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| Friday,
August 25, 2000, Chandigarh, India   
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Reliance to enter
insurance sector, applies for licence Rupee slumps to new record low Two Matiz models launched Tourism policy in final stage Maruti skids as sales go downhill |
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E-directory for Chandigarh Mori’s strategy to boost IT relations SGI breakthrough
Punjab lobbying for IT institute SBI loans for
pensioners Can you hack this server? KBC lures children
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Reliance to
enter insurance sector, applies NEW DELHI, Aug 24 (PTI) — Reliance Industries Ltd (RIL) today applied for a life and non-life insurance licence with the Insurance Regulatory and Development Authority (IRDA), marking its entry into yet another new sector. Reliance is entering the sector on its own, though the rules allowed participation for foreign companies in the domestic insurance sector, official sources said. Reliance, which has wide-ranging interests from petrochemicals to telecom, becomes the third company to apply for licence after the window for filing applications was opened on August 16.
Corporation Bank Corporation Bank will enter into a three-way tie-up of foray into the life insurance sector and has created a separate division within the bank to speed up the entry procedures. Chief General Manager Parameshwar Rao said the bank would soon appoint consultants to advise it on its insurance foray. The consultants will also shortlist prospective partners in the proposed joint ventures.
Tips Music IPO Tips Industries today announced that it will come out with an initial public offer (IPO) of 30 lakh shares, of face value of Rs 10 each, in the first week of September to part fund its expansion plans. This issue will include a book building portion of 27 lakh equity shares and a fixed price portion of three lakh equity shares, a company statement said here today.
Sify portal Nasdaq-listed Satyam Infoway (Sify) today relaunched its flagship portal “SatyamOnline.com” as “Sify.com” with enhanced and additional features, including free e-mail services and a channel for youth. “The change to Sify.com represents the beginning of next phase of growth for our portal business, “Sify Chief Operating Officer George Zacharies said relaunching the portal. The internet and e-commerce company enhanced its free e-mail service, shopping channel and introduced a “Sify Youth” channel, it said.
Tata Power Tata Electric Companies’ plan to make a foray into broadband business today got further momentum following the signing of an agreement with the Department of Telecom in Delhi. Tata Power Company, the merged entity of TEC, obtained category “A” licences as Internet Service Provider, which enables it to operate throughout the country. The formal signing of documents was carried out at the DoT office, where TEC Managing Director A.J. Engineer and Executive Director D.G. Mehra,
accompanied by senior officials, completed the formalities.
Moser Baer Moser Baer India today announced its foray into the audio media market through a tie-up with Emtec Magnetics GmbH of Germany. As per the agreement, the range of audio products from Moser Baer, which marks the first phase of entry into the audio recordables market, will be partly imported from Germany while the bulk will be made at the company’s Noida plant.
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Rupee slumps to new record low MUMBAI, Aug 24 (PTI) — The rupee slumped to a new record low close of 45.90/92 per dollar today following persistent hectic dollar demand from corporates and importers. The Indian unit has depreciated by a whopping 13 paise from overnight levels of Rs 45.77/79 per dollar following Wednesday’s 10 paise fall, despite expectations of improved dollar supplies from exporters complying with the central bank’s deadline. The rupee had earlier logged a record-low closing quote of Rs 45.89/90 on August 17 and had plunged to historic-low of Rs 46.05/10 against dollar in intra-day deals on August 11. Opening on a weak note at Rs 45.82/85, the rupee tested intra-day low of Rs 45.93/95, before rallying to Rs 45.85/88 and later settled at Rs 45.90/92 per dollar at the close. State Bank of India’s (SBI) early dollar bids induced other banks to go long on the dollar, further weakening the rupee that had been already reeling under pressure. |
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Two Matiz
models launched NEW DELHI, Aug 24 — Daewoo Motors India today launched two new variants of Matiz — SG and SA - fitted with power steering and anti-theft systems.
“The launch of two new Matiz variants is part of our continuous value addition programme aimed at meeting customers’ aspirations,” the Chairman of the company, Mr S.G. Awasti told reporters here today. The ex-showroom Delhi price of the Matiz SG is Rs 3.43 lakh and that of SA is Rs 3.95 lakh, he said, adding that the company now offers the customers four variants of Matiz. Mr Awasti said the Matiz SG fitted with power steering is cheaper by Rs 49,000 than Zen VX without power steering and is cheaper by Rs 38,000 than the comparable Santro LS. He said it is the only passenger car in its class that comes with a factory-fitted anti-theft device, which acts as a deterrent. The engine of Matiz was recently upgraded to give better acceleration and it gives improved power and performance in city driving conditions. A major change in content in this Euro II compliant engine includes its
compressing ratio that has been enhanced from 8.5 to 9.3 and shows about 10 per cent overall improvement, he added.
