Daily Excelsior...Business

FoI flays working of
Jammu & Kashmir Bank

Excelsior Correspondent

JAMMU, Feb 11: Federation of Industries (FoI) , Jammu, in its meeting under the presidentship of S Tejwant Singh at Gangyal today, discussed the working of J&K Bank Limited....more

BSNL conducting final testing, trial runs for 3G launch

JAMMU, Feb 11: State-run Bharat Sanchar Nigam Ltd (BSNL), which is set to launch third generation (3G) mobile services in the state, is conducting final ...more

Ustad Amjad Ali strums with European orchestra

NEW DELHI, Feb 11: After trying his hand at ghazals a while ago, sarod maestro Ustad Amjad Ali Khan has now teamed up with the Scottish Chamber Orchestra for a six-city India tour with "Samagam," .....more

ArcelorMittal Q4 net loss at $2.63 bn; sees weak Q1

LONDON, Feb 11: The world’s leading steel producer ArcelorMittal today reported a net loss of 2.63 billion dollars for the fourth quarter ended December 31, 2008, hit by slump in demand and falling prices amid the global economic slowdown.The company had a net income of 2.43 billion dollars in the last quarter of 2007....more

Jammu Rural Bank
launches its website

Excelsior Correspondent

JAMMU, Feb 11: The website of Jammu Rural Bank (JRB) "www.jrb.org.in" was launched today in a simple yet impressive function held at its head office complex at Narwal here...more

Tata Communications’ two promoters pledge 10.53 pc stake

MUMBAI, Feb 11: Telecom major Tata Communications today said that two of its promoters have pledged a 10.53 percent stake in the company with lenders.The ....more

Total foreign Investment in Indian companies liberalised

NEW DELHI, Feb 11: The Cabinet Committee on Economic Affairs (CCEA) today liberalised the guidelines for calculation of total foreign investment in Indian companies and ......more

Pay Committee favours better package for IIT, IIM faculty

NEW DELHI, Feb 11: The Pay Review committee, set up to recommend new scales for faculty of Central technical educational institutions like IITs and IIMs, has suggested that they get a "better" package than their counterparts in universities and colleges....more

Franchise India Holdings forms new platform for licensing

RBI views sought on banks mandatory lending limit to MSME

‘Aero India-2009’ takes off.......

FoI flays working of Jammu & Kashmir Bank

Excelsior Correspondent

JAMMU, Feb 11: Federation of Industries (FoI) , Jammu, in its meeting under the presidentship of S Tejwant Singh at Gangyal today, discussed the working of J&K Bank Limited.

The members of Federation expressed deep concern over the failure of J&K Bank to reduce the interest rates in favour of industries as promised by the Chairman of the bank in his various meetings with the Federation from time to time.

The speakers in the meeting held that other nationalized banks working under the guidelines of Reserve Bank of India have reduced their interest rates giving some relief to the industry which has become victim of global recession.

They said the JKBL chairman in one of his meetings with the Federation had agreed to give relief to industrial sector in view of two month long agitation in Jammu during 2008. They added that till date nothing has been done in this regard by the J&K Bank. They emphasized that industrial units were under great financial strain due to high rate of interest being charged by the J&K Bank as compared to other nationalized banks.

It was decided to enjoin upon the Chairman of JKBL to look into the matter and issue instructions for early deduction of interest rates in favour of industrial units and give some relief to industrial sector.

Boeing and BEL sign MoU

BANGALORE, Feb 10: American aviation giant Boeing and Indian Defence public sector undertaking company Bharat Electronics Limited have signed a memorandum of understanding to develop analysis and experimentation centres in India.

"We have signed an MoU to set up these analysis and

experimentation centres in Bangalore and Delhi," Boeing officials said here.

Further details about the agreement are awaited. (PTI)

Ustad Amjad Ali strums with European orchestra

The Ustad would perform a self-written composition, based on different seasonal ragas, with the Orchestra that is being led by Welsh conductor David Murphy.

"Samagam," which explores the common roots of music from the East and West would travel to Mumbai, Kolkata, Hyderabad, Bengalaroo and Chandigarh before culminating at the capital city on February 20.

