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| LG Electronics’ Diwali bonanza for customers Excelsior Correspondent JAMMU, Nov 10: With the ongoing festive season, LG Electronics the leading durable and electronic brand in the country has launched its mega consumer offer for Diwali, " Dhoom Macha De".......more IMF says India has the potential to grow at 10 pc NEW DELHI, Nov 10: Upbeat over Indian economy, IMF said today the country had the potential to grow at 10 per cent annualy for several years,.....more NOIDA, Nov 10: UK-based business process and services company Xansa will raise its India headcount four-fold to 10,000 for......more Lavi
fair to get SHIMLA, Nov 10: The traditional four-day Lavi fair, once famous for barter trade between Tibet and India along the famous silk........more |
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Bankers say pressure on NEW DELHI, Nov 10: The RBI’s move to raise the repo rate by 25 basis points has altered the soft interest policy with major banks saying that they .........more Tata
indicom offers new HYDERABAD, Nov 10: Aiming to expand its network to 169 towns by December end and double its customer base ......more Decks
cleared for LUCKNOW, Nov 10: The Uttar Pradesh Government today cleared the decks for the implementation of VAT, replacing traditional sales tax, from .....more Ranbaxy
withdraws NEW DELHI, Nov 10: India’s top drugmaker ranbaxy laboratories has voluntarily withdrawn all its antiretroviral AIDS.........more |
LG Electronics’ Diwali bonanza for customers Excelsior Correspondent JAMMU, Nov 10: With the ongoing festive season, LG Electronics the leading durable and electronic brand in the country has launched its mega consumer offer for Diwali, " Dhoom Macha De". Under this scheme, one Sushil Kumar Sharma of Vikas Nagar Jammu won a Projection TV worth rupees one lakh on purchase of Microwave Oven worth Rs 6990. While speaking on the occasion, Harvinder Pal Singh Branch Manager Chandigarh said that this program is yet another initiative to fulfill LG’s committed drive to understand the customers’ needs and desires. He said the heady mix of shop and and ground level activities will attract customers to the dealers and special device would be introduced by which customer is intimated there and then about this prize. High quality gifts would be given to would be given to the customers, he maintained. He said this unique business promotion programme assures gifts on every purchase of LG products during the period Oct 14 to Nov 15. They can win gifts like Projection TV, wireless home theatre, DIOS Refrigerator, TROMM washing machine, Flatron TV , Microwave ovens, air conditioners, GSM and other LG products. Area Manager Sandip Uppal said that company has targeted a turnover of Rs 4500 cr in India this year It has charted a vision to become the No. I consumer electronics and home appliances brand in India. |
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IMF says India has the potential to grow at 10 pc NEW DELHI, Nov 10: Upbeat over Indian economy, IMF said today the country had the potential to grow at 10 per cent annualy for several years, higher than the tenth plan target of 8.0 per cent. "Given the right looks of policies, a growth of something like 10 per cent is surely feasible for a number of years," IMF first Deputy Managing Director Anne Krueger said here at `Bancon’, the bankers’ conference. "India has the potential to do better... Sustaining high rate of growth is key to poverty alleviation," Krueger, who has authored a book comparing the economic potentials of India and China, said. India was already reaping the benefits of opening up of its economy during the early 1990s and more would follow once it got more integrated with the world economy, she said. The financial sector was crucial for any economy to sustain economic growth, she added. (PTI) |
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NOIDA, Nov 10: UK-based business process and services company Xansa will raise its India headcount four-fold to 10,000 for achieving 70 per cent growth over the next three to four years. "At present, we have around 2600 people in India. The headcount is moving up and we are looking at 10,000 people in the next three to four years," Xansa India executive chairman Saurabh Srivastava told UNI here. To accomodate the rising numbers, Xansa is building a 28-acre campus in Chennai. "It will have the capacity to house 5,500 engineers when completed. The first block housing around 700 people is already functional," he said after announcing Xansa’s contribution of 100 computers to NGOs to promote it literacy in the country. The next 800-seater block in Chennai is likely to be functional by fiscal 2006, he added. Further, the