Daily Excelsior...Business

After passion, Hero Honda launches new model of Splendor ......

SEBI signs MoU with Singapore regulatory body .....

Maruti likely to choose Mumbai port as gateway for car exports .....

Growth of telecom will be affected: basic operators .....

J&K Bank computerizes three more branches

Excelsior Correspondent

JAMMU, Oct 13: Jammu and Kashmir Bank today computerized three more branches at Bishnah, Salher and Bhaderwah in Jammu division.

Announcing this in an impressive function held at Bishnah, the Deputy General Manager (Territorial) Mr S C Sharma told the audience that the Bank, in order to provide better customer service was trying its best to bring all the branches under computerization net.

He said bank branches at Bishnah, Salher and Bhaderwah have gone hi-tech today where as computerization was underway at 17 more branches in the zone.

Mr Sharma further informed that Bank was putting on-line seven more ATMs in Jammu before Diwali. He advised the audience to avail various deposit schemes as well as credit facilities available through all our branches. Insurance, both life and non-life as well as accidental insurance for double the amount of deposit was also provided by the Bank at all branches so that clients could take benefits of these facilities.

At Bhaderwah the inauguration of computerized operation was carried out by Mr Mehboob Iqbal, District Development Commissioner Doda.

Govt to auction unprofitable air routes: Rudy

NEW DELHI, Oct 13: Civil Aviation Minister Rajiv Pratap Rudy has said the Government is contemplating auctioning of air routes which are not profitable.

The Naresh Chandra Committee which is preparing a roadmap for the aviation sector will have guidelines on the matter, he told reporters over the weekend.

One of the key terms of reference for the high-profile committee is to devise a mechanism for providing air service to interior areas and operation of economically unviable but socially essential routes.

The committee’s report is likely to be made public this month-end. The unprofitable routes are in northeastern region, Jammu and Kashmir, Andamans and Lakshadweep islands.

The state-owned Indian Airlines (IA) was earlier able to sustain even on non-profitable routes owing to cross-subsidisation. The situation has changed now.

Cut throat competition has now made it impossible to sustain services on unprofitable routes. The idea of auctioning commercially non-viable routes is to share the social obligations IA is burdened with.

Mr Rudy has also been urging arch rivals IA, Jet Airways and Air Sahara to coordinate their flight schedules to provide better connectivity for passengers. Rather than focusing only at competition with each other, he says the three airlines should work together to bring out better options for passengers.

Already, the minister has held a meeting of the Chief Executives of the three airlines to discuss this issue to and come out with viable options.

Mr Rudy’s main objective is to ensure that flights of domestic airlines are spread throughout the day rather than being clubbed together. Between many city Pairs, IA, Jet and Sahara operate flights within half-an-hour of each other.

In many cases, flights of the three, or sometimes two, carriers leave within an hour’s time in the morning. After that there is no flight on that route till late afternoon or evening. Passengers would gain if they have another option around noon, according to the minister.

Mr Rudy has acknowledged that such coordination, if done on a larger scale, could lead to cartelisation. But still, he is in favour of limited understanding on certain routes to assist passengers. (UNI)

Shrine Board starts donation facility through ICICI Bank

Excelsior Correspondent

JAMMU, Oct 13: Continuing with its series of innovations aimed at providing more and more facilities to the devotees of Shri Mata Vaishno Deviji, the Shri Mata Vaishno Devi Shrine Board has started the facility of accepting donations through Bank ATMs of ICICI Bank located anywhere in the country.

The service was inaugurated in Delhi recently by Lt. Gen (Retd) S K Sinha, Governor of the State and chairman of the Shri Mata Vaishno Devi Shrine Board.

With the inauguration of the service, the ICICI Bank customers will be able to make an on-line offering to the Vaishnodevi Shrine through any ICICI Bank ATM in the country. A devotee can now walk into any ICICI ATM, use his debit card and make offerings in denominations of Rs 51 upto Rs 11,001 at the ATMs. The amount will be transferred from the customer’s account to Vaishno Devi Shrine account and the customers will receive a transaction receipt from the ATM.

The Shrine Board had observed that there were many devotees who were staunch Bhakts and wanted to donate to the Shrine but could not visit the Shrine and hence could not conveniently offer their donations. The new technology-driven facility will benefit many of these pilgrims who can donate to the Shrine from any ICICI Bank ATM near their homes.

Official spokes stated that at present this service was being offered only through ICICI Bank but talks with other banks were on and similar agreements with other banks were likely to be signed shortly. He added that talks were on to facilitate acceptance of donations manually at Bank branches also.

It may be recalled that the Board has recently started accepting on-line donations through its website. Accepting donations through bank ATMs will further facilitate the devotees who can now donate from any conveniently located ATM and also receive a receipt for the same.

