NEW DELHI, May 9: Soyameal exports rose by 10.7 per cent in April this year at 3.36 lakh tonnes as against 3.03 lakh tonnes in the same month last year, according to industry data released today.
However, exports have fallen 5.43 per cent during the October 2011 to April 2012 period at 31.21 lakh tonnes against 33.01 lakh tonnes in the corresponding period of the 2010-11 marketing year (October-September), Indore-based Soyabean Processors’ Association of India (SOPA) said in a statement.
Japan, Iran, Korea and Vietnam were the major importers of Indian soyameal, which is generally used as animal feed. (PTI)
MADRID, May 9: Spain will demand banks set aside another 35 billion euros ($45 billion) against loans to builders, financial sources said, as it battles to rebuild confidence in a sector where huge losses have raised fears the country may need an international bailout.
Lenders are already writing off 54 billion euros on soured property assets dating from a 2008 real estate crash and the requirement to find more money to cover loans that are currently sound, but could sour as the economy deteriorates, will pile further pressure on banks as they battle to find extra capital.
The move is set to be announced after Friday’s weekly cabinet meeting and will form part of a wider banking reform which will include an injection of public cash into troubled lender Bankia.
The government will demand banks raise provisions to a level equivalent to 30 percent of loans to housebuilders, one of the sources told Reuters late on Tuesday, up from a current 7 percent.
The Economy Ministry declined to comment.
Spain’s banks have 298 billion euros in loans to building developers on their books, equivalent to around 30 percent of the country’s gross domestic product.
Around half of them are already in arrears and as the economy deteriorates more will fall into default. Analyst estimates as to how much more banks need to set aside against loan defaults rise to as much as 100 billion euros.
Banks, even strong international lenders like Santander and BBVA, are already posting big falls in profit as they write off losses on bad property investments and increase capital to protect against sovereign default under European guidelines.
Banks are eating into profits, selling assets and buying back debt in order to find the capital without an injection of state funds.
Extra provisions could weigh still more on profits in the sector, analysts said on Wednesday.
The conservative government had said for months it would not put more public money into rescuing the banks, but is expected to pump up to 10 billion euros into the country’s fourth largest lender Bankia on Friday.
The government is also expected to announce on Friday plans for banks to siphon real estate assets into separate holding companies. ($1 = 0.7695 euros)(agencies)
TOKYO, May 9: Toyota Motor Corp, Japan’s top automaker, expects to treble its operating profit this year to more than $12.5 billion, its highest since the financial crisis sent the global car industry skidding.
Operating profit jumped more than five-fold in January-March to 238.5 billion yen (2.99 billion), beating a consensus estimate of 223 billion yen, as vehicle production recovers from disruptions caused by last year’s natural disasters.
Fourth-quarter net profit jumped to 121 billion yen from 25.4 billion yen a year ago.
For the year to next March, Toyota forecast operating profit would rise to 1 trillion yen ($12.54 billion), ahead of recent consensus forecasts for 990 billion yen. It sees net profit rising to 760 billion yen from 284 billion yen in the year just ended.
The expected profit rebound comes as Toyota’s sales recover strongly after supply chain disruptions from both the earthquake and tsunami in Japan and floods in Thailand last year. With robust top-line growth a given in the current year, Toyota is looking to squeeze further cost cuts in a battle to offset the yen’s renewed strength.
Despite the pain of building cars at home with the dollar far below the 85 yen breakeven level in Japan, Toyota has committed to build at least 3 million vehicles a year at its domestic factories – roughly triple the output at local rivals Nissan Motor Co and Honda Motor Co.
Toyota last month unveiled a new scheme aimed at slashing development costs by more than a fifth, in part by using more shared components. It is also renewing efforts to step up its manufacturing efficiencies – something executives concede fell by the wayside when the company raced to add factory lines to meet soaring demand before the global financial crisis brought growth to a shuddering halt.