company has a 17-acre centre in Pune where 450 engineers are working now. "It has a peak capacity of 3,500 and will be complete over the next three years," Mr Srivastava said. The company has three buildings in Noida. It recently acquired the third structure, which can house up to 250 engineers. "Our commitment to India is serious and Xansa will probably be the only global company whose 50 per cent of the staff is in India," Mr Srivastava said. On investment in India, he said a new block requires around Rs 30 crore and Xansa will pump in money as and when required. Xansa has invested Rs 160 crore over the past three years in India. "We are growing at around 60 per cent in the country. We hope to maintain this level and possibly achieve 70 per cent growth in future," he said. Currently, 75 per cent of Xansa India revenues come from software while 25 per cent come from business process outsourcing. "In future, we hope BPO and software will contribute equally to our business as BPO is growing faster," he added. Xansa India offers end-to-end services such as business and technology consulting, it implementation, it outsourcing and BPO to various industries. (UNI) |
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Lavi fair to get underway from today SHIMLA, Nov 10: The traditional four-day Lavi fair, once famous for barter trade between Tibet and India along the famous silk route but now a pale shadow of its glorious past, will start off at Rampur tomorrow. Himachal Pradesh is known as ‘Dev Bhomi’, the abode of Gods. It is a rich repository of art, culture and traditional fairs. The state level Lavi fair of Rampur Bushahr is the oldest fair being celebrated over 325 years which attained international significance due to its trade activities mainly with Tibet. Like preceding years, this year Lavi fair is being organised from November 11-14 with gaiety and fervour. The origin of the fair dates back to the 17th century when a trade treaty was signed between the erstwhile Bhushar state and Tibet. Rampur Bushar, situated at 924 m above sea level on the bank of Sutlej river is 130 km from here, which becomes vibrant during the four-day fair and people of state and the country take part. It is said that Lavi fair started during the regime of Raja Kehari Singh of Bushaher in the year 1681 and a pact was signed between Raja Kehri Singh and rulers of Tibet at border village Namgya and the gate was opened for trade between the two states. The pact was very interesting and written poetically like "snow does not melt at Jammu dweep and Mansrovar lake dries and crow changes its colour and this age ends", both states would keep its relations cordial and keep this trade continue. Brisk trade used to take place in pashmina, woollen shawls, and fabrics, gudma and namda(woollen rugs) and chilgoza, black cumin seeds, shilajit and kuth. Thus Rampur Bushaher gained the importance of important trade market for the traders of surrounding areas of Kinnaur, Kullu and Mandi. The world Lavi was derived from "loi" which is a woollen cloth worn during winters and also cutting of sheep’s wool. Whatever the reason must have been, it is certain that it was somehow linked with wool as it was main trade product at that time. Now utensils, mill cloths from plains, handicrafts and handlooms items have also become a part of this fair. The fair was disrupted on a number of occasions, the last being in 1962 following the Chinese aggression on India. A horse show was started since 1984 and Chamurthi horses of pin valley of Spiti which soon become a centre of attraction for buyers as this horse was sturdy and suitable for tough hilly terrain besides intelligent with short strong legs and broad forehead. This year horse exhibition was organised from November 4 to 6 where about 400 Chamurthi horses were registered as compared to 375 last year and the highest price for Chamurthi horse was Rs 28,000 and a business of Rs three lakh was done. Earlier, the fair was organised along with main bazaar but now it is being organised at Padam Nagar ground where Kinnauri Mandi famous for its wool articles and dry fruits, exhibitions and other stalls were installed. Kinnauri traders come to this far along with family and remain in the ground itself where outsiders could have the opportunity of having a glimpse of their lifestyle. The evening cultural programme is another attraction of this far. Local schools and college students, local artistes, folk artistes from various parts of the state, cultural troupes from the neighbouring states would perform during all four days while famous playback singer Vinod Rathaur would put in a special performance on the opening day of the fair. The fair will be inaugurated by Chief Minister Virbhadra Singh at 1100 hours whereas Himachal Pradesh V S Kokje would be the Chief guest on the closing of the fair on November 14. Pahari singers Kuldeep Sharma and Vicky Chauhan would perform on Diwali day, silk route on November 13 and renowned Punjabi singer Mikka Mehandi last day. Elaborate arrangements, including traffic regulation, law and order, special transportation, boarding and lodging of the artistes, have been made by the administration to make the fair a grand success. (UNI) |