Emerging Asia FX-playing catch up with yen

SINGAPORE, Oct 13: Asian currencies rallied early on Monday, trying to pull alongside the Japanese yen which rose to three-year highs at the weekend.

Trading was quiet, with both Japan and the United States closed for holidays, and the yen JPY= traded off those highs.

The Singapore dollar SGD= hit fresh four-month highs and the Thai Baht THB= moved to the higher side of 39 per dollar, its firmest in over three years.

The Philippine peso PHP= furthered gains despite last week’s grim reports that the country may have missed its budget deficit target for the second month in a row in September.

"The main driver will be dollar-yen and continued pre-APEC expectations," said Ray Farris, markets strategist with credit Suisse first Boston.

That meant the more the yen crept higher, the greater the pressure on Asian currencies to appreciate, he said.

"Central banks will probably try to resist a bit but they are facing pretty big inflows, not just speculative inflows but also trade data suggests that current account positions are surging," he said.

Trading in the weeks to come is also expected to be influenced a great deal by expectations from the APEC leaders’ meeting in Bangkok next week and from US President George W Bush’s visit to the region.

Analysts said the APEC summit would probably provide a clearer direction to markets on whether the rally in response to a group of seven communique last month had the authorities’ approval.

"What they are going to need is an APEC statement that either shows regional resolve not to agree to a G7-like dollar weakness outlook or even something that recognises the difficulties of Asia appreciating with China pegged," Farris said.

Meanwhile, the Korean won KRW= KRW=KFTC followed the rising regional trend and the rise in Korean equities, shrugging off the political uncertainty generated by President Roh Moo-Hyun’s statements.

Roh said on Monday he had lost confidence in his ability to carry out his duties in the face of political and media hostility and that he favoured holding a referendum in mid-December on his rule. He said he would step down if the vote went against him. (AGENCIES)

Schroeder returns home to twist party rebels’ arms

BERLIN, Oct 13: German chancellor Gerhard Schroeder returns to domestic troubles on Monday as he bids to quell a rebellion in his party over labour market reforms that threaten to bring down his Government.

Schroeder, who visited the Middle East and Russia last week and attended a Franco-German summit in Paris on Sunday, is expected to redouble the pressure on waverers within his social democratic party during a special meeting beginning Monday. Schroeder will put key parts of his "agenda 2010" social welfare reforms to the bundestag lower house of Parliament on Friday, including plans to cut unemployment benefit and to pull the economy out of stagnation with tax cuts.

Markets will be watching Schroeder closely this week.

"If the Government wins the vote on Friday, we won’t see much reaction, but if it doesn’t it becomes very big news," said Elga Bartsch, economist at Morgan Stanley in London.

"The reforms are not enough in themselves, but at least they go in the right direction."

He has threatened to resign if his SPD-greens coalition does not back him, but he knows his majority of just nine seats over the combined opposition is precarious.

The Government is likely to find many of their plans blocked by the opposition which controls the upper House of Parliament, but before then, Schroeder must convince waverers within his own ranks to accept the changes.

Six members of Schroeder’s Social Democratic Party (SPD) have threatened to derail plans to force the unemployed to accept jobs offered to them but are coming under fierce pressure to yield.

The SPD will hold a test vote Monday and hold another meeting on Tuesday.

The SPD’s Parliamentary floor leader Franz Muentefering indicated on public television on Sunday that the party was ready to discuss some controversial issues, including the provisions obliging the unemployed to take low-paid jobs.

"There’s movement but no decision," he said, adding that he was confident about the outcome in Parliament. "I’m sure we’ll manage it.

Bernhard Wessels, political scientist at Berlin’s free university, said he did not believe the Government would fall.

"The resignation threat will have a strong impact. It’s going to be tight, but I think they’ll just about make it... Some compromises will be found. Nothing big, but just enough to squeeze it through." (AGENCIES)

After passion, Hero Honda launches new model of Splendor

NEW DELHI, Oct 13: To maintain its leadership in the executive segment, Hero Honda Motors today announced the launch of Splendor Plus, a new variant of its hugely popular Splendor model.

"Splendor Plus is a value-added extension and would co-exist with the Splendor model.

"Priced at Rs 40,580 (ex-showroom Delhi) with the disc brake option, Rs 500 higher than the existing Splendor, the Splendor plus offers enhanced features like a new multi-reflector headlight with halogen lamp and a multi-reflector tail-light," the company said.

The country’s largest motorcycle maker had launched a similar variant of its passion model last month.

It said with the launch of the new models, the company was targeting sales of 200,000 bikes in October. (UNI)

SEBI signs MoU with Singapore regulatory body

SINGAPORE, Oct 13: The Securities and Exchange Board of India (SEBI) has signed a regulatory Memorandum of Understanding (MoU) with Monetary Authority of Singapore (MAS).

