NEW DELHI, Apr 21: International Chamber of Commerce (ICC) India and ICC International Court of Arbitration today organised a seminar on ‘ICC 2012 Rules of Arbitration – Focus on India’.
The objective of the seminar was to provide greater understanding of the revised ICC Rules of Arbitration which reflect the growing demand for a more holistic approach to dispute resolution techniques, ICC said in a statement here.
The 2012 ICC Rules of Arbitration are the result of a two-year revision process undertaken by 620 dispute resolution specialists from 90 countries.
On the occasion Mr Harsh Pati Singhania, President, ICC India, raised the issue of the high cost of arbitration which is a cause of concern for small and medium enterprises.
He suggested the possibility of using virtual arbitration to make the procedure cost effective. He also called for reducing the fees for starting arbitration for SMEs or considering a different fee structure for them. A third suggestion was to consider the possibility of mediation for commercial disputes.
Mr Jason Fry, Secretary General, ICC International Court of Arbitration, stated that the revised ICC Rules of Arbitration were an important step towards modernising services and practices in the international commerce industry.
He said many of the issues raised by Mr Singhania had already been addressed in the revised rules. The remaining could be deliberated upon and included in the next edition of the seminar, he said.
He also spoke about the ICC Young Arbitrators Forum (YAF) which aims to maintain and improve international arbitration standards by providing up and coming professionals with learning and networking opportunities. YAF came into existence in 2008 and today over 3,500 people worldwide are part of it.
(UNI)
Seminar on ‘ICC 2012 Rules of Arbitration – Focus on India’ organised
GSM operators add 6.87 mn users in Mar
NEW DELHI, Apr 21: GSM telecom operators added 6.87 million subscribers in March, taking the total user base to 664.08 million.
The GSM subscriber base stood at 657.21 million at the end of February.
Leading operator Bharti Airtel added the most 2.5 million users in March, taking its total subscriber base to 181.28 million, according to the data released by the Cellular Operators Association of India (COAI).
It had a market share of 27.3 per cent by March-end.
Rival Vodafone Essar, with a 22.66 per cent market share, added 1.02 million new subscribers during the month, taking its subscriber to 150.47 million.
Uninor, which has seen significant growth in userbase in the previous months, added 1.29 million new customers in March. Its user base was at 42.43 million by March-end.
Aditya Birla group firm Idea Cellular added 2.01 million users during the month to take its total user base to 112.72 million.
Aircel lost 0.68 million customers during the month and its subscriber base was at 62.57 million.
Reliance Telecom added 59,829 new users to take its userbase to 31.84 million at the end of March.
State-run telecom firms BSNL and MTNL added 0.89 million and 62,399 million new users, respectively, taking their subscriber base to 94.67 million and 5.59 million, respectively.
Leading GSM operators seemed to have cornered a major chunk of users of the new telecom operators, which announced closing operations after the Supreme Court order cancelling their licences, through mobile number portability (MNP).
Operators such as S Tel, Etisalat DB and Loop Telecom have announced shutting down of services and are now helping their users move to other operators through MNP.
The Supreme Court in February cancelled 122 licences that were allotted in 2008. (PTI)
Tata Steel to commission Kalinga Nagar plant by March 2013
NEW DELHI, Apr 21: Tata Steel plans to commission the first phase of its upcoming steel plant at Kalinga Nagar in Odisha by March next year.
“It (the commissioning) will be somewhere between October and March (next year). The first phase will have a capacity of 3.5 million tonnes,” Tata Steel Managing Director H M Nerurkar said here.
The company has invested over Rs 11,000 crore in the new plant, which will produce flat steel products. The company has kept a capex of about Rs 4,000 crore (USD 800 million) this year for the Kalinga Nagar unit.
The second phase, which will increase Kalinga Nagar steel unit’s total production capacity to 5.5 million tonnes per annum (MTPA), will be completed by March 2015, Nerurkar said.
He was speaking to reporters after receiving the Most Admired Company award from management consultancy firm Hay Group and Fortune India magazine yesterday.
Besides, the Tata group firm is also planning to produce around 8 million tonnes of steel in the current year as it will be adding new capacity at its existing unit in Jamshedpur.
“It’s (Jamshedpur expansion) almost complete. Last quarter of this year, we will operate with the increased capacity,” Nerurkar said.
He added that the company will announce its borrowing plan for the current year in next two months.
“We have not yet firmed up that. There are lots of options…In next two months, we will finalise it. With Odisha coming up and Jamshedpur expansion, we will require lots of funds. Either during next month results or a month after that, we will announce it,” Nerurkar said.
The company had earlier said that it has kept a capex of USD 2.5 billion (about Rs 12,500 crore) for the current fiscal on its existing and expansion activities.
Of this, the company will be spending USD 800 million on Kalinga Nagar unit, while its Tata Steel Europe would get about USD 600 million and the new 2.9 million tonnes unit at Jamshedpur will get about USD 400-500 million.