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Tourism policy in final stage NEW DELHI, Aug 24 — The tourism policy of the government aimed at giving impetus to this highly potential sector is in the final stage of formulation, a senior government official said today. “The tourism policy is in its final stage. It would be announced before the end of this financial year,” the Director General of Tourism, Mr Atul Sinha, said here today. He said the tourism industry has undergone drastic changes since the 1982 tourism policy formulated by the government. Mr Sinha said the two-day meet” India - tourism and heritage - challenge 21” next month would formulate the guidelines that need to be adopted by the government and the different sectors of the industry to tap the potential of tourism. India currently ranks 43rd in the world list of international tourist arrivals with 2.4 million tourists coming to the country. According to the CII tourism vision 2020 for India, the country’s tourism exports currently account for $ 3 billion and the industry employs 10 million persons directly and another 10 million indirectly. An additional one million visitors can generate Rs 4,300 crore. Every one million invested in this sector can create 47.5 jobs in tourism, or 12.6 jobs in manufacturing or 44.7 jobs in agriculture. The vision plan projects that by year 2020 one in every eight person or 50 million persons would be employed in travel and tourism economy. This sector would contribute 7 per cent of the GDP or Rs 10 lakh crore and the total tourist arrival in the country would be 40 million or four per cent of world travel. These figures could be achieved, the vision plan said, provided a national consensus is created on tourism policy, efforts are made to tap different potential arena for tourism and public-private co-operation in heritage preservation and marketing is promoted. |
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Maruti skids as sales go downhill NEW DELHI, Aug 24 (PTI) — Passenger car sales continued on the tailspin falling by 13.3 per cent in July to 47,375 cars, mainly on account of a sharp dip in sales of India’s largest car maker Maruti Udyog Ltd (MUL). MUL car sales fell to 27,665 units in July from 37,404 units a year ago in the face of stiff competition from the two Korean Chaebols Hyundai and Daewoo, both of which reported positive growth during the month. The market leader’s share followed the same pattern going down to 58.39 per cent from 68.45 per cent in July 1999, according to figures released by the Society of Indian Automobile Manufacturers (SIAM). Telco also recorded negative growth in car sales as demand for its ‘Made-in-India’ car Indica fell by 14.47 per cent to 3,583 units during July 2000 from 4,189 units in the same month last year. Hyundai Motor India Ltd (HMIL) recorded an impressive 46.78 per cent jump to 7265 cars in July 2000 compared to 4,949 units last year while Daewoo Motors India Ltd (DMIL) sold 4,110 cars during the month, a rise of 46.73 per cent against 2801 cars in July 1999. Recessionary trend continued in other sectors of the domestic automobile industry with scooter sales falling by 14.32 per cent, commercial vehicles sales by 3.49 per cent and mopeds by 1.23 per cent during July 2000. However, sales of motorcycles, multi-utility vehicles and three wheelers rose during the month by 22.79 per cent, 16.22 per cent and 5.87 per cent respectively. Other car makers like Honda Siel and Mercedes Benz recorded 28.7 per cent and 37.5 per cent dip in sales during July 2000. Ford India, zoomed ahead with sales of its mid-size car ‘Ikon’ jumping up by a massive 397.35 per cent to 1502 units from 302 units in the same month last year. General Motor’s sales also went up to 648 units, up from 220 cars. |
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E-directory for Chandigarh CHANDIGARH, Aug 24 — Indiacom Directories Limited will soon come out with an e-mail directory for Chandigarh in three to four months and is also planning to launch vernacular versions of yellow pages online for which it has tied up with several software companies. This was announced by Mr Naveen Chandra of Indiacom who was here to launch the website of the company www.Indiareference.com which will provide information about business databases. Indiacom Directories Limited (formerly Sesa seat Information Systems
Limited) also organised a seminar on “Internet and e-commerce strategies “ which was addressed by Dr. Madanmohan Rao, a renowned Internet expert who is also working as a group consultant with the Bangalore-based Microlad group. “Bandwidth connection speed while working on the Net is very slow in India which we really need to improve upon”, said Rao while speaking to The Tribune. He said that after Bangalore and Andhra Pradesh, it is Punjab and Haryana which have tremendous scope for growth as far as the Net is concerned. Mr Rao, who has also worked as a Communications Director with the United Nations Inter Press Service Bureau in New York and has spoken on Internet related issues in more than 30 countries, opines that in order to make Internet available to maximum people , efforts need to be directed towards standardising the Net in local languages. “Other nations had done this as many as 20 years ago and we are still far behind “, he said. Apart from the private sector, the government needs to ensure that the services of the Net are used by the public sector as well in order to enable companies to meet global competition, he added. |
