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| Reddy defends FDI in print media NEW DELHI, Nov 18: Information and Broadcasting Minister S Jaipal Reddy today came out in strong defence of the......more CPI-M
demands duty KOLKATA, Nov 18: CPI-M has demanded cut in duties on petro products to insultate the common people from the fuel.....more India
likely to take NEW DELHI, Nov 18: India is likely to discuss the fate of the proposed 4.16 billion dollar Iran-India gas pipeline during.....more Gold hits
16-year SINGAPORE, Nov 18: Tension in the Middle East and a tumbling dollar have elevated gold’s appeal as an alternative asset and pushed up the price to a 16-1/4-year.........more |
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Europe urged to rethink medicines strategy LONDON, Nov 18: European Governments, regulators and drug companies need to rethink their strategy to the supply.........more ‘Parijat’:
Homegrown LUCKNOW, Nov 18: With the world increasingly turning towards herbal and natural formulations for curing diseases.......more Widen
manufacturing NEW DELHI, Nov 18: Planning Commission deputy Chairman Montek Singh Ahluwalia today made a forceful plea for.....more ICRA ups
rating NEW DELHI, Nov 18: Credit rating agency ICRA has upgraded the rating assigned to the fixed deposit programme of........more |
Reddy defends FDI in print media NEW DELHI, Nov 18: Information and Broadcasting Minister S Jaipal Reddy today came out in strong defence of the previous National Democratic Alliance (NDA) Government’s decision to allow 26 per cent Foreign Direct Investment (FDI) in the print media, saying adequate safeguards had been taken to ensure Independence of management and editorial content. "Personally I am not a votary of the FDI in the print media, but I do not want to destabilise the existing economic regime. There is no need to destabilise the present economic regime, Mr Reddy opined. Addressing the economic editors’ conference here, the minister said when the issue was being debated by the previous NDA Government, he, in the capacity of the Congress spokseman, had opposed it. "But as the minister now, I firmly believe that enough safeguards have been taken to ensure that the entry of foreign players does not impinge on the management control of an Indian newspaper." Mr Reddy pointed out that an Indian entity having not less than 51 per cent share in it would not have a foreign editor. "We have no intention to roll back the NDA Government’s decision. A decision contrary to it will destabilise the existing framework in a Wanton fashion." On the controversy surrounding the publication of the international Herald tribune from Hyderabad, Mr Reddy said it was being done in the contravention of the specific guidelines of the Government. "The Government is looking into the matter," he said adding that a committee, headed by Union Home Minister Shivraj Patil, had been formed recently to look into the entire aspects of FDI in print media. Mr Reddy said there was an imperative need for a ‘quasi-judicial, regulatory body’ to monitor the contents of the electronic media, adding, "but there is no need for the Government to enter into the picture." He, was catagorical in his assertion that Government had no business in regulating the press. "I would rather have an indisciplined press than the one regulated by the executive," he asserted. The minister mooted the idea of transforming the Press Council of India into a media council, which could be mandated to oversee the contents of both the print and electronic media. Asked about the future of print media in view of cut-throat competition from the electronic media, he said newspapers would remain extremely valid and relevant. "Unless I read some ten newspapers in the morning, my intellectual appetite is not satiated," he quipped. He, however, made it amply clear that the darwinian theory of the ‘survival of the fittest’ would apply to the print media. "Only the fittest of the newspapers will survive", he interated. Mr Reddy also took a swipe at the newspapers magnates for downgrading the institution of editor. "The institution of editorship has been cannibalised, and the process should be reversed." Mr Reddy said there was an imperative need for a ‘quasi-judicial, regulatory body’ to monitor the contents of the electronic media, adding, "but there is no need for the Government to enter into the picture." He, was catagorical in his assertion that Government had no business in regulating the press. "I would rather have an indisciplined press than the one regulated by the executive," he asserted. The minister mooted the idea of transforming the Press Council of India into a media council, which could be mandated to oversee the contents of both the print and electronic media. Asked about the future of print media in view of cut-throat competition from the electronic media, he said newspapers would remain extremely valid and relevant. "Unless I read some ten newspapers in the morning, my intellectual appetite is not satiated," he quipped. He, however, made it amply clear that the Darwinian theory of the ‘survival of the fittest’ would apply to the print media. "Only the fittest of the newspapers will survive", he interated. Mr Reddy also took a swipe at the newspapers magnates for downgrading the institution of editor. "The institution of editorship has been cannibalised, and the process should be reversed." (UNI) |
