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Pakistan says Oct trade deficit 591.03 million ISLAMABAD, Nov 6: Pakistan’s trade deficit rose sharply to a provisional 591.03 million in October from 267.87 million in September and was also up .......more Deficit hawk to head US senate budget panel WASHINGTON, Nov 6: Sen Judd Gregg, a budget deficit hawk from new Hampshire, is on course to head up the US senate budget committee next .....more India
and Pakistan agree ISLAMABAD, Nov 6: India and Pakistan have agreed to expedite the release of detained fishermen after the completion......more No
loss of rev to Govt NEW DELHI, Nov 6: Reliance Infocomm today stated there was no loss of revenue ........more |
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US panel nixes duties on South African aluminum WASHINGTON, Nov 6: A US trade panel on Friday turned down an industry request for anti-dumping duties on aluminum plate from South Africa that the .........more Bangladesh
firm invests DHAKA, Nov 6: A Bangladeshi company, section seven ltd., will invest 2.0 million to set up a factory in Chittagong Export Processing Zone (CEPZ) to ......more Google stock falls on competitive outlook: Analyst NEW YORK, Nov 6: Shares of Google inc fell almost 9 per cent on Friday after an analyst forecast a sharp drop in .....more Heavy
rains continue PONDICHERRY, Nov 6: Incessent heavy rains, under the influence of the low pressure in the Bay of Bengal, continued to lash the Union Territory and its suburbs .........more |
Pakistan says Oct trade deficit 591.03 million ISLAMABAD, Nov 6: Pakistan’s trade deficit rose sharply to a provisional 591.03 million in October from 267.87 million in September and was also up from a deficit of 169.93 million in October 2003. Announcing the data on Saturday, the Federal Bureau of Statistics said the cumulative trade deficit for the period from July to October was 1.43 billion, against 314.72 million in the same period last year. (AGENCIES) |
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Deficit hawk to head US senate budget panel WASHINGTON, Nov 6: Sen Judd Gregg, a budget deficit hawk from new Hampshire, is on course to head up the US senate budget committee next year, congressional sources said on Friday. Facing a record budget deficit of 413 billion in the 2004 fiscal year, President George W Bush said on Thursday he would work with Congress toward fiscal discipline. He has pledged to halve the deficit in five years but some analysts expect his initiatives on tax cuts, social security reform and the war in Iraq may further drive up the red ink. Gregg, who will take over from retiring Oklahoma republican Sen Don Nickles, has close ties with the White House. But analysts expect he will have little impact in keeping the deficit down if Bush does not stick to his own promise of fiscal discipline. "As a practical matter, with the President winning re-election and having fairly solid majorities in both the house and senate, the budget tone is going to be set by the White House," said Bob Bixby, executive director of the Bipartisan concord coalition which works toward reducing budget deficits. (AGENCIES) |
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India and Pakistan agree to expedite fishermen’ s release ISLAMABAD, Nov 6: India and Pakistan have agreed to expedite the release of detained fishermen after the completion of legal formalities. An understanding was reached yesterday in a meeting between Pakistan Interior Minister Aftab Ahmad Khan Sherpao and the Indian High Commissioner Shiv Shankar Menon, according to the daily times. Mr Menon called on Mr Sherpao to discuss issues of bilateral interest. (UNI) |
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No loss of rev to Govt due to home country service: Ambani NEW DELHI, Nov 6: Reliance Infocomm today stated there was no loss of revenue either to the Government or to the public-sector BSNL due to the alleged routing of international calls as local calls. "The matter is sub-judice but the overall view I can share is that our home country direct service was very transparent, and voluntarily there is no loss of revenue to the Government or the payment that we have made, there is no loss of revenue to BSNL," Reliance Industries chairman Mukesh Ambani said at the Hindustan Times leadership initiative conference here. BSNL had set November 5 as deadline for Reliance to pay Rs 254 crore else face disconnection. A division bench of the Delhi High Court yesterday restrained BSNL from disconnecting point of interconnection and asked reliance to deposit Rs 40 crore by Monday. The matter again comes up for hearing on November 30. (PTI) |
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US panel nixes duties on South African aluminum WASHINGTON, Nov 6: A US trade panel on Friday turned down an industry request for anti-dumping duties on aluminum plate from South Africa that the Commerce Department said was being sold at less than fair value. The US International Trade Commission voted 4-2 that the imports did not harm or threaten to harm domestic producers. The decision blocks the commerce department from imposing anti-dumping duties on the imports. (AGENCIES) |
