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| China outlines capital market revamp SHANGHAI, Feb 2: China will encourage more mutual funds and open new financial channels for brokerages as it......more Cnooc to
buy further HONG KONG, Feb 2: China’s dominant offshore oil and gas producer Cnooc Ltd said on Monday it will buy an additional......more Australia
says work CANBERRA, Feb 2: Trade negotiators from Australia and the United States are still quite a way from striking a deal on a........more High-tech
farm CHANDIGARH, Feb 2: Haryana Agro Industries Corporation has decided to set up a modern high-tech farm in the Jind........more |
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Hong Kong woos Indian investors CHENNAI, Feb 2: Hong Kong is the right environment for Indian businessmen and industrlaists to open support offices......more Bank
unions meet NEW DELHI, Feb 2: Bank unions today met Finance Minister Jaswant Singh and sought early wage revision and merger......more Agere in
200 NEW YORK, Feb 2: Agere systems inc. Said on Monday it signed a 200 million contract with Samsung Electronics Co Ltd...more BOJ
intervention TOKYO, Feb 2: The Bank of Japan (BOJ) was suspected to have intervened in the....more |
China outlines capital market revamp SHANGHAI, Feb 2: China will encourage more mutual funds and open new financial channels for brokerages as it develops its capital markets, the state council, or cabinet, said on Monday. In a rare declaration of the importance of the development of the markets, the State Council said in a document it would loosen restrictions on insurers to invest premiums in the markets among other steps to help build up a more market-oriented economy. "It is a strategic task for our country to vigorously develop the capital markets as this will be significant in helping the economy quadruple in the first 20 years of this century," the cabinet said in the document published in official newspapers. The document comes as China revamps its financial markets, including a creaky banking system, after flagging 2004 as a year of reform. It is encouraging more state firms to raise funds through the markets to help save key state banks from accumulating high levels of non-performing loans, analysts say. Among other steps, the Government would encourage more brokerages to float shares and issue bonds, according to the document. Only one brokerage, citic securities 600030.Ss , has so far been allowed to go public. China would tighten risk control by improving the legal system to protect investor interests, the document said but gave no details. China’s Benchmark Shanghai composite index .Ssec as risen 21 percent in a technical rebound since hitting a four-and-a-half-year low on November 18. The Shanghai and Shenzhen stock exchanges were set up in late 1990. (AGENCIES) |
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Cnooc to buy further gas stake in Indonesia HONG KONG, Feb 2: China’s dominant offshore oil and gas producer Cnooc Ltd said on Monday it will buy an additional stake in a natural gas field in Indonesia from Britain’s bg group bg.L for US 98.1 million, the latest move by a state Chinese oil firm to beef up overseas reserves. A company news release said the acquisition will increase its interest in the Muturi production sharing contract to 64.767 percent from 44 percent, and its interest in the massive Tangguh Liquefied Natural Gas Project to 16.96 percent from 12.5 percent. Cnooc bought its stake in Tangguh in 2002 for 270 million along with a 2.6 million tonne-per-year supply deal to feed an LNG terminal in Fujian in southeast China from 2007. Government-controlled Chinese oil firms, under pressure from surging Chinese demand and declining domestic resources, have been aggressively hunting for oil and gas assets abroad, with a focus on Russia, Kazakhstan and southeast Asia. Sinopec 0386.HK SNP.N , Asia’s largest refiner and China’s second-largest oil and gas producer, has signed a deal with French oil major total sa totf.Pa to buy crude from Gabon, the African country’s oil minister said on Sunday. Completion of the Cnooc transaction is conditional on Indonesian Government and partner approvals and is expected within the second quarter of 2004. Shares in cnooc closed on Friday at HK 15.80 and slipped 0.95 percent to HK 15.65 in early trade on Monday, in line with weakness in the broader market. The stock had gained 1.2 percent in the month and more than 10 percent in the three months ended Friday. (AGENCIES) |
