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Co-operative Week
celebrations By O P Sharma JAMMU, Nov 20: In the process of modernisation of banking services, the Jammu Central Co-operative Bank (JCCB) is shortly.......more CHENNAI, Nov 20: Hyundai Motor India Ltd (HMIL) is to expand its manufacturing capacity....more Dr Reddy’s seeks USFDA nod to sell generic aciphex HYDERABAD, Nov 20: Pharma major Dr Reddy’s laboratories said today it had filed.....more New model to replace Russian imports for use in armoured vehicles CHENNAI, Nov 20: Experts involved in the manufacture of rubber components for battle tanks have come out ......more |
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US hi-tech industry continues to cut jobs SILICON VALLEY, Nov 20: Although the US economy is picking up, the high-tech industry continues to lose jobs, although at a much slower pace....more US says
not MIAMI, Nov 20: The United States on Wednesday said it was not negotiating a separate.....more Japan
stocks rebound TOKYO, Nov 20: Japanese stocks rebounded in early Thursday trade after the dollar firmed, Wall Street broke a four-day......more Japan
investors asked TOKYO, Nov 20: A Japanese entertainment advisory firm is asking for help in choosing...more |
Co-operative Week
celebrations By O P Sharma JAMMU, Nov 20: In the process of modernisation of banking services, the Jammu Central Co-operative Bank (JCCB) is shortly computerising its eight branches and also introducing ATM facility at its Parade branch. This was disclosed by Baldev Sharma, Chairman, Jammu Central Co-operative Bank, in an exclusive interview with the EXCELSIOR in multi-storey Sehkari Bhawan, here today. JCCB will be first co-operative sector banking institution in Jammu region to offer ATM facility at its Parade branch from mid-December. The bank also proposes to start a training programme for its staff to upgrade their professional skill. This training facility is being offered to other sister banking institutions as well, he added. This 89-year old co-operative bank, he said, continues to register respectable growth with rate in disbursement of loans and advances by diversifying its non-farm sector loan portfolio and a slight shift to the urban orientation as well. The deteriorating health condition of primary agricultural credit societies has some impact on farm sector, he said adding but the Kissan Credit Card (KCC) scheme has improved flow of institutional credit for agricultural purposes. This bank has issued over 16,000 KCCs with credit of Rs 15 crore. Mr Sharma, a former MLA (1972-77), has long association with the co-operative movement in Jammu and Kashmir. During polls held, after a gap of about 27 years, he was elected Chairman, JCCB alongwith 14-member Board of Directors. Co-operator to the core, Mr Sharma started with co-operative society, Bari Brahmna and later was associated with co-operative society, Vijaypur. Then he was always actively involved, without any break, in co-operative movement at the national and state levels . He holds that once a co-operator, always a co-operator as it is pivotal to all important rural and agricultural economy. He stated that at the time he took over, bank’s loss was about Rs 4.30 crore in March, 2001 which was reduced to Rs 3.97 crore in March, 2002 and March, 2004 it is expected to be further brought down to Rs 1.88 crore. He expressed the confidence that the bank will turn a new leaf due to a new approach of professional banking and financial practices hopefully totally wipe out the losses. Answering a question, Mr Sharma said recently the recoveries have started showing improvement. But, he pointed out that the realisation of long over due loan from JAKFED aggregating to over Rs 60 crore, Super Bazar, Jammu’s arrears are Rs 2.15 crore while Rs 2.9 crore are due from J&K Ex-Servicemen Co-operative Store, Bari Brahmna. Outstandings also stand against co-operative societies, some under liquidation. Elaborating, he said that Rs 21.77 crore as principal and Rs 38.40 crore as interest stand against J&K Co-operative Supply and Marketing Federation, which is about 15 per cent of total loan default. It is inspite of the fact that the State Government is a guarantor, he pointed out. In case of Super Bazar, Jammu, under one-time settlement scheme in 1998-99 interest amount of Rs 36 lakh was waived off but still there are overdues to tune of Rs 2.15 crore. He lamented that all efforts to persuade the principal borrowers as well as guarantor (State Government) no fruitful results could be achieved, so far. This premier co-operative sector bank in Jammu Division has 64 branches with Working Fund to the tune of Rs 650 crore. It is functioning under the supervision of NABARD. Asked about the expansion plans, the chairman said " our concentration is to consolidate first and then in a proper strategic way expand banking network and upgrade services." Enlisting achievements, the JCCB chief said the recruitment, transfer and promotions policy has been rationalised; financial and official discipline is being enforced and performance of employees being monitored. A new work culture is being introduced in the bank, Mr Sharma stated. The recoveries are being affected and NPA is steadily being reduced. Some positive results have already been achieved, he claimed. Referring to the problems being faced this bank, he said for smooth and steady growth of autonomous co-operative institutions like JCCB, the political interference must be eliminated and at the same time professionalism and financial discipline introduced. |
