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| Dabur to take up ‘honey issue’ with NZ through APEDA NEW DELHI, Nov 15: Home-grown FMCG major Dabur India has approached APEDA to take up its case with author......more Booming
Chinese BEIJING, Nov 15: China’s booming economy, dramatic improvement in living conditions.....more SMEs need
exchange NEW DELHI, Nov 15: The Government is planning innovative mechanisms for growth of the Small Scale industries.....more GFL
non-woven plant NEW DELHI, Nov 15: Leading cotton-yarn manufacturer Ginni Filaments Ltd’s (GFL) first non-woven fabric plant in........more |
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India moots networking of SME promotion bodies in Common Wealth NEW DELHI, Nov 15: India today suggested networking of agencies supporting small and medium enterprises in the.........more Fertiliser
industry NEW DELHI, Nov 15: In its pre-budget memorandum to Finance Minister P Chidamaram, the fertiliser industry has.......more E-charge
rolls out NEW DELHI, Nov 15: E-charge, a subsidiary of Australia-based mobile phone distributor mercantile Pacific, today.....more Wholesale
commodity NEW DELHI, Nov 15: All major wholesale commodity markets, including bullion, grains, oils and kirana are closed today........more |
Dabur to take up ‘honey issue’ with NZ through APEDA NEW DELHI, Nov 15: Home-grown FMCG major Dabur India has approached APEDA to take up its case with authorities in New Zealand where a quarantine alert was raised last week after its honey was found on sale in an Auckland shop, despite an import ban. Confirming this, Mr S Dave, Director, Agricultural and Processed Food Products Export Development Authority (APEDA), said it would ask New Zealand why they have banned the import of honey and seek the help of its foreign commission there to take up this issue with the Kiwi authorities. Last week, Kiwi officials started tracking down the entry and reach of Dabur honey into their country, after an Auckland beekeeper reported its sale in local ethnic shops, where the import of honey is banned in general. "We will scrutinise the whole episode threadbare as it has raised unsubstantiated quality issues regarding Indian honey. We also want to know the ground on which the import of honey into New Zealand is banned. "We are writing a letter to our High Commission in New Zealand to find out the importer of Dabur honey, through whom we can trace the exporter from India, and pursue the investigation further," Mr Dave told UNI here today. Meanwhile, Dabur maintained that the company had not exported any honey to New Zealand and that it is the Kiwi authorities who should be taking responsibility of letting Indian honey inside the country. "We have not exported any honey to NZ and hence it is their authorities who are responsible for allowing honey inside their country without proper checks or quanrantines. "We are concerned on the alerts being raised and would like to mention, in the interest of all, that Dabur honey meets the stringent norms laid out under codex alimentarius and the Indian PFA laws and is , therefore, an absolutely safe product," said a company spokesman. New Zealand’s Ministry of Agriculture and Forestry (MAF) is investigating claims that foreign honey is being brought into the country and assessing how widely it has been distributed, according to a New Zealand TV website. It said honey imports from almost everywhere in the world are banned in New Zealand because of the risk of introducing bee diseases. Despite new regulations requiring maf to check all containers coming into the country, the Indian honey was not detected. (UNI) |
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Booming Chinese economy wooing Indian professionals BEIJING, Nov 15: China’s booming economy, dramatic improvement in living conditions and expanding bilateral ties have beckoned more Indians to live and work in the communist nation. Official sources said the number of Indians on the Chinese mainland was over 2,000 and the number is growing rapidly, especially with many multinational firms employing qualified Indian professionals at much cheaper salaries than their western counterparts. Moreover, with the steady growth of Indian businesses in China, especially in the Information Technology sector, the number of Indians in the country is bound to go up dramatically, sources said. Nilesh Sharma is one such Indian. He is the first foreigner employed as a Government employee in the booming east Chinese province of Zhejiang. Whether or not Sharma will continue to work in the Government is becoming a focal point of the local media, ‘China daily’ reported from Shaoxing, a booming textile city in the Yangtze river delta. Sharma was selected as one of the 15 people to promote investment for the shaoxing investment and promotion authority from over 200 candidates thanks to his good command of English and former working experience at a multinational company, the paper said. "Both my office and I plan to continue," said Sharma, 25, who came to China three years ago from India. "My boss wants me to change the work position from investment promotion to investment service work and also do some trade promotion. It’s a matter for negotiation," he said. Before being a Government employee in