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NEW DELHI, June 4: Inflation pierced the five per cent mark for the first time this fiscal for the week ended May 22 mainly due to a whopping nine per .........more Asia-Pacific
trade chiefs PUCON, CHILE, June 4: Trade Ministers from the Pacific Rim, who represent almost half of world trade, must send......more Oil prices steady in Asian trading following OPEC output boost SINGAPORE, June 4: Oil prices were steady in Asian trading today after retreating in New York overnight in reaction......more Rupee surges further against US dollar in early trade MUMBAI, June 4: The rupee continued to surge against the US currency early today driven up by strong portfolio investment inflows in the absence of adequate demand but trade was quiet and directionless at the interbank........more |
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Dabur Foods Excelsior Correspondent NEW DELHI, June 4: Dabur Foods today launched "coolers"—a fruit-based beverage that presents traditional `cooling’ recipes in a ready-to-drink format.......more OVL
profit up 626 pc, NEW DELHI, June 4: ONGC Videsh Limited (OVL) — a wholly owned subsidiary of ONGC — earned a profit after tax of Rs 428.53 crore in 03-04, ......more Army,
airforce deployed DURGAPUR, June 4: Army and Airforce personnel have been deployed along with fire brigade personnel to douse ....more US
online job vacancies NEW YORK, June 4: Online vacancies for jobs in the United States increased in May for the fifth month........more |
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NEW DELHI, June 4: Inflation pierced the five per cent mark for the first time this fiscal for the week ended May 22 mainly due to a whopping nine per cent rise in prices of vegetables and a moderate hike in the prices of other commodities like wheat, eggs and sugar. After remaining below 5.0 per cent for 11 weeks, the point-to-point Wholesale Price Index (WPI) inflation continued to rise for the second consecutive week by 0.35 per cent to 5.02 per cent, playing spoil-sport for the small investors and India inc. The recent data shows that general price level was more or less heading towards six per cent mark though oil prices in the domestic markets have not moved upwards due to the public sector refiners’ inability to pass on the higher import prices in the face of continued surge in the global markets and the index was as high as 6.32 per cent in the year-ago period. RBI, in its lean season credit policy, had stressed that inflation was expected to be 5.0 per cent for this year. The WPI rose by 0.2 per cent to 181.9 points with all the major comodity groups — primary articles and fuels — moving upwards. The index was 173.2 points in the year-ago period. Government finally revised inflation to 4.64 per cent for the week ended March 27 as compared to provisional level of 4.47 per cent. The final WPI stood corrected at 180.3 points during the last week of March as against the provisional mark of 180 points. The index of primary articles’ group shot up near one per cent to 186.6 points due to substantial rise in the prices of food articles and a large surge in non-food articles’ prices and the index was 180.2 points in the previous year period. Food articles group index was up by 0.7 per cent to 185.2 points due to higher prices for vegetables (nine per cent), fish-marine (five per cent), tea (three per cent), arhar (two per cent) and jowar, eggs, condiments and spices, barley and wheat (one per cent each). Prices, however, dipped in the case of fish-inland (five per cent), gram mnd maize (two per cent each) and urad (one per cent). The index of non-food articles’ group shot up by 1.4 per cent to 193.1 points since prices rose for soyabean (19 per cent), niger seed (three per cent) and sunflower and raw cotton (one per cent each). But prices declined for fodder (nine per cent), cotton seed (two per cent) and castor seed and gingelly seed (one per cent each). Fuel, power, light and lubricants’ group index was up by 0.3 per cent to 264.9 points as prices rose for lubricants (13 per cent), naphtha (four per cent) and furnace oil (one per cent). The index was 246.4 points in the year-ago period. The index of heavy-weighted manufactured products’ group fell by 0.1 per cent to 161.7 points due to lower prices for food products, even as textiles, chemicals, basic metals and machinery became costlier. The index was 154.4 points in the previous year period. (PTI) |