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CHENNAI, Nov 20: Hyundai Motor India Ltd (HMIL) is to expand its manufacturing capacity to 2.5 lakh vehicles per year by August 2004, HMIL president B V R Subbu said today. The capacity expansion work would begin in December and the production line would be ready by August 2004, he told newspersons here on the sidelines of the CII organised conference on emerging trends in the auto industry, ‘Auto Trendz 2003’. The company was already constrained by capacity and was just managing the show by restricting the domestic demand, he said. Mr Subbu said the capacity crisis was due to expanding export markets and informed that the company was sure to export 30,000 vehicles during December this year, overshooting the original target of 25,000. The response from the French, Spanish and Italian markets were ‘’overwhelming,’’ he noted. Currently, HMIL had a capacity to produce 14,000 vehicles in two-shift operations per month. By early January, it would commence the third-shift operations that would add another 800 vehicles to the production line. "Some critical areas are already operating in three-shifts," Mr Subbu said. He, however, felt that the current supply constraint in the domestic market would be visible till April 2004. HMIL was seriously mulling on strategies of holding on to the domestic customers during this waiting time, he said. The competition was intense, he acknowledged. "The company is already pursuing a clean strategy of offering company certified after-sale service outlets." Mr Subbu said HMIL was entering into strategic tie-ups with petroleum companies to effect these. The company targets a 1,000 service points in the coming months. The Indian logistics costs were too high and out of the global realities, he lamented. (UNI) |
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Dr Reddy’s seeks USFDA nod to sell generic aciphex HYDERABAD, Nov 20: Pharma major Dr Reddy’s laboratories said today it had filed an application with the US Food and Drug Administration (FDA) to sell rabeprazole sodium delayed-release tablets, a generic version of eisai’s aciphex, indicated for the treatment of gastroesophageal reflux disease and doudenal ulcers. Dr Reddy’s has filed an Abbreviated New Drug Application (ANDA) with the US FDA for rabeprazole sodium delayed-release tablets, 20 Mg, with a paragraph IV certification on the two orange book patents listed for the drug, it said in a statement issued here. The brand had annual sales in the United States of approximately 1.2 billion US dollars, it said. Dr Reddy’s notified Eisai, upon which the latter filed a lawsuit against the company in the United States District Court for the southern district of New York alleging patent infringement on the 552 patent. Dr Reddy’s is the country’s only New York Stock Exhange listed pharmaceutical company. (UNI) |
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New model to replace Russian imports for use in armoured vehicles CHENNAI, Nov 20: Experts involved in the manufacture of rubber components for battle tanks have come out with a new model to substitute Russian imports for use in armoured vehicles. The new model, a Rubber Technology Group (RTG), would suggest ways and means for the establishment of expertise and infrastructure for manufacture of rubber items for tank T-72 and Infantry Combat Vehicles (ICV-BMP) by ordnance factories. The model was suggested at the end of a two-day workshop on "rubber technology for russian armoured vehicles," which concluded here yesterday. The RTG, comprising specialists from the Directorate General of Quality Assurance (DGQA) of Ministry of Defence, ordnance factories and leading industries, would work on the development of rubber items for effective use of all resources, including Government resources and scientific brains, and make rubber items in future for the armoured vehicles, a top official of the DGQA told UNI. The workshop, held at the Heavy Vehicles Factory (HVF) at Avadi, about 30 Km from here, assumed significance as the ordnance factories were facing quality problems in rubber components due to gap in technology, as adequate technological documentation and expertise have not been transferred by Russian collaborators both for the tanks and the ICVs. The army has around 2,000 ICVs and 1,700 T-72 tanks (Ajeya), both of Russian origin. DGQA Lt Gen M K Chari told reporters on the sidelines of the workshop that Russia was willing to transfer the technology but the rates were