 |
|
EPF Board meeting likely to be
Item on rate of interest not on agenda?
Ethanol-blended petrol project on revival path
12 pc hike in natural gas prices okayed
No change in Assam plans, says ONGC chief
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
India, Pak set up study group to boost trade
SABMiller acquires 99 pc stake in Shaw Wallace arm
BSNL unveils expansion plan
Air service pacts with Belgium, Netherlands
West Bengal indecisive
Blaupunkt plans 4 outlets in North
CIL to acquire mines in Indonesia
Corporate results
ITC net up, 31 pc dividend announced
|
|
EPF Board meeting likely to be stormy today
New Delhi, May 27 While Left- wing trade unions are sticking to their demand for a 9.5 per cent interest rate, the Finance Ministry is showing no signs of increasing the interest rate on the Special Deposit Scheme, where 85 per cent of the EPF money is invested. While official sources cite the “practical difficulty” in meeting the Prime Minister’s assurance to trade unions without funds, the Left trade unions said they would “compel” the Finance Ministry to make the budgetary allocation for the purpose. There are indications that the Congress -backed INTUC could accept an interest rate of 8.5 per cent arguing that overdraws could affect the very safety of the fund. The UPA Government has, however, already decided to give a 9.5 rate of interest on EPF for 2002-03 and 2003-04. A 1 per cent increase in the interest rate would lead to a gap of Rs 927 crore between what the EPF gives to its beneficiaries and what it earns on investments, according to calculations made by the Central Board of Trustees of the EPFO. The total corpus of the Employment Provident Fund is around Rs 1.28 lakh crore which includes Rs 71,000 crore of the Employees’ Provident Fund, Rs 52,000 crore of the Employees’ Pension Fund and Rs 4,000 crore of the Employees’ Deposit- Linked Insurance Scheme. While in 2001-02 and 2002-03, the net yield amounted to Rs 504 crore and Rs 204 crore, respectively, it dipped to a (-) 271 crore in 2003-04. But the net gains from the previous two years would still result in a surplus of Rs 437 crore after accounting for the negative returns of 2003-04. The Finance Ministry has been against any hike in the rate of return on the SDS—an investment option where the EPFO parks a large majority of its funds. Any hike in the EPF rate is critically dependent on SDS yields. A CITU leader said the Prime Minister had stated that a 9.5 rate of interest would be given on EPF accumulations and even the Labour Minister had stated on several occasions that there was no cause for any worry and arrangements would be made.
|
|
Item on rate of interest not on agenda?
Chandigarh: Mr A.D. Nagpal, one of the Trustees of the EPF Board, who will attend the crucial meeting tomorrow, said “It was the responsibility of the Prime Minister to bail out the board which is unable to pay at the rate of 9.5 per cent because of the deficit. As the Central Government has vast resources, it is not difficult for it to bridge the gap in the interest of 4 crore subscribers”.
There can be trouble for the Union Government if the issue of arranging money was not clinched tomorrow. The Left parties, under the pressure of which this rate of interest was jacked up from 8.5 per cent to 9.5 per cent, are angry with the Union Government for the delay in settling this issue. Interestingly, the issue of fixing the interest rate for the current financial year has not been included in the agenda for tomorrow’s meeting. The fixation of the rate of interest for the current financial year has already been delayed by about three months. Another important issue that has not figured on the agenda is the new method for investment of the EPF. The Union Government had recently suggested new criteria for the investment of the EPF to the board but no proper discussion has been held on its implementation so far. However, the item or the Employees Pension Scheme is on the agenda. The valuation report on the scheme will be discussed at the meeting. Trustees are upset as misleading information is being spread about the pension scheme. Mr Nagpal said vested interests were spreading negative stories about the pension scheme.
