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| Workshop on LPG safety organised by HPCL Excelsior Correspondent JAMMU, Nov 29: HPCL today organised a workshop at its premises and bottling plant at Bari-Brahamana.........more Piaggio
to source NEW DELHI, Nov 29: Italian auto major Piaggio will source 50 per cent of the components for its soon-to-be-launched quadricycle for Europe and the total ....more Sahara to develop Sunderbans as global tourist destination KOLKATA, Nov 29: The West Bengal Government has signed a Memorandum of Agreement (MoA) with the Sahara India Tourism.....more Singapore housing loans boom despite pension cut SINGAPORE, Nov 29: Bank lending in Singapore rose for the eight straight month in October, powered by the biggest rise......more |
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HK fiscal deficit HONG KONG, Nov 29: Hong Kong’s budget deficit for the seven months to end-October grew to HK 81.1 billion ( 10.4 billion), exceeding the ....more India,
Singapore SINGAPORE, Nov 29: India and Singapore held the sixth round of negotiation on the Comprehensive Economic Co-operation Agreement.....more Indian
construction BANGALORE, Nov 29: The Indian construction industry is yet to prove its mettle on timely completion of projects without.......more Music
companies LUCKNOW, Nov 29: Classical and pop singer Shubha Mudgal feels music companies share as much blame for piracy in the industry as unscruplous elements. ......more |
Workshop on LPG safety organised by HPCL Excelsior Correspondent JAMMU, Nov 29: HPCL today organised a workshop at its premises and bottling plant at Bari-Brahamana. Secretary Commissioner, Consumer Affairs and Public Distribution, R K Jerath was the chief guest on the occasion in which 110 girls from Government Women College Gandhi Nagar, Parade and Government Girls High School Rehari participated. All the participants were taken around the bottling plant by Senior Operation Officers Raj Kumar and D Panda explaining all plant process and safety measures being taken. The senior regional manager HPCL, J&K T A Kirmani and Plant Manager R K Tewary took R K Jerath to ensure utmost quality of cylinders dispatched. Mr Jerath randomly checked cylinders from on-line the system and was much impressed at the 100 percent accuracy of the weight being delivered to the consumers by HP Gas. To gauge the level of awareness about safety measures for LPG usage, a safety quiz was organised in which all the participants actively participated. In addition, a slogan contest and debate for and against use of LPG were also organised. A lecture on safety at consumer’s premises was also delivered by Senior Sales Officer, Vijay Kansal, in which the safety aspects in the LPG installation, measures to be taken to avert any mishap and steps to be taken in case of any emergency were dealt in detail. Speaking on the occasion, Mr Jerath praised HPCL for its effort and brought to the notice of the participants about the changes LPG has brought in the life of a normal housewife. He asked the girls to utilise the benefits and saving in time LPG has brought in bringing a better tomorrow for themselves. On the occasion, HPCL also launched its range of co-branded products including LPG Geysers, LPG heaters and gensets which would now be available with all HP gas distributors in the State. Shailja Sharma from Girls School, Rehari won prize in debate, Priyanka Mahajan from Women’s College Gandhi Nagar in slogan and Amrita Kalaria from same college in Safety Quiz contests respectively, a release issued today stated. |
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Piaggio to source components worth 10 m euro from India NEW DELHI, Nov 29: Italian auto major Piaggio will source 50 per cent of the components for its soon-to-be-launched quadricycle for Europe and the total value of parts to be bought from India this year will be ten million euro. "India is a very cost-effective base and our company would be saving as much as 35-45 per cent by sourcing components from India," Piaggio CEO Rocco Sabelli said during the India-EU business summit here last evening. The company would also be launching the quadricycles in India by 2004-end. "After the European market, these would eventually be launched in India in the one-tonne and below category," Mr Sabelli said. The parts that will be sourced from India include carburettors and cylinders. "Sourcing from India will gradually go up with time because of the cost-effectiveness and increasing quality of components," Mr Ravi Chopra, managing director, Piaggio India, said. The company would be investing close to Rs 100 crore by 2004 for expansion in India as well as increasing component sourcing. (UNI) |
