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Proposal to give DCA, CHENNAI, Apr 23: The Dakshin Bharat Hindi Prachar Sabha here proposes to introduce a correspondence course ....more PM
calls for removal of JAKARTA, Apr 23: Prime Minister Manmohan Singh today said the countries of Asia ....more Exporters upbeat about the exports scenario: PHDCCI NEW DELHI, Apr 23: Despite the hardening of the rupee against the dollar in the past three years, Indian exporters ......more FX reserves up USD 88 million as non-US currencies appreciate MUMBAI, Apr 23: Forex reserves of the country inched up further by US dollar 88 million to USD 141.545 billion during the ....more |
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Sensex makes strong turnaround despite FIIs sales MUMBAI, Apr 23: Stocks: Buoyed by hopes of normal monsoon and flow of encouraging quarterly results from major corporates, the sensex made a ........more UTI bank launches ‘ladies special’ bank account NEW DELHI, Apr 23: UTI bank today launched a savings bank account designed specially ......more China’s forex reserves increased by USD 206.68 billion in 2004 BEIJING, Apr 23: China’s foreign exchange reserves added a whopping USD 206.68 billion in 2004, mainly due to surpluses i.......more Chinese economy expected to grow 8.9 pc this year BEIJING, Apr 23: China’s economy will grow 8.9 per cent but the Government should guard against a possible overheated.........more |
Proposal to give DCA, MCA correspondence courses in Hindi CHENNAI, Apr 23: The Dakshin Bharat Hindi Prachar Sabha here proposes to introduce a correspondence course in computer application courses and a Library Science Course, its officials said today. These courses, probably a Diploma in Computer Applications and Master in Computer Applications, were likely to be introduced from next year, sabha general secretary J S Ramdoss and trustee S Parthasarathy, told reporters here at a press meet to announce the 69th convocation, scheduled for April 25. Library science would be both a certificate course and a diploma course, they said, adding that the sabha has already started an M.Phil correspondence course in Hindi. For the first time, cash awards were being given to students from Tamil Nadu who scored high marks in Hindi in the State Board Examinations for the 10th and 12th standards, Dilip Singh, Sabha Registrar said. Parthasarathy said that the first, second and third placed students in the 10th standards examinations would be given cash awards of Rs 3,336 each, because all of them had scored the same mark of 197 out of 200. Similarly, students who scored good marks in Hindi in their higher secondary exams would be given a cash award of Rs 5,333 each. However, the first, second and third placed students in the matriculation examination would be given a cash award of Rs 5,000, Rs 3000 and Rs 2,000 respectively, he said. Parthasarathy and Ramdoss said that during the convocation, to be addressed by Delhi Chief Minister Sheila Dixit, four literary personalities from Tamil Nadu, Kerala, Kannada and Andhra Pradesh would be felicitated. The Subramanya Bharathi Award would be given to Hindi criatic Prof Manager Pandey of the Jawahar Lal Nehru University and Prof Suraj Bhan Singh, former Chairman, Central Commission of Science and Technology. Parthasarathy said a total of 3500 Graduates would be given their Graduation Certificates at the convocation. Ramdoss said that the Centre had sanctioned Rs 24,000 grant each to two retired staff members of the sabha. (PTI) |
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PM calls for removal of trade barriers to developing countries JAKARTA, Apr 23: Prime Minister Manmohan Singh today said the countries of Asia and Africa must strive to phase out trade-distorting agricultural subsidies in developed countries and remove barriers to agricultural exports, while protecting the livelihood security of millions of farmers in these continents. "We need a lowering of tariff and non-tariff barriers to our other exports," Singh told leaders from over 100 countries gathered here for the historic Asian African conference. The Prime Minister expressed concern over the rigid visa restrictions which continued to obstruct the free movement of people and services, depriving the people of Asia and Africa of full benefit from their main economic strength. "We need greater protection for our bio-diversity resources and fair recompense for their exploitation by others," he told the audience. He said the international concern for the protection of the enviornment was fully appreciated by the countries of the two continents. "However, this goal needs to be balanced with the development aspirations of the developing nations," he noted. "We need assured access to environment-friendly technologies and the resources to induct them into our countries." Singh called for urgent measures to generate additional financial resources for development, especially for the least developed countries and the highly indebted poor countries. The Prime Minister emphasised that new structures must be created of mutual support, solidarity and cooperation to benefit from the best practices and appropriate technologies among the people of Asia and Africa. "This is required as urgently today as it was fifty years ago," he noted. Singh outlined specific areas where such cooperation was vital including agriculture, technology, combatting terrorism and bringing out democratisation of the United Nations. "We must ensure