Toyota shares have gained more than a third since the broad market trough in late-November, outperforming local rivals Nissan and Honda, U.S. Competitors General Motors and Ford and Volkswagen, but lagging BMW’s 41 percent jump. The main Topix share index is up by a tenth over the same period.
Toyota closed flat on Wednesday ahead of the earnings in a broader Topix market that fell 1.4 percent. ($1 = 79.7750 Japanese yen) (agencies)
SHANGHAI, May 9: China’s money rates fell on Wednesday, with the key seven-day repurchase rate slumping nearly 40 basis points on expectations that the central bank will inject more liquidity into the financial system.
The People’s Bank of China earlier asked commercial banks about their demand for seven-day bond repurchase agreements, traders said, implying the central bank may auction reverse repos on Thursday.
Reverse repos inject short-term liquidity into the financial system.
‘There’s plenty of liquidity, so we are willing to lend money for now,’ said a dealer at an Asian bank in Shanghai. ‘Tomorrow we still have 60 billion yuan deposits being auctioned, so money conditions will not be tight in the near term.’
Dealers said the central banks’ behavior has led traders to anticipate more flexibility in the central bank operations going forward.
‘The central bank may use more flexible tools to inject funds into market, rather than cutting reserve requirement ratios, which will cause a big injection,’ said a dealer at a Chinese bank in Shanghai.
China’s finance ministry will auction 60 billion yuan ($9.51 billion) of six-month deposits to commercial banks on Thursday, which will largely offset the impact of a 65 billion yuan of reverse repos which will mature this week. Maturing reverse repos drain liquidity.
The weighted average of the benchmark seven-day repo rate slumped to 3.3273 percent from Tuesday’s close of 3.7014 percent.
The one-day rate fell to 2.4019 percent from 2.4816 percent, while the 14-day repo rate fell to 3.7616 percent from 3.8036 percent.
Chinese interest rate swaps fell on Wednesday, with the fall in money rates, while the benchmark five-year IRS dipped 3 basis points to 3.34 percent.
One year IRS fell to 2.23 percent while the 10-year IRS was down 2 bps to 3.45 percent.(agencies)
BANGALORE, May 9: NTL Electronics India Limited, the Rs 550 crore Lighting Electronics major from India, today announced sales of 2.19 million LED lamps for 2011-2012.
The sale was realised only during nine months of the fiscal year and not the whole year, the company said in a release here.
The LED lamps are the typical replacement of incandescent bulbs that are in use at homes. The number gains significance in the global context, wherein the total global sales for LED Lamps, as per industry estimates, were around 40 million. NTL Electronics had thus garnered over five per cent of the total sales of LED lamps globally.
‘We believe that LED is the technology for the future and we will exploit the global design, and production strengths of Lemnis to deliver innovative solutions for Home and Commercial lighting globally. We are hopeful that we will look at cornering an even more substantial market-share in the years to come’, said Mr Arun Gupta, MD, NTL Electronics India Ltd in the release.
With an exponential growth in LED lighting systems envisaged, the global sales was expected touch 90.92 million by 2015. (UNI)
HONG KONG, May 9: Hong Kong shares look set for a fifth straight day of losses on Wednesday, dragged by financials and growth-sensitive sectors as investors cut risk and rotate into defensive plays, pointing to caution over the Greek bailout deal possibly unravelling.
Adding to market jitters, China’s ruling Communist Party is ‘seriously considering’ delaying its upcoming five-yearly congress by a few months as the party struggles to finalise a once-in-a-decade leadership change.
The CSI300 Index dropped 1.5 percent by midday, while the Shanghai Composite Index lost 1.3 percent. The China Enterprises Index of the top Chinese listings in Hong Kong fell 1.9 percent, while the broader Hang Seng Index slipped 0.9 percent.
‘There is a distinct defensive tone today. It’s perfectly understandable since long funds have to protect their positions with so much going on, particularly for China, where political uncertainty supercedes most,’ said Wang Ao-chao, UOB Kay Hian’s Shanghai-based head of China equity research.
