UNDATED, June 5: Germany may come under pressure from the Group of 20 major economies to step up spending as the bloc looks to encourage stronger economies to return to stimulus mode in support of global growth, a G20 official in Asia told Reuters on Tuesday.
The official, speaking on condition of anonymity because he was not authorised to speak publicly on G20 discussions, stressed Germany’s responsibility as the economic engine of the troubled euro zone, but he also cited Canada as another nation with the ‘fiscal capability’ to step up spending.
‘Countries with sound fiscal positions will be encouraged to boost spending at the G20 level,’ the official said.
‘As of now, Germany and Canada could be seen as those having fiscal capabilities among the advanced economies.’
Another source familiar with the G20’s behind-the-scenes talks said he was unaware of any plans for the grouping to convene an emergency conference call on the global financial and economic outlook.
The G7 is due to hold its own conference call later on Tuesday.
Leaders from the G20 economies are due to meet anyway for a June 18-19 summit in Mexico.
Germany, as the strongest member of the 17-nation euro zone, faces growing pressure from within and outside Europe to put growth ahead of fiscal austerity to help avoid a break-up of the single currency and another global financial crisis.
(AGENCIES)
G20 may press Germany for stimulus spending – source
China’s money rates rise; c.Bank drains funds
SHANGHAI, June 5: China’s key money rate rose slightly on Tuesday after the People’s Bank of China drained funds via open market operations, with dealers citing increased money demand.
China’s central bank will drain 30 billion yuan ($4.71 billion) from the money markets through 28-day bond repurchase agreements on Tuesday, traders said.
The benchmark weighted-average seven-day bond repurchase rate rose 6.55 bps to 2.5998 percent near midday, from Monday’s close of 2.5343 percent, while the shortest overnight rate rose 8.12 bps to 2.0052 percent.
‘Money is still ample today, but we can feel the money demand is stronger than previous days,’ said a dealer at a state-owned bank in Shanghai.
Banks still need funds to make regular payments to meet reserve requirement ratios (RRR) on Tuesday. Banks must make regular payments on the 5th, 15th and 25th in order to meet the RRR, with the amount of the payment adjusted in line with their current volume of deposits.
Demand for funds was also fuelled by a bond auction by China Development Bank, which sold a total of 30 billion yuan in one-, three-, five-, seven- and ten-year bonds.
China’s interest-rate swaps (IRS) rose slightly on Tuesday, with one-year interest-rate swaps rising to 2.43 percent – up seven bps from Monday’s close – and five-year IRS up 2.75 percent by midday from Monday’s 2.67 percent.
(AGENCIES)
PM to hold crucial meeting on infrastructure today
NEW DELHI, June 5: Going on an overdrive to address the issue of slowdown in growth, Prime Minister Manmohan Singh has called a meeting of all Ministries connected with infrastructure development here tomorrow to review progress in the infrastructure sector and the status of delayed projects.
The meeting will review progress on meeting timelines of the targets and what needed to be done to arrest any delays, sources said adding that projects worth 1.46 lakh crore were pending because of absence of regulatory clearances in various sectors.
The meeting comes five days after the Prime Minister okayed setting up of an Investment Tracking System to address the issue of delay in major investment projects and ensure speedy implementation of such projects.
The issue had come up at a meeting of the Prime Minister’s Council on Trade and Industry held in December in which Dr Singh had stated that major projects would be specially tracked to take them forward on a fast track to provide a fresh impetus to the economy.
This was in the context of delays faced by projects on multiple fronts—security, environmental and other clearances, land related matters etc.
Experts have said India could unleash its full potential if it improved the infrastructure facilities which are at present not sufficient to meet the growing demand of the economy.
The demand for infrastructure investment during the 11th Five Year Plan (2007-2011) has been estimated at 492.5 billion US Dollars (Planning Commission, 2007).
To meet this growing demand, the Government of India has planned to raise the investment in infrastructure from the present 4.7 per cent of GDP to around 7.5 to 8 per cent of the GDP in the 11th Five Year Plan.