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CPI-M demands duty cut on petro products KOLKATA, Nov 18: CPI-M has demanded cut in duties on petro products to insultate the common people from the fuel price hike and said that the oil companies which had made ‘whopping profit’, should share the burden of oil price increase in the international market. Stating that the issue would be forcefully raised in the meeting of the UPA-Left Coordination Committee scheduled to be held in Delhi November 24, CPI-M politburo member Sitaram Yechuri told PTI here that his party would seek explanation for the increase in prices of fuels by the UPA Government. Yechuri argued that when administrative pricing mechanism for the petroleum products was dismantled in 2000, the commitment of the earlier Government was to bring down duties to zero level on subsidised products and for other products the duty should be reduced from zero to five per cent. "It was agreed that the dismantling of APM and reduction of duties (customs and excise) would go together. But it has not happened", he said. To a question that the ruling UPA had increased the fuel price despite objections by the Left parties, the CPI-M leader said, "we have a dispute with the UPA Government on this issue. We will continue to argue and pressurise it. The Government had put on hold the price hike for three months due to our pressure.The hike was unnecessary when oil prices have fallen in the international market". Yechuri also said that since the dismantling of APM, "oil companies have made whopping profit from Rs 2,000 crore to Rs 10,000 crore. Let them also share the burden of oil price hike in the international market. Why should it be passed entirely on to the people?" Yechuri said that the USA did not have taxes on fuels and there petrol was cheaper than diesel in India. To a question, the CPI-M leader said that the Left parties did not give green signal to the Government for hiking fuel prices. Turning to the interest rates on EPF, Yechuri said that a decision on this would be taken at the UPA-Left Coordination Committee meeting on November 24. "Our pressure is there for maintaining the interest rate on EPF to at least 9.5 per cent. We want the Government to accept it". (PTI) |
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India likely to take up gas pipeline issue with Pak NEW DELHI, Nov 18: India is likely to discuss the fate of the proposed 4.16 billion dollar Iran-India gas pipeline during talks with Pakistani Prime Minister Shaukat Aziz next week. The issue of the gas pipeline passing through Pakistani territory is likely to figure when Petroleum Minister Mani Shankar Aiyar calls on the visiting dignitary on November 23. "(The pipeline project) will be discussed in the larger context of economic and trade relations with Pakistan. There is no set agenda... Let us see how it evolves," Aiyar told the economic editors conference here. The security of gas supplies to India through the 2775-km pipeline, 760-km of which will pass through Pakistan, may be discussed. "We have agreed to talk to each other instead of talking at each other or through anybody else. I hope this will be a good beginning," he said. Aiyar said he had written to his Pakistani counterpart to "begin a conversation on how we could possibily use Pakistan as transit corridor to bring gas from Iran... My letter is still awaiting a reply." Iran has been pursuing the pipeline proposal, which will save India millions of dollars in energy cost, with New Delhi and Islamabad since 1996. The ice on the issue was broken when Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf agreed in New York in September to look at the project as a contributor "to the welfare and prosperity of the people of both countries." (PTI) |