The MoU paves the way for enhanced cooperation and communication between the two regulators, said MAS, the De Facto Central Bank of Singapore.

Under the MoU, MAS and SEBI will provide assistance and exchange information necessary for the investigation of offences involving securities and futures.

The MoU will facilitate the effective performance of their supervisory functions and enforcement of laws and regulations of both countries, it said.

The MoU was signed by MAS managing director Mr Koh Yong Guan and SEBI chairman Mr G N Bajpai in Singapore.

"We are pleased to sign this MoU with SEBI. In the spirit of the comprehensive economic cooperation agreement which the Governments of India and Singapore are negotiating, this MoU affirms the deepening economic and trade links between both countries," Mr Koh said.

"With the globalisation of capital markets, closer cooperation between securities regulators is important for maintaining the integrity of markets and safeguarding investors’ interest in Singapore and India."

MAS has already signed 12 MoUs with other securities and futures regulators, the most recent of which was with the financial services agency of Japan. (UNI)

Maruti likely to choose Mumbai port as gateway for car exports

MUMBAI, Oct 13: India’s largest car maker Maruti Udyog Ltd (MUL) is planning to shift its car shipment base to Mumbai Port Trust (MBPT) from Jawaharlal Nehru Port Trust (JNPT), according to industrial sources.

MuL had approached MBPT authorities four months back for exporting its vehicles from the Mumbai port since JNPT at Nhava Sheva in Navi Mumbai is converting its existing bulk terminal, which handles vehicles, into container terminal.

In turn, the Mumbai port has already assured Maruti all necessary berthing facilities and adequate area at the port for pre-delivery inspection and space for other facilities like workshop, garage, polishing and washing.

When contacted MBPT traffic manager C S Murthy confirmed that MUL plans to come to the Mumbai port for their car shipment.

"We have already permitted Maruti Udyog to shift to our port. But the decision on this regard from them has not come till now. We are awaiting their reply", Mr Murthy told UNI.

"They want a dedicated place for berthing of their ship on pre determined schedule which we had already assured".

The MBPT board has already given in-principal nod for the allotment of space for Maruti. Now we are awaiting their nod to work out the modalities to create infrastructure for them, senior port officials told this correspondent.

Currently, the Mumbai port is handling only around 200 vehicles per month, mainly buses, from automobile majors like Tata motors, Mahindra Mahindra and Ashok Leyland destined to far East.

"Maruti Udyog is exporting 45,000 vehicles per year from JNPT while Tata motors is exporting 20,000 units per year. Therefore, Maruti’s entry will be a big boost to the Mumbai port", the officials added.

About port charges, Mr Murthy said, "the cost of shipment will be lesser at the Mumbai port. The wharfage is low at the port and the vessel related charges and port related charges too are less here".

According to industry sources, the proposed shift of Maruti Udyog might be delayed for at least three months as the bidding process of the conversion of bulk terminal into container terminal at JNPT has been delayed due to finalisation of bidding norms.

When contacted, MUL officials confirmed the in principle nod by the Mumbai port board to facilitate the car shipment with infrastructure facilities but declined to divulge more details. (UNI)

Growth of telecom will be affected: basic operators

NEW DELHI, Oct 13: Private basic phone operators who are spearheading the growth of WLL (M) phones in the country today said the current imbroglio faced by the Indian telecom sector vis-a-vis the cellular industry could only be resolved by setting up an unified licensing regime.

Association of Basic Telecom Operators (ABTO) seceretary general S C Khanna told UNI that the "Governmnet is already working on a unified licensing regime which is the main solution to the problem.

He welcomed the Group of Minister’s (GoM) proposal last evening for a unified licence regime. He said the the GoM has requested the telecom regulator to submit their report by October 30.

Reacting to Communication Minister Arun Shourie’s statement after the GoM on telecom decided to enforce the TDSAT decision on limited mobility and await recommendations of TRAI for taking a final decision on the much-talked about unified licensing for service providers, Mr Khanna said "we are not breaking the license rule".

WLL (M) phones has been growing at a scorching pace adding more than a million in a month. According to the latest figures there are five million WLL phone users in the country led by Reliance Infocomm which represent a four million user base.

The other players are Tata telservices limited, Shyam telecom and Himachal futuristic.

A Reliance spokesperson added that everthing depends upon the next GoM scheduled on 30th October. She reiterated that "we are absolutely and well within SDCA limits and are not violating any norms."

Mr Khanna cautioned that the Governmnet must not disturb the growth being experienced in the telecom sector. "Any disturbance at this moment will affect the growth of telecom as it is growing at two million phones per month next to China,". (UNI)