed after association with the world famous company of the stature of Mitsubishi. Mr Yuji Hara, Chairman and Managing Director of Mitsubishi Corporation (India) Private Limited, said that Mitsubishi on its part was also equally excited to have GAIL, which is India’s flagship gas company as an associate in their business venture not only in India but on foreign soil too. The agreement was signed by Mr S P Rao, Director (project) GAIL and by Mr Hara. GAIL is the largest natural gas transmission, distribution, marketing and gas processing company in India as well as having diversified operations in other integrated energy and petrochemical activities. With the opening of gas sector in India, GAIL is gearing up to handle the emerging competitive energy scenario and also looking for overseas opportunities enter into global energy market. The company owns and operates 4600 Km network of natural gas pipeline, 1269 Km network of exclusive LPG pipeline and has forayed into areas of gas processing, production of LPG and other liquid hydrocarbon, petrochemical products like HDPE and LLDPE, bandwidth leasing in telecom sector and is active in exploration and production activities. (UNI) |
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