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Gold hits 16-year high, but some see a correction SINGAPORE, Nov 18: Tension in the Middle East and a tumbling dollar have elevated gold’s appeal as an alternative asset and pushed up the price to a 16-1/4-year high, but some analyts warned of an impending correction. Gold’s main commercial use is in jewellery and trinkets, which in countries such as India, the world’s biggest consumer, may go into dowry chests or under the mattress as treasure. It can also be sold for cash in times of trouble. Gold hit a 16-year high at 445 an ounce in Asia on Thursday as the US dollar traded near striking distance of record lows against the euro, making dollar-priced gold a bargain for the Europeans. Gold could hit 450 an ounce, a level last seen in June 1988, but analysts didn’t rule out a correction to a November low of 417 an ounce and probably lower as net long positions on New York’s comex market hovered near the all-time high set earlier in the year. "The obvious risk is for a correction," said N M Rothschild in a daily report. "The market is already massively long gold, and with year-end position squaring a distinct possibility, it would not take much for a modest correction in the price to trigger stop-loss selling," it said. Spot gold was steady at 444.75/445.50 an ounce by 0320 gmt, compared with 444.25/445.00 last quoted in New York on Wednesday. The euro was trading at 1.3033, little changed from New York’s last quoted levels. Gold’s three-year bull run gathered pace this year, mainly due to the weak dollar. Geopolitical tension such as violence in Iraq and rising crude oil prices that rekindle fears of inflation also play an important role. Many dealers expect the dollar to stay under pressure as long as the market turns its attention on the ballooning US current account gap and believes that Washington is in favour of a weak-dollar policy to make exports more competitive. Even though a weak dollar would provide some support, gold’s future direction could be determined by the funds and how jewellers coped with rising prices, said dealers. The weekly commitments of traders data from the commodity futures trading commission said the long position in comex gold increased to 117,853 lots in the week through Nov 9, from 111,437 contracts a week earlier. "Most of interbank gold traders that I speak to always mention about long positions in New York. If the funds think that 450 is a good level to lock in profit, then of course they will start to sell," said one dealer in Singapore. Dealers say a technical correction was needed to entice new demand from jewellers and investors from the big consumers in India, Japan and China. Also, a weak dollar may mean nothing for non-European investors, they said. "You must remember that gold is actually going down in Australian dollar terms because of its strength against the US currency. Gold prices in Chinese currencies are also quite high and that affects purchases," said the Singapore dealer. Gold bars were on a par to London prices in Singapore, a Centre for bullion trading in southeast Asia, compared with a premium of 10 US cents an ounce last week after goldsmiths and holders of scrap gold sold their possessions to get cash. (AGENCIES) |
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Europe urged to rethink medicines strategy LONDON, Nov 18: European Governments, regulators and drug companies need to rethink their strategy to the supply of new medicines if gaps in pharmaceutical coverage are to be filled, according to a new report today. Market mechanisms often fail to provide incentives for badly needed drugs, such as antibiotics to fight "superbugs", and manufacturers frequently do not align their research with society’s real needs. "Little effort is made to determine ‘value for money’ for pharmaceutical innovation," according to the report, which was prepared by world health organisation staff for the Dutch Presidency of the European Union. The result is a lack of medicines in key areas that couldmake a real difference to people’s lives and save large sums in medical costs. Priority diseases for improved drug or vaccine intervention include influenza, infections due to antibiotic resistance, diabetes, cancer, stroke and heart disease, according to the study, which will be discussed at a conference in the Hague. The report comes at a time of mounting debate about how Governments should deal with runaway healthcare costs, which are being driven up by medical advances and a greying population. Among specific recommendations is a call for increased use of Fixed-Dose Combinations (FDCS) — medicines combining two or more drugs — particularly for preventing heart attacks and strokes. Development of such multi-pills will require companies to cooperate in sharing ideas and compounds, while regulators will need to rethink how they assess their safety and efficacy. At the same time, governments need to focus on the long-term value of preventative treatment, rather than simply targeting prices. The proposals were welcomed by Europe’s biggest drug maker, Glaxosmithkline PLC. "This report tees up a lot of the more difficult issues and highlights the need for give and take on both sides," Andrew Witty, GSK’s president of Europe pharmaceuticals, told . The pharmaceuticals industry has long argued the case for modern preventative medicine, in the face of mounting pressure on drug prices, including deep cuts this year in Germany and a recently announced 7 percent reduction in Britain. Under a more value-orientated approach, Witty acknowledged that industry would have to surrender sales of many older brand products, which would be replaced by cheaper generics. "It may hurt companies like GSK in the short term, because if generic use is not maximised then I will probably be selling products that I wouldn’t sell if generics were widely used," he said. "But the system cannot sustain itself if we say new medicines need to be rewarded with good prices but old ones never get replaced." (AGENCIES) |