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Sahara to develop Sunderbans as global tourist destination KOLKATA, Nov 29: The West Bengal Government has signed a Memorandum of Agreement (MoA) with the Sahara India Tourism Development Corporation for a Rs 500-crore eco-tourism project to make the Sunderbans a global tourist destination. The agreement for setting up a world-class floating city in the Sunderbans, the biggest delta in the world, was signed in the presence of Chief Minister Buddhadeb Bhattacharjee and Sahara India managing worker and chairman Subrata Ray here yesterday. Mr Bhattacharjee said the project development will take care to protect the bio-diversity in the delta. "We are expecting the final clearance from the Union Environment Ministry and the State Pollution Control Board soon. We hope to begin the work this December," Mr Bhattacharjee said. "The entire project would be on floatel and we are planning to develop at least two beaches — one in the Sagar island and another at Frazergang. Besides, we are also considering a floating cricket ground and all these will take time," Mr Ray said. The project would be built over an area of 9000 Sq Km, of which floatel would be set up over 250 Sq Km, he added. In the joint venture, the State Government would provide land while Sahara India would bring in the investment and have management control. Mr Ray said Sahara India had given the highest priority to environment protection and would engage internationally renowned experts to guide the corporation in improving the environment while developing the project. To a question, he said it would take about two years to give a proper shape to the project and it would take several years to complete because of addition of new features. He said once completed, the project would generate employment for thousands of people. Denying reports that a large number of people would be evicted because of the project, he said: "Not a single local will be evicted. In fact the villagers would be immensely benefitted." (UNI) |
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Singapore housing loans boom despite pension cut SINGAPORE, Nov 29: Bank lending in Singapore rose for the eight straight month in October, powered by the biggest rise in housing loans in more than a year and a half, Central Bank data showed on Saturday. Analysts said strong competition among banks may have accounted for the jump in home loans, which came despite a cut in employer contributions to a retirement fund used to buy property. Bank lending is expected to see further gradual rises in coming months, they said, reflecting the recovery in the island state’s economy. Lending rose to s 168.41 billion ( 97.68 billion) in October, up from S 167.03 billion in September, and 5.1 percent higher than in October 2002. The monetary authority of Singapore said housing loans underpinned the rise in non-bank loans with an increase of about S 960 million in October, the largest monthly jump since February 2002. The Government cut employers’ contributions to the compulsory retirement savings scheme, the Central Provident Fund, by three percentage points from October 1. The majority of house buyers use the pension fund to finance downpayments and monthly repayments. The demand for housing loans offset weaker lending to the manufacturing, agriculture, transport and general commerce sectors. Lending to the manufacturing sector contracted 3.5 percent to S 10.18 billion in October after a modest 2.2 percent rise in September. Economists said the rising stock market may have bolstered lending to financial institutions and professionals. At the end of October, the Bellwether Straits Times index .STI was up about 28 percent from the start of the year. "We are looking at the modest (economic) recovery being reflected in the improvement in the loans numbers. We are hopeful that we will start to see smaller contractions in bank lending to other sectors," said song Seng Wun, G K Goh research’s regional economist. Singapore’s 89 billion economy grew at a 17.3 percent annualised rate in the September quarter, its fastest rise in eight years after it shrank a record annualised 9.8 percent in the second quarter. Singapore banks wrote off less credit card bad debts in october at S 13.5 million, down from September’s S 16.3 million, but economists said write-offs may increase in coming months because of rising joblessness and a proliferation of new credit cards. "I think the overall trend is that bad debt write offs will still go up. It has yet to peak," said Song. Singapore’s unemployment rate hit a 17-year high of 5.9 percent in September, up from June’s 4.5 percent, just shy of a six percent peak in 1986. ( 1=1.724 Singapore dollar) (AGENCIES) |
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HK fiscal deficit grows to HK 81.1 bln in April-Oct HONG KONG, Nov 29: Hong Kong’s budget deficit for the seven months to end-October grew to HK 81.1 billion ( 10.4 billion), exceeding the Government’s target for the full year. The figure published on Saturday represents a 9.1 percent increase from the HK 74.3 billion deficit for the first six months of the fiscal year. The Government expects its fiscal deficit to hit a record HK 78 billion by end-March, about six percent of gross domestic product. Typically, the Government collects most of its revenues towards the end of the fiscal year as tax payments come in. The Government is struggling to rein in its finances as the deficit sinks deeper into the red. The bulk of its revenues have in the past come from land sales, but a plunge in real estate prices has sharply reduced proceeds. Financial Secretary Henry Tang said in October the Government has delayed its target for balancing its books by two years to the 2008/09 financial year, succumbing to public pressure to stimulate the economy following massive anti-Government protests in July. A big setback for the Government in recent local elections could also make it harder for the administration to implement fiscal discipline, which foreign ratings agencies say is essential for Hong Kong. Tax hikes or deep cuts in public spending could spur even more anger at the local China-backed administration. ( 1=7.765 Hong Kong dollar) (AGENCIES) |