exorbitant. The problem had become all the more acute as the rubber plant in Russia, which was manufacturing these items for war-like equipment, was planning to cut down production due to lack of demand. He said Hindustan Aeronautics Limited, Nasik, naval dockyard, Visakhapatnam and three base repair depots and Indian Air Force were also manufacturing and overhauling Russian origin aircraft and ships and had met with some success in indigenising and implementing rubber technology to russian specifications. Railways, too, had a well-developed rubber technology system which was quite successful. Though private industry was playing a major role in the indigenisation of rubber products, the results in the field of tank and ICV rubber items were not commensurate with the skill and infrastructure available within the country for the automobile industry. It was in this backdrop that the new model had been suggested by the experts, which Lt Gen Chari said would subsequently help in the development and manufacture of rubber items for tank T-90 and indigenous Arjun tank, which would soon be inducted into the Indian army. Stating that the rubber components developed by Russia with stringent specifications suited to their environs, he said when applied in India, there were some quality problems. During the inter-active workshop, experts from ordnance factories, the navy, the Air Force, the Hal, the Indian Railways and leading private industries and organisations, including Indian Rubber Manufacturing Association, deliberated at length and shared their experiences ith the DGQA on identifying the problem to improve the longevity and reliability of Indian rubber components. The workshop brought all the agencies on a single platform to discuss quality improvement and improve the specifications as about 600 types of rubber components were being used in the Army, Lt Gen Chari said. Several speakers stressed the need for frequent workshops of this kind to keep updated on the changing technology environs. (UNI) |
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US hi-tech industry continues to cut jobs SILICON VALLEY, Nov 20: Although the US economy is picking up, the high-tech industry continues to lose jobs, although at a much slower pace than recent years, according to a study released today by an electronic trade industry group. High-tech employment, which fell by eight per cent in 2003, is expected to decline by another four per cent in 2003, according to AEA, a trade group formerly known as the American electronics association. "We project that the 2003 high-tech job losses will total 234,000 down 57 per cent from the 540,000 decline in 2002," said AEA president and CEO William T Archey. The report, titled ‘cyberstates 2003: a state-by-state overview of the high-technology industry,’ found that all but three states lost high-tech jobs in 2002. California lost the greatest number of tech jobs, shedding some 123,000 jobs. Texas was second with tech jobs down by 61,000 jobs. Interestingly, the district of Columbia, Wyoming, and Montana were the only three cyberstates to add technology jobs between 2001 and 2002. Overall, the high-tech industry is expected to have 5.76 million jobs by the end of this year, dropping from 6.5 million in 2001, said the annual report. The biggest 2001-2002 manufacturing job losses were recorded in electronic components, which lost 76,000, followed by communications equipment, with 47,000 jobs lost, and semiconductors, with 41,000 fewer jobs. The communications services and software sectors each shed 146,000 jobs from their payrolls. Engineering and tech services dropped by 15,000 jobs R&D and testing labs added 7,000 jobs in 2002. For the first time in the seven years of publishing cyberstates, the software sector recorded a loss of nearly 150,000 jobs last year. Indeed, the once-thriving software sector posted large increases in employment in all previous editions of cyberstates. (PTI) |
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US says not seeking separate Mercosur trade pact MIAMI, Nov 20: The United States on Wednesday said it was not negotiating a separate trade deal with Brazil and other Mercosur countries, but that discussions continue among those nations within the context of the larger Americas-wide free trade talks. US officials, speaking on condition of anonymity, said the United States was negotiating with Mercosur countries on market access issues but was not in talks to draft a separate bilateral agreement outside of the FTAA like those announced between the United States and several other Latin American nations. All discussions between the United States and Mercosur, US officials said, would occur within the free trade area of the Americas negotiations. "We are negotiating with Mercosur within the FTAA. That’s it," said one US official. Earlier, Brazilian Foreign Minister Celso Amorim told reporters the United States and Brazil would begin negotiations on a bilateral trade pact as soon as possible. Another Brazilian official, however, clarified that Brazil and Mercosur were negotiating within FTAA. He said Amorim’s comments did not conflict with the US position. "That’s exactly what I’m saying," the Brazilian official told ."It’s perfectly compatible." Within discussions to craft a hemisphere-wide free trade area, nations may negotiate with one another on specific trade issues, such as market access. Negotiating a separate bilateral pact outside of the FTAA, however, is a separate process involving US congressional notification. (AGENCIES) |