that access to both new and appropriate technolgies, and to cutting edge areas of science are expanded greatly. Advances in biotechnology can promote revolutionary changes in agriculture and health," he said. He noted that while Asia and Africa included both major producers and consumers of energy, the framework within which the two continents produced and consumed energy was determined elsewhere. "We must address this anomly," he stressed adding that new and renewable sources of energy could provide a more secure energy environment. Singh urged that imaginative strategies of Human Resource Development based on Information and Communication Technology could accelerate the pace of social and economic development. "Afro-Asian nations can benefit from cooperative management of research and development in all these areas." The Prime Minister declared that to achieve these goals, "our strategic partnership must be inspired by a common vision of globalisation based on maximising cooperative self reliance." The people of Asia and Africa must ensure that in the transition from dependence to interdependence, there must be greater cohesion between the nations of the two continents. He regretted that south-south linkages had weakened when they were most required. "India sees south-south cooperation as an effective cooperative approach to the challenges of development. We are committed to this objective," he said. (PTI) |
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Exporters upbeat about the exports scenario: PHDCCI NEW DELHI, Apr 23: Despite the hardening of the rupee against the dollar in the past three years, Indian exporters are optimistic about their business prospects in the current financial year. Industry chamber PHDCCI undertook a survey of a select sample of large, medium and small exporters to understand the procedural and policy hurdles associated with exports from the country. It was found that though rupee appreciation has impacted their businesses and infrastructure has remained a major impediment, due to procedural simplification and new policy initiatives enunciated in the NFTP, new path has been paved for increased and smoother flow of exports from India. The PHDCCI survey registered that 70 per cent of the respondents expressed hope of good export prospects, 20 per cent felt that the prospects were excellent. Only 6 per cent felt that the export prospects were not as good as last year’s. As regards export growth, 48 per cent of the respondents felt that the expected growth rate during the current fiscal will be between 20 and 30 per cent. About 24 per cent expected the growth to be above 30 per cent, while 15 per cent expected it to be below 10 per cent. Around 65 per cent of the respondents felt that the global slowdown had moderately affected exports from India. However, 12 per cent felt that it had significantly affected exports and 10 per cent said that Indian exports remained unaffected. Sevety-four per cent of those asked felt that Indian export growth of nearly 24 per cent in 2004-05 is sustainable in the current year. Asked about the issues related to the manufacturing sector, especially the flexibility of the foreign exchange management act for import-export business, 73 per cent felt that it was flexible enough. Some respondents suggested that transfer of goods to branch companies should be permitted. They also said that the involvement of banks at two points should be brought to an end, and forms A1 and A2 for remittance in foreign exchange for imports be written off. The survey also highlighted the urgent need for improvements in infrastructure. As many as 60 per cent felt that the prospects for project exports from india to the middle east remain very good. Around 90 per cent felt that that Government officials have proper knowledge of the rules and regulations. The survey revealed that availability of low cost funds, better infrastructure and flight services, remittance for working capital and borrowing by local branches would enhance the growth of project exports from India. (UNI) |
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FX reserves up USD 88 million as non-US currencies appreciate MUMBAI, Apr 23: Forex reserves of the country inched up further by US dollar 88 million to USD 141.545 billion during the week ended April 15 due to higher valuation of non-US currencies. Reserve Bank of India (RBI)’s weekly statistical report showed that the foreign currency assets rose by USD 86 million to USD 135.610 billion during the week, while the Reserve Tranche Position (RTP) with International Monetary Fund (IMF) edged up by USD 2 million to USD 1.430 billion. The gold reserve and the Special Drawing Rights (SDRs) remained unchanged at USD 4.5 billion and USD 5 million respectively. The appreciation of non US-currencies like euro and yen held in reserve, helped the forex reserves to maintain an upbeat trend, even as foreign fund inflows slowed down, forex dealers said. The dollar fell against euro and yen in global markets after the federal reserve said a gauge of manufacturing in New York state dropped to a two-year low this month. The forex reserve which had hit its historic high of USD 142.13 billion on March 18, had fallen sharply by US dollar 1.223 billion to USD 140.907 billion in the next week ended March 25 due to foreign fund outflows and lower valuation of non-US currencies. The loans and advances of the Central Banks remained nil during the week, while that of the State Governments rose by Rs 2,519 crore to Rs 4,220 crore. (UNI) |