“In general, efforts for infrastructure development continue to focus on the key areas of physical and social infrastructure,” the sources added.
(UNI)
Australia, India in better position to finalise FTA, says AII
MELBOURNE, June 5: Despite the “shocks and jolts” in the past, Australia and India are in a better position to finalise a free trade agreement (FTA) that would further expand bilateral relations, according to a Melbourne-based think tank.
Trade and investments between the two countries have been increasing continuously at a substantial rate over the past few years and there is a sense of new movement between both the sides, said Amitabh Mattoo, the director of Australia India Institute (AII).
“There is a movement, a new energy and robustness in the relations of the two sides. The bilateral relations have taken off, particularly after Labor Party lifted the Uranium sale ban last year,” Mattoo said.
Commenting on the FTA agreement, Mattoo said, “These things are working slowly but I am confident that the breakthrough in this regards will happen sooner or later.”
“Its a relationship like any other relationship with multiple tracks. The economic relationship on many tracks is doing very well in terms of commodities, trade and mining,” Mattoo said.
“Ideally, what Indian companies want is an access to Australian market, the area which the comprehensive FTA working group is currently working on,” he said.
Accelerating the implementation of the FTA strategy is an important part of its further opening-up policy, Mattoo said.
Last year, India and Australia committed to double the bilateral trade within five years.
India is Australia’s fourth largest export market as it is a heavy importer of gold, coal an copper.
That relationship has now been pegged at over USD 20 billion a year, having doubled in the past five, and is predicted to keep growing at about 20 per cent a year. (PTI)
Toyota launches limited petrol edition of Corolla Altis
NEW DELHI, June 5: Car maker Toyota Kirloskar Motor today said it has launched a limited edition petrol variant of its luxury sedan Corolla Altis, priced at Rs 11.48 lakh (ex- showroom in Delhi).
“We are delighted to announce the launch of the all new Corolla Altis Aero, on the occasion of the completion of 10 successful years in India,” Toyota Kirloskar Motor (TKM) Deputy Managing Director (Marketing) Sandeep Singh said in a statement.
The company has introduced the limited edition in petrol variant only and it will decide for a diesel option depending upon the demand, he added.
“The vehicles are on display at our dealerships from today … 500 exclusive units of the Corolla Altis Aero will be on sale till September, 2012,” Singh said.
The Corolla Altis Aero, powered by the existing J Grade 1.8 litre petrol engine, is Bharat Stage IV emission norms compliant, the company said.
According to TKM’s official website, the existing petrol variants of the Corolla Altis is priced between Rs 11 lakh and Rs 15.43 lakh.
The diesel Corolla Altis is available for Rs 12 lakh to Rs 15.23 lakh.
All the above prices are for ex-showroom, Delhi. (PTI)
Ashok Leyland deploys integrated SAP-based IT solution
CHENNAI, June 5: Ashok Leyland, Hinduja Group’s flagship firm, has deployed integrated SAP-based IT solution to manage planning and supply chain processes across core functions, covering all seven manufacturing plants and dealership locations in the country.
The solution enables Ashok Leyland to seamlessly integrate operations, increase efficiency and manage the growing global demand for its vehicles, the company said in a statement.
The implementation would also improve forecasting capabilities and create a transformational foundation for analytics, it added.
Ashok Leyland Managing Director Vinod K Dasari said, “While our earlier homegrown IT platform was sophisticated and robust, our decision to migrate to the state-of-the-art SAP applications was dictated by the need to accommodate our global complexity.”