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Bankers say pressure on short term rates mounting NEW DELHI, Nov 10: The RBI’s move to raise the repo rate by 25 basis points has altered the soft interest policy with major banks saying that they will review their short term interest rates soon. Canara Bank CMD V P Shetty told mediapersons on the sidelines of the bankers’ conference here that the bank will review its interest rates structure by Monday in view of the pressure on the short term rate following the RBI’s move. Canara Bank CMD V P Shetty that the bank is flush with funds but pressure on short term rates may force it also to raise interest rates. Those banks whose liquidity position is not strong may go for the revision first, he said. But others with sufficient cash funds will also have to raise short term rates due to market pressure, the Canara Bank CMD said. He said there will be pressure on short term interest rates though there will not be a panic like situation. State Bank of India Chairman A K Purwar said the bank was reviewing its lending and deposit rates. "We are reviewing both," he said. Corporation Bank CMD K Cherian Verghese said there is no immediate compulsion on the bank to raise rates immediately. He said exact pressure of rising call money rates will be felt around December-January. "We will see what our competitors are doing," he said. He said rise in housing loans announced by ICICI banks and expected to be declared by some other like HDFC bank is in fact a withdrawal of discounts offered by these banks earlier. Vijaya bank CMD M S Kapur said an era of soft interest rates has ended though they will not rise much. Short term rates will rise by a quarter to a half per cent and then stabilise there. Meanwhile, Bank of India raised interest rates on deposits by between 25-50 basis points with effect from today. Private bank indusind bank raised rates on short-term deposits by 10 to 25 basis points last week. (UNI) |
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Tata indicom offers new scheme for mobile customers in AP HYDERABAD, Nov 10: Aiming to expand its network to 169 towns by December end and double its customer base to one million by March 2005 in Andhra Pradesh, Tata indicom, one of India’s leading telecom service providers, today announced a Single Rate Plan (SRP) for post-paid mobile customers that allow optimum usage. The first-of-its-kind initiative, SRP offers total freedom to users by eliminating lock-in feature of regular tariff plans and and complete flexibility to select and change options from a bouquet of add-on services. Customers under the plan are offered discounts ranging from five to 20 per cent depending on usage. Announcing the introduction of the new plan at a news conference here, Chief Operating Officer of Andhra Pradesh and Karnataka cirlces, Tata teleservices Mr Prabhat Pani said the customer-centric tariff plan was most simple, flexible and economical. The tariff of the new plan empowers the customers by providing independence and gives them the benefit of increasing discounts with higher usage. Under the plan, the tariff for local calls to any phone would be Rs 1.25 per min, for local calls to Tata phones at 40 paise and std calls to any phone in India would be at local rates. The company also announced its special Diwali offer in Andhra Pradesh offering Rs 150 credit on bill for twelve months totalling Rs 1,800 on purchase of new Tata indicom postpaid mobile connection. The effective rental under the scheme was zero on the Rs 149 plan "the offer is applicable only on Rs 149 and single rate plan", he added. (UNI) |