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Asia-Pacific trade chiefs to push WTO agenda PUCON, CHILE, June 4: Trade Ministers from the Pacific Rim, who represent almost half of world trade, must send a strong message supporting a July deadline for a crucial global trade deal, trade representatives said on Thursday on the eve of a regional forum. Top trade officials from the Asia-Pacific economic forum, which includes China, the United States and 19 other countries, are meeting in southern Chile on Friday and Saturday. "The ministers meeting here will be able to send out firm, clear signals for momentum to be pursued ... Particularly in the key areas of agriculture ... Manufacturing and services," said WTO head Supachai Panitchpakdi, who is a guest at the trade chiefs meeting. Supachai said the timing of the APEC ministers’ meeting is crucial because wto officials are in Geneva wrestling with delicate farm subsidy issues that must go into trade deal outlines that are due in july and would be fleshed out next year. After global trade talks ran off the tracks last year when developing nations lead by Brazil demanded rich countries give up hefty protections for their farmers, the 147 WTO member states have set themselves a July deadline to put together new outlines. The mid-year deadline is important because of US elections later this year. "This is the moment to combine global growth with a broad trade liberalization ... But the moment has to be seized in the next seven to eight weeks, and that’s not easy," said US trade representative Robert Zoellick. He said the APEC meet was "an opportunity to bring together a number of countries that we hope will not only send a general message but help narrow in on some of these issues we’re going to have to resolve." Those include export subsidies, domestic subsidies and both rich and poor countries opening their markets to more agricultural imports. Zoellick said he felt the wto was on the brink of a framework that would see large cuts in domestic subsidies, but in the area of services more countries needed to put forward offers to reduce barriers. (AGENCIES) |
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Oil prices steady in Asian trading following OPEC output boost SINGAPORE, June 4: Oil prices were steady in Asian trading today after retreating in New York overnight in reaction to OPEC’s decision to raise output, dealers said. At 12:40 pm (1010 IST), the benchmark New York light, sweet crude contract for July was at 39.28 US dollars a barrel, unchanged from the close in New York yesterday. The July contract had fallen 68 cents in New York yesterday in reaction to the Organisation of Petroleum Exporting Countries’ (OPEC’s) decision to raise its daily output ceiling by two million barrels a day on July 1 and by 500,000 more on August 1. Crude oil prices had dropped 2.37 dollars on Wednesday in anticipation of an OPEC decision to boost production after hitting an all-time high above 42 dollars earlier in the week. Prices had initially climbed sharply following the weekend’s terrorist attacks in Saudi Arabia that left 22 people dead and added to fears of a disruption to supplies from the world’s largest oil exporter. Although prices dipped on OPEC’s production boost, analysts believe the increase will not have a major impact on the market as long as security concerns in the middle east continue to threaten supplies. "OPEC’s action won’t have a dramatic effect on oil prices because we don’t have a supply shortage," said Bill o’Grady at AG Edwards in the United States. "What we have is a fear of instability and fear of disruption. OPEC fixing supply doesn’t fix that. What we need is peace in the Middle East." (AFP) |
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Rupee surges further against US dollar in early trade MUMBAI, June 4: The rupee continued to surge against the US currency early today driven up by strong portfolio investment inflows in the absence of adequate demand but trade was quiet and directionless at the interbank foreign exchange market. Opening on a firm note at Rs 45.23/24 per dollar, the rupee shot up to Rs 45.18/19 in late morning deals, sharply higher from the overnight finish of Rs 45.24/25. Strong trade and foreign fund inflows continued to drive the rupee sharply higher amidst negligible demand from corporates and importers despite a relatively firm global oil prices, a forex dealer said. Crude oil prices eased considerably to $ 39.18 a barrel after OPEC agreed to hike the ceiling on output to pool red-hot oil prices. Oil prices still hovered near the 40-dlr mark after spurting to all-time highs of 42.45 dollars a barrel last week after the Saudi attacks. The rupee climbed to a 16-day highs against the US currency yesterday, backed by strong trade and foreign fund inflows. It has appreciated by over 25 paise in the current week so far. Meanwhile, in cross currency trades, the euro was quoted at Rs 55.24/27, pound sterling at Rs 83.14/16 and Japanese yen (100) at Rs 40.65/68. (PTI) |