China, Sharma worked as an English teacher in a technical school in Shaoxing. A major part of Sharma’s job is to promote the local bureau, which was established in 2003 and is a Government organisation for investment promotion. As a foreigner, working in the Chinese Government might be considered no easy task. "There are too many expectations on me as I am the first foreign official here and I always feel the pressure," Sharma said. "Sometimes, it is difficult to do my work as people always notice you and put you under the spotlight." Language is the biggest obstacle, Sharma said, adding that he is trying his best to learn the Chinese language, culture and manners. "As India and China are neighbours, many aspects of Chinese culture remind me of India and I do not feel completely like a foreigner here," said Sharma. "I feel I belong here and I believe I can fit in." An overall evaluation of Sharma’s performance in the past year will be made next month before deciding whether to retain him or not, the paper added. The growing strength of the Indian community in China was felt at the Diwali celebrations held here on Saturday when some 300 Indians participated, which according to rough estimates was the biggest turnout. (PTI) |
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SMEs need exchange fluctuations cover: Mahabir Prasad NEW DELHI, Nov 15: The Government is planning innovative mechanisms for growth of the Small Scale industries, including an appropriate exchange fluctuation cover to enable them to tap global markets and schemes for inter-firm cooperation for micro enterprises in the Common Wealth countries. "Apart from the conventional form of bank finance, the global markets are now requiring smes to adopt innovative ways of financing their activities through collateral free equity finance, open market borrowings, venture capital and bills market. Innovative trade finance with appropriate exchange fluctuation cover is becoming increasingly necessary," Minister for Small Scale Industries Mahabir Prasad told a Common Wealth meeting here today. Mr Prasad called for a multi-pronged approach to integrate all the units in the SMEs sector of the Common Wealth region. He, however, wanted to ensure that the programme in this regard should not leave out the smaller units in the process of globalisation. The minister was addressing the first meeting of Common Wealth-India Small Business Competitiveness Development Programme. "Finance has always been the lifeline for all economic ventures. Timely and adequate credit has been perceived as more important input rather than cost of credit. However, it is always the availibility of credit, be it long or short term working capital, which has been the major impediment in the successful operation of SMEs and micro-enterprise sectors," Mr Prasad said. Mr Prasad said the sme sector can flourish only if the specific needs of the enterprises are brought to the centre of policy making. "SMEs need to be assisted not because they are small but because of their potential and capacity to be efficient, innovative and competitive in the national and international market," he said. Dwelling on the need for greater cooperation among India and the Common Wealth Nations, Mr Prasad said knowledge can flow more easily from one developing country to another. "In this age of globalisation this is an imperative not a option," he added. Stressing on the need for appropriate technology and adopting technology to local competitions, Mr Prasad said innovation holds the key to success of SMEs. "What matters is not simple acquisition of knowledge but the capacity to internalise it, to innovate and to adopt or adjust to local conditions," he said. Secretary SSI Mr Anupam Das Gupta, NSIC CMD Rajeev Bhatnagar and EXIM Bank CMD T C Subramanium also participated in the event. (UNI) |
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GFL non-woven plant in Pune to
start NEW DELHI, Nov 15: Leading cotton-yarn manufacturer Ginni Filaments Ltd’s (GFL) first non-woven fabric plant in Pune, being set up with an investment of Rs 125 crore, will start production in early 2006. "The plant — Ginni Non-Woven Fabrics Ltd — with a capacity to produce 12,000 tonnes of non-woven fabric per year will be commissioned by March, 2006," GFL CMD Rajaram Jaipuria told UNI here. The plant will make high-value non-woven fabric for use in hospitals and home furnishings to tap the 10-billion dollars global non-woven market. "The Pune plant will employ around 150 employees to start with, which will be increased after the plant becomes fully operational. For the first five years, 50 per cent of the production will be exported," Dr Jaipuria said. The company expects a annual business of Rs 150 crore from the new unit. Non-woven can be made from poly-rayon, polypropylene and polyester which can be divided into two segments - disposable or short life, and durable or long life. Dr Jaipuria-owned GFL is a 100 per cent eou and one of country’s leading manufacturer and exporter of cotton-yarn. The group with a staff strength of more than 1,000 has a annual turnover of Rs 210 crore and operates a cotton-yarn manufacturing unit in Mathura. In the midst of a massive expansion drive, Ginni filaments is investing an additional Rs 35 crore for setting up a