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Japan stocks rebound on lower yen, Hewlett-packard TOKYO, Nov 20: Japanese stocks rebounded in early Thursday trade after the dollar firmed, Wall Street broke a four-day losing streak and Hewlett-Packard Co posted strong earnings that spurred buying of Fujitsu and other tech shares. The nikkei average was up 1.14 percent at 9,723.81 as of 0005 GMT after falling 2.85 percent on Wednesday to 9,614.60, its lowest close since August 12. The broader topix index rose 1.06 percent to 963.29 in early trade. Chip and computer conglomerate Fujitsu Ltd was up 3.33 percent at 589 yen after US computer and printer maker Hewlett-Packard said its quarterly net income more than doubled as sales of lucrative printers boomed. (AGENCIES) |
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Japan investors asked to put money on covergirls TOKYO, Nov 20: A Japanese entertainment advisory firm is asking for help in choosing a potential pinup star in a fund it is setting up next month. It is putting photos of five girls, aged 14 to 21, on an internet site and asking investors to choose one of them and help pay the cost of promoting her, including producing DVDs, photo albums and TV programmes. "Investors will not only receive financial returns but also get the satisfaction of seeing a young person succeeding," said Tomoki Hamao, a spokesman for Japan Digital Contents INC (JDC) The girls, chosen from among applicants to talent agencies, have not yet made any public appearances, but Hamao said: "We truly believe each girl has her own star power." JDC, which provides support services for digital content producers, aims to raise five million yen ( 46,300) for each girl. The fund, run jointly with independent internet broker jet securities INC, seeks a minimum investment of 50,000 yen, and the girls will be under contract until March 2006. Hamao said that by the time the subscription period starts on December 15, investors would be able to see the girls’ photos and profiles on a website (http://www.Jetsnet.Co.Jp/top.Html). Success would mean a girl appearing on the covers of "manga" comic books and general magazines, as well as DVDs and photo books, and eventually earning hefty royalty fees, bringing fat returns for investors who chose her. If their chosen girl does not succeed, investors could well lose their money. Funds to share future revenues from software have been a hit product in Japan as rapidly growing broadband internet services and satellite and cable TV boost demand for digital content. But Hamao said this will be the first fund in Japan to promote individuals. JDC has collected money from institutional investors in the past to fund movies, game software and CDs. Apart from entertainment content, JDC also sees patents as a potentially lucrative area, having set up similar funds on them. Shares of JDC are up around 70 percent in the year to date on the Tokyo bourse’s mothers market for start-ups. They finished Wednesday down 2.49 percent at 196,000 yen. (AGENCIES) |
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China vents steam at cheap US textile move BEIJING, Nov 20: China vented more steam at a US move to cap Chinese textile imports on Thursday, saying the "cheap political points" would hurt American consumers. Washington said on Tuesday it would cap imports of Chinese bras, knit fabrics and robes, igniting a fresh commerce spat between the world’s biggest and fifth-biggest trading nations. "The cheap political points the Bush administration scored by touting trade protectionism will prove costly for US consumers as well as global trade," the China daily said in an editorial. After the move — which affects less than five percent of Chinese textile exports to the United States — was announced, China postponed two delegations that had planned to buy US soybeans, wheat and cotton. China said the cancellations were due to visa and scheduling problems, but many traders and analysts said they suspected there were links to the fresh trade row. "The Bush administration stubbornly resorted to short-sighted protectionism in an ostensible bid to woo the US textile industry for their support in next year’s Presidential election," the China daily said. "Mounting US protectionism against China is by no means a solution to the exploding US trade deficit." The delegations had been part of a Chinese effort to soothe tensions over China’s yawning trade surplus with the United States, which US estimates say will grow 20 percent this year to 120 