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Sensex makes strong turnaround despite FIIs sales MUMBAI, Apr 23: Stocks: Buoyed by hopes of normal monsoon and flow of encouraging quarterly results from major corporates, the sensex made a strong turnaround in volatile activity and ended the week up by 1.57 per cent despite heavy net sales by foreign institutional investors. Satyam Computers, Nalco and UTI bank beat the market expectations while Wipro surprised investors with a one for one bonus announcement. After a two-week losing streak, the market staged a sharp recovery despite net sales of Rs 811.90 crore by FIIs in the first three trading sessions. In the week to April 23, the BSE benchmark 30-share index fluctuated erratically in a range of 6374.03 and 6118.42 before ending at 6346.57 as against last weekend’s close of 6248.34, a net gain of 98.23 points. Domestic mutual funds reported fairly heavy purchases to the tune of Rs 346.35 crore in the first three days, taking their net investments to Rs 768 crore so far in the month. Meanwhile, global oil prices once again soared past USD 55 a barrel. It settled at USD 55.39 a barrel on the New York mercantile exchange at the weekend. The market is likely to remain cautious when its opens on Monday for trading following a weak trend on wall street at the weekend. The Dow Jones industrial average and the Nasdaq composite index ended down by 60.89 points and 30.22 points on Friday. Among other indices, the broad-based BSE-100 index firmed up by 49.11 points to end the week at 3417.34 from previous weekend’s close of 3368.23. The BSE-200 index and the dollex-200 were quoted sharply up at 847.78 and 322.62 at the weekend compared to last weekend’s close of 841.38 and 319.60 respectively. The BSE-500 index recovered smartly by 25.96 points to close the week at 2690.77 from preceding weekend’s close of 2664.81 and the dollex-30 finished at 1190.98 from 1170.41 at the last weekend. On the National Stock Exchange (NSE), the S&P CNX nifty and the S&P CNX defty improved by 11.05 points and 8.75 points to close the week at 1967.35 and 1558.15 against last weekend’s close of 1956.30 and 1549.40 respectively. The CNX nifty junior moved up by 39.60 points to conclude the week at 4185.70 from 4146.10. During the four-session week, the volume of business on the BSE and the NSE rose sharply to Rs 9,779 crore and Rs 21,232 crore compared to last week’s turnover of Rs 6759 crore and 14,094 crore respectively. (PTI) |
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UTI bank launches ‘ladies special’ bank account NEW DELHI, Apr 23: UTI bank today launched a savings bank account designed specially for women, offering personal accident insurance cover and investment options besides a host of value-added services. Called smart privilege, the account would provide customers with a specially designed international debit card, which can be used at the bank’s 1606 ATMs across the country. "Smart privilege account is especially designed keeping in mind the diverse needs of today’s woman," UTI bank senior vice president (retail banking) Manju Srivatsa said at the launch here. The photo signature card, which can be used to make payments at shopping outlets, restaurants, departmental stores etc, comes with a zero lost card liability, purchase protection and a personal accident insurance cover of upto Rs 2 lakhs. Women can also opt for free minor account, a zero balance account, which comes at no extra cost to the customer. The child would also be supplied with a debit card at the age of 12. "Monthly statements of the child’s account would be sent along with the customer’s account statements," she said. Smart privilege service will be available at all the UTI bank branches in Mumbai, Delhi, Bangalore, Kolkata, Chennai, Pune and Hyderabad. UTI bank has a fully automated network of 342 branches and extension counters in 190 cities, towns and villages across the country. (UNI) |
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China’s forex reserves increased by USD 206.68 billion in 2004 BEIJING, Apr 23: China’s foreign exchange reserves added a whopping USD 206.68 billion in 2004, mainly due to surpluses in both current capital and financial accounts. The State Administration of Foreign Exchange (SAFE) said the forex reserves amounted to USD 609.93 billion dollars at the last year-end while the Renminbi exchange rate remained stable all through 2004. China’s current account surpluses in international payments reached USD 68.66 billion including USD 58.98 billion from cargo trade, as against a deficit of usd 9.7 billion from service trade. Capital and financial accounts recorded a surplus of USD 110.66 billion, up 110 per cent year on year. The safe noted that foreign direct investment remained the major means of capital inflow for China — adding up to USD 53.13 billion last year. China is the second largest holder of foreign exchange reserves after Japan. (PTI) |
