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| J&K Bank dedicates one more ATM to the people of Kathua Excelsior Correspondent KATHUA, Feb 14: The Jammu and Kashmir Bank Limited today dedicated one more ATM to the people of Kathua.......more US
treasury Taylor’s WASHINGTON, Feb 14: John Taylor, the US treasury’s under Secretary for......more Bike maker
Ducati MILAN, Feb 14: Italian motorbike maker Ducati said on Friday it expected revenues........more Safai
Karmachari MUMBAI, Feb 14: The "feel good factor" will turn into "feel shame factor" if premier.......more |
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Exhibition of Kajaria tiles
Excelsior Correspondent JAMMU, Feb 14: Kajaria Ceramics Limited New Delhi- a renowned manufacturing company of wall and floor tiles in India, opened its three days exhibition in Jammu......more IIIT to
collaborate ALLAHABAD, Feb 14: The Indian Institute of Information technology (IIIT) here has anounced plans to collaborate with.....more HP
Government to BILASPUR, Feb 14: Himachal Pradesh Chief Minister Virbhadra Singh said that.....more International
accounting JAIPUR, Feb 14: Top industrialists, heads of regulatory bodies, banks and senior company officials are among the nearly.....more |
| J&K Bank dedicates one more ATM to
the people of Kathua Excelsior Correspondent KATHUA, Feb 14: The Jammu and Kashmir Bank Limited today dedicated one more ATM to the people of Kathua. M Y Khan, chairman of the Bank while inaugurating ATM at Shaheedi Chowk, Kathua informed the gathering that with the inauguration of today’s ATM, the number of ATMs in Kathua city has gone upto 2 and total ATMs in Jammu division has gone upto 16. Mr Khan further informed the gathering that Bank will very shortly install an ATM at Lakhanpur, the work for which is in progress, for the benefits of customers. Besides, 7 more ATMs are also being installed in Jammu zone. After the inaugural ceremony a function was organised at Town Hall Kathua where hundreds of customers of the Bank, distinguished dignitaries of Kathua and Government functionaries attended the function. Addressing the function, Mr Khan informed that the ATM inaugurated today in Maestro (Master Card) enabled. The Bank has already launched Global Access Debit card in collaboration with Maestro. This card is acceptable in 4700 ATMs and 50000 establishments across the country and over 8 lakhs ATMs and 8 millions establishments across the globe. Mr Khan further added that more than 100 branches of our Bank have already been converted into Super Financial Market where facility of insurance both life and non life, equity trading, depository services etc. are being provided in addition to normal banking. Mr Khan announced that the profit figure for the March 2004 shall be nearing the targeted figure of 450 crores. The business of the Bank will cross 25000 crores by the end of this financial year. He also announced that the depository services shall be started at the main branch Kathua where the people can trade their shares. The Bank’s fundamentals are very strong as RBI has given us good rating. He further said that J&K Bank, the award for which was presented to us by none other than Dr Bimal Jalan, the then Governor of RBI. He thanked the customers of the Bank for reposing confidence in our Bank and taken the Bank to new heights and Bank’s share have crossed the historical heights of Rs 500 per share at both the Bombay Stock Exchange and National Stock Exchange and more than 3 lakhs shares of the Bank are being traded in the stock exchanges every day. The function was also attended by A K Mehta, Joint General Manager (Insurance), S C Sharma, Dy. Gen. Manager (T) and N K Khajuria, district Manager Kathua. |
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US treasury Taylor’s trip includes Iraq, Afghanistan WASHINGTON, Feb 14: John Taylor, the US treasury’s under Secretary for International Affairs, is slated to visit Afghanistan, Iraq, Israel and the West Bank in coming days on a trip through west Asia, the treasury said Friday. In Afghanistan, Taylor will focus on private sector development and improving revenue collection. He will also talk with representatives of other donor countries on progress in rebuilding the country ahead of its June elections. In Iraq, Taylor is to "review progress on strengthening the financial sector," Treasury said. In the West Bank, Taylor will participate in the first meeting of the Palestinian Economic Development Group, Treasury said. Taylor is to leave Saturday and return Feb 23 Treasury did not specify which countries will be visited on which days. (AGENCIES) |