Talking about the steel demand, he said it is expected to grow by 8 per cent this year in India, while in Europe, it would be around 2-3 per cent.
He added that the Tata group firm will invest about 400-500 million pounds this year and over the next three financial years on its European unit to continue to upgrade its facilities there.
Due to sluggish demand in Europe, the company expects to run its European units at 80-85 per cent capacity in current fiscal, he said.
“We expect European steel demand to grow at around 2 percent to 3 percent this financial year, so it is unlikely that our plants would operate at full capacity,” Nerurkar said. *(PTI)
Lagarde welcomes India’s commitment to contribute to IMF
WASHINGTON, Apr 21: International Monetary Fund Managing Director Christine Lagarde has welcomed the indications by countries like India and Brazil to contribute to its resources.
In a statement, Lagarde thanked all the countries that have already announced specific contributions, besides China and Russia, which have given firm and specific commitments.
“I am also grateful to Brazil, India, Indonesia, Malaysia, and Thailand, all of whom have indicated that they will be among the contributors, which will raise the total further,” Lagarde said.
“We warmly welcome pledges by our members to increase IMF resources by over USD 430 billion, almost doubling our lending capacity,” she added.
This signals the strong resolve of the international community to secure global financial stability and put the world economic recovery on a sounder footing, the IMF chief said.
The resources will be drawn only if they are needed, and if drawn, will be refunded with interest, she noted.
European Union has contributed the most with about USD 200 billion, followed by Japan (USD60 billion), S Korea, Saudi Arabia and Britain (USD 15 billion each), and Sweden at least USD 10 billion. (PTI)
KPs in focus
On the heels of the recent meeting of the Apex Committee on return and rehabilitation of Kashmiri displaced persons, chaired by the Chief Minister, the follow up action comes in without loss of time. The Chief Secretary is leading a delegation of senior bureaucrats for discussions with Union Home Ministry on the subject. In the meeting of the Apex Committee, the chief minister indicated his government’s willingness to meet number genuine demands of the displaced persons to overcome their immediate and long range problems. The displaced community has, by and large, appreciated the goodwill gesture of the chief minister and his colleagues. It appears that gradually deck is being cleared for the return of these people to the valley. For quite some time stalemate of sorts had ensued in moving the matter of the return of the natives. This is now broken, and the credit goes to the chief minister. His positive approach to the entire issue has made it easier for the bureaucracy to pursue the demands in right perspective. Of course, return and rehabilitation is a complicated and sensitive issue and twenty-two years of absence from Kashmir is a long and painful story for the displaced persons. The Prime Minister’s 1618 crore rupees package for the relief and rehabilitation of militancy affected people in the State is the basis of rehabilitation policy. But, as was indicated by some of the stakeholders, this package also needed revision and modification in order to make Pandit return practicable and viable. It is also known that there are more opinions and suggestions with saner and more sensible groups among the Kashmiri Pandits that take care of the concerns of all the stakeholders at various levels. These advocates of nationalistic outreach may not be the members of Apex Committee or other semi-official organizations, nevertheless the Government in the State and at the Centre would do well to know and think over some of the pragmatic suggestions that might introduce the return of the displaced persons as a new and realistic phenomenon of post-militancy Kashmir. After all, all communities have to live together in Kashmir in peaceful coexistence. The fundamentals of their return would be to create atmosphere conducive to peaceful coexistence and mutual trust and confidence. The ugly, sordid and painful part of the story of militancy and exodus has to be repaired and substituted by a new era of fine-tuned relationship in which economic factor plays the crucial role. In a pluralistic society the majority needs to carry the minority along out of gentle persuasion and a sense of humanism while the minority needs to understand and concede the primordial status of the majority. Goodwill of the majority is the solid security to a minority as a matter of principle.
Stress on research
In their capacity as Chancellor and Pro-Chancellor of the University of Kashmir, the Governor and the Chief Minister announced in the Kashmir University Council meeting that a seed capital of fifty lakh rupees each would be provided to the Universities of Kashmir and Jammu for superior research work. Although the amount of seed money committed is very modest by any means, yet the spirit behind it is of much significance. A university is regarded the fountain head of research work because it provides the basic infrastructure of advanced research and learning. The Governor (and Chancellor) is right in expecting the university to focus attention on such branches of research as would help State’s economic growth and also would provide chances of employment to larger numbers of unemployed youth. In fact identification of such branches of learning and their need-based orientation is not necessarily or exclusively university specific. There are other research institutions in the country that are equally equipped to conduct exclusive research on some of the fundamental requirements of a civil society. However the essential role of the university is to prepare the cadres of students for specialization in various important fields. It is up to individual talent and the infrastructural support from the Government that will determine proper exposure for research oriented faculty.