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‘Parijat’: Homegrown cure for many ailments LUCKNOW, Nov 18: With the world increasingly turning towards herbal and natural formulations for curing diseases, ayurveda experts have adviced people to take the ancient Indian wisdom to their kitchen gardens. They regret that people seem to have forgotton the Parijat tree (night Jasmine) and its goodness to humans. The tree in vicinity not only renders good sleep through divine fragrance of its flowers, but also helps one stay fit in the winter chill. Dr S N Suman, faculty of ayurveda, Banaras Hindu University (BHU) told UNI the tree was endeared to masses due to the exotic fragrance of its orange-white flowers. It also provided an assured remedy for variegated body disorders ranging from common cough and cold to arthritis and seiatica. He said the presence of a chemical substance, Nicktenthine, in the tree (especially its leaves and bark), fortified it as a ‘homegrown antibiotic, purgative and wormicide’ offering cure to a host of common and complex ailments. Its medicinal properties were prominently mentioned in Nighantu Rantnakar, claimed Dr Suman. Besides, it is also known as a panacea for intermittent fever, malarial fever, arthritis and seiatica, he added. His fellow faculty member Prof V K Joshi said juice of Parijat was known to cure several types of inflammation and fever including malaria, the intermittent fever, common cough and cold. Besides being anti-inflammatory, the juice or powds obtained from its leaf and bark is also a proven purgative and solved the common problem of constipation if consumed routinely, he added. Besides, the preparation from its leaf is beneficial for kids due to wormicidal tendencies. In case of jaundice leading to liver enlargement, Parijat was an effective cure through the strength stored in its leaves and bark, he said adding cases of spleen enlargement also found a cure in Parijat. The story of ayurvedic qualities of the tree known as ‘Shefali’ in Bengal did not end with its leaves and bark, but extended to flowers that were also used for deriving natural colours, said Dr Suman. The tree is also known as ‘Harshingar’ (decoration for Gods). The scent of the flower believed to be mentally soothing, if distilled and used in combination with bees wax as ‘face pack’, procures a gaudy shine to the face and gives unfailing remedy to a variety of skin ailments. (UNI) |
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Widen manufacturing base mere
stress NEW DELHI, Nov 18: Planning Commission deputy Chairman Montek Singh Ahluwalia today made a forceful plea for strengthening the manufacturing base saying a development strategy which relies on a mere services revolution for growth was not sustainable. A model which bypasses the manufacturing sector and pins all resources on the growth of the services sector would not be in the long term interests of the country , Dr Ahluwalia said while speaking at the two-day economic editors’ conference here. Today is the last day of the conference. Dr Ahluwalia referred to the fact that services contribute to about 50 per cent of the GDP, which he described as a services revolution. China on the other hand has emerged as a manufacturing hub. A stronger industrial base was called for as services alone cannot tackle the growing unemployment problem. Much of the educated youth look for quality employment which the manufacturing sector can provide, he said. In order to achieve a doubling of per capita income over the next decade, the tenth plan targets a GDP growth rate of eight per cent per annum. The corresponding growth target for the industrial sector is ten per cent. This represents a major step up in view of the less than seven per cent growth during the last decade. Dr Ahluwalia noted that at present Indian industry, especially the manufactring sector, is recording a consistently high growth record. That this performance is with lower protection rate shows a robustness of Indian industry. The manufacturing sector is becoming aggressive and outward looking. Policy reforms and prgamatic initiatives are unleashing Indian entrepreneurial energy, he said. Dr Ahluwalia said the mid term appraisal underway would make an assessment about the potential of the manufacturing sector and how this sector can be propelled into higher growth and a more diversified base. Dr Ahluwalia said the most serious problem facing the nation today was that of creating employment. While the 1990s experienced high GDP growth, there was no commensurate growth in employment. This