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| DGCA gives clearance to Jet Airways NEW DELHI, Apr 6: Director General of Civil Aviation (DGCA) has given its clearance to Jet Airways.....more Afghan
curiosity HERAT, AFGHANISTAN, Apr 6: "General store and glass factory, north of the great Mosque......more India’s
growth may LONDON, Apr 6: Warning that over 8.0 per cent growth may not be sustainable in the future, global rating agency Moody’s......more Alcatel
bets on broadband, PARIS, Apr 6: Describing India as a "strategic market", French Telecom Major Alcatel, which is currently non-existent in.....more |
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Iraq violence secondary for US stock investors NEW YORK, Apr 6: Recent bloody attacks against US-led forces in Iraq have shocked the general public, but have been........more ITA’s
Pakistan tour KOLKATA, Apr 6: The Indian Tea Association (ITA) delegation’s tour to Pakistan is likely to.....more Singapore
hunts SINGAPORE, Apr 6: With rising affluence and obesity becoming a greater problem in Asia, Singapore has joined the race....more OPEC head
says JAKARTA, Apr 6: OPEC will make good an agreement to cut group output by one million Barrels Per Day (BPD), but will.....more |
DGCA gives clearance to Jet Airways NEW DELHI, Apr 6: Director General of Civil Aviation (DGCA) has given its clearance to Jet Airways and Air Sahara to fly to Nepal and Bangladesh and the two airlines were likely to begin their operations later this month after the DGCA approved their schedule for flight operations. As the two airlines began their operations to colombo, both private carriers had been eyeing to fly to Kathmandu and Dhaka after the union cabinet had given a blanket clearance for operations to SAARC countries. The DGCA had cleared the proposal for Delhi-Kathmandu and Kolkata-Dhaka flights for the two air carriers and had asked them to file their schedule which would be cleared by the authority before the operations could begin. The Jet Airways officials said that the airline was ready to start daily flights to the Kathmandhu later this month only after the DGCA approved its schedule. The second phase would be to start operations in May from Kolkata to Dhaka, the officials said. After initiating the response of its Chennai-Colombo flight, the jet was also planning to start weekly flights to Colombo from Mumbai, Bangalore and Thiruvananthapuram. Though the private airlines was not averse to flying to Maldives, the airline, however, would give it a serious thought only after ascertaining the traffic flow to the island. (PTI) |
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Afghan curiosity shop continues glass-making craft HERAT, AFGHANISTAN, Apr 6: "General store and glass factory, north of the great Mosque, silver silky carpet and other carpet, rug, blue glasses, gun, pistol, silver, copper, wooder brans, maudy music and old things." the English of the sign over the door of Haji Sultan Hameedi’s dusty old curiosity shop near Herat’s magnificent 13th century Masjid-i-Jami Mosque is almost as exotic and mysterious as its wares from all corners of Afghanistan and beyond. Visitors must trip their way though piles of musty Afghan and persian rugs, tribal costumes, headdresses, nomadic saddle bags and strands of hanging beads. They can feel the heft of anciently fashioned bronze work, menacing ivory-handled Turkic scimitars, flintlock pistols and rifles, or more mundane and relatively contemporary Russian army bayonets. They can sit and take tea and talk through the merits of "wooder brans" and "maudy music", sign writer’s peccadillos that baffle even Mr Hameedi. In any case, he explains, the jumble of old and not so old artefacts from near and far is really only a sideline. Hameedi’s speciality is glass — hand blown and fashioned at a workshop just a few doors down the street. He says his family business in this ancient western city is one of the few remaining in Afghanistan practising a craft dating back thousands of years. "My father and my grandfather and his father before him all made glass." the tiny mud-floored workshop opens on to the street, its walls and ceiling blackened by decades of wood smoke from the blazing clay oven used to prepare molten glass. Raz Mohammed, a relative of Hameedi, blows into a tube to fashion goblets, carafes, vases and bowls from red-hot molten blobs plucked from the furnace. He works with the speed and consummate skill of a craftsman: A tap here, a puff there, a twirl, and within seconds, as if by some feat of alchemy, the shapeless blob has become a delicate goblet or vase. His eight-year old son, Sameen, Squats nearby, stoking the fire. He hopes one day to take up his father’s trade. Herat glass is known by its imperfections - no two articles are alike and all are filled with air bubbles, like most ancient glass made before modern mass production. "We try to keep up this tradition because what we make has value. If you wanted to find glass like this elsewhere it would be 1,000 years old and cost thousands of dollars," Hameedi said. He explains that he now uses recycled glass because the Chaqmaq sandstone used in the past is unavailable. Adding copper to the mix produces the blue glass for which Herat has long been famous iron gives you green glass and gold, a deep red, though present-day economics mean there is now little demand for