|
|
Ethanol-blended petrol project on revival path
New Delhi, May 27 The programme of ethanol-blended petrol launched by previous NDA government about two years ago, was partially deferred last year when the cartel of sugar mills increased ethanol prices and oil companies found it uneconomical to mix ethanol in petrol. Five per cent mixing of ethanol in petrol project was launched in nine states including Punjab,
Maharashtra, Karnataka. “Plans to supply petrol blended with ethanol across the country are set to take off again after an agreement with the sugar industry on price and supply,” said Petroleum Minister Mani Shankar Aiyar here today. Earlier, oil companies had expressed their helplessness when the ethanol prices touched Rs 22 per litre, but now the sugar industry has agreed to supply ethanol at Rs 19.50 per litre, at around import parity price. The project of even 5 per cent mixing of ethanol in petrol is likely to save foreign exchange worth thousands of crores, said industry experts. Mr Aiyar said after tense negotiations, Oil Marketing Companies
(OMCs) and Indian Sugar Mills Associations (ISMA) have finalised all points of entering MoU regarding supply of ethanol for Ethanol Blended Petrol
(EBP) Programme. “The MoU will be soon signed between ISMA and the oil marketing companies, with the Ministry of Petroleum and Natural Gas acting as the facilitator culminating with finalisation of the tendering process,” he said. Petroleum Ministry officials say since the agriculture is a state subject, the excise commissioners can stop the movement of ethanol even for mixing in petrol. Prime Minister Office is reportedly coordinating with the state governments to push the project.
|
|
12 pc hike in natural gas prices okayed
New Delhi, May 27 The move is likely to result in marginal increase in power tariff and fertiliser in the open market, besides increasing government’s fertiliser subsidy bill. “The Cabinet Committee on Economic Affairs (CCEA) in its meeting on May 19 approved an ad-hoc increase in natural gas prices to Rs 3,200 per thousand standard cubic meters per day from the present Rs 2,850 per thousand standard cubic meters per day,” a government official said.
|
|
No change in Assam plans, says ONGC chief
Kolkata, May 27 “We have problems in many states. Our rig was held up in Andhra Pradesh. We faced an agitation in Gujarat, but for this we are not going to change our investment plans,” Mr Raha told reporters when asked whether the ONGC would go ahead with its Rs 2,000 crore investment plan in Assam where matters were in doldrums. Turning to the ongoing offshore exploration in the Sunderbans in West Bengal, he said drilling was currently on and “we have gone up to 3,000 metres. We are yet to reach 5,000 metre which is a zone of interest.” Asked about the possibility of finding oil and gas there, Mr Raha said it would be clear after drilling up to 5,000 metres was completed. The company is also interested in projects in Iran. “We are looking at the project in Iran from which Petronas has backed off,” Mr Raha added. “We are also waiting for the completion of Indianoil Corporation (IOC) and Gas Authority of India (GAIL) LNG project with Petropass in South Pars in Iran. After that ONGC Videsh Ltd will be talking for independent gas exploration,” Mr Raha said.
— Agencies
|
|
India, Pak set up study group to boost trade
Lahore, May 27 Established by FICCI and the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) here, the JSG is co-chaired by Mr Syed Yawar Ali, Chairman, Nestle, Pakistan, and Mr Saroj Kumar Poddar, Chairman, Gillette India. The JSG will have top businessmen from India and Pakistan as members. The study group will focus on 10 sectors: agriculture and agro processing, services (health, education, IT, banking, entertainment and tourism), petrochemicals, infrastructure, textiles and garments, engineering, gems and jewellery, lifestyle, large scale industries (paper, cement, steel, sugar) and technology transfer. The group will submit a preliminary report to both governments before the next meeting of the inter governmental joint study group (formed between the two governments as a part of the composite dialogue process between India and Pakistan). It will prepare and submit a comprehensive final Report to the two governments by the end of this year and disseminate the recommendations of the report and follow up to boost trade and investment between the two countries.
