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Union bank to launch share transactions at its CBS brances MUMBAI, Dec 13: Public sector Union Bank of India will shortly start the share settlement business at all its branches having the Core Banking......more Govt procuring foodgrains from 14 states NEW DELHI, Dec 13: Government has started procuring foodgrains for public distribution from 14 states in the country from november after changing its ......more India
has good potential CHENNAI, Dec 13: India has the potential for Rs 5,000-crore market in branded .....more Soltam systems to open office in India JERUSALEM, Dec 13: Soltam systems, an Israeli defense related conglomerate has announced its plans to set up office......more |
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Railways doubles to six pc wagon overloading penalty NEW DELHI, Dec 13: As part of its efforts to plug revenue leakages, the railways has doubled to six per cent the penalty vis-a-vis loading of wagons ........more Fall
in sugar production NEW DELHI, Dec 13: Asserting that fall in production of sugar this year would be overcome next year, the Government today stated that nine lakh . ....more Tatas decision to invest in Bangladesh by Mar-Apr NEW DELHI, Dec 13: Tatas will take a final decision on its proposed two billion dollars investment in Bangladesh by April 2005 once the feasibility ....more Indo-Pak trade up by over 300 pc during April-July NEW DELHI, Dec 13: Expressing confidence that trade between India and Pakistan would.......more |
Union bank to launch share transactions at its CBS brances MUMBAI, Dec 13: Public sector Union Bank of India will shortly start the share settlement business at all its branches having the Core Banking Solution (CBS) facility. The bank, which today installed the CBS facility at its branch at Ghatkopor in north Mumbai, has applied for membership at both the National Stock Exchange and the Bombay Stock Exchange in order to provide on-line share trading facility to the customers. It has also tied up with broking firms to facilitate the share transactions. The bank’s newly appointed Chairman K Cherian Varghese, who inaugurated its 500th CBS branch today, told reporters that the bank was adding 14-15 branches every week to its core banking network. By December end, the bank will have about 700 CBS branches, covering about 70 percent of the total bank businesses, he added. The Union bank will have 1200 branches under its core banking system, covering 85 percent of the total business, by March 31 next year. The purpose of CBS networking was to ensure best services to customers at a reduced cost, he said. In this context, Mr Varghese called upon the bank employees to focus on getting more businesses and customers, saying the bank is now comparable with any other first generation private banks in terms of technology application and services offered. Currently, the bank is in the process of expanding its network infrastructure through a mixture of leased lines, ISDN lines and V-Sats, connecting about 860 branches and 62 offices under the Wide Area Network (WAN). (UNI) |
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Govt procuring foodgrains from 14 states NEW DELHI, Dec 13: Government has started procuring foodgrains for public distribution from 14 states in the country from november after changing its policy to procure only from Punjab and Haryana, Lok Sabha was informed today. Panchayats have also been empowered to finalise the list of families Below Poverty Line (BPL) so as to cover poorest sections of society, Agriculture Minister Sharad Pawar said during question hour. Observing that procurement had been decentralised, he said foodgrains were being picked up from 14 states, including Bihar, and in most cases, the foodgrain procured from a state was distributed through PDS in the same state. Pawar said State Governments have been given instructions to ensure that foodgrains reach the targeted population in backward blocks. In order to strengthen the PDS, women and ex-servicemen’s bodies should be given priority in allotting fair price shop licences, he said. The minister said the total food subsidy as of now had been estimated at Rs 25,000 crore which was being distributed among states depending on the number of backward blocks. He said several conferences had been held to further streamline PDS and ensure better monitoring so that all families at the risk of hunger, including migrant labour, displaced persons and homeless population, were catered to. (PTI) |