that. Hameedi is 58, but like many Afghans who lived through the country’s past quarter-century of conflict, looks perhaps a decade older. He is hoping that the peace process under way since the overthrow of the Taliban regime in 2001 will bring a revival of the booming tourism trade he remembers from the time of President Mohammad Daoud in the 1970s and king Zahir Shah before him. "I’ve been in this business for 45 years," he said. "Now things are not so good because tourists are not coming to Afghanistan but I try to keep this going because the tradition goes back a long time." in the 1960s and 1970s, Afghanistan and Herat were stopping points for hippies on the overland trail from europe to asia. "i remember them well," the grey-bearded Hameedi says, his eyes lighting up. "They came from all over the world — Canadians, Japanese, Chinese, Germans, Israelis and Dutch — yes, especially from Holland. We used to have 100 to 150 people coming in every day." the Afghan leg of the hippie trail became history with the Soviet invasion a year after Daoud’s assassination in 1978. Hameedi’s shop was shut down for 14 years and he himself spent time in jail. Today there is a trickle of foreign visitors, including the odd aid worker or visiting journalist, but Hameedi has developed a market among the hundreds of foreigners now living in Kabul, where he has another shop, and in neighbouring Pakistan. He says his factory produces between 100 and 120 glass pieces a day, only about 20 of which are sold locally. "We hope that the tourists eventually come back to Afghanistan because perhaps then we would be able to sell 500 a day. It’s the tourists who give value to this occupation, not the Afghans. "You must come again and sit and drink tea," he says, waving farewell from the doorstep. (AGENCIES) |
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India’s growth may slow down to 6.5% in future: Moody’s LONDON, Apr 6: Warning that over 8.0 per cent growth may not be sustainable in the future, global rating agency Moody’s today said Indian economy was expected to slow down to 6.5 per cent. Though it noted that India’s external liquidity position was "strong", as reflected from current foreign currency ceiling for debt and stable outlook, Moody’s latest report, however, said high oil prices and import growth may lead to current account deficit in 2004-05, but could be fully financed. "While economic growth is not expected to continue at the pace that was achieved in 2003-04, we anticipate that annual growth will average a still respectable 6.5 per cent in the years ahead," the report said. However, the report said even at 6.5 per cent, India was likely to attract much more capital in the future. Moody’s attributed the recent buoyant growth to the surge in farm productivity, after the country last year recieved good monsoon rains and reported increased output in industrial and services sector. However, Moody’s said the growth would be difficult to maintain unless the country increases investment in human resources and infrastructure and addresses the growing fiscal imbalances. Expressing concern over fiscal deficit of the Central and State Governments - their combined debt amounted to 85 per cent of GDP - Moody’s said the new Government would incline to additional economic adjustments. "While the debate between the ruling BJP-led NDA and the opposition has not revealed any specifics about what economic policies either group would pursue, Moody’s expect that the next administration will be favourably disposed to additional economic adjustments, including aggressive fiscal tightening," the report said. It said the willingness of politicians to correct the worsening fiscal situation has traditionally been lacking. On the external front, it said, "with high oil prices and import growth, the current account surplus might revert to modest deficit of one per cent of GDP in 2004-05, but this could be more than fully financeable." It, however, said workers’ remittances and software and other services exports were expected to offset robust import demand and keep the current account in "rough balance" during the next two years. India’s balance of payments also enjoys protection from controls on capital movements, which is re-inforced by improving investment prospects, it said. The report added that the Government’s large (foreign exchange) reserve cushion was "providing increasing room for a gradual easing of foreign borrowing restrictions and other capital market controls." (PTI) |
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Alcatel bets on broadband, GSM,