— UNI
|
|
SABMiller acquires 99 pc stake in Shaw Wallace arm
New Delhi, May 27 SABMiller’s Indian subsidiary Mysore Breweries Ltd now owns 99 per stake in the joint venture firm — Shaw Wallace Breweries — while the balance shares are held by third party minority investors. Commenting on the acquisition, SABMiller’s Africa and Asia Managing Director Andre Parker said considering that beer consumption in India was 1 litre per person per year as compared to around 20 litres in comparable developing markets, the country had economic potential to be a leading global beer market. “SABMiller is well placed to benefit from this future growth and to participate in further Indian beer market consolidation,” he said in a statement here. The company’s brewing operations in the country comprise 10 breweries and its key brands include Hayward’s 5000, Royal Challenge Premium Lager, Knock-Out and Castle Lager. For the business year March 31, 2005, the company’s brewing operations increased 12 per cent year-on-year in terms of volume to 2.4 million hectolitres. Upon completion of the transaction, the brewing operations had net assets of $ 37 million.
— UNI
|
|
|
BSNL unveils expansion plan
New Delhi, May 27 Addressing a two-day conference of the Chief General Managers (CGMs), BSNL CMD A.K. Sinha said as part of the expansion plan the corporation would provide free cordless and call line identification (CLI) phones to high-end customers and offer similar facilities to other users on a marginal rent basis. Telecom circles have been empowered to provide CLI-based feature phones to CICs and corporate customers free of cost. The feature phones would also be provided to other categories of customers on nominal payment of Rs 20 per month. The BSNL Chairman and Managing Director said the corporation was planning joint ventures and long-term arrangements with manufactures of telecom equipment while sourcing for the 80 million-line expansion plan for the next three years. The targets for various telecom circles included 100 per cent rural telephony by the end of 2006, cellular services in all Tehsil and block headquarters and strict adherence to the three year expansion of the network by another 80 million. The Universal Service Obligation Fund (USOF) has contracted BSNL to provide 66,862 village telephones. BSNL would start international long-distance services directly to 23 countries and had signed bilateral international service agreements with six international carriers for routing of ILD calls. Some of the other new initiatives included the introduction of ILD services directly to 23 countries and country-wide launch and spread of broadband services, Mr Sinha said. — Agencies
|
|
|
Air service pacts with Belgium, Netherlands
New Delhi, May 27 During talks in Brussels on May 18, India and Belgium agreed to designate one or more airlines to update the agreed air services on specified air routes. Both sides agreed that designated airlines of each country can operate fifth freedom traffic rights between points located in the other country and the points beyond up to a total of 21 weekly services for passengers carrying aircraft and without limitation for full cargo aircraft. With the Netherlands, talks were held on May 16 and 17 in The Hague. Now the new points of call will be Delhi, Mumbai, Kolkata, Hyderabad and Chennai. Airlines from the Netherlands will be allowed to operate 14 frequencies per week from October and 21 from March next year. But fifth freedom traffic rights will not be exercised between any points in India — except Kolkata — on the one hand and points in the Gulf and Middle East on the other. Also, designated carriers of the Netherlands will not operate more than seven flights per week to and from any city in India.
— UNI
|
|
West Bengal indecisive
Kolkata, May 27 “We are still to come to an agreement on this issue. If both parties agree on the term and conditions, then the deal will be reached as per the inter-promoter agreement,” West Bengal Industry Minister Nirupom Sen said here today.
— PTI
|
|
Blaupunkt plans 4 outlets in North
Chandigarh, May 27 Mr Ajay Sahney, Divisional Manager (Sales Mobile Communications), Blaupunkt, told TNS: “The company has been viewing the Indian market seriously.” The company’s first brand shop was set up in Ernakulam in Kerala last year and another one in Mumbai this March. Four more are on the cards at Delhi, Chennai, Bangalore and Bhubaneshwar. At least four of these would be set up in the northern region. These shops are designed to be one-stop shops for a customer’s ‘in-car’ entertainment needs. The company, which is part of the Bosch group, has a 21 per cent value share in the organised in-car entertainment market in India. As part of its marketing initiatives, the company also plans to expand its network of dealers and distributors in the northern region to tap more business from here.
|
|
CIL to acquire mines in Indonesia
Kolkata, May 27 CIL has plans to produce about two to three million tonnes from the Indonesian blocks. “We are importing about 12-13 million tonnes of coking coal. Even if half of that is sourced through such ventures, its good for us,” Mr Sushil Kumar said.
— PTI
|
bb
Inflation dips HDFC MF SpiceJet flight SEBI-SFC pact |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