Chinese oil majors were among the top drags on benchmark indices, hit by slumping oil prices. CNOOC Ltd slumped 2.9 percent in Hong Kong, extending its bleed this week to more than 7 percent.
PetroChina lost 1.5 percent in Shanghai and 1.8 percent in Hong Kong, while China Petroleum and Chemical Corp (Sinopec) lost 1.4 percent in Shanghai and 1.5 percent in Hong Kong.
Chinese banks, seen as barometers of the world’s second-largest economy, were also broadly weaker. In Hong Kong, China Construction Bank (CCB) lost 1.7 percent, while Bank of China slipped 1.6 percent.
CCB’s president told Reuters late on Tuesday that the world’s second-biggest bank by market value will see slower profit growth this year, mirroring the broader economic trend, although its 2012 net profit could still grow by a double digit percentage.
‘We prefer insurers to banks as we believe China banks’ performance is capped by uncertainties surrounding the sector, despite the undemanding valuation,’ Nomura analysts said in a note on Wednesday.
Lucy Feng, Nomura’s China banking analyst, warned of slowing fee-income growth for the sector due to tighter regulatory scrutiny, early signs of asset quality deterioration and rising credit costs that are limiting earnings growth.
China Mobile displayed rare strength on the day, rsing 1.5 percent in Hong Kong, as investors opted for the popular defensive play. The Hang Seng Utilities Index, of which China Mobile is a component, was a relative outperformer among sectors.
Swire Properties jumped 3.8 percent in midday volume that has exceeded its 30-day average, bucking broader market weakness after Goldman Sachs upgraded the stock to ‘buy’ and added the stock to its conviction list.
In a report on Wednesday, Goldman analysts identified Swire as a key beneficiary of the secular growth trend for luxury residential and commercial properties outside central districts in Hong Kong. (agencies)
LONDON/BRUSSELS, May 9: Britain is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European diplomats said.
A European Union ban on importing Iranian oil, which takes effect on July 1, will also prevent EU insurers and reinsurers from covering tankers carrying its crude anywhere in the world.
The impact of the measure is likely to be felt strongly in London’s financial district, the centre for marine insurance.
Iran exports most of its 2.2 million barrels of oil per day to Asia. The four main buyers – China, India, Japan and South Korea – have yet to find a way to replace the predominantly Western insurance shipping cover provided by London insurers.
The sanctions seek to stem the flow of petrodollars to Tehran to force it to halt a nuclear programme that the West suspects is intended to produce weapons.
Some Indian and Chinese firms have already asked state insurers to step in and provide coverage by offering government guarantees. .
The situation is more complicated for Japan and South Korea, which have already cut imports of Iranian oil under pressure from Washington, but need Western protection and indemnity (P&I) ship insurance to continue importing the remaining volumes.
‘Britain will be pushing the EU to postpone the ban on P&I insurance by six months,’ said one diplomatic source.
‘The main reason is pressure from Japan and South Korea as they would struggle to buy oil after July 1,’ the source said.
He said Britain feared oil prices could rise sharply as a result of disruptions caused by the lack of insurance after July 1, as Japan and South Korea would be forced to bid aggressively for alternative supplies to meet their needs.
A second European diplomatic source said he was aware of the British initiative.
PROPOSAL YET TO BE DISCUSSED
Both sources said Britain’s proposal had yet to win support from other EU members, including France, which has been pushing for the toughest stance on Iran.
But in Asia, some shippers welcomed the proposal.
‘A six-month delay would give more time for alternative arrangements to be made or for the situation to become clearer,’ said Arthur Bowring, managing director of the Hong Kong Shipowners Association and a supporter of Britain’s actions.
‘It could also be an opening for a more permanent arrangement to be worked out.’
It was not yet clear when the measure could be debated by EU officials as a meeting to review the embargo on Iranian oil has been rescheduled from the middle of May to an unspecified date.
Japan, South Korea and India have lobbied EU officials for exemptions to the sanctions. ‘One keeps hearing about positive developments on this issue, so we are hopeful that some positive outcome may come out,’ said S. Hajara, chairman of the Shipping Corp of India.