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India has good potential for branded gold jewellery: WGC CHENNAI, Dec 13: India has the potential for Rs 5,000-crore market in branded gold jewellery, which registered a significant growth in the last two years, World Gold Council (WGC) vice president K Shivram said today. However, the country was yet to match the international standards in the segment and Indian designers should learn the global way of jewellery designing, he added. "At a time when everyone wants to make a fashion statement, India is still lagging behind," he said at the launch function of ‘gold expressions,’ a collection of gold jewellery fashioned by renowned Italian goldsmiths, here. The dazzling collection was launched by D’damas in association with the WGC as a part of the ongoing Italian festival ‘Festa Italiana.’ Mr Shivram expressed hope that with new infusion into the market, the Indian designers would be encouraged to create collections that were both contemporary and in tune with global consumers. D’damas Jewellery (India) Pvt Ltd president Dharmesh Sodha said that as part of expansion plans, about 400 retail outlets would be opened in a phased manner within the next one and a half years. An extensive advertisement campaign would be launched in the south, which had 40 to 45 per cent of demand for gold, he added. (UNI) |
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Soltam systems to open office in India JERUSALEM, Dec 13: Soltam systems, an Israeli defense related conglomerate has announced its plans to set up office in India, in partnership with local companies involved in the Indian security industry. Soltam systems subsidiary International Technologies Lasers (ITL), in cooperation with a local firm, will set up the first plant in the project in Bangalore, as stated in Haaretz, a leading Israeli newspaper. The plant will manufacture night vision systems, digital compasses and military binoculars. Soltam group board chairman Avraham Gilat said that the Indian Defense Ministry was an important customer for Soltam’s products. According to Haaretz, over the years, the group had sold more than 100 million dollars worth of artillery systems to the Indian Army and was vying for a tender against companies from Sweden and South Africa for the supply of 1,500 howitzer guns (155mm) to India. The tender is worth around 1 billion dollars. Gilat said the plant in Bangalore would receive a license to manufacture components and parts that the company purchases from foreign firms in any event. Calculations made by ITL show that the establishment of the plant in India will significantly reduce costs. Together with its subsidiaries, Soltam systems, which is part of the Soltam group, has purchased more than 10 companies in the past three years. The Soltam group is expected to report sales of some 100 million dollars in 2004. (UNI) |
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Railways doubles to six pc wagon overloading penalty NEW DELHI, Dec 13: As part of its efforts to plug revenue leakages, the railways has doubled to six per cent the penalty vis-a-vis loading of wagons beyond the rated capacity, an official release said here today. The Railways Ministry has promulgated the railways (punitive charges for overloading of wagon) rules, 2004 increasing the penalty for overloading of a wagon to six per cent from the existing three per cent, it said. The step seeks to prevent revenue leakages through undercharging and overloading and maximise earnings, it added. As per the rules, 2004, if commodities are overloaded in eight-wheeled or four-wheeled wagons, the railways would recover punitive charges for the excess weight of commodities for the entire distance, irrespective of point of detection, the release said. The 2004 rule replaces the railways (punitive charges for overloading of wagon) rules, 1990, it said. (PTI) |
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Fall in sugar production will be overcome next year: Pawar NEW DELHI, Dec 13: Asserting that fall in production of sugar this year would be overcome next year, the Government today stated that nine lakh tonnes of raw sugar have been imported by November end. "Sugar production this year has been 125 lakh tonnes, as compared to 200 lakh tonnes last year, mainly due to drought in many parts of the country," Minister for Agriculture and Consumer Affairs Sharad Pawar told the Lok Sabha during question hour. Mr Pawar said the import of raw sugar under Advanced Licences (ALs) would enable higher utilisation of installed capacity, increase duration of crushing season of sugar mills and augment the domestic availability of sugar at reasonable prices, thus benefitting farmers, industry and consumers. The minister said that during the period from April 1, 2004 to December 4, 2004, 47 ALs had been issued to 27 firms for a value of Rs 1075.26 crore (CIF). It is estimated that nine lakh tonnes of raw sugar had been imported by November 24, 2004. Mr Pawar said that as raw sugar was being imported by the industry, there was no financial burden on the Government. (UNI) |