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Chinese economy expected to grow 8.9 pc this year BEIJING, Apr 23: China’s economy will grow 8.9 per cent but the Government should guard against a possible overheated economy and inflation, acoording to a report by a major Chinese think-tank. The Chinese Academy of Social Sciences (CASS) said it expects actual fixed asset investment growth to be around 14.9 per cent this year while the total retail sales of consumer goods may rise by about 10 per cent, almost the same as last year. China’s foreign trade is expected to increase by 30 per cent, according to the CASS report. The report warned against the possible overheating fixed asset investment and inflation problem, saying the investment is contributing more to China’s GDP increase. In 2004, total fixed asset investment accounted for 51.5 per cent of China’s GDP, and the CASS estimated that this ratio will exceed 54 per cent this year. The report forecast a 3.4 per cent annual growth in the Consumer Price Index (CPI) this year, attributing the CPI rise to the price hike of raw materials, grain and crude oil. In March, the Chinese Government said it hopes to attain a GDP growth of around eight per cent in 2005. The National Bureau of Statistics had on Wednesday said that the Chinese economy grew by an impressive 9.5 per cent in the first quarter of this year. China’s GDP reached USD 379 billion during January-March, which was 0.3 per cent lower than a year earlier. (PTI) |
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Jaypee cement targetting 10 million mt output by 2007 ALLAHABAD, Apr 23: Jaypee cement is targetting a total output of 10 Million Metric Tonnes (MT) with its new plant in Himanchal Pradesh expected to commence production in 2007. President (marketing) B P S Kwatra said work on the new 3 million mt capacity plant, set up 78 km from Shimla at an estimated cost of about Rs 1,200 crore, was progressing fast. At present, Jaypee produces 7 million mt cement at its five plants — three located in Madhya Pradesh and two in Uttar Pradesh. The company’s total production last fiscal stood at 53.17 lakh tonnes, a growth of 12 per cent over production figure of 2003-04 at 47.48 lakh tonnes. "Our production growth outpaced the national growth that was estimated at only 6.75 per cent," Mr Kwatra claimed. He said monthly cement consumption in the state was 11.77 lakh tonnes. "Jaypee accounts for the highest contribution at 2.23 lakh tonnes." He said the company had undertaken a 10,600 mw power generation project in Bhutan and five Indian states including Uttranchal, HP, Gujarat, Jammu and Kashmir and Sikkim. (UNI) |
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Foreign currency reserves up by USD 88 million MUMBAI, Apr 23: India’s foreign exchange reserves rose by USD 88 million to USD 141.54 billion for the week ended April 15, 2005. The country’s foreign exchange reserves now stand at USD 1,41,545 million, an increase of USD 88 million over the last week’s reserves of USD 1,41,457 million, according to the RBI’s weekly statistical supplement released here today. This is the third week in a row when the forex kitty has seen a marginal rise as against high level of inflows in March. The marginal rise is mainly due to revaluation of international currencies and remittances while the fund flow from foreign institutional investors has slowed down, analysts said. The foreign currency assets were up by USD 86 million to reach at USD 1,35,610 million for the reporting week. Gold reserves and SDRs remained static at USD 4,500 million and USD five million respectively. The country’s reserve tranche position in the IMF was up by USD two million to USD 1,430 million. Loans and advances to the State Government were up by Rs 2,519 crore to Rs 4,220 crore while that to the central Government showed a nil balance. (PTI) |
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NEW DELHI, Apr 23: There was not much activity in the wholesale non-ferrous metal market today as prices moved in a restricted range on lack of interest and settled around previous levels. Marketmen said trading activity was restricted as some traders kept their shutters down in protest against VAT. Following were today’s quotations per kilo: Tin ingot 497, solder (40 per cent) 156, nickle plate (4x4) 830-880, nickel (9x9) 846, nickel (4x24) 835-885, zinc slab 82, dross 61.50, cadmium plate 105, rod 102, antimony 158, gun metal scrap 115, bell metal scrap 152, copper rod 152, copper wire 163, copper wire scrap Rs 176, super D rod 186.00, C C rod 197, utensil scrap 102, mixed scrap 145, chadripital 5, brass sheet cutting 105.50, bullet scrap 96, bharat scrap 116.25, accessories scrap 116.50, brass boring 77-78 brass radiator scrap 81 and huny scrap 97.50. Lead ingot deshi soft 47, hard 48.50, lead imported 60-66.50, ingot 103, aluminium rod 105, sheet cutting 100.50, aluminium wire scrap 98.50 and aluminium utensils scrap 89. (PTI) PNB gilts CG rating reflects transparent shareholding: ICRA NEW DELHI, Apr 23: Credit rating agency ICRA has retained the CGR3 rating for corporate governance practices of PNB Gilts Ltd, reflecting the company’s transparent shareholding pattern and well-structured decision-making process. The rating also reflects the company’s risk management systems and the oversight provided by its majority independent board. "The rating implies that in ICRA’s current opinion, the company has adopted and followed such practices, conventions and codes as would provide its financial stakeholders adequate level of assurance on the quality of corporate governance," the credit rating agency said. The rating is, however, constrained by the structural and functional issues related to the Board and Audit Committee Composition and the dominant role exercised by the promoter institution in issues relating to appointment and succession planning at the top management level, ICRA said. (PTI) |
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