Negotiations between Iran and major world powers on nuclear issues resumed in Turkey in April after a 15-month hiatus. Another round of talks is scheduled for May 23 in Baghdad, but Iran has said it wants a softening of sanctions first. (agencies)
How do you feel after making a comeback in Bollywood after years?
I will not say it’s my comeback film. I was on maternity leave. I mean, if a woman working at PVR gets pregnant and takes a leave and then joins after sometime, you won’t say she had made a comeback to PVR…will you? You can’t call joining your job a comeback. Similarly, I would like to consider myself as a professional and my job is acting. I had taken a sabbatical and now I am back to work.
What are your expectations from Dangerous Ishq?
It’s a very special moment for me…we all have worked really, really hard on locations, dialects, scenes, costume, make-up. I have enjoyed myself thoroughly working in Dangerous Ishq and I won’t change it for anything. I don’t know what will be the fate of the movie, but a lot has gone into its making…hope people will like it.
What took you so long to return to your job?
Three-four years ago Vikram (Bhatt) narrated me a subject. And honestly, at that time I didn’t want to work because I had a small daughter (Samaira) and my priority in life was my kids…and obviously, it still is. Being a mom is the most important thing to me and my children; my family tops my priority list. But now that they (Samaira and son Kiaan Raj Kapoor) are growing up, I thought why not get back to work.
The media, fans, family and friends…all people around me were pressing me and saying ‘Come on, now you must do a movie’. In 2010, I started going through scripts. By the grace of God, I got quite a few subject, but I was not getting the right feel for which I would leave home, my kids and step inside the studio.
What made you say ‘yes’ to Dangerous Ishq?
Vikram met me again and narrated me Dangerous Ishq. After hearing the script, I thought ‘Now this is something I have not done so far’. I myself was genuinely intrigued by the story. There were two of my very good friends with me at that time (I will tell their names to you after the film releases). They came up to me and said ‘Now if you don’t do this movie, we are not going to talk to you’. The script moved me and I felt it would take me to a different level as an actor.
Do you think you can visit your past through hypnosis like that shown in Dangerous Ishq?
Yes I do. I personally did not go through it in real life as I was too scared to know about my past life.
How did you prepare yourself for the scenes in the film then?
I spoke to a lot of friends who tried past hypnosis and have also done research on the subject. I chatted with them to know what they felt, what emotions they underwent…and trust me, it was pretty amazing.
Is Dangerous Ishq a bold film?
First tell me what do you mean by bold? (Laughs). Dangerous Ishq is a bold film because we are dealing with a subject which is not typical in a Bollywood movie. Here we are talking about tarot card reader, past life regression and reincarnation. The woman’s journey in the movie itself is a bold experience. She invests herself in a journey to know certain answers to her questions.
Do you believe in blind love in real life too?
Well, genuinely, I do feel love is blind.
High Voltage drama at Rajbagh
Fayaz Bukhari
Srinagar, May 8: The moderate faction of separatist Huriyat Conference led by Mirwaiz Omar Farooq is on the verge of split following serious differences among its constituents over what is being alleged as hijacking of the amalgam by some of its leaders.
The statement of former chairman Professor Abdul Gani Bhat on 1948 United Nations Security Council Resolutions on Jammu and Kashmir added fuel to the fire as senior separatist leaders Shabir Ahmad Shah, Nayeem Ahmad Khan and Mohammad Azam Inqulabi raised objections over it.
Bhat while addressing a public rally at his hometown Boitingoo in Sopore area of North Kashmir had said last week that the U N resolutions cannot be implemented for resolving Kashmir issue in view of the prevailing situation in the sub-continent and around the globe.
The Executive meeting of the Huriyat Conference (M) at its Rajbagh headquarters today witnessed heated argument among Mirwaiz Omar Farooq, Professor Abdul Gani Bhat, Shabir Shah, Masroor Abbas Ansari and Bilal Lone over the restructuring of Huriyat Conference and statement made by the former chairman of the amalgam Professor Abdul Gani Bhat.