SAP India Managing Director Peter Gartenberg said, “Our association with Ashok Leyland reflects our continued commitment to deliver integrated solutions that meet the evolving needs of the automotive industry.” (PTI)
Yatra security beefed up
While keeping a track of government’s concern to see that the ensuing yatra to the holy cave of Amarnath is concluded without any mishap, it is a matter of satisfaction that all measures are taken in right direction. The Home Ministry is monitoring the conduct of peaceful yatra and the Special Secretary of Internal Security camped in Srinagar to take stock of things in this connection. He has headed a high powered meeting attended by DGP and seniors of intelligence organizations as well as the state administrative machinery to get feed back on the preparations of a safe yatra. In view of some mishaps happened some years back, the Government does not want to allow even the smallest lapse in security arrangement. That the Home Ministry has come of age in regard to the need of ensuring safe yatra is a positive point and we appreciate it. The helipad and updated medical facilities are of much significance and hopefully pilgrims will appreciate that their yatra is a matter of much concern to the Government. Diffusion of tension that had surged on account of some sections of yatris demanding beginning of the yatra from 4 June instead of 25th June is a welcome step and people appreciate the patience on the side of the Government as well as the people in not making it a contentious issue. This is the spirit of cooperation.
Mailbag
Improving health scenario
Sir,
Refer news item ”Pak delegation meets Azad— and ”Gates lauds India’s health initiative”… in DE June 1. Ever since Mr Azad took the reins of health department at centre in his hands, substantial achievement has been made in the health sector whether it pertains to eradication of some diseases, providing health care to the farthest corners of the country, immunization programmes etc. They MCI and DCI, which had been suffering from some loopholes, have been rectified and reconstituted. The number of seats for medical graduates and other post graduate seats has been increased to produce qualified doctors. The rendering of one year’s service in rural areas by doctors has been made compulsory in order to provide the best medical services to the rural people who otherwise would get deprived of such essential service. The scams in NRHM are being investigated in afflicted states especially in UP. It is because of the hectic efforts of our veteran, zealous and relentless minister Mr Azad, the son-of-soil, that our neighbouring country Pakistan has sent a delegation under Ms. Shahnaz Wazir comprising of health officials of that country to discuss the measures India took to stop polio virus transmissions. The delegation was highly appreciative of the measures taken in health care especially in fighting polio during the last two years. Similarly Gates also lauded India’s efforts in improving health parameters and assured Mr Azad of his continous support in national health programme.
All this shows that Mr Azad, inspite of being over busy with organizational matters of the Congress Party leaves no stone unturned to improve health care in such a big country.
Yours etc…
Dwarika Nath Raina
H No. 131 Upper Muthi
Gentleman’s game
Sir,
Cricket has been called a gentle man’s game. Why this word gentle man was tagged with this game only, when the players of other games are no less honourable and respectable persons. Cricket took its birth in England and its original players were nobels, lords and rich. They were people of very high social standing. To this aristocratic class cricket provided an opportunity to spend time, some playing and other watching for days together. Thus the cricket came to be called a gentle man’s game. But what is happening in the present day cricket, by no means, it can be termed as a gentle man’s game.
Channelising youth energy besides fun and entertainment is the motive of every game. But the contemporary cricket with its new version especially IPL is synonym with glamour money laundering, less of a game and more of a showbiz. Right from players to organizers, team owners, broadcaster, advertizers all have one motive which is money. Match fixing, bettings, scams have become part of the ‘gentleman’s game’. Poor countries like India where a good percentage of people can not make both ends meals, cricket players becoming millionaire and billionaire looks comical and rediculous. This is not out of jealousy but does this money laundering along with waste of precious time by one and all, be he a student, a shop keeper, an office goer, home maker or a rickshaw puller, every body talking of cricket makes sense? Does this behave us, who are beset with problems of poverty, hunger, lack of health care, illiteracy, gender bias and utter lack of facilities for other games.
The Olympic games are testimony where we actually stand. Cricket has flourished at the cost of other games including our national games hockey. People have become blind followers without realizing that rugged and rustic pillags and tirkeys are unable to find place in this so called great game.
Yours etc…
Harjinder Singh
Retd DFO
Nanak Nagar
significant power reforms then.