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Decks cleared for imposition of VAT in UP LUCKNOW, Nov 10: The Uttar Pradesh Government today cleared the decks for the implementation of VAT, replacing traditional sales tax, from the next financial year on the condition that the Centre should convince traders and solves technical problems in the new system. Union Finance Minister P Chidambaram, along with West Bengal Finance Minister Asim Dasgupta today met UP Chief Minister Mulayam Singh Yadav and other officials to end the deadlock. Mr Chidambaram, Mr Yadav and Mr Dasgupta, after an over one-hour meeting, jointly said the talks were fruitful. The Union Finance Minister told mediapersons after the meeting that interaction with the traders of UP would be facilitated next month to convince them about the benefits of VAT. Mr Dasgupta, the chairman of the VAT empowered committee, said the officials of the state have been invited to Kolkata next week so that the technical issues raised by the UP Government could be sorted out. UP has been opposing the implementation of VAT which is slated to be effective from April 1, 2005 in the country, saying it would hamper the interest of small and medium traders and was demanding compounding scheme for them. Mr Chidambaram claimed that 26 states have already accepted the present form of VAT and he was confident that up and other states would join soon. Mentioning several benefits of VAT, he claimed that common people would benefit the most after its implementation as prices would come down and traders would have a simple taxation system. Mr Yadav too asserted that he had no objection in the implementation of VAT if the Centre convinced the traders and clered the technical problems. UP Development Council Chairman Amar Singh, State Ministers Ashok Vajpayee, Sanjay Garg along with trade union leaders were also present in the meeting. Mr Chidambaram, while claiming that Mr Yadav had worked with him during previous Governments, said the meeting has paved the way for ending the deadlock on VAT in the state. "I am confident that the traders will also accept VAT in UP when we return here in some weeks to apprise them about its benefits," he further claimed. "The traders have been asked to send a memorandum giving reasons of their opposition to VAT before we meet them so that we can descuss in detail about it," he added. Mr Dasgupta said the technical question raised by the UP Government during the meeting would be solved when the officials would meet him at Kolkata next week. "There is some confusion and misconception in the UP Government on the issue," he said. The West Bengal Finance Minister also invited Mr Amar Singh at the meeting with the traders. Meanwhile, UP Udyog Vyapar Mandal is holding a special conference here on November 20 to prepare a memorandum to be sent to the Union Finance Ministry on VAT. Mandal general secretary Banwari Lal Kanchal said traders would not allow implementation of VAT if the Centre did not solve the problems of the small and medium traders. (UNI) |
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Ranbaxy withdraws all its anti-AIDS drugs from WHO list NEW DELHI, Nov 10: India’s top drugmaker ranbaxy laboratories has voluntarily withdrawn all its antiretroviral AIDS drugs from the UN health agency’s approved list, setting minimum quality standards for cheaper anti-AIDS medication aimed at poor countries, the World Health Organisation (WHO) said. "Ranbaxy has informed the who that it is voluntarily withdrawing all its anti-retrovirals," the WHO added. Earlier, the Geneva-based agency had announced that it was dropping three generic HIV/AIDS drugs produced by India’s largest pharmaceutical company. The WHO said, in a statement yesterday, ranbaxy took the step after finding discrepancies in documents submitted to prove the generic products’ bioequivalence to brand-name drugs. The city-based pharma firm had already presented it with a plan for submitting new studies of the drugs, with the first such study likely to be finished by next month, the UN agency added. The health agency has written to all pharmaceutical companies to check the data they had submitted and to ensure that the laboratories testing their drugs comply with globally-accepted standards. In August, it dropped three ranbaxy drugs after finding that the independent laboratory used by the company to verify their equivalence to patented drugs did not meet global standards. Another pharma company Cipla also saw two of its anti-retrovirals withdrawn from the WHO’s list earlier this year. (UNI) |
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Singtel says to raise globe stake to 45 pc SINGAPORE, Nov 10: Singapore Telecommunications Ltd., southeast Asia’s largest phone company, said today it would buy a 5 percent additional stake in globe telecom inc. For 6.65 billion pesos ( 118 million) in cash to strengthen its expansion across the region. The purchase by its wholly owned unit, Singapore telecom international pte. Ltd., from Ayala corp., the Philippines’s largest Conglomerate, will raise Singtel’s holding to 45 percent. The company said it agreed to buy 7 million common shares of globe at 950 pesos per share. Ayala corp said it was selling the stake to trim debt. This represents a 5 percent discount to the closing market price of 1,000 pesos for globe shares on the Philippine Stock Exchange yesterday. "The transaction