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| EU India aviation project extended by two years NEW DELHI, Nov 29: The 32 million euro EU India Civil Aviation Project has been extended for two years.........more AP CM
invites Jain MUMBAI, Nov 29: Andhra Pradesh Chief Minister Y S Rajasekhar Reddy has invited Jain irrigation systems to set up......more Japan
industry body seeks TOKYO, Nov 29: Japan’s LPG industry body has asked the Government to amend laws to allow local importers to use.....more Aiyar
non-commital NEW DELHI, Nov 29: A day before the scheduled date for revision in petrol and diesel prices, Petroleum Minister Mani.........more |
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Unemployment, infrastructural issues may hinder growth: Reddy NEW DELHI, Nov 29: RBI Governor Y V Reddy has warned that high economic growth will be derailed in the medium........more Broker
downgrades hit SEOUL, Nov 29: A price war raging in the mobile phone market and crumbling margins in flat panel screens will weigh.......more Experts to
deliberate NEW DELHI, Nov 29: In a bid to tap new frontiers in the field of broadband and affordable connectivity, more than 100....more MFN
refusal is no NEW DELHI, Nov 29: Islamabad not granting the much-touted MFN status has not proved any dampener for Indian........more |
EU India aviation project extended by two years NEW DELHI, Nov 29: The 32 million euro EU India Civil Aviation Project has been extended for two years. The project concentrates on a programme of cooperation between European and Indian aerospace and air transport industry and regulatory authorities in safety, infrastructure development and specific collaborations. It is one of the EU’s largest projects in the country. "The extension of project will allow fostering initiatives for a mutually beneficial partnership," said ambassador of European commission Francisco Da Camare Gomes. (UNI) |
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AP CM invites Jain irrigation to
set up MUMBAI, Nov 29: Andhra Pradesh Chief Minister Y S Rajasekhar Reddy has invited Jain irrigation systems to set up watershed development and water harvesting structures in the state. According to a company release, the Chief Minister visited various production facilities and the farmers demonstration farm of the company at Jalgaon in Maharashtra yesterday and expressed the desire that the company undertake such projects in his state. He visited the Jains hi-tech Agri institute, where the demonstration farm is located, and the fruit and onion processing facility. He was accompanied by Raghuveera Reddy, Minister for Agriculture in Andhra Pradesh, Subburami Reddy, MP from his state and senior IAS and technical officials. (UNI) |
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Japan industry body seeks flexible LPG stocks rules TOKYO, Nov 29: Japan’s LPG industry body has asked the Government to amend laws to allow local importers to use strategic stockpiles more flexibly in case of a price surge, its chief said on Monday. Japan requires importers of liquefied petroleum gas to stock up a combined 1.9 million tonnes of LPG, equivalent to 50 days of consumption, and plans to add 1.5 million tonnes, or 40 days of use, to Government LPG reserves by the end of March 2011. "Under the current law, we cannot touch mandatory stocks, and it makes us vulnerable," Kiyoshi Yoshida, chairman of Japan LP gas association told . "If the Government eases the regulation to allow us to tap on mandatory stocks, we can adjust more effectively when prices surge." Japanese importers must occasionally buy expensive LPG cargoes when their inventories are low, because they have to meet mandatory stocks level. Saudi Aramco set its November Contract Price (CP) for propane and butane at the highest level since it introduced the CP system 10 years ago. November propane price was set at 463 a tonne and butane price was set at 473 a tonne. Yoshida said the industry body would continue to discuss with the Government for the deregulation, but he did not elaborate on a specific schedule. Officials from the Ministry of Trade and Industry could not be immediately reached for comment. The association said it would also consider measures to stablise international LPG prices, including joint purchases with other consumers such as China and South Korea, although it does not have any agenda at the moment. "We have not reached a stage to tag up with other countries yet, but it is worth considering," said Masaaki Takeuchi, vice president of the association. (AGENCIES) |
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Aiyar non-commital on any change in fuel price NEW DELHI, Nov 29: A day before the scheduled date for revision in petrol and diesel prices, Petroleum Minister Mani Shankar Aiyar today remained non-commital on any change in the price line. "Let us wait and see," aiyar said in reply to reporters’ queries on whether the present practice of fortnightly revision in petrol and diesel prices will be followed at the next due date on November 30 and prices altered in step with international fuel price movements. Asked to comment on Prime Minister Manmohan Singh’s indication of the Government evolving a more stable pricing regime of fixing prices, he said "the Prime Minister is in Vientiane. I have yet to speak to him. Let him come back." Aiyar said petrol prices were revised downward on November 15 as a result of their being aligned with the international prices. "With international prices falling, petrol prices were also lowered." However, diesel prices were not aligned with global prices and therefore, there was no change in them. He did not say if this anamoly would be addressed by tomorrow, the next due date for revision in petrol and diesel prices according to the current formula of fortnightly fixing of prices. Asked if the Government could scrap the fortnightly revision and fix prices every quarter, he said "I don’t know." (PTI) |