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Australia says work to do on US Free trade deal CANBERRA, Feb 2: Trade negotiators from Australia and the United States are still quite a way from striking a deal on a free trade pact with negotiations already missing two deadlines, an Australian official said on Monday. The countries had hoped to reach a free trade deal by the end of January after failing to meet a deadline to seal an agreement by the end of 2003 but they have struggled to agree on a range of issues, particularly agriculture. "The number of outstanding issues is gradually being reduced but there is still a fair bit of work to be done," a spokesman for Australian Trade Minister Mark Vaile said on Monday. The leaders of the two allied countries, both of whom are facing elections this year, have faced pressure from lobby groups not to agree to a compromise deal, with the powerful US farm lobby turning up the heat on the Bush administration. Vaile and US trade representative Robert Zoellick have extended negotiations into February in a bid to reach a deal in time to put it to the US Congress for approval before November’s Presidential election. "Discussions will be continuing in Washington on Monday. The minister will stay as long as he thinks progress is being made," the Vaile Spokesman said. Free trade negotiations between Australia and the United States, Australia’s second largest trading partner, began last March and were made a top priority of President George W Bush following Australia’s backing of the US-led invasion of Iraq. Bush and Australian Prime Minister John Howard have not become involved in the negotiations but some analysts say that could be the only way to break the impasse. Australian analysts believe a free trade pact could boost the Australian domestic economy by a 4 billion ( 3 billion) a year. Two-way trade is now worth a 28 billion a year. But the two sides have clashed over agriculture, and over US demands for Australia to water down its rules over local content on television and in film and to reform its state-subsidised drugs scheme. Australia wants access to the heavily protected US farm markets, including sugar, beef and dairy, but US farmers are reluctant to open up markets to their Australian rivals. ( 1=a 1.32) (AGENCIES) |
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High-tech farm to be set up in Jind district CHANDIGARH, Feb 2: Haryana Agro Industries Corporation has decided to set up a modern high-tech farm in the Jind district over an area of 85 acres to boost crop diversity in the state. A spokesman for the corporation said vegetables, fruits, cash crops and medicinal plants would be grown in this farm by adopting latest technology. Besides this, inter-cropping pattern and multi tier agriculture system would also be adopted in this farm so as to encourage the farmers to adopt latest agricultural practices, he said here yesterday. He said medicinal plants would also be grown in between the space from tree to tree. Sprinkler irrigation technologies and Micro irrigation system would be installed in this farm for irrigating the crops. A tissue culture lab would be established to provide healthy and disease free seed and planting material to the farmers. Bee keeping which increase the crop productivity by cross pollination upto 20 to 80 per cent would also be adopted in this farm. Organic farming would be adopted by using organic manures such as vermi compost, bio insecticides and bio pesticides in this farm. Latest agricultural machinery would be used for cultivation of crops. He said a demonstration farm of medicinal plants would also be established in the murthal centre of research and development to impart training on cultivation of medicinal plants to the farmers. Apart from this, fish and prawn culture was also being set up at murthal for demonstration purpose and to make the centre sustainable. (UNI) |
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Hong Kong woos Indian investors CHENNAI, Feb 2: Hong Kong is the right environment for Indian businessmen and industrlaists to open support offices and outsourcing centres by utilising the benefit of its highly independent and liberalised financial market. Invest HK Director General Mike Rowse in a press-interaction here today said that Hong Kong was Asia’s largest international finanical centre connecting American economy with mainland China and the rest of Asia Pacific. "Hong Kong is recognised as Asia’s most international city, with estbalished and sophisticated infrastrcuture. Companies can take advantage of the benefits of operating in this highly efficient market," he added. Invest HK has been voted as the best investment promotion agency in Asia. Mr Rowse, heading a high-level delegation to woo the Indian investors, said the main objective of their visit was to reinforce and expand Hong Kong’s well established relationship with India. Launching the "insight,’ a guide to Hong Kong life, business and investment, he said