"It is something that I have never done before. For the first time I have written a composition for classical musicians from Scotland," the Ustad said in an interview.

Amjad Ali has previously performed with the Hong Kong Philharmonic and this would be his first concert with an European orchestra.

A concerto is usually a three-strand performance and the 7-hour-long "Samagam" would be a confluence of sarod, concertante group and string orchestra.

"This would be a rediscovery of Amjad Ali Khan for India," says the musician who began playing the sarod at the tender age of five.

The idea of a combined orchestral piece originated in December 2006 when David Murphy and Amjad Ali got together to create a confluence of musical cultures, instrumental styles and improvisations.

"David is a brilliant musician and has a deep passion for Indian classical music," says Amjad Ali. Murphy has been researching styles and sounds of Indian music for some time.

"The Samagaam was performed last June in Scotland at the St Magnus Festival. It later travelled to Edinburgh, lasgow and London," says the noted sarod player.

The ustad says he admires the way a group of over 150 usicians could gather and collectively produce symphony.

"I salute their commitment and dedication to work together. While I travelled abroad I used to wonder why Indians are unable to produce an orchestra of this order. I also realised it is never in the tradition here.

Musicians are very individualistic and prefer to play solo in our country."

Amjad Ali who has performed with a variety of musicians from across India and abroad says music knows no boundaries.

"All music in the world is based on the same 12 notes. Every melody has a soul and my kind of music that is based on pure sound does not need a language."

The musician-composer says he always wanted to play with harmonic orchestras from a very young age. "I admire the European music and often listen to Bach, Mozart, Hendel, Tchaikovsky, Chopet and other classical musicians."

He says he also hopes to play with different world famous orchestras in London and New York. "However, for that to happen I have to be invited by them. People invite me to compose for them and I love to do so. I had composed 40 ghazals for a TV serial in the 1980s."

The composer inside the Ustad draws from events that occur around him. He says he was deeply affected by the terror strikes in Mumbai last year and had to convince members of the Scottish Orchestra that it was safe to travel to India.

"I gave an open air performance at the Nehru Park in Delhi and personally appealed to them," says Amjad Ali. After the India tour the Samagam is scheduled to travel to Australia and the Ustad would also play with the 60 to 70 musicians of the Taipei symphony in China later this year.

"My performance in China is called ‘Shanti’ and is tentatively scheduled in May- June this year," says Amjad Ali.

(PTI)

ArcelorMittal Q4 net loss at $2.63 bn; sees weak Q1

The company had a net income of 2.43 billion dollars in the last quarter of 2007, ArcelorMittal said in a statement.

Total sales declined by 21.11 per cent at 22.08 billion dollars in the fourth quarter, from 27.99 billion dollar in the corresponding period a year ago.

Explaining the loss incurred in the final quarter, the company said, "net loss of 2.6 billion dollar is due to 3.1 billion dollar exceptional charges post-tax (4.4 billion dollar pre-tax)".

During the quarter, the company recorded exceptional charges amounting to 4.4 billion dollars pre-tax related to writedowns of inventory and raw material supply contracts, and provisions for workforce reductions and litigation, it added.

For the full year 2008, ArcelorMittal registered a nine per cent fall in net income at 9.4 billion dollars against 10.36 billion dollars in the previous year.

In its outlook for the first quarter 2009, the steel producer expects its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to be about one billion dollars, due to full impact of price declines and production cuts.

"ArcelorMittal’s generally excellent performance in 2008 was overshadowed by considerable slowdown in world economy in

the last quarter.

"Our scale, strength and market leadership, however, allowed us to swiftly and decisively implement a number of operational and financial measures to adapt to the changing environment," ArcelorMittal Chairman and Chief Executive Officer Lakshmi N Mittal said.

Further, the company said that temporary production cuts would continue in the first quarter of this year (2009) until inventory reduction process is complete and would reduce the capital expenditure to three billion dollars in 2009 and lower dividend to 0.75 dollar per share.

ArcelorMittal is also on track to achieve its targeted 10 billion dollars reduction in net debt, it added.