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Mori’s strategy to boost IT relations NEW DELHI, Aug 24 — A three-pronged strategy to boost bilateral cooperation between India and Japan in the information technology sector was proposed by the Japanese Prime Minister, Mr Yoshiro Mori, here today. “Through the provision of training for IT engineers in the Japanese language and Japanese business practices and the holding of an Indo-Japanese IT summit and IT symposiums, I hope to promote interchange in the sphere of IT in private sector”, Mr Mori said at a function organised by FICCI. Promoting the IT revolution was one of the priority policies of his cabinet, Mr Mori said. The “Okinawa Charter” on IT, he had announced at the Kyushu-Okinawa summit last month, was to recognise IT as being the key to prosperity of the world in the 21st century and to empower people all over the world with the ability to utilise it productivity. |
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SGI breakthrough NEW DELHI, Aug 24 — SGI (Silicon Graphics-India) today announced a major breakthrough in modular computing technology by unveiling Numaflex, which introduces new way of building computing infrastructures. Numaflex or non-uniform memory access system, enables users to buy computing systems, allowing them to expand and ungrade only the elements they need for their systems or add new technologies as they become available, Mr Prasad Medury, Managing Director of SGI-India, told reporters here today. The SGI unveiled its Origin 3000 series and the Onyx 3000 series to incorporate Numaflex. Traditionally users had to buy expensive ‘one size fits all’ systems that either were too much for their needs or became obsolete quickly and had to be replaced, he added. Sun Micro Bangalore, Aug 24 (PTI) — sun Microsystems Inc. today announced the manufacture of the Solaris Operating Environment Network Driver Porting Kit for Linux Drivers available free of charge. The kit, the latest in a series of free tools and services Sun offers for driver development, provides scripts and guidelines to let developers convert
PCI-based Linux driver source into a binary Solaris driver for the Intel platform. Zen Tech Mumbai, Aug 24 (PTI) — Zen Technologies Ltd (ZTL) is to enter the capital market with a maiden public issue of Rs 1.91 crore to partly fund its expansion plans for two software weapons advanced training simulators at Hyderabad.
IDBI has already picked up a 34 per cent stake in the project by investing Rs 1 crore. |
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Punjab lobbying for IT institute CHANDIGARH, Aug 24 — Punjab is trying hard for setting up a World Institute of Technology in collaboration with NRIs and a Boston-based company-Dhunmcarr. According to information available to The Tribune, the Silicon valley based NRIs have planned to set up five such institutes in the country. Hyderabad and Bangalore are expected to be a natural choice for such institutes. Punjab is lobbying intensely to get at least one out of the remaining
three. The State Government has taken up the issue with influential Punjabi entrepreneurs in the USA asking them to wield their influence for securing one institute for the state. Mr Ramesh Inder Singh, Secretary, Industries, Punjab, when contacted said that Dr Prithipal Singh, a chartered member of the TiE (Indus Entrepreneurs), a USA-based organisation of South Asians, was here last week. The Chief Secretary, Mr R.S. Mann and other senior officers of the State Government had a detailed meeting with him (Mr Prithipal Singh) on this issue. He had assured to extend all possible help to the State Government for opening atleast one World Institute of Technology in the state The State Government has also contacted Dr Donald
Mcqued, Vice Chancellor of the Berkeley University. Dr Mcqued is said to be advisor of the some influential companies owned by NRIs in the USA. Mr Ramesh Inder Singh said that the main problem was of International Airport. Lack of it in the state was proving a handicap. But the State Government authorities have convinced the NRIs that Chandigarh was only a three hours run from Delhi in Shatabdi and this much time was consumed in the National capital if one is to come to Central Delhi from the Indira Gandhi International Airport there. |
SBI loans for
pensioners CHANDIGARH, Aug 24 — State Bank of India has opened an avenue for the retired persons to raise easy finance in times of need by way of launching a scheme exclusively for pensioners called “The SBI loan to pensioners”.