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Bike maker Ducati sees 2004 revenues up, debt cut MILAN, Feb 14: Italian motorbike maker Ducati said on Friday it expected revenues and core profit margins to improve this year by widening the range of its products to appeal to more consumers. Bologna-based Ducati, maker of the Monster bike, also pledged to cut net debt swiftly. The impact of the strong euro dented Ducati’s sales and its core profit margin last year because consumers in its key market of the United States were put off paying thousands of euros for its big-ticket motorbikes. But Ducati Chief Financial Officer Enrico D’Onofrio told a conference call that the launch of cheaper bikes, together with its more luxury brands, would help bring back fans this year. "As for the top-line guidance, our expectation (in 2004) is a low single-digit growth since we expect a better (product) mix to offset continued strengthening of euro," D’Onofrio said in a conference call. Last year, revenues at the maker of high-performance motorcycles fell 6 percent to 388.2 million euros ( 497.4 million). Ebitda margin, a ratio of earnings before interest, taxation, depreciation and amortization to sales and a key indicator of profitability, slipped to 11.6 percent from 12.7 percent in 2002. D’Onofrio said the company expected Ebitda margin to be 12 percent to 14 percent this year, depending on exchange-rate fluctuations. He said it would be 13 percent at the current exchange rate. Together with new models launched in September and a string of cost cuts, Ducati had previously forecast a rise in profitability and a return to full-year net profit after a very slow start to 2003. Ducati Chairman and Chief Executive Federico Minoli said US New Registration, a measure of retail sales, picked up in January as consumer spirit was recovering: "We finally see the light at the end of a tunnel." D’Onofrio said the group would slash its net debt by 20 percent. At the end of December, Ducati’s net debt stood at 117.2 million euros, he noted. "In 2004, we will be very much focused on improving our cash position," he said. "We are expecting to improve net debt by almost 20 percent by reducing inventories and improving costs." Ducati is revamping its US unit through a plan to cut inventories to six months from nine and to cut 50 jobs in 2003. D’Onofrio said the company would continue buying back its 100-million-euro bond, issued in 2000 and due in 2005, but also would look at different ways to refinance the remaining part, including possible private placement or syndicated debt. He said about 50 million euros worth of bond were currently outstanding. (AGENCIES) |
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Safai Karmachari national commission flays RBI MUMBAI, Feb 14: The "feel good factor" will turn into "feel shame factor" if premier institutions like the Reserve Bank of India (RBI) fail to compile with the necessary band credit data on manual scavengers and ‘Safai Karmachari’ rehabilitation scheme, said Safari Karmachari National Commission member Girija Shankar Prasad here. Speaking to reporters here late last night, Mr Prasad noted that RBI officials, including the Deputy Governor had postponed a meeting with the Commission without a valid reason and then declined to re-convene the meeting. "RBI has a moral responsibility to supervise and monitor the credit programme of the leading banks, who are entrusted in implementing the scheme to liberate and re-habilate the scavengers and ‘Safai Karmacharis’ from the inhuman activities in this Infotech age. Everybody has admitted that the scavengership of the dry latrines as national shame", Mr Prasad said. "The Government has set a deadline for eradicating natural scavengers and rehabilitating them by 2007. But if the agencies responsible for this are ignorant of their duties then it will not be possible to implement the scheme even by 2020", he said, adding that the commission hoped to implement the scheme by 2005". Mr Prasad also informed that the Prime Minister had included the eradication of natural scavengership in different parts of the country and rehabilitating them in proper employment in his 15-point programme. "Moreover, the Planning Commission has made an action plan to expedite the programme", he stated. "The Government has spent over rs 1400 crore in last ten years to liberate these people and rehabilitate them, but the benefits have not been seen in the community yet. Still 3.5 lakh natural scavengers are working there in the country in 45 lakh dry lavatories according to the statistics of ministry of urban development and poverty alleviation. But the number would cross crores in the case of ‘Safai Karmacharis"’, Mr Prasad said. (UNI) |
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Exhibition of Kajaria tiles begins at Gandhi Nagar Excelsior Correspondent JAMMU, Feb 14: Kajaria Ceramics Limited New Delhi- a renowned manufacturing company of wall and floor tiles in India, opened its three days exhibition in Jammu at Gandhi Nagar opposite Post Office. The company has been exhibiting more than 300 innovative concepts, designs and choices of ceramic tiles in this exhibition. Kajaria ceramics has two fully functional automatic plants-one in Secundrabad in Uttar Pradesh and the other in Gailpur in Rajasthan. Both the plants are producing 90,000 TPA floor tiles and 70,000 TPA wall tiles respectively. The company is the first of tile manufacturers in India to receive the OHSAS 18001 honour for fulfilling international standard in occupational health and safety management system besides receiving ISO 14001 accredition for environment friendly manufacturing practices. Kajaria Ceramics has consistently pioneered and brought in the latest international quality products in India. The Caravan exhibition throws light on how to display current trends, style methods of decorate bathrooms, kitchens, outdoors and fascia. This exhibition also provides beautiful products combined creatively and carefully together with the borders, listellos and motifs. M/s Kundan Lal and Sons, Shakti Nagar, Canal Road are the distributors of the company in Jammu where the Company has set up exclusive tile shopee for Kajaria tiles. This exhibition has provided a perfect opportunity to the masses for interactions with Rajiv Goyal, AGM (Marketing) of the company for more than 300 innovative concepts displayed in the pavilion. |
