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India hints at gas pipeline through Pakistan ISLAMABAD, Jan 3: India has evinced interest in tri-lateral cooperation with Iran and Pakistan to form a common market and hinted that it was ready to .....more India’s
trade with NEW DELHI, Jan 3: India’s trade with SAARC countries in rupee terms has grown by 21 per cent during 2002-03 as compared to the previous year, .....more US techs
end up, NEW YORK, Jan 3: Technology stocks ended just a touch higher and blue chips slipped on Friday as the market’s strong......more Pheasant
breeding farm SHIMLA, Jan 3: To promote cheer pheasant (wild hen) breeding in this hill state, the Himachal Pradesh Government has....more |
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Winter carnival begins at Manali MANALI, Jan 3: This famous tourist resort, a favourite with foreign tourists, was a scene of celebrations as Chief Minister Virbhadra Singh inaugurated the five-day winter carnival......more UP Lalit
Kala Academy to LUCKNOW, Jan 3: The Uttar Pradesh Lalit Kala Academy will host five regional art exhibitions-2003-04 at Agra, Ghaziabad.....more City
booking agencies LUCKNOW, Jan 3: With a view to check evasion of trade tax through railways in the state capital, two local city booking......more FIIs pump
in Rs 1,170.4 MUMBAI, Jan 3: Foreign Institutional Investors (FIIs) pumped Rs 1,170.4 crore into the equity market during the week.....more |
India hints at gas pipeline through Pakistan ISLAMABAD, Jan 3: India has evinced interest in tri-lateral cooperation with Iran and Pakistan to form a common market and hinted that it was ready to import natural gas from Iran via Pakistan if Islamabad changed its attitude towards New Delhi. External Affairs Minister Yashwant Sinha told the SSARC Chamber of Commerce and Industry here yesterday that Pakistan could be a vital bridge between central Asia, the Gulf and India and could derive immense benefits as a transit route. ‘’if pakistan can find within itself the strength and wisdom to change its current approach towards India, there are immense benefits that it can derive as a transit route for the movement of energy, goods and people,’’ Mr Sinha said. India has persistently rejected the option of importing gas from Iran via Pakistan for security reasons and has instead preferred under-water gas pipeline which is much more costlier. A gas pipeline from Iran across Pakistan is the cheapest option to import gas into India. India is importing 50 per cent of our gas from abroad which is going up as energy consumption is rising by five per cent every year. The second option of a deep-sea pipeline from Iran to India is being given more attention as an estimate of the cost of the project hanging fire from 1994 is being done by Iranian National Oil Company and Gas Authority of India Limited (GAIL). Pointing out that India had concluded a numnber of free trade agreements with many Asian countries, the External Affairs Minister said that during his recent visit to Iran, he had proposed to Iranian auhtorities formation of a common market between India, Iran and Pakistan providing new economic opportunities to the people of the three ccountries. This partnership could later be extended to include Afghanistan, central Asia and the Gulf to form "one huge economic market." He said that Pakistan, with its unique geographical position at the confluence of the sub-continent, the Persian Gulf and central Asia, could play the role of an invaluable bridge in connecting an "energy-hungry" India with its booming markets with those of central Asia, west Asia and the Gulf. If Pakistan could find within itself the strength and wisdom to change its current approach towards India, it could derive immense benefits as a transit route. "We could then very well see this entire region rise on the tide of regional cooperation as in the case of ASEAN," Mr Sinha added. (UNI) |
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India’s trade with SAARC nations grows 21 pc in 2002-03 NEW DELHI, Jan 3: India’s trade with SAARC countries in rupee terms has grown by 21 per cent during 2002-03 as compared to the previous year, according to the PHD Chamber of Commerce and Industry (PHDCCI). India’s trade with Pakistan grew 22 per cent in 2002-03 as compared to the previous year. India’s exports to Pakistan went up by 45 per cent, whereas imports from that country into India declined by 30 per cent in 2002-03 as compared to the previous year. PHDCCI president Ravi Wig said with the signing of SAFTA and Pakistan according MFN status to India, the trade between the two countries will grow exponentially since the trade through the non-official route and through third countries will be direct. This will have three main spin-offs for Pakistan. One, the tax evasion through the illegal route will be plugged beefing up its revenue