Mr K.K. Mehra, DGM, said that a person below 70 years and is drawing pension from the SBI can avail loan up to six times his/her monthly pension with the maximum loan amount being Rs 40,000. This money can be used by the pensioner for a purpose of his/her choice. The loan involves simple processing and minimum formalities. There is no requirement of any security. Only a guarantee of the spouse who is eligible for family pension or guarantee of any other suitable person is required. The loan is repayable in 24 easy monthly instalments and as per existing interest rates the instalment per Rs 10,000 comes to only Rs 489.
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Can you hack this server? Beijing, Aug 24 (PTI) — confident of having developed the invincible anti-hacking protection system, a leading Chinese consumer electronics company has thrown an open challenge to hackers worldwide offering to pay US $ 60,240 to anyone who hacked its server. Hisense says its server is protected by the newly-developed firewell system and anyone hacking the homepage of the server or gained access to a designated document on it before September, one could get a reward of $ 60,240.
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KBC lures children CALCUTTA, Aug 24 — Leading citizens of the city have begun airing concern over the impact of India’s hottest game show, “Kaun Banega Crorepati”, on impressionable school-goers.
Media reports say that at least seven children were intercepted at a railway station while attempting to flee to Mumbai, where the show is filmed. The children wanted to either take part in the show, which is hosted by Amitabh Bachchan, or to become actors. The police intercepted them while they were about to board the Mumbai Mail and informed their parents. “I want to talk to Amitabh Bachchan. So I was going to Mumbai,” said Jitendra Rajak, a class IV student, when asked why he was fleeing home. He was the youngest in the group of seven students. The 10-year-old Rajak, like the rest of his group, had stolen money from their homes to make the trip. “I decided to steal money from home and go to Mumbai to watch the show live,” he said. Questions are also asked whether the show involves gambling and thus breaches the country’s legal provisions. “What is this all about? It is an allurement to draw people. It is dangerous to give birth to greed in the minds of children,” says CBI official Upen Biswas. “It is on the borderline of gambling, and needs a thorough legal scrutiny,” he says. — IANS |
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Wedding filmed for Net LONDON: A couple of Indian descent have been selected as the first in Britain to have their wedding ceremony filmed for immediate release on the internet. Brent Council in London, which has introduced a webcam into its registry office, is also responsible for an unintended pun by naming the couple Mr and Mrs Ram 1 (geek speak for Random Access Memory). It so happens that the name of the bridegroom is Ravi Ram. He is a psychiatric nurse from Harrow who is due to marry his girlfriend of four years standing, Mamta Patel, in a registry office ceremony that will be attended by close friends and relatives. Unfortunately for the bride, who comes from Gujarat, Internet technology has still to reach the small villages in India where her uncles, aunts and cousins live. So they will not be able to log in. —
IANS
Two Indians in
top pay league LONDON: Two businessmen of Indian descent are among the highest earning executives in Britain, according to a study of the top 100 companies listed on the London Stock Exchange. Arun Sarin, a Director of the American phone company Air Touch, which was bought last year by Vodaphone, earned a basic salary of 391,000 pounds, but that was boosted by share options of 20.84 million pounds. He resigned from his company last April. Sarin’s fellow director, Mohan Gyani, earned a comparatively modest 143,000 pounds salary, but that too was boosted by share options worth 16.9 million pounds. Sarin and Gyani are among 110 London-based executives who earned more than one million pounds in salaries and perks last year.
— IANS
Mumbai: Suresh Gowda came to the city eight years ago, hoping to open a restaurant. Till the other day, that was a distant dream for the 24-year old, who waits on tables at an eatery in the suburbs. Now it could become a reality — thanks to the Rs 1 million that came his way via a jackpot run by soft drink major Pepsi. “My parents, three sisters and a brother depend on me. I will first have to marry off my sisters,” mumbles Gowda, who has yet to come to terms with his windfall. Gowda waits at tables in the Laxmi Vilas Restaurant and Bar in Malad, a suburb of north Mumbai. Nights are spent serving food and drinks to customers while days are relatively slower. The tips he receives often exceed the pay. Much of it is promptly sent back home, after retaining a bit for essentials.