Experience has shown that our student community has more than sufficient talent. What is needed is its proper exposure and proper utilization in the interests of the nation. It is encouraging to note that the Chancellor and the Vice Chancellor both are deeply interested in seeing that the two universities develop into prime institutions of study and research in the country. Funds should not come in the way because the society would not want research to be halted for want of funds. It is prepared to contribute liberally knowing that the investment is worthwhile. The student community should be thankful to the authorities which have a vision and a message for them. Such institutions of excellence are not built over night and take decades and even centuries to come up to a certain level. Our universities are in the making and are moving on the right track. But there is the need of a word of caution as regards research enterprises. Of late a tendency, though not widespread, has developed which indicates downslide of research studies at various departments. The downslide has appeared from selection of a subject for research to quality of guidance available and finally the quality of deliverance. This phenomenon is a cause of deep concern. University authorities on spot shall have to evolve a mechanism to arrests decline of research standards. Faculties that are adepts in teaching may not be the same in guiding researches and vice versa. This factor has to be kept in mind. A mechanism will have to be evolved that will ensure clearance of a proposed topic/subject/field for research before the department concerned gives its final consent. The mechanism has to be outside the department but on institutional level. The award of Doctoral degree should not be trivialized.
Lagarde welcomes India’s commitment to contribute to IMF
WASHINGTON, Apr 21: International Monetary Fund Managing Director Christine Lagarde has welcomed the indications by countries like India and Brazil to contribute to its resources.
In a statement, Lagarde thanked all the countries that have already announced specific contributions, besides China and Russia, which have given firm and specific commitments.
“I am also grateful to Brazil, India, Indonesia, Malaysia, and Thailand, all of whom have indicated that they will be among the contributors, which will raise the total further,” Lagarde said.
“We warmly welcome pledges by our members to increase IMF resources by over USD 430 billion, almost doubling our lending capacity,” she added.
This signals the strong resolve of the international community to secure global financial stability and put the world economic recovery on a sounder footing, the IMF chief said.
The resources will be drawn only if they are needed, and if drawn, will be refunded with interest, she noted.
European Union has contributed the most with about USD 200 billion, followed by Japan (USD60 billion), S Korea, Saudi Arabia and Britain (USD 15 billion each), and Sweden at least USD 10 billion. (PTI)
Second international edition of TCS IT Wiz in Dubai
DUBAI, Apr 21: Leading Indian software company Tata Consultancy Services (TCS) has said the second international edition of TCS IT Wiz quiz competition will be held in Dubai.
The inter-school IT Quiz will be held on April 28 at the local Indian High School here.
Through TCS IT Wiz, the company aims to get school students interested about information technology and the possibilities that it brings for young, inquisitive minds, it said.
TCS IT Wiz has been running for the last 12 years as a part the company’s Corporate Social Initiatives.
The event targets students studying in classes 8-12 to encourage them to look at technology though a new perspective. (PTI)
Training in Rubber Cultivation
KOTTAYAM, Apr 21: A five-day training in rubber cultivation would begin at Rubber Training Institute here from May 7.
The course content includes modern planting materials, planting techniques, manuring, pest and disease control, tapping and latex processing. The medium of instruction is Malayalam, an official release said today.
The training is organised by the Rubber Board. (PTI)
Developing, emerging economies would be growth drivers: FM
WASHINGTON, Apr 21: Observing that the global economy appears to be strengthening gradually after suffering a setback, Finance Minister Pranab Mukherjee has said developing countries and emerging economies are expected to continue as growth drivers.
“Developing countries and emerging economies are expected to continue as growth drivers for the world economy. The fact, however, is that even here growth has decelerated.
“The global economy is too interconnected for them to be insulated from the knockdown impact of developments in advanced economies,” he said in his address to the -24 Finance Ministers meeting.
This presents both a challenge as well as an opportunity for organisations like the G24 to take a lead role in creating a platform for exchange of ideas and to develop a consensus to arrive at solutions that are not only effective in the short run but also sustainable in the long run, he said.
Mukherjee said the need for concerted action among the world nations for facing the volatility in the global economy was well articulated in our last meeting in September 2011 in this very same venue.
Noting that the role of the international financial institutions (IFIs) today deserves to be viewed in this light, Mukherjee said there are serious apprehensions regarding the governance structure of these IFIs, adequacy of their resources as well the flexibility of their lending procedures.
“These apprehensions have strengthened the trend of setting up new and regional financial mechanisms and institutions where the voice of these nations is heard, and adequate finance is forthcoming,” he said.
Mukherjee said the present global juncture presents an opportunity for the G24 to devise strategies to enhance its effectiveness in the global policy making process.
“All international organisations today recognise the fact that none of them can be an active participant in the global economy unless and until EMDCs are taken on board and given a greater role,” he said.
Mukherjee said finance ministers of G-24 countries are meeting at a time when the global economy appears to be strengthening gradually after suffering a setback.
“Although actions by Euro zone countries and the ECB have stabilised the situation and calmed the market somewhat, underlying structural problems remain and downside risks remain significant as manifest in recent movements in bond yields,” he said.
“Volatility in commodity prices, threats of disruptions to supply chains and high oil prices have added to global uncertainty and impacted businesses across the globe, slowing the recovery in both advanced and emerging economies,” he said. (PTI)