processing unit for knitted fabrics alongside its existing cotton-yarn manufacturing plant in Koshi, Mathura, which will start production in the beginning of next year. "The processing unit will work with a strength of 50 employees and will have a installed capacity of 3,500 tonnes per annum," Dr Jaipuria said. Along with the new processing unit, the company will also debottle its existing Mathura unit to increase its capacity by 30 per cent. "We are installing new machines in our Mathura unit which will be completed by the next calendar year," he added. The group expects the current expansion drive will jack up its turnover to Rs 500 crore in the next two years of which, Rs 150 crore will be contributed through exports. Ginni filaments will also venture into the lucrative garmenting market after assesing the post-quota changes in the textiles industry, said Dr Jaipuria. "After quota regime is dismantled, there will be bright chances for exports of finished products from India. GFL will definitely like to tap this opportunity," he added. (UNI) |
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India moots networking of SME
promotion NEW DELHI, Nov 15: India today suggested networking of agencies supporting small and medium enterprises in the Common Wealth countries for undertaking joint activities through pooled resources. "We are keen to help in promoting regional cooperation through the networking of SME support agencies and undertake joint activities through pooled resources," Minister for Small Scale, Agri and Rural Industries Mahabir Prasad said here. Addressing the inaugural session of Common Wealth-India Small Business Competitiveness Development Programme, he said networking would lead to greater inter-firm cooperation. "It is encouraging to note that such a process of enabling the smes to move on high growth trajectory has already been put in motion by significant policy announcements," Prasad said. He said developing countries share common needs such as access to export markets, technical knowhow and external capital and inter regional cooperation today is more vaild and relevant than ever. The minister said through National Small Industries Corporation India can provide necessary support in technology transfer, Human Resource Development through training, it services for integrating SMEs of the region and identifying specific areas of cooperation for inter-country trade. "India-Common Wealth cooperation is, therefore, an imperative and not an option in this age of globalisation," Prasad said. (PTI) |
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Fertiliser industry wants reduction in subsidy rate on urea NEW DELHI, Nov 15: In its pre-budget memorandum to Finance Minister P Chidamaram, the fertiliser industry has sought hiking the issue price of urea(n) under the Government’s control and a review of the price and concessions for decontrolled potash(k) and phosphate(p) fertilisers to control the annual subsidy outgo and prepare for a decontrolled regime. In the memorandum submitted to the minister recently, the Fertiliser Association of India (FAI) pleaded for "reviewing of fertiliser pricing and concession policies for all the three segments-n, p and k- in a holistic manner with an objective to move towards total decontrol of fertiliser both in terms of price and distribution to control subsidy outgo and sustained growth of industry." The industry feels that high cost of energy is the prime cause of the bulging subsidy bill. It seeks reasonable allocation and low pricing of hydrocarbons like- natural gas/lng, naptha, fuel oil/lshs-feedstock for the fertiliser sector. The supply of natural gas is deficient by 34 per cent with its price at 2.80 US dollars a mmbtu against one US dollar in major urea exporting countries. Naptha cost is higher at above 10 US dollars per mmbtu and the price of imported lng is yet to be finalised. It sought withdrawal of excise duty on fuel oil/lshs, restoration of benefits on naphtha and extension of deemed export benefits to indigenous supplies of capital goods. Besides this, the industry also sought exemption from levy of service tax on inputs used in fertiliser manufacture at par with agricultural produces, the current level of service tax is 10 per cent. Dismissing the largely-held impression that the fertiliser factories — most of them obsolete and uncompetitive — gobbling away subsidy meant for farmers, the industry says the Government gives the subsidy as it requires to supply fertiliser to the agriculture sector cheaper than the prevailing international market prices. For that purpose, the Indian Government keeps urea, a major component of fertiliser under control, sells at retail price of around 105 US dollars per tonne when the international prices hover around 215 dollars a tonne. Though, the phosphatic and potash are decontrolled, but the Government subsidises them at different level that keeping their retail price at 215 dollars against 283 dollar a tonne in the global market. In this context, the industry cited the increase in international prices of ammonia to 317 dollars a tonne in September from 168 dollar a tonne. Price of imported phosphoric acid rose by 13 per cent besides its short supply which resulted in 30 per cent fall in its planned production of