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India, Singapore hold 6th round of CECA negotiations SINGAPORE, Nov 29: India and Singapore held the sixth round of negotiation on the Comprehensive Economic Co-operation Agreement (CECA) here from November 24-26 and discussed trade in goods, services and mutual recognition agreements besides other bilateral economic matters. "Discussions continued from the last round of negotiations in New Delhi, India," Singapore’s ministry of trade and industry said in a statemet today. The subjects covered under negotiations included trade in goods, trade in services, including financial and telecom services, investments, mutual recognition agreements and air services. Discussions were also held on co-operation in tourism and media. The next round of negotiations is scheduled for January 5-7 in India. Commerce Secretary Dipak Chatterjee led the delegation from various departments and organisations of the Government of India. Mr Heng Swee Keat, permanent Secretary for Trade and Industry, led the Singapore delegation. The first round of CECA negotiations was held on May 27-28, 2003 in New Delhi following the signing of the declaration of intent by Commerce Minister Arun Jaitley and his Singapore counterpart George Yeo in April last. The conclusion of the CECA between India and Singapore is expected to lead to far-reaching benefits for both countries in trade and investment flows and in greater exchanges in professional services, especially in the knowledge economy. The CECA would be an important step in India’s expanding relations with the ASEAN region and would supplement other ongoing initiatives such as the India-ASEAN free trade area. The pact would help Indian businesses leverage Singapore’s strengths in finance, manufacturing and marketing, to achieve greater competitiveness and to use Singapore as a gateway to south-east Asia. Linkages with Singapore-based MNCS would help Indian corporates expand their economic outreach globally. (UNI) |
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Indian construction industry yet to prove mettle: Dattatreya BANGALORE, Nov 29: The Indian construction industry is yet to prove its mettle on timely completion of projects without cost escalation, which could be achieved with the integration of it with the construction industry at all levels, Union Minister of State for Urban Development and Poverty Alleviation Bandaru Dattatreya has said. While a few important and prestigious projects were executed well before the time schedule, by and large the Indian construction industry was yet to prove its mettle on completing the projects on time, he said yesterday. The minister was presiding over the mid-term session and seminar on ‘information technology in built environment’ of the Indian Buildings Congress (IBC) here. The two-day event was jointly organised by IBC and the Karnataka State Public Works Department. According to a recent report, 106 major projects, estimated to cost Rs 25,000 crore, were completed at Rs 42,000 crore with time over run ranging from one to five years, Mr Dattatreya said. "This emphasised the need for adoption of sound project management techniques and tools for all projects above Rs five crore, as the country could not afford to have such slippages of time and huge cost escalation," he added. (UNI) |
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Music companies share blame for piracy: Shubha Mudgal LUCKNOW, Nov 29: Classical and pop singer Shubha Mudgal feels music companies share as much blame for piracy in the industry as unscruplous elements. Talking to UNI here, Mudgal said if music companies maintained strict inventory then actual sales could be corroborated with actual production to ascertain the amount of pirated units sold in the market. "Even the singer of an album is not aware of the number of copies the music company is planning for the market," she claimed. Mudgal was here last evening to perform at the ongoing cultural and literary fest ‘Lucknow Mahotsava’ at Laxman mela ground on the banks of river Gomti. The multi faceted singer, who belts out classical, semi-classical and popular numbers with equal elan, however resented the current crop of remix albums being churned out. "Old melodies are being presented with a heady mix of metal and foot tapping beats over raunchy videos. None of the present or old timers are pleased with this development that only promises to