collections. Secondly, pakistan traders can increasingly trade Indian goods with its neighbors like Afghanistan, Iran and CIS countries. Thirdly, the unit cost of the imported goods from India will be lower than the switch trade that is taking place through the third countries. In rupee terms, India’s trade with Bhutan has registered the maximum growth during 2002-03 at 109 per cent, although from a low base. In absolute terms, India’s exports to Bhutan have gone up from Rs 36.2 crore in 2001-2 to Rs 189 crore in 2002-03, registering a whopping 422 per cent growth. However, India’s imports from Bhutan increased from Rs 114.1 crore in 2001-02 to Rs 125.4 crore in 2002-03, an increase of only 10 per cent as compared to the previous year. India’s exports to Bhutan in the first five months of the current fiscal (April-August) was Rs 196.5 crore higher than recorded for the whole of the last fiscal. India’s imports from bhutan during the period were rs 97.4 crore. "It is a good turning point for India to consolidate the trade with SAARC countries and to take it to a higher orbit of growth. Care has to be taken to encourage the other SAARC countries to increase their exports to India since some of the countries are very keen to enhance their market access to the expanding Indian market," Mr Wig said. "Unless we take some concrete measures to enhance the imports from SAARC countries, the response from other member countries for taking SAARC concept to its logical conclusion will be less than enthusiastic. Our chamber is holding parleys with experts on saarc to find ways and means for enhancing imports from these countries," Mr Wig said. The role model is that of bilateral trade with Sri Lanka. "A few years back, imports from Sri Lanka into India were miniscule. The FDI friendly policies of the island country has encouraged many Indian enterprises to set up joint ventures in areas where that country has the raw material resources and skilled labour. Now, Sri Lanka exports to India Rs 441.5 crore worth of goods and services," he said. Bangladesh is India’s largest trading partner in SAARC, accounting for 42 per cent of the official exports from India to the whole of the SAARC region during 2002-03. However, Bangladesh’s imports to India constitute hardly 11 per cent of the imports of India from the whole of the SAARC region. Interestingly, Nepal alone accounts for more than 56 per cent of the imports of India from SAARC countries during 2002-03, whereas India’s exports to Nepal is 11 per cent of the total exports to this region. India-Sri Lanka trade has grown by 47 per cent during 2002-03 as compared to the previous year with a total trade turnover of Rs 4898 crore in 2002-03. India’s exports, in absolute figures have grown to Rs 4456.6 crore, registering a growth of 48 per cent in 2002-03. Similarly, Sri Lanka’s exports to India have grown by 37 per cent in 2002-03, a healthy growth as compared to other countries in the region, indicated PHDCCI analysis. (UNI) |
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US techs end up, blue chips dip on edgy wall street NEW YORK, Jan 3: Technology stocks ended just a touch higher and blue chips slipped on Friday as the market’s strong gains last month and new security alerts put investors on guard after early enthusiasm spurred by a surprisingly upbeat manufacturing report. The dow jones industrial average closed down 44.07 points, or 0.42 percent, at 10,409.85, based on the latest available numbers. The standard poor’s 500 index was down 3.43 points, or 0.31 percent, at 1,108.49. The technology-laced nasdaq composite index was up 3.31 points, or 0.17 percent, at 2,006.68. For the week, the dow climbed 0.83 percent and the SP 500 jumped 1.15 percent. Both notched their sixth straight week of gains. The nasdaq rose 1.70 percent for the week, its fourth consecutive up week. (AGENCIES) |
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Pheasant breeding farm to be set-up at Chail SHIMLA, Jan 3: To promote cheer pheasant (wild hen) breeding in this hill state, the Himachal Pradesh Government has decided to set-up a breeding farm that would be located at the tourist resort of Chail. This decision was taken following the visit of experts from the world pheasants association to Himachal recently. Hunting of these birds has led to a drastic fall in their population in recent years. The breeding farm would be located near the Chail palace hotel at Chail. Members of the association themselves visited Chail and chose the site for the breeding farm, forest department sources said. Source said a member of the association, Mr John Corden conducted an extensive survey of the state to find an ideal place for the breeding farm. He prepared a report that was submitted to the forest officals. Mr Cordon observed that if any pheasant has to stand a chance of survival then it must be parent-reared. Cheer pheasants are the only monogamous pheasant species and in the forests young pheasants live with their parents after hatching. In the wild the young pheasants often fall prey to wild animals and birds like eagles and crows. Mr Cordon was of the view-point that after breeding the pheasants in captivity, then they could be re-introduced into the forests. The report said that for the birds to survive naturally their aviaries needed proper foliage,the arrangement for which could be made at the breeding farm. (UNI) |