is a grey area of the Indian economic development experience. Employment growth during the period 1993-94 to 1999-2000 lagged behind the rate of growth of labour force and consequently the incidence of unemployment increased, he said. Dr Ahluwalia said revival of the growth momentum was extremely important for achieving the eight per cent growth target set for the tenth plan (2002-07). He said agriculture has shown signs of decelerating and the Mid Term Appraisal (MTA), which will be completed by December, would look at ways to revive growth of this sector. During the period 1980-86, the agricultural growth rate was 3.3 per cent and from 1996-97 till date the growth rate has declerated on an average of two per cent per annum. Many of the policies have not benefitted farmers and the Government needs to come out with a clear strategy to step up agricultural growth and reduce disguised unemployment. The mid term appraisal will address these issues. Dr Ahluwalia said there has not been enough investment, both public and private, in irrigation. The states have been short of resources and the mta will go into the question of how the centre can step up investment in the area of irrigation. Dr Ahluwalia said water management has emerged as a key issue in agriculture. In this context he quoted Prof C H Hanumantah Rao, a well known agricultural economist, who opined that even if all the irrigation schemes that have been planned are implemented but if water management is not improved, the country wil be confronted with large tracts of desert. He said tackling water stress was crucial and said growth of some crops had reached a plateau despite abundant availbility of water. If we run an agricultural price policy where marginal cost of power is zero, it will result in overuse of power and lowering of the water table , Dr Ahluwalia said. The well known economist said not enough was being charged for canal water and often in the upper ends of the canal, usage of water is much more than in the lower ends. Dr Ahluwalia said many social welfare and employment oriented programmes and schemes like ‘food for work’, ‘Sar Siksha Abhiyan’ and ‘mid day meal scheme’ will be expanded by the next fiscal. He said the performance of social sectors has been disappointing, particularly when compared to south east Asian nations. The MTA will also go into the question of improving the rural health status of the people. The past performance of rural health has been disappointing, he said. Dr Ahluwalia stressed on good governace on the part of states to prevent diversion of funds and improve the efficiency of projects. To a question on development of the north eastern region, Dr Ahluwalia said a committee has been set up to look at the integrated development of these states. The committee will take a long term view of the development prospects of the region. He said the north east should exploit locational advantages given its proximity to south Asia and China. This assumes importance in view of the fact that India is signing Free Trade Agreement (FTA) with many countries of the ASEAN and south Asia. (UNI) |
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ICRA ups rating of BBHFI’s FD programme NEW DELHI, Nov 18: Credit rating agency ICRA has upgraded the rating assigned to the fixed deposit programme of BHW Birla Home Finance Ltd (BBHFL) from MA" to MAA. The rating has also been removed from rating watch1. The rating upgrade primarily reflects the strength derived from its status as a 100 per cent subsidiary of BHW holding ag consequent upon the change in ownership of the company with Chambal fertilisers and chemicals limited, the erstwhile 50 per cent joint venture partner, selling its entire stake to bhw holding AG. In ICRA’s view, the company would benefit substantially from BHW’s ownership in the form of access to funding sources at competitive rates, besides continuing management and systems support, that would place BBHFL in a significantly better position in the high growth but highly competitive Indian mortgage market. It would, however, be critical for the company to increase its asset base at a fast pace to absorb the overhead expenses while keeping a strict control on its asset quality. The expected equity infusion from the parent in the medium term would also help it maintain adequate capital adequacy in its growth phase. (UNI) |