harm our rich musical heritage," she observed. On forthcoming albums, she informed her album ‘Haman Hai Ishq’ would be out in the market in January next year, which would comprise her signature music. The singer who spent her early days learing music at Allahabad, later shifted to Delhi to master the art. "Although I am basically trained in ‘Khayal’ style of singing, I am equally comfortable with ‘Thumri’ and ‘Dadra’ as also the western music," quipped Mudgal. On Lucknow, she regretted the city which was once the bastion of classical music is slowly ticking to the usual quagmire of western music like other places. "I do not mean that popular music be booed away, but patronising it at the cost of Indian music would certainly be not the best thing to do," she added. Prime Minister Atal Bihari Vajpayee visited the fest on Wednesday to release a stamp in memory of late poet Harivansh Rai Bachchan. ‘Lucknow Mahotsava’ was inaugurated on November 25 with a kaleidoscope of events lined up in coming days. This year Bollywood star Hrithik Roshan would be conferred with ‘Awadh Samman’ at the fest. To add to festivities, a galaxy of star artistes are scheculed to perform at the mahotsava viz Pandit Jasraj, Hema Sardesai, Udit Narain and Rosella Fenelli. (UNI) |
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US consul Gen Sibley to attend hornbill festival KOHIMA, Nov 29: US consultant general at the Kolkata consulate, George Neil Sibley would visit Nagaland to attend the biggest annual cultural and food festival of the state, the Hornbill festival, which would begin at Kisama, near here from Monday. Mr Sibley would be the guest of honour at the Feis-organised evening programme under Naga Panorama featuring Nagaland’s renowned musicians, designers and artists as well as a short documentary show on HIV/AIDS by the Naga Peoples’ Movement on Human Rights (NPMHR) on the first day of the festival, according to official sources here today. Mr Sibley would arrive in the state tomorrow. During his stay, he will also interact with Government officials, mediapersons and representatives of Naga civil societies, sources said and added Deputy Director of the American center in Kolkata Zach Harkenriter would also accompany Mr Sibley during his visit. In january next year several British diplomats and other officials from the British High Commission and senior British media officials were set to visit the state. The State Government was likely to confirm soon and announce acceptance by the British High Commission to host a prestigious great Britain’s foreign and commonwealth office-funded media programme in the state’s capital. (UNI) |
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Mideast keen on tapping Indian tourism mkt DUBAI, Nov 29: Leading aviation and travel companies besides Government agencies from the Middle East will take part in World Travel India (WTI), the International Travel Trade Exhibition and conference scheduled to be held in Mumbai in February next year. There is great interest in WTI among mideast exhibitors with support pledged by Qatar airways, which aims to exploit the substantial potential in reciprocal tourism and to challenge India’s aviation policies. Senior government officials will be attending the WTI conference at which the Qatar airways CEO Ahmed Al Baker will put the airlines’ case forward, ‘Khaleej Times’ today quoted WTI Project Manager Richard Gayle as saying. Another middle east exhibitor is the Government of Dubai’s Department of Tourism and Commerce Marketing which is keen to develop the Indian market and has signed up for a substantial presence at the WTI show. "The annual Dubai shopping festival and Dubai summer surprises have proven to be highly successful strategies in attracting tourists from India," Mr Gayle said. He said Gulf Air is looking to promote its services in the Indian travel market too. The launch in may of Gulf traveller, the budget airline, will be something the airline will concentrate on between India, Bahrain and Abu Dhabi. "It is not surprising at a time when Government statistics indicate that tourism generated 2.5 billion dollar in foreign exchange earnings in the year up to September, up 20 per cent last year. Inbound tourism grew by around 15 per cent with 1.864 million visitors, all positive signs that the sleeping tiger of south west Asia is truly on course for roaring tourism market," said Mr Gayle. "The growing Indian middle class is estimated at more than 300 million people. Many now travel overseas for their holidays to a wide range of destinations. The world travel and tourism council rank India as one of the fastest growing tourism markets in the world with Indians taking in excess of 4 million trips abroad each year," he said. Apart from the burgeoning outbound sector, the success of the WTI will also relate to the country’s vast domestic travel market. Indian tourists have traditionally holidayed within the country where around 234 million domestic trips are taken every year. This is another reason why the national tourism marketing boards of states such as Kerala and Goa will be highly visible at the show. A travel conference will run parallel to the exhibition at the same venue. Keynote speakers include the president of the international hotels and restaurant association, Eric Pfeffer, the CEO of Qatar airways, Akbar Al-Baker and Ian Graham, the former director of business consulting for deloitte touche. (UNI) |