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Winter carnival begins at Manali MANALI, Jan 3: This famous tourist resort, a favourite with foreign tourists, was a scene of celebrations as Chief Minister Virbhadra Singh inaugurated the five-day winter carnival at Rambag ground here yesterday. Despite the icy cold winds sweeping across from the snow-capped rohtang pass and the high peaks over-looking the picturesque Manali Valley, a large number of people, including Indian and foreign tourists, turned up for the inaugural ceremony. The carnival commenced with the Chief Minister leading a procession to the famous Hadimba Temple, a prominent landmark of this resort. During the course of the carnival, the culture and traditions of Himachal Pradesh would be exhibited through various dance and song programmes and exhibitions. Cultural troupes from other states, too, would entertain the tourists during the carnival. (UNI) |
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UP Lalit Kala Academy to host 5 regional exhibitions LUCKNOW, Jan 3: The Uttar Pradesh Lalit Kala Academy will host five regional art exhibitions-2003-04 at Agra, Ghaziabad, Bareilly and Lucknow to boost art talents while an exhition at Varanasi is already underway till January 4. The regional art exhibition at Agra will be held at Sur Sadan from January 4 to 6, in Ghaziabad at new community centre, Kavinagar from January 5 to 7, in Bareilly at Yamini Art Gallary from January 11 to 13 and in the second week of January at academy premises, Lal Baradari Bhawan here. Art competition and seminars will also be organised along with regional exhibitions. Ten exhibits selected during the regional exhibitions will be displayed at state-level exhibition to be held in the last week of January in the state Lalit Kala Academy. The artists of five best exhibits will be given a cash prize of Rs 10,000 each, a certificate and a Citatiohn, a release issued here today said. (UNI) |
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City booking agencies closed down to check tax evasion LUCKNOW, Jan 3: With a view to check evasion of trade tax through railways in the state capital, two local city booking agencies have been closed down which has resulted in increasae of tades tax revenues by about Rs 8 crore in the last 15 days as compared to the period last year. Giving this information, Additional Trade Tax Commissioner, Lucknow zone, J P Srivastava here today said following effective check on trade tax in Lucknow zone, record increase had been made in recovery of trade tax revenue in the zone in December last. He said trade tax revenue amounting to Rs 366 core had been realised in December last against the target of Rs 275 crore. Mr Srivastava said a target of realising Rs 8,100 crore had been fixed in the state in the current financial year, out of which Rs 3,950 crore had to be realised in Lucknow zone. (UNI) |
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FIIs pump in Rs 1,170.4 crore in
equity MUMBAI, Jan 3: Foreign Institutional Investors (FIIs) pumped Rs 1,170.4 crore into the equity market during the week ended January 2, while they turned net sellers worth Rs 320.5 crore in the debt market. According to data available with the Securities and Exchange Board of India (SEBI), FIIs purchased equities worth Rs 2,055.3 crore during the week against their sales for Rs 884.9 crore, showing a net investment of Rs 1,170.4 crore. However, in debt markets, fiis were net sellers for Rs 320.5 crore during the week as their total sales worth Rs 378.7 crore exceeded the total purchase of Rs 58.2 crore. In equity markets, FIIs were net buyers in all the five trading days, while in debt, they were net buyers on Monday and Thursday, and sold on Tuesday and Wednesday, the last two days of the year 2003. FIIs have not done any transcation in debt market on Friday. FIIs have pumped Rs 6,381.9 crore in December, taking their total investment to a whopping Rs 35,153 crore in 2003, nearly ten times higher than their net investment of Rs 3,677.7 in the whole year 2002, and the highest in any single year since local markets were opened to foreign portfolio investments a decade ago. (UNI) |