And outside the meeting hall in the Huriyat headqauters, high voltage drama was witnessed with the supporters of Shabir Shah and Bilal Gani Lone raising slogans against each other. Lone’s supporters raised slogans like “Shaheedoun Kay Paisu Ka Hisab Dou” and Shah’s supporters pointing at Lone raised slogans like “Delli Waalay Delli Jao”.
Bhat statement added fuel to the already differences in the Huriyat Conference constituents over the re-structuring of Huriyat Conference. The Huriyat constituents allege that the separatist amalgam is being hijacked by some Huriyat leaders.
Sources said that Shabir Ahmad Shah was angry over Bhat’s statement during today’s meeting and asked Huriyat Chairman to seek explanation from him and other leaders over the issue. However, sources said that Bhat told the meeting that he had said nothing un-constitutional and repeated that UN resolutions have lost their relevance in the present context.
While talking to media persons after the executive meeting, Mirwaiz Omar said that as per Huriyat Conference constitution, UN resolutions are basis for the resolution of the Jammu and Kashmir issue. He said that UN has its role and they should fulfill their responsibility.
He said that constitution of Huriyat Conference also includes negotiated settlement of the Jammu and Kashmir issue by India, Pakistan and people of Jammu and Kashmir.
Mirwaiz in order to put a lid over the controversy barred the leaders of Huriyat Conference from making “‘un-constitutional” statements in public and directed them to discuss issues in Huriyat Conference meetings.
He also ruled out any Common Minimum Programme with the mainstream parties like National Conference and People’s Democratic Party (PDP) till they follow the electoral politics. Bhat had said last week that if PDP and NC leave electoral politics and join Huriyat Conference, they will be welcomed.
It may be mentioned here that Huriyat Conference leader and National Front, Nayeem Ahmad Khan while taking strong exception to the statement of Professor Bhat during a seminar in Srinagar yesterday said that UN resolutions are relevant in the final dispensation of the Jammu and Kashmir issue. He added that nobody has the mandate to say anything averse in this context.
Nayeem had said that the genuine leaders among the separatist fold are being pushed to the wall. He said the separatist leaders who have sound financial backing are receiving all the support both within the forum and outside the forum.
He also objected to the statement of another Hurriyat leader, Bilal Lone who has termed Shabir Ahmad Shah as hypocrite. He without naming Bilal Lone said that there are some leaders within the conglomerate who have a strong financial backing and as such get the coverage in the media.
Meanwhile, the head of Dukhtaran-e-Millat Asiya Andrabi in a statement expressed shock over the happenings in Huriyat headquarters today. She said that some of the leaders in Huriyat Conference are preparing to take part in elections.
‘Development no solution to Kashmir problem’
Excelsior Correspondent
BUDGAM, May 8: Chief Minister Omar Abdullah said mainstream parties were ready to take on the separatists if they decide to contest the assembly elections in the State.
“We are ready to face them (separatists) and then let the people decide who is going to represent them,” Omar told reporters here.
He said the National Conference has been ready for the challenge since 1996 as the then Chief Minister Farooq Abdullah said on record that the assembly will be dissolved if Hurriyat leaders decide to contest the elections.
“The then Chief Minister said on record in the State assembly that if the Hurriyat leaders were ready to contest the elections, the assembly will be dissolved to facilitate their participation,” Omar said.
In response to a question, the Chief Minister said it was not for him to worry about the cracks appearing in the ranks of the moderate faction of Hurriyat Conference.
“It is not for me to worry about the internal dynamics of the Hurriyat Conference. It is for Hurriyat to worry about. Division in their ranks is harmful to their own interests,” he added.
Asked about his assessment of the situation in the Valley during this summer, Omar said he did not have a “magic wand” that can help him in predicting as to how the next six months will pass.
“I can only assure the people that we will not take any step – intentionally or unintentionally – that can lead to deterioration in the situation.