— IANS
Conductor’s wrong note LONDON: American conductor Leonard Slatkin bowed to take his punishment on Wednesday after a glib after-dinner remark about the size of musicians’ posteriors struck a bum note with female colleagues. The conductor, who is due to take the baton of the BBC Symphony Orchestra in October, suggested that for amply endowed female musicians, trouser suits were best avoided. Female violinists, he felt, should also cover their arms. “You don’t want to see too much flapping about,” he said. “Then there’s the problem of women in trousers. If you’re slightly heavy in the rear and department, it does not look too good. Of course, not everyone acknowledges that, which is why we need an across-the-board rule. —
The Guardian |
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Gurgaon cyber city project soon CHANDIGARH, Aug 24 — Haryana Chief Minister Om Prakash Chautala said here today that the main focus of the state government’s Information Technology (IT) policy would be to provide employment to people. The Chief Minister, who was making his inaugural speech at a seminar on e-governance, organised jointly by the HARTRON and the (CII), said Haryana’s proximity to Delhi had put it in an advantageous situation in IT related matters. The Chief Minister also inaugurated a website prepared by the HARTRON containing exhaustive information about the state which can be accessed by Internet users all over the globe. He also released a CD on the state government’s achievements. Mr Aditya Puri, Chairman, CII Haryana State Council, read out the welcome address in the seminar, while, Dr Pradeep Dubey and Ms Parul Mittal of the IBM made presentations on e-governance during the inaugural session. Dr Dubey, who is Principal Consultant at the IBM Research Laboratory in Delhi, said the e-governance would make information available to common people and would effectively check corruption by government functionaries. E-governance would also make the government functioning more efficient, IBM researchers were working to make computers more user friendly so that these could recognise orally given commands including commands given by Hindi. The researchers were also working to make Internet services available through cable TV network and these projects would soon become realities, Dr Dubey said. Ms Mittal, Research Consultant at the IBM Lab, made a video presentation (originally prepared for Andhra Chief Minister Mr Chandrababu Naidu) on how health, educational, agricultural and other services could be provided through the Internet. Mr Ashish Kumar, Product Head, Microsoft Corporation India Ltd, Mr Ravi Krishnamoorthy of the Shonkh Technologies International Ltd and Mr Manoj Chawla, Head of the
Government Informatics wing of the NIIT also spoke.  |
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NIIT SANGRUR, Aug 24 — Mr Parkash Singh Badal, Chief Minister, Punjab, today performed the opening ceremony of the NIIT Computer Centre here today. Mr Gurbir Singh
Grewal, Managing Director of the centre, presented a memento to Mr Badal and Mr Sukhdev Singh Dhindsa, Union Minister for Sports and Youth affairs, each, on this occasion. Handicrafts NEW DELHI, Aug 24 — Craftsbridge India in association with Tata Interactive Systems, has launched craftsbridge.com which would source, design and sell Indian handicrafts on the net. It will target both the bulk and B2C consumers. The portal provides comprehensive information on the crafts industry and regions in the subcontinent with extensive research based description of the history, geography, traditions that have generated
handicrafts. PSB rates NEW DELHI, Aug 24 — Punjab and Sind Bank has decided to revise interest rates on its domestic term deposits from August 26. While the new rates are applicable for non-resident external deposits less than Rs 1 crore and new FCNR (B) deposits from August 1, the bank has decided to effect the interest rate changes in NRNR deposit from August
26. SBP branch SUNAM, Aug 24 — Mr Shiv Dev Singh
Sodhi, DGM, State Bank of Patiala (Patiala zone) inaugurated the fully computerised main branch of the bank here. Mr Sodhi said as per the RBI panel report the bank stands on second position among the Indian banks and is counted among the 1000 top banks of the
world. PaisaPower.com CHANDIGARH, Aug 24 —
PaisaPower.com, the complete personal finance website currently offering the exhaustive range of loans (car, two-wheeler, home, consumer durable and personal) and other personal finance products has expanded its offering to include loans for used
cars. FDI limit NEW DELHI, Aug 24 (PTI) — Giving in to the demands made by Small Scale Associations, the Centre has decided to maintain the Foreign Direct Investment limit for SSI at 24 per cent and retain export obligation for large scale units producing items reserved for SSI at 50 per cent. |
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