the brochure, specially prepared for Indian executives, was aimed at providing useful information to help Indian companies and individuals to set up their business in Hong Kong. Stating that financial services, tourism, logistics and supply chain management, trade and business related services were the key areas for Indian investors, he said that talks were on with some Indian banks on upgrading their existing services to provide full-fledged banking services and also to set up representative offices in Hong Kong. He said Indians had become increasingly prominent in several sectors like shipping, finance, information technology and management. The total trade between Hong Kong and India amounted to about four billion US dollar in 2002 and Indian exports to Hong Kong touched a high of 2.5 billion US dollar of which 73 per cent were pearls, precious and semi-precious stones. Other major export earnings for India, were leather and textile yarn. On the need to choose Hong Kong as the preferred destination for Indian investors, Mr Rowse said its business-friendly environment, low and simple tax structure and access to finance had made it a preferred investment destination for international companies. "There are more regional headquarters operations in Hong Kong than anywhere else in Asia. Companies use Hong Kong as a base to exploit the growing markets of mainland China and the rest of Asia because of the many benefits offered by Hong Kong, which is located in the heart of Asia", he added. He said Hong Kong provided natural gateway to the mainalnd, world class telecommunications infrastructure, sound and respected legal system, intellectural property protecting, international financial and service centre, free flow of information, transportation hub, political stability, low tax rates and nil sales tax. (UNI) |
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Bank unions meet Jaswant for early wage revision NEW DELHI, Feb 2: Bank unions today met Finance Minister Jaswant Singh and sought early wage revision and merger of regional rural banks to form a national rural bank. A delegation from the national organisation of bank officers and national organisation of bank workers submitted a memorandum to Mr Singh also demanding reduction of interest on staff loans, tax exemption on perquisites and second option for pension. The eighth bi-partite wage settlement of bank officers is due since November last year. Thirteen rounds of talks have taken place between officers’ unions and the Indian Banks Association (IBA). The Finance Minister assured the delegation that he would direct the banking secretary to instruct iba for early wage revision, Nobo Deputy General Secretary S K Rathore said. The unions are also demanding the formation of a National Rural Bank of India by merging the 196 regional rural banks across the country. (UNI) |
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Agere in 200 million agreement with Samsung NEW YORK, Feb 2: Agere systems inc. Said on Monday it signed a 200 million contract with Samsung Electronics Co Ltd to supply chipsets and software for the mobile phone maker’s new generation of handsets. Allentown, Pennsylvania-based agere said revenue from the agreement, which runs through the calendar year 2004, was included in financial guidance it provided on January 27. (AGENCIES) |
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BOJ intervention suspected around y105.60 per dlr TOKYO, Feb 2: The Bank of Japan (BOJ) was suspected to have intervened in the currency market on Monday, buying dollars at around 105.60 yen to prevent the Japanese currency from strengthening further, traders said. "Unnatural (dollar) bids from Japanese banks have been seen repeatedly since early trade and they are thought to be buying on behalf of the BOJ," said a senior Japanese trader. Trade was fairly thin, with the dollar said to be under some selling pressure but holding around a session low near 105.60 yen, with the Central Bank rumoured to be lining up buy orders between 105.50 and 105.55 yen the trader said. The BOJ acts as the agent of the Ministry of Finance (MoF). MoF officials were not immediately available for comment. The dollar is hovering just above a three-year low against the yen despite repeated official intervention by the japanese authorities, anxious to stop a firm yen from hurting an export-led recovery in the economy. Official data on Friday showed that Japan had conducted a record volume of intervention in January. The ministry data showed Japan spent 7.1545 trillion yen in currency intervention — equivalent to 67.68 billion at Monday’s rate. That total, which covers the period between December 27 and January 28, compares with the previous monthly record of 4.4573 trillion yen last September. The Japanese authorities spent an annual record of 20 trillion in 2003. Most recently, the BoJ was suspected of having intervened last Wednesday, when the dollar shot up to 106.65 yen from about 105.80 yen, traders said. Japanese exporters remain eager to sell the dollar to convert their proceeds into yen, particularly above 105 yen, they added. Traders expect the dollar’s fall to pick up speed should it break below a three-year low of 105.45 yen set last week. As of 0226 GMT, the dollar was quoted at 105.59/63 yen compared with Friday’s late US level of 105.71/79. (AGENCIES) |