DAP. The domestic requirements of DAP are supplemented with the import of 5 lakh tonnes this year. Urea production, however, exceeded the target of 96.57 lakh tonnes during the current financial year (2004-05). The cumulative import of urea, DAP (diammonium phosphate) and potash (MOP) till September was 1.72 lakh tonne, 1.84 lakh tonne and 13.94 lakh tonnes. Besides this, the memorandum seeks tax concessions under 80-1a and 80-1b for NG/LNG projects and new fertiliser projects to attract investment in this sector, increase in the rate of depreciation on plant and machinery to 33.3 per cent and restoration of 100 per cent depreciation on investment in energy saving devices. The FAI disapproves the Kelkar task force on indirect taxes recommendations for withdrawing exemptions and concessions available to the fertiliser industry, and said the Government should restraint their implementation. (UNI) |
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E-charge rolls out world’s smallest smart phone in India NEW DELHI, Nov 15: E-charge, a subsidiary of Australia-based mobile phone distributor mercantile Pacific, today announced the launch of the world’s smallest microsoft windows-enabled mobile device in India and said it will invest around Rs 60 crore over the next one year to market the high-end handsets in the country. Targeted at corporate users, "Krome Intellect IQ 700" is priced at Rs 26,999 and aims to provide consumers with integrated wireless access solutions. It weighs 100 grams and, with its 108mm x 46mm x 16mm frame, is the world’s smallest microsoft windows-enabled smart phone. The Krome range includes 3 more mobile devices, compatible with both GSM and CDMA networks. Priced in the range of Rs 17499 to Rs 35999, the 3 other devices are IQ 200, krome navigator F1 and Krome navigator F2 CDMA. E-charge is targeting to sell around one lakh handsets in the first year. "We also plan to invest Rs 50 to 60 crore in India over the next 12 months for marketing the devices," Mercantile Pacific group CEO Karan Narula said here. The Krome handsets offer MSN messenger, outlook express, internet explorer, organizer, camera and windows media player rolled into a mobile phone. The iq700 comes bundled along with the repligo software worth Rs 1000 that enables the user to view all microsoft documents. The company has introduced an introductory offer under which every purchase of the Krome IQ 700 will carry a free bluetooth headset worth Rs 3000 with the phone. Combining the power of a PC with the form of a pocket-sized mobile phone, the krome consists of integrated hardware and software elements and brings with it the advantages of all microsoft windows applications. "The launch of Krome in India underlines our recognition of the need of the hour and outlines our commitment to the enterprise business segments in India. The handset combines the power of telecom and IT through a convergent solution with microsoft," he added. The Krome range will be available through a network of more than 1000 distributors and retail outlets. E-charge is a total solutions provider, offering electronic delivery systems for the pre-paid product industry through state-of-the-art electronic pin-pad terminals. E-charge entered the Indian market in February 2004 as a solutions provider for the cellular industry’s high growth pre-paid section. (UNI) |
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Wholesale commodity markets closed NEW DELHI, Nov 15: All major wholesale commodity markets, including bullion, grains, oils and kirana are closed today on account of "Id-ul-Fitr". (PTI) |
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Korean Air Q3 net profit falls, hit by fuel costs SEOUL, Nov 15: Korean Air, South Korea’s biggest carrier, reported on Monday that quarterly profits fell 62 percent, hit by soaring fuel costs and falling domestic passenger traffic. But a rise in the number of passengers and air cargo on high-margin routes to China, Europe and the United States underpinned the outlook for Korean Air, analysts said. They said the carrier had also benefitted from a stronger won currency, air fare increases and the launch of five-day workweek, which led to an increase in outbound travel from South Korea. Korean Air, also the world’s second-biggest air cargo carrier, said net profit for its third quarter through September fell to 85.4 billion won ( 77.63 million) from 227.0 billion won a year earlier. Sales rose 17.6 percent to 1.99 trillion won. Analysts surveyed by research expect Korean Air to post a net profit of 237.9 billion won for all of 2004, compared with a loss of 241.1 billion won in 2003. It is expected to post a net profit of 213.2 billion in 2005. Like other regional airlines, Korean Air suffered a tumble in air traffic last year due to the impact of the sars epidemic and the war in Iraq. The company’s fuel costs jumped 56 percent to 439.1 billion won, reflecting soaring world oil prices. Domestic passenger business suffered an 11.4 percent fall in revenue to 166.4 billion won due in part to competition for passengers from the high-speed Korean Express Train (KTX), which was launched on April 1. But revenues from international passenger services rose 22.4 percent to 998.5 billion won in the third quarter, helped by traffic increases in profitable routes to China, Europe, the Middle East and the United States. Korean Air is aiming to raise revenues from services to China to 2 trillion won by 2014 from around 400 billion won this year. Cargo revenues gained 24.3 percent to 589.6 billion won in the third quarter. The stock fell 0.5 percent on Monday to 18,650 won, compared with a 1.18 percent rise in the broader market. Shares in Korean Air rose 5 percent in the third quarter, broadly matching a 6.3 percent gain in the wider market. (AGENCIES) |