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Bangladesh firm invests 2 mln in export zone DHAKA, Nov 6: A Bangladeshi company, section seven ltd., will invest 2.0 million to set up a factory in Chittagong Export Processing Zone (CEPZ) to produce 2.7 million pieces of woven garments annually, a senior official said on Saturday. The factory will provide jobs to around 1,000 Bangladeshis and some foreigners, Nazma Binte Alamgir, manager and spokeswoman of the state-run Bangladesh Export Processing Zones Authority, told . More than 134,000 Bangladeshis and some 1,000 foreigners currently work in Bangladesh’s six export processing zones, producing ready-made garments, electrical and electronics goods, leather and textile products, knitted garments as well as agro-based items. South Korea is the biggest investor in the EPZS with an investment of 220.29 million, followed by Japan with 102.69 million, Nazma said. ( 1 =59.74 taka) (AGENCIES) |
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Google stock falls on competitive outlook: Analyst NEW YORK, Nov 6: Shares of Google inc fell almost 9 per cent on Friday after an analyst forecast a sharp drop in the price over the next 12 months as the internet search company grows more slowly. The stock, which briefly topped 200 this week, traded as low as 168.55 during Friday’s Nasdaq session. It finished down 15.35, or 8.3 per cent, at 169.35 in one of its biggest retractions since going public at 85 in mid-August. UBs analyst Benjamin Schachter, in a research note, said Google will face increasing competition from microsoft corp. As the fledgling internet search media leader evolves into a technology company. Google’s mission is "to organize the world’s information and make it universally accessible and useful," said Benjamin Schachter, a UBs analyst, in a note to clients. "This commitment to its mission potentially puts google on a collision course with microsoft," he said, indicating the stiff competition google will face. Schachter set a 12-month share price target of 160, just two days after Google shares hit a record high of 201.60. UBs initiated coverage of Google with a "reduce-2" rating. Schachter said slowing revenue growth, pressure on profit margins in 2005 and an infusion of Google shares that will dwarf the number of shares now available to the public will likely dog Google’s stock price. Google’s relatively small float, or number of shares available for public trading, has caused them to be volatile. Short sellers scrambling to cover bad bets by buying the scarce shares have also sent prices spiking in recent weeks. About 27 million shares of Google are now available for trade, but nearly 10 times that number will become eligible in stages by February 2005, when restrictions on insiders selling shares are lifted. The next lock-up expiration is slated for November 16. "The UBs downgrade certainly got the ball rolling. That was the catalyst," Tim Biggam, chief options strategist with man financial, said in a note. "The stock had begun to soften prior to today’s downgrade. Today’s drop in price has been met with very little meaningful buying. This is a good indication that the final leg of the rally that we saw in the beginning of the week has lost its steam," Biggam said. Separately, UBs initiated coverage of Yahoo inc. With a "neutral-2" rating and a 12-month price target of 37 a share, calling the shares "fully valued" at the current level. Yahoo shares fell 1.31, or 3.5 per cent at 36.35 on Nasdaq. (AGENCIES) |
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Heavy rains continue to lash pondy PONDICHERRY, Nov 6: Incessent heavy rains, under the influence of the low pressure in the Bay of Bengal, continued to lash the Union Territory and its suburbs for the second successive day today. Several low-lying areas have been inundated and water has entered several huts at different places. The Pondicherry administration has declared the day a holiday for all educational institutions here. All relief measures, including provision of free rice, are being undertaken to help those affected by rain. Pondicherry has received 73.5 mm of rainfall during the 24 hours ending at 0830 hrs. (UNI) |