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Dabur Foods launches ‘Coolers’ Excelsior Correspondent NEW DELHI, June 4: Dabur Foods today launched "coolers"—a fruit-based beverage that presents traditional `cooling’ recipes in a ready-to-drink format. ‘Coolers’ has been launched in three variants popular as "Thande Tehseer Ke Phal" Aam Panna, Anar and Watermelon with the fourth variant in Jamun to follow soon. "This is what the consumer had been demanding for years—a drink that cools from within", said Amit Burman, CEO Dabur Floods while introducing the company’s first new brand offering in seven years. With an investment of Rs 12 crore, the new brand is a result of over a year’s research into consumer needs on the one hand and development of processing capabilities and parameters on the other. "It bears significance in marking the introduction of the popular fruit based coolers category in the country", he said. Dabur Foods has consistently followed the strategy to procure high quality produce, at the right time in the season, 1200 tonnes of Anar, watermelon and green mango, sourced from Maharashtra, Karnataka and Bihar were processed for the brand. "These are fruits known for their inherent cooling properties but never been processed earlier. Coolers is a demonstration of our understanding of consumer needs and our expertise in food processing", Mr Burman said and added that Dabur Foods is aiming at crossing the Rs 200 crore turnover by 2006. Today’s launch is also a part of a series of aggressive initiatives being undertaken by the company. |
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OVL profit up 626 pc, Pat Rs 428.53 crores NEW DELHI, June 4: ONGC Videsh Limited (OVL) — a wholly owned subsidiary of ONGC — earned a profit after tax of Rs 428.53 crore in 03-04, up 626 per cent over Rs 58.99 crore in the previous year. OVL earned a gross revenue of Rs 3502.28 crore that was up 1400 per cent over Rs 232.8 crore in 02-03. The subsidiary company produced 3.9 million tonnes of oil and oil equivalent gas during 03-04 that was up 1435 per cent from 0.25 million tonnes in 02-03. "This makes OVL as the second largest exploration and production company in India, next only to its parent company ONGC," chairman Subir Raha said here today. During 03-04, OVL added 17.43 million barrels of oil and oil eqivalent gas reserves. With this, Mr Raha said the proven reserves of OVL went up to 1.45 billion barrels. (UNI) |
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Army, airforce deployed to douse raging fire in IOC depot DURGAPUR, June 4: Army and Airforce personnel have been deployed along with fire brigade personnel to douse fire, which is still raging at tank no 12 of Indian Oil Corporation’s Rajbandh oil depot, since last evening, about 25 kilometres from here. Crude oil worth several crores of rupees has been destroyed in the fire that was sparked by lightning that struck the Indian Oil Terminal officials sources said. Around 50 fire engines were pressed into service to bring the blaze under control. Another 20 engines have been requisitioned from Kolkata and the neighbouring areas, divisional fire officer Shibnarayan Roy Choudhury said. The depot had 4.5 lakh kilolitre of oil deposit and almost half of the total quantity is feared to have been destroyed. There were no reports of any casualties yet. Of the 20 floating roof tanks at the depot, the no 12 tank which caught fire was the biggest one. The district administration had asked the people living in the neighbouring areas to vacate even as panic spread in the area as the installation had an oil terminal of the Hindustan Petroleum Corporation Ltd adjacent to it. Sources said efforts were on to pump out oil from the nearby terminals to stop the spread of fire. Meanwhile, the police had cordoned off the area. West Bengal fire services minister Pratim Chatterjee along with senior fire brigade officials and IOC officials, who rushed to the spot immediately after the incident, were monitering the situation. (UNI) |