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Mazda to strengthen push into China - Report TOKYO, Jan 3: Mazda Motor Corp plans to expand its Chinese operations by setting up a sales holding firm with China’s First Automotive Works (FAW) and a production firm with Ford Motor Co, a Japanese newspaper said on Saturday. The Japanese automaker is projecting the production and sale of 200,000 vehicles in China by 2007, the Nihon Keizai Shimbun Business daily said. Mazda currently outsources production to local partner FAW Car Co, a unit of FAW, which is China’s largest auto maker. The Japanese automaker plans to establish the holding company with China’s FAW group corp that will oversee sales of three models of passenger vehicles made by FAW group subsidiaries FAW Car Co and FAW Hainan Motor Co Ltd, as well as Mazda cars that will be made locally, Nihon Keizai said. Mazda and its top shareholder Ford will begin joint production of vehicles by 2007, the newspaper said. A production plant with an annual output capacity of 200,000 units will be built near Shanghai at a cost of around 50 billion yen ( 467.6 million), Nihon Keizai said. Mazda is moving ahead with the joint production plans in the hopes of grabbing a five percent share of the Chinese market, up from around three percent currently, the newspaper said. (AGENCIES) |
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Global Dth giant harmonic to foray into Indian Dth market NEW DELHI, Jan 3: Harmonic INC, US-based leading provider of digital video, broadband optical networking and internet protocol delivery systems to cable, satellite, telecom and broadcast network operators worldwide, has tied with India’s alliance strategies ltd, a multi-disciplinary cousultancy services company, to provide its technologies to India’s digital multi-channel satellite broadcasting companies. In a bid to tap the Dth (direct-to-home) segment in India when it opens up, California-based harmonic INC is assessing the Indian market. The Nasdaq-listed company has entered into a tie-up with alliance strategies, a New Delhi-based company engaged in consultancy services, and is now carrying out preliminary surveys. A recognised leader in video compression and transport, harmonic systems precision digital television channels for many of the world’s largest direct-to-home satellite broadcasters. Harmonic has refined two essential techologies that when combined can multiply the capacity of network divicom encoders with advanced noise reduction and the filterning removes even subtle imperfections to deliver crisp and clear broadcast-quality video at very low bit-rates. (UNI) |
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China regulator takes over fifth largest brokerage BEIJING, Jan 3: China southern securities, the country’s Fifth-biggest brokerage, has been taken over by regulators, a high profile victim of a crackdown on irregularities in the market. "The China Securities Regulatory Commission and the Shenzhen Government had decided to take over southern securities from January 2, 2004," the CSRC said in a statement carried in the China securities journal. It added the decision was triggered by "illegal and irregular management operations and disorderly management." The takeover was decided "in order to protect the legal interests of investors and debt holders," it said, adding the brokerage would be protected from creditors and continue to operate normally. In 2002, China southern securities was China’s fifth-largest brokerage by registered capital. (AGENCIES) Forex reserves inch towards USd 100.1 bn MUMBAI, Jan 3: Fresh inflows of US dollar 541 million further pushed up India’s foreign exchange reserves to a new record high and close to USd 100.1 billion during the week ended December 26. The country’s foreign exchange reserves rose to USd 1,00,590 million from USd 1,00,049 million for the period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. This rise has been less compared to previous three weeks when the foreign exchange reserves had swelled by more than USd one billion each week. The foreign currency assets increased by USd 541 million to USd 96,549 million, it said. During October-December, the Government has prepaid a portion of bilateral foreign currency loans amounting to USd 576.84 million (Rs 2,615.98 crore) and currency pool loans of World Bank aggregating USd 1,437.05 million (Rs 6,517 crore) taking into account the strong foreign exchange reserves and soft interest rates in domestic market. The Government has also decided to prepay some more bilateral foreign currency loans (from Italy) amounting to USd 93.61 million by purchasing the foreign currency from RBI at the prevailing exchange rate. RBI said the gold and special drawing rights remained unchanged at USd 4,038 million and three million respectively. Loans and advances to Central Government had a nil balance while that to State Governments rose by Rs 1,470 crore to Rs 6,786 crore in the week ended December 26. (PTI) |
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