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Forex reserves jump above USd 95 billion: at record high MUMBAI, Nov 29: India’s foreign exchange reserves jumped above the US dollar (USd) 95-billion mark to a new record high of USd 95.373 billion during the week ended November 21, gaining a whopping USd 1.71 billion from USd 93.663 billion a week ago. According to the Reserve Bank of India (RBI)’s weekly statistical report, the foreign currency assets which rose by USd 1.71 billion to USd 91.45 billion, contributed the entire growth in the total forex reserve, while the gold reserve and the Special Drawing Rights (SDRs) remained unchanged at USd 3.92 billion and USd three million respectively. India’s Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) edged up by USd 3 million to USd 1.215 billion during the week. The RTP which could change from time to time due to India’s transactions under the financial transaction plan with the IMF, however, is not included in the foreign reserves. Foreign currency assets, expressed in USd terms include the effect of appreciation/deprecation of non-US currencies like euro, yen and pound sterling, held in the reserve. Dealers said that the sharp rise of the non-US currencies like the euro, pound sterling and yen, held in the forex reserve and unabated intervention by the RBI in the forex market to check the rupee’s appreciation, were the main factors driving the forex reserve up. Forex reserve has moved up by USd 19.945 billion in the current financial year, while it shot up by USd 24.928 billion since January one this year. The loans and advances of the Central Government remained nil during the week ended November 21, while that of the State Gvernments rose by Rs 151 crore to Rs 6,342 crore. The aggregate deposite of the scheduled commercial banks surged by Rs 1,218 crore to Rs 13,92,427 crore during the fortnight ended November 14, while the total bank credit rose by Rs 718 crore to Rs 7,61,926 crore during the same period. (UNI) IOC elevated to 191 position in global ranking GUWAHATI, Nov 29: Indian Oil Corporation (IOC), the only Indian company in the global fortune 500 list, has been elevated to the 191 th position in its global ranking. The petrochemical sector major was in the 226th position till recently. Announcing this to newsmen here today IOC’s subsidiary Guwahati Refinery Limited (GRL) general manager J P Guha said that in line with IOC’s policies GRL had undertaken several initiatives to meet the challenges of the open market. Keeping pace with the changes in industry, GRL is also making efforts to produce speciality products including low pour diesel and the branded premium of 91 octane, he said adding that it is the only refinery in India, which has made some headway in producing needle coke, a high value import substitute. He said the company had started stream sharing with digboi refinery of Assam Oil Division thereby adding to the profitability. As part of stream sharing initiatives GRL is despatching reformer Naphtha to Digboi refinery for processing in its reformer and GRL is receiving foot oil as feed for the indmax unit, he said adding that other new streams from Digboi and Bongaigaon refineries were also being explored. Apart from undertaking several initiatives towards environment, safety and community development, GRL has commissioned three new units-the Isosiv, the hydrotreater and the indmax to maintain product quality. The Isosiv unit, is the first in the country to produce lead free petrol by the molecular sieve technology, through separation of octane rich components from feed Naphtha, he said. Mr Guha said the hydrotreater unit produced low sulphur diesel conforming to bis specifications. The unit also produces superior kerosene oil with high smoke point and low sulphur dispensing with the earlier process which involved use of toxic sulphur dioxide. Additionally units like hydrogen, nitrogen, amine treating unit, sulphur recovery unit are also included in this hydrotreating facility for various process requirements to produce products to meet market demand. The refinery, accredited with several quality certificates and the receipient of four star rating from british safety council in safety management, has a capacity of 1.0 million metric tonnes per annum. A captive power plant was also commisioned with an effluent treatment plant to ensure adherance to environmental standards, he said. He said the Indane Maximization (INDMAX) technology developed by IOC R D centre, designed to achieve LPG yield over 40 per cent enables GRL to upgrade all its residual products to high value distillate products and make it a zero residue refinery. The refinery presently produces LPG, motor spirit, superior kerosene, HSD, LDO and raw petroleum coke. (UNI) |
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