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Lagardere set to post 9-months sales up 6.2 pc PARIS, Nov 6: The media arm of France’s Lagardere, the world’s largest publisher of magazines, is set to report a rise of more than 6 per cent in nine-month sales, driven by solid trading in Europe, according to a poll. Analysts are expecting the group’s magazine business, with titles such as "elle" and "Paris match," to grow moderately during the period, helped by new titles. Sales in the nine months to September 30, due out on Monday, are expected to reach 6,260 billion euros ( 8,062 billion), up from 5.89 billion during the same period last year, according to 10 analysts polled . The third quarter is crucial for educational publishing, so investors will be closely looking at the group’s books division , which is expected to show a strong improvement in sales. They will also try to get an update on progress at editis, the publishing business of which lagardere sold 60 per cent to French holding company Wendel investissement in September. Lagardere’s management is not expected to change current guidance for the year for the media arm, which cites growth in earnings before interest, tax and amortisation of between 7 and 10 per cent. Some analysts hope they will be able to question the group on the accounting treatment of Lagardere’s 15 per cent stake in airbus parent eads, following the adoption of international accounting standards next year. They will be keen to know whether the company’s holding will be treated as an associate — meaning it would only include in its accounts some 15 percent of Eads’s net income - or whether it would continue to consolidate its stake, line by line, through the entire profit and loss account on a proportional basis. (AGENCIES) |
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Serum institute plans launch of new vaccines KOLKATA, Nov 6: Serum Institute of India Ltd, a producer of measles and DTP vaccines, will be launching a a quadruple vaccine involving hepatitis B with DTP. The company has launched a recombinant Hepatitis B vaccine. The Rs 500 crore company, which supplies vaccines to more than 130 countries worldwide, is also working to make a "pentavalent" vaccine, Serum Institute of India’s Assistant Director (medical affairs) Dr Dushyant Choudhary said here yesterday. The company is also working towards developing a DNA rabies vaccine, he said adding that the company is also developing novel peptide vaccine for measles. He said the company is also carrying on research and development for an AIDS vaccine. "Among the other products developed under the research programme were haemocoagulase, pygeum africanum and percutaneous BCG vaccine for treatment of bladder cancer," he said. The market for the recombinant vaccines is estimated at around Rs 150 crore. "We are expecting to capture at least 10 per cent of the market with the launch of the new products," he said. Mr Choudhary was speaking on the occasion of the launch of a unique rabies vaccine named Rabivax the indigenously developed Human Diploid Cell (HDC) rabies vaccine. He said the company, which is producing 50,000 rabbies vaccines in three months, will be doubling its production by next year. "The company receiving export enquiries for the product will also be exporting the vaccine priced in India at Rs 293 to the neighbouring countries," he said. Rabies presently claims around 20,000 lives annually in India. An estimated 17 million people are bitten by animals annually and are in the danger of being exposed to the disease, which is extremely fatal for life. (UNI) |
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10th plan appraisal meeting begins in Jaipur JAIPUR, Nov 6: A crucial meeting for mid-term appraisal of the 10th plan in the west zone states of Rajasthan, Gujarat, Madhya Pradesh and Goa began here today. The Chief Ministers of Rajasthan, Madhya Pradesh and Gujarat besides the Development Commissioner of Goa are attending the meeting. "We are holding regional consultations for appraisal of the 10th plan. This is the first meeting," Planning Commission deputy Chairperson Montek Singh Alluwalia said. Besides Dr Ahluwalia, Commission members Dr Syeda Hameed, B L Chopra and B L Mungekar would interact with Chief Ministers Vasundhara Raje, Babulal Gaur, Narendra Modi and Goa Development Commissioner Vijay Madan over two sessions, official sources said. (UNI) Colombia demands tax from kidnapped candidate BOGOTA, COLOMBIA, Nov 6: Being kidnapped by Marxist rebels is no excuse not to pay your taxes. Colombia’s tax department admitted on Friday it sent out a letter demanding a tax return from ingrid betancourt, who was abducted by the revolutionary armed forces of Colombia while campaigning for President in early 2002 and has been held in a secret jungle jail ever since. "It was an unwitting error in a mass mail drop," the department said in a news release. "As is public knowledge, she has been kidnapped, and so cannot be required to pay taxes." The rebels want to swap betancourt — a dual Colombian-French national — and 71 other hostages including three Americans for guerrillas held in Government jails. But they also kidnap hundreds of ordinary Colombians for ransom every year, giving the country the highest rate of the crime in the world. The country’s constitutional court has ordered the Government not to try to tax people held by kidnappers and told their employers to keep paying them. (AGENCIES) |
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