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US online job vacancies rise in May-monster survey NEW YORK, June 4: Online vacancies for jobs in the United States increased in May for the fifth month running, according to a survey by monster worldwide released on Thursday. The monster employment index rose to 128 in May from 125 in April, though the gain was more modest compared to the 16 point jump enjoyed from March to April, the parent of job-hunting web site monster.Com said. The March to April rise coincided with a strong 288,000 gain in April US non-farm payrolls. The May payrolls report is due on Friday and expectations are high that it will again show jobs growth above 200,000. The survey found most industries experienced moderate growth in job availability in May. The largest increases occurred in agriculture forestry, accommodation food services, finance insurance, transportation warehousing, and manufacturing industries. The healthcare industry remains the largest industry in terms of job availability and showed a slight increase over April. The index is based on a real-time review of millions of employer job opportunities culled from more than 1,500 web sites, including a variety of corporate career sites, job boards and monster itself. (AGENCIES) |
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Govt to come out with liberalised FDI policy NEW DELHI, June 4: Government is likely to come out with a liberalised FDI policy in a bid to make foreign investment an engine of growth and create large-scale employment. "I would look into the policies and programmes (FDI) to give thrust to exports and manufacturing which would lead to greater job creation," Commerce and Industry Minister Kamal Nath said today. Any area where FDI leads to more investment and generates employment will be looked into and the approach of the Government in those areas will be to have a liberalised FDI regime, he said. Criticising the NDA Government’s policy on FDI, he said during the last five years, FDI has come in only as a displacement of Indian capital. This did not create any economic activity or generate employment, he said adding, "my perception is very different. FDI should help growth. Liberal FDI policy should increase economic activity and generate employment". Citing an example, he said 50 per cent of FDI flow in China was in export-oriented and employment-generating industries. Average annual FDI flow in China was over 50 billion dollars and exports accounted for nearly 40 per cent of the GDP. The minister declined to divulge details of the sectors where FDI would be further liberalised but indications are that small scale sector could be one area where the present cap of 24 per cent could be reviewed. (PTI) |
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OVL to invest Rs 7,500 crore in FY 04-05 NEW DELHI, June 4: ONGC Videsh Limited (OVL) has proposed to invest Rs 7,500 crore in th current financial year for development of existing assets and buying shell’s equity in Angola’s producing block. "We have planned to make a capital expenditure of more than Rs 7,500 crore to maintain and buy new assets," OVL Managing Director R S Butola told mediapersons after turning it into a profit-making company. He said the company will make a capital expenditure of around Rs 3,000 crore in various producing and other assets while Rs 600 crore in development of the two newly-acquired fields in Sudan. The balance amount of around Rs 3,900 crore has been earmarked to buy 50 per cent equity stake of shell in Angola’s producing field, which has the potential to produce 25 million tonnes of crude. OVL has already invested Rs 9,690 crore in different assets including a major acquisition of in Sudan, which are giving a share of more than three million tonnes of crude oil every year. Mr Subir Raha, Chairman of OVL, said given its rapid growth in the past three years, it is now possible that the company may achieve targets of sourcing 20 million tonnes of oil and oil equivalent gas per year by 2011-12 instead of 2020. Mr Butola said the property in Sakhalin-I, Russia and oil property in block 18 at Angola are under development. Discovery has already been made in block a in Myanmar early this year. Exploration is in progress in Iran, Syria, Libya and Sudan. In the Farsi block in Iran, OVL will be the operator as it holds hundred per cent stake. (UNI) |
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Tokyo stocks end higher, focus on US jobs data TOKYO, June 4: Japanese stocks ended higher on friday as bargain-hunters picked up recently battered exporters, but overall gains were limited amid worries about the direction of oil prices and US interest rates. Auto makers including Nissan Motor Co drew buying after recent falls made them relatively attractive to investors. Technology stocks also headed north following a positive outlook by Intel corp, the world’s largest computer chip maker. Investors remained wary, however, as they were unconvinced about a fall in oil prices even after the Organisation of Petroleum Exporting Countries (OPEC) decided the previous day to boost its official output limit by two million barrels per day. Market players were also holding their breath ahead of a US jobs report due at 1230 gmt, which