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IIIT to collaborate with UMV of Canberra ALLAHABAD, Feb 14: The Indian Institute of Information technology (IIIT) here has anounced plans to collaborate with the University of Canberra for a joint research project in database development. Prof Mohd Yamin of the Canberra University visited the institute yesterday and discussed the matter with the IIIT Director to explore such possibilities, sources said. Under the programme, there will be special consideration of applications for Ph.D scholarships from IIIT, joint supervision of research students, enrolment of Ph.D students at the University of Canberra, they added. Prof Yamin also interacted with the students and explained them the research areas of mutual interest at the Canberra varsity. (UNI) |
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HP Government to pursue new rail link BILASPUR, Feb 14: Himachal Pradesh Chief Minister Virbhadra Singh said that State Government would be perusing the matter of constructing broad gauge railway line from Bhanupali to Bilaspur so that the area could be linked with railway line, which was a must for the development of the state. Speaking at a public function here yesterday, he said that his Government during previous tenure had conducted the physical survey by spending Rs three lakh, which had underlined the need for construction of railway line. Mr Singh said that the railway line would also cater to the needs of the fruit growers of the state and would help them in marketing their produce conveniently at lesser freight charges. He said that the Government would consider Constitution of joint venture consisting of Government of India, Himachal Pradesh and cement industries besides contribution by similar other entrepreneurs on the basis of Konkan Railways pattern. He said that expansion of railway network would help in bringing prosperity in the state. (UNI) |
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International accounting conference in Jaipur from Mar 11 JAIPUR, Feb 14: Top industrialists, heads of regulatory bodies, banks and senior company officials are among the nearly 2,000 Indian and foreign representatives, who will attend a three-day international conference on accountancy here next month, the organisers have said. After the inaugural session on March 11, technical sessions would be held over the next two days on the topic "redefining the accountancy profession: A measured response to global challenge", Mr Sunil Goyal, president of the Institute of Chartered Accountants of India, which is organising the conference, told reporters yesterday. Reliance Industries vice-chairman and managing director Anil Ambani would address two technical sessions. Ranbaxy laboratory chairman Tejendra Khanna, Dr Reddy’s laboratory executive chairman Dr K Anji Reddy, Mr S Ramadorai of Tata consultancy services, HCL Technologies Ltd. CEO Shiv Nadar, Hindustan Lever Ltd. Chairman M S Banga, HDFC Bank Ltd. Chairman Deepak Parekh and UTI Chairman M Damodaran also would present technical papers on March 12 and 13. SEBI Chairman G N Bajpai, Insurance Regulatory and Development Authority Chairman C S Rao, Central Board of Direct Taxes Chairman P L Singh, Comptroller and Auditor General of India V N Kaul, World Bank Country Director for India Michael F Carter, Department of Company Affairs Secretary M M K Sardana, International Federation of Chartered Accountants (IFAC) president Rene Ricol and Mr N S Sisodia of the department of banking and insurance would also present papers on various themes, Mr Goyal said. Representatives from nearly 45 countries, including all SAARC nations, would participate in the conference, he said. Nearly 100 delegates are expected from Pakistan alone. Prime Minister Atal Bihari Vajpayee is likely to address the inaugural session, he said. (UNI) |
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Mitsubishi motors likely to post y100 bln loss-report TOKYO, Feb 14: Japanese car maker Mitsubishi Motors Corp is likely to post a group operating loss of around 100 billion yen ( 949.3 million) this year on poor sales of new cars in North America, a newspaper said on Saturday. Mitsubishi’s profitability was hit by stiff price competition in North America, where the big three US car makers and others had cut prices, the Nihon Keizai Shimbun said. The likely 100 billion yen group operating loss for the year ending March 31 would be worse than the firm’s projection for a loss of 45 billion yen, the newspaper said. The car maker posted a profit of 82.76 billion yen a year earlier, it added. Officials at Mitsubishi Motors, 37 percent owned by Daimlerchrysler, could not immediately be reached for comment. Nihon Keizai said Mitsubishi Motors was seeing a recovery in Europe, where its profit was being pushed up by the strong euro. Another plus was that sales had been growing in Asia outside Japan, the newspaper said. But it said the firm’s group net loss could rise from its current estimate of 11 billion yen due to the poor performance of its core business. Mitsubishi Motors posted a group net profit of 37.36 billion yen in the year to March 31, 2003. The car maker could also incur an additional losses linked to its restructuring efforts, the newspaper said. ( 1=105.34 yen) (AGENCIES) |
