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| Insurance employees’ body warns of stir against hike in FDI cap VIJAYAWADA, Oct 4: The All India Life Insurance Corporation Employees’ Federation (AILICEF) has decided to launch.....more Consensus
eludes WASHINGTON, Oct 4: The annual conference of the World Bank group and IMF where India was represented by Finance.....more Gestetner
close to deal NEW DELHI, Oct 4: Office automation major Gestetner India Ltd is hopeful of twitching a deal for its Nasik plant, which went.....more International
watch MUMBAI, Oct 4: As many as 30 world renowned brands will put on show their latest collection at the international watch......more |
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Standard gauge frame devloped by Indian Railways NEW DELHI, Oct 4: Indian Railways have designed and validated a standard gauge bogie frame in the fiat format, to be........more BP
production LONDON, Oct 4: Oil major BP PLC produced 3,880 million barrels of oil equivalent in the third quarter, up 11 percent on a year.......more NIOTC
building DUBAI, Oct 4: The National Iranian Oil Tanker Company (NIOTC) is building vessels to carry Liquefied Natural Gas (LNG).....more Pakistan C
Bank KARACHI, Oct 4: Pakistan’s Central Bank said it would sell treasury bills to commercial banks.........more |
Insurance employees’ body
warns of stir VIJAYAWADA, Oct 4: The All India Life Insurance Corporation Employees’ Federation (AILICEF) has decided to launch "protracted struggle" against the Centre’s move to raise the Foreign Direct Investment(FDI) limit in insurance companies from the present 26 per cent to 49 per cent. Participating in the three-day AILICEF south central zonal conference which began here last evening, federation national general secretary A V Nachane said the employees would have no option but to resort to ‘Satyagraha’ if the Centre went ahead with a legislation to amend the Insurance Regulatory and Development Authority (IRDA) act to raise the FDI cap, he said. The move was also "against the spirit of the Common Minimum Programme (CMP) of the UPA Government," Mr Nachane. "We will thwart the Centre’s move as we did to privatise public sector insurance companies in the last five years," he asserted. "The Left parties will ensure that the CMP is not turned into a dead letter," the veteran trade union leader maintained amidst cheers by union members. There was also a need for mass intervention by the working class to protect the insurance sector, he stressed. The proposal to raise the FDI limit, which was under the consideration of Union Finance Minister P Chidambaram, was "outside" the CMP and in fact, on the lines of the recommendations of the N K Singh Committee constituted by the previous National Democratic Alliance Government, he alleged. Though the CMP stated that the social obligations imposed by the regulatory bodies on private banks and insurance companies would be monitored and enforced strictly, any hike in FDI limit would go against the declared objective, he said. It would also facilltate foreign companies acquiring greater power through mergers and acquisitions and controlling domestic savings which would prove detrimental to national interests, Mr Nachane averred. He also announced that the employees would go on an hour’s strike on October seven and a two-hour strike on October 29 to highlight the need for protecting the insurance sector and welfare of the employees. Referring to reports that the bank employees’ unions were close to clinching an agreement with the Indian Banks Association, Mr Nachane said "we are happy over the encouraging developments in the banking industry. The day when insurance employees would get good news on wage revision is not far off." He wanted the management of the LIC to enter into strategic alliance with nationalised banks to promote in a big way unit-linked insurance policies to compete with the private insurance companies who derived 80 per cent of their business from these policies. Mr Nachane suggested that the LIC finance major irrigation projects as effective management of precious water resources would spur economic growth and ensure employment generation in rural areas. (UNI) |
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Consensus eludes developing nations as IMF meet ends WASHINGTON, Oct 4: The annual conference of the World Bank group and IMF where India was represented by Finance Minister P Chidambaram, ended here with no consensus among developing countries on three vital issues, including representation in the world body and enhanced aid. IMF Managing Director Rodrigo De Rato and World Bank President James Wolfensohn told a press conference that "there is no consensus yet on three issues of vital importance to developing countries". The issues are increasing of present low representation of developing countries in the management of the IMF and World Bank, with the present power structure dating back to the end of World War II before developing countries became important actors on the international scene, substantial increase in aid and trade issues. "All these issues", Wolfensohn said, "requre political decisions, meaning that unless the developed countries agree, there can be no consensus leading to action". He hoped that the consensus will develop or begin to develop by the time of the April session of the International Monetary and Finance Committee and Development Committee. The number of seats for different groups and their quota or shareholding are decided in the IMF, and the formula is followed by the World Bank, he said. On another issue of aid to developing countries, namely the British Chancellor of Exchequer Gordon Brown’s proposal for an International Financing Facility (IFF) to supplement the aid the developing countries would otherwise get, Wolfensohn said that in a few weeks