was expected to provide clues to when and by how much the US federal reserve would raise its interest rates from a four-decade low of one percent. The nikkei average added 0.92 percent to close at 11,128.05, bouncing back from a 1.91 percent drop on Thursday. For the week, however, the Nikkei lost 1.61 percent —recording its first weekly losses in three weeks. The broader topix index rose 0.48 percent to 1,124.97, having swung between gains and losses during the day. "The market has been weighed down by oil and US rate hike concerns, as well as selling by foreign hedge funds ahead of their (mid-year) settlement," said Kazunori Ohtomo, senior fund manager at STB asset management. "But the market is also finding solid support from strong fundamentals at home, including bright corporate earnings... (Japanese) stocks are likely to move higher once oil and US rate fears calm down a bit." Trading was light as investors were reluctant to build long positions ahead of the weekend, and also before the release of the US employment figures for May. Only 1.061 billion shares changed hands on the first section, the lowest daily total since Thursday last week, and compared with 1.420 billion on Thursday this week. Advancers outnumbered decliners 1,002 to 431. Wary on oil, us rates Shares of Nissan, Japan’s second-biggest auto maker, gained 3.89 percent to 1,123 yen after falling 5.26 percent over the previous eight sessions. Sharp corp, the world’s number one maker of liquid crystal display televisions, added 1.09 percent to 1,758 yen after losing 7.8 percent in the last three trading days. Tokyo Electron Ltd, the world’s second-biggest maker of chip manufacturing equipment, was up 2.05 percent at 5,970 yen after intel narrowed the range of its revenue forecast for the second quarter to the upper end of its outlook. Other notable gainers included camera and copier maker canon inc, which added 2.2 percent to 5,580 yen after the company said on Friday it was likely to beat its earnings forecast for the quarter to June by more than 20 percent on demand for colour copiers and digital cameras. Many analysts said an improvement in corporate earnings and macroeconomic data was providing solid support for Japanese stocks. But they were cautious about the market’s short-term outlook given uncertainty over oil price moves and ongoing fears about a possible interest rate rise in the United States, Japan’s biggest trade partner. "The OPEC decision was widely expected, but investors are still questioning whether the increase will be able to stop (oil) prices moving higher, given geopolitical risks in the middle east," said Yasuo Yabe, director of sales at Meiwa securities. "Uncertainty over oil prices is also making it hard to guess how much and when the US will raise rates." In Asia, Nymex July crude was trading at 39.27 on access, not far from record highs over 42 marked this week. Banks were sold as investors remained cautious about buying their shares amid fears over a possible change in foreigners’ buying trend, analysts said. Mizuho financial group inc, the country’s biggest banking group, shed 2.18 percent to 449,000 yen. Its stock price has surged about 60 percent since hitting a year-to-date intraday low of 282,000 in early February as investors, mainly foreign players, flocked to the shares amid hopes for a steady recovery in the country’s economy. The shares touched a year-to-date intraday high of 560,000 yen in mid-April. Miwa’s Yabe said market players are concerned that a rise in US interest rates could sap investors’ appetite for equities, and curb money inflows to Japanese equities, especially in the banking sector. (AGENCIES) Haryana to bring one lakh hectares under alternate crops CHANDIGARH, June 4: The Haryana Agriculture Department would bring one lakh hectares of land under alternate crops like soybean, til, moong and mash by reducing an equal area under paddy as part of its ambitious action plan for diversification of crops. Agriculture Director Rajeev Arora also said there was a plan to promote the cultivation of other crops like castor and groundnut in the state. The alternate crops have been identified keeping in view the fact that their requirement for irrigation water was far less than the paddy crop. He said that as there was deficiency of oil seeds and pulses in the country, the area under these crops would be increased. The increased production of oil seeds and pulses would help in the meeting the domestic demand and making substantial savings of foreign exchange. He said village-level training camps were being organised to help farmers understand the benefits of alernate crops. (PTI) |
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