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Unemployment, infrastructural
issues may NEW DELHI, Nov 29: RBI Governor Y V Reddy has warned that high economic growth will be derailed in the medium term if institutional and infrastructural issues as well as the problem of unemployment are not addressed. "Immediate prospects for growth with stability are good and are mainly a result of removing structural bottlenecks to growth especially in terms of deregulation and liberalisation. Obviously, that is not enough to continue high growth in the medium term," Reddy wrote in an article published in a `souvenir’ of Press Council of India. "For medium term, immediate attention to institutional and infrastructural issues appear to be urgent, and the tasks are essentially in the realm of functioning of Government," he said, stressing on better governance. The statement assumes importance in the wake of the RBI’s pegging down growth projection to 6-6.5 per cent for this fiscal, which is lower than common minimum programme vision of an average annual growth of 7-8 per cent in next five years. Although India’s performance has been "mixed" in terms of needs and capacities, Reddy said, "we have lagged behind in the social dimension of growth. The current mood of confidence needs to be tempered with realisation of actions overdue in these areas, to sustain the momentum in medium term." Expressing concern over the unemployment situation, he said, "Indian economy will have to face the challenge of taking advantage of demographic dividend, which, if not adequately managed, could end up as a demographic nightmare, with unemployment and social unrest." Referring to a goldman sachs report that envisions India, Brazil, Russia and China overtaking developed nations in 50 years on the back of large labour force, Reddy said, "while a large supply of labour is welcome, the more important issue is to ensure that there is a higher demand for labour as well." "This implies that if we want to reap benefits of a demographic dividend we would have to put in place an environment that is conducive to high economic growth," he said, stressing on the need to improve the governance in four economically backward but populous states, Bihar, Madhya Pradesh, Uttar Pradesh and Rajasthan. Reddy also highlighted the essential need for delivery of social services like education and health. In an era of growing global competition, he said, "mere meeting of minimum health needs and imparting literacy would certainly be inadequate. Healthy population with potential for rapid skill-upgradation is absolutely essential for us to survive as a nation with dignity and respect." Reddy appreciated the performance of Indian economy in the recent years and said "a positive feature in this context is the growing resilience demonstrated by the Indian economy to various shocks." While sound macro-economic management seems to have delivered some fruits, he said "the future depends on improvements in institutional structures, which encompass legislation, executive and judiciary." In absence of any improvement in governance, Reddy warned "persistence with status quo has significant potential for unrest, given the imminent enlargement of energetic youth in search of work and causes to fight for." (PTI) |
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Broker downgrades hit Samsung shares SEOUL, Nov 29: A price war raging in the mobile phone market and crumbling margins in flat panel screens will weigh on Samsung electronics’s earnings and share price, investment banks said on Monday, pushing its stock to a 3-month low. The downgrades come in the wake of price cuts from mobile phone market leader Nokia, which bankers said would put pressure on world-number-three mobile phone maker Samsung Electronics Co Ltd to sacrifice margin through price cuts. "Samsung electronics’s momentum is really weak. It’s being affected by downgrades from several brokerages this morning and there’s still some worries about canon’s supply problems," said Rho Y S, an analyst at Hyundai securities. Samsung said last week there would be a "short" delay in starting mass production at a 1.8 billion LVD joint venture with Sony corp. Because of problems with equipment for making Liquid Crystal Displays (LCDs) from Japan’s Canon inc. Shares in Samsung, Asia’s most valuable technology firm with a market value of 67 billion, fell 1.6 percent to close at 426,000 won, after hitting a three-month low of 423,500. The broader market ended up 0.85 percent. JP Morgan cut Samsung’s target price and earnings estimates, citing poor handset margins, the strength of the won currency and LCD panel prices. The investment bank lowered its target price for the stock to 530,000 won from 560,000 won and its 2005 Earnings Per Share (EPS) estimate by 11.8 percent to 50,482 won. "We expect its handset margin to fall to 8.7 percent with an 8 percent quarter-on-quarter shipment decline," J J Park, JP morgan analyst said in a note to its clients. Samsung sold 22.7 million cellphones in the third quarter with a profit margin of 12.7 percent. UBS also cut its target price for the South Korean firm to 600,000 won from 628,000 and its 2005 operating profit forecast by 3 percent to 10.9 trillion won ( 10.4 billion). It lowered its net profit estimate by 2 percent to 9.8 trillion won mainly because of falling handset margins. Goldman sachs shaved its target price to 552,000 won from 563,000 and the 2005 operating profit estimate to 8.9 trillion won from 9.7 trillion. "We have lowered estimates for Samsung electronics’s earnings to reflect factors such as lower TFT-LCD prices and appreciation for the won versus the US dollar," it said in a research note. (AGENCIES) |