"The reduction of net debt is particularly pleasing, enabled by our ability to continue to generate strong free cash flow. Whilst the operating climate is likely to remain challenging for the first quarter, we are starting to see some signs of improvement," Mittal said.

Following the exceptional market environment, the company would refocus the five billion dollars management gains programme and is targeting savings of two billion dollars in 2009. (PTI)

Jammu Rural Bank launches its website

Excelsior Correspondent

JAMMU, Feb 11: The website of Jammu Rural Bank (JRB) "www.jrb.org.in" was launched today in a simple yet impressive function held at its head office complex at Narwal here.

JRB Chairman, O P Sharma launched the website. General Manager, Mohit Kumar Vij and Chief of Audit and Inspection, K N Dhar were also present at the launching ceremony.

Speaking on the occasion, the Chairman said that the website has been launched with a purpose to enlarge the bank’s clientele and educate the customer about various services and products of the bank besides, making them comfortable while doing business with the bank.

"The website will enable our customers to browse with one click, the complete details of the bank and its products. It is our endeavour to provide all banking facilities to our customers who are using the internet," he added.

He further mentioned that business of the bank had crossed Rs 1000 crore mark. He also said that bank had so far computerized 13 branches and twenty branches were already identified for roll-over to CBS.

He also appreciated the role of J&K Bank (sponsor bank) in providing all type of support under the leadership of Chairman Haseeb A Drabu. Later, the General Manager also spoke on the occasion.

Total foreign Investment in Indian companies liberalised

NEW DELHI, Feb 11: The Cabinet Committee on Economic Affairs (CCEA) today liberalised the guidelines for calculation of total foreign investment in Indian companies and transfer of ownership or control of Indian companies in sectors with caps from Resident Indian citizens to non-resident entities.

Briefing newspersons on the outcome of the CCEA decisions here, Home Minister P Chidambaram said the adoption of these new guidelines will "simplify, streamline and rationalise the methodolgy of calculation of indirect foreign investment across sectors leading to investor friendly predictable regulations.

This would fecilitate greater foreign capital inflows and send a "positive signal" in the "present difficult economic scenario", he said.

The salient features of the guidelines for calculation of total foreign investment, that is direct and indirect, foreign investment in Indian companies are

---All investment directly by a non-resident entity into the Indian company would be counted towards foreign investment; ---Foreign investment through the investing Indian community would not be considered for calculation of indirect foreign investment in case of the Indian company which are ‘owned and controlled’ by the resident Indian citizens and Indian companies which are owned and controlled ultimately by resident Indian citizens. (UNI)

Pay Committee favours better package for IIT, IIM faculty

The committee, headed by former director of Indian Institute of Sciences, Bangalore, Prof Govardhan Mehta, has submitted its report to the HRD Ministry.

"The committee has recommended a better deal for the faculty of Central technical educational institutions as compared to university teachers. The recommendations are now under considerations," a top ministry official said here, without divulging details about the recommendations.

"The Government will take a decision on it very soon," he said.

The recommendations would benefit about 10,000 teachers and staff of these technical institutions.

The committee is understood to have suggested a broad road-map for getting good faculty for these institutions. It has favoured a global hunt for getting quality teachers for these institutions.

There are many vacancies in teaching posts in the IITs and IIMs. The posts are lying vacant in view of unavailability of suitable persons for them.

The committee recommendations would be of vital importance as the Government has decided to expand the technical institutions in a big way.

The Government has decided to set up eight IITs, seven IIMs, 20 IIITs and six NITs across the country. Some of these institutions have already started functioning from last year.

The IITs have made an estimate that they will need about 3,000 teachers in the next ten years to manage teaching and research activities.

Mehta had earlier said that the committee was not in favour of recommending any change in the existing four-tier structure in the faculty in IITs.

The committee had met five times to discuss the matter.

It had met the representatives of IITs, IIMs, NITs, IIITs and IISERs to take their views on the new pay package.

The committee has also suggested revised salaries for their physical education teachers and library staff in these institutions.