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Tatas decision to invest in Bangladesh by Mar-Apr NEW DELHI, Dec 13: Tatas will take a final decision on its proposed two billion dollars investment in Bangladesh by April 2005 once the feasibility study and the negotiations with the Government concludes. "We started feasibilty study for our investments in mid-Ictober and it would be finalised by March-April," Tata sons executive director Alan Rosling said. He said after the study "our investments in Bangladesh will be decided on the basis of negotiations with Government." Asked if there is any possibility that the group may not go ahead with such a massive investment in Bangladesh, Mr Rosling told UNI, "this will be decided on the basis of our negotiations with the Bangladesh Government and the findings of the feasibility study". Tatas have lined up a massive two billion dollars investment (around Rs 10,000 crore) for Bangladesh. The Tata group’s Bangladesh investment package for which the conglomerate has inked an expression of intent with the Bangla Government include setting up of a 2.4-million tonne steel facility, a 1-million tonne fertiliser unit and a 1,000-megawatt power plant. Tatas like other Indian business houses have lately started focussing on Bangladesh as a lucrative investment destination due to the cheap energy prices in that country and an expanding market, which has already become the eighth largest, measured in terms of purchasing-power parity. Tata group chairman Ratan Tata during his visit to Bangladesh had signed the expression of interest with the Government following which the group constituted, three feasibility study teams on power, fertiliser and steel. Reports said one of the five pre-conditions of Tata group to invest Rs 10,000 crore includes providing gas at competitive price to Tata and incentives like other export-oriented industries in the country. "The Tata group is keen to go ahead with the projects as Bangladesh offers excellent value for our money, " Mr Rosling said. (UNI) |
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Indo-Pak trade up by over 300 pc during April-July NEW DELHI, Dec 13: Expressing confidence that trade between India and Pakistan would improve despite political roadblocks, India today said exports between the two countries had grown by more than 300 per cent during the period from April to July but added that it could grow even more if Pakistan reciprocated by granting India the Most Favoured Nation (MFN) status. Commerce and Industry Minister Kamal Nath told the Rajya Sabha during question hour that both countries’ recent landmark decision to have an economic cooperation agreement would boost bilateral cooperation in various sectors. The first meeting of the two sides, headed by their respective Commerce Secretaries, would be held shortly, he said. Replying to supplementaries, he said India did not propose to go via the disputes settlement mechanism of the WTO for India being granted the MFN status by Pakistan because of the economic cooperation agreement between them which would solve all such bilateral problems. He agreed with a questioner that in absence of the MFN status by Pakistan, "unofficial" trade between the two countries, to the tune of 3400 million dollars, was being conducted through third countries. If only such roadblocks were removed, trade volume could go up considerably, he added. He said developed countries were doling out a subsidy of one billion dollars a day to the agriculture sector while in India, it was one billion dollars a month. The Government is committed to protect this subsidy to the agriculture sector, he said. He also referred to a FICCI report which states that India’s economy is more liberalised than those of the US and Japan. "This assertion has been based on share of merchandise and service exports and imports as the ratio of GDP. Such a ratio does not necessarily reflect the state of liberalisation of the economy," he added. The growth of a country’s economy must be judged in terms of employment generation. This should be the main yardstick for economic growth. (UNI) |
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Oil climbs above 41 as Saudi cuts supplies to Asia SINGAPORE, Dec 13: Oil prices climbed above 41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC’s agreement last week to curb excess supply. US light crude rose 30 cents to 41.01 a barrel, while London’s brent crude traded 42 cents higher to 37.80 a barrel. Oil fell to a near five-month low on Friday on doubts over OPEC’s resolve to rein in 1 million barrels of daily output, and as Iraqi exports to the Turkish port of Ceyhan resumed after a 12-day stoppage due to sabotage. Refiners in Japan, the world’s third biggest oil consumer which imports virtually all of its needs, said on Monday they had been told by Saudi Arabia that supplies would be chopped by 8 percent in January versus December volumes. South Korean refiners said they, too, faced an 8 percent cut in Saudi supplies. "Saudi’s 8 percent cut was a very quick move," said Tetsu Emori, chief strategist at Mitsui Bussan Futures in Tokyo. "It cannot be neglected as we are now in the peak winter season, however mild the weather has been this year." OPEC ministers agreed on Friday in Cairo to curb output. They said they would withdraw 1 million Barrels A Day (BPD) of production — around 3.5 percent of current supply — from January 1. Saudi Arabia is to take the biggest cut, at 500,000 BPD. The organisation of the petroleum exporting countries had been pumping well above its 27 million BPD formal target this year to cool a price surge that saw US crude hit a record 55.67 a barrel in late October. But prices have fallen sharply since then, tumbling about 25 percent as oil stocks have risen, and OPEC ministers feared a surplus of supply could bring the market down further, especially in the second quarter when demand usually falls after winter. "Demand in the second quarter will drop 1 million BPD," OPEC president Purnomo Yusgiantoro told reporters on the sidelines of an oil industry conference in Jakarta on Monday. OPEC will meet again on Jan 30 in Vienna to review market fundamentals and production policy. "If prices will continue to fall from now to January we will have to cut the ceiling by 500,000 to 1 million BPD," Kuwaiti Oil Minister Sheikh Ahmad-al-Fahd-al-Sabah said on Saturday. Consumer nations had urged OPEC not to reduce supplies, saying oil stocks needed to rebuild to calm volatile prices and underpin economic growth. (AGENCIES) |
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Tokyo stocks open higher, exporters gain TOKYO, Dec 13: Japan’s Nikkei share average opened 0.63 percent higher on Monday after a fall in the yen helped some exporters such as Toyota motor corp. The dollar hit a one-month high above 106 yen late last week before trading around 105.40 yen on Monday, easing concerns that its recent fall would eat into the overseas revenue and profits of exporters. As of 0005 gmt the nikkei had extended its gain and was up 79.04 points or 0.73 percent at 10,835.84. The broader topix index was up 0.49 percent at 1,089.13. (AGENCIES) |
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OPEC head sees Q2 oil demand dropping by 1 mln BPD JAKARTA, Dec 13: Demand for oil will decline by 1 million Barrels Per Day (BPD) in the second quarter of 2005, the head of the OPEC producers’ cartel said on Monday. "Demand in the second quarter will drop 1 million BPD," OPEC President Purnomo Yusgiantoro told reporters on the sidelines of an oil industry conference. Purnomo, who is also Indonesia’s Oil Minister, declined to say whether he expected the organisation of the petroleum exporting countries to cut its official output limits when it meets on Jan 30 to review output policy. His comment came after OPEC producers agreed on Friday to reduce output by about 1 million BPD, curbing supplies to the global market which were above the group’s official production ceiling of 27 million BPD. OPEC had been pumping well above its formal target this year to cool a price surge that saw US crude hit a record 55.67 a barrel in late October. But prices have fallen sharply since then, tumbling about 25 percent to 41 and OPEC ministers fear any surplus supply could bring the market down further, especially in the second quarter when demand usually falls after winter. (AGENCIES) LG card creditors to urge former parent to stump up SEOUL, Dec 13: Creditors of troubled LG card will meet on Monday to discuss ways of pushing the company’s former parent LG group to pay the bulk of a proposed 1.2 trillion won ( 1.13 billion) aid package for South Korea’s biggest card issuer, a creditor official said. The meeting is the latest attempt to find a breakthrough in stalled talks on how to divide the financial burden of the bailout between LG card’s creditors and its former parent. Creditors now own more than 99 percent of LG card after a bail-out debt for equity swap this year, but they see lg group still having responsibility for its losses. LG Card Co Ltd., which narrowly escaped bankruptcy in January after a 4.5 billion bailout, needs the new aid package by the end of this year to avoid credit rating downgrades and a future delisting. "Major creditors will meet at 2 p.m. (0500 gmt)," said an official at Korea Development Bank, LG card’s main creditor. "We will release a statement detailing our stance after the meeting." South Korean credit card firms have struggled to stay afloat since a consumer credit bubble burst last year, leaving mountains of unpaid card bills. Creditors have told LG group they wanted it to pay 875 billion won of the proposed aid package by swapping LG card debt securities held by LG affiliates into equity. LG group has said it would be difficult to chip in as much as creditors want, citing expected opposition from its affiliates’ management. An LG group spokesman said on Monday it had not changed its stance. State-run KDB manages LG card on behalf of other creditors including Kookmin Bank, Nonghyup, Woori Bank and Industrial Bank of Korea. Shares in LG card, 99.3 percent owned by creditors following the bail-out earlier this year, traded flat at 15,100 won by 0046 gmt, compared with a 0.59 percent fall in the wider market. (AGENCIES) |
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