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Experts to deliberate on WIMAX
to boost NEW DELHI, Nov 29: In a bid to tap new frontiers in the field of broadband and affordable connectivity, more than 100 telecom and it experts will participate in a day-long workshop on Worldwide Interoperability for Microwave Access (WIMAX) on December 3 here. To be inaugurated by Department of Telecom (DoT) Secretary Nripendra Misra, the workshop is being organised by the Centre for excellence wireless technology along with confederation of Indian Industry (CII) and chip maker Intel. WIMAX is a new standards-based wireless technology, capable of delivering broadband internet and extending services like internet telephony throughout India without disruption to transportation and other services. WIMAX forum, a worldwide non-profit organisation formed by equipment and component suppliers including intel, helps in setting global standards and adoption of compliant equipment for deployment of broadband access systems, a statement from WIMAX said here. Globalisation and internet have led to rapid growth in information technology-related businesses in India. However, only 0.5 per cent of the Indian population has residential internet access at 4.7 million out of one billion people. While India has more than 9,000 internet cafes, 14 per cent of India’s 60 lakh villages still do not have a public telephone. But wireless technologies are beginning to offer Reliable alternatives to fixed-line access, offering the potential for widespread, affordable connectivity to every region and village. India is increasingly embracing wireless technologies. Cellular usage has skyrocketed, nearly doubling in 2003 and growing by 159 per cent so far in 2004, with 1.4 million new subscribers being added every month. But these cellular technologies have not delivered broadband data connectivity to the households due to both cost and complexity, it added. (UNI) |
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MFN refusal is no dampener for
Indian NEW DELHI, Nov 29: Islamabad not granting the much-touted MFN status has not proved any dampener for Indian exporters who have shown a record growth of 328 per cent in the first four months (April-July) of the current financial year. On the contrary,Pakistani exporters who enjoy the Most Favoured Nation status in India could not do much with Indian imports from them declining to 18.98 million dollar in April-July from 25.31 million dollar during the same period last year. India’s exports to Pakistan have gone up to 167.38 million dollars from 39.10 million dollars during the corresponding months of last year 2003-2004. Thanks to an impressive growth in Indian exports,the total two-way trade between India and Pakistan during April-July of this year has trebled in four months, rising to 186.36 million dollars as against 64.41 million dollars during April-July 2003. In 2003-04, total trade between the two countries totalled 344.29 million dollars as compared to 251.01 million dollars in 2002-03, 208.77 million dollars in 2001-02 and 250.35 million dollars in 2000-2001. "If the present growth trend continues, the total trade between India and Pakistan may cross 500 million dollars during the current financial year 2004-2005," Commerce and Industry Minister Kamal Nath,who was recently in Pakistan,said. Earlier this week, the setting up of a joint study group on economic cooperation was announced in Islamabad by Pakistan’s Commerce Minister Humayun Akhtar Khan. Major items of India’s exports to Pakistan are drugs, pharmaceuticals and fine chemicals, inorganic/organic/agro chemicals, rubber manufactured products except footwear, dyes/intermediates and coal tar chemicals, iron ore and manufactures of metals. Indian imports from Pakistan are of pulses, machinery except electrical and electronic, cotton yarn and fabrics, fruits and nuts excluding cashew nuts and raw wool. (UNI) |
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Pakistan issues 40,000 t wheat import tender KARACHI, Nov 29: The state-run Trading Corporation of Pakistan (TCP) said on Monday it had issued a tender to buy 40,000 tonnes of Russian and central Asian origin milling wheat. "The tender has been issued because the country is satisfied with the quality of (Russian) wheat already imported last month in previous tenders," Manzir Salim, a senior TCP official told . "The deadline for submission of bid offers is January 10, 2005 and the offers will be opened on the same day," he added. Salim said the successful bidder would complete the shipment of wheat at Karachi’s port Qasim on A C F basis in February. The new tender will complete Pakistan’s first phase of wheat import plan, aimed at making up for a domestic shortfall, and at the same time building up strategic reserves. The country had to import