offers revenue PARIS, Apr 6: Describing India as a "strategic market", French Telecom Major Alcatel, which is currently non-existent in the country’s vibrant GSM based network, has offered to make investment on behalf of operators and enter into revenue sharing arrangement. "India is a strategic country for US to devise our strategy for the worldwide market... It is a very competitive market and all manufacturers want to go there," Olivier Picard, president, Alcatel (Indian subcontinent), told PTI. Asked whether Alcatel would enter into joint ventures with operators for investments in expansion of their GSM networks and deploying broadband networks, Picard said, "we may help operators putting in place the finances. Once they (operators) start making profits on these investment we will enter into revenue sharing arrangement." On the quantum of investments to be made in India over next two to three years, Picard said, "if we are successful in GSM and broadband business with the revenue sharing model, then there will be lots of investment from US." In the broadband segment, Alcatel is eyeing a huge market, especially that of the incumbent Bharat Sanchar Nigam Ltd which has an advantage due to its copper based network deployed all over the country. Observing that GSM technology was here to stay, Picard said, "along with this, broadband is likely to emerge as the next revolution in Indian telecom. In these two segments, we are looking at grabbing 25 per cent market share in the next three years and we feel that our investments would give us good returns." Asked if the company would increase the number of employees in India, Picard said, "we have about 600 engineers now working in the software centres and soon the number will be increased to over 1000." There would also be some replacement. Headcount of those working in old technology would be reduced and they would be replaced by engineers for the new technology. Alcatel has tied up with Indian Telecom Equipment maker ITI for entering the GSM market and has been awarded a major contract for deploying over one million line network for BSNL in the western region. The company has also bid for supplying equipment for other regions in a BSNL’s tender floated last month. The 12.5 billion euro French conglomerate Alcatel is a leading equipment supplier in the world, operating in more than 130 countries. In India, the company has a presence since last 20 years. Alcatel was the first company to manufacture digital switching equipment for fixed-line telecom operations. (PTI) |
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Iraq violence secondary for US stock investors NEW YORK, Apr 6: Recent bloody attacks against US-led forces in Iraq have shocked the general public, but have been only a minor factor to stock market investors. Benchmark US stock indexes have shown no significant reaction to one of the most violent weeks, in terms of US deaths, since military forces conquered Iraq about a year ago. "Bad things will happen, but it shouldn’t alter your long-term strategy," said Jim Paulsen, Chief Investment Officer at Wells Capital Management, which oversees 125 billion. "More times than not it creates a buying opportunity." recent days have brought a spike in violence, beginning on April 2, when four American private security employees were killed and mutilated in the Sunni stronghold of Falluja. At least 48 Iraqis, eight American soldiers and one Salvadoran were killed as part of a shi’ite uprising in Baghdad and Najaf on Sunday. Another four US soldiers were killed in other violence on Sunday and Monday. But in the span of those attacks the standard poor’s 500 index has risen by about 2 percent, extending a rally that began two weeks ago. The technology-heavy NASDAQ 100 has risen by 3 percent in the same span. More than 400 American soldiers have been killed in action in Iraq since the invasion to oust Saddam Hussein was launched in March 2003. Thousands of Iraqis have been killed. During the same period the SP 500 has risen 30 percent and the NASDAQ, 47 percent. "Thus far, the market has virtually ignored Iraq," said David Darst, the Chief Investment Strategist for Morgan Stanley’s individual investor group. Mixed approach nonetheless, concerns have mounted about the US death count, the transfer of power to Iraqi officials by a US-imposed June 30 deadline and how the strife will affect President George W Bush’s reelection campaign. Darst said terrorism is an increasingly important topic with investors, but lags behind issues like the economy, job creation and corporate earnings in terms of importance. Morgan Stanley has created a series of guidelines for investors who want to hedge against terrorist attacks. One adjustment is to increase holdings in cash or short-term fixed income notes, said Darst, but only in order to have cash available should an attack create a buying opportunity by causing stock prices to plummet. Morgan Stanley advises that investors worried about attacks double cash holdings to between 4 and 10 percent of their portfolios. Iraq has not boosted its oil output back to pre-invasion levels, contributing to a run-up in oil prices that has caused stocks in oil producers and drilling companies to surge. A plan to boost exports has been hampered by sabotage to pipelines and the general lack of order. Companies that mine for gold and other precious metals are also a defensive investment, said Darst, as are pharmaceutical drug producers, traditional and computer security companies and biotechnology. Still, despite recent events like the attack last month on a spanish train, reports that a major attack was thwarted in the Philippines and the seizure of half a ton of explosives in London, investors haven’t shown they are concerned about the spread of terrorist activities, say fund managers. For example, the airline and Casino businesses plummeted in the wake of the attacks, and would likely be damaged by another attack. Yet, the Dow Jones Casino index has rallied by 7 percent in the last month, while the Dow Jones airlines index is up nearly 5 percent. "I can’t be dismissive ... But what we’re seeing in Iraq right now, no, I don’t think that it’s having a big impact on the market," said Greg Valliere, Chief Political Strategist for Schwab Soundview Capital Markets, which advises institutional investors. (AGENCIES) |