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WSJ backs Bush’s aide on outsourcing NEW YORK, Feb 14: The outsourcing of US technology jobs to low-cost countries like India, which has become a social and economic issue during the current Presidential campaign, is figuring prominently in the American news media. From news pages, the issue has gone into opinion columns. Businessweek late last year strongly came out in favour of outsourcing, vigorously arguing that it would be a win-win situation for the countries concerned. And now, the Wall Street Journal has echoed a growing sentiment among US businesses, economists and intellectuals that outsourcing would be beneficial in the long term. The new york-based newspaper said: "If country X does or makes something with relatively low cost compared to country Y, then country X should take it. Country Y is thus released to earn higher returns on something else. The magic is that both countries are better off through this arrangement." In its editorial, the financial daily said: "In the current debate, country X stands for India and country Y is the US. By moving some data entry, customer service and software engineering activities to India, the economies of both countries gain." The newspaper supported Gregory Mankiw, chairman of the President Bush’s Council of Economic Advisers, who said earlier in the week that outsourcing "is a growing phenomenon which is a plus for the (US) economy in the long run." It said by reducing costs, outsourcing gives companies more money to invest. More investment means more jobs, especially jobs with higher value added. "Lower costs mean lower prices. This is a boon for consumers who then enjoy increased purchasing power," the editorial said. (UNI) |
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FIIs pump Rs 1,521 crore in equity, debts markets MUMBAI, Feb 14: Foreign Institutional Investors (FIIs) have made huge purchases worth Rs 1,521 crore in equity and debt markets during the week ended February 13, more than nine times higher than their previous week’s net investment of Rs 164.9 crore. According to data available from the Securities and Exchange Board of India (SEBI), the net purchases by FIIs in equity during the week stood at Rs 1,151.4 crore as their total purchases for Rs 4,047.3 crore was much higher than their total sales worth Rs 2,895.9 crore. In the debt markets, foreign funds injected a net investment of Rs 369.6 crore during the week as their total purchases worth Rs 468.9 crores were nearly five times higher than their sales worth Rs 99.3 crore. Except for a net selling worth Rs 39 crore on Thursday, FIIs were net buyers in equity market in all other other four trading days of the week. In debt market, they were net buyers in the first three sessions, while sold on thursday and Friday. In February so far, FIIs have made a net investment of Rs 1,685.9 crore as against their total investment of Rs 3,869.3 crore in January, 2004, which was 39.36 per cent lower than their December, 2003, investment of Rs 6,381.9 crore. Buoyed by the spurt in foreign fund inflows, the 30-share Bombay Stock Exchange (BSE) sensex has gained 225.31 points or 3.89 per cent during the week to settle about the psychological barrier at 6,011.66 points while the CNX Nifty gained 79.80 points or 4.36 per cent at 1,913.70. The sensex which has regained 316 points (5.54) per cent in February so far, has wipped out its January losses of 143.29 points (2.45 per cent), and now stand 172.70 points (2.96 per cent) up since the beginning of the year. (UNI) CHENNAI, Feb 14: Insurance behemoth Life Insurance Corporation of India (LIC) today announced the launch of its new ‘jeevan saral’ policy, offering higher risk cover, smooth return liquidity and considerable flexibility of cash flow. LIC Zonal Manager (South) R R Nair, at a press conference here said the new generation plan policy, combined the "best" features of conventional and linked products giving the customer the choice of fixing the premium amount depending on his available funds. The risk cover would also be the same irrespective of age at entry and term of the policy. However, the sum payable at maturity will be different for different ages at entry and policy terms, he said. If the insurer dies, the benefits would be 250 times the monthly premium plus return of premium excluding first year’s premium and loyalty addition if any. Mr Nair also announced two other new initiatives including the introduction of an online agency training portal in the south zone with accreditation from the Insurance Regulatory Development Authority, the first of its kind by any insurance company in the country and a life insurance education course at IIT Madras for MBA students. The south zone total premium income was 584 crore on January 31 this year compared to Rs 4,438 crore in the corresponding period last year, he informed. (UNI) |
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