there will be an IFF issue in relation to it. "That, he said, will prove the concept and then it will be a question of how many people would like to join us." Speaking at the meeting yesterday, Chidambaram had urged the international financial institutions to step up lending to infrastructure "in a big way" and stressed the need to increase aid to developing nations for achieving the millennium development goals. Indian Government officials stated India needs $150 billion dollars during the next ten years for building an adequate infrastructure. On issues like increase in aid, Rato said there have to be very fruitful discussions both formally and informally. He hoped that the discussions will bring about a consensus. The issue of greater representation and more shareholding for developing countries, he said, is a very important issue that affects the legitimacy of the institution. It has to be addressed by the shareholders. There is need for a political consensus. Rato indicated that in future the IMF will say "no" to a country in trouble which is not observing the rules, with greater frequency than before. At the annual session of Finance Ministers of member countries, he said saying "no" and declining to provide financial support would strengthen the incentives to implement sound policies, thus avoiding the need for fund support in the first place." (PTI) |
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Gestetner close to deal for sale of Nasik plant NEW DELHI, Oct 4: Office automation major Gestetner India Ltd is hopeful of twitching a deal for its Nasik plant, which went sick after the factory became unviable due to rising competition. Intense discussions are continuing between the promoters of Gestetner India and a sling of buyers. "Due to various procedural formalities there was delay in finding a buyer, but negotiations are at an advanced stage with few shortlisted companies, " Gestetner India managing director K Swetharanyan told UNI. The company expects that the assests in plant will be sold off by this month. Gestetner India had earlier announced its merger with Ricoh Japan’s Indian subsidiary Ricoh India Ltd. The merger approved by the board of directors of both the companies entails a swap ratio of 1:6. Gestetner India also operates another plant in Salt Lake, Kolkata for making stencil duplicator machines, employing around 90 people. The Nasik plant produced consumables for stencil duplicators and was closed in January last year as demand went down and the operational cost including wages and salaries rose. The plant had a capacity of six lakh boxes of stencil duplicator paper and around five lakh tubes of ink. Following closure of the unit the company completely withdrew from its business of manufacturing consumables. It was operating from a 3800 sq mts campus and had more than 10 acres of unused land. Though, the plant was shutdown more than a year ago, Gestetner India failed to sell-off the assests. "The assets could not be sold-off till date as after the shut down Ricoh Japan raised its stake in Gestetner India from 51 per cent to 63 per cent through an open offer during which the company was not authorised to sale any assests," he added. Moreover, we could not get the right price and the right kind of buyer since the last one year for the sale of assests, Mr Swetharanyan said. More than 50 low-skilled workers employed in the plant were retrenched due to the closure and Rs 1,40,000 was paid as compensation to the employees. Gestetner India came out with a public advertisement in February last year for the sale of the plant. "We are looking for the right buyer and the right price to sell off the Nasik plant," Mr Swetharanyan said. (UNI) |
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International watch exhibition to be held from Oct 7 MUMBAI, Oct 4: As many as 30 world renowned brands will put on show their latest collection at the international watch exhibition 2004 beginning here on October 7. The ‘think time-think swiss excellence’ travelling watch show will be the highlight of the exhibition, offering a glimpse into the history, aesthetics and technical brilliance of Switzerland’s watch-making industry. The watches at the exhibition, being held at the World Trade Centre, will have a price range starting at a few hundred rupees and running into millions. It is being organised by watch market review, one of Asia’s foremost horological trade journal, in its golden jubilee year. Watch market review managing director Mr Sunil Karer said the exhibition provides a platform for Indian watchmakers to exchange ideas and explore trading opportunities with representatives of global brands. (UNI) |
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Standard gauge frame devloped by Indian Railways NEW DELHI, Oct 4: Indian Railways have designed and validated a standard gauge bogie frame in the fiat format, to be developed for export potential. Research, Design and Standards Organisation (RDSO), research and development unit of Indian Railways,has passed successfully the fatigue testing accordiong to an official release. A majority of the countries have standard gauge, while Indian Railways have broad, metre and narrow gauges. Standard gauge falls between broad gauge and metre gauge. The standard gauge frame was required to be developed in view of the huge demands for Indian bogies world over. (UNI) |