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BoJ to keep zero rates, market focus on economic report TOKYO, Nov 15: Increasingly feeble economic growth is likely to make the Bank of Japan wary of abandoning its ultra-loose credit policy, even as other central banks shift towards tightening monetary conditions. As a result, with little chance of the bank ending its zero interest rate policy for another year, economists said they were less interested in a BoJ policy announcement on Thursday than in whether it downgrades its view on the economy in a report due the same day. "The BoJ has been pretty upbeat about the economy. In fact they appear overly upbeat, considering economic indicators, so the focus is on whether they will change their assessment," said Seiji Adachi, senior economist at Deutsche securities. BoJ Governor Toshihiko Fukui is due to give a news conference after the results of the two-day policy board meeting are announced and the monthly report is published. Government data on Friday showed Japan’s Gross Domestic Product (GDP) grew a meagre 0.1 percent in July-September from the previous quarter in real, price-adjusted terms. That translated into an annualised rate of 0.3 percent, well below US Growth of 3.7 percent in the same period and a far cry from Japan’s decade-high pace of more than 6 percent in the final quarter of last year and the first quarter of 2004. Data last week on private sector machinery orders also showed a surprising fall of 8.4 percent in July-September from the previous quarter, suggesting weaker capital spending. Before the data was released, Fukui had emphasised that the economy would keep recovering even though growth might slow. "The BoJ is likely to still say that the economy is recovering, and it probably doesn’t want to sound too cautious yet, but it will likely adopt a more cautious view on various aspects," said barclays capital chief economist Mamoru Yamazaki. (AGENCIES) |
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China’s Oct actual FDI up 51 percent yr/yr BEIJING, Nov 15: Foreign direct investment in China was 5.1 billion in October, up 51 percent from a year earlier and pushing the total so far this year past investment for all of 2003, calculations based on Commerce Ministry data released on Monday showed. Contracts signed in October for planned foreign investment rose 22 percent from a year earlier to 11.6 billion, the figures showed. In September, actual FDI surged 42 percent year-on-year in to 5.1 billion while contracted funds were 13.6 billion, up 16 percent. Monthly FDI inflows have been strong this year and the median forecast for August of three economists surveyed was 4.5 billion. In January-October, actual FDI was nearly 53.8 billion, up 23.5 percent from a year earlier. Contracted FDI was 119 billion in the period, up 34 percent on the year. The monthly figures were based on ministry data for the first 10 months posted on its web site (www.Mofcom.Gov.Cn). Last year, China had a record inflow of 53.5 billion, passing the United States, which drew 40 billion. (AGENCIES) S Korea says new laws to fan credit card reform SEOUL, Nov 15: Facing criticism over the pace of reforms in the credit card sector, South Korea said on Monday it aimed to tighten legislation to make it easier for ailing card firms to be shut down or merged. The credit card sector has been struggling to revive since a credit boom soured in 2002, leaving card firms saddled with huge bad debts and sending consumer demand sagging in Asia’s third-largest economy. Under current laws, authorities are allowed to take "necessary" steps to deal with credit card firms whose paid-up capital falls below 8 percent against total assets. The loose wording could result in legal dispute over stern measures such as business shutdowns, a ministry official said. The revised laws, which are subject to approval by Parliament later this year, stipulate that authorities will be able to order battered credit card firms to immediately close, suspend operations and merge with other firms, starting in January 2005, the Finance Ministry said in a statement. The Government will also allow struggling card firms to reduce capital only with the approval of the board of executives. Currently, they also need shareholder approval. A credit bubble burst after a Government-fostered boom between 1999 and 2001, hit by a mountain of unpaid bills and as lending rules were tightened. As a result, many card firms, including industry leader LG card 032710.Ks , narrowly averted bankruptcy with support from creditors and main shareholders. A surge in individual defaults battered domestic consumption and hampered growth in Asia’s third largest economy. (AGENCIES) |
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