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India’s tea exports to touch 190 million kgs in 2004: ITA KOLKATA, Nov 18: The Indian tea export is poised to reach 190 million kgs in 2004 from last year’s 173 million kgs, recording a ten per cent growth. According to the Indian Tea Association(ITA) status paper released here today, the turnaround in exports this year from the 2003 level was because of a breakthrough in Iraq and Iran markets, reduction of import duty on tea in egypt to five per cent from 30 per cent and the intensified efforts undertaken to upgrade the image of the Indian tea in the international markets. Price competitiveness in the international market and higher export orders from Iraq market will lead to higher imports of 25 million kgs this year as compared to seven million kgs in 2003, the ITA status paper projected. The ITA also projected that the current price trend will continue this year. The status paper also hoped that the domestic consumption of tea in India at 710 millon kgs in 2004 as against 697 million kgs in 2003, registering a marginal growth, while the production was expected to decline to 830 million kgs from 857 million kgs in 2004. The status paper said after a prolonged recessionery phase in 2003, the growth pointers like lower production, lower stocks, higher exports and better price showed a buoyant tea market in the comming months. Efforts by the Centre to start generic promotion campaign in india to attain higher domestic consumption, lower crop in the international market and the efforts undertaken by sending delegations to countries like UAE, Iran, Saudi Arabia, Egypt, Pakistan and Russia have lead to turnaround in the sector. The stress given on production of orthodox variety, introduction of e-auctioning system, the Centre recognising the industries’ plight and working out a debt-restructuring package also worked in favour of the industry’s growth during 2004. The ITA paper observed that the cumulative stock in the pipeline would be exhausted by this year and 2005 would start from the begining and much of the prospect would depend on the level of production and competitiveness in the global market. (UNI) |
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| Satyam to recruit freshers for its
management programme HYDERABAD, Nov 18: Satyam Computer Services Ltd, a leading global IT solutions provider, today announced that IT would recruit fresh graduates from local universities in its first management graduate hiring programme outside India to spur its fast-growing software and outsourcing activities in south east Asia and China. A company release here said that the Hyderabad-based company, which has its Asia-Pacific headquarters in Singapore, announced IT would hire the first batch of five to six local graduates—Singapore citizens or permanent residents—under Singapore’s Ministry of Trade and Industry’s Asian business fellowship programme. Under the programme, the Singapore Government would subsidise the training cost for a definite period before being deployed in India, China and Singapore. The graduates would be drawn from the IT, business development and marketing courses. The Singapore graduates would join approximately 100 fresh graduates in India in a management graduate’s programme to be conducted at the Satyam technology center in Hyderabad, the release said. (UNI) |
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Haryana to launch bumper lottery
scheme: CHANDIGARH, Nov 18: The Haryana State Lotteries Department has decided to launch bumper lottery scheme and its first draw would be held on January 1, 2005. Stating this, here today, a spokesman of the department said that it has also decided to enroll agents for the sale of the lottery tickets of the new scheme. In case of first draw, the maximum retail price of the ticket would be Rs 100 each and the invoice value would be Rs 85 each, including Haryana Sales Tax. The agents he said will get incentives on the sale of tickets, which will be two per cent of the invoice value for selling tickets between 1000 and 49,999. The maximum incentive will be four per cent of invoice value for selling 1.50 lakh or more tickets. Also, there would be a promoter coupon worth Rs 50 with each block of 10 tickets. (UNI) Free power scheme for farmers to continue: CM HYDERABAD, Nov 18: Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today said the scheme to provide free power to farmers would continue. Talking to newspersons at the airport after returning from Delhi the Chief Minister said that the scheme is to continue. On whether there would be a review in view of the Planning Commission’s disapproval of the free power scheme, Dr Reddy said there was no such proposal. Mr Praful Patel, regional vice president of World Bank south Asia region, had yesterday said that World Bank was not opposed to free power saying that it was viewing the Andhra Pradesh situation from a humanitarian angle. Though there should be no power connections without meters. Incidentally, this is the first instance when a top World Bank functionary spoke in favour of the free power scheme as earlier reports suggested that the bank was reluctant to fund the state as it was announcing "populist" schemes. Expressing satisfaction over his informal talks with the World Bank Chief, Dr Reddy said he was yet to study the stay order of the High Court on Pulichintala project. The Government would do the needful to overcome the situation, he added. (UNI) |
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