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BP production up 11 pc on year in Q3 LONDON, Oct 4: Oil major BP PLC produced 3,880 million barrels of oil equivalent in the third quarter, up 11 percent on a year earlier, driven largely by output from its Russian interests. Refining margins rose on the year but were down from the record second quarter levels, BP said in a trading statement on Monday. BP also said it would continue its share buyback programme. Gas marketing margins were significantly lower than in the second quarter, the company added. Petrochemical margins and sales volumes were broadly unchanged on Q2. Provisions for environmental remediation and other liabilities amounted to around 500 million on a pre-tax basis, comparable to last year. Oil companies’ coffers have been boosted by record oil prices this year, and BP said the marker price for brent crude was 41.54 in the quarter compared with 28.38 a year earlier. BP said as a rule of thumb, the company’s full-year profits would rise 570 million for every 1 rise in the brent oil price. BP said gearing for the quarter would be at the bottom end of its 25 to 35 percent target range. (AGENCIES) |
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NIOTC building vessels to ship LNG/LPG to India DUBAI, Oct 4: The National Iranian Oil Tanker Company (NIOTC) is building vessels to carry Liquefied Natural Gas (LNG) to India, once an accord is finalised. "In case the agreement is inked and the vessels are not ready the NIOTC will charter ships for transfer of LNG," Tehran Times quoted NIOTC director Mohammad Souri as saying. Nearly 70 billion dollars would be needed for building the tankers for carrying Liquefied Natural Gas (LNG), crude, oil products and petrochemicals by 2020. Experts have estimated that 28 billion dollars would be required for various tankers, more than 39 billion dollars for LNG carriers and more than 1 billion dollars for the vessels carrying liquefied petroleum gas. Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) is manufacturing two 35,000-ton ships for NIOTC to carry oil products. (UNI) |
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Pakistan C Bank to sell T-bills to mop up funds KARACHI, Oct 4: Pakistan’s Central Bank said it would sell treasury bills to commercial banks on Monday via one- and two-week repo operations. The bank did not say how much it would seek to mop up from the liquid money market, where overnight call rates were hovering at 0.25 percent. The result of the auction will be announced at noon (0700 gmt) and settlement will be completed later in the day. (AGENCIES) |
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NEW DELHI, Oct 4: Indian Railways have decided that payments to railway vendors and suppliers will be made through Electronic Clearance System (ECS) as per the directives of the Central Vigilance Commission (CVC). The ECS is a system to facilitate faster and safe payment wherein the payment will be credited electronically direct to the respective bank accounts of suppliers and vendors without issue of individual cheques for the payees. This facility is intended to help in maintaining transparency, prevent leakages of revenue and cut down delays in making payments according to an official release. Option of all vendors, suppliers and other related agencies, having interface of this nature, has been sought for receiving payments through ECS in the form prescribed by the Reserve Bank of India. (UNI) |
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| ICRA reaffirms LAA" rating for Rs
125 cr NCD prog of TCL NEW DELHI, Oct 4: Credit rating agency ICRA has reaffirmed the LAA" rating assigned to the Rs 125 crore non-convertible debenture programme of Tata Chemicals Ltd (TCL), indicating high safety. The rating reflects TCL’s strong competitive position, both in the fertiliser and inorganic chemicals businesses. The rating also takes into account the favourable financial risk profile of the company as characterised by comfortable gearing, its strong liquidity position, and also draws comfort from the company’s strong parentage, being a part of the Tata group. TCL, which was recently merged with Hind Lever Chemicals Ltd (HLCL) recorded net sales of Rs 2,484 crore for FY 04. The profit after tax was Rs 221 crore. For the quarter ended June 30, 2004, the company posted a net profit of Rs 45.64 crore on net sales of Rs 523 crore. (UNI) |
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Urea production exceeds target, dap slips NEW DELHI, Oct 4: The cumulative production of urea and dap during April-August 2004 was 83.60 and 22.03 lakh mt against the target of 80.17 and 28.65 lakh mt respectively. The estimated production of urea during August 2004 was 17.68 lakh mt against the target of 17.10 lakh mt and that of dap during the period remained at 4.76 lakh mt against the target of 6.10 lakh mt. Availability of urea was satisfactory in all the states. In August 2004, 17.27 lakh mt urea was despatched to the states against the target of 17.00 lakh mt. Cumulative availability of urea during the current khariff season by the end of August 2004 has been 88.67 lakh mt and this level of availability was satisfactory in all the states. So far, no state has reported any shortage to the department of fertilisers, according to an official release here today. (UNI) Pricey oil could spur alternatives : Shell official KUALA LUMPUR, Oct 4: Crude oil customers could look to alternative energy sources such as hydro and nuclear if oil prices do not come down to "realistic" levels, a senior official at a shell unit said on Monday. "I think the short-term gain is not worth the long-term pain," Jon Chadwick, chairman of shell’s operations in Malaysia, was quoted as saying by state news agency Bernama. "We need to see prices fall to more realistic levels that do not cause hardship to our customers," Chadwick said as US Light Crude CLC1 stood at around 50 a barrel after last week’s threat of disruption to Nigerian supplies. Chadwick said high crude prices resulted in short-term gains for upstream operations of oil companies, but customers could ultimately be forced to look for alternative sources of energy. "That’s what we would like to avoid. For the longer term, we are worried. (AGENCIES) |
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