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ITA’s Pakistan tour likely in May KOLKATA, Apr 6: The Indian Tea Association (ITA) delegation’s tour to Pakistan is likely to take place in the first week of May this year following the delay by the Pakistan Interior Ministry to issue visa to the delegates. The visit to Pakistan at the invitation of Pakistan Tea Association (PTA) was scheduled for April 5 but got postponed because of the delay in issuing visas. "The visas will be issued within two to three weeks and the schedule will be accordingly fixed in consulation with the PTA," ITA secretary general M Das Gupta told UNI here today. The dates would most likely by fixed at the first week of May, he indicated. Pakistan’s Tea Industry market size is estimated at 140 million kgs and around 110-112 million kgs were officially traded by the country. Following the recent thaw in relations between the two neighbouring countries, ITA, searching for prospective markets in the region following competition from other tea producing countries like Sri Lanka and Kenya, has started establishing contacts with the Pakistan tea industry through the PTA since early 2003. An ITA team had visited the country following the initiation of talks between the two countries and won some contracts. India exported seven million kgs of tea to Pakistan in 2003 as compared to 3.6 million kgs in 2002. "The present delegation will be visiting Pakistan to establish more contracts and to evaluate more opportunities in the market," the ITA secretary general said. The 40 member delegation would be led by the ITA chairman C K Dhanuka. (UNI) |
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Singapore hunts for diabetes cure with stem cells SINGAPORE, Apr 6: With rising affluence and obesity becoming a greater problem in Asia, Singapore has joined the race to find a cure for diabetes using adult stem cells. Researchers from the National University of Singapore and a local biotechnology company said yesterday they were collaborating on a project to produce insulin-secreting cells from adult stem cells harvested from fat tissue. "There is a race around the world to develop what we call surrogate islet cells — cells not derived from the human donor pancreas but cells from tissue, from stem cells, which can be coaxed into producing insulin and then transplanted," said Dr John Isaac of the university’s department of surgery. Singapore, which has positioned itself as a centre for stem cell research, joins experts in the United States and Europe researching fat tissue in adults as a source of stem cells. The wealthy island state has one of the highest rates of diabetes in the world, with nine per cent of adults suffering from the potentially fatal disease compared with six percent in the United States. The disease results in the body’s failure to produce insulin and if not properly treated, can lead to heart and kidney disease, stroke, amputations, blindness and death. The research, with an initial investment of 893,900 dollars, would be to examine the use of adipose tissue, but other sources of adult stem cells may also be investigated. Dr Susan Lim, founder of the biotechnology firm stem cell technologies pte ltd, said there was already strong evidence that cells from fat can differentiate into a variety of cell types, including fat, bone and cartilage. Lim told a news conference that using adult stem cells from patients should pose less controversy than embryonic ones. And with the cells taken from patients’ tissues, immuno-suppressant drugs can also be avoided. The joint venture aims to be in clinical trials after 2007. (AGENCIES) |
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OPEC head says all members to cut output JAKARTA, Apr 6: OPEC will make good an agreement to cut group output by one million Barrels Per Day (BPD), but will allow leakage of barrels if oil prices are strong, OPEC president Purnomo Yusgiantoro said on Tuesday. "We are firm with our decision and the members will follow the decision," said Purnomo, who is also Indonesian Oil Minister, referring to the March 31 decision to go through with the production cut from April 1. The cut brings OPEC’s official output ceiling to 23.5 million BPD,excluding Iraq. "We also allow leakage if the price is strong, but currently the price is not reflecting fundamentals. There is enough crude oil in the market, but the problem is gasoline in the United States," Purnomo told reporters. He did not say how much oil the cartel was currently producing over official limits. Venezuela, south America’s only OPEC member, said late on Monday that all OPEC members should follow the March 31 decision and reduce production. "There is a firm decision in the OPEC ruling and it should be respected," Oil Minister Rafael Ramirez said. Kuwait and the United Arab Emirates, concerned about prices rallying to 13-year highs last month, had unsuccessfully sought to delay the output cut. Kuwait’s Foreign Minister said on Friday the Cartel was unlikely to follow through with the cuts if crude prices rose above OPEC’s target price range. US crude prices have dropped more than five percent, or almost 2 a barrel, since the organisation of the petroleum exporting countries confirmed last Wednesday that it would carry through the output cut, which was first decided in February. The producers’ group, which controls half of the world’s traded crude oil, says the cut is needed to avoid a glut in supply in the second quarter when global demand normally tails off at the end of winter and before summer consumption of gasoline kicks in during the holiday period. They fear any big build in inventories may lead to a collapse in oil prices. One factor boosting oil prices this year has been the low stocks of gasoline in the United States, the biggest user of the motor fuel. (AGENCIES) |