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Salora Q3 net up 49 pc declares 20 pc interim dividend NEW DELHI, Feb 2: Consumer electronics manufacturer Salora International Ltd today said its net profit surged 49 per cent during the quarter ended December 31, 2003 to Rs 4.76 crore from Rs 3.20 crore during the corresponding period last year and declared an interim dividend of Rs two per share. The company’s sales grew 16 per cent to Rs 110 crore during Q3 of the current fiscal as compared to Rs 95 crore in the year-ago period, Salora said in a statement here. For the first nine months of this financial year, Salora international reported a net profit of Rs 11.90 crore as compared to Rs 7.69 crore during the corresponding period of last year, registering 55 per cent growth. The company’s sales increased 19 per cent year-on-year to Rs 305 crore from Rs 257 crore, it added. (UNI) |
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Ramji Rai takes over as Bhel Director (Engg, R D) NEW DELHI, Feb 2: Mr Ramji Rai has taken over as Director (engineering research and development) and member of the board of Bharat Heavy Electricals Ltd (BHEL), Earlier, Mr Rai was heading BHEL’s electronics division at Bangalore as Executive Director. The division was accredited with ISO 14001 and Ohsas-18001 certifications during his Stewardship, BHEL said in a statment here. A mechanical engineering graduate from the Banaras Hindu university, Mr Rai joined BHEL in 1969 and worked in various capacities in the fields of planning, project management and manufacturing technology. (UNI) |
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Safari bikes to invest Rs 20-cr for capacity expansion NEW DELHI, Feb 2: Safari Bikes Ltd, a manufacturer and exporter of bicycles, today said it will invest Rs 20 crore in its Ludhiana-based unit for capacity expansion from 6,000 cycles per day to 10,000 units. The company has bagged an export order for supplying 32,000 bicycles for school teachers in Rwanda in South Africa. The decision to increase the capacity follows the increased demand from the domestic as well as international market, Safari Bikes Ltd said in a statement here. The Safari group exports bicycles to more than 80 countries in europe and South Africa and plans to focus on the vast potential of the domestic market. The company plans to expand its network from 1500 to 5,000 dealers across the country. The company, which manufactures bicycles under the hi-bird brand, registered over 25 per cent growth in global and domestic sales this year despite 50 per cent increase in steel prices, Safari Bikes Ltd Managing Director R D Sharma said. Safari Bikes is also in the final stage of signing a technological tie-up with a major manufacturing company in Europe to manufacture high-end bicycles. However, the details were not available. (UNI) Mitsubishi elec Q3 up on factory equipment demand TOKYO, Feb 2: Japanese Electronics Conglomerate Mitsubishi Electric Corp said on Monday its operating profit rose in the latest quarter as a recovery in capital investment boosted demand for its factory equipment. Group Operating Profit, which shows a company’s core earnings strength, totalled 27.3 billion yen ( 258.3 million) in October-December, compared with 6.12 billion yen a year earlier. Stronger earnings were expected since Mitsubishi electric president Tamotsu Nomakuchi said in January the company was sure to hit its operating profit target of 80 billion yen for the year to March and gave a bullish outlook for the next business year. A recovery in capital spending by electronics makers has led to brisk orders for its factory equipment in the current year, Nomakuchi said. Mitsubishi electric is the smallest of Japan’s five major electronics conglomerates, which also include Hitachi Ltd, Toshiba corp, NEC Corp and Fujitsu Ltd shares in Mitsubishi electric, whose products range from satellites to air conditioners, fell 4.7 percent in the three months to the end of December, underperforming the Tokyo stock market’s electric machinery index ielec, which gained 1.53 percent. (AGENCIES) |
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