billion. The US textile industry says it has lost more than 300,000 jobs since early 2001 and has blamed much of that on soaring imports from China, which has emerged as a global textile force since it joined the World Trade Organisation in December 2001. The trade imbalance has become a hot political issue ahead of the 2004 Presidential elections, with a string of Bush administration officials coming to Beijing to press Chinese leaders for action. US officials moved to defuse the textile tiff on Wednesday, saying Washington was committed to free trade and offering talks with Beijing over the issue. The move to cap textile imports was invoked under the terms of China’s entry to the WTO, which allows the United States to adopt temporary "safeguard" measures if it deems domestic industry is being hurt by rising imports. The procedure would cap imports at 7.5 percent above the level over the previous year or so, and will take effect only after three months and after negotiations with China. (AGENCIES) |
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Qiao Xing launches phones for wireless service BEIJING, Nov 20: Telephone maker Qiao Xing universal telephone INC said on Thursday it had started making phones for a popular, low-end wireless service known as "little smart", which has at least 28 million users in China. The new phone was jointly developed by a Qiao Xing subsidiary and telecoms equipment maker Utstarcom inc, it said in a statement. The wireless service, known in the industry as PAS (Personal Access System) or PHS (Personal Handyphone System), had grabbed 28 million users in China by the end of September and was expected to have more than 30 million users by the end of 2003, it said. The service, also set to take off in India and Indonesia, is known as "Xiaolingtong" in Chinese. "We believe our Xiaolingtong products can penetrate the market in a relatively short time and help qxci (subsidiary) achieve better sales revenues for the coming two years," Wu Ruilin, chairman of Qiao Xing, said in the statement. The firm declined to give pricing or production details. Little smart offers basic wireless service with limited roaming at a fraction of the cost of normal mobile services provided by China mobile and China Unicom. China’s two fixed-line telephone firms China telecom and China netcom, lacking mobile licences, offer the service. They have spent billions of dollars building networks over the last two years. Analysts expect the service to have as many as 50 million users in China by the end of 2004. (AGENCIES) |
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Truck maker Isuzu back in black in H1 on sales jump TOKYO, Nov 20: Japanese truck maker Isuzu Motors Ltd posted a return to profit for the past half year on Thursday and lifted its full-year forecasts citing cost cuts, a recovery in domestic demand and strong sales in Asia. Group operating profit for the six months ended September 30 was 35.70 billion yen ( 327 million), compared with a loss of 21.35 billion yen in the year-earlier period. Net profit was 24.92 billion yen, versus a loss of 84.23 billion yen a year before, when restructuring costs ballooned on bigger pension liabilities and special losses from early retirement packages. For the year to next March, Isuzu, renowned for its diesel engine technology, forecast a record net profit of 40 billion yen, following a year-earlier loss of 144.30 billion, with sales seen rising 3.7 percent to 1.4 trillion yen. "Sales at home and in other regions such as Thailand and China were stronger than we had previously expected," Isuzu, owned 12 percent by general motors corp, said in a statement. Although Japanese truck demand is only a fraction of the levels seen during the economic bubble a decade ago, sales have been lifted significantly this year by the introduction of stricter emission controls. Isuzu, which accumulated huge debts during the bubble, has been trying to rebuild itself with the help of GM and creditors, banking on the explosive Asian market for growth. Thanks to the profits scored, its interest-bearing debts decreased by 62.4 billion yen during the six months to 455.4 billion yen, within reach of its target of 450 billion under a three-year turnaround plan ending in March 2005, it said. Last month, Hino Motors Ltd, a unit of Toyota Motor Corp and Japan’s healthiest truck maker, posted a 273 percent rise in interim net profit as sales jumped 29 percent. Cash-strapped Nissan Diesel Motor Co is also due to post robust half-year sales growth when it announces earnings at 3 PM. (0600 GMT), although it forecast last week a loss of 9.6 billion yen at the net level, more than double last year’s. Isuzu’s shares spiked up on the news, trading 11 percent higher at 190 yen, compared with around 177 yen before the announcement. The broad topix index was up 1.2 percent. Isuzu’s shares have nearly tripled from 65 yen at the start of the business year as brisk sales lifted share prices across the sector. (AGENCIES) |
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