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New design EMUs being developed by ICF NEW DELHI, Apr 6: The Integral Coach Factory (ICF), Chennai, has taken up redesigning and modernisation of the railway coaches and is evolving a new generation of Electrical Multiple Units (EMUs) to be run on trial in western railway in Mumbai. These EMUs will have friendly features, superior looks, easy maintenance and reduction in maintenance time. The new design coaches will be corrosion-free, stainless steel bodied, an official release said here today. As a trial measure, three coaches with sidewall made completely of stainless steel with features like larger windows are being developed. Besides, the interiors are being redone. The ICF has undertaken emu coaches for Mumbai Suburban Rail Services at the instance of the Mumbai Rail Vikas Corporation, which has been set up to modernise the suburban rail system in that city. At present, the process of conversion of the existing power supply system to 25 kv and upgrading the design and quality of the coaches are underway. With the fructification of stainless EMU coaches, Indian Railways will achieve a breakthrough in quality and technology to improve safety of rail services. (UNI) |
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Singtel in venture to offer internet-phone service SINGAPORE, Apr 5: Singapore Telecommunications Ltd, southeast asia’s largest telecoms company, said on Monday it had formed a partnership with a US-based internet firm to expand the use of the web to make public phone calls. Singtel, Singapore’s largest listed company, said it plans to offer the service in the current April to June quarter through a partnership with San Diego-based Sipphone inc using Voice Over Internet Protocol (VOIP) technology. The deal would allow a user with Sipphone gear to place and receive calls over any public phone system, as well as to and from mobile phones worldwide, not just with other parties connected to the internet. Customers planning to use the new service would pay online using a virtual calling card system, a Singtel spokesman said. VOIP uses the public internet instead of traditional phone lines to carry voice calls, making them either free or heavily discounted. The rise of voip technology in recent years has threatened to erode the revenues and profits of major telecoms carriers. Singtel, battling heavy competition in its mature home market where more than four out of five people now own a mobile phone, is seeking new revenue streams outside the tiny city state. It has spents 17 billion ( 10.17 billion) in the last four years buying firms in high-growth Asian nations with fewer cellphone users such as India, Thailand and the Philippines, and in the bigger Australian market. More than two-thirds of Singtel’s revenue and half of its pre-tax earnings are generated outside Singapore. Singtel shares were up one cent at S 2.34 on Monday. (AGENCIES) |
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Munich on Lufthansa India websit NEW DELHI, Apr 6: Lufthansa German Airlines has launched an online campaign to promote its latest New Delhi-Munich flight services. To participate in the fly a crane to Munich quiz, contestants need to log on to the website www.Lufthansa-India.Com and answer three simple questions. Participants stand a chance of winning a return economy class ticket every week to any destination in Europe via Munich. At the end of the four-week promotion aimed exclusively at passengers from India, there is a prize of two economy class return tickets against a lucky draw for all correct entries. Also in the offering are 20 consolation prizes consisting of trendy promotional items. Lufthansa is the largest European airline in India offering 29 weekly flights between India and Germany from four gateways across India — New Delhi, Mumbai, Chennai and Bangalore. (UNI) Datamatics technologies
announces price MUMBAI, Apr 6: Datamatics Technologies Ltd, a non-voice BPO company, focussing on transaction processing and content management, has announced a price band of Rs 101 to Rs 110 for its Initial Public Offering (IPO). The company is offering 10.30-million equity shares of Rs 5 each for cash at a price to be decided through the book-building route. The issue will be open for subscription between April 12 and April 19. Datamatics will list the equity shares on the stock exchange, Mumbai and the National Stock Exchange of India Ltd. At present the paid-up equity capital of the company stands at Rs 160.36-million. This would increase to Rs 202.86-million after the IPO. The issue would represent 25.39 per cent of the fully diluted post issue paid up equity capital of the company. (UNI) |
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