Towards plan finalization
June 12 will be a crucial day for the State Planning Commission because a high level meeting between the State official delegation and the Union Planning Commission Member will take place on that day. The State has projected the plan outlay of 7000 crore rupees for the financial year 2012-13. The planning department of the State is in charge of the Chief Minister and he has directed concerned quarters in the secretariat to gear up to presenting the State’s case forcefully at the crucial meeting. Consequently a high powered team of 25 top bureaucrats headed by the Chief Secretary and attended by Commissioner-Secretaries and HODs of several departments will begin their day-long deliberation at the Union Planning Commission. Obviously we expect the concerned officers to make a forceful and convincing presentation of the State’s case for increased annual plan outlay. The State authorities have envisaged 10 per cent increase in previous year’s total outlay. It may be mentioned here that the State had projected Rs 7300 crore worth annual plan and Rs 700 crore Prime Minister’s Re-construction Plan (PMRP) for 2012-13. The projected plan was 10 per cent over and above the previous year’s plan of Rs 6600 crore. However, the PMRP amount, which was Rs 1200 crore during last financial year, has been pegged at Rs 700 crore this year as some of the schemes undertaken under the PMRP have been completed.
Enhancement in the annual plan is obvious and also justifiable for the bare reason that cost of living has increased during the past year. The State needs to keep pace with the rising prices when new projects of development are launched. There are several plans and projects that could not be completed within the specific time owing to many reasons. But that does not mean that new projects will not be undertaken though we expect the Government to expedite the pending and on-going projects. As the process has been initiated and will take its normal course, we need to refer to the power sector that has remained a constant weakness of the governments in the State. Shortage of power has reached saturation point and a critical situation exists both in Srinagar and Jammu divisions. Now that the Planning Commission will be discussing state budget for the year 2012-13, we would urge all to take up the crucial issue of power supply to the state. In recent past, a great hue and cry was raised about the State Government taking back the mega hydroelectric power projects from NHPC. The people are told that this step would be the panacea for power woes of the State and once these projects are taken back power will flow in full measure to the state and to household consumers. But as is the wont with such situations, after little bit of media hype nothing on the ground has happened except that power supply condition has worsened far greater in Jammu region which is faced with intense hot summer. “It was in view of this that the State Government had batted for annual power reforms grant to the tune of Rs 2000 crore for few years till the State managed to bring reforms and improve its revenue”, sources said, adding that the Planning Department assured to give a thought to the State’s demand. Worthwhile to mention here that J&K Government was given Rs 1300 crore worth annual power reforms grant for three years in 2006-07, 2007-08 and 2008-09. The grant was later stopped as the Government didn’t take
The feeling is that the Union Planning Commission will give frugal treatment to the demand of the State for enhanced annual plan to the tune of 7000 crore rupees. But we also know that in many cases the allocations have not been fully utilized by the departments or organizations concerned. Many of them delay implementation of developmental plans and then towards the end of the financial year when barely a month is left for presenting the new budget, they swing into action and overdoing the things begin to rush through the proposed projects. This unsystematic and hush hush type of development or completion of projects is not the right way of doing things. It leads to corruption and to bad developmental work. While the Sate is projecting its demand it has also to be accountable to the utilization of the funds within a time bound scheme and on right projects with right instruments of implementation. Now that we hopefully will be having peaceful summers without unrest and disturbance, we need to pay full attention towards the developmental efforts in the State. It is of much importance that projects already taken in hand but still incomplete should be completed on war footing. Let the Government not forget that next assembly elections are not far off. What it does today will have impact on those elections?
Skywatchers prepare for rare Venus fly-by
CAPE CANAVERAL, FLORIDA, June 5: One of the rarest astronomical events occurs today and Wednesday when the planet Venus passes directly between the sun and Earth, a transit that won’t occur again until 2117. Transits of Venus happen in pairs eight years apart, with more than a century between cycles. During the pass, Venus appears as a small, dark round spot moving across the face of the sun, like a bug on a dinner plate. (agencies)
Stanford genome pioneer wins Lemelson-MIT prize
BOSTON, June 5: Stephen Quake, a prolific inventor whose creative application of physics to biology has lead to multiple developments in drug discovery and genome analysis, has won the prestigious $500,000 Lemelson-MIT prize for outstanding innovators. Quake, a professor of bioengineering and applied physics at Stanford University and investigator at the Howard Hughes Medical Institute, has applied the technological principles of the integrated circuit – a chip made of semiconductor material found in almost every modern electrical device – to biology. (agencies)