Before finalising the recommendations, the committee studied the reports of Sixth Pay Commission and the Chadha committee on university and college teachers. (PTI)

Franchise India Holdings forms new platform for licensing

NEW DELHI, Feb 11: Marketing and franchise solutions company Franchise India Holdings Ltd today announced a new venture ‘License India’ which is to be promoted as a platform for support and growth of international brands in India.

The company is seeking to tap the franchise licensing potential for foreign brands in the estimated 200 billion dollars Indian organised retail market through the new venture, Franchise India Holdings Ltd said in a statement.

"At License India our aim is to fuel the growth of the licensing industry in India and its powerful impact on Indian retailing. It will be a great platform for Indian companies to learn from global industry professionals, to leverage best practices and knowledge in the Indian licensing industry,"

License India President Gaurav Marya said.

He said that a growing number of brand owners are recognising the benefits of licensing as a strategic marketing tool.

"Our objective is to provide a platform for brand owners looking to extend the power of their brand through licensing," Marya said.

License India would have three verticals for advisory, publication and events and the company would provide a range of services for brands and property owners, he added. (PTI)

RBI views sought on banks mandatory lending limit to MSME

NEW DELHI, Feb 11: The Finance Ministry sought the views of the RBI to increase the banks mandatory lending limit to the micro, small and medium enterprises to help the sector stem the impact of global downturn, a senior official today said.

"They (finance ministry) have asked for the Reserve Bank of India views, so they are in the process of deciding," Micro, Small and Medium Enterprises (MSME) Secretary Dinesh Rai told reporters on the sidelines of ASSOCHAM function here.

He said the ministry has requested to increase the mandatory bank lending to 15 per cent from the current 12 percent as they are getting requests from several SME associations and industry people for the same.

On February 3, the Reserve Bank had asked public sector banks to enhance credit flow to fund-starved MSMEs and restructure their accounts in a time-bound manner at the MSME Advisory meeting held between RBI Deputy Governor Usha Thorat and heads of leading public sector banks.

The central bank had also asked lenders to provide adequate credit to large corporates to help them make timely payments to MSMEs.

The sector provides employment to over 42 million people.

The MSME sector accounts for 45 per cent of the country’s factory output and 40 per cent of exports. (PTI)

‘Aero India-2009’ takes off.......

BANGALORE, Feb 11: ‘Aero India-2009’, the much awaited premier air show in Asia, got off to a flying start here today with an exciting aerobatic display, as Defence Minister A K Antony asserted that India would not cut defence expenditure or compromise on its acquisition programme despite the recession.

"Despite the economic recession, there is no question of scaling down our defence expenditure or compromising with our ongoing acquisition programmes," he said during the inaugural ceremony at Yelahanka Air Force Station, the venue of the five-day seventh edition of the biennial exposition.

"Our defence expenditure at present is about 2.5 per cent of its (India’s) GDP, in keeping with our security interests," Antony said.

Nearly 600 companies from 26 countries are participating in the exhibition that covers an area of 44,000 square metres.

Antony said, ‘Aero India-2009’ would showcase India’s emergence as an attractive market and a key outsourcing hub for global aerospace firms "It (India) fulfils all the pre-requisites—low cost, skilled engineers, good organisations, software and technology," he said. "I am confident that Aero India-2009 will provide ample opportunities to domestic and international players in the aerospace and aviation sectors to tap the market and the business potential for mutual benefit."

Antony said the Government’s emphasis is on public-private partnership in the defence industry. "Our defence industry is now open up to 100 per cent Indian private sector participation, while foreign direct investment is permissible up to 26 per cent," he said.

The minister said ‘Aero India’ has increased its reach over the years, both in terms of participation as well as infrastructure. This year, domestic participation has gone up by 40 per cent, compared to the previous edition.

He said it is heartening to note that 50 delegations, including 16 ministerial ones, are attending the show.

"At the politico-security level, India has always been recognised as a responsible power and a stabilising factor in this region in the face of various security challenges originating from different sources around us," he said.

"Our sustained economic growth provides ample opportunities to our neighbours to tap into this economic dynamism. The onus lies with them to derive gains from it".

He also announced that the eighth edition of ‘Aero India’ would be held from February 9 to 13, 2011. (PTI)