is in line with our regional expansion strategy to look for opportunities and grow our investments together with our regional associates over time," Singtel chief executive Lee Hsien Yang said in a emailed statement. "It reaffirms our confidence in globe, its management expertise as well as business outlook." Singtel has spent’s 17 billion in four years buying firms in high-growth Asian nations with fewer cellphone users and in the bigger Australian market because of heavy competition in its mature home market, where nearly nine out of 10 people own a mobile phone. Operations outside Singapore generate about 75 percent of revenues and two-thirds of pretax earnings. Singtel, the city-state’s largest listed firm, owns Australia’s second-ranked optus and major stakes in three other operators —Thailand’s Advanced Info Service PLC (AIS), India’s Bharti group and Indonesia’s PT Telkomsel. The company warned in May that it expected mobile subscriber growth to slow in Thailand and the Philippines, but the Indian and Indonesian markets would provide a second wave of expansion for the group over the next few years. Last month, globe posted a surprise 34 percent drop in third-quarter profits to 2.05 billion pesos ( 36.4 million), partly on higher marketing expenses and increased competition. Singtel shares closed at s 2.32 on Tuesday. The stock has gained 18 percent since the start of the year, compared with a 14 percent gain in the broader straits times index. (AGENCIES) |
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Aviation key in climate change battle: UK report LONDON, Nov 10: Britain’s Tony Blair must make aircraft pollution a priority in his drive to confront the problems of climate change, an expert Parliamentary Committee of Peers said today. The House of Lords’ European union sub-committee on the environment said aviation’s impact on the environment could be "immense" and should be rapidly included in the EU’s emissions trading scheme, which is about to begin. Britain will head the G8 group of leading nations in 2005. The Prime Minister has pledged to make tackling climate change a priority, despite reluctance on the part of President George W Bush. "It is extraordinary that on the one hand the Government is concerned with climate change and on the other hand it’s encouraging a rapid increase in air travel," committee chairman Lord Renton said. The lords may be knocking at an open door. In a speech on climate change in September, Blair said that by 2030, aircraft emissions could be responsible for 1/4 of Britain’s total contribution to global warning. He said Britain would use its Presidency of the European Union in the second half of 2005 to press for aviation to be brought into the EU’s emissions trading scheme. The scheme, a key part of the bloc’s efforts to meet its commitments under the Kyoto protocol on global warming, will create the world’s first international market in carbon emissions when it begins in January. Businesses are given permits to produce carbon dioxide after receiving allocations under national plans. Companies which exceed their limits have to buy quotas from firms which undershoot their targets. The committee echoed Blair’s ambition to include aviation. Renton said jet engines not only emitted greenhouse gases by burning kerosene but also produced other pollutants and high-altitude clouds known as "radiative forcing". "Their exact effect is uncertain," he said. "This is alarming when air travel is predicted to grow rapidly throughout the EU and the rest of the world." (AGENCIES) |
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Rupee steady against US dollar in early trade MUMBAI, Nov 10: The rupee held steady against the US currency in tight range-bound early trade at the interbank foreign exchange market here today even as sentiments remain positive for an extended rally. The domestic unit was quoted at Rs 45.16/17 per dollar in late morning deals, little changed from the overnight five-month closing high of Rs 45.1625/1725, following a firm start at Rs 45.15/16 per dollar. Strong trend in foreign fund inflows continued to give the rupee underlying support despite central bank intervention to curb its gains, a forex dealer said. In cross currency trade, the euro was quoted at Rs 58.25/28, pound sterling at Rs 83.79/81 and the Japanese yen (100) Rs 42.66/68. (PTI) Ashok Leyland Oct sales drop 16 pc NEW DELHI, Nov 10: India’s second-biggest truck and bus maker Ashok Leyland Ltd today said its total vehicle sales in October dropped 16 per cent to 3,356 units from 3,993 in the year-ago period. The company said production in the past month totalled 3,109 units compared with 4,078 in the year-ago period. (UNI) |
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