wheat after adverse weather reduced the harvest to 19.7 million tonnes from a target of 20 million for the last 2003/04 crop (Nov-April). Pakistan consumes a little over 20 million tonnes of wheat annually. The TCP had bought a total of 927,282 tonnes of wheat in two previous tenders, issued in August. That includes 150,000 tonnes of Russian wheat at an average price of 198.30 per tonne C F Karachi’s port Qasim. The Russian price offer was lower than those offered by Australia and the United States. Pakistan has bought about 401,211 tonnes of Australian and 375,150 tonnes of US wheat and most of the cargoes have arrived. The TCP bought soft white wheat grain from the United States at 214.11 per tonne and Australian wheat at 217 per tonne. A Black Sea specific import tender indicates that the country was exploring cheap suppliers for quality wheat — a market traditionally dominated by the United States and Australia. Early this month Pakistan had announced the import another 500,000 tonnes of wheat after officials set a wheat output target of 20.15 million tonnes for the 2004/05 (Nov-April) crop year. The planned imports are likely to be finalised in December. (AGENCIES) |
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THIRUVANANTHAPURAM, Nov 29: A Fisheries Development Board, under the Union Agriculture Ministry, is on the cards to focus on the overall development of the fisheries sector in the country. According to ministry sources, Fisheries Development Board was being proposed because of the large-scale poaching in the country s marine waters. The abundance of marine resources in Indian waters had prompted foreign fishing trawlers to exploit them. Marine resources in almost all other oceans and seas had been over-exploited and depleted, they said. Depletion of marine resources is also identified by experts as a reason for global warming. The recent reports of the UN Food and Agriculture Organisation (FAO) and the United Nations Environment Programme (UNEP), calling for improved and efficient marine resources management, has also prompted the setting up of a Fisheries Board in India. The Asia-Pacific region, incidentally, is the world s largest producer of fish, accounting for 91 per cent of aqua-culture and 48 per cent of captive fisheries. Fao had pointed out that the fish available in the region had declined to 33 per cent of the original abundance in the past 25 years. In certain cases, there has been a 40 per cent decline over the past five years. According to the FAO report, the demand is fast outstripping supply, necessitating marine resources conservation and efficient management. (UNI) |
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Rupee hits new 5-1/2 month peak against USD MUMBAI, Nov 29: The rupee breached the crucial 45-dollar barrier and surged to a new over five-and-half month peak of Rs 44.98/44.99 per dollar early today, propelled by robust bunched-up weekend dollar supplies from trade and foreign portfolio investment inflows. In active trade at the interbank foreign exchange market here this morning, the rupee gained nearly 5 paise from last Thursday’s close of 45.0250/0350. It opened distinctly firm at Rs 44.9950/45.0050 per dollar, reflecting a lingering weak dollar against major global rivals. The forex market was closed last Friday on account of ‘Guru Nanak Jayanti’. Heaped-up dollar supplies from the market holiday in the US on Thursday for "thanksgiving day" and the local holiday here on Friday drove the rupee to new over five-and-half month peak with a lingering weak dollar overseas also giving it strong support, a forex dealer said. Meanwhile, robust trade and overseas investment inflows along with a re-valuation of currenices propelled India’s foreign exchange reserves to rise further by USD 1.56 billion and cross the USD 125 billion mark during the week ending November 19, according to the Reserve Bank of India’s weekly statistics. In cross currency trade, the euro was quoted at Rs 59.66/69, pound sterling at Rs 85.04/06 and the Japanese yen (100) at Rs 43.71/73. (PTI) Kotak Mahindra bank to issue equity to Warburg Pincus MUMBAI, Nov 29: The Board of Directors of Kotak Mahindra Bank today approved a decision to issue 33 lakh equity shares on a preferential basis to sub-accounts of Warburg Pincus International LLC, a registered FII. This constitutes 2.75 percent of the current paid-up capital of the bank. The decision is subject to necessary approvals, including that from the Reserve Bank of India. The preferential issue, which has a lock-in period of one year, will be at a price of Rs 230 per share, amounting to Rs 75.9 crore. This is the first investment by Warburg Pincus in India’s banking sector. Announcing the decision, Uday Kotak, executive vice-chairman and managing director, Kotak Mahindra bank, said, "we at Kotak Mahindra Bank are committed to building a world-class Indian financial institution. Raising capital is part of our plan to fund the bank’s expansion strategy. Having a reputed investor like Warburg Pincus on the board underlines the confidence of long-term investors in Kotak Mahindra." The bank’s board has also approved raising the ceiling for investment by FIIs from 24 percent to 30 percent, subject to the consent of share-holders, he said, adding the date when it would come into effect has not been determined. Kotak Mahindra Bank plans to increase its branch network to 100, spread across over 30 cities, he added. (UNI) |
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