“However, it takes two to tango … I would say the people should be allowed to reap the benefits of peace, as they did last year, and be allowed to earn their livelihood during this (tourist) season,” he said.
The Chief Minister earlier inaugurated a power receiving station in this central Kashmir town, which will improve the electricity supply to Budgam district.
Omar said while development was necessary, it was not a solution to the Kashmir problem, which needs to be addressed through political measures.
“We are not of that grain who would invent slogans and cry hoarse on crucial issues, we believe in working on ground and making the importance of issues felt by all,” Omar said adding his mission on this subject is loud and clear.
He said that the gun has never been solution to any problem and will never be so in future.
“It is common public who have to bear the brunt of the gun and suffer on all counts,” he said underscoring the significance and need for resolving issues through dialogue process.
He expressed the hope that the talks between India and Pakistan would yield positive results for permanent peace in the sub-continent especially in Jammu and Kashmir.
Addressing a public gathering here, Omar said that he has been all along driving home the importance of addressing political issues of Jammu and Kashmir in a political manner to obtain lasting peace and prosperity in the State.
The Chief Minister said that the commitment made by the coalition Government to people on development front would be carried forward with full energy and sincerity. “My Government has done a lot on development and economic front during the last three years and we are determined to achieve the development goals set for the welfare and comprehensive progress of the State”, he said adding that impact of these achievements registered during last three years is visible on the ground.
Referring to the historic legislation of Public Service Guarantee Act (PSGA) enacted by his Government to empower people to obtain public services in six departments within the fixed time frame and restrict the chances of corruption, Omar said that the Act has created topsy-turvy in the practice of receiving bribes from people by the Government functionaries for delivery of public services. “Now any official found showing laxity or failing in delivering the public services like issuance of driving license, ration card, revenue papers, building permission, electricity or water connection, etc in the fixed time frame for such services shall be liable for a fine up to Rs. 5000. This shall be deducted from the salary of the erring official and a part of it paid to the affected consumer as compensation”, he explained.
He also talked of empowering people through RTI to question the Government departments regarding financial transactions and physical progress. “You are now empowered to ask any question to any Government department regarding its functioning, transactions, work done and other relevant matters”, he added.
On the development of Budgam, Omar said that during the last three years, Rs. 150 crores have been spent on the development of power sector in Budgam district. He said Rs. 10 crores have been sanctioned for upgrading HT/LT power distribution system in Budgam town. He said Rs. 70 crores are being spent for upgrading drinking water supply while Rs. 15 crores are being expended on construction of roads in Budgam constituency.
The Chief Minister said that 50 primary schools have been opened in the constituency during last two years where 60 primary schools have been upgraded to middle standard level. He said 10 middle schools are being upgraded to high schools level. He said 260 RTI teachers have been appointed and 58 school buildings constructed in the constituency during the last two years.
The public meeting was also addressed by Minister for Animal Husbandry, Aga Syed Rouhalla, Advisor to the Chief Minster, Mubarak Gul and Minister of State for Home, Nasir Aslam Wani.
In their speeches they highlighted the achievements registered by the coalition government during the last three years and said that holistic development of all areas is the bench mark of Omar Abdullah led dispensation.
Earlier, the Chief Minister also inaugurated the Power Grid Station at Budgam. The 320 MVA, 220/132 KV and 100 MVA/132/32 KV Grid Station and transmission scheme involves Rs. 125 crores. With the commissioning of this Grid Station improved and reliable power supply will be ensured to western part of Kashmir Valley from Yousmarg to Magam and Central Kashmir by overcoming transformation constraints. This is the fourth Grid Station of its kind in the Valley after Pampore, Zainakote and Mir Bazar which will enhance the available transformation capacity.
By reducing load on existing Grid Stations at Pampore and Zainakote, the Budgam Grid Station will enable the Power Department to improve power quality in the Valley and will directly benefit about 40,000 population in Budgam, Ichgam, Kremshore, Khansahib, Branwar.
